If you are dead serious about getting a CPA qualification and climbing up the corporate ladder, then it is advisable that you know about the fees you have to shell out for the exam. It’s a good idea to be aware of these costs ahead of time so as not to leave a gaping hole in your pockets and wallets. As the proverb says: ‘A stitch in time saves nine’. Here’s a summary of the expenses you need to take care of before you can take the CPA exam.
1. Examination Fee
First, you will have to pay the examination fee. But you will be surprised to know that the examination fee varies from state to state. On the average, you’ll need to shell out US$743 as exam fee.
2. Application Fee
An initial application fee must be paid by first time candidates and it also varies across different states. The fee can be anywhere between US$30 to US$200. Not your first time to take the exam? Well at least some states do not charge any application fee for returning examinees.
3. Course Expenses for CPA Exam Review
You’ll also be needing some software to help you prepare and review for the big day. The kind of software you need largely depends on how much time and money you can spare. There are many available software with different price tags and may cost from US$30 (Gleim CPA software) to US$3,000 (Full Becker course).
4. CPA Ethics Exam Fees
Even after you pass the CPA examination, your monetary worries are not yet over because many states require an ethics exam after the passing of the Uniform CPA exam . Prepare around US$130 for this.
5. CPA Licensing Fees
Though this fee is not part of the exam fees, becoming a licensed CPA is usually the next step after successfully passing the examination. The license fee also varies depending on state and normally ranges from US$50 to US$300.
Additional CPA Expenses
These expenses are applicable to those who need to fulfill additional educational requirements or for international candidates. If you are among them, it is recommended to prepare some funds for the following additional costs:
The state may require you to pass a few courses before qualifying to take the CPA exam. The cost of these courses range from US$600-US$1,000 inclusive of text book costs.
-Foreign Credential Evaluation Costs
If you are not a U.S. Citizen, you will be required to pay a fee to one of the foreign credential evaluation agencies. These agencies are tasked to to evaluate your transcripts and other relevant documents. This fee ranges from US$100-US$200. Don’t worry, as long as the documents you submitted are authentic, you’ll be fine,
-Traveling and Accommodation Cost
You also need to take into account the cost of living if you are coming from another state or country.
Your bank account may not like the numerous fees you have to pay in order to take the CPA exam but just bear in mind the rewards you will be reaping in the long-term. Consider this as an investment that is bound to yield you a hundredfold as you progress in your career!