CPA: cost, study hours and pass rate

The NASBA section fee is USD 268.59 in most US jurisdictions from 4 July 2026, confirmed on the Virginia Board of Accountancy fee schedule, so four sections cost about USD 1,074. Texas, Arizona, Mississippi and Guam changed on 1 August 2026 and paid USD 265.57 until then. On top of that come state application and evaluation fees, typically USD 100 to USD 350, and each failed section costs the full section fee again. The real expense is the review course: USD 1,600 to USD 3,800, which most public accounting employers reimburse.

It makes no difference to the licence you receive, so pick the one closest to your day job. On the latest cumulative 2026 rates, Tax Compliance and Planning is the easiest at about 79% and suits tax candidates; Information Systems and Control sits at about 67% and suits IT audit and advisory; Business Analysis and Reporting is the hardest Discipline at about 44% and suits technical accounting and valuation. Note that Financial Accounting and Reporting, a Core section everyone must take, is now the lowest-scoring section overall at roughly 43%.

In most states, yes, for licensure - though you can usually sit the exam at 120 hours. A growing number of jurisdictions have added an alternative pathway of a bachelor's degree at 120 hours plus two years of experience since 2024, and the rules changed in many states during 2025 and 2026. The US Bureau of Labor Statistics still states that all states require 150 semester hours, which is now behind the legislative changes. Confirm with your own state board before enrolling in a master's degree you may not need.

A rolling window that starts when you pass your first section. NASBA's model rule extended it from 18 months to 30 months, and most jurisdictions have adopted the 30-month window, but a handful have not, so check your own state board. If the window closes you lose credit for the earliest section passed and pay the section fee again to retake it. In practice the 30-month rule has taken most of the pressure off candidates working through busy season, which is where the majority of stalled attempts used to happen.

Practically, you need one. Pass rates for the hardest sections sit in the low 40s, and the exam is not well served by textbooks alone, because the task-based simulations require practice in the actual interface. Budget USD 1,600 to USD 3,800 - Gleim at the low end, Becker at the high end, UWorld in between - unless your employer pays, which most public accounting firms do as a matter of course. The AICPA's Blueprints and free sample tests are worth using alongside a course, but they are a specification, not a teaching resource.

Eight to 24 months, and 12 to 18 is the common answer for someone working full time. Total study time runs 320 to 500 hours, weighted heavily toward Financial Accounting and Reporting at around 130 hours, with Auditing, Regulation and your Discipline at 80 to 100 hours each. Most candidates take one section per quarter, which fits the 30-month rolling window with room for one failure. The binding constraint for public accounting candidates is busy season: January to April is largely lost, so plan sittings around it rather than through it.

Yes, if you are willing to do the 150 hours and start in public accounting. The CPA is the most reliable credential in finance for converting a non-elite degree into a stable, well-paid career, and the licence travels into internal audit, tax, forensic work and controllership. The US Bureau of Labor Statistics puts the median wage for accountants and auditors at USD 83,680 as of May 2025, with about 115,300 openings a year. The obstacles are real: the education requirement can mean extra coursework, and the entry-level grind through busy season is where most career changers quit.

They open different doors. The CPA is a state licence for audit, tax, technical accounting and controllership, requires 150 semester hours in most states, and is the only credential that lets you sign an audit opinion - the Securities and Exchange Commission requires a licensed CPA on any report filed with it. The CFA points at investment seats and costs USD 3,520 to USD 4,570 in exam fees across 900 to 1,200 study hours. If you are early in an accounting or corporate finance career, take the CPA first: employers pay for it, give study leave, and it is the faster of the two.