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All You Need To Know About The CPA Exam

30 July,2022  |  By Brainwonders

Thinking of pursuing a professional course, which can be both profitable and futuristic, then CPA (Certified Public Accountant) is the best recommended and globally recognised profession. For that, you need to start the preparation in the earliest possible way. Pursuing a CPA course and taking the CPA Exam is definitely worth the time and effort, especially after completing an accounting degree. Accounting occupations are not only profitable but may also be personally fulfilling, with so many distinct routes for employment opportunities after the CPA Course. 

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Table of Content:

  • What does the Certified Public Accountant do?
  • About CPA Course
  • CPA Course Eligibility Required
  • CPA Course Duration
  • CPA Course Fees
  • CPA Exam Exemptions
  • CPA Syllabus
  • CPA Exam Structure
  • Benefits of pursuing a CPA course in India
  • Scope of CPA
  • Career Prospects

What does the Certified Public Accountant do?

CPA or Certified Public Accountant is an individual who looks after the accounting, taxation, reporting and audit processes for government corporations or individual clients. Their roles and responsibilities may vary depending upon their specialisation. Moreover, the tasks performed by the CPAs include monitoring their company's financial information, reporting or preparing documentation related to taxes, finances, or audits, and staying updated on the changes taking place in government regulations. They are also in charge of financial planning, auditing, valuation, and taxes, among others.

About CPA Course

A CPA (Certified Public Accountant) is the highest level of expertise in the discipline of accounting worldwide. The AICPA (American Institute of Certified Public Accountants), the world's largest Public Accounting Body, administers the exam. The course is pursued by the students who want to make their career in accounting and are thinking of planning to work across top companies. The CPA course can be completed between 12-18 months. It requires a lot of competence, determination and hours of study, the only you will be able to clear all the subjects of CPA. 

CPA Course Eligibility Required

If you are thinking of pursuing the CPA course, you must fit into the qualification eligibility criteria as laid down by The Institute of Certified Public Accountants. The eligibility requirements are:

  • The candidate must have done B.Com/ M.Com majorly in Accounting OR
  • Candidate must have done BBM/ BBA majorly in Finance & Accounts OR
  • He/she should have completed MBA in Finance OR
  • The candidates who have done the CA Intermediate or CMA Intermediate can also pursue this course

And it is also suggested that a person should have sound knowledge of fundamentals of computer skills and a keen knowledge of accounting softwares for completion of CPA examinations and practicals (like Tally and MS-Office).

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CPA Course Duration

CPA Exam must be completed within 12-18 months from the registration date. Registration for the CPA course is open throughout the year; you can register anytime. You also need to study for a minimum of 3 months before you decide to schedule any of your exams. As exams are on demand and can be scheduled at any time, it is up to students how they wish to sit and pass their exams.

CPA Course Fees

  • Registration is completely free.
  • Once registered, only the module enrollment and exam price are due.
  • The course module fee is Rs 40,000/- and is payable in two instalments.
  • The fee for each exam and the rest is Rs 1,500/-. 

CPA Exam Exemptions

  • CA/CMA Finalist candidates who have scored 50 or higher in their respective final examination subjects are eligible for paper-by-paper exemption. Because they will be regarded as passing in CPA Exams, certified CA/CMA members are completely excluded from this training.
  • CA/CMA Intermediate students are excluded from AFAE and BRLC topics (the first two subjects)
  • Taxation Laws and Business Laws Exams are excluded for CS-qualified candidates.
  • Qualified Chartered Tax Practitioners will automatically receive exemptions from the first four examinations and will only need to sit for and pass the remaining four tests.
  • Other qualifications are not taken into account for exemptions.
  • Please remember that ACCA Advanced diploma holders or affiliates/members must complete special exams on Indian Taxation Laws, Business Laws, and Indian GAAP before being eligible for this CPA/ CTPr Award.

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CPA Syllabus

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

– Ethics, Professional Responsibilities and General Principles

– Assessing Risk & 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

– Federal Tax Procedures

– Business Law

– Federal Taxation of Property Transactions

– Federal Taxation of Individuals

– Federal Taxation of Entities

CPA Exam Structure

Paper Course Contents Duration Question Pattern
Paper 1 Financial Accounting & Reporting (FAR) 4 Hours Exam 66 MCQs (50% weightage) administered viz 2 testlets & 8 Task-based simulations questions (TBSs) administered viz 3 testlets (50% weightage).
Paper 2 Auditing & Attestation (AUD) 4 Hours Exam 72 MCQs (50% weightage) administered viz 2 testlets and 8 Task-Based Simulations questions (TBSs) administered viz 3 testlets (50% weightage).
Paper 3 Regulation (REG) 4 Hours Exam 76 MCQs (50% weightage) administered viz 2 testlets and 8 Task-Based Simulations questions (TBSs) administered viz 3 testlets (50% weightage).
Paper 4 Business Environment & Concepts (BEC) 4 Hours Exam 62 MCQs (50% weightage) administered viz 2 testlets, 4 Task-Based Simulations questions (TBSs) administered viz 2 testlets (35% weightage) and 3 Written Communication Tasks (WCs) (15% weightage)

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Benefits of pursuing a CPA course in India

A Certified Public Accountant is an elite and the most reputed professional in the world of finance and accounting. Having the licence can boost your career and provide scalable opportunities in the long run.

  • It is a well-respected profession in the finance world
  • Lucrative opportunities in the short term
  • Futuristic opportunities in the long term
  • Higher salary and benefits potential
  • Future job scalability as well as stability

Scope of CPA

Becoming a Certified Public Accountant certification opens doors to a wide range of accounting career options. Some major employment areas in accounting include; Tax & Financial Planning, Consulting Services, Forensic Accounting, International Accounting, Internal & External Auditing, Forensic Accounting, and Assurance Services.

Certified Public Accountants are the most sought-after professionals among the Gulf countries and other parts of the world. With global recognition, Certified Public Accountants can easily find the best place to work worldwide. They might even get at 30-40% more than the other accounting professionals.

Because of global recognition, a Certified Public Accountant can easily find a job anywhere in the world. Due to the increase in demand for CPAs, there is also an increase in the salaries of the CPA holders. CPA holders in India earn at least 30% more than their non-credential counterparts. More frequent and higher-level promotions can widen the CPA income gap to $50,000 over time. CPAs are capturing the global markets with their potential accounting skills, making themselves unique from others; this has also led to increased productivity in the organisation. There is a sudden increase in the employment prospects due to the rise in demand. In the coming years, CPAs will be capturing the attention of the Accounting and finance world.

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Career Prospects 

There are numerous career prospects available after the completion of a CPA course. 

According to Payscale, we have mentioned the chart of the Certified Public Accountants along with their average salaries and years of experience.

Years of experience Average Salaries
Fresher ₹673,257
1-4 years ₹677,535
5-9 years ₹1,171,098
10-19 years ₹2,391,752

 

Apart from Certified Public Accountant, one can get other job prospects as well. The prospects one can get after completing the CPA course and their average salaries are mentioned below.

  • Internal Audit Director                       ₹3,082,867
  • Tax Manager                                     ₹1,317,546
  • Vice President, Finance                    ₹3,216,074
  • Financial Controller                           ₹1,835,905
  • Senior Financial Analyst                   ₹595,698
  • Risk and Compliance Officer            ₹1,004,481
  • Personal Financial Advisor               ₹1,835,905
  • Finance Director                               ₹3,573,615
  • Corporate Controller                         ₹1,224,490

We hope we have provided you with detailed information about the CPA course. If you are willing to push yourself in the field of finance and accounting, then CPA is the best career option for you. 

Still worried about which career is best suitable for you? Don’t hesitate to contact us; we at Brainwonders will help you select the right career to enlighten your life.

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