Chartered Accountant, for those who have passed it phew! Done! It is one of the toughest exams that the students can take and the pressure is immense. Is being a CA enough as a career? Yes, it definitely is when you are looking at traditional jobs in the industry for CAs in the field of auditing, taxation and corporate finance. These jobs now require higher-level skill set as most of the basic level transactions are automated with checks and balances in place real time. With globalization and India emerging as the next super mind power, changing geopolitical and economic conditions we have to ensure we keep elevating and grooming our skill sets to face the next level challenges.
Multinational Companies in India are growing their base and hiring talent to service the Asia Pacific and Middle East Region. There was a need for the integration of accounts in accordance to US GAAP and IFRS. CA’s holding the degree within India were hired and given on-the-job training for US GAAP and IFRS. However with the complexity involved Corporate's face regulatory security and penalties and are exposed to more errors and delays.
There is an increase in demand for US CPAs within India for MNCs who have their operations in India. Global Indian Companies that are listed publicly in the US also require US CPAs for their compliance and Internal Controls.
About US CPA
CPA (Certified Public Accountant) is the highest accounting credential in the United States. The Uniform CPA examinations are conducted by the AICPA (American Institute of CPAs), which is the world's largest accounting body. AICPA offers membership to all candidates who successfully clear the CPA exams. The CPA license is issued by one of the 55 states / territories of the United States all of which are members of NASBA (National Association of the State Boards of Accountancy). US CPA is just of 4 exams, bifurcated into multiple choice and subjective exams.
CPAs gain knowledge of:
- US GAAP (Generally Accepted Accounting Principles) & IFRS (International Financial Reporting Standards)
- Auditing and Attestation standards and procedures
- US federal taxation and business laws
- Business and financial concepts
For Indian CPA candidates, the US CPA designation can be summarized as:
- US equivalent of India CA (Chartered Accountant)
- Single-level exams with only 4 exam parts (vs. 3-levels & 16 exam parts on CA)
- Roadmap of less than 12 months
- Exams in Middle East locations including Dubai [effective Oct-2014] as well as US
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