Why Aspiring Lawyers Should Consider A CPA License
Becoming an attorney is no easy task: it requires an undergrad degree, gaining admission to law school by passing the LSAT, getting through three years of often tedious coursework with classes that have little room for error, and passing a state’s Bar exam,.
However, law school graduates are having more and more trouble finding jobs, and the problem doesn’t seem to be ending soon. With skyrocketing student loan debt, this clearly presents a problem for new lawyers.
One alternative would be to seek additional credentials, such as a CPA license, to pad your resume or even direct you to a new career path.
A stagnant job market for lawyers
What is often considered to be a prestigious career track that should hold many job opportunities, recent law school graduates saw the lowest number of new lawyers land private sector jobs in 20 years.
Combined with a meager 6 percent projection on attorney job growth over the next 10 years, it does not appear that trend will be changing anytime soon.
Attributed to improved efficiencies created by technology and business systems, the grim outlook for attorneys finding well-paying entry-level positions in the future means prospective law school graduates need to at least find ways of standing out from their peers — if not qualify for new job opportunities all together.
Accounting market looks optimistic
Meanwhile, with 11 percent projected growth over the next 10 years, accountants and auditors are expected to see plenty of future opportunities open up.
This presents a good opportunity for aspiring lawyers to select accounting as an undergraduate degree before attending law school, as the background in finance not only is a great skillset to have in general, but also serves as a fallback option should you find yourself in a tough job market.
As two fairly difficult and educationally intense careers, it is fair to question why someone would want to achieve qualification as both an attorney and a CPA — wouldn’t it be easier to simply choose one?
Becoming dually-qualified will help you excel in either industry by giving you are far more in-depth understanding of many financial and legal principles that form the foundation of both fields.
There is a surprising amount of crossover when it comes to finance and law, and either a practicing attorney or practicing CPA will benefit from having the skillset that comes with dual-qualification.
Whether you are an attorney who understands balance sheets better than your peers or a CPA who knows the fine points of the litigation process, becoming a dually-qualified Attorney-CPA will serve to open new doors and can only help you achieve a successful career.