I agree that CPE payment policies in the private sector can go either way. In my case, I brought it up in my interview that I would expect this to be covered or to be additionally compensated for it. Because you're right, it can really add up. In my first year I've managed to keep costs low in several ways. 1. Deloitte & E&Y Webcasts as mentioned previously. 2. PICPA Volunteers receive an invitation to the annual Leadership Conference in Hershey for free. You get 7-9 hours of Other depending on the schedule. Just sign up as early as possible since it fills up. 3. PICPA Volunteers on some committees that plan conferences can be offered a half price registration. (Emerging CPA's State Conference has done this in the past).
I do recommend that you specifically question your employer if you haven't yet discussed this issue. At least you will know where you stand. And if it is not covered, maybe it can be a point of discussion upon your first review when your raise is decided.