This is video 2 of our CPA US series
For video 1, check description box for the link
Video 1 will get you up to speed
We will discuss Exams and Licensing in Detail
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Put your questions/ thoughts in the comments
We discussed Application Process and Costs in Video 1
We will start off from the Application costs of INR 28,400
Going back to my notes
The Examination process remains the same, irrespective of the jurisdiction
This is the most important aspect of CPA process
The Examination process remains the same, irrespective of the jurisdiction
We have 4 papers- FAR (Accounting), AUD (Audit), BEC (Biz Ethics & Comm) and REG (Tax)
I wrote the exams in the series I mentioned the papers
I recommend giving exams in that series- reasons to follow
FAR is said to be the most difficult exam
If you've studied Basic Accounting in your home country, this subject will make a lot of sense
If you're a CA, it'll help a lot here
If you've studied Basic Accounting in your home country, this subject will make a lot of sense
US GAAP is not very different from Indian GAAP or IFRS
Because Golden Rules of Accounting always remain same in any country
There are minute differences, but most of it remains similar
If you're well versed in GAAP in general, take FAR first
That is just a recommendation, choose your own :)
I wrote Audit next because I work in the field and a lot of it was what I knew
Thing to remember- Audit is very fluid- basics do not change. What's Fraud in East, is Fraud in the West
So Audit is not very different from what you may have studied
BEC is a basic exam testing Communication, little bit of Economics and writing skills
This was the easiest of the 4, for me
Most people BEC to be the easiest
REG was the toughest for me because my experience in Tax is limited
If you work in Tax, you may find it easier
To me, it was a new world because it was US Taxation
Let's talk about costs
Starting with Study Material
Will be sharing my Pro Tip #1
I'm discussing costs per April 2020
Re-check their links if you plan to invest in them later
Costs can change
The 3 material I see most widely used- Becker's, Roger's and Wiley'
Pro Tip #1- Check Wiley's website for free 14 day trial
That'll help you understand your interests and exam format
I've personally used Becker's
Becker's is the most expensive
As of today, it costs approx $2600
If you take Becker's
It'll cost about INR 2 lacs
Becker's has a lot of International Partners
Identify the partners in your home country
And ask for the costs
Roger's is up next
As of today, it costs $1500
In INR- approx 1.08 lacs
Wiley's costs about $1800
Free trial for 14 days
My personal preference is Becker's
My friends have used Roger's and Wiley's
And their experiences have been good
So make your choice BUT
Get any Trial pack (Wiley's)
Make sure you like the materials
Before investing in it
Coming to the question of
Is Study Material important? Or can we do self study?
If you're from a different country than the US
and have written professional exams there
You should understand the format of exam is very different in US CPA
Questions may be similar, but the way they're asked, is very different
Most of the questions are MCQs
And you do Simulation
Which is like 1 big project
Wherein a lot of questions are asked
Because of MCQs and Simulations, this format is difficult to prepare for by just Self Prep
We are not used to this when we haven't studied in the US
So I strongly recommend using Study Materials
But decide that per your financial limits and constraints
If you can afford it, please use it
Most employers fund the whole process of CPA
Talk to your employer (if you have one)
My personal experience was GREAT
They have amazing lectures- you do not need anything else apart from what they provide- NO additional classes or materials
I did everything 100% - all lectures, all MCQs, all Simulations and all Mock exams
I did not leave anything untouched
It shows on my score card :)
No part was left - just did everything 100%
But I did not have to repeat anything or revise
That is my thought on Becker's
If you do 100% of any material, You'll definitely clear
We've discussed study material costs
Let's move to exam application costs (NTS)
My state is (NH)
Exam application cost is $225 - INR 16,500 approx
And every exam costed $210
- INR 15,200 approx
Examination costs are to be paid per paper
which means, 4 times at the minimum
which is about $810
Try to do application once
I did not do the application for exam in one go
Because I wasn't sure about when I could appear for the exams
The difference is
if you do 1 Application, you pay the application amount once
If you cannot do that
You'll have to pay application fee every time you apply to write an exam
I paid application fee twice
Because I wasn't sure of the process
If you can do it all in 1 application
Then the total cost is
$1,050- INR 75,000 approx
Total cost now becomes
INR 2.30 lacs to 3.10 lacs
INR 2.30 lacs with Roger's
INR 2.50 lacs with Wiley's
INR 3.10 lacs with Becker's
When you fill all the forms
They'll send you NTS- which is Notice to Schedule
NTS confirms you're eligible to write the exam under your jurisdiction
NTS remains valid for 6 months from date of issuance
After you've paid fees and NTS is issued
You get 6 months from that to schedule and write your exam
Beyond that, you need a new NTS and a new application
This is why I couldn't schedule mine properly
In the end, I wrapped it all up in 7 months
Take your own time to decide
These exams are expensive- do not rush
My state had a simple process
I paid $150- approx INR 10,500
I had to fill out a form