Certified Public Accountant (CPA USA)
CPA USA is one of the foremost certifications accepted worldwide in the financial auditing streams. This certification is mandated by the American Institute of Certified Public Accountants (AICPA) in coalition with National Association of State Board of Accountancy, USA (NASBA) who issues CPA licenses in the United States of America.
Why CPA USA?
CPA USA is a synonym for standard of competence in the financial accounting and auditing field and is considered an equivalent to Indian Chartered Accountant. A licensed practitioner is a sought-after profile in the streams of Financial Accounting, Corporate Finance and Management Consulting in the USA. Moreover, remuneration for CPA professionals is always much higher compared to non-CPA accounting professionals.
Course Structure
This course is composed of 4 papers and can be completed in about 1.5 years by an enthusiastic student. However, one must clear the exams within 18 months from the time of exam enrollment. Additionally, It is mandatory to have license from any of the respective state board to practice as a CPA (obtained through 2 years of professional experience).
An individual with a 4-year graduation or post graduate credential that meets the 120 credit point criteria can join this course.
However, in order to get the CPA license, one must have minimum 150 credit hours and two years of experience under a licensed CPA apart from successful completion of CPA exams.
40 hours of continued education is also required to retain the license each year.
- The CPA-USA exams are computer-based tests (CBT) and are conducted at authorized pro-metric centers
four times in a year in the months of Jan-Mar, Apr-Jun, Jul-Sep and Oct-Dec. - Exam duration for AUD, FAR, REG are of 4 hours and BEC is of 3 hours.
- One need to score at least 75% in all the four subjects in order to pass CPA exam.
- The four papers will have Multiple Choice Questions (MCQ), task-based simulations and the BEC exam in particular will have questions to evaluate written communication skills.
The syllabus includes four subjects as given below:
• Financial Accounting and Reporting (FAR)
• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Regulation (REG)
FAQ
Can I appear for CPA exams from India?
There are many authorized pro-centers in India including Thiruvananthapuram.
Can I get CPA certification even if I am not interested to work as a licensed practitioner?
Yes, there are few US state boards that allows a two-tier system by which a student get CPA certification upon the successful completion of the exam. By this system the candidates can apply for the license later as and when they are ready for it. Rest of the state boards would only bestow a CPA certification along with a practicing license.
What is the structure and format of the CPA Exam?
The CPA Exam consists of four sections. You’ll take one section at a time. Each of the four sections is made up of five smaller sections known as “testlets”.
Will I take the same CPA Exam as other candidates?
You will take a different but equivalent exam. The questions presented to you are drawn from a pool of test questions according to defined specifications. Although you take different Exams, the specifications ensure that the results are comparable.
Is there a time limit for passing the CPA Exam?
You must pass all four sections of the CPA Exam within 18 months. The calculation of when the 18-month timeframe begins varies by jurisdiction
Are CPAs and accountants the same thing?
Yes and no. All CPAs are accountants, but not all accountants are Certified Public Accountants (CPAs). The principal differences between accountants and CPAs are education, experience, and opportunity. Becoming a CPA is a challenging goal, but one very much within your reach. Receiving your CPA certification distinguishes you from other business professionals – the benefits are increased trust, opportunity, and financial reward.
What kinds of career opportunities are available to CPAs?
From the smallest start-up to the largest government agency, every business or organization requires the skills of a CPA. The CPA credential is highly regarded. To a potential employer it means high ethical standards as well as measurable experience, education, and skills. CPAs work mainly in public accounting, business and industry (corporate accounting), government, not-for-profit, and education.
How long do I have to complete the CPA Program?
You have six years to complete the CPA Program from the date you become an Associate member.
What is a ‘Notice to Schedule’, and when will I receive mine?
The Notice to Schedule (NTS) is your notification that you may begin scheduling your examination with Prometric. It is a Hall ticket. NTS is issued in 2-4 weeks of exam application at the CPA Central.
How many questions are on the CPA exam?
The exam has 324 multiple-choice questions, 20 simulation questions, and 3 written communication (essay) questions.
Do CPA exams expire?
No. NASBA only keeps Exam files for one year after the date of passing. If you passed the Exam over a year ago, you will need to submit your transcripts once more.
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