Why US CPA for Unsuccessful CA Final Candidates?


Whenever the CA Final results are published  the mood is euphoric in certain camps and despondent in many.   Historically the number of students who complete the course in the standard stipulated time is very small as compared to the ones who take more time to complete the same.       

Hence the tension that prevails when the results are expected to be published is perfectly understandable.   The heartening feature of course is that here is one professional course (one of the few I should say) that is not bound by reservations based on any factors thus ensuring quality. 

If one analyses the reasons for the low success rates it can mainly be attributed to the form and structure of the exams besides the comprehensive syllabi (which of course is needed for a Professional Program like the CA).  

A  student  has  to  get  a  minimum   of  40%  in  each  paper  and  an  aggregate  of  50%  in  all  papers  to  be  declared  as  successful which is the main challenge.   With the student in the midst of doing his/her Articleship there is always a pressure of not having adequate time for preparation.   Add to this the external and internal pressures to the student the position gets only more complicated.  

Being a qualified accountant myself can relate to  their  feelings.    This  article  essentially  is  to  guide  them  on  how  to  handle  such a  situation  and what  is  the  alternative  that  they  can  look  at  to  not  only  boost  their  self-esteem  and  confidence  but  also  jumpstart  their  career. 

US CPA- The solution

The highly recommended option in this situation is the CPA of the USA.  Before  we  reason  out  as  to  why  this  is  indeed  a  great boon let us understand some salient  features  of  CPA  which  are  outlined  hereunder :

Salient  features  of  US CPA

  1. The  exam  is  conducted  by  the  Association  of  Institute  of  Certified  Public  Accountants (AICPA) of the USA on behalf of the State Boards of Accountancy.   AICPA incidentally is the largest Professional Accounting Organization in the world. 
  2. The eligibility to take up the exams varies from State to State in the US as they are the body that awards the Certification once a candidate clears the CPA exams.   There are certain eligibility criteria for taking up the US CPA exams and hence it is preferred that one consults an expert to ascertain the same. 
  3. It normally takes only about 12 – 15 months to complete the exams depending on the background of the candidate. A Candidate must pass 4 papers which predominantly consists of Objective type of questions.  This would include a combination of Multiple Choice Questions (MCQs) and Task based Simulations (TBS). 
  4. Online exams are conducted for almost 300 days in a year and it is possible to sit for all papers in one go also if needed.  Otherwise a candidate can appear for the exams paper by paper depending on his preparations.   Currently the US CPA exams are conducted in 8 centres across India which is a very big benefit to the candidates in India. 
  5. As mentioned earlier, a candidate has an option of writing the papers one by one and clearing with the minimum pass mark of 75.  Once a student passes a paper he/she has 18 more months to clear the remaining 3 papers.  If a candidate attempts more than one paper at a time, he/she is deemed to have cleared those papers where he/she has scored more than 75 and need not appear for that paper subject to fulfilment of the condition mentioned. 
  6. With a pass percentage of around 50% and above globally it definitely is good news for candidates wanting to join US CPA.   Thus with the passing of exams and some work experience (which such candidates do have with their Articles experience), the prospects is exciting across the globe and good with the Corporates in India. 
  7. The  biggest advantage candidates with such a profile (B.Com and CA Inter with preparations for CA Final) have is the commonality and familiarity of the syllabi of the CPA.  Very little in the syllabi would be absolutely new to them and this commonality and familiarity is a very big advantage when it comes to preparation. 

Conclusion on the US CPA for Unsuccessful CA Final Candidates

Thus  it  can  be  seen  that  the format,  structure  and the  syllabi  of  the  CPA  exams  favour  candidates  and  pose  a  viable  alternative  for  those  who  have  not  been  able  to  clear  their  CA  Final  for  various  reasons.    By completing  this  program  within  a  reasonable  time frame  a  candidate  can look  ahead  with  optimism  for  a  great  career  ahead  in  the  field  of  Finance  and  Accounting  globally.  A good training institute like FINSPIRE ACADEMY can make your life easy with the right kind of training and guidance. Visit www.finspireacademy.com to know more.

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