All About CPA Course Details,Investment, Salary, & Eligibility

You might have heard about this term before ‘CPA’, but do you know what CPA is? Certified Public Accountant (CPA). It is the highest designation in the field of Accountancy, awarded by AICPA. CPAs are recognized globally as top-ranking accountants and are hired all over the world. American Institute of Certified Public Accounts (AICPA) is the world’s largest body representing the Accounting profession. AICPA is present across 130 countries with the highest number of members in the world (approx. 4.5 Lakh members).


Do I still need to go out of India for an exam?
After a successful pilot testing of the CPA exam in India during 2020, effective from January 1, 2021 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 CPA Exam.


What is the CPA Syllabus & Exam?

The whole syllabus for Uniform Certified Public Accountant (CPA) Exam has broken down into four sections and they are as follows:-

  • AUDIT (AUD)

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:-

  •  Professional Responsibilities & Ethics
  •  Planning & Supervision
  •  Internal Controls
  •  Corroborative Audit Evidence
  •  Audit Sampling
  •  Audit Reports
  •  Other Auditing & Attestation Topics

 

  • Financial Accounting & Reporting (FAR)


Covers US GAAP and IFR

This section consists of accounting principles generally accepted in the United States of America along with financial reporting framework and requirements. Topics you will learn:-

  •  Conceptual framework, Financial Reporting & Misc. Topics
  •  Current Assets and Liabilities
  •  Investments, PP&E and Intangibles
  •  Bonds, Leases and Pensions
  •  Deferred Taxes, Equity, EPS & Cash Flows
  •  Consolidation, Foreign Currency, Partnerships & NPO
  •  Governmental Accounting

 


  • Regulation (REG)

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 especially.

  •  Taxation of Individuals
  •  Property Transactions & Depreciation
  •  Taxation of C-Corporations
  •  Taxation of Other Entities
  •  Supplementary Taxation Topics
  •  Statutory Reg. & Business Structures
  •  Business Law

How Much Do I Need to Invest to Become a CPA?

 

Am I ELIGIBLE FOR US CPA?

Establishing your eligibility for international candidates (outside the USA) can be challenging. Each of the USA’s 50 states and 5 territories have their one Board of Accountancy and rules. The team at EduMont helps with verifying eligibility for free. However, for your review, the rules if condensed down, would basically be:

  • To enroll for the US CPA exam, it requires you to complete 150 credit hours. For example:- If you have completed the first year of your master’s degree (M.COM or MBA) and are currently in your second year then you are straight away eligible for the examination.
  • In comparison to US education, every year in university of India is equivalent to 30 semester credits. So aspirants with only a grad degree would have 3×30=90 credits. However you may be eligible for the exam at 90, if you have 8+ credits in Accounting, Business and Economics subjects. Per this exception, people with graduations in commerce will benefit.
  • If your graduation is in a field other than commerce, the following qualifications will make you eligible.

Grad + M.COM/MBA/Equivalent  = 150 credits

Gard + CA/CS/CWA/Equivalent = 150 credits

Who All Are Not Eligible For US CPA?

Now you already know what is the eligibility criteria for appearing in US CPA exams, now let’s talk and learn about who all are not eligible for sitting in this examination:-

  • If you are from or currently pursuing school education, then you are not the eligible candidate for this examination. 
  • If you are still completing your graduation, then you will have to wait till you pass out.
  • Individuals with less than the required 120 credits and no further qualification.
  • Individuals with less than 4 Accounting, Business and Economics courses. 

Why 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 great demand at all Big 4s and all large MNCs. Most top brands you could think of would need to hire a team of CPAs for their Finance & Accounting functions.

What’s the minimum package?

Let’s clear the doubts about the pay-scales, it is absolutely equivalent to a qualified CA or an ACCA, which means you will get the same sort of respect as every other professional accountant in India. However when it comes to global opportunities, CPA has a clear advantage over the other two, in terms of the jobs offered and the number of countries that become accessible.

Once you clear each of the examinations, it opens the entryway to substantial pocket work and a good career prospect. The investment you put into the whole course essentially returns back to you within a few months of you 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 lakhs per annum.

The content carries all the beneficial information about US CPA which will help you to understand the course, its eligibility, syllabus, fee structure and salary package in a more easier way. For more information you can visit our website: https://edumontclasses.com/ or simple call us at: 9821003784

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