The US Certified Public Accountant (CPA) exam is a comprehensive and challenging exam designed for individuals seeking to become licensed CPAs in the United States. The exam covers a wide range of topics in accounting and finance, including financial reporting, auditing, taxation, and regulation. It is administered by the National Association of State Boards of Accountancy (NASBA). In order to sit for the exam, candidates typically need to meet certain education and experience requirements as set by their chosen state board of accountancy.
CPA Exam Pattern and Content
The CPA exam is a computer-based exam that consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Each section is 4 hours long, for 16 hours of testing. The AUD section focuses on auditing procedures, standards, and the role of the auditor. Topics covered include planning and performing audits, obtaining and documenting information, and forming opinions and conclusions. The BEC section covers the economic, legal, and regulatory environment in which the business operates, as well as corporate governance, business strategy, and information technology. The FAR section covers financial reporting and the accounting principles and practices used to prepare financial statements. Topics covered include the balance sheet, income statement, and cash flow statement, as well as the principles of accounting and financial reporting. The REG section covers federal taxation, ethics and professional responsibilities, and business law. Topics covered include tax law and tax planning, ethical considerations for accountants, and legal concepts and issues relevant to business operations.
Scoring and Passing the Exam
The CPA exam is scored on a scale of 0 to 99, with a CPA passing score of 75. Scores are released approximately 2 weeks after the end of each testing window. If a candidate does not pass a section of the exam, they can retake that section after a specified waiting period.
Preparation and Study Materials
Preparation for the CPA exam is essential, as the exam is known for its difficulty and comprehensive coverage of accounting and finance topics. Candidates can use a variety of resources to prepare, including textbooks, study guides, review courses, and practice exams. There are also numerous review courses available, both online and in-person, that offer comprehensive coverage of the exam content and strategies for passing. Many of these courses provide access to practice exams, study materials, and other resources to help candidates prepare. It is also important to note that in addition to passing the CPA exam, candidates must also meet certain work experience requirements to become licensed as a CPA. These requirements vary by state but typically involve working for a certain number of years in public accounting or a related field, under the supervision of a licensed CPA.
Miles US Pathway & India Pathway
Miles Education, a leading CPA training provider, distinguishes itself through strategic collaborations with prestigious US universities. These partnerships enable Miles to incorporate Business Analytics into its Masters in Accounting programs, ensuring STEM certification (Science, Technology, Engineering, and Mathematics). This innovative approach not only bridges the OPT duration gap but also grants Miles’ accounting alumni a coveted 3-year work permit, aligning their privileges with those of engineering professionals.
This proactive strategy not only levels the playing field but also positions Miles’ students for excellence in the dynamic US accounting industry. The unique educational model establishes a structured pathway for Indian accountants to thrive globally, empowering them to contribute significantly to the international accounting community.
Choosing Miles Education represents more than a commitment to education; it signifies a strategic move to pave the way for success in esteemed Big 4 firms and Multinational Corporations (MNCs) both in India and internationally. The integration of Business Analytics and STEM certification not only enhances the educational experience but also equips students with the skills and credentials essential for a thriving career in the ever-evolving field of accounting.
Way forward
The CPA exam is a challenging and comprehensive exam that tests a candidate’s knowledge of accounting, finance, and related subjects. Preparation, persistence, and a thorough understanding of the exam content are key to passing the exam and becoming a licensed CPA.
