Earning a CPA License in Illinois is a powerful step toward a rewarding accounting career in a state with a dynamic economy and high demand for financial expertise. Certified Public Accountants (CPAs) in Illinois are sought after in cities like Chicago, a major financial hub, and across industries such as healthcare, finance, and technology. This article explores the career paths, salary expectations, and steps to obtain your CPA License in Illinois, optimized for those aiming to excel in the accounting profession.

Why Pursue a CPA License in Illinois?

Illinois, with a 2024 GDP of approximately $1 trillion, ranks among the top states for economic output and employs the fifth-highest number of accountants in the U.S., with over 49,590 professionals. A CPA License in Illinois enhances credibility, unlocks senior-level roles, and boosts earning potential by 10-15% compared to non-certified accountants. The state’s diverse economy, driven by industries like healthcare, financial services, and manufacturing, creates robust opportunities for CPAs, amplified by a national CPA shortage due to retirements.

Career Opportunities for CPAs in Illinois

A CPA License in Illinois opens doors to diverse career paths across multiple sectors. Here are some key opportunities:

1. Public Accounting

CPAs in public accounting firms provide auditing, tax preparation, and consulting services. Illinois hosts top firms like Deloitte, EY, PwC, and KPMG in Chicago, alongside other global firms like CPA Credits partner RSM US LLP, serving clients from startups to global corporations.

2. Corporate Accounting

CPAs work in-house for Illinois-based companies, such as Walgreens or Boeing, managing financial reporting, budgeting, and compliance. These roles are prevalent in industries like healthcare, manufacturing, and financial technology.

3. Forensic Accounting

Forensic accountants investigate financial discrepancies and fraud, often collaborating with law firms or government agencies. This field is growing in Illinois, with salaries ranging from $87,749 to $102,332 annually.

4. Government and Nonprofit Roles

CPAs in Illinois’s government sector, such as the Department of Revenue, or nonprofit organizations like universities and hospitals, ensure compliance and manage public funds, offering stability and mission-driven work.

5. Financial Advisory and Consulting

With a CPA License in Illinois, you can provide strategic financial advice, specializing in tax planning, risk management, or business consulting. These roles are lucrative in Chicago’s financial district, where financial controllers earn midpoint salaries of $122,400.

6. Academia

CPA-licensed educators are in demand at Illinois’s universities, such as the University of Illinois, due to faculty retirements and growing student interest in accounting.

Salary Expectations for CPAs in Illinois

A CPA License in Illinois significantly enhances earning potential. The average CPA salary in Illinois is approximately $74,940–$85,000 per year, with total pay ranging from $55,000 to $105,000, including bonuses and profit sharing. Here’s a breakdown by experience and role:

  • Entry-Level CPAs: Starting salaries range from $55,000 to $70,000 annually, with Big Four firms offering higher pay due to complex client portfolios.
  • Mid-Level CPAs (3-5 Years): CPAs with a few years of experience earn between $70,000 and $90,000, particularly in auditing or tax roles.
  • Senior-Level CPAs: Senior accountants or managers with 6+ years of experience can earn $90,000 to $120,000, with financial controllers commanding higher salaries.
  • Executive Roles: Chief Financial Officers (CFOs), often CPAs, earn median salaries of $162,000 in Chicago, with top earners exceeding $300,000 before bonuses.

Salaries are higher in metropolitan areas like Chicago, where healthcare CPAs average $102,332 and financial analyst CPAs earn $87,749. Specializations like forensic accounting or financial technology can further boost earnings.

Requirements for a CPA License in Illinois

To earn a CPA License in Illinois, candidates must meet the requirements set by the Illinois Board of Examiners (ILBOE) and the Illinois Department of Financial and Professional Regulation (IDFPR). Starting January 1, 2027, Illinois will offer alternative licensure pathways to address the CPA shortage. The requirements include:

  • Education:
    • Traditional Pathway: Complete 150 semester hours, including a bachelor’s degree with 30 hours in accounting (covering financial accounting, auditing, taxation, and managerial accounting) and 24 hours in business courses from an accredited institution (AACSB or ACBSP).
    • Alternative Pathway (Effective 2027): Complete a bachelor’s degree with 120 semester hours, including 24 hours in accounting and 12 hours in business, plus two years of professional experience.
    • To sit for the CPA Exam, candidates need 120 semester hours, including 24 hours in accounting (with one course each in taxation and auditing) and 12 hours in business.
  • CPA Exam: Pass all four sections of the Uniform CPA Exam (Auditing and Attestation, Financial Accounting and Reporting, Regulation, and one Discipline Exam: BAR, ISC, or TCP) with a minimum score of 75 within 30 months. The exam fee is $904.60 for all four sections, plus a $120 application fee.
  • Work Experience: Complete one year (1,500 hours) of full-time accounting experience in public accounting, industry, government, or academia, not requiring CPA supervision. For the alternative pathway (2027), two years of experience are required with a bachelor’s degree.
  • Ethics Exam: Pass the AICPA Professional Ethics Exam with a score of 90 or higher and submit the completion certificate to the ILBOE.
  • Additional Requirements: Submit transcripts and experience documentation to the ILBOE. No U.S. citizenship, residency, or Social Security number is required for the exam, though an SSN is needed for licensure. Foreign-educated candidates must have credentials evaluated by NASBA’s International Evaluation Services.

Maintaining Your CPA License in Illinois

To maintain a CPA License in Illinois, CPAs must renew their license triennially by September 30 for a $40 annual fee ($120 total) and complete 120 hours of Continuing Professional Education (CPE) every three years, including four hours of ethics and one hour of sexual harassment prevention training. New licensees are exempt from CPE for their first renewal period. The Illinois CPA Society (ICPAS) offers CPE resources and networking opportunities.

Why Now Is the Time to Earn Your CPA License in Illinois

Illinois’s accounting job market is projected to grow steadily, with 4,880 annual openings through 2028 due to retirements and economic expansion. The alternative licensure pathway, effective January 1, 2027, reduces the education requirement to 120 credit hours with two years of experience, making the CPA License in Illinois more accessible. Additionally, advancements in technology, such as AI and data analytics, are increasing demand for CPAs with specialized skills in advisory and consulting roles.

How to Get Started

  • Verify Eligibility: Create an online account with the ILBOE and submit a Domestic ($200) or Foreign Credentials Evaluation application to confirm exam eligibility.
  • Prepare for the CPA Exam: Use review courses from providers like Becker, UWorld, or Universal CPA Review to prepare for the four-part exam.
  • Gain Experience: Secure a qualifying position in accounting to meet the experience requirement.
  • Pass the Ethics Exam: Complete the AICPA Professional Ethics Exam and submit results to the ILBOE.
  • Apply for Licensure: Submit a license application to the IDFPR with your ILBOE certificate number.

For detailed guidance, visit www.ilboe.org or www.idfpr.illinois.gov, or contact NASBA at (866) 350-0017.

Conclusion

A CPA License in Illinois is a gateway to diverse, high-paying career opportunities in a state with a thriving economic landscape. With competitive salaries, a strong job market, and new, flexible licensure pathways effective in 2027, now is the ideal time to pursue your CPA license. Start your journey today to unlock the full potential of a CPA License in Illinois and build a rewarding career in accounting!