It is a good decision to do US CPA along with CA parallely as most of the concepts are similar in both most of the Indian MNCs like Infosys, Wipro, DRL are listed in the US and also Big 4's prefer that you have a CPA for their global delivery services.
Let's know the complete details about the US CPA course.
In India, there's an insufficiency of accounting professionals with practical knowledge and expertise of international standards. Professional courses refer to education and training which match the industry's needs. These courses focus on career development and skill-building. For any organization, the entry-level requirements may vary depending on the sector, but these courses are mandatory for many industries and professions. After the completion of any specialized professional course, job aspirants can easily find employment because of their wide acceptability in the organizations.
To acquire advanced skills, many people go for professional courses. These courses help you upgrade your skills and are often adjusted according to the industry's requirements, which benefits both working professionals and new aspirants.
Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is a professional who has passed the Uniform CPA exam administered by AICPA. The designation of CPA enforces good professional standards in the accounting field. CPAs are experts in US GAAP, US federal income tax, and many other areas of US accounting and financial laws. The CPA certification is respected worldwide, and it's a US designation certifying the professionals in the US accounting to perform taxation and auditing tasks.
US CPA Eligibility
Graduation is mandatory for CPA, BCom and BCom + any post-graduation or even CA intermediate will be eligible for CPA, please note even Cas without BCom can still sit for CPA exam but license will be difficult as US CPA license requires 150 credits.
CPA Exam Format
There are four sections in the CPA exam:
- Auditing and Attestation (AUD)
- Regulation (REG)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
The AICPA administers the US CPA exam. The total exam duration is 16 hours (4 hours for each section).
MCQs (Multiple-Choice Questions) vary from being one sentenced to paragraph length questions with 4 potential answers. Whereas the TBS (Task-based simulations) require the candidates to type in answers and may include research questions, journal entries, reconciling accounts, filling out report sections or filling out a form with multiple questions. Written communication tasks test the candidate's ability through writing; these are very important in the business environment.
Career Scope of CPA
Both Certified Public Accountants and Chartered Accountants focus on providing financial services for the clients - either large corporations or small businesses. Areas of expertise include financial reporting, taxation, auditing, and business/managerial accounting. Both CPAs and CAs work in the public and private sectors.
The CPA degree paves countless opportunities to work for some of the most renowned companies around the world.
Becoming a CPA can lead to several career options:
In public accounting firms, CPAs provide services encompassing accounting, auditing, tax, and consulting services for clients of any size. The auditing of financial statements of public and private companies is a highly coveted job.
CPAs also serve as financial advisors to individuals by making informed financial decisions on their behalf to help them, manage their finances related to home purchases, college savings, starting a business, and retirement planning.
Business, Government, and Not-for-Profits
In this broad field, CPAs can hold a variety of positions ranging from financial analysts and staff accountants to CFOs. They are responsible for recording, analysing, and reporting financial information for organizations. Additionally, they perform budgeting and internal auditing functions.
CPAs also provide services in specialized areas. CPAs assist organizations by conducting risk assessments as well as analysing, implementing systems improvements and revisions, in managing their information technology, including the massive amounts of data collected.
The CPA certification paves countless opportunities to work for some of the most renowned companies around the world.
Mentioned below are some of the best jobs in India for a CPA:
- Senior Financial Analyst
- Risk and Compliance Professional
- Corporate Controller
- Accounting Software Developer
- Information technology Accountant
- Personal Financial Advisor
- Finance Director
Click here to know about CPA Course Details, Syllabus, Eligibility, CPA Course Benefits & Fees:
Benefits of US CPA Certification
Many accountants are very much curious about the CPA Course benefits and benefits of becoming a CPA (Certified Public Accountant) such that it's easy for them to decide whether it is worth dedicating time and energy towards pursuing US CPA certification.
The process of obtaining the CPA certification can be demanding and rigorous, but success gives out too many advantages for the professionals working in finance or business. In the US, most states have their own board that oversees the public accountant certification in their jurisdiction.
The US CPA exam needs an advanced education, usually a combined bachelor's and master's program, along with good study preparation for the CPA exam in India. While these activities are a must for achieving the CPA certification, there are also many CPA benefits on their own.
The CPA certification process allows both experienced and new accountants to refine their skills, test their abilities, and increase their overall knowledge of that discipline. The prospective applicants can learn many more details about the US CPA license through the local state board.
CPA exam locations in India:According to NASBA, the exam is currently offered at Prometric sites in 8 Indian cities:
- New Delhi.
More Demand For US Certified Public Accountants
Many factors contribute to the rising demands for the US Certified Public Accountants across the global job market and there are many US CPA course benefits as well. US CPA certification holders can earn an average of 10% more than others; besides, they have many career growth opportunities. The CPA certification is a must for most professionals in positions in both the public and private sectors.
Expanded Job Opportunities
It's very easy to think of the accounting field as a limited and narrow profession, but that's becoming far from the certified professionals' actual reality. The US CPAs serve in various roles in organizations/companies, including private sectors and government agencies. The US CPA certification proves qualification for business strategy, auditing, forensic accounting, and bookkeeping, among other specialized areas.
A greater degree of professional freedom is a huge asset for the US CPA certification. The CPA professionals can provide the services on their own as founding members or as consultants of a firm.
It is an essential career step for professionals who want to leverage their own services and reputation. The knowledge and skills required for the CPA certification are useful for people who are interested in business leadership. Besides, CPA certification serves as a solid foundation for entrepreneurs.
Benefits of CPA License
Given below are some of the benefits of the CPA license:
- Additional job opportunities
- Better benefits and incentives
- More job flexibility
- Increased earning potential
- Greater job stability
CPA Salary in India
The Certified Public Accountants are in demand across many industries. They can command high salaries because of their expertise in financing. Also, many companies retain the CPA's accounting talent by paying good salaries along with hikes and bonuses.
The average salary for a Certified Public Accountant (CPA) in India is Rs. 701,387.
About Simandhar Education
Simandhar Education is the official partner of Becker and channel partner of AICPA - Largest Training provider for US CPA, US CMA, IFRS and EA courses in India.
Learn how to clear your CPA exams with extremely satisfying results by getting proper guidance and knowledge through our online courses and video tutorials taught by industry Experts. We're here to provide you with all the help that you need in order to ace your CPA, CMA exams.