How to Become a CPA?

 

To Become a CPA, a candidate would need a Bachelor's degree from NAAC A university and a master's or CA inter, post graduate diploma to complement it, candidate don't need to go into mechanism of credits , just remember if a candidate have Boom and any additional professional qualification would help. CPA exam is 4 paper based exam , Financial accounting and reporting, US taxation and law- Regulation, Auditing and attestation, business environment and concepts, it's 50% objective and 50% essay oriented, candidate would need 75% percentile to pass the exam and exam can be written only in Dubai and US. The duration would be 7–8 months and a candidate can write the exam in any month ( March, June-Sep, Dec- first 10days only) , all the sections need to be completed in 18 Months after candidate receive his/her first score. A candidate would need one year of work experience and write an ethics exam( open book) to become licensed and practice in US. US companies like Google, Facebook, apple , Wells Fargo, standard chartered, JP Morgan etc. are always looking for CPA candidates for their finance team and CPA would enjoy more benefits than CA due to their expertise in US GAAP, the compensation is very high in MNCs and definitely the course is worth pursuing and  we at Simandhar education have placed candidates at same package what CA candidates are placed.@akkueducation

 

CPA USA eligibility for Indian CA, B.com, 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, a candidate 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 a candidate have only 90 credits (as per your graduation) then, candidate can pursue either M.com or MBA through distance learning for attaining the balance credit points, but a candidate 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.

 

To summarize:

 

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.

 

Exam Pattern:

 

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.

 

What is CPA?

 

Certified Public Accountant or CPA is a certification offered by the American Institute of Certified Public Accountants (AICPA), for competency in the field of Accountancy. One may a CPA is an accountant with higher level of education and experience in the field. The AICPA defines a CPA as a trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals. Whatever those goals-saving for a new home, opening a new office, or planning a multi-billion dollar merger-CPAs can help. CPA certification is a professional recognition most beneficial for CA, CS, MBA, Financial Advisors, Cost Accounting professionals, etc. Finance and accounting professionals can pursue CPA course to earn certification for career ascent, from the AICPA by fulfilling three criteria – Education, CPA Exam and Experience.

 

Certified public accountants (CPAs) generally handle the accounting, tax, reporting and/or audit processes for governments, corporations or individual clients. Their duties may vary depending on their employer and specialization. However, tasks commonly performed by CPAs include reviewing their company's financial information; preparing documentation or reporting related to finances, taxes, or audits; and staying up-to-date on changes in government regulations. They may also perform audits for their organization, as well as make suggestions on improving bookkeeping and recordkeeping processes.

 

CPAs usually work in an office setting with significant computer-based work. They may have to work long hours, especially during the annual tax season (January to April). CPAs may work in a variety of settings, such as larger or small accounting firms, companies in a range of industries, non-profit organizations, or local, state, or federal government agencies; they may also be self-employed. These accountants may have a specialization such as financial planning, taxes, auditing or valuation, among others.

Requirements to become a CPA vary by state. A bachelor’s degree with significant coursework in accounting and business administration is generally needed; these professionals also need to pass the four-part national CPA exam administered by the American Institute of Certified Public Accountants (AICPA). Additionally, each state has its own requirements for licensure by the state board of accountancy.

 

What are the Eligibility Criteria for CPA?

 

1. To pursue CPA certification programme, the candidate must have a Graduation degree or equivalent.

 

2. To earn the CPA license, the candidate must complete 150 hours of the CPA course semester.

 

3. Many states require candidates to have 1-2 years of experience under a CPA.

 

CPA eligibility criteria is different for the US citizens and candidates from rest of the world. The consent agreement, international testing fees, and additional identification requirements of international candidates is different from that of the US candidates.

 

What are the Roles and Responsibilities of CPA?

 

1. Organize and update financial records as needed (digital and physical).

 

2. Analyze transactions and prepare reports.

 

3. Perform regular, detailed audits to ensure accuracy in financial documents, expenditures and investments.

 

4. Forecast revenue and analyze profit margins.

 

5.Oversee ledger reconciliation and manage accounts payable/receivable.

 

6. Participate in budgeting processes.

 

7. Brief senior managers regularly on the company’s financial status.

 

8. Liaise with Tax Accountants to track tax payments and returns.

 

9. Monitor bookkeeping activities regularly.

 

10. Keep company financial information confidential.

 

11. Establish accounting policies and procedures.

 

12. Stay informed on industry developments and changes in regulations.

 

What are the Skills required for CPA?

 

1. Up-to-date tax knowledge.

 

2. Business acumen.

 

3. Presentation process.

 

4. Technical abilities.

 

5. Emotional intelligence.

 

6. Additional auditing training.

 

7.Management and leadership strength.

 

Up-to-date tax knowledge:

 

Successful accountants stay current with tax laws and mandates, which change constantly. To best serve their clients and organizations, everyone from payroll administrators to tax accountants to financial planners should take continuing professional education (CPE) courses in federal and state taxation.

 

Business acumen:

 

The further finance professionals advance in the workplace, the more they will be asked to advise upper management, assemble company-wide reports and provide big-picture perspectives. So, business acumen is a must-have skill for CPAs. The better you understand how an organization’s various departments operate and interact, the more successful you’ll be in your current position and long-term career.

 

Presentation process:

 

CPAs must know how to present information in a clear, concise and compelling manner — especially for nontechnical audiences. The key to being a good presenter isn’t reading from a PowerPoint deck, though. It’s persuading and relating to the audience by telling stories, making analogies and speaking naturally. (These presentation strategies are even more important when you’re trying to engage audiences via video conferencing.)

 

Technical abilities:

 

Successful CPAs are the ones who master their company’s software and systems. Developing advanced skills in Excel, the workhorse of almost all accounting and finance departments, is essential. Other in-demand IT knowledge valuable for CPS to possess includes QuickBooks (for small and midsize companies), structured query language (SQL), enterprise resource planning (ERP) systems and business intelligence software. Also, it’s becoming increasingly important for all financial professionals to anticipate technological changes in their workplace. Accounting automation and other technology trends are revolutionizing accounting and finance work. To future-proof your CPA career, you’ll want to learn about robotic process automation (RPA), machine learning, advanced analytics, and more, sooner than later.

 

Emotional intelligence:

 

Emotional intelligence — the ability to relate and engage well with others — can also help you advance in your CPA career. A recent Robert Half report on the future of work underscores that “human skills” such as empathy will top the list of vital skills that workers and business leaders will need in the future workplace. However, demonstrating other forms of emotional intelligence, such as empathy, compassion and the ability to understand nuance, is already crucial for success in the current work environment. You can be confident that many employers highly value emotional intelligence and will make a point to look for it in potential hires.

 

Additional auditing training:

 

Most CPAs are well-versed in auditing since it is one of the four components of the qualifying exam. But accountants who are interested in helping companies evaluate their methods and performance should consider pursuing additional training in auditing. Working in internal audit can be a rewarding career, and it is a profession that has been evolving in recent years. Businesses of all types look to their internal auditors to help them increase efficiency, manage risk, evaluate IT systems and business processes, and much more.

 

Management and leadership strength:

 

If you’re hoping your CPA career will one day take you to the management level at a company, or maybe even to the C-suite, you’ll want to take action now to start earning relevant leadership experience. One way to develop management skills is by requesting assignments that put you in charge of a project or team. Also, look for leadership opportunities outside of your organization. Online courses are one option. Also, professional associations can be good resources for learning and development opportunities, and they offer networking opportunities, too. Pursuing other in-demand credentials, such as a master’s degree in accounting, an MBA or a Chartered Global Management Accountant (CGMA) designation, can complement your CPA designation and help prepare you for a financial or business leadership role as well.

 

Career in CPA:

 

A Certified Public Accountant (CPA) is the highest standard of competence in the field of Accountancy across the globe. The exam is administered by the American Institute of Certified Public Accountants (AICPA), which is the world’s largest accounting body. If you ever consider a career in accounting and want an illustrious career, CPA Course is the best option for you. CPAs are globally recognized as premier accountants and are hired across industries throughout the world. CPAs and potential CPAs have a variety of career paths from which to choose. Within public accounting, you can work for any sized firm, ranging from a large, international CPA firm to a small local accounting practice. Within the firm, you can work in such areas as audit, tax and management consulting. The same holds true in business and industry, where you can choose careers in companies of all sizes, working in diverse areas such as financial accounting and reporting, management accounting, financial analysis and treasury/cash management. CPAs can also provide services in specialized areas of accounting like financial forensics, business valuation, personal financial planning, and IT consulting. Within government, you can create a path to success at either the federal, state or local level. Non-profit organizations and education also offer many diverse opportunities.

 

The Certified Public Accountant (CPA) designation is without question the most valuable credential for advancing a career in accounting and auditing. It attests to holding in-depth knowledge of accounting principles and practices, including applicable laws and regulations. Many holders of the CPA in private practice devote a considerable portion of their time to preparing and filing tax returns for both small businesses and individuals. The general public erroneously assumes this is the major focus of the profession, but that's not the case. Certified Public Accountant or CPA provides accounting services to the public and organizations. They are primarily involved in auditing and attesting procedures. They are very well versed with the accounting principles, business and financial concepts, law, tax, etc. CPAs are hired by organizations in the role of finance manager, financial analyst, chief financial officer, etc. There is an examination which is conducted by American Institute of Certified Public Accountants (AICPA) and is called as Uniform Certified Public Accountant Examination. In order to practice as a CPA, one need to pass the examination conducted by AICPA. The CPAs are hired by various consulting firms, auditing firms, they can provide service in any area of finance broadly in corporate governance, financial accounting, estate planning etc.

 

CPAs are required in the accounting domain and managing the finances of the public. They are hired by private and government organizations for advisory roles. There are various CPA accounting firms and the CPAs obtain the role of staff auditor wherein they are involved in detailed financial work, tax staff wherein they handle the spheres of tax, management services.

 

Salary of CPA:

 

An entry-level Certified Public Accountant (CPA) with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of ₹608,566 based on 53 salaries. An early career Certified Public Accountant (CPA) with 1-4 years of experience earns an average total compensation of ₹612,772 based on 99 salaries. A mid-career Certified Public Accountant (CPA) with 5-9 years of experience earns an average total compensation of ₹1,001,009 based on 13 salaries. An experienced Certified Public Accountant (CPA) with 10-19 years of experience earns an average total compensation of ₹1,950,000 based on 10 salaries.