What is US CPA Eligibility Criteria in India?

By IIC Lakshya

09 Jul 2024

Others

The widespread availability of the Certified Public Accountant (CPA) examination to students throughout India has resulted in an enormous increase in the number of CPA applicants in the past few years, raising questions like “What is US CPA eligibility criteria?”. The Certified Public Accountant (CPA) credential, regulated by the US-based American Institute of Certified Public Accountants (AICPA), is a financial course that is recognized across the globe.

US CPA Eligibility - Module, Academic Eligibility and Registration in India

The module consists of four papers, every one of which is offered on demand in January, February, April, May, July, August, October, and November.

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

What is US CPA Eligibility Criteria for Indian students?

In the US, academic evaluations rely on a credit-based framework. To qualify for the US CPA exam and license, specific academic credit criteria must be fulfilled. Adapting the academic model, for the CPA eligibility for Indian students, the requirements are as follows:

Exam Requirements:

Bachelor's degree with one year of post-graduation.
A total of 120 credits are needed.

License Requirements:

Both bachelor's and post-graduate degrees required
A total of 150 credits are necessary.

Additional Qualifications:

Completion of 2,000 hours of work experience.
Approximately equivalent to two years.

To initiate the CPA registration process in India, candidates must submit an online application. Initially, they are required to register and submit necessary documents to the National Association of State Boards of Accountancy (NASBA) for assessment, following payment of the international evaluation application fee. Upon a favorable evaluation determining CPA eligibility, candidates can proceed to register and pay the exam fee. Below is the breakdown of all the fees for this course including the CPA course eligibility fee.

International Evaluation Fee

The international assessment is around 18,772 INR

Examination Fee

The fee for each section of the CPA exam is roughly around 16,140 INR.

Registration Fee

The price varies by state and is determined by the number of parts selected by the candidates. One segment at a time costs around INR 5,256. Two portions at a time- around 6,758 INR. Three parts at a time cost around 8,260 INR. Four portions at a time: INR 14,768 (approx).

Ethics Fees for the CPA Exam

To obtain an ethics license, candidates must pass the ethics examination specific to their state. The ethics examination fee ranges from approximately INR 12,500 to INR 16,700.

CPA Licensing Fees

Candidates who complete the ethics examination can acquire a CPA license. This US CPA annual fee ranges from about INR 4,171 to INR 41,717 and varies by state.

Systematic Professional Education for CPA

These fees usually range from around INR 66,748 to INR 4,17,177

Roles and Responsibilities of Certified Public Accountants (CPAs) in India

Tasks of CPAs in India span from bookkeeping and financial planning to offering advisory services, preparing for government audits, recording taxes, and shaping financial policies. A key responsibility involves meticulously managing transaction records, overseeing budgetary matters, and developing strategies to optimize capital usage. CPAs are pivotal in auditing transactions, implementing financial strategies, and analyzing budgets.

They also stay updated on new financial methodologies and advise management on tax implications. Addressing errors in financial activities and managing tax-related tasks such as record maintenance and timely deposits are essential aspects of their work. Moreover, CPAs analyze ledgers to estimate revenue, playing a significant role in financial planning and decision-making within organizations.

What are the Opportunities and Challenges for Indian Students?

The recent opening up of the Certified Public Accountant (CPA) exam to Indian students has sparked a notable increase in interest and engagement with the program. As more individuals embark on this path, grasping the US CPA eligibility criteria becomes essential. Overseen by the American Institute of Certified Public Accountants (AICPA), obtaining CPA certification involves a structured process, encompassing module structure, academic prerequisites, and a comprehensive registration process tailored for Indian students.

Embarking on the journey towards CPA certification offers Indian students avenues for personal and professional development, alongside financial investments and academic commitments. Yet, the rewards of attaining a globally recognized qualification and contributing to the advancement of the financial sector outweigh these challenges. Irrespective of age or background, aspiring CPAs can navigate through obstacles with determination, resilience, and strategic planning, capitalizing on the wealth of opportunities ahead. CPA professionals can pursue ACCA course to deepen their knowledge and understanding of the global financial landscape.

Frequently Asked Questions (FAQs)

How long will it take to complete CPA?

The amount of time this program takes may vary based on various factors; nevertheless, participants normally carry out it within a standard period of 18 to 24 months, demonstrating their perseverance and commitment.

Is ACCA better than CPA?

ACCA provides a more comprehensive global outlook, whereas CPA is specifically tailored for the US market, focusing on American accounting principles and regulations. Significant variations in course duration and structure allow candidates to select based on their preferences.

Is CPA a tough course?

The CPA exam eligibility presents a formidable challenge, requiring commitment and time investment. However, achieving CPA status elevates one's career prospects, offering opportunities in esteemed companies and lucrative compensation. While the journey may appear daunting, success is entirely feasible. Commence by registering for the exam and selecting a suitable CPA exam review course, whether studying individually or in a group.

Can I study CPA by myself?

You possess the capability! Although preparation may seem challenging, it's entirely feasible. Start by registering for your exam, then seek a CPA exam review course tailored to your needs, utilizing it independently or with a study group.

Is CPA worth it in India?

Embarking on a USCPA course in India presents several advantages. Attain a globally recognized qualification, unlocking job opportunities worldwide. Additionally, this course enhances career prospects in finance and accounting, providing a significant boost to future endeavors.

Can I do CPA at 30?

Age is not a hindrance to pursuing CPA certification, so there's no need for concern. Focus on meeting eligibility requirements and commence your journey toward becoming a CPA.