Gone are the days when accountants are the typical number crunching “gray-suit” guys who balance the debit and credit side of a balance sheet. The modern-day accountant is now expected to drive the company’s success with advanced responsibilities like financial analysis, forecasting, budgeting, risk management, tax planning, etc. Undoubtedly, elevating to such expectations and staying ahead of the curve requires extra qualifications, preferably international, and CPA course tops the list. But what is a CPA course? How much salary does a CPA earn? Is it important to get a CPA license after CPA certificate and what is the difference? Is there a good scope for CPA in India and what is the scope for a CPA in the USA? Is it worth the hours invested? Let’s find out.
The Whats and Whys of a CPA course
Decoding what the course is, is no rocket-science. Certified Public Accountant (CPA) can be defined as a certification that equips an individual to excel in the finance and accounting field through roles like financial analysis & reporting, auditing, tax planning, management consultation, etc. Simply, through a series of exams that are divided into 4 core sections.
Even though the exam is considered as one of the most competitive exams in the world, in the year 2022, over 60000 aspirants attended it in India. Thanks to the 8 new centers established across the country, in 2021. Now, for accountants, who want to accelerate their accounting and financing career, this came as big news, a welcoming one indeed.
Fundamentally, this exam requires clearing 4 core sections: Financial Accounting & Reporting (FAR), Auditing & Attestation (AUD), Taxation & Regulation (REG). After the new structure in 2024, candidates can now choose between Business Analysis & Reporting (BAR), Information Systems & Controls (ISC) and Tax Compliance & Planning (TCP) as their fourth core section.
Importantly, each exam section is 4 hours long and has to be completed in a single session. Although a candidate can clear the 3 exam sections in 20 months from the day he/she passes his first exam, the exam is conducted 365 days a year. This allows the candidates to choose the dates based on their preferences. For working professionals, the new structure gives them freedom and flexibility, allowing them to choose their dates accordingly.
As stated earlier, not just in the top firms or companies in the USA, but the Big 4 and other top MNCs in India prefer accountants who have cleared this global certification. Accountants who can assess the finances of US accounts within the company. This is an opportunity for Indian accountants to grow within the companies, and also giving them bigger and better job opportunities outside the company.
Unlocking the vast scope of CPA in India
The scope of a CPA in India is constantly growing and is no less compared to the scope in the USA. Even though becoming a Certified Public Accountant is a rigorous process, it is a prestigious and importantly, a stable career option. With various specializations like consulting, forensic accounting, tax and auditing, the salary is also very competitive and promising.
Completing this course opens up two pathways to accountants in India: Work at the Big 4 & other top MNCs and working in the USA at top accounting firms. Let’s dissect these two pathways to gain more clarity.
Firstly, a university degree (preferably in commerce) from a NAAC accredited university is a mandatory requirement to be able to take up the exam. Then, after passing, the candidate is powered with 120 credits, which still is not enough to gain the license as that would require a total of 150 credits. That is why, it is highly recommended to sign up for this course from an industry expert that can help you in cracking the exam and also assist in finding the additional experience or qualification where a candidate can gain the required 30 credits.
Moreover, 80% of the Certified Public Accountants in India are Miles alumni where the average salary is more than 10 lakhs per year. Very commendable, Miles has achieved this through strong tie-ups with more than 220 corporates in the country.
It is strongly recommended for accountants who aspire to work in these Big 4 and other top MNC companies in the country to be a part of this ecosystem. An ecosystem that hosts more than 100 leading global industry experts and over 55000 alumni base. Who wouldn’t want to learn and grow alongside them.
The CPA goldmine in the USA
As good as it is to work in the Big 4 and MNCs, working in the USA is a dream realized moment to Indians, and accountants are no exception. What if we tell you, through the Miles Education US Pathway Program, you can earn up to 60000$ per year with top public accounting firms. Yes, 60000$ per year!! Now, let’s explore what is the Miles US Pathway Program and the scope of CPA in the USA.
The program is tailor-made for undergraduate students from commerce background and working professionals aspiring to settle in the USA. In fact, there is an expected shortage of 126, 500 accountants in the country. It only clears, that the scope of the CPA in the USA is an ascending graph.
Miles has revolutionized the masters program for accountants in the US by converting their accounting programs to STEM (Science, Technology, Engineering, Mathematics). This integration permits the candidate with a 3-year post-study work visa, which is a huge thing for accountants given their backgrounds.
Additionally, Miles also makes the program affordable wherein their partner universities offer 30-70% fee reduction and up to 40% other scholarships. Some of the top university tie-ups include Case Western Reserve University, Michigan State University, Rutgers State University, Rochester Institute of Technology, etc.
To summarize, whatever the preferred pathway be, registering yourself to an industry expert works wonders. From top-class training, growing alongside global industry experts, and strong assistance towards placements, and fully-fledged license support, you are only a click away to the life you’ve dreamed of!
CPA Certificate vs License: Acing the CPA know-how!
Although CPA certificate and license may seem similar, it is a bit tricky to keep up with the nuanced differences they hold between them. First and foremost, advancing in your accounting career by clearing the exam reaps fruitful benefits. As stated earlier, many top companies and firms in both India & US prefer accountants who have cleared the exam compared to those who haven’t.
The exam certification is earned by simply clearing the 4 core sections over a period of 20 months and the eligibility criteria remains simple: Undergraduate commerce degree from a NAAC-accredited university. Nonetheless, to become a practicing Certified Public Accountant, a license is required.
Additionally, earning the license has numerous benefits that include owning your own firm, using the title “CPA”, signing audits & tax reports, becoming a partner in a firm, etc. After clearing the exam, it is also mandatory to meet the state’s additional qualification and work experience requirements. Again, it is strongly recommended to apt for a program that supports licensing too. For instance, Miles’ US Pathway program assists its candidate end-to-end in earning the license.
In conclusion, from undergraduate degree holders, to accountants who are looking to fast-track their accounting career, CPA course is their top choice. Impressingly, more than 80% of these accountants in India are Miles Alumni and are placed in the Big 4 and other top MNCs with salaries averaging more than 10 lakhs! For those dreaming of a top accounting firm in the USA, Miles US Pathway program becomes the best choice in the country. To think of, you are only a click away from Livin’ your American Dream!!
