CPA (Certified Public Accountant) is a certification that determines the highest level of competency in Accountancy. The CPA Exam is conducted by the American Institute of Certified Public Accountants (AICPA). In India, the designation of Chartered Accountant is equivalent to CPA.
A student is required to pass all the exams of CPA to become a Certified Public Accountant. CPA can be completed in 18 months. CPA Exam can be divided into 3 types which are MCQ-based, task-based, and written communication.
CPA course fees can be divided into Application Fees, Exam Fees, Registration Fees, Ethics fees, Licensing Fees, etc. The total CPA course fee in India is INR 2,18,000. CPA Exam is conducted in 8 prometric test locations like Bangalore, Hyderabad, Ahmedabad, Mumbai, Kolkata, New Delhi, Chennai, and Trivandrum. Students after completion of CPA can have a starting salary of 6 – 7 LPA which will increase to INR 15 – 20 LPA with experience.
See Also: Finance Courses
CPA Course Details
| Course Name | Certified Public Accountant |
| Course Level | Certificate Course |
| Duration | 18 Months |
| Admission Process | Entrance Examination |
| Top Entrance Exam | CPA Exam |
| Eligibility | Graduation or equivalent degree |
| Average Course Fees | USD 140.00 for application |
| Salary Offered | INR 7 – 9 Lakhs Per Annum |
Why Study CPA?
- A CPA certification opens the door to a variety of career opportunities in accounting. Some major areas of accounting are Audit Services, Forensic Accounting, International Accounting, Internal and External Audits, Tax and Financial Planning, Consulting Services, and Forensic Accounting.
- Chartered accountants are the most sought-after professionals in the GCC countries and other parts of the world. CPAs consistently find the best jobs anywhere in the world and earn at least 30-40% higher salaries than other accounting professionals.
- CPA is the highest level of competence in accounting worldwide. A globally recognized CPA can always find the best place to work anywhere in the world.
- Improved employment prospects: This improves the candidate's cognitive skills in the eyes of clients and employers, increasing their chances of promotion and success at a professional level.
CPA Admission Process
- Registration for the CPA is open all year round and they can register for the exam at any time.
- Candidates taking exams at an international testing center are required to pay the exam administration fee before scheduling an appointment with Prometric.
- To do this, log into the NASBA CPA Candidate Account Portal and select International Management. International administrative procedures for the Indian region are now available.
CPA Eligibility
Each state has its requirements for taking the CPA exam, although some common requirements are as follows:
- The students must have graduated or have a comparable degree
- A CPA license requires 150 semester hours of college coursework.
- 1 – 2 years experience working for any CPA
Indian Students should have one of the following qualifications:
- They should be members of either ICAI, ICMAI, or ICSI. They can hold an MBA or M.Com degree in addition to belonging to one of these organizations.
CPA Exam
| Quarter | Core Score Dates | Core Score Reports | Disciplines Dates | Disciplines Score Reports |
|---|---|---|---|---|
| Q1 | Jan 10, 2024 - Mar 26, 2024 | May 14, 2024 -June 4, 2024 | Jan 10, 2024 - Feb 6, 2024 | Mar 26, 2024 - April 16, 2024 |
| Q2 | Apr 1, 2024 - June 25, 2024 | Aug 1, 2024 | April 20, 2024 - May 19, 2024 | June 20, 2024 |
| Q3 | Jul 1, 2024 - Sep 25, 2024 | Nov 1, 2024 | July 1, 2024 - 31, 2024 | Sep 3, 2024 |
| Q4 | Oct 1, 2024 - Dec 26, 2024 | Early Feb 2025 | Oct 1, 2024 - 31, 2024 | Dec 3, 2024 |
CPA Exam Structure
The CPA exam consists of three parts classified as tests MCQ, task-based, and written communication. Task-based simulations have gained importance in recent years. MC questions are equally weighted in simulations, except for BEC. MCQs are worth 50% of points and simulations are worth the remaining 50%. AICPA also divides the grade weights between each topic/section under these tests.
| Section | AUD | BEC | FAR | REG |
|---|---|---|---|---|
| Multiple-choice questions (MCQs) | 50% | 50% | 50% | 50% |
| Task-Based Simulations (TBSs) | 50% | 35% | 50% | 50% |
| Written Communication Tasks | n/a | 15% | n/a | n/a |
CPA Syllabus
| Paper | Subjects |
|---|---|
| Paper I: Financial Accounting & Reporting (FAR) | Conceptual Framework, Standard Setting and Financial Reporting (25-35%) |
| Select Financial Statement Accounts (30-40%) | |
| Select Transactions (20%-30%) | |
| Select Transactions (20%-30%) | |
| Paper-2: Auditing & Attestation (AUD) | Ethics, Professional Responsibilities and General Principles (15-25%) |
| Assessing Risk and Developing a Planned Response (20-30%) | |
| Performing Further Procedures and Obtaining Evidence (30-40%) | |
| Forming Conclusions & Reporting (15-25%) | |
| Paper-3: Regulation (REG) | Ethics, Professional Responsibilities and Federal Tax Procedures (10-20%) |
| Business Law (10-20%) | |
| Federal Taxation of Property Transactions (12-22%) | |
| Federal Taxation of Individuals (15-25%) | |
| Federal Taxation of Entities (28-38%) | |
| Paper-4: Business Environment & Concepts (BEC) | Corporate Governance (17-27%) |
| Economic Concepts and Analysis (17-27%) | |
| Financial Management (11-21%) | |
| Information Technology (15-25%) | |
| Operations Management (15-25%) |
CPA Duration
Candidates must complete the CPA course's 4-paper assessment within 18 months. The CPA is a four-hour exam divided into four sections. These sections are created to assess the candidate's skills and knowledge. Candidates must complete all sections within the 18-month testing period. They can complete each section in any order during the open testing period. Also, they can take as many exams as they like in the same window, but you cannot take the same section twice in the same exam window. If candidates fail any part of the exam, they will not be able to retake that section until the next exam window opens.
See Also: Finance Certification Courses
CPA Exemptions
- Candidates for the CA/CMA Finalist who received a final examination score of 50 or higher are eligible for paper-by-paper exemption. Because they will be regarded as passing CPA Exams, certified CA/CMA members are completely excluded from this training.
- CA/CMA Intermediate students are excluded from AFAE and BRLC topics.
- Business laws and tax laws Candidates who meet the criteria for CS are exempt from exams.
- The first four exams are automatically waived for qualified Chartered Tax Practitioners, leaving them with only the final four exams to take and pass.
- Other requirements are not excused.
- 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.
CPA Course Fees
CPA course has different types of Fees like Application Fees, Examination Fees, Registration Fees, Ethics Fees, CPA Licensing Fees, etc. Each of the fees are mentioned below:
CPA Application Fee
Depending upon the state, the application fee is around USD 50- USD 200 (approx. Rs. 3,600 to Rs. 14,500)
CPA Examination Fee
Approx. USD 193.45 for each section (approx. Rs. 14,100)
CPA Registration Fee
Depending upon the state, one can either apply for one section at a time or can club all the sections and pay a registration fee. The Notice to schedule is valid for 6 months.
- 1 section at a time - USD 63 (approx. Rs. 4,600)
- 2 sections at a time - USD 81 (approx. Rs. 5,900)
- 3 sections at a time- USD 99 (approx. Rs. 7,200)
- 4 sections at a time- USD 177 (approx. Rs. 12,900)
CPA Ethics Fees
Some states ask to clear an ethics exam to earn a license after the completion of the uniform CPA exam. The fees for the ethics exam are USD150 - 200 (approx. Rs. 10,900 to Rs. 14,500).
CPA Licensing Fees
To earn a CPA License after being eligible, candidates need to pay approximately USD 50 – 500 per year depending upon the state.
Continuing Professional Education (CPE) for CPA Exam
Many states require 40 hours of continuing education per year to keep accountants up to date with industry standards and the latest information. Therefore, the approximate cost of this CPE can be as high as USD 800 to USD 5000 per year.
CPA Scope
- Professionals with practical knowledge and expertise in accounting and finance are sought after in India as per international standards.
- A Certified Public Accountant is a financial and accounting professional certified by the American Institute of Certified Public Accountants (AICPA).
- Professional CPA courses are intended for training and further education customary in the industry. Education focuses on career growth and skills development.
- Many can enroll in higher studies to gain additional skills in other areas. This is where CPA courses can help improve your skills and align with industry expectations.
- The US CPA program provides an in-depth understanding of US GAAP, US taxation, and US audits.
See Also:
CPA Jobs
| Job Profiles | Salary |
|---|---|
| Accounting Assistant | INR 3 LPA |
| Accounts Payable Clerk | INR 2.4 LPA to 8 LPA |
| Bookkeeper | INR 13 LPA |
| Management Trainee | INR 1.8 LPA to INR 16.0 LPA |
| Payroll Clerk | INR 3 LPA |
CPA FAQs
Ques. What is CPA?
Ans. Chartered Accountant is the title of Chartered Accountant in many English-speaking countries. In other English-speaking countries, it is usually equivalent to the title of Chartered Accountant. In the United States, a CPA is generally a license to provide accounting services.
Ques. What are the advantages of doing CPA?
Ans. CPA has many advantages including global recognition, higher salaries, and more career opportunities in industries. It can also increase your credibility, knowledge, and professional development through continuing education.
Ques. How many marks are required to pass a CPA Exam section?
Ans. To pass a CPA Exam section, a candidate must score a minimum of 75. Scores are reported on a scale that ranges from 0 to 99.
Ques. How many sections are in the CPA exam?
Ans. CPA is a 4-hour long exam that is divided into four sections. A candidate must finish all sections within the 18-month testing window.
Ques. What are the 4 Exams of CPA?
Ans. The 4 sections of the CPA exam are as follows: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG), and Business Environment Concepts (BEC).
Ques. What are the job roles after completion of CPA Exams?
Ans. Accounting Assistant, Accounts Payable Clerk, Bookkeeper, Management Trainee. Payroll Clerk is the job role after completion of CPA Exams.
Ques. What is the average salary of a CPA in India?
Ans. The average entry-level salary for a CPA in India is around INR 6 LPA. However, this number is an estimate and can vary with individual circumstances and market conditions. Also, salaries may be higher in metropolitan areas and certain industries (such as finance, consulting, and multinational corporations).
Ques. How one can prepare for the CPA Exam?
Ans. If a candidate is knowledgeable in financial accounting and audit procedures and is a disciplined person, then he/she can try the self-study route. However, the candidate should understand the syllabus and keep updated, create a detailed study plan and plan for the best time to prepare for the CPA exam every day. Mental Preparation for the exam is necessary.
Ques. What are the top CPA Certification Institutes in India?
Ans. Top CPA Certification Institutes in India are Aditya Jain Classes, Satish Mangal Classes, Ranjay Mishra CA Classes, Horizon Global CA Classes.
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