Before approaching the advanced stage, you must be apprised of basics like CPA course eligibility, how it can help you land up a job. To become a licensed certified public accountant, you must meet the required education, pass the examination, and possess the experience requirements.
About CPA course
CPA online courses in India are administered by the American Institute of Certified Public Accountants and are equivalent to a CA qualification in India. CPA certification is the most valued and is globally recognized in the accounting sector.
Simply put, becoming a CPA requires having a requisite education and qualifying for a state CPA examination. Regulations depend on the respective state and the requirements for each jurisdiction are different. While some state boards call for 4 semesters only, some states also stipulate advanced coursework in subjects such as taxes, financial reporting, and auditing. Those who are willing to pursue CPA jobs have to have at least a bachelor's degree in finance, accounting, or business.
About the Examination
The CPA examination comprises 4 sections, business, environment and concepts, auditing and attestation, regulation and financial accounting and reporting. You have to score at least 75 in each section. Scores are calculated on a scale ranging from 0 to 99. The total score is a weighted combination of task-based simulations (TBSs) and multiple-choice questions (MCQs).
The CPA exam that spans over 16 hours is offered at testing centres across many states during the first two months of every quarter. Candidates may take the sections in any order they choose, but once they have qualified for one part, they need to successfully complete the other three within 18 months.
The cost of the test also varies from state to state. CPA course fees in Mumbai could be anywhere from 1 lakh to 2 lakh. Every quarter, the American Institute of Certified Public Accountants releases the pass rate for each section. Usually, the average pass rate for each section is 50%.
An additional requirement for CPA candidates is to work for 1,800 hours under the supervision of a licensed CPA. This can be done before, during, or after they are have taken an exam after doing a CPA course in Mumbai. Once they get a license, they also have to keep up their professional education.
What difference does certification make?
With regulatory requirements creating avenues to enhance global opportunities and the evolution of the financial industry, governments and businesses need exceptional accounting professionals having a certification, or a CPA license to be precise is the industry standard to accredit the skills of accounting professionals. It corroborates the experience and education that these professionals have to uphold the highest ethical and financial standards.
As compared to non-certified professionals, CPA certified professionals meet state licensing requirements and hold a degree in finance or accounting. They are also known to earn 10 to 15% higher salaries than non-CPAs. They also, unlike non-certified professionals, are able enough to prepare an audited financial statement or reviewed financial statement.
Once you take up CPA classes online, you will get a better idea of how to proceed with the exam and whether it is the thing for you.