Cracking the CPA Exam: India Edition

Are you an aspiring accountant who lives in India and aspires to grab not just Indian but also global opportunities in Finance and Accounting? Enrolling in the US CPA Course in 2024 should be your first step to becoming a CPA.

CPA certification is prominent worldwide, opening up global job opportunities for candidates who have successfully passed all 4 papers of the Uniform CPA Exam.

A CPA professional can do jobs in business valuation, accounting, tax preparation, company management, and other related areas. Before clearing the CPA exam, you must learn and have complete knowledge of the CPA syllabus, which can be covered in 12 to 15 months with the guided study plan that can help you pass the CPA exam on your very first attempt. The CPA exam is conducted by the world's largest accounting body, the American Institute of Certified Public Accountants (AICPA).

Key Takeaways

• Understanding The CPA Exam Structure

• CPA Course Details - Detailed Syllabus For CPA Exam

• Securing The CPA License And The 4 E’s

• CPA USA Exam Centres In India

CPA Exam India: Eligibility Criteria for Candidates in 2024

You must meet the eligibility requirements stated by the Board of Accountancy. As an Indian citizen, you can earn a US Certified Public Accountant (CPA) license in one of the 55 US jurisdictions. Your command of English should be strong, as this exam is available only in this language. For detailed information, please visit nasba.org/international.

For CPA aspirants from India, the national CPA organization sets the eligibility criteria with the following basic requirements:

• A bachelor's degree from an accredited college.
• Minimum aggregate in a relevant Accounting and Finance field. If you are pursuing a BBA, Bcom, or MBA, they must include Accounting and Finance subjects in the course.
• To qualify for the CPA certification, you must complete the exam syllabus and clear four papers with 75% marks within 30 months of passing the first paper.
• To appear for the CPA exam, you must also have 120 credits, and 150 credit hours are required to get licensed. If you would like to know more about the credits, you can reach out to our CPA experts.

CPA Course Details - Detailed Syllabus For CPA Exam

Core Papers

• AUD (Auditing and Attestation)
• FAR (Financial Accounting and Reporting) 
• REG: Regulation 

Optional Papers (non-Core Papers)

• ISC (Information Systems and Controls)
• BAR (Business Analysis and Reporting) 
• TCP (Tax Compliance and Planning)

Each section evaluates your knowledge and skills in various areas of accounting. It is a computer-based exam (CBE) involving multiple-choice questions (MCQ) and task-based simulations (ATBS). Let’s look at each section in further detail.

Auditing and Attestation: This section of the syllabus covers Statements of Auditing Standards (SAS).

• Professional Responsibilities and Ethics
• Planning and Supervision
• Internal Controls
• Corroborative Audit Evidence
• Audit Sampling
• Audit Reports
• Other Auditing and Attestation Topics
  FAR (Financial Accounting and Reporting): This part of the syllabus covers US GAAP (Generally Accepted Accounting Principles) and International Financial Reporting Standards (IFRS).
• Conceptual Framework, Financial Reporting, and Miscellaneous Topics
• Current Assets and Liabilities
• Investments, PP&E, and Intangibles
• Bonds, Leases, and Pensions
• Deferred Taxes, Equity, EPS, and Cash Flows
• Consolidation, Foreign Currency, Partnerships, and NPO
• Governmental Accounting
  REG: Regulation of the CPA Exam in India: This section covers everything under US federal taxation.
• Taxation of Individuals
• Property Transactions and Depreciation
• Taxation of C-Corporations
• Taxation of Other Entities
• Supplementary Taxation Topics
• Statutory Registration and Business Structures
• Business Law
  Discipline Section: This covers three important subjects, among which you can pick anyone. These are:
• Business Analysis and Reporting (BAR)
• Information Systems and Controls (ISC)
• Tax Compliance and Planning (TCP)

There is no set order regarding the selection of the exam section. In other words, you can decide the section you want to write first. However, you should have attempted all four sections within the stipulated period.

Financial Accounting and Reporting or FAR

In the new CPA USA syllabus, the Financial Accounting and Reporting (FAR) section remains largely unchanged. The syllabus continues to cover the same key areas, including financial statement preparation, U.S. GAAP, and IFRS standards, as well as various financial accounting concepts and transactions. Candidates can expect the same comprehensive examination of their knowledge and skills in financial accounting and reporting.

Auditing and Attestation or AUD

In the new CPA USA syllabus, the Auditing and Attestation (AUD) section has undergone significant updates. The revised syllabus places a stronger emphasis on technology and data analytics in auditing. Additionally, it incorporates updated standards and practices to reflect the evolving nature of the auditing profession. These changes aim to better prepare candidates for the modern demands of the auditing field.

Business Environment and Concepts or BEC

In the new CPA USA syllabus, the Business Environment and Concepts (BEC) section has been removed. Instead, candidates now have the option to choose from three discipline papers: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). This change allows candidates to specialize in areas more aligned with their career goals and interests.

Regulation or REG

In the new CPA USA syllabus, the Regulation (REG) section remains unchanged. The syllabus continues to cover essential topics such as ethics, professional responsibilities, federal taxation, business law, and procedures. Candidates can expect the same comprehensive examination of their knowledge and skills in regulation as in the previous syllabus.

Securing The CPA License And The 4 E’s

If you want to be part of the lucrative accounting and audit profession in the US, the sole licensing qualification is the CPA. To earn this, you must first pass the Uniform CPA Examination.

This exam is held to assure the 55 US boards of accountancy that the successful applicants have grasped the technical knowledge and skills essential for safeguarding public interest in their capacity as CPAs.

The 4 E’s to securing CPA certification to meet industry experts are:

• Experience 
• Education
• Ethics
• Exam

Of these four requirements, only the exam is uniform and accepted by all 55 US boards of accounting. The requirements for Experience, Education, and Ethics vary by jurisdiction.

Understanding The CPA Exam Structure

Here’s a breakdown of the CPA exam pattern, including the stipulated time and questions:

CPA Exam	Time Taken	Questions
Auditing and Attestation (AUD)	4 hours	78 Multiple Choice Questions (MCQ); 7 Task-Based Simulations (TBS)
Financial Accounting and  Reporting (FAR)	4 hours	50 MCQ; 7 TBS
Regulation (REG)	4 hours	72 MCQ; 8 TBS
Optional (Any one) Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Tax Compliance and Planning (TCP)	4 hours	50-82 MCQ (based on the chosen subject); 6-7 TBS (based on the chosen subject)

 

You must pass all four sections within 18 months, with the time frame varying between the 55 jurisdictions. You will find the CPA exam in India held in March, June, September, and December. 

Anyone

You must tackle three types of questions:

• Multiple-choice questions (MCQs): Appear in Testlets 1 and 2 in each exam section.
• Task-Based Simulations (TBS): They comprise case studies that enable you to showcase your knowledge and skills by resolving a problem. You must usually use spreadsheets or search from the exam’s authoritative literature. TBS appears in Testlets 3, 4, and 5 in each section.
• Written Communication Tasks (WCT): These tasks are in Testlet 5 of the BEC section. You are provided with a scenario and are to write a clear and logical response.
• Calculating The US CPA Passing Score

The scores secured in each section range from 0 to 99. To pass each section of your CPA course in India, you must have a total reported score of 75 or above. However, the scores are not a percentage of the exact score. You can visit aicpa.org/examscoring to get detailed scoring information.

CPA USA Exam Centres In India

You can appear for your CPA exam in India at any of the 10 examination centers listed below:

• Ahmedabad (Gujarat)
• Bangalore (Karnataka)
• Chennai (Tamil Nadu)
• Coimbatore (Tamil Nadu)
• Ernakulam (Kerala)
• Kannur (Kerala)
• Mumbai (Maharashtra)
• New Delhi (Delhi)
• Pune (Maharashtra)
• Secunderabad (Telangana)

Useful US CPA Exam Tips

• Schedule your appointment at least 1.5 months before you plan to appear for the CPA exam in India.
• Do not use your cell phone after entering the exam hall, even during scheduled breaks.
• Complete the two introduction screens—Welcome and Confidentiality and Section Information— within 10 minutes.
• Take your Notice to Schedule (NTS) to the exam hall, as it has the launch code printed on it. 
• Please report any technical issues immediately to the exam hall staff present instead of waiting until the end of the exam.

CPA USA Course Fees

Several factors are at play in determining your CPA course fees. They include the CPA exam application fее, examination fees for each of the four sеctions, the cost of study matеrials and rеviеw courses, etc. However, these facts pale into insignificance when you consider the entire galaxy of career opportunities that await you after completing a CPA course in India.

Career Prospects After CPA USA

Once you have completed your CPA exam in India, you can rest assured of an accomplished future, with job prospects opening up in the US. You have now picked up the skills and knowledge of a Chartered Accountant and an additional understanding of GAAP, IFRS, and Generally Accepted Accounting Standards (GAAS).

As a CPA, you can also rest assured of job security, as individuals of your qualifications are in great demand across industry verticals. Some of the job profiles you can easily fit into are:

• Tax Accountant
• Financial Analyst
• Management Accountant
• Risk and Compliance Analyst
• Management Consultant
• Information Technology Auditor
• Finance Director
• Chief Financial Officer

CPA USA at NorthStar Academy

Choosing NorthStar Academy (NSA) for your CPA USA journey offers a multitude of advantages:

1. 100% Passing Rates: NSA boasts an impressive 100% passing rate, ensuring candidates successfully clear their CPA exams.
2. Guaranteed Job Placements: With a commitment to 100% job placement, NSA guarantees placements with competitive packages ranging from 10-12 LPA.
3. Becker Study Material: Access to Becker's premium study material, renowned for its effectiveness and comprehensive coverage.
4. World-Class Faculty: Learn from the world's top-class faculty, bringing a wealth of knowledge and experience to your CPA preparation.
5. Free Demo Classes: Experience NSA’s teaching methodology firsthand with free demo classes before you commit.
6. Weekly Webinars: Stay updated and motivated with weekly webinars, covering crucial topics and industry insights.
7. 1:1 Mentoring and Support: Benefit from personalized 1:1 mentoring and end-to-end support, ensuring you receive tailored guidance throughout your CPA journey.

NorthStar Academy combines excellence in education, unparalleled support, and guaranteed career opportunities, making it the optimal choice for aspiring CPAs.

Conclusion

The criteria for achieving success in the CPA exam in India are dedication and strong commitment, as this profession is not for everyone. You must familiarise yourself with accounting principles, regulations, and practices. Therefore, it's essential to have access to comprehensive study materials matching the latest syllabus and exam formats.

Prometric testing centers located across the country administer the CPA exam in India. You must also familiarise yourself with the registration process, scheduling options, and other additional requirements.

Succeeding in the CPA exam can be a challenge. However, once you succeed and receive this coveted certification, your professional credibility gets enhanced significantly. Exciting career opportunities await you within India and abroad.

Are you ready to test your ability? If so, look for reputable CPA course training classes offered by premier institutions such as NorthStar Academy. The institute comprehensively covers all topics included in the CPA exam in India. Moreover, the highly experienced guidance from M Irfat Sir, the academy’s mentor, has helped numerous aspirants qualify for CPA certification. So, cast aside all procrastination and join us right away!