With the advent of global reporting CPA has become one of the most sought after professional degree. CPA or Chartered Public Accountant is one of the most reputed charter, due to this reason the charter holders command handsome salaries and impressive profiles.
Where can you find CPAs working?
One can find a Charted Public Accountant working for BIG4’s globally. BIG4’s are the four largest professional accounting firms, which offer accounting, auditing, assurance, taxation, consulting, risk assessment and control, legal services etc. to diverse clients worldwide. These firms are Deloitte, KPMG, PriceWaterhouse Coopers (PWC) and Ernst and Young (E&Y). These firms offer services that are in much demand and therefore they recruit CPAs extensively. CPAs provide many of these services with ease and are well-versed with the both IFRS and US GAAP reporting.
You would also find them working for financial services firms. CPAs can handle anything from financial and international accounting to corporate governance. They can be employed and utilized in many profiles in a financial services firm. They can serve in the accounting or the finance field.
Chartered Public Accountant can also be seen working for the MNC’s and many listed entities in India and the United States. Many listed US entities also provide taxation services, these services are for corporations, partnerships and even individuals. CPAs are hired generally for providing strategic tax advisory to corporations and high net worth individuals. Some BIG4’s in India too are doing a similar kind of work, which is outsourced by the United States.
Diverse Profiles that CPA can be part of:
CPAs are required in all areas of the business world:
- Financial / International Accounting: CPAs can be part of the financial accounting profile easily as this forms one of the basic aspect of it. Financial accounting includes preparation and review of journal and ledger. CPAs would generally be a part of the team preparing and reviewing balance sheet accounts. Analyzing where funds are being utilized and where the company is over spending. Accounting standards can either be in USGAAP format or the IFRS (International Financial Reporting Standards).
- Corporate Finance (M&A, IPO, Share & Debt Issues): CPAs can lead or be part of the Initial public offering (IPO), further public offering (FPO) as they would understand the accounting consequences of doing so. They are also well versed with the mergers and acquisition aspects. Since they clearly understand the accounting facet, they can advise the management about their strategic moves for the company. There are many debt instruments through which a company can raise fund, finding the appropriate instrument and raising funds at a beneficial interest rate would help the company grow and outperform competitors.
- Investment Banking– Though this area is not explored by many CPAs but many have started to migrate towards this line of work. This is one of the most well-respected and highly paid domain in the field of banking. One can provide support in the treasury related accounting, balance sheet accounts which would include cash as well and checking for the accuracy of capital market pricing. They can also support financial reporting around valuations and derivative holdings.
- Assurance and Attest Services: Attestation is a type of assurance service that is generally offered by the CPA firms. Attestation can be of the audit of financial statement, internal control of the firm, review of historical financial statements or attestation services of information technology. Assurance services are generally performed by integrity, independence and objectivity. Also a professional conduct based on experience and education.
- Internal Auditing– Internal auditors bring discipline and good culture to any organization. They follow the best practices and control the risk effectively. Auditing can be either financial, operational or it related auditing. CPAs are well trained and versed in auditing and can conduct auditing for the companies. They generally are internal auditors of the company or form a part of the team.
- Information Technology (especially as applied to accounting and auditing) – Information technology audit is evaluate the systems internal control and effectiveness. This generally involves accounting and IT knowledge. They need to understand the setting of accounting and information technology and test controls to conduct an effective audit. CPAs are preferred for this audit as they have sound accounting knowledge and one could have specialization in IT audit. This is also a better paid role than financial audit.
- Management Consulting & Management Reporting– A management of a company generally recruits someone who not only understands the business inside out but is also is able to draw conclusions and caution the management about certain change or insurgencies. CPAs can also act as an advisor by providing safeguard and preventive measure, if any. They are able to help the management by drawing up charts and analyzing & charting the course a business can take.
- Financial Planning– Financial planning and analysis forms part of any mid to large organization. They conduct forecasting and budgeting for various projects, if they are working for a BIG4 or an international multinational company or forecasting & budgeting for the entire company. Also variance analysis is conducted on a regular basis to check the performance of the company. This helps the company perform better, check for efficiencies and plug inconsistencies.
- Tax Preparation and Planning– Generally various corporations would conduct budgeting for taxable income and forecasting the same. They can also conduct depreciation review and earnings and profit statement. This is usually done to recognize what would be the companies taxable income be in future. This will give the company a broader sense of how much tax they would have to pay. CPAs would be able to navigate this process quite easily and efficiently providing a logical advice to the corporation on their tax aspect.
- Income Tax– CPAs are also well qualifies to handle the taxation aspect of any corporation, partnership or any individual. There are various forms that they can file accordingly namely 1120, 1065, and 1040 respectively. To conduct this they require information from the companies and individuals for the entire year so that they can provide accurate and correct information without any hassles.
- Estate Planning– This basically means authorizing an heir to one’s assets. This would protect your loved ones from huge tax burden once you have passed on. Such services also reduce family feuds which can occur later and protect the younger children of the families. There are federal estate taxes and inheritance taxes that are involved in this planning. CPAs generally provide these services of tax and estate planning.
- Corporate Governance– These are generally the rules and regulations by which a company is directed and organized. These are the best practices that need to be followed by the corporation. It involves maintaining a fine balance between stakeholders, suppliers, financers interests and the community. CPAs ensure best accounting practices are followed and are able to maintain good relationships.
CPA is one of the most well respected charter worldwide. CPAs proficiency and expertise are really important in today’s changing environment. Hence they draw a handsome salary package at any organization. If you would want to pursue CPA, then determination to crack the CPA exam is the first step.
Which course to buy if you want to Pursue CPA?
If you are a CPA aspirant then it is advised that you follow course material to prepare for the exam. Course materials give you a comprehensive and step by step guidance for the preparation. Some of the course materials also come with planning tools that help you plan and schedule your study guide and approach as per your current standing. These tools are very helpful for professionals who would like to prepare while continuing their job. One of the best review courses is offered by Wiley Online Training and it is called Wiley CPA excel course. The course is recognized globally as the best preparatory material for CPA. It comes with planning tools and test banks which are constantly upgraded to keep up with the changes in the exam. Single most attractive feature of this course is that its pass percentage is 90% i.e. 90% students who complete the Wiley course, crack the CPA examination. With the course you don’t require any external help or coaching to pass the exam. With the plan guide and the study guide, even the professionals caught in 9 to 6 jobs can qualify the CPA exam in 1st attempt itself. The course consists of over 110 hours of lectures prepared by globally recognized faculty and consists of over 7500 latest and up to date exam questions to guide aspirants on every step of the way.
Wiley Online Training is among the global leaders in international training for CPA, CFA, FRM, Data Science & Analytics. It has helped over 500,000 professionals across the globe. With Wiley Online Training, 9 out of 10 students pass their exams. Want to find out more? Call us at 0120-6291100/01 or drop us a quick message here