CPA Course: Everything You Need to know about CPA

Let us start with a general introduction to what a CPA course is. It stands for the post of Certified Public Accountant. In the United States, it has the highest position in accounting and finance. It ensures global recognition for various reasonable factors.

It is the position of a financial advisor who has earned a certification and designation. It is practised in numerous countries, and the most prevalent and promising careers for any CPA are Industry Accounting and Public Accounting.

Both assist organisations in achieving their respective financial goals. They do so by carrying out numerous responsibilities, which include Financial Planning and Business Valuation, Tax Preparation, Company Management, Auditing and Review, Litigation Services and Forensic Accounting Services.

CPA VS CA

A common question that tends to appear to the people wanting to pursue or know about the designation of CPA is whether there exists any difference between CA and acca courses. A CA, or a Chartered Accountant, is a qualified professional responsible for carrying out a huge range of tasks within the accountancy spectrum.

A CA course is the professional degree that Chartered Accountancy bodies offer throughout the world. They aim to equip students who possess holistic knowledge about Financial Management and Auditing, Regulations, Strategic Financial Management, Fiscal Laws and Ethics.

Read: ACCA vs CA which is better?

There are numerous crucial and compelling reasons why it is beneficial and fruitful to pursue a CPA course. They are as follows.

•  CPA courses have international recognition. People around the world consider it to be the highest qualification in the field of Financing and Accounting.
• When one completes a CPA course, it makes them a global citizen. It further enhances their opportunities of gaining career options from global organisations.
• Students pursuing the CPA course have exposure to a plethora of subjects. It enables them to create an international perspective in the fields of Accounting, including Auditing, Taxation, International Finance and the like.
• The demand for CPA remains throughout the year because of the continuous businesses and startups.

The AICPA, or the American Institute of Certified Professional Accountants, conducts the examination for CPA. The Indian students are required to compensate for the gap of 30 credits because the bachelor’s degree in India equals 90 credits.

Whereas, in the US, it is equal to 120 credits. Each state board involves different requirements for qualification, and the students need to fulfil these requirements for the CPA examination in the US.

Admission process for the CPA examination

The following are the steps for admission to the CPA examination.

• Step 1: The first step involves checking the eligibility criteria. Here, the aspirant must confirm that they fulfil every necessary criteria for being eligible to appear for the examination of CPA.
• Step 2: Sending transcripts is the second step for admission. Generally, applicants tend to fill out their application form and then send the transcripts to the state Board of Accountancy. Whereas the opposite should be the procedure. It is because the former would cause waiting time and it compels the students to wait for the board to contact them. Therefore, the sounds must first send the transcripts first.
• Step 3: Filling the form is the third step. After sending the transcripts, the students need to fill out the actual form for the CPA course. The form is short and involves answering certain personal and educational details. The application fee differs from one state to another. The aspirants need to submit the fee and wait for their Authorisation to Test or ATT.
• Step 4: Getting the ATT is the next step. The students receive their ATT only after their respective state approves their application. The ATT offers them the eligibility to appear for one of the CPA examination sections in their resistive states. The ATT is valid for 90 days, and this is a crucial aspect to remember. Therefore, it is imperative for the students to decide which decision they would prefer to appear for within this 90 days time.
• Step 5: The next step involves paying for the examination sections. After deciding which exam section the student would want to appear in for the following six months, they can readily pay their fees by logging in to their NASBA account (National Association of State Boards of Accountancy). After the payment is complete, they have to wait to receive their NTS, which is their Notice to Schedule. Again to mention, the examination fees vary from one state to another.
• Step 6: Receiving the NTS is the next step. The NTS is a crucial document offering the students their eligibility to appear for the CPA exam in their state. The students receive their NTS through their mail within four weeks. They can schedule their exam through the NTS by logging in to their Prometric website.
• Step 7: The last step is appearing for the examination. The students have to carry their NTS and two valid forms of their ID to the centre for examination.

Read : ACCA Course Duration After Bcom, 12th & CA?

The duration of a CPA course requires the candidate to complete 150 hours of the CPA course semester to gain the CPA licence. Several states also require 1-2 years of experience under a CPA. The candidate also needs to complete the four-part assessment for a duration of 18 months to be eligible to gain the CPA licence.

Read: Best Finance Courses in India: Syllabus, Salary, Eligibility, Jobs & More

The following are the ways.

• Students in the final year in CA or CMA who have achieved a score more than marks in their final exam can readily get a paper by exception for the CPA course. When one holds a CA or CMA accounting degree, one can get a complete exemption in CPA.
•  When someone is an entirely qualified CS, they can get an exemption from giving business law examinations and exams for taxation laws.
•  When one is an intermediate CA or CMA student, they can receive an exemption in the first two subjects, which include AFAE and BRLC.
•  When one passes specific tests on Business Laws, Indian Taxation Laws and Indian GAAPs, the holders of ACCA Advanced diploma or the affiliates, they can receive the CTPr or CPA Award.

Also Read : What is CFA: What is the CFA Salary in India in 2023

The CPA courses involve offering numerous specialisations. The following are certain popular specialisations.

•  Finance
•  Auditing & Control
•  Sales & Marketing
•  International Business
•  Financial Planning & Analysis
•  Human Resources

There are four examinations with 4 hours each duration time, and here are their briefings.

Exam I: Financial Accounting & Reporting (FAR)

The aspects coming under this section are -

• Conceptual Framework, Standard-Setting and Financial Reporting
• Financial Statement Accounts
• Transactions
• State and Local Governments

Exam II: Auditing and Attestation (AUD)

The aspects coming under this section are -

• Ethics, Professional Responsibilities and General Principles
• Assessing Risk and Developing a Planned Response
• Performing Further Procedures and Obtaining Evidence
• Forming Conclusions and Reporting

Exam III: Regulation (REG)

The aspects coming under this section are -

• Ethics, Professional Responsibilities and Federal Tax Procedures
• Business Law
• Federal Taxation of Property Transactions
• Federal Taxation of Individuals
• Federal Taxation of Entities

Exam IV: Business Environment & Concepts (BEC)

The aspects coming under this section are -

• Corporate Governance
• Economic Concepts and Analysis
• Financial Management
• Information Technology
• Operations Management

According to NASBA, the evaluation fee is 2254 USD, and in the case of Decided Evaluation, it is 350 USD added with 120 USD for the instance of Undecoded Evaluation. The application fee is approximately 250 USD, which varies from one State board to another.

The exam fee is 1000 USD which includes all four papers, thus per exam fee being 238.15 USD, according to the present price rates. The international testing fee is approximately 1700 USD.

It is payable only when the student is writing the exam in a country other than the US or Canada. Therefore, the international testing fee for every paper is 360 USD, based on the recent price rates.

CPA Professional Roles

The following are the job responsibilities of a CPA: 

1. They have to analyse financial data, supervise audits and produce tax forms.
2. Their work involves the creation and analysis of transaction reports.
3. They have to Sunsoft rigorous and regular audits to check the precision of the financial expenditures, investments and documentation.
4. Lastly, their work also involves organisation and updating the accounting record, digitally and physically.

The following are the career options that a CPA readily has.

• Financial Advisor

CPAs are in high demand for businesses and startups. Their role is to look after financial matters, which makes them most potent for the job of a financial advisor.

• Academia

Numerous schools and educational institutions can hire CPAs as accounting faculty. CPA educators can also carry out research work to extend the corpus of accounting knowledge and also write books and papers on accounting theories.

• Corporate Accountant

Corporates require help in the accounting process, finances and audits. Here is where the CPAs have the best role to play. Therefore, the CPAs have the opportunity of being a corporate accountants, helping the corporates in carrying out and maintaining the various financial procedures.

• Finance Director

The task of a finance director is to look after and sustain the financial statements and procedures of the company and ensure its growth strategies for the long run. And since the CPAs have extensive knowledge and training in this field, they can readily become capable Finance Directors in different companies.

Salary of a CPA in India

Any entry-level CPA salary in India who has an experience of fewer than three years can earn an annual salary of approximately ₹2.1 lakhs. A mid-career CPA who has gained 4-9 years of experience can earn an average salary of ₹2.7 lakhs annually. And a CPA with 10-20 years of extensive experience can earn an approximate average annual salary of ₹18.6 lakhs.

One of the many aspects of the b com courses in the area of financing and making the best of the financing field is gaining the designation of a CPA. So preparing and achieving this position means gaining the highest position in the field of finances and ensuring oneself the best job opportunities possible.

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