The Certified Public Accountant (CPA) is an accountant who has been awarded a certificate of Qualification. The examination is conducted by the Institute of Chartered Accountants of India for candidates seeking to practice in the state of India. Candidates must have passed the CPA examination to qualify for practice in India. The examination is based on the subjects of Accounting, Finance, and Taxation, however, the syllabus is not followed in all states. The test is offered at multiple locations across India as well as online.
The CBSE CPA Exam (commonly known as the CPA Exam) is a common entrance qualification test for practicing certified accountants in India. The exam is divided into four main sections – Theory, Quantitative Aptitude, Verbal Ability and Analytical Ability. Every year, the Central Board of Direct Taxes (CBDT) declares the dates, the important dates and the other important information of the CBSE CPA Exam.
The CPA Exam is one of the most important exams for every aspirant in India. It signifies that the aspirant has made the right call in his/her career and decided to come into the field as a Certified Public Accountant. So, before we start with the actual preparation part, we will have to understand what CPA is.
It is recognised worldwide that we live in a world where accounting plays an important role in the management of regular aspects of business life, whether large or small. In times like these, business has become one of the most sought after professions among all career options. Moreover, not only UG and PG level business courses but also professional courses have different level of popularity among the candidates. Vocational courses like CA, CS, CPA and many others are among the vocational courses that are always in demand. They all offer a wide range of opportunities for candidates who want to work as professionals in relevant positions. In this article, we have covered all aspects of the CPA, such as the eligibility criteria, the program, the application fee, how to apply for the CPA, etc. Now, without wasting time, let’s see:
What is the CPA exam?
This section provides basic information about the CPA exam. Take a look:
Let’s start with the full form; the full form of CPA is Certified Public Accountant, also known as a popular business education. The course is recognized worldwide, making it even more unique and extreme. The CPA Certificate in Accounting is globally relevant and provides knowledge of international accounting standards and principles. Individuals who wish to obtain a CPA license must complete all necessary steps, including training and internships, and most importantly, obtain a valid license.
US CPA is the best CPA certification option preferred by candidates. But now there is good news for candidates who want to obtain a CPA in India. Yes, you heard me right! Indian students can now take the CPA exam without travelling. This course is offered by the American Institute of Certified Public Accountants (AICPA). It is regulated by the Accounting Board, which means that people can sit for the CPA exam and the qualifications for the exam are set by that body.
Upon approval by the Board of Accountancy, the candidate may apply for the degree of CPA. If you have successfully registered for the exam, you will receive a TIN or notice of your exam date. The announcement of the date is for a limited period. If you want to take the first stage of the CPA exam, you need to register and make an appointment. There is a separate Notice to Schedule (NTS) for each section or level, which is issued by the Board of Accountants. Once you receive your ENT, you can immediately book an appointment for the CPA exam.
This course is best suited for candidates who want to work as professional accountants and have the necessary skills and abilities such as leadership qualities, ability to handle complex situations, knowledge of accounting, preparation of financial data and statements, etc. This section provides basic information about the CPA exam.
APA Examination Requirements
Interested candidates must meet certain criteria when applying for the CPA exam. The following requirements are mandatory for everyone. Let’s see:
- Candidates must have subjects like accounting, economics, business administration etc. Candidates with a general business background can sit for the CPA exam.
- Candidates with a scientific or artistic background can also take the CPA exam. It all depends on their interests and preferences.
- Apart from graduates, these candidates are also eligible for the CPA if they are members of the Institute of Chartered Accountants of India (ICA).
- A member of the Institute of Cost and Works Accountants in India is also eligible to be a CPA.
- These candidates can also participate in the CPA exam, which is affiliated to the Company Secretaries in India.
- Candidates with a master’s degree, especially in business subjects, can participate in this exam.
- Individuals who have earned an MBA degree from an accredited university may take the CPA exam.
Candidates who are pursuing a CA degree and are already licensed or who have earned a license along with a CA degree may enroll in the CPA certification course. However, there are some popular institutes in India that provide guidance and training and prepare CPA candidates at all stages. Therefore, the criteria may vary from institute to institute and from state to state.
To take an accounting course with a CPA certificate, you must meet citizenship requirements. Candidates with the citizenship listed below are eligible to take the CPA test.
- Sri Lanka
If you belong to the above mentioned countries or you have been living in these countries for a long time, you can easily apply for a CPA.
Mock examand CPA syllabus
Before you start preparing for the CPA exam, familiarize yourself with the syllabus and its format. It is important to know how many subjects are covered in this exam, especially the core subjects. The CPA exam consists of four sections, including…
- AUD – Audit and attestation
- OCI – Business environment and concepts
- FAR – Accounting and Financial Reporting
- REG – Control
To become a chartered accountant, candidates must pass examinations in all three areas. Upon successful completion of all sections, candidates are admitted to the CPA category and receive a valid license. Candidates must complete all four sections within 18 months and there is a maximum of four hours per examination section. This is an online exam.
CPA revision scheme
- AUD – multiple-choice questions (50%), task-based modeling (50%)
- CLB – multiple choice questions (50%), task-based modeling (35%), written communication task (15%).
- FAR – multiple-choice questions (50%), task-based simulations (50%)
- REG – multiple-choice questions (50%), task-based modeling (50%)
- AUD – memorize and understand (25-35%), apply (30-40%), analyze (20-30%), evaluate (5-15%).
- OCI – memorize and understand (15-25%), apply (50-60%), analyze (20-30%).
- FAR – memorize and understand (10-20%), apply (50-60%), analyze (25-35%).
- REG – memorize and understand (25-35%), apply (35-45%), analyze (25-35%).
- Audit training programme (AUD)
Area I: Ethics, professional responsibility and general principles – 15-25% of contributions
Area II: Risk assessment and development of a planned response – 25-35% of the allocation.
Area III: Conducting additional procedures and obtaining supporting documents – 30-40% of the fees
Zone IV: Formulation of findings and drafting of reports – 10-20% of deductions
- Business Environment and Concepts (BEC) Curriculum
Area I: Enterprise risk management, internal control and business processes – 20-30% of allocations
Area II: Economy – 15 to 25
Area III: Financial management – 10-20% of allocations
Zone IV: Information Technology – 15-25% allocation.
Zone V: Operational management – 15-25% of deductions
- Accounting and Financial Reporting Training Programme (FAR)
Area I: Conceptual framework, standard setting and financial reporting – 25-35%.
Area II: Choice of accounts – 30-40% deductions
Area III: Selective operations – 20-30% of allocations
Zone IV: State and local governments – from 5 to 15% of the allocations
- Rules and regulations (REG)
Area I: Ethics, Professional Responsibility and Federal Tax Procedures – 10-20% of allowances.
Area II: Commercial law – 10-20% of deductions
Area III: Federal tax on real estate transactions – deductions from 12% to 22%.
Zone IV: Federal personal income tax – 15 to 25% of deductions
Zone V: Federal corporate income tax – 28% to 38% of deductions
If the candidates have passed all the exams, they can get a license. You are free to choose the federal state in which you want to work professionally.
There are many costs associated with taking the CPA exam, such as. B. Application fees, permit fees, examination fees, etc. Let’s discuss it:
- Filing fee – The filing fee for the CPA is between Rs. 3,600 and Rs. 14,500 but may vary from state to state.
- Cost of the exam – The CPA exam costs approximately Rs 14,100 (for each section).
- Registration Fees – The APA’s registration fees are broken down into four parts:
- If you take one section at a time – 4,600
- If you take 2 sections at once – 5,900
- If you take 3 sections at once – 7,200
- If you take 4 sections at once – 12,900
- Ethics Test – In some states, an ethics test may be administered after the Uniform APA Exam. The exam costs between Rs. 10,900 and Rs. 10.900. 14,500.
- Permit Fees – After candidates pass the uniform and ethics exam, they move on to the next step: obtaining a permit. The cost of a CPA license is approximately $50 to $500 per year. Reimbursements may vary by state.
How do I register for the CPA exam?
Before you register for the CPA exam, make sure all steps are completed at the time of registration. Let’s take a quick look at how to register for the CPA exam:
- Before you sign up for the CPA exam, make sure you are qualified or not.
- If you are absolutely certain that you meet the requirements, you must send all official transcripts to the state college.
- Then register for the CPA exam and pay the fee.
- Then get an ATT (permission to test).
- Then you should get the NTS.
- Then schedule a medical exam.
- Then register for and take the exam.
There are two exams taken to be a Certified Public Accountant (CPA), the Certified Public Accountant (CPA) Exams both have eligibility requirements. Candidates should have completed a bachelor’s degree in any field with a minimum of 60% marks from a recognized university or an institute recognized by the Association of Chartered Certified Accountants (ACCA) before taking the CPA exam. The examination consists of three parts with the last part being a practical test. Total duration of the exam is 3 hours.. Read more about cpa course meaning and let us know what you think.
Frequently Asked Questions
Who is eligible for CPA exam?
The Certified Public Accountant (CPA) is a major professional certification in the accounting industry, it is a mandatory certification required by all public accountants, and it is one of the highest level accounting certification in the world. The process of becoming a CPA can be quite a daunting process. The question of whether an individual is eligible for taking the Certified Public Accountant (CPA) exam is mainly concerned with the two eligibility criteria set by the Association of CPA India (ACPI) which are as follows: 1) The candidate must be a graduate in any discipline from any recognized college or university in India. 2) The candidate must have passed the final qualifying examination from a recognized institute in India.
What is CPA course fees in Indian rupees?
Indian CPA Exam is conducted by CPA Institute in association with the Institute of Cost and Management Accountants of India (ICMAI). The CPA Exam is held twice in a year. It is an entry-level professional accounting qualification. The CPA Exam is conducted in more than 900 cities across India. Some of the important CPA Exam centres are Delhi, Mumbai, Chennai, Bangalore, Ahmedabad, Lucknow and Cochin. The National Council of Accreditation (NCA) is a U.S. based accrediting body. The Council is an independently funded, not-for-profit organization that accredits approximately 1,200 schools, colleges, and universities in the U.S. and Canada that offer post-secondary programs in accounting. The NCA gives recognition to these schools to indicate that they meet minimum standards in the areas of quality, value, and integrity, and are nationally recognized as meeting those standards.
How can I register for CPA in India?
The CPA Exam is the premier professional certification exam for CPAs in India. Those who pass this exam are called CPA. You can become a Certified Public Accountant (CPA) with a few years of formal education and a few years of work experience in the field of accounting. The CPA exam is the equivalent of the CPA Exam in the United States or the CPA Exam in the United Kingdom. The CPA exam is a national examination that is conducted by the Institute of Chartered Accountants of India (ICAI). You need to appear for this exam to become a Certified Public Accountant (CPA). The ICAI requires CPA applicants to be at least 21 years of age.
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