The US CPA designation

The US CPA designation: - US equivalent of CA - 12 month’s timeline - Only 4 papers - Exams in Dubai or US - @Simandhar, Becker “official” India partner

The US CPA designation

The CPA Career

CPA = US Equivalent of CA

Roadmap to CPA = 12 months

CPA is the US equivalent of Indian CA CPA exam USPs

o 4 exams only o Exams in Dubai (or US) o 12 months / 1000 hours study

Extensive career opportunities with MNCs and Big 4 [fresher salary

packages > INR 600k]

International

Credibility

• Global recognition (vs National recognition for CAs)

• Opportunity with Big4 and MNC's in India

Knowledge

Base

• Accounting (FAR)

• Auditing(AUD)

• Tax (REG)

• Finance (BEC)

Course USPs

• 4 exams only, 24 Sunday classes

• Can complete within 12 months

• Anywhere: US or Dubai

• Anytime: 8+ months/year

The US CPA designation

Why only 2-4 exams for US CPA/CMA certifications?

US CPA / CMA

US professional qualifications “COMPLEMEN” UNIVERSITY EDUCATION – e.g., to be a CPA, CMA or CFA, a university degree is mandatory

Therefore, these are crisper in content and focus only on skill gaps that are needed to be a F&A professional

Designed to be pursued alongside a full-time job and to facilitate the career progression for professionals

Indian CA / CWA

Indian (or even UK) professional qualifications tend to “SUBSITUTE” UNIVERSITY EDUCATION – e.g., you can be an Indian CA, CMA or CS without being an under-graduate!

Therefore, these are lengthy and also encompass what a candidate would have covered (or simultaneously covers) in a university degree.

Global

recognition

2-4 exams,

single-level

University

degree required

16-20 exams, 3

levels

University

degree

The US CPA designation

Career opportunities for CPAs in India

Subsidiaries of US-based MNCs in India [i.e., MNCs based out of US

or US SEC-registrants]

•Need to convert Indian GAAP financials to US GAAP for consolidation with the US parent. US GAAP financials – that’s the job of CPAs!

•US regulations & compliances apply. E.g., SOX, FCPA

Subsidiaries of US-based MNCs in India [i.e., MNCs based out of US or US SEC-registrants]

•These are US SEC-registrants; hence, have reporting requirements with the SEC - in US GAAP or IFRS. E.g., Tata Motors, Tata Steel, HDFC, ICICI, Infosys, Wipro

Few Indian MNCs who have raised $ from US capital markets

•For audits, the partner on the audit for a US SEC-registrant needs to be a CPA, and they always prefer to have CPAs on the engagement team

•Especially Big 4 – Deloitte, EY, KPMG, PwC

Auditors of these MNCs

•Includes Accenture, Genpact, Capgemini, IBM, HP, Infosys, Arvato, Xerox, Wipro, TCS, Cognizant, EXL, Steria, WNS, others

F&A companies

The US CPA Certification

CPA Exams = 4 Parts only

Key pointers:

Objective pattern – FAR / AUD / REG = 100% objective | BEC

= 85% objective

Passing score of 75 on each part (on a scale of 0-99)

Global Pass Rate > 45%

18 months to clear from date of clearing 1st exam

Anytime (4 testing windows): Jan 1 - Mar 10, Apr 1 - Jun 10,

Jul 1 - Sep 10, Oct 1 - Dec 10

Anywhere in the US or few Middle East locations (incl.

Dubai)

FAR

•Financial Accounting & Reporting

•US GAAP & IFRS

• 4 hour exam (50% multiple choice and 50% simulations)

AUD

•Auditing & Attestation

•Auditingstandards & procedures

•4 hour exam (50% multiple choice and 50% simulations)

REG

•Regulation (US tax /law)

•US federal taxation & business law

•4 hour exam (50% multiple choice and 50% simulations)

BEC

•Business Environment & Concepts

•Business transactions

•4 hour exam (50% multiple choice, 35% simulationsand 15% written)

The US CPA Certification

CPA Eligibility - Expert guidance by Simandhar

Minimum education requirements for US CPA exams and license:

General rule: Every year of university education in India is equivalent to

30 semester credits of US education

Using 1 year = 30 credits,

B.Com = 3 years x 30 credits = 90 credits

o Exception: If B.Com is completed in 1st division from a NAAC ‘A’

university, the 3-year B.Com would be treated as 4 years of US

education, i.e., 120 credits for B.Com alone

B.Com + M.Com/MBA = 90/120 credits + 60 credits = 150/180 credits

B.Com + CA/CS/CWA = 90/120 credits + 60 credits = 150/180 credits

o CA/CS/CWA recognized by few states as 2 years of US education

CPA Exams =

120 credits

CPA License =150 credits

The US CPA Certification

CPA License - Simandhar helps you become a CPA

As per regulations, for CPA exams taken in international locations

(like Dubai), the exam credits lapse unless the candidate is able to get

to the CPA license within 3 years of clearing the CPA exams

EDUCATION

EXPEIRENCE

EXAMINATION

ETHICS CPA

The US CPA Certification

CPA Exams & License – cracking the code!

55 State Boards of Accountancy (SBAs) – each

authorized to issue the CPA license, and decide their

own eligibility rules

NASBA – the association of the 55 SBAs

AICPA – conducts the “Uniform” CPA examinations

Prometric – CPA exam test centres

POINT OF DIFFERENCE

ELIGIBILITY -

rules decided by:

EXAMS –

conducted by:

CERTIFICATE /

LICENSE –

awarded by:

CA

ICAI

ICAI

ICAI

CPA

55 SBAs [varying rules with different choice of evaluation agencies]

AICPA [irrespective of state board selection; hence, these are called “Uniform” for the CPA examinations]

55 SBAs

[varying rules; but note that ALL the states are substantially equivalent; i.e., license from any one state board is valid across the US and the world]

The US CPA Training @ Simandhar Education

Simandhar CPA Review - Course Offerings 160 hours of master direction;

Learning through materials published by Becker Professional Education

Over 6500 multiple choice questions;

Over 250 task based simulations that mirror the exam;

Two full final practice exam per part with the content and functionality of the actual CPA Exam;

Comprehensive Text Books and E-Books;

Intuitive Study organizer to help you develop study design customized at your inclinations theme.

Live Classes

Lectures to be delivered by all proficient faculties and with industry experience.

Special attention to every student

Placement assistance (for self-sponsored candidates)

Simandhar CPA Review is the provider of CPA classroom training. Simandhar Education provides the best in-class study material, a unique classroom delivery model quality education with emphasis on conceptual knowledge and extensive student support to accomplish their goals.

Simandhar CPA Course Fees

INR 132,000+GST

Early bird discounted fee INR 108,000+GST

For more details on Course Structure and Batch Schedule please visit our website

www.simandhareducation.com