CPA Requirements in India | What All You Need to Know

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CPA Requirements in India | What All You Need to Know

Introduction

If you want to achieve an internationally recognized accounting certification, CPA USA may be the appropriate choice. US CPA, or US Certified Public Accountant, is a highly sought-after certification program doing which the individual is considered proficient in finance, accounting, auditing, taxation, and other essential accounting disciplines. It is regarded as one of the most prestigious certifications in the world of accounting, recognized in nations such as the United States, Canada, India, Australia, New Zealand, Hong Kong, etc.

As a CPA USA, the accounting professional must fulfill the licensing criteria of the state in which he or she practices. A CPA is someone who has finished educational training, obtained experience, and trained under a senior CPA.

Previously, an ambitious Indian applicant would have to fly all the way to the United States or destinations such as Dubai to take the US CPA Exam. However, since early 2020, the CPA tests have been available in India and may be taken on-demand. So, if you want to become a CPA, here are the CPA Requirements in India.

CPA USA Eligibility Criteria

To take the CPA USA exam, you must first become a member of the AICPA (American Institute of CPAs). Candidates with post-graduate degrees, CA intermediate, and B.Com graduates are eligible to sit for the CPA test. A candidate must have 120 credits to be qualified to become a US CPA, whereas 150 credits are required for the license. The two degrees that are most frequently required in India to be qualified for US CPAs are B.Com and M.Com.  

The CPA requirements in India to sit for the exam can be briefly explained as follows:

  • Exam – Graduation + 1 year of Post Graduation (120 credits)
  • License – Graduation + Post Graduation (150 credits)

A candidate must have at least 2,000 hours of work experience in an area of accounting to be eligible for the CPA certification.

Evaluation and Registration 

Based on the CPA requirements in India, such as academic qualifications and CPA USA certification exam results, the evaluation procedure can help establish whether you are qualified to enroll as CPA USA in a certain location or not. Your local academic transcripts, or mark sheets, will be evaluated and translated throughout the examination so that an assessor can comprehend them. 

When the evaluation is over, you may begin the registration procedure.

  • The initial stage in the registration procedure is to provide all relevant information regarding your accounting education and designation.
  • After that, you will get the Notice to Schedule (NTS).
  • On the Prometric website, you may now arrange your exam on whatever day works best for you.

If you meet the above-mentioned CPA Requirements in India, you will prepare for and take the exam.

CPA in India – Duration

Because the US CPA test consists of only four papers that may be taken at your convenience, students have a lot of flexibility in terms of how soon they complete the course. So, with adequate preparation, you should be able to complete the US CPA course in 1 to 1.5 years. To earn the CPA license, a candidate must additionally have 1-2 years of relevant work experience under the supervision of a professional CPA.

We have discussed the CPA Requirements in India regarding the eligibility to take the CPA exam. Next, we will discuss the course structure of CPA, including the CPA USA syllabus and fee structure.

CPA Syllabus in India

The information about all the important subjects to be studied when studying for each of the four parts of the CPA exam is provided in the table below.

Auditing and Attestation (AUD) Business Environment and Concepts (BEC) Financial Accounting and Reporting (FAR) Regulation (REG)
*Ethics, Professional   Responsibilities, and General Principles* Assessing Risk and Developing a Planned Response * Performing Further Procedures and Obtaining Evidence* Forming Conclusions and Reporting * Corporate Governance* Economic Concepts and Analysis* Financial Management* Information Technology* Operations Management * Conceptual Framework, Standard-Setting, and Financial Reporting* Select Financial Statement Accounts  * Select Transactions* State and Local Governments * Ethics, Professional Responsibilities, and Federal Tax Procedures* Business Law* Federal Taxation of Property Transactions  * Federal Taxation of Individuals * Federal Taxation of Entities 

CPA Fee Structure in India

Application Fee – The application cost varies by state and ranges between $50 and $200. (approx. Rs. 3,600 to Rs. 14,500)

Examination Fee – Each segment costs around $193.45. (approx. Rs. 14,100)

Registration Fee – As per the CPA requirements in India, one can either submit an application for each portion separately or submit one application for all sections along with a registration fee to save total costs. If you register for all four portions at once, you must schedule and show up for all four sections during the following six months; otherwise, the Notice to Schedule (NTS) will no longer be valid. The following are the costs for taking the CPA exam:

  • When you take each section separately- $63 (approx. Rs. 4,600)
  • If you take two portions at once- $81 (approx. Rs. 5,900)
  • When you take three sections at a time- $99 (approx. Rs. 7,200)
  • If you take four sections at a time- $177 (approx. Rs. 12,900)

Ethics Fee – After passing the standard CPA test, several states require passing an ethics examination to obtain a license. The ethics exam costs between $150 and $200. (approx. Rs. 10,900 to Rs. 14,500).

CPA Licensing Fee – Candidates who pass the standard CPA exam and the ethics exam are eligible for a license, which costs between $50 and $500 per year, depending on the state. 

Continuing Professional Education (CPE) for CPA Exam – Many states require 40 hours of continuing education each year for public accountants to keep current on industry practices and developments. So the approximate cost for this CPE might be as little as $800 per year and as high as $5000.

CPA Exam in India

With a few variations, CPA requirements in India are the same for individuals as in the United States. You must first decide on a US jurisdiction that takes part in international testing. Subsequently, submit an application with fees to the affected jurisdiction’s BOA or its designee. Register to take the test in India once you have received your Notice to Schedule (NTS), and then pay the extra costs (per section).

You must pass this CPA USA Exam in less than 18 months with a minimum score of 75 out of 99 on each of the four parts. Additionally, there are many item types included in each of the four-hour test portions, including multiple-choice questions (MCQ), task-based simulations (TBS), and written communication activities (WCT).

Future Scope – CPA in India

Having met every CPA requirement in India and finishing the course, you would be eligible to work in similar roles as a Chartered Accountant in India. High-paying positions may be found in both Indian and US-based corporations with offices in India. These Indian firms have been noticed actively hiring personnel with globally recognized accounting certifications such as US CPA. Some of the most well-known accounting and financial corporations, including the Big 4s (KPMG, Deloitte, PwC, and EY), are among the companies recruiting US CPAs.

CPA in  India – Job Profiles

There are various high-paying CPA jobs in India. Let’s have a look at them:

  • Internal Auditing Manager – Internal Audit Managers are in charge of performing internal audits within the business. These managers evaluate possible risks, ensuring that choices are made in accordance with municipal, state, and federal legislation.
  • Analysis Manager & Financial Planner – The Analysis manager’s responsibility is to budget, forecast, and evaluate financial decisions for the organization’s benefit. These managers assist the business in meeting short- and long-term objectives and tracking project progress.
  • Investment Banking – One of the top paid positions for CPAs is investment banking, where bankers work for corporate customers and offer them various services, including fundraising and financial planning. Investment bankers assist businesses in identifying new prospects that may spur corporate expansion and reduce tax costs.
  • Financial Advisor – A financial advisor is a specialist who examines a person’s or an organization’s finances and offers recommendations to assist them in achieving their financial objectives. Organizations that want to accomplish certain financial goals in a set length of time frequently employ financial advisors to arrange their finances and attain their goals.

CPA USA in India – Salary

In India, an Entry Level or Fresher CPA makes roughly 6 Lakhs rupees a year, or about 50,000 rupees per month. The average wage may go up to 13.8 lakhs per year in metropolitan areas like Mumbai, Bangalore, Delhi, and others. It varies on which company you are working for. If you work for one of the Big 4 MNCs, your certified CPA compensation might range from 12.5 to 23 lakhs per year.

The payout rises significantly as you acquire experience. Most of the time, the salary is mostly based on your experience and skills. Therefore, the salary you receive increases as you take on additional duties. Along with job experience, many individuals want to enroll in short courses to increase their compensation as they go up the corporate ladder. To sum up, a US CPA continually improves their expertise, which leads to greater financial rewards.

FAQs

1. How can I apply for the US CPA in India?

You must register with AICPA in order to take the US CPA test in India. First, ensure that you fulfill the appropriate CPA Requirements in India and provide AICPA with the necessary transcripts. After doing so, registering for the exam, and receiving a notice to schedule (NTS), you should schedule the CPA exam with Prometric at the various testing sites, which are currently located in the following cities: New Delhi, Calcutta, Ahmedabad, Bangalore, Chennai, Hyderabad, Mumbai, and Trivandrum.

2. How much does a CPA earn in India?

A Certified Public Accountant’s pay in India ranges from Rs. 9 lakhs to Rs. 50 lakhs. This difference is due to new, experienced, and skilled CPAs. A CPA in India makes roughly Rs. 4-6 LPA as an entry-level position. For experienced US CPAs, salaries in metro and cosmopolitan areas such as Mumbai, Bangalore, and Delhi can range from Rs. 13 lakhs to Rs. 15 lakhs per year.

3. Which country’s CPA is easy?

Getting a CPA license and passing the US CPA Exam after fulfilling all CPA Requirements in India is one of the most rewarding experiences to get the respect of those around you right away. But getting a CPA certification is not an easy process. The CPA Exam is challenging because:
It covers a wide variety of topics for students with different academic backgrounds.
It evaluates those areas using a range of question styles, including some that simulate actions that CPAs must carry out in the real world.

4. How much does CPA cost in India?

In India, the cost of the four sections of the US CPA test is normally approximately USD 1,200 (95,000 INR). According to the number of sections you take on the test and the venue, it could, however, differ significantly. With exam costs, application fees, and licensing fees included, the average cost of US CPA certification is about USD 1,500 (1,20,00 INR).

5. What if I fail my CPA Exam?

You will receive a status update if you don’t pass the CPA Test. Your productivity will be broken down by item type and throughout all topic areas in this analysis. As per CPA requirements in India, candidates must wait at least 24 hours after receiving their score before retaking the Exam. The NTS is valid for one testing event or until the expiration date for each Exam segment, whichever comes first. You will not be able to reapply and sit in the same window if your Exam has already begun at the testing venue. In such cases, the new NTS’s effective dates will commence in the next testing window.

6. Can I do CPA after BCOM?

Before submitting an application for the exam, the student must meet CPA requirements in India. In some states, the student must have at least 120 college credits or 150 credits. In India, there are 30 credits offered during each academic year. You receive 90 (for three years in total) credit points for a three-year B.Com program. The one exception is that you will automatically receive 120 credits and be eligible to sit for the CPA tests if you finished your B. Com. with a first-class degree from a NAAC “A” Grade University.

7. Can I do CPA without Math?

As per the CPA requirements in India, you can take the test without taking Maths. For the CPA exam, mathematics is not necessary. Students from the humanities and sciences streams can also take the CPA exam. However, you must be familiar with fundamental math as a part called Quantitative Aptitude (Business Mathematics and statistics) requires fundamental math knowledge.

8. What are the CPA course fees in Bangalore?

The entire cost of the CPA course in Bangalore, including the exam, is frequently divided into three parts:
The cost of CPA training ranges from INR 1, 05,000 to 1, 20,000.
The evaluation fee costs around INR 17,000/- to 22,000/-.
Exam expenses + overseas testing fees total around INR 200,000/-.
In Bangalore, if you have fulfilled all the CPA requirements in India, the average cost that is needed to pay for the Course is roughly 3.5 to 3.6 lakh INR.

9. Can an Indian obtain a CPA license?

 To get a CPA degree, students need to fulfill the CPA requirements in India, such as Graduation or equivalent degree, 150 semester hours of the college course, and 1-2 years of experience under any CPA.

Conclusion

CPA USA is a professional certificate that can lead to high-paying US CPA jobs. After fulfilling all the CPA requirements in India, you can pass the exam and acquire the certification. It will get jobs in leading corporations worldwide if you have acquired your CPA USA certification. When it comes to gaining high-paying positions, it is critical to clear the comprehensive four-part US CPA exam. For this, candidates should take the help of top experienced mentors from NorthStar Academy to pass it. NSA offers applicants a CPA certification course that is well-organized and simplified to deliver the complete CPA USA roadmap.

The course lasts 12 months and provides applicants with special study material to help them succeed in the test. NorthStar Academy is affordable and may help you prepare efficiently for the CPA USA test with package savings, pre-recorded lessons, and interactive seminars.

So, Apply to our CPA certification course if you want to become a CPA and acquire the top-paying accounting jobs worldwide.

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