Roadmap to CPA USA in India.
What is CPA USA?
According to Wikipedia, “Certified Public Accountant (CPA)” is the title of qualified accountants in numerous countries in the English-speaking world. In the United States, the CPA USA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, almost every state (49 out of 50) has passed mobility laws to allow CPAs from other states to practice in their state. In simple words, it’s the US equivalent of the Indian CA qualification of ICAI( Institute of Chartered Accountants of India)
The exam is administered by the American Institute of Certified Public Accountants (AICPA) and is considered to be the top accounting credential in the world.
CPA USA eligibility for Indian CA, Bcoms, MBA:
AICPA, the governing body of the US CPA qualification, mandates having a total of 120 credit points in order to appear for the CPA exam. The CPA USA eligibility of Indian students is as follows:
The eligibility for CPA certification requires 120 credits. Every year of university education in India is equivalent to 30-semester credits of US education. ·
Using 1 year = 30 credits,
- B.Com = 3 years x 30 credits = 90 credits
- Exception: If B.Com is cleared in 1st division from a NAAC ‘A’ university, you are entitled to 30 additional credits, thereby increasing the credits to 120, however now many state boards in the US are not following this rule.
- Assuming you have only 90 credits (as per your graduation) then, you can pursue either M.Com or MBA through distance learning for attaining the balance credit points, but you can still sit for the CPA exam.
- However, a professional qualification like CA/CS/CWA is counted as two years of university education, thus adding 60 credits more to your existing 90 credits.
B.Com+ M.com/ MBA= 90/120 credits + 60 credits = 150/180 credits
B.Com+ CA/CS/CWA = 90/120 credits + 60 credits = 150/180 credits
CPA USA Duration:
9-12 months with exams conducted every month.
Time limit to pass CPA course:
18 months from the date of receipt of the score of the first exam.
CPA USA Exam/ CPA USA syllabus:
4 Sections (FAR, REG, BEC, AUD), No Levels like other accountancy professions, Single Level only.
50% Objective, 50% Simulation (Essay), Computerized exam with Open book system/ Authoritative literature in Simulations.
License/ Certificate of Practice:
Work experience in Accounting firm or finance - 1 Year only.
CPA USA fees structure/ CPA USA fees:
The overall cost of CPA USA in India, including exam fees, ranges from 3.75- 4 lakhs INR as the CPA exam is currently not held in India, and one needs to go to Dubai or US to write the exam thus adding the accommodation and traveling cost.
The CPA course tests more than financial reporting (IFRS) and US GAAP knowledge. It also tests your knowledge of general business practices and covers subjects, including total quality management, economics, and contract law. When you pass the CPA Course, you’re demonstrating that you have a firm grasp of the business world to everyone that you work with. You will also be able to have technical conversations with your peers in finance, operations, sales & marketing, and general administration because you have the business acumen of a CPA
CPA’s can look to specialize in various areas due to their in-depth knowledge on US GAAP and FASB pronouncements, due to their in-depth knowledge they are able to move beyond their routine journal entries, reconciliation jobs, etc. to perform an in-depth analysis of financial statements and can provide advisory services, Auditing services(Assurance), IT services (Especially in functional consultant profiles like SAP FICO and Oracle Fusion), Taxation related matters ( decision making ), Forensic accounting, Compliance related matters like Environment audit, etc.
The above article is about the CPA USA course and its details, eligibility and fees. Hope this helps. If you have any queries, feel free to comment in the section below. Happy Learning!
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