Here, CPA course details, its benefit, eligibility details and examination schedules are given below for the brief reference about pursuance of CPA USA course in India. CPA stands for the CERTIFIED PUBLIC ACCOUNTANT. CPA is the American accounting course equivalent to the Indian Chartered Accountant qualification. To become a CPA you will have to pass the uniform CPA examinations administered and taken by the American Institute of Certified Public Accountant (AICPA). The CPA examination tests one’s technical knowledge in auditing, law, taxation, management accounting and financial accounting. The CA students can prefer this course to get better job opportunities and better qualification.
CPA is the highest professional accounting qualification in U.S.A. and is recognized internationally, including India.
Benefits of CPA Course:-
The benefits of becoming a CPA and it’s relevance in India is really fantastic after becoming CA, some of them are mentioned below.
- Job opportunities for CPA’s exist all over the world.
- CPA confirms knowledge of U.S. GAAP and GAAS
- The Australian and Canadian Chartered Accountants have a reciprocal arrangement with AICPA, U.S.A.
- American CPA’s automatically qualify for membership in both Canadian and Australian Chartered Accountant societies
Scope of a CPA :-
Scope of CPA in India with American companies:-
After liberalization, American companies like GE Capital, JP Morgan, Ford Motors, General Motors, Microsoft, Oracle, Coke, Pepsi have set up shop in India. They require professionals who have thorough knowledge of U.S GAAP. So they prefer a CPA before any other accounting professional of any curriculum.
Scope of CPA in Indian companies:-
Indian corporates like Infosys, ICICI, Wipro, Satyam, Reliance, HDFC B@nk have issued ADR’s in U.S.A. Due to the listing requirements of the Securities Exchange Commission (SEC, U.S.A) these companies need to get their financial statements audited by CPA’s Every quarter these companies have to send their financial statements to SEC. These financial statements have to be presented according to U.S GAAP, hence these companies require CPA’s with thorough knowledge of U.S. GAAP.
Public Accounting firms in India like Pricewaterhouse Coopers, KPMG, Ernst & Young,
employ CPA’s to do U.S. GAAS audit. All U.S companies as well as Indian companies listed in U.S have to get their financial statements audited by specialists who have thorough knowledge of U.S GAAS and U.S GAAP. A CPA designation confirms knowledge of U.S GAAP and U.S GAAS.
CPA Eligibility Criteria for Indian Students:-
To be eligible for CPA foundation examination which is first level examination in CPA curriculum, the student must have any of the below qualification.
- Members of the Institute of Chartered Accountants of India.
- Members of the Institute of Cost and Works Accountants in India.
- Members of the Company Secretaries in India.
- Master of Commerce
Evaluation of foreign credentials
Every state in U.S.A has different rules regarding the eligibility of candidates appearing for the examination. Foreign candidates ( including Indian candidates) have to get their academic qualifications evaluated by an independent agency, suggested by the state board, to confirm that h/she is eligible to appear for the CPA examination
Indian Chartered Accountants are eligible to take the CPA exams from the state of Colorado without any foreign credential evaluation.
Subjects tested and patter
|SUBJECTS||OBJECTIVE TYPE||OTHER OBJECTIVE TYPE||QUESTIONS ESSAY|
|Business Law||50 – 60%||20 – 30%||20%|
|Auditing||50 – 60%||20 – 30%||20%|
|Taxation||50 – 60%||40 – 50%||NIL|
|Financial Accounting||50 – 60%||20 – 30%||20%|
CPA examination schedule
CPA examinations are held in U.S.A and one has to travel to the U.S.A. to write the CPA examinations
November 2003, is the last pen and pencil format of the CPA examination
From April 2004, the CPA examinations have gone online. From 2004 , Business Economics was introduced as a separate subject and the entire CPA examination format has been changed.
Best States for CPA Exam
International students prefer Delaware, Colorado, California, Illinois, New Hampshire and Michigan. Each candidate and situation is different. International candidate with less than 4 years of bachelors degree and without additional qualification prefer Delaware. Candidate with masters degree or bachelors plus additional accounting certification prefer Colorado. Colorado is the only state which gives CPA certificate to advance degree holder without work experience. However as told earlier, Indian Chartered Accountants are eligible to take the CPA course exams from the state of Colorado without any foreign credential evaluation.