CERTIFIED PUBLIC ACCOUNTANT
CPA (Certified Public Accountant) is generally considered as the Topmost Chartered/Public Accounting Designation in the world.
With a CPA you can be an auditor in the United States provided you have a License from the relevant State Board of Accountancy in the US. A CPA can also choose to work as Management Accountant (Finance and Accounting Manager) within the companies. A CPA has high demand especially in the US based MNC s inside and outside India, big-4 international audit firms. The Indian companies, nowadays, value those accounting professionals who have good knowledge in US GAAP and GAAS. So the demand of a CPA is ever increasing in the world job scenario. A CPA will not have to think of finding suitable jobs, jobs chase him or her. CPA opens a huge international opportunity to the careerist.
CPA Administrative Information
CPA exam is a joint effort of American Institute of Certified Public Accountants (AICPA), National Association of State Board of Accountancy (NASBA) and Prometric Exam Centers. AICPA is responsible for the CPA exam development; NASBA represents the 50 State Board of Accountancy and 4 districts. Exam eligibility of the candidates is decided by individual Board of Accountancy. Different states of the US have different sets of eligibility criteria and a CPA exam prospect needs to fulfill the eligibility criteria of a given state. The eligibility issue is explained in details in the paragraph ... The relevant State Board of Accountancy releases the Exam score. Exam passed out candidate need to seek the license from the respective State Board of Accountancy.
CPA Eligibility Criteria
For writing CPA Exams one needs 120 Credits.
For getting CPA License one needs 150 Credits.
In India, every year of university education is considered equivalent to 30 semester credits of US education.
Hence in India,
• B.Com = 3 years x 30 credits = 90 credits. (Non-Eligible)
However, B Com alone has the potential to get 120 credits. (Eligible)
• B.Com + M.Com/MBA = 90/120 credits + 60 credits = 150/180 credits (Eligible)
• B.Com + CA/CS/CWA = 90/120 credits + 60 credits = 150/180 credits. (Eligible)
Note: The above picture gives a gross idea on CPA eligibility. As stated above, different states of the US have different sets of eligibility criteria and a CPA exam prospect needs to fulfil the eligibility criteria of a given state. The eligibility is evaluated by CPA evaluation agencies. KALYAN helps you thoroughly in the process. Please mail us at firstname.lastname@example.org with your educational details and job experience.
Reasons behind popularity of the CPA US Qualification
The CPA (US) is the most popular among all chartered/public accounting qualifications because:
1. DEMAND: CPA is literally the most demanded chartered accountancy qualification of the world.
2. COMPACT, GLOBALLY ACCREDITED COURSE: CPA has 4 papers: FAR,AUD, REG, BEC
3. CONVENIENT EXAM WINDOWS: Exams are available throughout the year in 4 exam windows, viz, Jan-Feb, Apr-May, Jul-Aug, and Oct-Nov.
4. SHORT TERMED: The 4 paper CPA exam can be completed in 12 months of time.
5. INCLUSION OF MIDDLE EAST EXAM CENTERS: CPA exams can be written from the US as well as from SOME MIDDLE EAST COUNTRIES LIKE UAE, Bahrain, Kuwait and Lebanon.
6. ECONOMIC: The total cost of pursuing CPA US is less than most other equivalent finance qualifications of International Level (except CMA US). Even a national level MBA degree demands 4 times investment than CPA US. But a CPA’s national and international level job opportunity increases 10 times than an ordinary MBA/MCom. Hence pursuing CPA gives you a comparatively higher ROI.
Other Chartered Accountancy Courses like CA from India/Pakistan/Bangladesh and other countries of the subcontinent take about 4 years to complete, provided that you pass it on time as they have huge number of papers. ACCA (UK) is also a longer version of the Chartered Accounting exam of the United Kingdom. Compared to all other Chartered Accountancy courses the CPA is the shortest yet most demanded of all.
CPA exam for residents of Pakistan, Bangladesh, Africa, Egypt, South East and Far East Asia is costlier in view of the fact that the exam candidates have to go to US to take the exam. This increases the total cost to the student.
Citizens, Permanent residents and long term residents of UAE, Bahrain, Kuwait and Lebanon can take the exam in these countries. Also, people from India, Egypt, Saudi Arabia, Jordan and Oman can take the exam in the exam locations in these four countries of UAE, Bahrain, Kuwait and Lebanon. Long term residents mean non-citizens residing in testing countries for the purpose of work, study or governmental assignments and include their dependents. Hence, non-citizens, like Bangladeshis, Sri Lankans, Nepalese, Pakistanis and others working in the Middle East can also take the exams in the above 4 countries.
GOOD NEWS FOR ALL INDIAN CPA US ASPIRANTS:
Now, Indians residing in India can write CPA exams from prometric centers anywhere in Middle East including Dubai. This is as per the latest news release by AICPA w.e.f October 1, 2014.
For details, check: NASBA SITE HERE
Refer to the International Testing Centre Eligibility Table
The CPA SYLLABUS:
Financial Accounting & Reporting
US GAAP & IFRS
4 hour exam (60% multiple choice and 40% simulations)
Auditing & Attestation
Auditing standards & procedures
4 hour exam (60% multiple choice and 40% simulations)
US federal taxation & business law
3 hour exam (60% multiple choice and 40% simulations)
Business Environment & Concepts
Understanding business transactions
3 hour exam (85% multiple choice and 15% written communication tasks)
Comprehensive Cost of doing CPA (US) with KALYAN
*** Kindly note that all fees are subject to changes a gross estimation has been provided.
Cost of study involving infinite hours (until you pass)
INR 1, 27,500 USD 2000
Books and Exam Preparation software, tuition, KALYAN notes,
Missed and important class videos, KALYAN Mock tests. If
you are not ready for the exam based on our evaluation,
you will repeat the course without paying extra amounts
Net payable to KALYAN INR 1, 27,500 USD 2000
Administrative/Exam Costs (When you’re Exam Ready)
- Foreign Credential Evaluation Fee
– Exam Fees
– International Testing Fee (applicable for candidates
appearing for CPA exam from Middle East centres)INR 12,400 USD 240
INR 87,100 USD 1271
INR 78,500 USD 1267
Payable to Evaluating agency & State Board of AccountancyINR 1, 78,000 USD 2778
3A. Visa, Travelling and Lodging in the UAE
– Visa Fee
– To & Fro Airfare
– Lodging 15 days @ USD 30 approxINR 6,200 USD 100
INR 18,600 USD 300
INR 27,900 USD 450
Total UAE Travel & Lodging Expense INR 52,700 USD 850
3B. Visa, Travelling and Lodging in the US
– Visa Fee
– To & Fro Airfare
– Lodging 15 days @ USD 50 approxINR 9,600 USD 160
INR 60,000 USD 1000
INR 45,000 USD 750
Total US Travel & Lodging Expense INR 1, 14,600 USD 1910
Cost to the student for Middle East Option
Cost to the student for the US Option:INR 3, 58,200 USD 5628
INR 3, 45,507 USD 5421
** Please note that Travel and Lodging Expense will be applicable as per 3A or 3B depending on the ZONE (Middle East / US) you are choosing for writing the exam.
KALYAN WILL TAKE THE RESPONSIBILITY OF CREDENTIAL VERIFICATION THROUGH AUTHORIZED EVALUATION SERVICE PROVIDER
THE KALYAN ADVANTAGE:
KALYAN, being the world leader in providing coaching for International Professional Financial Courses, provides the best quality teaching and admin support in the industry.
KALYAN faculties shoulder the responsibility to make even average finance students pass international exams with flying colours keeping them almost book-independent. They are taken through a rigorous, intensive training process through the nook and corners of the syllabus by lucid lectures, presentations, illustrations, mocks, customized evaluations and revisions. An KALYAN student doesn’t need to depend much on study books.
Once an KALYAN student remains an KALYAN student at no extra cost till s/he passes. So, practically, KALYAN coaching hours are unlimited. We don’t consider students as birds of one season at KALYAN.
KALYAN strongly believes there is no shortcut way to success. One needs to work real hard and smart to clear his CPA exams and KALYAN remains as the torch-bearer in reaching his/her valued career goal.
KALYAN alumni base (CFOs and Dir-Finance of many MNCs) are scattered in almost 100 countries of the world. They work as a huge back-up support for placing the newly passed out students in companies within India and abroad.
*Education loans are available from all public sector banks to studies CPA.
WHY 4 EXAMS FOR CPA vs. 16 EXAMS ON CA?
US professional qualifications “COMPLEMENT” UNIVERSITY EDUCATION – e.g., to be a CPA, CMA or CFA, you are required to have a university degree.
Hence, these qualifications are crisper, more objective and focus only on skill-gaps that are needed to be a F&A professional.
Indian (or even UK) professional qualifications tend to “SUBSITUTE” UNIVERSITY EDUCATION – e.g., to be a CPA, CMA or CFA, you are required to have a university degree.
Hence, these qualifications arelengthy and also encompass what a candidate would have covered (or simultaneously covers) in a university degree
THE CPA DESIGNATION
CPA (Certified Public Accountant) is the highest accounting credential in the United States.
The Uniform CPA examinations are conducted by the AICPA (American Institute of CPAs) which is the world's largest accounting body. AICPA offers membership to all candidates who successfully clear the CPA exams.
The CPA license is issued by one of the 55 states or territories of the United States all of which are members of NASBA (National Association of the State Boards of Accountancy).
CPAs have knowledge of:
US GAAP (Generally Accepted Accounting Principles) & IFRS (International Financial Reporting Standards)
Auditing and Attestation standards and procedures
US federal taxation and business laws
Business and financial concepts
For Indian CPA candidates, the US CPA designation can be summarized as:
US equivalent of India CA (Chartered Accountant)
Single-level exams with only 4 exam parts (vs. 3-levels & 16 exam parts on CA)
Roadmap of less than 12 months (vs. 4-5 years for CA)
Exams in Middle East locations including Dubai [effective Oct-2014] as well as US
Click on relevant posts below on Miles Blogs for Indian CPA candidates:
Why CPAs are required in India?
Given the limited supply of CPAs in India, what do MNCs and Big 4s do?
CPA (US) vs. CA (India)
Only 4 Exam Parts - “Culture-shock” for CA candidates!!!
CPA Eligibility - Expert guidance & Bridge Course by Miles
CPA License - “ONLY” Miles helps you get there
Miles vs. Competitors
Miles ensures the needed “discipline” to be a CPA
Roadmap to CPA = 12 months
WHY CPA ?
CPA ensures global recognition for accounting & finance professionals. And with academic content organized over just 4 exam parts and the designation achievable over less than 12 months, the CPA designation offers an extensive value proposition:
Strong Knowledge Base - Auditing, Accounting (US GAAP & IFRS), Finance, Tax
Significant career progression opportunity with Big 4 and MNCs
Other benefits: Leadership skills, international perspective, elite professional network
CPA course USPs:
Academic Advantage (4 parts, single-level exam, objective-pattern exams)
Convenience (Exam locations including US & Middle East, computerized online exams, exams held over 8 months/year)
Short Course duration (can be completed within 12 months)
ROAD TO CPA
Decide to be a CPA
KALYAN CPA Review offers personal counseling to enable you to understand and appreciate the role of the CPA course in the advancement of your career. The first-hand experience of its director coupled with the extensive research carried out by the academic team in the course offers you the best advice and support throughout the entire process of becoming a CPA.
Click here for CPA @KALYAN
Qualify for the CPA Exams
After you have decided to become a CPA and enrolled with KALYAN CPA Review, we will help you select the Board of Accountancy (i.e., state) to which you should apply to sit for the CPA exams
In case of international CPA candidates from India, generally 3-year commerce graduates from recognized universities in India qualify to take the CPA exams. Qualifications for Indian students need to be assessed by a foreign academic credential agency
Prepare for the CPA Exams
The CPA exams comprise 4 parts - (i) Financial Accounting & Reporting, (ii) Auditing & Attestation, (iii) Regulation and (iv) Business Environment & Concepts. Subjects tested and testing pattern on the Uniform CPA Examinations are summarized below:
KALYAN CPA Review will ensure that you understand the structure and format of the exams with relevant practice questions and simulations. The study material is prepared after thorough understanding of the Content and Skill Specification Outlines (CSOs/SSOs) for each of the 4 parts of the CPA exams.
Click here for detailed info on course offerings @KALYAN
Apply for the CPA Exams
Upon assessment of their academic credentials, CPA candidates need to obtain a NTS (Notice to Schedule) from the state board. NTS is sent by the state board only after it is satisfied regarding eligibility to appear for the exams and takes upto 4 weeks after application and exam fees are received by the board.
After obtaining the NTS, you can schedule convenient CPA exam dates with Prometric in the order desired (suggested order - FAR, AUD, REG, BEC).
The CPA exams are administered 8 months a year over 4 testing windows (Jan-Feb, Apr-May, Jul-Aug, Oct-Nov) with no exams conducted in Mar, Jun. Sep and Dec.
Use expert mentoring and resources for logistical support at Miles CPA Review.
Take the CPA Exams
Key pointers for CPA exams:
FAR / AUD / REG = 100% objective pattern; BEC = 85% objective
Passing score of 75 on each part (on a scale of 0-99)
Candidates have 18 months to clear the remaining 3 parts from the date they clear the 1st part, i.e., the 4 parts can be spread out over as long as 18 months (Note: this is different from the 6-month validity of the NTS which can be taken for one or more parts at a time)
If a candidate does not clear a part, the candidate only has to re-appear for that part in a subsequent testing window
(i.e., does not affect credits for exams already cleared) CPA exam testing windows: Jan-Feb, Apr-May, Jul-Aug, Oct-Nov (8 months/year, take it ANYTIME!)
Exams can be taken ANYWHERE in the US or international testing locations including Middle East: Bahrain, Kuwait, Lebanon and UAE
Scores for the exams are released within 10-40 days after appearing for the exams as per the score release timeline released by the AICPA for each testing window.
W.e.f. 1-Oct-2014, Indian CPA candidates can take the CPA exams in Middle East locations including in Dubai, UAE. To read the AICPA press release, Click here
It is recommended that the exams be taken over 15-30 days of stay in Dubai with gaps of about 3-7 days before each exam. However, candidates may vary the length of the stay given constraints of leaves available, budget and level of preparation.
Alternatively, candidates have to take 2 (or more) trips to Dubai and take, say, 2 exams at a time. The rule is that candidates need to clear the remaining 3 parts within 18 months from the date they have cleared the first part, which actually gives enough time and flexibility to candidates.
KALYAN CPA Review will guide and support you through all logistics - whether it is exam eligibility, Notice to Schedule (NTS), exam scheduling or foreign travel.
Become a CPA
After clearing the CPA exams, candidates need to apply for the CPA license (same as CPA certificate) which is issued by one of the 55 states or territories of the United States.
Note: Only clearing the CPA Examinations does not make one a CPA; need to fulfill the other 3E requirements: Education, Experience, Ethics.
As per regulations, for CPA exams taken in international locations (like Dubai, UAE), the exam credits would lapse unless the candidate is able to get the CPA license within 3 years after clearing the CPA exams.
With KALYAN CPA Review, there is 100% clarity on what gets you where. Miles would certainly guide you to the shortest route to destination 'CPA'.
THE CPA LICENSE
Eligibility: 3 + 1 E's to Becoming a CPA
Just passing the CPA Exams does not make you a CPA – you need to fulfill the other 3 Es:
Education – if required, Miles can help you with a bridge course (PGDA)
Experience – experience under a CPA is acceptable to most state boards; however, if work-ex is under a non-CPA, we have full-time licensed CPAs who are allowed to verify experience for the CPA license (which is accepted by a few state boards)
Ethics – Online on-demand exams; no travel requirement
As per regulations, for CPA exams taken in international locations (like Dubai, UAE), the exam credits would lapse unless the candidate is able to get the CPA license within 3 years after clearing the CPA exams. For further details and to read the "International Consent Agreement" to be signed by candidates taking exams in international locations, Click here
CAREER OPPORTUNITIES FOR CPA
A career in accounting with the CPA qualification will certainly prove to be extremely rewarding in terms of increased credibility, opportunities and pay.
Career opportunities for CPAs include but are not limited to:
The Big 4 and other US-based accounting firms
Financial services or consulting firms
MNCs and corporates listed in the US
Companies providing accounting, taxation and other financial services to US clients
Opportunities for CPAs are boundless as they often expand their careers beyond the traditional accounting realm to provide related services for many different types of organizations.
CPAs are required in all areas of the business world:
Financial / International Accounting
Corporate Finance (M&A, IPO, Share & Debt Issues)
Assurance and Attest Services
Information Technology (especially as applied to accounting and auditing)
Management Consulting & Performance Management
Tax Preparation and Planning
While some CPAs are generalists and may offer a range of services (especially those in small practices) many CPAs specialize in just one area.