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CPA USA Overview

CPA USA (Certified Public Accountant) is generally considered as the Topmost Chartered/Public Accounting Designation in the world.
With a CPA USA you can be an auditor in the United States provided you have a License from the relevant State Board of Accountancy in the US. A CPA USA can also choose to work as Management Accountant (Finance and Accounting Manager) within the companies. A CPA USA has high demand especially in the US based MNC s inside and outside India, big-4 international audit firms. The Indian companies, nowadays, value those accounting professionals who have good knowledge in US GAAP and GAAS. So the demand of a CPA USA is ever increasing in the world job scenario. A CPA will not have to think of finding suitable jobs, jobs chase him or her. CPA USA opens a huge international opportunity to the careerist.

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How Do You Become a CPA?

Ensure you have the required credit points to be eligible

Ensure you have the required credit points to be eligible
1

Start your CPA USA Course preparation with IPFC Academy

Start your CPA USA Course preparation with IPFC Academy
2

Apply to NASBA and respective state board

Apply to NASBA and respective state board
3

Pay your exam fees and clear 4 papers

Pay your exam fees and clear 4 papers
4

Become CPA qualified and get your dream job

Become CPA qualified and get your dream job
5

CPA USA Administrative Information

The CPA exam is a joint effort of the American Institute of Certified Public Accountants (AICPA), the National Association of State Board of Accountancy (NASBA), and Prometric Exam Centers. AICPA is responsible for the CPA USA exam development; NASBA represents the 50 State Board of Accountancy and 4 districts. Exam eligibility of the candidates is decided by the individual Board of Accountancy. Different states of the US have different sets of eligibility criteria and a CPA USA exam prospect needs to fulfill the eligibility criteria of a given state. The eligibility issue is explained in detail in the paragraph. The relevant State Board of Accountancy releases the Exam score. Exam-passed candidates need to seek a license from the respective State Board of Accountancy.

CPA (Certified Public Accountant) USA is considered to be the top accounting professional qualification in the world and is a significant achievement for individuals pursuing a career in accounting and want to become the CFO on a fast track. Few benefits are listed here:
  • Global recognition and credibility – The CPA US qualification is recognized across the world and opens up doors to international opportunities in Big 4 companies. A CPA US qualified professional can apply for CPA Canada by giving just Ethics exam and CPA Australia by giving just the taxation exam
  • Diverse Career options – CPA US qualified professionals has options to work in many fields like Auditing, Taxation, Financial Analysis, Forensic Auditing & opening their own consulting firms
  • Job stability – Even during economic slowdowns, CPAs demand does not change due to their specialized expertise and knowledge.
  • Higher earning Potential – CPAs earn 5X more than non qualified accountants. The demand is high in Big 4 and Fortune 500 companies thus moving into a fast track route to better career.
Different states of the US have different sets of eligibility criteria and a CPA USA exam prospect needs to fulfil the eligibility criteria of any one state
  • For writing CPA USA Exams one needs 120 Credits.
  • For getting CPA USA License one needs 150 Credits.
  • For CPA courses in India, every year of university education is considered equivalent to 30 semester credits of US education.
  • B.Com = 3 years x 30 credits = 90 credits. (Not-Eligible)
  • B.Com + M.Com/MBA = 90 credits + 60 credits = 150 credits (Eligible)
  • B.Com + CA/CS/CWA = 90 credits + 60 credits = 150 credits. (Eligible)
Note:  The above data gives a gross idea on CPA USA eligibility. The eligibility is evaluated by CPA USA evaluation agencies. IPFC Academy helps you thoroughly in the process.
  • To become a qualified CPA, one needs to clear 3 Core papers and 1 Discipline paper. Total 4 papers needs to be cleared.
  • The exam duration is 4 hrs which consists of Multiple Choice Questions (MCQ) and Task Based Simulations (TBS)
  • The exams are completely online and are held in Prometric centers across major cities in the world.
  • Exams are on demand which means you can sit for the exam as and when you are ready for the same.
  • The passing marks is 75% to clear any paper
  • Exam centers are now available in India too

Comparisons

Other Chartered Accountancy Courses like CA from India/Pakistan/Bangladesh and other countries of the subcontinent take about 4 years to complete, provided that you pass it on time as they have huge number of papers. ACCA (UK) is also a longer version of the Chartered Accounting exam of the United Kingdom. Compared to all other Chartered Accountancy courses the CPA USA is the shortest yet most demanded of all.

CPA USA Course Contents

Financial Accounting & Reporting

This is a Core paper and is a compulsory subject. The syllabus for the same is as below:

  • Financial Reporting (30–40%)
  • Select Balance Sheet Accounts (30–40%)
  • Select Transactions (25–35%)

Auditing & Attestation

This is a Core paper and is a compulsory subject. The syllabus for the same is as below:

  • Ethics, Professional Responsibilities and General Principles (15–25%)
  • Assessing Risk and Developing a Planned Response (25–35%)
  • Performing Further Procedures and Obtaining Evidence (30–40%)
  • Forming Conclusions and Reporting (10–20%)

Taxation & Regulation

This is a Core paper and is a compulsory subject. The syllabus for the same is as below:

  • Ethics, Professional Responsibilities and Federal Tax Procedures (10–20%)
  • Business Law (15–25%)
    Federal Taxation of Property Transactions (5–15%)
  • Federal Taxation of Individuals (22–32%)
  • Federal Taxation of Entities (including tax preparation) (23–33%)

Business Analysis & Reporting

This is a Discipline paper. Student has to clear any ONE discipline paper of their choice. The syllabus for the same is as below:

  • Business Analysis (40–50%)
  • Technical Accounting and Reporting (35–45%)
  • State and Local Governments (10–20%)

Information Systems & Controls

This is a Discipline paper. Student has to clear any ONE discipline paper of their choice. The syllabus for the same is as below:

  • Information Systems and Data Management (35–45%)
  • Security, Confidentiality and Privacy (35–45%)
  • Considerations for System and Organization Controls (SOC) Engagements (15–25%)

Tax Compliance & Planning

This is a Discipline paper. Student has to clear any ONE discipline paper of their choice. The syllabus for the same is as below:

  • Tax Compliance and Planning for Individuals and Personal Financial Planning (30–40%)
  • Entity Tax Compliance (30–40%)
    Entity Tax Planning (10–20%)
  • Property Transactions (disposition of assets) (10–20%)
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Journey of our Students

Manoj Kumar Singh

Ghana

Cleared AUD, TCP & REG

Manoj Kumar has started his CPA journey with IPFC Academy. His evaluation and NTS process were smoothly handled even though he was based out of India. He successfully cleared his AUD and then REG & TCP in the very first attempt. He is on the fast track towards becoming a CPA very soon.

Hitesh Haresh Haryani

USA

Cleared BEC

Hitesh is from New York, USA and working as a Tax consultant in E&Y. He has joined for the CPA program with IPFC Academy and is on his way to become a CPA

Richard Ndizihiwe Mivumbi

USA

Cleared AUD

Richard cleared his AUD in the very first attempt. He is based out of USA and believed in IPFC Academy for his CPA training.

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Frequently Asked Questions

What is a CPA and what do they do?

A CPA, or Certified Public Accountant, is a financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals. They work for public accounting firms, both small and large. They are well-respected strategic business advisors and decision-makers. They act as consultants on many issues, including taxes and accounting.

Eligibility Criteria to pursue CPA - Course?

CPA USA(Certified Public Accountant) Exam is most suitable for CA, ICWA, CS, LLB, MBA (Finance), M.com and Commerce Graduates (from affiliated University)

  • Most of the states in the US require 150 semester hours in order to apply for CPA. A MCom/PG/MBA Degree from recognized Universities in India is equivalent to these 150 semester hours, so they are eligible to write the exam.
  • If you are a BCom plus CA then you can appear for the exams and register from quite a few states in the US.

CPA Certificate vs License difference

Each state has its own laws and rules governing the CPA profession, and each has its own Board of Accountancy that monitors the CPAs that it licenses. For most states, the term “CPA certificate” and “CPA license” is inter-changeable.

What is the passing score of CPA Exam?

A Candidate has to score 75% or more in each of the 4 exams to be a Certified Public Accountant. You will have to clear all the 4 exams within 18 months of exam registration.

What kinds of career opportunities are available to CPAs?

Every business or organization requires the skills of a CPA. CPAs work mainly in public accounting, business and industry (corporate accounting), government, not-for-profit, and education.

What is the Uniform CPA Examination (the Exam)?

This is a four-section Exam that you must pass to qualify for a Certified Public Accountant (CPA) license in any of the 55 U.S. jurisdictions (50 states, District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, and the Commonwealth of Northern Mariana Islands).

What is the purpose of the Exam?

The Exam is designed to test whether you have the minimum knowledge and skills required for initial licensure.

Who is responsible for the Exam?

There are three main partners:

  • The AICPA develops, maintains and scores the Exam
  • The National Association of State Boards of Accountancy (NASBA) manages the National Candidate Database
  • Prometric is the company that delivers the Exam at its authorized test centers.

The Exam is provided on behalf of Boards of Accountancy, which have ultimate licensing authority.

Where can I take the Exam?

You can take the Exam at authorized Prometric test centers throughout the 55 U.S. jurisdictions as well as certain international locations.

Can I take the Exam outside the U.S. and U.S. territories?

You may be eligible to take the Exam at authorized Prometric test centers in Japan, Bahrain, Brazil, Kuwait, Lebanon and the United Arab Emirates (UAE). To learn more, read the eligibility section on the NASBA website.

Is the Exam available in a language other than English?

No. You must take the Exam in English.

Is there a time limit for passing the Exam?

You must pass all four sections of the Exam within 18 months. The calculation of when the 18-month timeframe begins varies from state to state. For more information please visit Nasba.

When can I take the Exam?

The Exam is offered four times per year. These are known as testing windows.

  • January 1 – March 10
  • April 1 – June 10
  • July 1 – September 10
  • October 1 – December 10

What are the requirements to take the Exam?

Exam requirements will depend upon the jurisdiction where you choose to become licensed. You can find links to all Boards of Accountancy at NASBA.

How much does it cost to take the Exam?

Exam fees will depend upon the jurisdiction where you choose to become licensed. You can find links to all Boards of Accountancy at NASBA.

Is there one central organization where can I apply to take the Exam?

No. You can take the Exam (and qualify as a CPA) only if you meet the requirements of a Board of Accountancy in one of the 55 U.S. jurisdictions.

Is there a special application process for international applicants?

No. The basic application process is the same for all candidates. Like U.S. applicants, international applicants must select the jurisdiction in which they wish to qualify and file an application with the Board of Accountancy in that jurisdiction. Any special instructions for international applicants are specified in board requirements.

Where can I find out more information about the Exam and application process?

NASBA’s Candidate Bulletin provides you with detailed information about filing applications, scheduling test sessions, and taking the Exam. You can also find helpful information in the AICPA’s CPA Exam Booklet.

What is the minimum eligibility to appear for a CPA exam?

CPA Exam is most suitable for CA, ICWA, CS, LLB, MBA (Finance), M.com and Commerce Graduates (from recognized University) • M.com or Post Graduates: Most of the states in the US require 150 semester hours in order to apply for CPA. A MCom/PG/MBA Degree from recognized Universities in India is equivalent to these 150 semester hours, so they are eligible to write the exam. • Chartered Accountants: If you are a BCom plus CA then you can appear for the exams and register from quite a few states in the US.

What are the career opportunities after CPA?

You are almost always sure to find a CPA , regardless of where you go in the world of business. CPA’s recruiters includes Accounting n Auditing Firms, Research firms, Investments banks, Hedge Funds, Private equity firms, Commercial banks, Mutual funds, Merger & Acquisition etc . A CPA gets similar job opportunities as a CA in India and a CA +CPA further increase their job prospects globally. Let’s see some of the popular Roles which you can choose after obtaining your CPA license.
Forensic Accounting: Forensic accounting involves investigating and analyzing financial evidence; developing computerized applications to assist in the analysis& presentation of financial evidence; communicating their findings in the form of reports, exhibits & collection of documents; assisting in legal proceedings.
International Accounting: With Businesses going global, demand for CPAs who’ve mastered international trade regulations and International Financial Reporting Standards (IFRS). Such expertise and skills are essential to international business transactions, foreign trade agreements, and other global financial and economic issue. All the better if you have a deep understanding of the laws, tax structures, and business practices of specific geographies.
Teaching: With a huge number of accounting professors approaching their retirement age, many universities are experiencing a shortage of professors to educate the future accountants. Demand for qualified teachers and professionals at all levels, especially those with real-world experience, is high. There are bunches of Top-tier business schools competing for research faculty members committed to teaching. Auditing and Assurance: An Auditor examines the data, statements, records, operations, and performances (financial or otherwise) of an enterprise for a stated purpose. Based on his examination and evidence, he will help companies to improve functions such as forecasting, risk assessments, performance measurement, systems reliability, and much more.
Information Technology: You can blend your love for gadgets and CPA skills into designing, integrating and implementing hardware and software systems for the financial and other industries. This is one area of specialization that crosses all industries and is sure to remain in high demand with the continual advancement in the field of technology.
Financial Analysis and Planning: The expertise of a CPA in evaluating complex business data, identifying trends, valuing transactions and assessing opportunities makes sure that they work closely with the highest levels of executive management. The ability of Financial Analysis and Planning are also highly sought by consulting and financial services firms serving a wide variety of companies.

What are the requirements for becoming a US CPA?

The requirements, which are set by each state board of accountancy, include: completing a program of study in accounting at a college or university, passing the Uniform CPA Exam, and obtaining a specific amount of professional work experience in public accounting (the required amount and type of experience varies according to licensing jurisdiction).

Which are the companies who hire CPA in India?

All the companies require an accounts professional. As CPA caters to US GAAP & IFRS, all the Big 4’s and US Based Auditing firms & Financial companies, Indian MNC’s catering to US are hiring US CPA’s.

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