Benefits of Indian Accountants becoming a CPA
Indian Accountants can fall in any of the following categories :
- Qualified Chartered Accountants / Management Accountants
- Inter Qualified Chartered Accountants
- Post Graduates / Graduates in Commerce
One important criteria for someone to do their CPA is their eligibility and hence it is recommended that one gets that eligibility assessed before embarking on this journey. This blog presumes that a candidate is eligible and accordingly lists the benefits. Even if a candidate is not eligible, there are some bridge programs which can be done to get themselves eligible. For this purpose it is recommended that they consult an expert in this subject.
Globalization has actually accelerated the demand for International Professional Accountants all over the globe. Many multinational organizations are looking at accountants with that extra edge as their diverse backgrounds and cultures can offer insight into business operations and practices. With the advent of an uniform accounting system globally and the introduction of GAAP, the need for finance professionals with this expertise is increasing in the corporate world.
Thus the first and foremost benefit is a distinct possibility of entry into a MNC if a candidate completes his / her CPA. However this is also subject to conditions but the chances are definitely enhanced if this is done at the right age and with the right kind of experience. Generally speaking if a candidate is a qualified CA / CMA, unless they have cleared the exams with good scores, entry into a MNC is not that easy. However if they complete their CPA their chances are brighter. It is pertinent to understand that by passing their CA / CMA they have already done their hard work. Hence passing the CPA is not that tough considering their background. It is also relevant that professionals at some point of time in their career need that additional thrust to jump start their career and CPA is the perfect solution for such a predicament.
For semi qualified Chartered Accountants it would always be an aberration that they have not been able to complete their CA and acquire a professional qualification. With the constraints in the format of the CA exams they must have found it difficult to pass the same. To illustrate one has to pass all 4 papers or 8 papers depending on whether its one group or both groups with a minimum score of 40% and with an overall aggregate of 50%. While the format in the CPA is different. One can pass the exams paper by paper and the credit for passing remains for 18 months before a candidate has to clear the remaining papers. Thus the probability of them passing the CPA exams is much higher. This would give them the most needed thrust since they become a professional accountant upon completion which should catapult their career to the next league.
For Post Graduates and Graduates in Commerce this is one of the no-brainer options as the main pre-requisite for this group is to acquire a professional qualification. The global recognition of the CPA is the real icing on the cake. However they need to ensure the eligibility factor as different States have different rules on this front.
To sum it up, the addition of CPA would provide the much needed wings to take off in the global corporate arena for an Indian Accountant.