You might have heard about this term ‘CPA’ but are you aware of what it is? The full form is–Certified Public Accountant (CPA). And, it is the highest designation in the field of Accountancy awarded by American Institute of Certified Public Accountants (AICPA). CPAs are recognised globally as top-ranking accountants and are hired all over the world. AICPA is the world’s largest Accounting body. It is present across 130 countries with the highest number of members in the world approx. 4.5 lakh members.
After a successful pilot test of the CPA exam in India during 2020, the American Institute of Certified Public Accountants (AICPA) and National Association of State Boards of Accountancy (NASBA) declared India a permanent and continuous testing site for the US CPA Exam, effective from January 1, 2021.
The whole syllabus for the Certified Public Accountant (CPA) Exam has been broken down into 4 sections/ subjects and they are as follows:
Covers SAS (Statements Of Auditing Standards)
This section/subject mainly focuses on testing the examinee’s potential on how he/she applies their knowledge of professional tasks in real life-scenarios.
Some main points of AUDIT are:-
Covers US GAAP and IFR
This section consists of accounting principles generally accepted in the USA along with financial reporting framework and requirements. Here are the topics that you will learn:
Covers US Federal Taxation
Regulation or REG mainly focuses on Federal Income Tax, Business Laws and Ethics. It is the only exam that does not cover accounting. It covers the following topics:
Establishing your eligibility for international candidature (outside the USA) can be challenging. Each of the USA’s 50 states and 5 territories have their one Board of Accountancy. We at EduMont help you with verifying eligibility for free. However, here are the rules for your review:
To enroll in the US CPA exam, you need to have completed 150 credit hours. For instance, if you have finished your first year of a Master’s Degree, M.Com, or MBA and are currently in your second year, you are eligible for the exam.
In the Indian education system, each academic year typically equals 30 semester credits. Therefore, a graduate would accumulate:
90 credits (3 years × 30 credits)
However, if you have 8 or more credits in Accounting, Business and Economics, you might still be eligible for the exam with 90 credits, benefiting those with a Commerce background.
If your graduation is in a field other than commerce, you can qualify with:
Who All Are Not Eligible For US CPA?
Now, you are certainly aware of what is the eligibility criteria for appearing in US CPA exams. So, let’s talk and learn about who all are not eligible for sitting in this examination:-
Why US CPA?
In India CPA is a new concept introduced by the growing Outsourcing Industry. As a result, there are only 10,000 CPAs in India as against 2.5 lakh Indian accountants. The growing number of jobs and lack of existing CPAs allows for a great demand at all Big 4s and all large MNCs. Most of the top brands you could think of would need to hire a team of CPAs for their Finance & Accounting functions. These are the main reasons you must think of pursuing this course.
Let’s clear the doubts about the pay-scales, it is absolutely equivalent to a qualified CA or an ACCA. This means that you will get the same sort of respect as every other professional accountant in India. However, when it comes to global opportunities, the CPA has a distinct advantage over other qualifications. It not only opens doors to a wider range of job opportunities but also grants access to more countries around the world.
Once you clear each exam, it opens the entryway to substantial pocket work and a good career prospect. The investment you make in the course is often recouped within a few months of starting your first job. It does not matter if you are fresher or have no experience, you will still be earning an initial package of 6-8 LPA.
We hope this answers all your questions and queries about US CPA. All these points will help you to understand the course, its eligibility, syllabus, fee structure and salary package in a more easier way. If you still have more queries for us to answer, you can mail us at support@globalacademician.com or drop us a line at: +91-9821003785.
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