Certified Public Accountant is the legal name of accountants in a number of countries in the English-reading world. Generally it is equivalent to the name of chartered financial accountant in other English-reading countries. In the United States the CPA is actually a license to give financial advice to the general public. Under the law, he/she must have passed the examination for CPA which is available to all professionally recognized accountants. The exams for the CPA exam are available from the United States Board of Accountancy.
A chartered accountant is normally a member of the Institute of Chartered Accountants of India. They have to complete a two-year degree course which consists of subjects like mathematics, accountancy, business laws and taxation, among others. After that they need to pass three examinations, which include written and qualifying exam and an internship which is usually conducted by the ICA in India. Once the candidates pass the exam, they are eligible for the designation of certified public accountants.
The exam for the CPA designation is conducted by the Institute of Chartered Accountants of India. It is important that the candidates appearing for the exam to pass the examination within a specific period of time which varies from six months to one year. It is important that the candidates who appear for the exam should have the minimum educational qualification of high school. All the institutes have different set of entrance tests and for every test there is a specific procedure to be followed. Candidates who appear for the exam need to read the examination paper carefully before they cast their vote.
The number one benefit that comes with CPA designation is the ability to work independently under a single firm and handle a wide variety of clients. This means that certified public accountants have the ability to work as head accountants or managers or auditors in various financial institutions including multinational companies. Another important benefit of this profession is that it helps the people to save their money which they can use to create wealth in the future. The amount of savings depends on how efficient the person is in his work. The reason for this is that the CPA works on the overhead cost of the company and not the revenue generation.
The second thing that one needs to look into is the accounting firm that will conduct the test. The exam includes three sections that are required to be completed. The first section is the Question Papers which consists of over forty multiple choice questions related to accounting basics. The candidates need to answer correctly so that they will be able to clear the exam. The next section is the Statement Of Expertise which consists of more than two hundred questions relating to the work experience requirements of CPA.
After answering both the examination and the written test, the candidate will be provided with a certification. The certification is very important because it serves as an authorization for the candidate to engage in business. Once he receives the certification, he will be allowed to engage in the practice of accountancy. Now that you know all the things about the profession, you need to find out what are the prerequisites for becoming a certified public accountant. The requirement of the state board will vary according to each state.