Do you want to enter into the CPA field? You may have heard about the CPA exam from your friends. If you have completed your graduation or post-graduation, it can be a plus point for entering the CPA field. After completing the CPA exam, students get the best opportunities from top companies worldwide. Check out the blog to learn more about CPA exams.
What is a CPA?
Certified Public Accountant (Accounting and Accounting) International certified accounting qualifications, “CPA” only refers to the American Certified Public Accountant, the overall serial tax classification by The Institute of Certified Accountants (AICPA). According to The National Association of State Boards of Accountancy (NASBA)
Certified public accountants are tested widely as a way of accounting principles and procedures operating in financial management, tax preparation, and regulation, external auditing, or forensic bookkeeping. CPAs generally carry out the work relating to tax preparation, auditing, and financial advisory services.
Eligibility for CPA
- AICPA Guidelines establish 120 credits as the regulatory minimum to sit for the CPA exam; an audit year comprises 150 credits. This is different in each US state.
- The minimum requirements for this degree are 120 credits, with 24 accounting credits and 24 business credits. You are eligible if you have a bachelor’s degree in commerce (B.Com, BBA, BAF, etc) from an NAAC-A accredited college. Therefore, you would have satisfied your 120 credits. You can take the CPA test but are still 30 credits short of the requirement.
- For a commerce grad from a non-NAAC college, a year-long bridge course is necessary to get the required additional credits to sit for the exam. You must obtain a two-year bridge course from an affiliated institution to be registered as a license holder.
- The four years would total 120 credits completed across the four years of the program if you were an engineering applicant or someone whose major was not commerce, but you would earn less than the 24 credits required by business and accounting. Therefore, in this situation, you should do a two-year business and accounting study to make up the difference.
- If you hold a Master’s degree (e.g., MBA, M.Fin, or M.Com), you are already qualified to take 120 credits; nevertheless, you must verify that you have completed the necessary credits in Accounts and Business. Enrol in a bridging course as needed to meet the requirements for the CPA license.
- Those with Professional Charters, such as a CA, CS, or CMA, can pursue the CPA exam and the Licence.
Read Also- CPA Salary in India and USA: Average to Highest
About CPA Exam
- The Certified Public Accountant test can last up to sixteen hours and has four distinct parts. There are three parts: AUD, FAR, and REG. As for the fourth component, you’ll need to be an expert in one of the three main fields (BAR, ISC, or TCP).
- In the past, you were required to finish all four CPA Tests within 18 months. The CPA Evolution states that the tests must be completed within 30 months. You will now have an extra year to complete the CPA tests.
- You can take the CPA tests in whatever sequence you like; they are formatted as 50/50 multiple-choice questions and 50/50 test-based simulations (TBS). Only for ISC, the new weighting is 60% multiple-choice and 40% true/false. Your CPA license will be unaffected by the discipline you select.
- A passing score for a section is 75 out of 99. You will receive CPR (Candidate Performance Report) if you do not pass a particular portion. This report will help you identify the areas you need to improve.
- Here is the breakdown: the CPA exam fees in India will be around USD 3,000. Approximate fees in Indian currency are 2.25,000.
Benefits of the CPA Course:
1. Rest Easy Knowing Your Salary Will Be Competitive:
CPAs should expect a respectable income regardless of the country they work in. Paying over $65,000 per annum in the US, over INR 600,000 LPA in India, and AED 120,000 in Dubai and other Middle Eastern cities is the average salary for newly licensed certified public accountants.
2. The field you want to work in is up to you:
A chartered accountant’s skills are transferable, so they can find work in any field that piques their interest. Every industry in modern business—from healthcare to law to food—needs a certified public accountant (CPA) to manage all the moving parts: accounting for transactions, auditing financial statements, assisting with taxes and litigation, and providing advice on financial planning. Any business or industry can hire us to do these kinds of jobs.
3. Certified Public Accountants are crucial.
Relax; your employment is safe at all times. Financial statements in the United States or corporations can only be audited by certified public accountants.
Recommended CPA Books
They facilitate candidates’ understanding and application of core concepts needed to excel on the test through detailed explanations, practice problems, and examples in the text. It would thus be highly advisable for an aspirant into the accounting profession to take some time reading CPA books— it usually have some strategies/tips on test-taking, which is a good support.
Conclusion
It is thought that the Indian CA course is equivalent to the US CPA. See who they’ve partnered with before deciding on a CPA school. Be sure you have enough money saved up before enrolling in a CPA school because the fees are somewhat pricey. There’s no need to fret; the income you’ll receive upon certification will more than cover your expenses.
Recommended Reads
- Top 10 US CPA Certification Courses in Delhi with Fees, Duration
- Best US CPA Certification Courses in Bangalore with Placement, Fees, Syllabus
- How to Become a Certified Public Accountant
- 20 Best CPA Courses in India (2024)
FAQs
1. In order to take the Certified Public Accountant exam, what kinds of qualifications are required?
Candidates must hold a bachelor’s degree or equivalent to enroll in the certified public accountant certification curriculum. The candidate must finish 150 hours of the CPA course semester to receive the license to practice public accounting. Candidate experience working under a certified public accountant (CPA) is required in many states. Students from India should join either the ICAI, the ICMAI, or the ICSI.
2. Which CPA exams are there?
Parts one through four of the Certified Public Accountant test are AUD, BEC, FAR, and REG. The many components of each test include written communication assignments, task-based simulations, and multiple-choice questions. The minimal passing score for each exam is 75, and the scale runs from 0 to 99. The pass rate is lowest for FAR and most significant for BEC.
3. How much does the CPA course pay?
As per Payscale.com, the average annual income for a certified public accountant in India is INR 6,93,985. The pay can reach 20.5 LPA in some cities, such as Mumbai. Based on 360 incomes posted, the average CPA compensation is $69T – $1L/yr (USD)/yr, as of 10 Feb 2024 on Glassdoor.
4. Is that the CPA exam challenging?
Here are some reasons why the CPA exam is so challenging: It assesses candidates at several levels throughout a broad spectrum of courses and themes. All applicants are evaluated using questions that provide them with practical experience.