I am currently a CA final student and am doing B.Com(A&F) from
IGNOU.IGNOU is the biggest and government run institution which provides correspondence programme; and its programmes are spread in 44 nations.



 I will be getting my B.Com degree in march2011(as 3 years of internship under a practising CA of mine will be complete); and will be
giving my CA final(new) exams in nov2011.



I am planning to enroll for either  CFA or CPA of USA in late 2011 or early
2012.I will also be joining in june 2011 , regular college for mcom or
llb.



Will i be eligible for  CFA or CPA of US?

Source: Facebook

I. For those residents in the U.S with foreign education:

1.
If you have a Foreign (non - U.S) Masters degree in Accounting /
Business ( with a total of 50 courses) from ANY Recognized University
in your country, you can apply to ANY state board in the U.S. If you
have a Foreign Bachelors degree in Accounting / Business ( with a total
of 40 courses) from ANY Recognized University in your country, you can
apply to SOME state boards. Other qualifications are discussed later in
this article.

Do the rough math ( as discussed below) whether
you satisfy the TOTAL 120 or 150 credit hours. But you cannot figure it
out whether it is equivalent to U.S bachelors/ Masters as only the
Foreign Credential Evaluation Agencies can evaluate whether you have
completed all the required "core" courses and whether you have done
non-repetitive courses.

Foreign degrees / credentials' evaluations are discussed in detail later in this article.

Becoming a CPA consists of 3 stages - Education, Exam and License.

1.
See whether you satisfy the educational requirements of the state where
YOU RESIDE in U.S (for international candidates, see below), then look
for other states' requirements.

2. Go through the licensing
requirements of that State Board regarding the work experience part /
education in lieu of experience which you should satisfy after passing
the exams.( Everybody fail to look into this as we give more priority
to passing the CPA exams).

3. Then decide whether to pursue CPA.

Note
that passing the CPA exams itself is not sufficient( even though they
are tough exams). After passing the CPA exams, you have to get the
license, then only you can have the CPA designation/ title behind your
name, otherwise it is just a resume enhancer that "you have passed the
CPA exams but no license and no CPA designation/ title". GETTING THE
LICENSE IS VERY IMPORTANT. So you have to satisfy both the eligibility
and licensure requirements.

REMEMBER Only if you get the license
in ANY state, you can work as CPA in the industry, anywhere in the U.S
without having transferred your credit scores / license to that
particular state, but practice as a Public Accountant in that state
where you are licensed. (i.e. if you are licensed in state X, you
cannot practice as a Public accountant in state Y or Z but can work as
CPA in any company/ industry in state Y or Z.) . This restriction may
change in future as NASBA is trying to relax the rules , Please refer
to the NASBA (National Association of State board of Accountancy)
website.

http://www.nasba.org

Since
the exams are conducted ONLY in the U.S, anybody who is eligible to
write the CPA exams AND who can enter into the U.S with a valid visa
(visitor or other visas) can write these CPA exams.

If you don't
have the valid work permit to work in the U.S, you can still pass the
CPA exams but you cannot get the license (some states require no work
experience too...). Remember, passing CPA exams is always an asset and
you can have it in your resume , which will surely help you in the
future .

ALL BASIC CPA INFO:

A. STATE BOARDS – GENERAL INFO ABOUT CPA ELIGIBILITY for both U.S Residents and International Applicants with foreign education.

B. VERY IMPORTANT CPA WEB SITES

C. CPA EXAM RULES

D. CPA EXAM SYLLABUS

E. COSTS OF DOING CPA - EXAM FEES , COURSE MATERIALS, How to choose Course materials

F. CPA EXAM STRATEGY

G. DETAILED PROCEDURE OF CPA EXAM APPLICATION PROCESSING

H. TOTAL DURATION NEEDED TO PASS CPA EXAMS

I. CPA LICENSE DETAILS

J. CPA / ACCOUNTING JOBS IN THE U.S

K. EVALUATING YOUR FOREIGN(non U.S) EDUCATION

A. STATE BOARDS – GENERAL INFO ABOUT CPA ELIGIBILITY for both U.S residents and international applicants with foreign education

There
are about 55 State Board of Accountancies in the U.S . Each State Board
of Accountancy has its own requirements for both eligibility to appear
for the CPA exams AND for the CPA licensure. Please note that ONE of
the common requirement in ALL the States to get the CPA license is
passing the common CPA exam ,which is set by the American Institute of
Certified Public Accountants (AICPA / www.aicpa.org ) and administered
by the NASBA.

Each State Board may have different rules for
eligibility to appear for CPA exams and for getting the CPA license. So
Read carefully both the eligibility rules and licensure rules for each
state board. These rules are available at http://nasba.org/nasbaweb/NASBAWeb.nsf/wpecusm?openform

Most of the states in the U.S require (for both eligibility and licensure) ONE of the following:

(i)
an U.S Masters(i.e. Graduate) degree with 150 semester credit hours
from a Board recognized academic institution (accredited) OR

(ii)
an U.S Bachelors degree (i.e. Baccalaureate degree) with 150 semester
credit hours from a Board recognized academic institution (accredited)
OR

(iii) a foreign degree ("equivalent to U.S Masters / Baccalaureate degree" with 150 hours),

Some states require

(i) an U.S Bachelors degree (i.e. baccalaureate degree) with 120 semester credit hours from a recognized college OR

(ii) a foreign degree ("equivalent to U.S bachelors" with 120 hours)

for
eligibility but 150 hours / Graduate degree for the licensure (i.e. get
that additional 30 hours after passing the CPA exams).

FEW
states like California , Colorado , Delaware etc require U.S Bachelors
degree with 120 semester credit hours OR a foreign degree ("equivalent
to U.S bachelors" with 120 hours) for both eligibility and licensure.

Also
few states allow you to choose between 2 pathways. One pathway is the
Baccalaureate’s pathway (with 120 hours) and another one is Masters'
pathway (with 150 hours) but the work experience may be 2 years and 1
year respectively. DE state board has 3 pathways (Associate/
Baccalaureate/ Graduate).

Unless the state board SPECIFICALLY
require a degree in Accounting major, it can be of ANY major such as
Mathematics, Science, Computer science or Engineering .

Also check whether you satisfy the residency requirements of the states. Some states may require citizenship too.

Very
few states specify just 120 hours / 150 hours ( without specifying
‘equivalent to Baccalaureate / Graduate degree’). So read the board’s
rules carefully.

Normally all the State boards, IN ADDITION TO
the requirement of either Baccalaureate or Graduate degree or 120/150
hours, require SPECIFIC Accounting hours (mostly 21 to 36 hours) and /
or SPECIFIC Business hours(mostly 21 to 36 hours) and/or ethics course
credit.

I guess, Delaware and VT state allows people with less
than 120 credit hours (i.e. people having an “associate degree" or
equivalent foreign degree with a minimum of 60 credit hours) and no
residency requirements. ( Since DE state require U.S federal taxation
course credit , if you are holding a foreign degree, you MUST do a
online U.S federal taxation course for sure to apply through DE). Also
VT requires at least 60 total semester hours, and 30 hours must be in
business, and accounting but MUST do U.S Business Law course, other
than the US fed tax course.

In some states, educational
requirements to appear for CPA exams must be met at the time of
application for the CPA exams. In some states, educational requirements
must be met within 120 days following the actual date the candidate
took their first test section(s).

I. For those residents in the U.S with foreign education:

1.
If you have a Foreign (non - U.S) Masters degree in Accounting /
Business ( with a total of 50 courses) from ANY Recognized University
in your country, you can apply to ANY state board in the U.S. If you
have a Foreign Bachelors degree in Accounting / Business ( with a total
of 40 courses) from ANY Recognized University in your country, you can
apply to SOME state boards. Other qualifications are discussed later in
this article.

Do the rough math ( as discussed below) whether
you satisfy the TOTAL 120 or 150 credit hours. But you cannot figure it
out whether it is equivalent to U.S bachelors/ Masters as only the
Foreign Credential Evaluation Agencies can evaluate whether you have
completed all the required "core" courses and whether you have done
non-repetitive courses.

Foreign degrees / credentials' evaluations are discussed in detail later in this article.

If
you have less than 120 hours , Delaware and VT states are the options
where you can apply, I guess ... check other states rules too as these
are subject to change at any time.(All Indian bcoms (30 courses with 90
hours) and other people with 120 hours but not equivalent to U.S
bachelors category are choosing this option …).

If you have 120
hours and "equivalent to U.S Bachelors", you may have to read the
Board's rules of the states like California, Colorado, Delaware , New
Hampshire etc.

If you have 150 hours and "equivalent to U.S
Masters", you can apply to ANY state ( subject to residency
requirements). I guess, the following states don't require residency
and citizenship: Alaska ,California ,Colorado ,Connecticut ,Delaware
,Florida ,Georgia ,Illinois ,Kentucky ,Maryland ,Massachusetts ,Montana
,Nevada , New Hampshire ,New Jersey ,New York ,Oregon ,South Carolina
,South Dakota ,Texas ,Utah ,Virginia ,Washington , Wisconsin etc.
Please check the states rules at nasba.org for the latest details.

If
you are a member of Institute of Chartered Accountants of specified
countries, see the CO and MI board web site for more details as CA's
are eligible to appear for CPA exams thru CO and MI.

2. Decide the state board where you want to take CPA.

Try
YOUR residing state first after doing the rough math, discussed below.
Then choose the other states’ options. If you don’t satisfy your
residing state board’s rules , Try to choose a state board that
recognizes most of your qualifications (so that less work experience is
required to get their CPA license).

Remember, even though you
are an resident in TX, you can appear for CPA exams through NJ board
and write the exams in any prometric center near your home in TX. But
to get the license, you have to satisfy NJ’s licensure requirement NOT
TX ‘s licensure requirement. After you get your license, you are NJ
licensed CPA, living in TX!!

Keep the DE’s /VT's associate
degree pathway as the last option as everybody with minimum college
education of 2 years is eligible under this category but 3 years of
work experience to get the DE’s CPA license under this pathway. Also DE
requires U.S Federal Taxation course credit( even online) which has to
be done.

3. Apply to the evaluation agencies to get your credentials evaluated along with the evaluation fees of about $200-300.

4. Based on the evaluation results, send in your application to the board.

II. For those who have foreign degrees and want to pursue from India / other country (International Candidates)

1. Whatever discussed above for residents will apply to you too..

2.
You can not take the U.S. CPA exam outside the U.S as it is offered
only in the U.S. So arrange for your ANY type of visa like visitor's
visa etc. (But if you want to work in U.S (even to satisfy the work
experience part) , you need the work permit).Visa procedure is
available at the web site:

https://www.vfs-usa.co.in/Home.aspx

B. VERY IMPORTANT WEB SITES

CPA info is available at following web sites:

PLEASE READ ALL THE INFORMATION IN THE LINKS IN NASBA.org and CPA-EXAM.org.

http://www.nasba.org

http://nasba.org/nasbaweb/NASBAWeb.nsf/wpecU.Sm?openform

Select
the appropriate state and read all the requirements relating to
eligibility and licensure. And if you have a query, contact them.

http://www.aicpa.org/

ALL CPA examination info is available at

http://www.cpa-exam.org

Visit the above site very often to update yourself regarding the changes in patterns / software of CPA exam.

http://www.cpa-exam.org/cpa/computer_faqs_1.html

Please download the CPA Exam Candidate bulletin ( more details about the exam process) from this link:

http://nasba.org/nasbaweb/NASBAWeb.nsf/WPEP

http://www.nasbatools.com

-more about licensure tools.

C. CPA EXAM RULES

The
Exam is offered 5 (and sometimes 6) days per week during two months of
every quarter. (These periods are known as "testing windows.") Testing
is available in January & February; April & May; July &
August; and October & November. Testing is NOT available in: March,
June, September, and December.

Boards permit eligible candidates
to take ANY sections of the Examination in ANY testing window on ANY
date and in ANY order they wish.

However, candidates may not take any failed section again in the same testing window.

Once
candidates pass one Exam section, most boards allow 18 months for
passing the remaining three sections (called as 18 month rolling
period), irrespective of the validity of your NTS. This rolling 18
month period start from the date on which you APPEARED for your FIRST
PASSED SECTION.

If the remaining all 3 sections have not been
passed within that 18 month period, the credit for the first passed
section goes way and again have to retake and pass that section. The
basic logic is that ALL 4 sections should be passed within ANY 18 month
period, irrespective of the validity of your NTS and any section
falling outside that period is to be retaken. Please refer to the
boards’ rules.

Note that you can even take up 1 exam section at
a time and just pay both the application fee/ registration fee and the
fee for that section (NOT for all sections).

D. CPA EXAM SYLLABUS

The Content Specification Outline of CPA exams (syllabus) is available at

http://www.cpa-exam.org/cpa/computer_faqs_2.html

http://www.cpa-exam.org/download/CPA_Exam_CSOs_revised_10_05 .pdf

CPA exam is a computerized exam consisting of four sections (i.e. papers / parts):

Auditing & Attestation (AUD) - Length of the exam being 4.5 hours (no breaks!!)

Financial Accounting and Reporting (FAR) - 4 hours

Regulation (REG) - 3 hours

Business Environment and Concepts (BEC) - 2.5 hours

The
passing score for each of the four exam sections/parts will be 75. Each
section has Multiple Choice Questions(MCQ) and condensed case studies
called Simulations (Sims). But BEC has no simulation.

Since you
can take the sections in any order of your choice, you can choose the
sections which you find it easy and comfortable. Some may prefer BEC,
some may prefer AUD, it all depends on your exposure level.

Just giving you an idea about the major topics covered:

BEC
– Business structure (such as Partnerships, Corporations, LLC, LLP
etc), Financial Management (NPV + Capital Budgeting), Cost Accounting,
Economic Concepts , Information Technology etc - Theory + problems- All
almost same as Indian Scenario.

REG -Voluminous and New concepts

40%
of the section(paper)- Professional Responsibilities of an Accountant
and various Business laws in the U.S like SOX, Antitrust, Contract,
Agency, Federal Securities, Bankruptcy etc - full theory) and

60%-
U.S Income tax laws (individual ,corporations etc), Gift and Estate
laws - Theory + Problems . Though new, Indians can appreciate the
basics.

AUD- As Usual, lots of theory...somewhat similar to
Indian auditing....but have to study in detail regarding the audits in
the U.S ,also understanding (not memorizing) the statements on auditing
standards( SAS) etc.

FAR- U.S Accounting - voluminous and new concepts

Financial
Statements Analysis, Fixed Assets, CA and CL, Investments, Stock
holders Equity (EPS etc) ,Statement of Cash flows, Business combination
(i.e. Amalgamation), Consolidated Financial Statements, Deferred taxes,
Leases, Derivative instruments, Government Accounting, Not-for-profit
Accounting etc...list continues .Need to work out lot of problems.

You can find more details in the content specification outline.

Normally
for Indian Mcom's / MBA's / CA's/ CS's/ Grad CWA's who have no idea
about U.S Accounts and laws , they can pass all the 4 sections within a
span of 8 to 12 months ( full-time disciplined self-study like 5 to 8
hours a day) depending on their exposure levels . For Bcom's/ B.coms
with CA inter, more time is needed but still it's manageable. YOU CAN
DO IT !

If you have knowledge about U.S Accounting and Business
and taxation laws, even 4 to 6 months full-time preparation is
sufficient.

If you UNDERSTAND THE CONCEPTS, then all 4 sections are manageable.

All
Indian CAs/CSs/Grad CWAs/ Mcoms/MBAs have no problem with BEC and AUD
as they are already familiar with the topics but FAR and REG are
totally new and therefore need more time to study.

On an average, Time schedule to complete each section with 2 revisions:

BEC - 200 to 300 productive hours

AUD - 250 to 350 productive hours

FAR - 300 to 400 productive hours

REG - 300 to 400 productive hours

Totally
8 to 12 months depending upon your exposure levels. (Some people may
need less time than specified here!! Also for people not having solid
accounting background, add 100 more hours too..).

You can choose
to appear for 1 section at a time concentrating on 1 section at a time
or you can prepare for 2 sections at a time and appear for them one
after another within 2 months so that you will have 16 months remaining
in that rolling period to complete the other 2 sections... or all 4
sections at a time…whichever works out for you..