What is CPA?
Certified Public Accountant (CPA) is a license issued in 55 states or territories of the United States that authorizes the holder to practice as a CPA in that jurisdiction.
To earn the prestige associated with the CPA license, an individual is required to demonstrate knowledge and competence by meeting high educational standards, passing the CPA exam, and completing a specific amount of general accounting experience.
The two most important aspects of becoming a CPA are passing the Uniform CPA Exam and meeting licensing requirements in the state where you want to practice.
Why pursue CPA?
A CPA serves as a trusted financial advisor that helps businesses thrive. A CPA holds mastery over accounting areas such as tax preparation, financial statements, financial planning, auditing, financial consulting, etc. – one of the significant reasons why all sorts of professional organizations and industries seek the assistance of CPAs.
With academic content organized over just 4 parts and the designation achievable in 20 months, the CPA designation offers an extensive value proposition.
- Globally Recognized Qualification – CPA is an internationally recognized accounting license. Holding a CPA license is often referred to as having a black belt in accounting.
It is sought after by most finance professionals, commerce graduates, and those who want to make their careers in the finance, accounting, taxation, business law, and regulatory fields.
The key factor for global credibility is the fact that the CPAs will have knowledge of both US GAAP and the IFRS – the two accounting standards/languages of the world. - Strong Knowledge Base – The beauty of the CPA course is the exam contents and sections that the professionals learn.
These exam contents/sections – Auditing, Accounting (US GAAP & IFRS), Finance, and Tax, namely, make up the whole accounting world! Holding a CPA license proves the strong knowledge base one has in these fields.
Possessing a deep understanding of such content opens doors for numerous opportunities. - Significant Career Progression – US laws mandate that a person must hold a CPA license to conduct an audit of American businesses.
Hence, the major international accounting firms – the Big 4s (Deloitte, EY, KPMG, and PwC), as well as several leading international accounting, finance, and consulting firms such as Accenture, Genpact, Capgemini and JP Morgan Chase, BDO, Grant Thornton, etc.
These firms offer great job opportunities to CPAs. Furthermore, CPAs are competent enough to serve as company management and hold executive positions such as Chief Accounting Officer (CAO), Chief Executive Officer (CEO), Chief Financial Officer (CFO), Controller and Director of Financial Operations (DFO), to name a few. - Great Respect and Admiration – Since the CPA is among the most reputed qualifications for accounting professionals, it gives you a great value enhancement and provides an international perspective of the accounting processes in different countries.
Further, it gives you an opportunity to join an elite professional network of accountants transcending international boundaries.Apart from knowledge enhancement, CPA also cultivates leadership skills as you get to work in diverse teams often consisting of members from different ethnic communities and lead overseas projects. - International perspective (Aus and Canada MRAs) – If you hold a US CPA credential, you may be eligible to obtain the Canadian and Australian CPA designations, alongside many other accounting designations with accounting bodies of different countries via the MRAs.
MRAs are the Mutual Recognition Agreements, often signed between the accounting bodies of different countries and the US International Qualifications Appraisal Board (IQAB), representing the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants. - US CPA is a great designation for Indian students – US CPA would be one of the best accounting qualifications for Indian students to pursue. Along with the advantages and value propositions listed above, Indian students can start their preparation for the CPA exam early in their careers.
Generally, most Indian commerce undergraduates are eligible to take the CPA exam. With the number of MNCs and US firms increasing in India, the demand for CPAs has also seen a significant rise.
Opportunities with Miles Education’s CPA Certification in the US
Embarking on a CPA certification journey through Miles Education in the United States presents a gateway to a wealth of prospects in the dynamic realms of accounting and finance.
Extended Work Permit and STEM Certification Advantage:Miles Education’s strategic partnerships with prestigious US universities offer international graduates a unique edge, granting them an extended work permit.
The STEM certification for the Master’s in Accounting program ensures parity with other STEM professionals, providing an extended time-frame for employment opportunities in the US.
Lucrative Careers and Diverse Roles:Graduates can anticipate a competitive starting salary of $60,000 or more, indicative of the high demand for skilled CPAs in the fiercely competitive US accounting landscape.
CPAs have the opportunity to explore diverse sectors, including public accounting firms, corporations, government agencies, and non-profits, offering roles in audit, tax planning, financial analysis, and consulting.
Versatile Career Paths and Global Networking:The US accounting industry not only promises a robust start but also fosters continuous career growth, with CPAs progressing into management, executive, and leadership positions.The certification serves as a springboard for entrepreneurial ventures and specialization in niche areas like forensic accounting, mergers and acquisitions, sustainability reporting, and data analytics.
Working in the US provides unparalleled networking opportunities, allowing professionals to build a global network and collaborate with individuals from diverse backgrounds and industries.
In Summary,
Obtaining a CPA qualification in India and the US is an excellent opportunity for accounting graduates. It provides international recognition, higher salaries, and respect, along with a multitude of job opportunities in various profiles.
With the growing demand for financial advisors and auditors, a CPA is a valuable asset to any organization, particularly those with ties to US-based MNCs or who have raised capital from US capital markets.
