USA CPA

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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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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Many of us know that CPA US has rewarding benefits like higher lifetime earnings and faster career advancement. The fact is this is not everyone’s cup of tea. The opposite side of those benefits is the tough cost to earn the CPA certificate. It is often difficult and time consuming to become a CPA. One must make a realistic compromise with other important areas of daily life by making a lot of sacrifices during the CPA exam process.

Hence, CPA exam preparation is meant for serious aspirants who are serious and hard working too.CPA is a professional course and many working people take up this course along with their full-time jobs. Managing both job and this extensive professional course can be daunting if the schedule is not planned accordingly. One needs to first formulate a strategy on how to prepare for the CPA exam without affecting the personal and professional life. A disciplined approach towards studies is required to pass the CPA exam.

Listing the 10 crucial areas of studying CPA that can be challenging.

1. Inadequate preparation.

There are four sections on the exam – Auditing and Attestation, Financial Accounting and Reporting, Regulation and Business Environment and Concepts– and each of these requires a good deal of preparation, usually up to about 450 total. Going into the exam without adequate preparation, especially if there have been new topics announced for the exam, is a critical mistake in exam preparation and can lead to disappointment. So, don’t go for the exam driven by any false confidence.

2. Too much dependent on the theory

The CPA exams demand more solution-making ability than the theoretical knowledge. Not knowing the solution, only the theory. Giving too much focus on the theoretical part than solutions make a gap in the preparation and are a great mistake to tackle the US CPA exam.

3. Writing Skill

The CPA Exam is about accounting and requires writing skills to prove your ability to effectively communicate. So, good grammatical skill and sentence-making ability is a part of the CPA US exam. This must be kept in mind during the preparation for the exam.

4. Computational errors

Knowing how to do a situational problem and getting the right answer are two different things on the CPA exam.  Even with the best theoretical knowledge, the wrong numbers entered in the calculation will yield the wrong answer.  Accuracy is a key component of the exam.  Be sure to work carefully to avoid mistakes that can cause lost points.

5. Comprehension and Interpretation

The supporting text of a question, whether multiple choice or situational, needs to be read carefully to make sure that you understand what the test writer is looking for.  Failure to understand what the test writer is looking for can lead to incorrect answers and a failure of the exam even though your calculation(s) make be correct

The inability to understand the perspective of the test writers can lead to incorrect answers and disqualifying exam even if the calculations may be correct

6. Failure to handle the computational tools

One of the biggest mistakes of CPA test takers is a lack of familiarity with those tools, causing a loss of time, reduction in momentum, and computational errors.

7. Insufficient Practice of MCQs

This is one of the shortfall areas in the CPA US exam preparation. Focusing much more on the adequate practice of MCQs and frequent mock tests evaluation is highly required to pass the CPA US exam.

8. Inadequate Practice of Simulations

Giving less priority to simulations than MCQs is another big mistake. Since CPA Exam simulations take much longer to solve than MCQs, one must keep this in mind during the CPA exam preparation. It is advisable to spend time trying to solve the simulations more during practicing problems. Furthermore, it is better to try to solve the simulations before viewing the answers.

9. Allocating more time to Books/videos than Practice

CPA review videos/books teach the important concepts and everything, but multiple-choice questions (MCQs) and task-based simulations (TBSs) take those concepts and put them into the language of the CPA exam–which is ultimately what matters to crack the CPA US exam.

10. Selecting the Sub-optimum CPA Review Course

This is another area of mistake in opting for a review course which not fit with the candidate’s intent, learning ability, and mindset. A suitable review course with seasoned CPA mentors can prevent many errors to occur and better preparation for the CPA US exam. For example, The Uplift Pro-Gleim CPA package suits most of the candidates who want to pass the US CPA exam on the first attempt.

Summary

Unlike any other accounting exam, the US CPA exam requires correct planning, constant motivation, and guidance from experts. In this era of a competitive world, preparing for such exams is taking a mental or emotional toll on students. Moreover, the lack of dedicated articles related to the subject and discussion groups making things critical.

This is quite evident in the case of working professionals who manage their CPA study preparation with a hectic work schedule. Almost every US CPA exam candidate can say that they’ve experienced a lack of clarity and guidance during their studying at least a few times if not many. In this perspective, avoiding the above-mentioned mistakes seems to help the students to effectively prepare for the CPA US exam.

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The area of taxation accounting demands a skilled professional to deal with whether for an individual or a business. When we consider such professionals, two coveted international credentials often come to our mind- a Certified Public Accountant or an Enrolled Agent (EA). Obviously, we will want to know which of them will serve the purpose and what are areas they are specialized for rather than the differences between the two irrespective of either engaging them or choosing either or both for career development. Let us discuss the differences between a CPA and an EA here.

It is to be noted that both Enrolled Agents (EA) and Certified Public Accountants (CPA) are licensed professionals who can effectively handle the tax issues of an individual or a business. The primary difference between the two lies in the fact that the license of an EA is authorized by the federal government, i.e., the Internal Revenue Service (IRS) while the CPA license is issued by any of the 55 U.S. states.

This means a CPA has restricted authority to the state level whereas an EA can work across the country. A CPA license is a two-way process where one must clear the CPA exam conducted by AICPA first and then apply for the license separately. On the contrary, an EA license is a single-step process by which one can get an EA license by clearing the exam only.

For a job aspirant, it often creates a dilemma of which path to take in the domain of accountancy.  The roles of EAs are centered around a specific niche i.e., taxation but holding greater authority since they represent their clients before the IRS. On the other hand, CPAs’ range of services are much wider rather than taxation and expanded to public accountants, tax accountants, personal finance managers, business consultants, auditors, etc.

What is a CPA?

A licensed CPA is used to carry the following roles :

• Accountants
• Financial Advisor
• Tax specialists
• Financial Planner
• Individual and Business Consultants
• Chief Financial Officer
• Auditor
• Controller

It means apart from preparing and filing tax returns, a CPA can do auditing and is able to give wealth-related financial advice. For earning a CPA credential, one must clear the four parts of the CPA exam administered by AIPCA where 18 months’ time will be given to pass the sections in an exam cycle. CPAs are governed by the individual US states each of which has different eligibility criteria regarding age, experience, educational qualifications, etc.

What is an Enrolled Agent (EA)?

• An enrolled agent (EA) is an IRS-authorized tax professional. EA is considered highly coveted as it is the highest credential awarded by the IRS.
• EAs are especially skilled in taxation in its most complicated form. They can represent their client before the IRS regarding tax disputes/discrepancies, appeals, etc.
• Being a federal license holder, EAs can represent any taxpayers from any part of the country to any IRS office without restriction. To earn an EA license, one must pass the three parts of the Special Enrollment Examination (SEE) exam. After clearing one part, the candidate can take the other parts at convenience. The score stays valid for two years. Former IRS employees with the required skill and expertise can get the EA license directly without any exam.
• Ethical commitment is a must for an EA. To maintain the standard, completion of 72 hours of continuing education courses is mandatory after each 3 years for a licensed EA.

Briefly:

CPA Vs.EA-Licensing

CPA: Professional bodies of different US states give the license.

EA: Federal Government, IRS.

CPA Vs.EA-Examination:

CPA: One must clear a 4-part CPA exam.

EA: One must clear the 3-part SEE exam.

CPA Vs.EA-Exam Sections:

CPA:

• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG).

EA:

• Individual
• Business
• Representation, Practices, and Procedures.

CPA Vs.EA-Exam Features:

CPA: Passing of all 4 parts is required within 18 months. A minimum of 75 marks is required to pass each part of the exam.

EA: The score of each test section is valid for 2 years which has been extended to 3 years due to covid. The passing score for each section is scaled to 105.

CPA Vs.EA-Cost:

CPA: 180-250$ per exam.

EA: 203$ per exam part.

CPA Vs.EA-Expected Salary:

CPA: Around 66000$ a year with 1 yr experience.

EA: 40000-65000$ per annum as per experiences.

Which Path to take?

If you have the inclination, determination, and the required academic and professional qualifications with the intent to become a seasoned auditor in public accounting along with the tax matter, go for the CPA but keep in mind it is costlier.

On the other hand, if you want to work as a tax professional in a specific domain EA should be your cup of choice. Mind it, to be an EA, there is no set academic qualification. The exam is quite easier than CPA and is economical and affordable too.

However, since the REG part of CPA is covered in EA, one can also go for a dual qualification simultaneously by availing some offers like what Uplift Pro is providing where a free EA course is offered with official CPA admission.

For Further Information/Assistance, Contact:

www.upliftprofessionals.in