Hi sir, thanks a lot your reply was very helpful. Few things:
1. I didn't mean if there are centers in the US and I know I'll have to come back to India for that, I was mostly wondering if there are certain requirements, aside from being prepared and paying the exam fee, that one needs in order to sit for the exam. For example, in the US we are required to have a Bach degree and 24 hrs of accounting, 24 hrs of business electives, 150 credit hours, among other requirements before we are allowed to even SIT for the CPA exam. Does the same hold true in India, or is anyone allowed to sit for the exam.
2. Even if there isn't a comprehensive guide, are there general study materials that people find helpful in studying for the exam? Furthermore, how much time will be needed to prepare for the exam and what's the best way to go about doing it?
3. Is a CA and CPA required to work in India or will just a CA suffice? Furthermore, in the US, it is common practice for CPAs to leave public accounting after 4-5 years and go on to work at large companies as financial managers, controllers, CFOs, etc. I was wondering if it is possible for CAs in India who no longer want to work at the Big 4 to also do these sorts of things, or do they usually just open up their own firm? How common is it for CAs to become CFOs or other executives within companies after getting some experience?
THanks a lot for the help though, I can't tell you how much I appreciate you taking the time for me and I promise this will be the last round of questions 
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Originally posted by : Rohit |
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Here are my thoughts.
1. Do/how NRIs can qualify to sit for the CA exam. - If you mean to ask can you sit for the CA exams in the US; I don’t think there are any exam centers so you need to wait until you come back to India (check ICAI's website for more details on the overseas exam centers)
2. Difference in accounting - yes there are differences but you can get used to it easily. This is not an area I would be too worried about; as the DNA of accounting is essentially the same.
Books for help - Not aware of anything too comprehensive but MP Vijay Kumar's book gives a boarder comparison of Indian AS with US GAAPs and there may be plenty others available.
3. CPA's weight in India - Holds a decent value though it’s not something which can replace the Indian CA as far as working in India is concerned but CA + CPA would be a good combination in India.
If I were in your place I would still do CPA in the States before coming back, as the major cost of doing CPA from India is actually traveling from India to US, so better do it while you are there.
Also there might be some exemptions for CPAs in the Indian CA course, though I am not sure about this, just check the ICAI website for it. So you can make good use of these exemptions to reduce the efforts on Indian CA.
Hope this helps. |
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CAclubindia
