US CPA

The CPA US (Certified Public Accountant) is a professional accounting designation that is recognized globally. Having a career ambition to become a CPA US is a commendable goal. The CPA US designation is highly respected in the field of accounting and finance and can open various opportunities for professional growth. This accounting credential opens vast job opportunities to the deserving candidates. The process to become a US CPA involves a strategic study plan to pass the CPA US exam by taking help from a quality, resourceful and student friendly coaching center.

Here are some aspects to consider when pursuing a CPA US career ambition.

Educational Path:

Start by completing the educational requirements for the CPA US exam. This often involves obtaining a bachelor’s degree or higher in accounting or a related field from an accredited institution.

CPA Exam Preparation:

Prepare for and successfully pass the CPA exam. This is a crucial step in achieving the CPA designation. Invest time in comprehensive exam preparation, as it covers various aspects of accounting, auditing, taxation, and business concepts.

Work Experience:

Fulfill the work experience requirements for CPA licensure. Gaining relevant work experience, whether in public accounting, corporate finance, or government, is an essential component of becoming a CPA.

Continuous Learning and Professional Development:

Commit to continuous learning and staying updated on changes in accounting standards, tax regulations, and business practices. Engage in ongoing professional development to enhance your skills and knowledge.

Networking:

Build a professional network within the accounting and finance industry. Attend industry events, join professional organizations, and connect with other CPAs. Networking can provide valuable insights, mentorship opportunities, and potential career advancements.

Specialization:

Consider specializing in a specific area within accounting that aligns with your interests and career goals. Specializations could include tax accounting, forensic accounting, auditing, or management accounting.

Ethical Conduct:

Uphold high ethical standards. As a CPA, you will be expected to maintain integrity and adhere to a strict code of professional conduct. Ethical behavior is essential in building trust with clients, employers, and the public.

Career Path:

Define your long-term career goals. Whether you aspire to climb the corporate ladder, become a partner in an accounting firm, or start your own practice, having a clear vision for your career can guide your professional decisions.

Global Opportunities:

The CPA US designation is internationally recognized. Explore global opportunities if you have an interest in working in different countries or with multinational corporations.

The New Syllabus for CPA US Exam:

Three Core Subjects Namely Financial Accounting and Reporting (FAR), Auditing and Attestation (AUD) and Taxation and Regulation (REG).

Three Discipline Subjects where candidates must choose one discipline section out of the 3 exams namely Business Analysis and Reporting (BAR), Information system and control (ISC) and Tax Compliance and Planning (TCP) all of which demonstrate deeper skill and knowledge. All the subject exams involve MCQs and Task based Simulations (TBS).

The New Time Frame:

NASBA announced a change to its Uniform Accountancy Act (UAA) Model Rules that increases from 18 months to 30 months the time frame for a CPA candidate to complete the Exam once the candidate passes the first section. This is a welcome move, particularly for working professionals to get more time for their CPA US preparation in a comparatively stress-free manner.

Mentorship:

This is the most important part in your CPA US journey. Seek mentorship from experienced professionals in the field. Learning from those who have successfully navigated their CPA careers can provide valuable insights and guidance. Uplift Professionals Academy is the right destination to coach and direct you towards achieving your CPA US credential and license at first attempt. The Uplift-Surgent CPA US package with Surgent International’s unique and innovative software having a pass rate of >90% on a global scale is the ultimate way to pass your CPA US exam with confidence.

To summarize, remember, a CPA US career offers a diverse range of opportunities, and your ambition can lead to a fulfilling and impactful professional journey. Stay dedicated to your goals, be open to learning, and embrace the challenges and opportunities that come your way. If you are considering pursuing the CPA US designation, it is advisable to research the specific requirements of the jurisdiction in which you plan to practice. Additionally, reaching out to professionals who have already earned their CPA US and seeking guidance from them can provide valuable insights into the process. Last but not the least, take help from the right CPA US preparatory institute.

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Yes, you can pursue the Certified Public Accountant (CPA US) qualification after completing a Bachelor of Commerce (B. Com) degree. In fact, having a background in commerce, accounting, or a related field can be advantageous when pursuing the CPA US designation.

To become a CPA US, you generally need to meet certain education and experience requirements, as well as pass the CPA US exam. The specific requirements can vary depending on the jurisdiction or country in which you plan to become a CPA US. It is essential to check the specific requirements of the relevant accounting board or regulatory body in your region.

CPA US Eligibility- General Guidelines

• Educational Background:

Most jurisdictions require a bachelor’s degree from an accredited college or university. This degree is typically in accounting or a related field such as finance or business administration. In some cases, specific accounting coursework or a concentration in accounting may be required as part of the degree.

• Credit Hours:

Many jurisdictions specify a minimum number of credit hours in accounting and business courses. This can range from 120 (for writing the exam) to 150 credit hours (for Licensure), depending on the jurisdiction. The credit hour requirements often include a certain number of hours in accounting and auditing, business law, finance, and other related areas.

Two Categories of B. Com to Meet the Credit Hours

• Category A: Candidates who passed the B. Com exam with a 1^st class/division from any NAAC” A” ranked institute/university, is equivalent to 120 credit points and are directly qualified to write the CPA US exam. For licensure, they must pursue M. Com or MBA etc. to get 60 credit points from either to stand with a total of 180 credit points.
• Category B: Candidates other than category A are considered to have 90 (30 for each scholastic year). To write the CPA US exam they must pursue M. Com or MBA (60 points) to get 150 credit points required for CPA exam and licensing procedures.

Brief Procedural Steps for CPA US:

• CPA US Transcript Evaluation

Submit your official transcripts/certificates (B. Com etc.) to the credential evaluation service for a comprehensive evaluation. Submit the evaluation report, along with any other required documents, to the state board of accountancy. The state board will review your application, including the transcript evaluation report. If everything meets their requirements, you will be deemed eligible to sit for the CPA exam or proceed with the licensure process.

• Register with a CPA US Training Institute

For your effective seamless study support and mentoring to pass the CPA exam, you need to enroll with a quality CPA training institute like Uplift Professionals who provide end to end support regarding study materials, online classes, recordings, mock exams, and 24*7 administrative support at every step.

• Notice to Schedule (NTS)

The Notice to Schedule (NTS) is a crucial document when scheduling the CPA US exam. It is issued by the National Association of State Boards of Accountancy (NASBA) or a similar authority, depending on the jurisdiction. The NTS provides authorization to schedule and take the CPA US exam within a specific timeframe, generally a 6 months period within which you must sit for the exam once you provide your NTS.

CPA US Career Scope

This versatile accounting credential opens flexible career opportunities in various sectors. To name a few, these are Public Accounting, Corporate Finance, Government and Nonprofit Organizations, Forensic Accounting, Management Consulting, Information Technology (IT) Audit, Personal Financial Planning, Education and Research, Risk Management etc. at various capacities along with the option of Entrepreneurship.

CPA US Salaries in India

1. Entry-Level (0-2 years of experience):

Entry-level US CPAs in India can expect a salary ranging from INR 4 lakh to INR 8 lakh per annum. The salary may vary based on the organization and the city in which the individual is employed.

2. Mid-Level (2-5 years of experience):

US CPAs with a few years of experience can earn salaries in the range of INR 8 lakh to INR 15 lakh per annum. At this stage, professionals often take on more responsibilities and may see an increase in compensation.

3. Experienced (5-10 years of experience):

Experienced US CPAs with 5 to 10 years of experience can command salaries ranging from INR 15 lakh to INR 30 lakh per annum or more, depending on their roles, responsibilities, and the industry.

4. Senior-Level (10+ years of experience):

Senior-level US CPAs, such as CFOs or finance directors, with extensive experience may earn salaries exceeding INR 30 lakh per annum. Top executives in larger organizations may earn even higher salaries.

CPA US is a top order accounting credential of high repute across the globe. The power of CPA US is tremendously beneficial for your ultimate career growth in the accounting and finance domain.

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ChatGPT and similar AI technologies have the potential to impact the jobs of finance professionals in various ways. Here are a few potential influences:

1. Automation of Routine Tasks: AI-powered systems can automate repetitive and rule-based tasks, such as data entry, basic financial analysis, and report generation. This could free up time for finance professionals to focus on more complex and strategic activities.

2. Enhanced Data Analysis: AI can assist finance professionals in analyzing large volumes of financial data quickly and accurately. By leveraging machine learning algorithms, AI systems can identify patterns, detect anomalies, and generate insights that aid in decision-making.

3. Improved Efficiency and Productivity: AI technologies can streamline processes, reduce manual errors, and enhance efficiency in financial operations. This can lead to improved productivity for finance professionals, allowing them to accomplish more in less time.

4. Support for Decision-Making: AI systems can provide real-time financial information, predictive analytics, and scenario analysis to support finance professionals in making informed decisions. These technologies can enhance the accuracy and speed of financial forecasting and planning.

5. Compliance and Risk Management: AI can help finance professionals in monitoring compliance with financial regulations, identifying potential risks, and implementing risk management strategies. AI-powered systems can analyze vast amounts of data to detect fraud, mitigate risks, and ensure regulatory compliance.

6. Shifting Skill Requirements: The rise of AI in the finance industry may lead to a shift in the required skill set for finance professionals. While technical and analytical skills will remain crucial, there will be an increasing demand for skills such as data interpretation, strategic thinking, problem-solving, and collaboration to work effectively with AI technologies.

It’s important to note that while AI technologies can automate certain tasks and enhance efficiency, they are not expected to replace finance professionals entirely. The human element, such as critical thinking, professional judgement, and ethical decision-making, remains essential in finance roles.

Finance professionals can adapt to these changes by staying updated with emerging technologies, continuously upskilling themselves, and focusing on developing expertise in areas that complement AI capabilities. Programmes like the US CMA or CPA are enough to make a finance guy stand above the influence of AI. This proactive approach can help finance professionals leverage AI as a tool to augment their work and create new opportunities within the finance industry.

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Certified Public Accountant, USA (CPA US) is one of the most coveted and sought after courses in accounting and finance in a global perspective. For a budding accountant or a finance professional, CPA helps to boost the career in a more colorful manner. It has two parts: CPA exam and CPA license. While passing the CPA US exam can help one to get a job the CPA license gives the right to practice independently. Being an US driven international course, it often raises the question whether a non-US rather than an Indian student can get access to pursue the CPA US course from their own region or not. Answer to this question is highly affirmative. However, Indian candidates must follow the guided path to achieve the CPA US credential they dream of. Let us discuss.

Check your academic eligibility first

• Make sure you have 120 credit points in the commerce stream. In the Indian graduation system of 3 years, 30 points are allocated for each year. Thus, a B. Com got 90 points. To make it eligible, you need to have either a post-graduation or MBA or a member of the ICAI/ICWA.
• There is an exception. A 3-year B. Com graduate can obtain the required 120 points, if he or she obtains a First class/division from a NAAC ‘A’ accredited university.
• It has to be noted that the US federal structure has 55 states having their own CPA board and criteria. Although the majority of the states follow these 120 credit norms, there are certain states which require 150 points instead. The same 150 credit norms are universally required to get a CPA US license.

The two CPA Bodies who govern the CPA US certificate 

1. AICPA-The American Institute of Certified Public Accountants (AICPA) conducts the CPA US examination.
2. NASBA-The National Association of State Boards of Accountancy (NASBA) is the highest body of all state boards which guides the administrative pathway by different state boards in the CPA US journey.

How to Apply for CPA US?

• Apply for transcripts from your respective university.
• Send the transcripts to NASBA or any other specified agency for evaluation.
• Upon successful evaluation, the candidate will receive the written confirmation of eligibility for the US CPA exam.
• Select your state board jurisdiction that suits you.

The CPA US Exam Procedure

The 4-part exam of 4 hours each is online through prometric centers located in various Indian cities including the metros. After paying the exam fee and acceptance of application, the candidate will receive a Notice to Schedule (NTS) which is required to book the exam slot in the prometric. The 4 papers Of US CPA exam are as follows:

• Auditing and attestation (AUD)
• Businesses environment and concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG).

The pattern of the examination is divided into Multiple Choice Questions (MCQ), Task-Based Simulations (TBS) and one Written Component (WC). It is noteworthy that all four papers must be completed within a time period of 18 months.

Licensing of CPA

The requirements for CPA US licensing vary across the US states. However, having a 150 credit score is mandatory for most of the state bodies. In order to obtain the US CPA license, a candidate must fulfil the following:

• Clearing of AICPA Ethics exam
• Having the required work experience
• By paying the licensing fees.

ASPIRING CPA WITHOUT SOCIAL SECURITY NUMBER (SSN): IS THERE A WAY Out?

International CPA exam candidates often need to overcome several obstacles in order to get qualified for the exam. One such obstacle is the social security number (SSN). Rest assured that, in most cases, you can still sit for the CPA exam without the SSN.

What is Social Security Number?

A social security number is a 9-digit number issued to U.S. citizens, permanent residents, and temporary workers in order to track these individual for social security purposes. Regulated industries such as the CPA often require their licensees to submit the SSN to facilitate monitoring.

What about the Indian Students?

The AICPA has a helpful table showing the CPA exam requirements by state. Although almost all states ask for the social security number in the application form, a considerable number of them give special waivers to international CPA exam candidates or those who do not have the SSN, such as H4 visa holders.These candidates can submit an affidavit (as in Montana), or write a letter to the state board to explain the situation (as in Colorado). You can send a quick email to the respective state boards for clarification.

List of States which don’t require SSN

Alaska, Guam, Maine, Illinois, Michigan, Montana, New Mexico, New York, North Dakota, Northern Mariana Islands, Wisconsin.

Some Flexible States suitable for Indian Students

Illinois — Standard Exam Rules but Flexible Experience Requirement

Virginia: May Accept BCOM + CA; Your Supervisor/Verifier doesn’t Need to be a CPA

Guam: 150 Credit Hours + No Experience Needed if You Don’t Mind the Inactive License

Alaska:  Can Sit Before Getting 120 Credit Hours

Washington: Experience can be Verified by Someone other than Your Boss

CPA Exam Cost:

The overall cost for an Indian student to pursue US CPA stands around 3.5-4 lakhs in average for the entire procedure including the administrative costs. In India, a candidate giving an examination of US CPA is required to spend approximately INR 2,00,000 without a training fee.

Scope of CPA US

The most preferred areas of US CPAs are auditing and taxation which are considered best and financially rewarding in both Indian and international context. A CPA US can work in various fields ranging from accounting, auditing, US taxation, consulting, etc. The average pay scale of a US CPA in India is 7 lacs approx. which increases with experience and type of employers. Apart from various Indian based MNCs, Big 4 companies like KPMG, PwC, Deloitte, EY, etc. have many US clients that require US CPA candidates for auditing, taxation purposes. In addition, Popular US-based companies like Apple, Amazon, Capgemini, Cognizant, etc. require US CPA candidates for US taxation, auditing etc.

Summary

CPA US is a very uplifting credential in the career growth of a finance guy. It is highly respected and recognized in the fraternity, and thus is not a soft cake to cut. No doubt, It helps in career development, gives career security, job satisfaction and various monetary benefits, but to achieve that, you need proper dedication and a mind set. Selecting the right jurisdiction/state board is of immense value. The SSN is typically not the bottleneck in the CPA exam qualification process. Candidates should instead look closely at the education and experience requirement first. but not the least, selecting a high-quality student friendly training institute like Uplift Pro helps a lot to achieve your dream CPA US credential at first attempt.

For further information/assistance, contact: https://www.upliftprofessionals.in/us-cpa-course

 

It often comes confusing when one talks about the CPA US certificate and License. Briefly speaking, the former is an acknowledgment for passing the CPA exam while the latter counts for granting permission to practice by the respective state accounting body. Although they look the same yet major differences exist.

They provide different legal authorities and responsibilities to handle their work. Thus, an understanding of the key differences between these two credentials can help a CPA US aspirant to design his/her accounting career in a more fruitful manner. Let us discuss this.

• US CPA Certificate

A CPA certificate is the first step of acknowledgment which indicate that the candidate has successfully passed the unified US CPA examination. To obtain this, it is not necessary to have mandatory work experience in the accounting field or to go through any continuing education (CE) norms. On the other hand, a CPA certificate holder cannot sign audit reports and tax returns or use the CPA title on legal or official reports.

Since CPA certificate holders cannot own a CPA firm (either as a sole owner or partner) or sign audit reports, the work potential gets limited. However, some US states allow to refer to a certificate holder as a CPA without public practice other states do not permit the same.  Since the CPA US exam scores are permanent, the certificate requires no renewal for any continuation.

• US CPA License

A CPA US license is the second step in the process when a CPA US certificate holder wants to expand their professional skill in the domain of public accounting. To achieve this, a CPA certificate holder must clear the AICPA Ethics exam after passing the CPA exam. It also requires 1-2 years of working experience supervised and/or verified by a CPA license holder. Moreover, to hold the license in continuity, it is imperative for such candidates to complete 40 CE hours every year.

Unlike the CPA certificate holder, a CPA license holder can further sign tax returns and audit reports and use the CPA title on legal, official, and unofficial documents. US CPA license holders are also eligible to be a partner or an owner in a public accounting business.CPA licenses require annual renewal fees, which may vary from state to state.

US CPA Licensure-the Single and Double-Tier Jurisdiction

Since the CPA US certification and licensing are governed by individual state accounting bodies, some differences exist in the requirements. In certain so called single-tier state boards, you get both the CPA certificate and license by passing the single CPA Exam and gaining a certain amount of education and experience.

On the contrary, the so-called double-tier state boards require to pass the CPA exam first and then need to complete a minimum of one year of experience (more in some states) before applying for the CPA accounting license.

Summary

The CPA US is one of the top most recognized and coveted designations in accounting. One can either pursue a CPA certificate or a CPA license, that suits the need and usage having own pros and cons. Earning the CPA US certification is itself a long, laborious process that often tempts to stop the process and not fulfill the additional requirements for CPA licensure. It is to be noted that the CPA license carries a degree of prestige and respect far beyond CPA certification.

Holding a CPA license means that one is committed to the profession and are ready to take on serious and important work. Depending on the suitability and career goal, one can decide whether to stop after getting the CPA US certificate or to complete the process by obtaining the license, though it is advisable to complete the total process and be a CPA US license holder.

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