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A certified public accountant is a professional who has obtained a CPA license from any of the 55 US State Boards of Accountancy, all of which are part of the (NASBA) National Association of the State Boards of Accounting. Each state board has rights to grant a CPA license. One must compulsory to meet all state board requirements including education, experience and exams.
Due to the widespread awareness and acceptance of the CPA credential, it is understood that a CPA has the required knowledge of all accounting areas such as financial planning, income tax, financial statement analysis, , tax preparation, internal auditing, and other accounting specialties. In short, a CPA is someone who has knowledge of all elements of the accounting profession. This is also one of the many reasons why professional organizations look to CPAs for complex accounting and financial tasks.
CPA Eligibility Criteria
The CPA exam is administered by AICPA, the world’s largest accounting institution. AICPA offers membership to any candidate who completes all 4 CPA exams. However, CPA licenses are issued in the USA by the 55 state board of accountants that are part of the NASBA. Each state board has different eligibility criteria that require candidates to take the CPA exam.
- You must Master’s degree in business, economics or finance.
- You need 120 points to take the CPA exam and 150 points to obtain a CPA license .
- This is equivalent of one year of university study in India . 30 credits USA education
- But in some cases, the first-year graduation of a three-year degree from an NAAC-A accredited university in India is also eligible to take the CPA exam.
Exam Pattern and Passing percentage
What is the percentage that is required to pass CPA Exam?
A CPA aspitrant must bring 75 or more to clear CPA exam. According to AICPA, the CPA exam must be scored on a scale of 0-99. CPA Aspirants usually get confused about those 75 scores are considered as 75 percent or points. So, fo your kind information that aspirant needs to get 75 points to crack the CPA exam.
Multiple-Choice Question Scoring:
The MCQ testlets, called a multi-stage testing approach. This means that as the candidate keeps performing through each section, the level of difficulty of the next changes accordingly. If you perform really well in the first set of questions, the next set will be difficult ones. Difficult MCQs are weighted more than easy MCQs. Thus, one correctly answered difficult MCQ would improve your score more than several correctly answered easy MCQs.
Task-Based Simulation scoring:
These are problems that you need to solve based on situations and concepts. They are matching or fill in the blank kind of questions.
Written Communication Scoring:
This checks your ability to perform communication skills like demonstration and creative writing. Most of the time the BEC section of the CPA exam has written communication and in this section you have to type out the answer in a blank word document.
The NASBA (National Association of State Boards of Accountancy) and the state board of accountancy governs the eligibility rules of CPA. The CPA exam requirements vary by state jurisdiction. Every state board of accountancy has a different set of requirements, but most states have a core set of qualifications for a candidate to be eligible for the CPA exam.
Let’s go through the CPA license requirements.
- In general, many states ask for 150 credit hours in some specific courses from a university or an accredited institute under NASBA.
- The candidate should pass the Ethics exam.
- Must have 2,000 hours of work experience in taxation, auditing, accounting and management consultancy (need not be under a CPA supervisor.
- Age limit: 18+ years.
Besides the above requirements, the candidate must have a bachelor’s degree in Commerce/Accounting/Business with any of the below qualifications:
- Member of the “Institute of Costs & Works Accountants in India.”
- Member of the “Institute of Chartered Accountants of India.”
- Member of the “Company Secretaries in India.”
- Master of Commerce.
FAQs (Frequently Asked Questions)
1. Is it easy to crack CPA exam?
- To be Very frank, US CPA won’t be served on a platter to you. Yes, you’ll have to earn it! Yes, it’s gonna be a lot of hardwork, it will need a lot of commitment. But the silver lining, the CPA course is only 4 exams that you can pass in 12-16 months (with an effort of approx. 20 hours/week).