WHAT IS CPA ( CERTIFIED PUBLIC ACCOUNTANT ) ? KNOW THE BENEFITS, ELIGIBILITY & SYLLABUS 2022

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WHAT IS CPA ( CERTIFIED PUBLIC ACCOUNTANT ) ? KNOW THE BENEFITS, ELIGIBILITY & SYLLABUS 2022

A Certified Public Accountant (CPA) is a title procured to license accounting professionals. The American Institute of Certified Public Accountants (AICPA) – the world’s largest accounting body determines CPA as of the elevated criterion of competence in the field of accountancy. NorthStar Academy is the leading training institute for CPAs in India. The AICPA delivers the resources required to obtain the license.

“It’s your present, not your past that designs your future; it is your attitude, not your aptitude that determines your success; and it is your intrinsic value, not your face value that defines you.” – VIPUL MITTAL, CPA

KEY TAKEAWAYS

  • A CPA is expected to meet the requirements such as education, work, and examination requirements- must have a Bachelor’s degree in Finance, accounting, and business administration and accomplish 150 hours of credit hours.
  • CPA includes other requirements of having two or more years of Public Accounting experience and upholding the Uniform CPA Exam.
  • CPAs  chiefly hold numerous stances in public and corporate accounting, and executive positions like- (CFO)  Chief Executive Officer or Controller

CERTIFIED PUBLIC ACCOUNTANT CAREER PATHS

CPAs have global recognition which provides them with the best workplace and higher salary to about 40-50% compared to other accounting professionals. Opting CPA provides a wide range of opportunities to choose from, either, public accounting, corporate accounting, or government service. CPAs can also choose executive positions like :

  1. Financial Controller 
  2. CEOs (Chief Executive Officers).
  3. IT consulting
  4. Business Valuation
  5. Litigation Services
  6. International Accountant
  7. Taxation Services

Certificate Public Accountants generally get to work with financial statements and other related transactions of the organization like filing tax forms, returns, and auditing with individuals or companies.  Public Accountants require a person who can provide tax-related services to the firm and for this, a CPA designation is required.

US CPA

US CPA deals with the proficiency of US GAAP, IFRS, GAAS, US federal taxation, and business law. It empowers with the opportunity to work with US clients and US-based financial firms. The US CPA identification delivers an enormous value recommendation.

  • Worldwide credibility
  • Sharp proficiency-based- auditing, accounting, (GAAP, IFRS), Finance, tax 
  • Substantial career advancement with Big 4 and MNCs 
  • It benefits with leadership mastery, global perspective, nobility and professional network.

CERTIFIED PUBLIC ACCOUNTANT EXAMS

It’s a myth that CPA exams questions are from particular books, notes, review courses, or any particular software. An individual must require proper knowledge and understanding of the concepts to clear examination and need to focus only on the concepts and then they can easily solve the questions. 

Students think that buying a CPA review course will make them CPA for sure and in a few months. They just go with the advertisement and buy the review course. And they must understand that no review course is a magic wand and need to make proper decisions. 

AICPA conducts CPA exams. To become a CPA professional a person must have the desired education, experience, and certifications from accounting courses.

The CPA exam is of 4-hour duration which requires skills and knowledge of candidates. A person can take up the one window of their choice and fill in all the required answers.

The four sections of the testing window are;

PATH TO CPA=4 EXAMS=4 MILESTONES

Certified Public Accountant

What are the subjects in the CPA course curriculum?

There are primarily 4 important subjects in the CPA course curriculum:

  1. Auditing and Attestation (AUD)
  2. Business Environment and Concepts (BEC)
  3. Financial Accounting and Reporting (FAR)
  4. Regulation (REG)

CERTIFIED PUBLIC ACCOUNTANT EXAM FORMAT

CPA Exam can be categorized into three major parts; –

  • MCQs(Multiple choice questions.
  • Test-based &
  • Written Communication.

AICPA has divided the grade weightage; Please find the table attached:

SECTION AUD BEC FAR REG
MCQs 50% 50% 50% 50%
Task-based 50% 35% 50% 50%
Written Communication N/A 15% N/A N/A
Certified Public Accountant Infography

CPA ELIGIBILITY

Passing a CPA Exam is not enough you need to fulfill the other 3 Es;

  • Education- You need to cover what all knowledge and concepts are required.
  • Experience- To acquire a CPA license, experience is a must.
  • Ethics- Exam from India; No Travel

WHY CERTIFIED PUBLIC ACCOUNTANT?

A career in finance and accounting with the CPA credentials will surely demonstrate to be exceptionally rewarding in terms of boosted credibility, opportunities, and pay;

  •  Black-belt accountants– CPAs who have accomplished aptitude beyond the normal limit.
  • Global credibility. CPAs are provided with global recognition with USC CPA and many international opportunities.
  • Demand- CPAs are needed everywhere and valued with their skills and profession. They are highly demanded in Big 4 and MNCs.
  • Indispensable– Only CPAs are proficient in audits in US companies.
  • Salary- CPAs always get a better salary and even freshers earn a high salary of INR 600,000+ in India.

NORTHSTAR ACADEMY’S CERTIFIED PUBLIC ACCOUNTANT ( CPA COURSE )

NorthStar Academy is a recognized institution that provides the best training for CPA to the aspirants. NorthStar Academy or NSA is an excellent wisdom partner for AICPA for delivering CPA courses. NSA has been the executive in providing the Certified Public Accountant course.

Students across the globe applaud NSA for its quality of teaching. All you need to do is dedicate your time for 12-14 hrs/week to NSA with proper dedication and complete the course and get the certification in 12 months. NSA is thrilled to provide multiple options to learn from anywhere & anytime.

The CPA requires 4 sections to be covered- AUD in which the teachers provide detailed knowledge and understanding of the concepts with proper revision and mock tests. BEC tests skill and expertise in newly licensed Certified Public Accountant when performing audit, attest, taxation, etc. FAR, this requires reporting frameworks, state and local government entities. REG requires business law, federal taxation, ethics, and professional responsibilities.

CPA SYLLABUS

Syllabus for AUD

AUD CONTENT ALLOCATION (%)
1. Ethics, Professional Responsibilities, and General Principles 15-25
2. Assessing Risk and Developing a Planned Response  25-35
3. Performing Further Procedures and Obtaining Evidence 30-40
4. Forming Conclusions and Reporting 10-20

Syllabus for BEC

BEC CONTENT ALLOCATION (%)
1.Enterprise Risk Management, Internal Controls, and Business Processes 20-30
2. Economics 15-25
3. Financial Management 10-20
4. Information Technology 15-25
5. Operations Management 15-25

Syllabus for FAR

FAR CONTENT ALLOCATION (%)
1. Conceptual Framework, Standard-setting  and Financial reporting 25-35
2. Select Financial Statement accounts 30-40
3. Select transactions 20-30
4. State and Local Governments 5-15

Syllabus for REG

REG CONTENT ALLOCATION (5)
1. Ethics, Professional Responsibilities, and Federal Tax Procedures 10-20
2. Business Law 10-20
3. Federal Taxation of Property Transactions 12-22
4. Federal Taxation of Individuals 15-25
5. Federal Taxation of Entities 28-38

CPA SALARY

CPA takes experience and education at once, only then leading to job opportunities. 

Entry-level CPA- A entry-level CPA earns an average salary of $40,000 to $60,000.

Senior-level CPA- A senior-level CPA earns an average salary of $66,000 to $110,000 depending on the experience.

Manager or Director CPA- A manager earns an average salary approx $66,000 to $150,000.

CPA BENEFITS

Increased opportunity – A certified CPA gets a bucket full of opportunities to work upon and develop skills and expertise.

Higher salary- As CPAs are highly demanded, this makes their salary rise according to their experience and expertise.

Future job stability- As the technology changes, a CPA can work with changing environments and provide updated information and work with the organization for the long term having job stability.

A well-respected credential- A CPA is recognized globally, both within the accounting world as well as outside the accounting world. And it gives a sort of honor to present your profession in front of friends, family, and colleagues.

Career development- A CPA certified has ample opportunities for growth and development in every aspect of their career.

FAQs

  1. What is the average salary of a CPA Professional in India?

    Ans. The average salary of a CPA professional in India is INR 6,92,802 per annum.

  2. Who are the top recruiters hiring CPA professionals?

    Ans. The top recruiters hiring CPA professionals are- Delloite, Accenture, American Express, Philips, PWC, Capgemini, Barclays, Tata Power, KPMG, Genpact, JP Morgan, EY, WNS, and MetLife.

  3. What are the eligibility criteria of CPA in India?

    Ans. Every country has different eligibility criteria for CPA. To become eligible for the CPA exam, an Indian student should have any of the below qualifications:

    The minimum education qualification to take the CPA exam is, The person should have 3 years of a bachelor’s degree and 2 years of Masters degree with 150 credit points in Finance, Accounting, and Commerce. A CPA license needs to have at least 150 credit points.

  4. Can I do CPA after the 12th?

    Ans. No, 12th-grade students are not eligible for CPA.

  5. Is CA better than CPA?

    Ans. CPA is better than CA. CPAs are more globally recognized compared to Indian CA’s. And CPA requires a minimum of 12 months to a maximum of 24 months to complete. Whereas, CA takes a minimum of 4-5 years.

  6. What is the difference between CPA US  and UK Australia?

    CPA USA is a globally accepted certification as most of the companies are based in the US. CPA UK is only recognized in the UK, The majority of countries have their own accounting qualifications, such as CPA Canada, CPA Australia, and so on.

  7. What is the difference between CPA US  and UK Australia?

    CPA USA is a globally accepted certification as most of the companies are based in the US. CPA UK is only recognized in the UK, The majority of countries have their own accounting qualifications, such as CPA Canada, CPA Australia, and so on.

CONCLUSION

NorthStar Academy is highly delighted to be the best institution for CPA, CMA USA, ACCA, and many more Finance related courses. I hope this article proves to be full of appropriate knowledge and proper understanding.  The minimum eligibility required for CPA is 150 credit hours.

We help our students right from their Evaluation, Transcripts, Exam preparation, Getting hands-on International materials, Mock tests, 100% Placement Assistance. All that was needed for opting for CPA is here with us. Now it’s your time to take the step forward and be a certified CPA and make yourself independent and realize your potential. Contact us today and get started with your CPA Journey by filling up the CPA inquiry form or by connecting via call at +918147470707.

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