CPA requirements Australia – A complete guide

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CPA requirements Australia – A complete guide

Introduction

The Certified Public Accountant or CPA certification is one of the most prestigious and highly respected credentials in the field of Accountancy. The CPA certification has one of the highest standards of competence worldwide. The CPA certification you want to get depends upon the governing body. 

Usually, each country has its own accounting body offering a CPA certification. For example, the accounting body for CPA India is the Institute of Certified Public Accountants (ICPA). Similarly, in Australia, CPA Australia is the accounting body that accredits the certification of the same name – CPA. While CPA Australia can be a great career path, knowing CPA Requirements Australia is necessary. 

In this article, we will focus on the CPA Australia certification and the different aspects of CPA Requirements Australia so that you can acquire the CPA Australia certification. Let’s get right into it.

What is CPA Australia?

Before we get to know the CPA Requirements Australia, it is imperative to know about the CPA Australia certification. 

CPA Australia is a professional certification offered to individuals validating their credentials in the field of finance, accounting, and related business. CPA Australia is offered by the Australian Securities and Investment Commission (ASIC). This accounting body boasts of being one of the world’s largest accounting bodies. It has permanent prominence in over 120 countries in the world.

Being an internationally recognized credential, CPA Australia will help you become eligible for job roles in the field of Accountancy anywhere in the world. CPA job roles are among the highest demanding jobs across several industries. Most big-name Multinational Companies (MNCs) and organizations are looking for certified and skilled CPAs to fill some of the best job roles.

CPA Australia certification makes you eligible for such lucrative career opportunities by preparing you to tackle any challenging accounting, financial, or business-related job or situation you may face in your workplace. 

But why should you pursue the CPA Australia certification? Is it only for getting a job in Australia, or is there something more? Let’s find out before we talk about CPA Requirements Australia.

Why Choose CPA Australia?

A large field of career opportunities is not the only reason that should pique your interest in pursuing CPA Australia. Besides getting the highly coveted CPA License and exhibiting your knowledge and skills in the field of Accountancy, CPA Australia also provides a wide range of benefits. 

Some advantages of CPA Australia have been listed below.

  • Certified CPA Australia members become eligible for exclusive monetary and financial benefits, including low-interest loans and zero transfer fees.
  • Certified CPA professionals are eligible for most accounting or finance roles in an organization or company.
  • Another great aspect of CPA jobs is the salary packages offered to licensed members. On average, licensed CPA professionals are expected to earn $1 million more than non-CPAs.
  • Licensed CPA professionals can find exciting career opportunities worldwide in numerous industries.

Looking at these benefits, you must be amped to get the CPA certification. So without any delay, let’s learn the CPA requirements in Australia so that you can make a plan for approaching the CPA Australia certification exam.

What are the CPA Requirements Australia?

While talking about the CPA Requirements Australia, you will get to know the eligibility, syllabus, and exam format of the CPA Australia certification exam. 

  • Eligibility Criteria

To apply for the CPA Australia certification exam, candidates must fulfill some eligibility requirements specified by the ASIC. These eligibility criteria are:

  • A Bachelor’s degree from a recognized University or institution in an approved accounting or management specialization.
  • Candidates from diverse backgrounds are also eligible to apply, but they have to clear the CPA Foundation Program before they can apply for the CPA Program.
  • Syllabus

One of the most important aspects of CPA Requirements Australia is the syllabus for the Australia CPA Program and Australia CPA Foundation Program (for non-accounting and non-management students). Knowing the syllabus will help you make a study plan and prepare yourself for optimal results in the CPA exam. Candidates often ask how many papers in CPA Australia need to be completed. It depends upon the CPA Australia exam level they must first undergo.

Let us first take a look at the Australia CPA Foundation Program before we move on to the Australia CPA Program.

CPA Australia Foundation Program

In the case of the CPA Australia Foundation Program, there are six papers or subjects for which candidates need to take the exam to qualify for the next round of exams under the Australia CPA Program.

The CPA Australia Foundation Program comprises six exams:

  1. Economics and Markets
  2. Foundation of Accounting
  3. Fundamentals of Business Law
  4. Business Finance
  5. Financial Accounting and Reporting
  6. Management Accounting

CPA Australia Program

Candidates who either qualify or directly take the exams under the CPA Australia Program need to take exams for six papers or subjects, including two elective papers. Let’s take a deeper look at the CPA Australia Program exam papers.

In the CPA Australia Program, there are four main subjects:

  1. Ethics & Governance
  2. Financial Reporting
  3. Strategic Management Accounting
  4. Global Strategy and Leadership

There are some Electives subjects under the CPA Australia Program, out of which candidates can select any two. These Electives subjects are:

  • Australian Taxation
  • Australian Taxation Advanced
  • Advanced Audit & Assurance
  • Financial Risk Management
  • Digital Finance
  • Singapore Taxation
  • New Zealand Taxation
  • Hong Kong Taxation
  • Malaysia Taxation
  • Contemporary Business Issues

Please note that Advanced Taxation and/or Advanced Audit and Assurance papers must be chosen as electives by candidates who have not completed any prior recognized studies in taxation and/or auditing.

  • Exam Format

Knowing the CPA Australia exam format is important as this will help you to plan your course of study. The CPA Australia exam is held twice every year. The CPA Australia Program exams are divided into two semesters consisting of a maximum of 3 CPA papers per semester. 

To get the CPA Australia certification, candidates must appear for and pass six papers consisting of 4 main subjects and 2 Elective papers.

The CPA Australia Program scoring scale ranges from 100 to 900. Candidates must score a scaled score of 540 to pass the CPA Australia Program.

Duration of CPA Australia Exam

While talking about the CPA Requirements Australia, it is important to know the duration within which you can complete the CPA Australia Program. In the case of the CPA Australia Foundation Program, candidates may require almost two years to complete the exams, while the CPA Australia Program may require one year.

CPA Australia Exam Fees

Another important aspect of CPA Requirements Australia is the exam fees. The CPA Australia exam fees are divided into Membership, Enrolment, and Examination fees, which must be paid directly to CPA Australia. Let’s take a closer look at the fee breakup.

Membership Fee

There are certain divisions in the Membership fee of the CPA Australia Program. These divisions are provided below:

  • Application fee: $164 (in AUD)
  • Application Review fee: $91 (in AUD)
  • First-year membership for Associate Member (full year): $296 (in AUD)
  • First-year membership CPA or FCPA (full year): $654 (in AUD)

Examination Fee

The CPA Australia Examination Fee is divided according to “per paper” fees in Australian dollars (AUD). The Examination Fee has been summarized below.

Description Fees per paper (in AUD)
Subject Enrolment (Early Bird) $1140
Subject Enrolment $1290
Standard Exam Deferral $330
Late Exam Deferral $450
Subject Matter Reorder $100

Enrolment Fee

For the CPA Australia Foundation Program, candidates must pay an Enrolment fee of AUD 345. However, candidates can apply for an extension in the Foundation Program exam for AUD 75 per month for up to 6 months. If candidates wish to change their exam appointment from 24 to 72 hours before the scheduled exam time, they must pay an AUD 40.

Can Indian CA pursue Australian CPA?

The Accounting body of India, the Institute of Chartered Accountants of India (ICAI), has an existing Mutual Recognition Agreement with CPA Australia. Due to this, Indian CAs become eligible for the following benefits:

  • Indian CAs can take only two exams under the CPA Australia Program.
  • CPA Program can be completed within two years of registering as an Associate Member.
  • Indian CAs get a chance to acquire an additional international credential and gain worldwide recognition.

Under the MOU/MRA signed with CPA Australia, Indian CAs become eligible to complete the CPA Program subject “Global Strategy and Leadership” & Online study unit “Better Practice in Governance and Accountability” within two years of joining as an Associate Member.

All the CPA Requirements Australia have been summarized for you. Now it is time for you to decide how you would like to approach the CPA Australia exam in the future. To make your preparation easier, you can enroll in a CPA Australia coaching course where you can learn about the basics and detailed concepts of every paper that will help you prepare and pass the exam in one attempt.

FAQs

1. What are the requirements to become a CPA in Australia?

In order to be eligible for applying to the CPA Australia exam and become a CPA in Australia, you need to fulfill the following eligibility requirements:

A Bachelor’s degree from a recognized University or institution in an approved accounting or management specialization.
Candidates from diverse backgrounds are also eligible to apply, but they have to clear the CPA Foundation Program before they can apply for the CPA Program.

2. How long does it take to become a CPA in Australia?

In order to complete the CPA Australia Program and become a CPA in Australia, it requires one year for candidates in general. For candidates having to take the CPA Foundation Program first, it would take two years to complete the CPA Foundation Program and CPA Program to become a CPA in Australia.

3. How do you pass a skill assessment in Australia?

You need to take part in the skill assessment, where you will be assessed based on the education level required for that job. If you want to get a job in the field of Accountancy in Australia, you need to acquire the CPA Australia certification by clearing the CPA Australia Program and gaining the required skills and knowledge for a job as a CPA.

4. How much does a skill assessment cost in Australia?

The first Skilled Employment Assessment is currently included in the assessment fee in Australia

Conclusion

Opting for CPA Australia is a great career choice. Although, if you are someone who is looking for global opportunities, then CPA USA should be your preferred choice. Having the CPA USA certification listed on your Resume will make you a worthy candidate for the global accounting jobs at top MNCs. Whether you are a student or a working professional, you need to put ample effort and dedication into practicing the CPA USA certification exam. To aid you in your efforts, you can join a coaching institute, such as NorthStar Academy, for complete preparation. 

Enroll yourself in the best CPA USA coaching institute – NorthStar Academy – for a well-rounded CPA USA preparation. 

NSA provides a streamlined CPA USA certification course for candidates aspiring to make careers in Accountancy. The course will offer you expert guidance from India’s top accounting mentors like Mr. M.Irfat.

To aid in your preparation, NSA provides thoroughly researched and detailed study material to cover every corner of the syllabus. If you enroll at NSA, you can avail yourself of the Bundle discounts on the CPA Exam fee. You can also avail yourself of online classes and get the same benefits as classroom facilities. 

So don’t wait; join NorthStar Academy today and start your preparation for making a successful career!

Contact us in case of any queries.

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