2. Understand The CPA Course Structure
The CPA Curriculum is divided into core subjects & disciplines. The core subjects include –
- Auditing and Attestation: Covers Statements of Audit Standards
- Professional Responsibilities and ethics
- Planning and supervision
- Internal controls
- Corroborative Audit evidence
- Audit sampling
- Audit reports
- Other Auditing and attestation topics
- Financial Accounting and reporting: Covers US GAAP and IFRS
- Conceptual framework, financial reporting and miscellaneous topics
- Current assets and liabilities
- Investments, PPE and Intangibles
- Bonds, Leases and Pensions
- Deferred Tax, EPS, Equity and Cash Flows
- Consolidation, Foreign currency, Partnerships and NPOs
- Governmental accounting
- Regulation: Covers US federal taxation
- Taxation of Individuals
- Property transactions and depreciation
- Taxation of C-Corporations
- Taxation of other entities
- Supplementary taxation topics
- Statutory Reg & Business structures
- Business law
As per the new CPA Evolution Initiative by the AICPA & NASBA, here’s the list of disciplines coming into effect from October 2023.
- Business Analysis & Reporting (BAR) –
- Assurance or advisory services,
- Financial statement analysis & reporting,
- Technical accounting
- Financial and operations management.
- Information & Systems Controls (ISC) –
- Business Processes,
- Information systems,
- Information security and governance
- IT audit
- Tax Compliance & Planning (TCP) –
- Individual Tax Compliance & Planning
- Personal Finance Planning
- Entity Tax Compliance and Planning
The course has been structured keeping in mind that accountants today have a very challenging role in organizations and need to keep up with technology & contribute to increasingly complex projects.
3. Know About The CPA Exams
The CPA exam is divided into 4 section and stretches up-to 16 hours. 3 sections are – AUD, FAR & REG. You need to have master any 1 of the 3 primary disciplines (BAR, ISC, TCP) which will become your 4th section.
Earlier, you had to complete your 4 CPA exams in 18-months period. Now, according to the CPA Evolution, you have 30 months to complete the exams. This means that you now get additional 1 year to clear your CPA exams.
The format of the CPA exam is 50% MCQs and 50% Test-based Simulations (TBS) & you can take the exams in any order. Just for ISC, the weightage changes to 60% MCQs & 40% TBS. The discipline you choose will in no way effect your CPA License in a negative manner.
You need to score a minimum of 75/99 to pass a section. In case you fail a section, you’ll receive a CPR (Candidate Performance Report) which’ll give you an idea about where you need to focus.
4. When & Where Can You Give Your CPA Exams?
You can take the CPA exams any time of the year and Since January 2021, there are 8 testing centres in India where you can take the exam –
- New Delhi
5. How To Prepare For CPA?
Clearing the CPA exam requires extensive hard work and comprehension of all the necessary concepts of finance. One easy way that can help accelerate and make your preparation for the CPA exam effective is enrolling on a CPA course from IMS Proschool.
Here’s what you get when you enroll with IMS Proschool –
- Best in class content from Becker & live classes from Orbit
- Learn from accounting ninjas with 25+ years of experience
- Get personalized assistance for CPA eligibility & application process
- Opt for additional AICTE approved credit programs
- Get a gateway to Big 10 consulting firms
6. Steps To Become A CPA In India
Step 1 – ACADEMIC EVALUATION – Check academic requirements and make sure you are eligible to give the exam which depends from state to state.
STEP 2: APPLICATION TO TAKE THE EXAM – Post evaluation, fill out the necessary forms and submit your application
STEP 3: STUDY FOR THE EXAM – Create a study plan and study section-wise/ multiple sections together.
STEP 4: SCHEDULE THE EXAM – Receive an NTS (Notice to schedule) and schedule an exam at your chosen location well in advance.
STEP 5: TAKE THE EXAM – Take the exam on the notified date and complete all sections within 18 months of clearing the first section.
STEP 6: OBTAIN WORK EXPERIENCE – Most states require certain years of work experience (2 years in most cases) along with 150 Credits to obtain licensure.
STEP 7: OBTAIN LICENSURE – Apply for licensure within 3 years of passing all 4 sections and possessing the required work experience.
STEP 8: CPE TO MAINTAIN LICENSURE – Continuous professional education is required to maintain the CPA License which varies from state to state.