In recent times, there has been an unexpected surge in the number of students who have enrolled themselves with professional bodies like ICAI (Institute of Chartered Accountants / Cost Accountants of India) and ICSI (Institute of Company Secretaries of India). This is primarily due to the limited number of career options available for commerce students who are not able to score well in the senior secondary examinations. Even scoring 95% at senior secondary level turns out to be insufficient for securing a place in top colleges like SRCC or similar colleges at DU. Having said that, these professional bodies do carry their own value in terms of the responsibilities assigned and respect given to enrolled members.
However, there is another career option simple to pursue but suffers from obliviousness in India. United States of America Certified Public Accountants (US CPA) certifies a professional to work like a Chartered Accountant in the word’s largest economy. Not only in the U.S., countries like Canada and many countries comprising the European Union recognise US CPA to act like a chartered accountant in their country.
Testing and scoring
Unlike the Indian CA, where an aspirant needs to appear for about 20 exams and undergo training for three years, US CPA requires to clear four exams with a minimum score of 75% marks in each subject and undergo a training of 12 monthsto emerge as a professional. However, passing CPA exams comes with a couple of conditions where a candidate needs to appear for these exams outside India (i.e. either in the U.S. or UAE) and all four exams should be passed within a limited time period of 18 months — from the date of appearing in the first examination.
While the exams are conducted in the first two months of every quarter (sometimes extended to another 10 days of succeeding month), candidates are free to choose their own exams dates for the subject they wish to appear for. Examinations are computer based and comprise task-based simulations, where a candidate’s skills and understanding of the concepts (rather than memory) are tested.
Overseas candidates are treated as international students and are thus required to evaluate the credentials (i.e. graduation / post-graduation results) from the international evaluating agency NASBA in accordance with the evaluation requirements set by selected board of accountancy. It is imperative to note that U.S. comprises 55 state boards of accountancy, which all together conduct uniform CPA examinations. Qualified personnel can practice in any of the state subject to passing of an additional ethics examination conducted by the state separately.
Passing CPA exams will not only buy you a ticket to fly and settle down outside India, but also open numerous opportunities in India. Emerging KPOs in India can be an avenue for these aspirants too.
Pankaj Goyal is a qualified Chartered Accountant from India and a qualified Certified Public Accountant from United States of America.
