The journey to becoming a Certified Public Accountant (CPA) is not just a professional milestone; it represents a significant commitment to excellence in the accounting field. In the United States, the CPA designation is widely regarded as the gold standard for accounting professionals, reflecting a rigorous blend of education, examination, and practical experience. Svetlana is an experienced Audit Manager and an active CPA with expertise in industries such as Technology and Life Sciences. She can attest to the value and respect that this credential commands in the professional community.
This discussion will explore the reasons behind the high esteem of the CPA credential, the challenges associated with obtaining it, and the ongoing educational journey that follows. These factors contribute to the relatively small number of CPAs in the country. As of August 2024, there were only 672 thousand actively licensed CPAs in the U.S., a number that continues to decline due to a shrinking pipeline of new candidates and an aging workforce. With an estimated 75% of public accounting CPAs expected to retire within the next 15 years, the profession faces a critical shortage of highly skilled experts. In this landscape, Svetlana’s CPA designation and specialized expertise in Technology and Life Sciences auditing distinguish her as a highly qualified and valuable professional in a field with a growing demand for top-tier talent.
Svetlana’s Professional Journey: Overcoming Challenges and Achieving Milestones
Svetlana Gadzhieva’s career trajectory has been shaped by her deep commitment to advancing financial reporting and auditing in both global and U.S. markets. She launched her career in 2013 at a leading Big Four firm in Yekaterinburg, Russia, where she specialized in high-level audits across diverse industries such as metallurgy, oil and gas, manufacturing, and construction. This cross-industry experience gave Svetlana a comprehensive understanding of complex financial environments, preparing her for her move to the U.S. in 2019.
Upon her relocation to the U.S., Svetlana’s professional journey took a significant leap. She quickly adapted to the demanding U.S. financial landscape, earning the additional educational credits required for CPA certification. She then passed the challenging CPA exams in an impressive six-month period. The CPA certification, often regarded as one of the most difficult in the U.S. professional landscape—often compared to the BAR exam for lawyers—was a remarkable achievement and a critical milestone in her transition to leadership roles in the U.S. market.
Beyond certification, Svetlana’s contributions to the U.S. financial market have been groundbreaking. She has applied her global expertise to support multinational clients, driving innovative solutions in financial reporting, internal controls, and compliance processes.
As an active member of the California CPA Society, Svetlana has used her platform to advocate for the modernization of the CPA licensure process. She has worked directly with legislative leaders to influence discussions on reforming the licensure pathway to attract more talent to the field. Her thought leadership and advocacy reflect her dedication to improving the accounting profession.
Today, Svetlana is known not only for her technical expertise but also for her passion for mentoring the next generation of professionals. She is committed to promoting innovative practices within the industry, ensuring that the profession remains at the forefront of financial integrity and transparency.
Could you please tell us more about the significance of your expertise as a CPA for the financial world and the economy as a whole? How in-demand is it in the current economic turbulence?
Our profession plays a vital role in maintaining stability and transparency in the financial world and the broader economy. As a CPA with experience in auditing and financial reporting, I help businesses comply with regulations, make informed decisions, and build trust with investors and other stakeholders. Beyond that, CPAs possess specialized expertise that enables them to guide individuals and companies through complex financial situations – whether it’s tax planning, business restructuring, forensic investigations, or preparing for an Initial Public Offering (IPO). We develop a questioning mindset that helps us analyze risks, uncover inefficiencies, and ensure compliance in an increasingly complex regulatory landscape.
CPAs specialize in various fields, including audit, financial reporting, taxation, forensic accounting, business valuation, and advisory services. We act as intermediaries between businesses and the ever-evolving regulatory environment, helping organizations stay compliant with frameworks such as those set by the PCAOB, AICPA, and SEC. Accounting standards continuously evolve to address technological advancements, emerging risks, and new business models, ensuring that financial statements provide accurate and relevant information to stakeholders like business owners and investors.
In times of economic uncertainty, our role becomes even more critical. Companies, investors, and regulators rely on CPAs for accurate financial insights, risk mitigation strategies, and operational optimization to navigate through turbulent markets. The demand for CPAs rises during periods of financial instability, as businesses seek professionals who can manage complex financial matters while also driving efficiency and automation. With the rise of AI and digital transformation, CPAs are at the forefront of testing, implementing, and refining new technologies to enhance financial processes while maintaining cost-effectiveness and regulatory compliance.
Ultimately, the CPA profession remains a cornerstone of economic stability and growth, ensuring that businesses and individuals can make well-informed, strategic decisions in an ever-changing financial landscape.
When you started working in the USA, you progressed from an audit associate to an audit manager in about 4 years. During this time, you obtained a CPA license in California, which is challenging to obtain, as it requires a lot of academic hours and practical experience (usually 150 hours of education and a minimum of one year of practice). Could you please explain why the CPA is so highly valued in the professional community and why there are so few holders of this certificate in the USA?
Yes, I’d be happy to share my perspective.
The CPA credential is highly esteemed in the accounting and finance world because it represents a deep commitment to expertise, dedication, and professionalism. First offered in the United States in 1896 and in California in 1901, the CPA license has long been recognized as the gold standard in the industry. In California, the rigorous path to certification requires 150 semester hours of education combined with a minimum of one year of supervised experience, ensuring that CPAs are exceptionally equipped to manage complex financial challenges and drive business success.
The current shortage of qualified CPAs in the U.S. can be contributed to the demanding standards and significant time investment necessary for certification. The CPA exam is known for its difficulty, with a pass rate averaging around 50%. Many candidates must make multiple attempts to successfully clear all four sections, underscoring the level of perseverance required. Furthermore, the intensive study commitment often clashes with full-time work and personal responsibilities, further complicating the journey to becoming a CPA.
Personally, obtaining my CPA was both challenging and rewarding. I had to complete additional courses due to my educational background in finance and economics rather than accounting. Although it required a great deal of dedication and careful time management, the process ultimately helped me solidify my business knowledge in a way that perfectly complemented my career goals.
Public accounting can also lead to burnout, making the CPA career less appealing for those seeking better work-life balance. Many professionals find that the immediate salary increase after earning the CPA doesn’t always justify the investment of time and money.
This is why discussions about the evolution of the CPA licensure process are actively underway both in California and at the national level. For instance, the California Board of Accountancy is currently exploring updates through the SURE CPA Project, and there are ongoing national conversations about creating alternative pathways to licensure. These initiatives aim to modernize the process to enhance accessibility for a broader range of professionals while ensuring that the integrity and high standards of the certification are maintained.
I had the distinct honor of contributing to these pivotal discussions as a member of the California CPA Society during the 2025 CPA Day at the Capitol. During this event, I engaged directly with legislative staff and a senator to advocate for potential changes that would modernize the licensure process, ultimately helping to attract more diverse talent to the profession and ensuring its continued growth and relevance.
Who would benefit from becoming a CPA, and why do you think the CPA still matters today?
Despite the concerns mentioned, the CPA remains an essential credential for professionals in public accounting, auditing, taxation, financial reporting, and regulatory compliance. In many roles – especially in firms regulated by the PCAOB and SEC – the certification is not only a requirement but also a mark of distinction for those aspiring to leadership positions. I’ve witnessed firsthand how earning the CPA opens doors to higher-level roles—such as director or chief of finance/accounting—often within 7 to 10 years of progressive career, leading to highly rewarding salaries and significantly enhanced career opportunities.
The demand for qualified CPAs in public accounting, consulting, and corporate finance consistently outpaces supply, reinforcing the enduring value of this credential in the financial landscape.
Ultimately, the long-term rewards of earning the CPA—enhanced career stability, leadership opportunities, and a profound understanding of financial systems—make the rigorous journey worthwhile. With dedication, the right mindset, and a willingness to invest in your future, the CPA certification can serve as a powerful catalyst for professional growth, inspiring you to drive meaningful change and achieve lasting success in the industry.