Procedures to become a CPA after passing CA?

Are you a CA professional? Are you planning to do CPA? This article is for you. There are certain procedures to become a CPA after passing CA. Read this article to know about the procedures. This article also includes the best CPA institutes in Cochin

In India, Chartered Accountants (CAs) are professionals, with a license to practice Accountancy and Taxation. They are registered with the Institute of Chartered Accountant of India (ICAI) and authorised to advise clients on taxes, audit accounts, and offer honest statistics about financial records.

Their job entails, the following –

  • Accounting systems & processes

  • Auditing

  • Business insolvency

  • Business recovery

  • Corporate finance

  • Financial reporting

  • Forensic accounting

  • Taxation

In the US, someone with a job profile, similar to a Chartered Accountant is known as a Certified Public Accountant (CPA). A CPA too has a license to practice. Basically, Chartered Accountants and Certified Public Accountants are qualified accountants - they just go by different job titles, in different countries. Though, there are minor differences in their job profile. A chartered accountant's job centres around auditing and taxation, while a CPA works with costing features of accounting.

Even though Chartered Accountants are qualified professionals, in great demand, yet, having a CPA is an additional qualification, and it is to their advantage. Many qualified CAs pursue CPA as well because it makes them better qualified and gives them an edge over their contemporaries.

Should you become a CPA?

In comparison to the CA course, the CPA course covers wider fields, is more detailed and helps broaden horizons and improve job prospects. CPA's are familiar with US GAAP (Generally accepted accounting Principles) and IFRS (International financial reporting standards). These are seen as global reporting standards.

With more and more MNCs mushrooming on Indian soil, the need for qualified CPAs, in India, is on the rise. CPA professionals demand a high salary and organisations seek their expertise in different fields, such as –

  • Analysis

  • Assurance

  • Auditing

  • Environmental accounting

  • Financial controlling

  • Financial planning

  • Forensics accounting

  • Internal and external reporting

  • Strategy

  • Taxation

How to become a CPA?

It is easy to become a CPA; especially for someone who is a CA. The only requirement is that they qualify the examinations conducted by the American Institute of Certified Public Accountants (AICPA). There are CPA course in Kerala that coach aspirants for the exams.

CPA examination is computer-based, conducted online, in Prometric centres in the US and a few other countries. The test consists of objective type questions, divided into four sections. It is conducted twice every quarter. The dates for 2019 are –

  • 01 January – 10 March

  • 01 April – 10 June

  • 01 July – 10 September

  • 01 October – 10 December

Candidates can choose when they want to appear for the examination.
Candidates are tested on four subjects, through a 4-hour examination, for each topic –

  • AUD (auditing and attestation)

  • BEC (business environment and concepts)

  • FAR (financial accounting and reporting)

  • REG (regulation)

A candidate must clear all four sections of the examination, within an 18-month period, to be deemed a qualified CPA.

The examination is conducted in the USA, and in Prometric centres in Bahrain, Brazil, Japan, Kuwait, Lebanon and the UAE.

Pursuing CPA from India

Until a few years back, Indians aspiring to appear for the CPA exam could appear for the exam only in Prometric centres in the US. Rules have since been relaxed, and Indian aspirants can now appear for the exam from Prometric centres in the Bahrain, Kuwait, Lebanon and the UAE.

To be eligible to sit for the exam, the candidate must be at least an undergraduate, with accounting, as a subject. However, a chartered accountant is eligible to sit for the exam.

CPA Coaching in Kerala

If you are planning to crack the CPA exam, then some preparation will improve your chances. It makes sense to enrol in a CPA coaching centre. CPA coaching centres in Kerala provide both training and guidance to aspirants, for a fraction of the cost that one would pay for similar coaching in the US or elsewhere. A CPA course in Kerala will definitely benefit anyone aspiring to become a certified public accountant.

CPA institutes in Cochin that conduct coaching classes have well-trained faculty, with years of experience. Further, these CPA coaching institutes provide excellent quality study material, which helps candidates prepare themselves well for the exam.