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+--- Thread: need information about CPA, CFA, and CIMA (/showthread.php?tid=5650)
need information about CPA, CFA, and CIMA - kashif45z2003 - 04-01-2009
i m a student of ACCA an just 4 papers away from my qualification of being an ACCA Affiliate. along with i m doing my internship.
i need info about CFA and CPA and CIMA. what are the exemptions available for an ACCA qualified. and what are the other criteria of being admission
what are the benefits of being each one of them?
kindly help me as soon as possible so that i may decide my future.
- Toronto_Boy - 04-02-2009
Search this forum. Already enough information is available to satisfy your questions.
- kashif45z2003 - 04-02-2009
buddy buddy my lovely buddy if u dont want to pass me information about it then its ok. but u should not suggest me to search info about that. i have very little time on the internet. if u wishes to help me then u may pass me info about that over here so that i can got info here rather than searching info that is useless talking on the forums. just give me straight ans with the scope so that i may decide my future plans.
with best regards
- admin - 04-03-2009
<font color="blue"><b>kashif45z2003
Toronto_Boy is correct in saying that you should have searched the forum beforehand, as answers to questions which you have asked, have been given plenty of times in the past.
Other members' time is as precious as yours and they shouldn't have to waste it answering to queries which have already been posed in the past.</b></font id="blue">
- maqszaman - 06-26-2009
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Toronto_Boy</i>
<br />Search this forum. Already enough information is available to satisfy your questions.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
By Maqsood Khan, MA, FCIS, FCMA, CPA
e-mailmaqszaman@yahoo.com
Toronto, Canada
Hello Everybody,
I am very pleased to see that a large number of accounting students in Pakistan is really interested in Certified Public Accountants program. Some of them shared their knowledge which should be appreciated. But this information is scattered and some pieces of the puzzle are missing. Since I am a senior accounting fellow and a CPA, I feel it is my responsibility to guide my younger one properly.
Before you take a decision of doing CPA, you must evaluate that how it will benefit to you. Are you planning to migrate to US/Canada? I am away from Pakistan for long time so I have no idea about CPAâs market in Pakistan.
The procedure of writing CPA exam is a bit complex because there are so many different agencies involved. First, note that CPA is a uniform exam. Uniform mean it is same in the entire US comprising 50 states and 4 jurisdictions. Exam is set and marked by the American Institute of Certified Public Accountants (AICPA). Each state and jurisdiction regulates accounting practice laws in its jurisdiction. So they have different requirements say education, age, residency, citizenship, public accounting experience, work experience etc. States are classified in two type of state 1. One Tier One and Two Tie States.
1- One Tier states
One tier states issue practice license only. They donât issue certificates. They will issue you a license if you meet all the requirements as mentioned above, of that particular state. If you donât meet the requirements of a state donât select that state because it will be useless for you. You wonât get your certificate or license. They will send you a congratulation letter only. However, at any time you can change the state. You can transfer your credits from one state to another.
2- Two Tier States
Unlike One Tier states, two tier states issue certificate as well as license. There are a few states which are tow tier such as North Dakota, Montana, and Delaware etc.
States accounting practice is regulated by State Board of Accountancy. All State boards are connected in one forum called National Association of Boards of Accountancy (NASBA). You can obtain detailed information about each state boardâs requirement at www.nasba.org.
State selection is a critical decision for writing CPA exam because it will affect you future. Before you select a state, read the entire website of board of accountancy particularly its requirements. You will have direct contact with the state board all the times. Donât hesitate to contact to the board if anything is unclear regarding evaluation, requirement, etc., to you. Generally board will reply your e-mail within 48 hours.
Foreign Credential Evaluation
Once you have selected the state where from you want to do your CPA, next step is evaluation of educational documents. Most states now require completion of 150 semester credit hours except a few where it is still 120 credit hours. Delaware State allows you to write the exam if you have passed US Taxation course. They donât have 120 credit hours requirement. You should check your state boardâs website for approved evaluators. You can also obtain information from www.naces.org. On this website they have a complete list of approved evaluators. But note that some state like New York make their own evaluation. They donât accept any other evaluator. You can download evaluation form from individual evaluatorâs website. You have to attach notarized copies all your educational, training and experience certificates along with syllabus. There are few evaluators which require your educational institution to provide them a direct confirmation in a sealed envelope. Contact you evaluator and check their requirement. You have to inform the evaluator that which state you want to write your CPA Exam, in the evaluation form. The evaluator will forward your evaluation report to respective state board of accountancy and will send you a copy. Generally evaluation fee varies from US$100.00 to US$120.00 and it takes them, about 6 weeks to send your evaluation report.
Application to State Board of Accountancy
Once you have met all the requirements, you would you should download Application Form from the State Boardâs website. Fill in the form, attach the document, applicable fee and send it to the state board. The board will review your application and send you an approval to sit in the exam. The board will send your information to NASBA for further process. Some boards collect exam fee directly and some collect through NASBA. Once you have received your approval, you need to contact to NSBA which will issue you a Notice to Schedule (NTS). NTS is the most important document. Check this document very carefully particularly you complete name, even spellings because you will not be allowed to write your exam if there is any spelling mistake. Actually NASBA is a hub between AICPA, Board and Pro-metric Centers.
Pro-metric Center
Pro-metric Centers are independent organization which conduct actual exam. You have to go to www.prometric.com to schedule your exam. The Pro-metric center will send you a confirmation e-mail immediately. Check the details carefully. If there is anything wrong contact to your Pro-metric center immediately for correction.
CPA Exam Sections
There are four sections in CPA Exam.
1. Auditing and Attestation.
Auditing is a 4.5 hours exam. The exam will comprise five test lets. Three test lets will consist of Multiple Choice Questions. Each of these test let will have 30 multiple choice questions. There will be two simulations. Each simulation will be divided in three sub-test lets. Auditing covers US Generally Accepted Auditing Standards (GAAS), and Governmental Auditing Standard.
1. Tabs
In the tabs examiner will give you a situation and you would need to fill in the required answers. It is like spread sheet
2. Research.
In the research section the examiner will ask you to substantiate a statement with authoritative material such as you would need to search a particular GAAS, GAAP, section of Income Tax Act etc.
3. Communication
In communication you will be given a situation and the examiner will ask you to write a letter. Communication contributes 10% marks of the overall exam. The marking will be based on your spellings, punctuation, grammar, composition, cohesion, technical knowledge, terminology etc.
2. Financial Accounting and Reporting.
FAR is a 4 hours exam. The exam will comprise five test lets. Three test lets will consist of Multiple Choice Questions. Each of these test let will have 30 multiple questions. There will be two simulations. Each simulation will be divided in three sub-test lets. Test lets and Simulations will be same as stated above. FAR is focused on hard core mercantile accounting, governmental accounting and Not for profit Accounting.
3. Regulations.
Regulation is a 3 hours exam. The exam will comprise five test lets. Three test lets will consist of Multiple Choice Questions. Each of these test let will have 24 multiple questions. There will be two simulations. Each simulation will be divided in three sub-test lets. Test lets and Simulations will be same as stated above. The Regulation exam covers US Taxations, Professional Ethics and Responsibilities, Contract Act, Sales of Goods Act, Mortgage, Insurance, Agency, etc.
4. Business Environment and Concepts.
BEC is a 2.5 hours exam. The exam will consist of three test lets. Each of these test let will have 30 multiple questions. There will be no simulations. However, it is expected that simulations will be added to BEC exam very soon. The BEC exam covers Partnership Laws, Economics, Management Accounting, Information Technology and Financial Management.
Sample Exam
You can experience a sample exam at www.cpa-exam.org. This website contains numerous valuable information. I strongly encourage you to visit this website.
CPA Exam
There is no fixed date for the exam. You can schedule your exam any business day you want. There are four windows in a year. Each window remains open for first two months. There is no exam in the third month. For example,
January, February, April, May, July, August, October, November (Open means you can write your exam)
March, June, September, December (Closed means you canât write exam)
CPA Course Providers
There are many companies will provide you coaching facilities such as Kaplan, CPA Excel, Rogers, Lambers, Glimpse, Wileyâs, Beckers etc. Most famous is Beckers and Wileyâs. These courses are available in class and online coaching.
CPA Exam methodology
This is Psychometric examination in which they evaluate your entry level knowledge to CPA, knowledge application, attitude, professional judgment, presentations, writing skills etc. Psychometric technique is evaluation process which is more focused on overall evaluation. They classify exam questions into two types of questions say 1) Pretest questions 2) Operating questions. Pretest questions are those questions which have already appeared on the exam before. These questions have no marks but are used to make psychometric evaluations. Operating questions do have marks. You donât know at the exam that which question is pretest and which is operating.
Generally first test let is medium hard. The computer generates second test let based on your performance. If you perform well on the first test let second test let will be hard, if you donât perform well second test let will be medium hard. The same is the case with third test let. So your exam could be a blend of
Medium Hard, Medium Hard, Medium Hard
Medium Hard, Hard, Hard
Medium Hard, Hard, Medium Hard
CPA Exam Day
You are supposed to report at Pro-metric center at least 30 minutes before the actual exam. You must produce you Notice to schedule, Pre-metric Center Confirmation e-mail, two pieces of ID issued by a government such as Driverâs License, Passport, National ID Card etc. Make sure that you name on the NTS must be exactly the same as on you IDs. You will not be allowed to write the exam if there is even a spelling mistake.
CPA Exam Scores
Total score is 100% in which multiple choice questions contribute 70% and simulations contribute 30%. Further simulations tabs and research contribute 20% and communication contributes 10%. The passing core is 75%.
NASBA collects you exams from Pro-metric Centers and forwards them to AICPA for marking. AICPA markers evaluate each candidateâs exam. Exams are marked by computer software except communication section of the simulation which is physically checked and marked by a person. As state above, this exam is psychometric so the software is designed in a ways that is does your psychoanalysis automatically.
AICPA release the score randomly in two relays. If you and your friend sit through the same Board of Accountancy, at the same time, in the same exam sections, at the same pro-metric center, you may receive your score at different times. In some cases, detailed psychometric analysis is required which cause detail in release of score. Normally scores are released within five weeks. However, if detailed psychoanalysis is required it could be delayed up to 13 weeks which is very weird.
AICPA communicates scores to NASBA which forwards them to respective board. It is boardâs responsibility to communicate you scores. Once you pass your all sections of the CPA Exam, the Board will issue you a license or certificate.
Membership
After passing the CPA exam, you need to be a member of the AICPA. For this purpose you will have to write another exam for Professional Ethics which is a formality only. Then you can become a member of the AICPA and use your CPA designation.
Congratulations! You are a CPA. Wish you good luck.
- tariqsohail - 06-26-2009
Good information Maqsood Bhai. I did my CMA from IMA (received 130 Credit hours) and I did my graduation from Pakistan. I want to know which state will be suitable for me for CPA examination (in terms of evaluation) and which will provide me certificate (if i will able to pass CPA exams) due to the problem of one & two tier.
Please provide me other useful information which will be helpful in the prepartion of CPA exams.
Regards,
- Mujahid - 06-26-2009
kami bhai k baad pehli baar kisi ne itni lambi post ki hai.
- zafarcma - 07-04-2009
HI R U FROM KHI SEND ME I THINK U R KSA OR UAE PLZ TELL ME SOME THING ABOUT CMA RIGHT NOW I RECENTLY TOOK ADMISSION IN CIMA ZAFARASIF@YAHOO.COM AND ZAFARCMA@HOTMAIL.COM
- tariqsohail - 07-04-2009
I am CMA from IMA (USA) not from CIMA.