PROLOGUE TO CERTIFIED PUBLIC ACCOUNTANT (CPA) U.S
What is CPA?
Certified Public Accountant or CPA is a certification offered by the American Institute of Certified Public Accountants (AICPA), for competency in the field of Accountancy. One may a CPA is an accountant with higher level of education and experience in the field. The AICPA defines a CPA as “a trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals. Whatever those goals-saving for a new home, opening a new office, or planning a multi-billion dollar merger-CPAs can help.”
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CPA certification is a professional recognition most beneficial for CA, CS, MBA, Financial Advisors, Cost Accounting professionals, etc. Finance and accounting professionals can pursue CPA course to earn certification for career ascent, from the AICPA by fulfilling three criteria – Education, CPA Exam and Experience.
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The requirement of CPAs is very high in various fields like public accounting, business and industry, government, not-for-profit, and education. The profiles include financial analysis, financial accounting and reporting, management accounting and treasury/cash management. To learn more about the opportunities available in each of these areas.
Eligibility
In order to appear for the Certified Public Accountant Examination, the candidates must have any of the below qualifications
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Member of the Institute of Chartered Accountants of India.
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Member of the Institute of Cost and Works Accountants in India.
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Member of the Company Secretaries in India.
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Master of Commerce
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MBAs
Indian CA’s with B.Com are also accepted by quite a few states in the US.
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If you want to have an edge over your CA qualification or you are still pursuing your CA and you want to upgrade yourself for international jobs then US CPA should be your choice of course.
US CPA gives you global eligibility to work all around the world. For example, you can work for MNC companies in India, big four companies, any speciality auditing company or auditing firm; such companies would definitely prefer a person who is a US CPA as compared to a person who is just an accountant.
The basic eligibility requirement for US CPA in that they require 150 accounting credits in the academics.
In India, it is equivalent to a 16-year education, for example, B.com + M.com, B.com + CA, B.com + MBA, or any post-graduation is required after your graduation.
First is the evaluation period where you have to submit your document to the US state board to get yourself evaluated to know whether you are eligible or not.
Second is the registration process where you have to pay the fees to them and third is where you need to select your exam centre in the US or Dubai(Now in India).
Career Perspectives
The main engagement is related to Auditing as Internal Audit, Financial Audit, Assurance Services and more. CPAs also have niche with subsidiaries of US based MNCs in India for adherence of applicable generally accepted accounting principles in financial statements. Further Big 4 and various MNCs across India and also all over the world demands for CPAs.
CPAs may provide several services as Forensic Accounting, Management Consulting, Regulatory Compliance, Venture Capital, Estate Planning, Governmental Accounting and many more.
To Become a CPA
Desirous candidate is required to pass the Uniform Certified Public Accountant (CPA) Examination, conducted by American Institute of Certified Public Accountants (AICPA) and administered by National Association of State Boards of Accountancy (NASBA). Uniform CPA Examination comprises of four exams:
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Financial Accounting and Reporting (FAR)
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Auditing and Attestation (AUD)
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Regulation (REG)
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Business Environment and Concepts (BEC)
The pattern includes objective as well as task based simulations in the exam while focussing on practical approach. The passing score would be 75 for each section.
The exams are to be conducted in the US, few Middle East locations and meanwhile in India (Jun, Sep 2020) and the cherry on the cake are that exams can be given anytime during the year except 20 days from the end of quarter.
Attainment of License
Minimum 150 credits are required to attain the CPA Licensing. Candidate has to get the License within 3 years from clearing the Uniform CPA exams or in different circumstances, the earned credits will be expired. Examination, Education, Experience and Ethics are the basic insights needed to succeed the designation. CPA License is the ticket to provide accounting services in the United States of America.
Exam Fees
1. Payable to US Agency / State Board - $ 300
2. CPA Exam Application Fees - $ 950
3. International Testing additional Fees - $ 1426
Total - $ 2676 (approx)
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