There has been a lot of discussion recently about the potential threats to the designation “Certified Public Accountant” (CPA).
The IRS, in an attempt to identify all who are preparing any and all tax returns for a fee, has implemented a program that requires everyone to register. They are referring to those who do register as “Registered Tax Preparer.” Those who can only claim this as their qualification are advertising themselves as such.
Unfortunately, requirements for attaining this title requires only the most minimum of qualifications. They consist of being 18 years old or older, passing an open book multiple choice/true false test on 1040 only. This is the equivalent of passing the drivers test; it is designed to pass as all but the worst of the worst.
The American Institute of Public Accountants (AICPA) has created a new designation CGMA (Chartered Global Management Accountant). This is not a direct competitor to the CPA, at least for now, but there is concern that this will water down the value and prestige of the CPA designation.
I suspect that CPA’s will survive and grow, or I go on the government dole…