TABLE OF CONTENTS
- Introduction
- The Scope of US CPA in India
Eligibility for Indian Students
Work Experience - Benefits of Pursuing US CPA in India
Abundance of Career Opportunities - Conclusion
- FAQs
INTRODUCTION
The competition in the global economy is pretty tough these days. Some careers flourish while some are in danger of being drowned out by others. The field of accounting, however, continues to thrive. Moreover, a successful career in accounting could lead to so many opportunities both on a local and international level.
A US CPA course is invaluable since the CPA designation is highly respected in the industry. For Indian professionals, is the CPA license worth pursuing? Is it valuable even for non-US residents? Let’s find out.
THE SCOPE OF US CPA IN INDIA
The CPA or US CPA designation is internationally recognized. Moreover, it’s a valuable credential not just in the United States and India, but across the globe as well. This resulted in certified public accountants employed by different departments of US-based multinational firms in India.
There are the so-called ‘Big 4’ organizations in India, namely, Deloitte, KPMG, EY, and PwC. All these offer taxation, auditing, accounting, and assurance services to clients all over the world. Furthermore, they are high in demand and thus, hire CPAs regularly. This is because CPAs are well-versed in the GAAP, or Generally Accepted Accounting Principles, and the IFRS, or the International Financial Reporting Standards of the United States. This makes them valuable assets for these four organizations.
ELIGIBILITY FOR INDIAN STUDENTS
- Master’s Degree in Accounting, Finance, or Commerce.
- B. Com graduates from a college or university that is CA IPCC cleared.
- First-division graduates of a three-year course from NAAC-A accredited universities
- B. Com graduates from a college or university that is CA and CMA qualified.
WORK EXPERIENCE
To qualify for the CPA licensure exam, you should at least have 120 credit points in Commerce. In India, the US counts every year in college as 30 credits. Often, the majority of Indian students get stuck at this point. They do not meet the qualifying requirements since the bachelor’s program in the United States is four years, which equals 120 credits. The Indian program, on the other hand, is three years long and equals 90 credits only.
To get a total 120 credit score, CPA aspirants should additionally hold a postgraduate degree, or a Master’s degree, or be a member of the Institute of Company Secretaries of India (ICSI) or the Institute of Chartered Accountants of India (ICAI). If you are a B. Com student pursuing an M. Com, CA, or MBA, you can easily become a US CPA.
BENEFITS OF PURSUING US CPA IN INDIA
1. Keeping up with Globalization
The rise of multinational firms on an international scale paves the way for the growing demand for international accountants. Business organizations are looking to hire accountants with diverse cultural backgrounds to help them get valuable insight into business practices and operations. If you are a Chartered Accountant, you can get a further edge in your career with a US CPA certification.
2. Job Satisfaction
With globalization, businesses, and worldwide trade are getting more connected and complicated. The US CPA license provides young professionals with several avenues to showcase their skills and grow their careers. Moreover, the CPA certification provides multidimensional job opportunities in business and management consulting, Information Technology, auditing, tax advisory services, international financial reporting, and many more. With the prestigious international credential, a CPA is one of the top-earning professionals in the world today.
3. Career Evolution
The US CPA license stands out to potential employers anywhere in the world. Moreover, the license symbolizes professional commitment and leadership and management quality skills. Furthermore, the license also means higher responsibility and authority. Certified public accountants are paid ten percent more than non-CPAs.
4. Professional Independence
Certified public accountants enjoy a higher degree of professional freedom. Moreover, CPAs could provide consultancy services on their own or become partners of a firm. The knowledge and skills required to become a licensed CPA are tremendously useful tools for those who lean towards business leadership, serving as a strong credential and foundation for future business leaders.
5. Exclusive Community Membership
Being a certified public accountant not only earns you a high-profile job in India and the international market, it will also earn you a membership to over one million and a growing club of certified public accountants, a global community in its truest sense.
ABUNDANCE OF CAREER OPPORTUNITIES
Indian CPAs are proficient in international financial accounting and corporate governance. This proficiency makes them well-suited for various roles in the financial realm. This leads to a high demand for certified public accountants. Becoming a US CPA can provide abundant career options, which include the following:
- Financial Accounting
In the financial accounting landscape, CPAs play an integral role in preparing and examining balance sheets. The work involves analyzing how an organization allocates funds and determining areas of overspending. - Internal Auditing
Internal auditing is a consulting service that boosts the financial operations of an organization and provides objective assurance. Internal auditors adhere to the best practices to manage and mitigate risks effectively. - Corporate Finance
In the fields of Further Public Offerings (FPOs) and Initial Public Offerings (IPOs), certified public accountants play an important role by leveraging their comprehension of accounting implications and acquisition factors. Moreover, their expertise in the area enables them to provide strategic guidance to organization management. - Information Technology
IT Accounting integrates information systems and traditional accounting principles to save financial data. For this, a CPA is required since they have accounting knowledge and could also have a specialization in Information Technology audit. - Financial Advisor
Certified Public Accountants also act as financial advisors not just to organizations but to individuals as well. They help in making informed financial decisions on business startups, home purchases, and retirement planning. - Tax Planning and Preparation
When it comes to taxation, CPAs can provide expert advice and efficient processing to corporations. They can perform budgeting for taxable income as well as forecast revenue to predict the final amount of tax that the company should pay.
CONCLUSION
Certified Public Accountants in India can be certain of a high-paying and well-respected career that provides plenty of room for opportunities not just in India but all over the world. Become a CPA today by enrolling in one of the many prestigious institutions both offline and online to help you prepare for a US CPA examination effectively. Expert instructions and timely support lead you to success in your CPA endeavor.
FAQs
Q. Is CPA worth it for Indian students and professionals?
Ans. Pursuing a US CPA license is well worth it. This is because of the numerous opportunities in different areas, including accounting and finance, among others, in India, the United States, and anywhere else.
Q. Can you get a Job as a Certified Public Accountant in India?
Ans. Absolutely yes. The CPA license helps you get better job prospects and help you land a job in one of the Big 4 firms, including Deloitte, PwC, EY, and KPMG.
Q. Which is tougher, CPA or CA?
Ans. The level of difficulty depends on different factors, such as individual habits and strengths. CPA, however, is often considered easier than CA because of factors like pass rate, syllabus, and so on.
Q. How much does a starter CPA earn in India?
Ans. A starter certified public accountant in India could earn from 6 lakhs to 10 lakhs per year.
Q. Can I do US CPA even if I’m not a commerce graduate?
Ans. Yes. Most states accept candidates from different educational backgrounds, including those who are not commerce graduates.