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How to Become a CPA of US – Full details
As the global business environment becomes more complex by the day ,the demand for CPAs is considerably increasing. CPAs help businesses stay strong and competitive, and ensure financial integrity through account analysis, strategic tax planning, risk management and investment consulting. Privately held companies, multinational corporations and non-profit organizations alike depend on the skills of certified public accountants. Though becoming a CPA can be tough, knowing the requirements and steps involved can make the process seem simple.
CPA USA Eligibility
To appear for the CPA exam, Indian students must meet one of the following eligibility criteria, you will require B.com degree from NAAC A university ( you can browse for NAAC A university), secondly if you don’t have plain Bcom with first division – you would need CA inter or M.com, MBA degree to complement it along with a normal Bcom without first division
B.Com with M.ComChartered Accountants with B.Com and B.Com with Accountancy Masters are eligibleIn some cases, B.Com with MBA are also eligible.
Please note CPA requires 120 credits for sitting in the exam( Credits are scores obtained in your university is converted into units )
CPA USA Avg Salary
Having said that, it would be safe to say that fresher CPAs who typically have 0-1 year of work experience in their domains can expect an annual salary package of 6-7 lakhs. Becoming a CPA means you’ll have a wide variety of career choices, in two general areas: public accounting, or corporate and business accounting. From there, the options are many and include:
Internal auditing:
Internal auditors verify the efficiency and effectiveness of a company’s internal controls, the accuracy of its financial data, and check for waste, mismanagement and fraud.
Forensic accounting:
These specialists look for evidence of securities fraud, money laundering, embezzlement and tax evasion.
Managerial accounting:
Consulting to and preparing financial documents for a company’s management team to help them make good business decisions. Preparing budgets and strategizing for the future are important aspects of the job.
Information Technology:
Combining IT and accounting, this specialization includes activities such as testing systems to ensure security, accuracy and compliance with regulations.
Tax:
Guiding companies in effective tax strategies to avoid unnecessary costs. Tax accounting involves staying on top of complex and changing tax laws.
The Four Sections of the CPA Exam:
The CPA exam consists of four separate exams, which are taken one at a time. Candidates may take the exams in any order; but once you pass the first exam, you must pass the other three within 18 months.
1.Audit and Attestation(AUD):
This is the longest section, at 4.0 hours. It covers topics like performing audits, evaluating evidence, professional responsibilities, ethics and communicating audit findings.
2.Financial Accounting and Reporting(FAR):
This section is 4.0 hours, and topics such as covers typical financial statements, specific transactions, governmental accounting and non-profit accounting.
3.Regulation(REG):
This section is 3.0 hours long, and tests candidates on taxethics, business law, federal tax procedures, and more.
4.Business Environment and Concepts(BEC):
This section also at 3.0 hours, is still tough, covering things like corporate governance, information systems and strategic planning. Candidates may sit for the CPA exam during the first two months of every quarter: January/February, April/May, July/August, October/November. If you want to do your best to pass a CPA exam, it’s better to take an exam preparation course. You can check some options here – https://beatthecpa.com/best-cpa-exam-review-courses/
