Last updated on June 11th, 2024 at 07:28 am
Overview
In today’s financial world, the demand for US Certified Public Accountants (CPAs) has increased due to the rising importance of financial management and accounting. A Certified Public Accountant or CPA is one of the most highly-respected finance and accounting professions in India and is managed by the American Institute of Certified Public Accounts (AICPA). Moreover, choosing a CPA course is a good option for better career opportunities. And, the scope of CPA in India is excellent as it is considered a valuable certificate in the country that can offer job security. So, let’s explore the scope of CPA in India, its benefits and its average salary.
What is CPA?
CPA or Certified Public Accountant is one of the most reputable accounting professions in the world. Having this certification allows accountants to work in the public accounting sector. Directed by the American Institute of Certified Public Accountants (AICPA), it comprises four sections, which are:
- Auditing and Attestation (AUD)
- Business Environment and Concepts (BEC)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
A CPA can provide accounting professionals with more flexibility in their careers. Generally, CPAs only hold a single state license, but as per the reciprocity laws, they can also get licenses in other states.
As per their credentials, reliability and industry knowledge, CPAs are in high demand across all financial management sectors.
What is the Scope of CPA in India?
The US CPA is a globally recognised designation, and the scope of CPA in India is higher as Certified Public Accountants or CPAs are being recruited widely by different sectors of US-based Multinational Companies (MNCs) in India.
The “Big 4s” – leading accounting organisations offer accounting, taxation, auditing and assurance to clients around the world. These organisations include KPMG, Deloitte, PwC and EY. They are in high demand for hiring CPAs in India.
CPAs in India have also the capability of handling global financial accounting and corporate governance proficiently. Therefore, they are suitable for different roles in financial management firms.
As per the AICPA, five popular areas of specialisation for CPA designations in India are:
- Tax Preparation and Consulting
- Consulting Services
- Litigation Consulting
- Financial Planning
- Auditing and Review
What are the Benefits of US CPA Certification?
Here is a list of the benefits of US CPA certification:
- Global Recognition: The CPA certification is globally recognised and expands the opportunities for employment and advanced careers not only in India but also overseas.
- Advanced Career Opportunities: The US CPA qualification has a wide range of advanced career opportunities, including senior positions, such as Chief Financial Officer (CFO) and Financial Director, or starting their own finance and accounting company.
- Job Security: The finance and accounting sector is considered one of the most secure industries, as financial management is an important part of any organisation. Hence, the demand for CPAs will always be high.
- Multiskilled: CPAs have a variety of skills, including financial analysis, compliance and tax planning which are the most valuable in different industries, such as finance and accounting.
- Trust and Credibility: Industries in India value the decent and professional standards that US CPAs need to maintain, thus strengthening trust and credibility in financial reporting and compliance.
US CPA Eligibility Requirements in India
Below are the US CPA eligibility requirements in India:
- In order to be eligible for the CPA certification program, a candidate must have a bachelor’s degree or an equivalent qualification.
- To get a CPA license, 150 semester hours of CPA course must be completed.
- Many states require candidates who have about 1 to 2 years of experience under a CPA.
- For the US CPA exam, it is important for candidates to be members of the Institute of Chartered Accountants of India (ICAI). Besides, candidates must also be members of the Institute of Company Secretaries of India and the Institute of Cost and Works Accountants of India.
Average Salary of US CPA in India
On average, the US CPA salary in India is Rs. 7 lakh annually. However, the average salary ranges on the basis of experience and location.
- Entry-level – Rs. 4 lakh to Rs. 12 lakh per annum (For beginners)
- Mid-level – Rs. 12 lakh to Rs. 20 lakh per annum (With a few years of experience)
- Senior-level – Above Rs. 20 lakh per annum (For higher management or senior roles)
Final Words
Certified Public Accountant or CPA is one of the most reputable and valuable professions in India. With the increasing importance of financial management and accounting, the scope of CPA in India continues to surge in the future. It is a respectable and satisfying career choice that provides a good salary package, versatile knowledge and job security.
So, if you want to enhance your career in the field of financial management and accounting, then start your CPA journey with Imarticus Learning by enrolling in the course - Certified Public Accountant. Through this course, you can attain your CPA goals in only 12 to 18 months.
