A CPA can represent taxpayers and companies in the event of an audit. While accountants can prepare tax returns, only a CPA can defend a return if the IRS or state tax authorities have questions or concerns.

The salary difference between a licensed CPA and an unlicensed accountant throughout a career could be hundreds of thousands of dollars. Moreover, the license is so desirable that accountants can use it as leverage for raises outside the typical pay raise windows. Becoming a CPA has numerous benefits.

Based on the mentorship or numerous junior accountants studying to become a CA or a CPA, it's Carly's opinion: The CA content is geared towards in-depth technical accounting (auditing, finance and tax). Whereas the CPA content is broader. The failure rates for a CA are slightly higher than a CPA.

It is perhaps appropriate that Frank Broaker was the first CPA; he was the person most instrumental in getting the initial law passed in New York State. In fact, despite being a New York City practitioner, he spent much of his time during early 1896 in Albany lobbying for passage of the act.