Professional Ruminations

Yes.. Next to my CA studentship, I got flunk result in CPA - my first exam BEC. I found some mistakes and started rectifying in the next exam. Resolved to give my level best in the next exams and rest all left to the lotus feets of my almighty..

With a hurry to finish the papers, I started giving next 2 papers (REG & AUD) and paid the amount also (My height of optimism!!). After getting the results of BEC, I realized that this will increase $75 application fees along with the regular paper cost. So, I don't want to loss money again, waiting for the result of FAR (Where is the optimism??). Started preparing for the next exam AUD.

After a thourough analysis and discussions, I found Becker is the best book for CPA but COSTLIEST - around US$ 3,000 (INR.126,000) current editions. And I got an option to buy these from ebay & amazon (used ones and previous year's editions) for $ 200 ~ 250. I started downloading the updates from the publisher's websites and preparing for the exam (BEC). Since the subject (BEC) contents similar to most of our Indian CA course content, with much confidence start preparing for the exam.

Though I given the exam dates & started preparing, I have no clue how to get Madison (Exam Center - capital of Wisconsin). Nearly 3 weeks before the exam, I found the way from my client friend (a CPA lady Lynn Zegers) as to how to get the place with cheapest (INR. 2,400!!) fare. And accommodated in a Hostelling International - Dormitory ($22/night). Finished the exam and waiting for the result (with hopes).

On May 22, 2008 (Thursday) I got thunder landed in my head (Next to my earlier days of CA inter results) I got 58 scores (75 to pass). I was running out of clue why I got this. Also I got to ready for the next exam FAR on May 24, 2008. With good preparation in FAR, given my exams. I said good preparation because I found the mistakes I made in BEC and could able to get some more assistance with the Lecture CDs of Becker & Study groups. Done with the FAR exam on May 24, 2008 and waiting for the results.

I am working as a consultant in one of the world renowned consulting firms. I started from Bangalore to serve our one of the Biggest Clients in the USA on long term basis. By god's grace I got allotted with H1B visa and started my travel to the US. Before departing (Jan 08) to the US, I made enough preparations and great handbook (!) of CPA course in my laptop. I landed in the coldest place in the US and severe winter (-22'C) in Green Bay, Wisconsin.

I got a friend who was doing CPA in Texas thru one of my well-wisher, colleague and great friend in Bangalore. With the great help & guidance of her, I submitted my application to the Colorado State of CPA with 2 papers BEC & FAR. Exam given during April 4th week & May 4th week respectively.

This blog records my studentship of CPA on the go! and as a guide to the aspiring CPAs in the ladder to the CPA in the United States of America. Here I try to list the basic difference between the two courses:

1. CA, we got 14 papers to pass (as on 2007) inter + final; CPA - 4 papers to pass (BEC,FAR,AUD & REG)
2. CA, we got 2 exam cycles in a year (May & Nov); CPA we got 4 cycles - every quarter 2 months exam.
3. CA, we are governed by the ICAI's schedule of exam; CPA we governed by our own - means that we have to schedule our exam - which date we want to take exam.
4. CA, we got to write all the exams (group wise) in single time; CPA we can take up each paper at a time.
5. CA, there is no limit of time frame to pass (as on 2007); CPA, you got to pass all the 4 papers in 18months time.
6. CA, we can take the exams in India, Dubai & Nepal; CPA can be taken only in 51 states in the USA .
7. CA, only one centralized institute for the whole India, Each 51 states have different CPA institute. (CPA board).
8. CA, all written exam; CPA computerized based exam - more than 75% comprises of Multiple Choice Questions.
9. CA, passing per centage 50%; CPA, passing per centage 75% and,
10. CA, institute provides materials; CPA, nothing provided by the Board - procure from the market.

Preferrable state of registration for us (the Indian CAs): Colorado, USA
Cost of Registration (approx.) : 4 papers X USD200 = USD800 + Registration USD 135 (May08)
Cost of Materials (approx.) New - latest editions: USD 3000(Becker); USD 200 (Wiley) ; USD 300 (Gleim). Try buying in ebay.com or amazon.com (Used ones comes around USD250-USD300)

To apply: Send your application + Fees + CA MEMBERSHIP Certificate to the CPA Exam Services, (COLORADO State). NO NEED TO EVALUATE YOUR CREDENTIALS IF ARE An INDIAN CA.

Website for application / syllabus / fees: http://www.nasba.org/
To know MORE details: http://en.wikipedia.org/wiki/Certified_Public_Accountant
Sample tests to practice software: http://www.cpa-exam.org/
Toll Free Phone No.: 1-800-CPA-EXAM
email: cpaexam@nasba.org