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What is the USCPA? Guide to Exam Difficulty, Credit Requirements, Benefits, and Career Paths!
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1. What is the USCPA?
The USCPA (U.S. Certified Public Accountant) is an internationally recognized accounting qualification certified by individual US states. Positioned as one of the top international business credentials, it has gained attention as a professional accounting qualification that supports global business expansion, mergers, and reorganizations in today's increasingly globalized world.
With approximately 400,000 holders across more than 150 countries working in diverse fields, this qualification is an attractive option for those looking to build their careers with accounting skills. This article explains in detail the benefits of the USCPA, the examination system, difficulty level, procedures, key points of the new exam, and potential career opportunities.
2. Benefits and Appeal of Obtaining the USCPA
The reasons for obtaining a USCPA lie in its significant benefits and future prospects.
(1) Status as a highly specialized global qualification: Particularly audit work is exclusive to certified public accountants. It boasts high recognition worldwide.
(2) Global career opportunities: Candidates from many countries including Japan, Korea, Singapore, and other Asian regions pursue this qualification, which is valued as a globally applicable credential.
(3) English accounting practical skills: Passing the exam serves as proof that you can handle professional-level accounting work in English. You can list passing individual exam sections on your resume, providing immediate appeal for job hunting and career changes.
(4) Expanding business fields: Of the approximately 400,000 USCPA holders worldwide, 34% work in general businesses. Career opportunities extend well beyond auditing and taxation.
(5) Future prospects and stability: Demand is growing with corporate globalization, including the adoption of International Financial Reporting Standards (IFRS) and mandatory internal control audits.
Accounting is an essential skill for all companies, and the USCPA provides a foundation for a stable career and international success.
3. Overview of the USCPA Exam
The USCPA exam is administered by the American Institute of Certified Public Accountants (AICPA), and you must meet eligibility requirements that vary by state.
(1) Eligibility requirements: Degree requirements (e.g., university graduation) and credit requirements (accounting and business credits). Many university graduates from other countries often lack sufficient accounting credits and need to obtain additional credits.
(2) Exam format: Computer-based, consisting of two types of questions: multiple-choice (MC) and Task-based Simulations (TBS).
(3) Exam sections (from 2024 onward)
- Required (CORE) 3 sections: FAR (Financial Accounting and Reporting), REG (Regulation), AUD (Auditing and Attestation).
- Elective (DISCIPLINE) 1 section: Choose from BAR (Business Analysis and Reporting), TCP (Tax Compliance and Planning), or ISC (Information Systems and Controls).
(4) Exam locations: US Prometric centers or designated locations worldwide. Some countries have conditions based on nationality or residence status.
(5) Exam fees: $344.80-$364.80 per section, with additional fees for international testing (varies by country).
(6) Credit retention: You can take the 4 sections in any order. The validity period for passed sections ranges from 18 to 36 months depending on the state.
The exam is designed to broadly test practical knowledge across many topics, allowing for flexible exam planning.
4. Exam Difficulty and Path to Success
The difficulty of the USCPA exam varies depending on accounting knowledge and English proficiency, but can be overcome with systematic study.
(1) Passing score: 75 or higher out of 99 points for each section (absolute evaluation).
(2) Pass rates (January-September 2024):
- CORE: FAR (40.59%), REG (63.26%), AUD (46.53%).
- DISCIPLINE: BAR (40.59%), TCP (75.42%), ISC (59.14%).
(3) Estimated study hours:
- ACCA/CFA Level 1 passers: 700-900 hours.
- Basic accounting knowledge (basic bookkeeping level) + intermediate English: 1,000-1,200 hours.
- Zero accounting knowledge + beginner English: 1,200-1,500 hours.
(4) Key difficulty factors: Beyond basic knowledge, the TBS case study format tests application skills.
Studying 2-3 hours daily provides approximately 1,000 hours annually, making it possible to aim for passing while balancing work or academic studies.
5. Application Procedures and Schedule
The examination process requires self-management and proceeds as follows:
(1) Application process: Education evaluation → State application → Exam scheduling (Prometric) → Testing → Results announcement.
(2) 2025 Schedule: Core sections can be taken every month, while discipline sections have limited testing windows (verification required).
(3) Important notes: You can choose different states for application and testing. There are no application代 agencies, so you must handle everything yourself.
When scheduling exams, checking Prometric seat availability is essential. International candidates may need to agree to obtain licensing within three years after passing all sections.
6. Key Points of the 2024 New Exam (CPA Evolution Model)
The "CPA Evolution Model" introduced in January 2024 is an exam that responds to the expansion of accounting/business knowledge and IT skills. The following points have been changed:
(1) Background of changes: Expansion of USCPA roles due to globalization and technological evolution.
(2) New exam features:
- Research questions have evolved (database eliminated, reference material-based).
- Excel → JavaScript-based SpreadJS.
- Elimination of BEC written communication tasks.
- Elimination of adaptive testing for MC questions.
(3) Transition rules: Old FAR, REG, AUD carry over to CORE, BEC to discipline sections. Credits valid as of January 2024 are extended until June 30, 2025.
(4) Exam preparation: Major exam prep material providers (Becker, Wiley, Gleim, etc.) offer materials adapted for the new exam.
7. Global Career Opportunities Opened by the USCPA
The USCPA qualification dramatically expands your career possibilities as a global credential.
Beyond audit work at audit firms and the Big 4 (PwC, Deloitte, EY, KPMG), it opens career paths in the financial industry such as Investment Banking Divisions (IBD) of investment banks, asset management, hedge funds, and CFO departments of global corporations. This makes it realistically possible to aim for substantial salary increases in senior positions, though this varies by country and region.
Since the USCPA is globally recognized, your chances of success in international companies increase significantly. For example, positions such as CFO or Financial Controller at foreign financial institutions or global corporations become within reach.
Developing a career strategy is also important. Many people choose to enter audit firms after obtaining accounting credits, but the true value of the USCPA lies in broader career advancement possibilities.
For instance, obtaining both a USCPA and MBA makes you a rare talent with accounting skills and management perspective, bringing you closer to executive positions in global companies or top positions in the financial industry.
8. Comparison of USCPA, CFA, CMA and Other Global Financial Qualifications
Many people wonder, "Which should I obtain: USCPA, CFA, or CMA?" The conclusion is that the optimal choice differs depending on your career goals.
(1) Qualification characteristics and advantages:
- USCPA: International accounting and auditing qualification recognized in over 150 countries. Four-section exam (3 required + 1 elective).
- CFA: Most prestigious qualification in investment and finance. Three-level exam structure with high difficulty.
- CMA: Qualification specialized in management accounting and corporate finance. Two-part exam.
(2) Study time and difficulty:
- USCPA: 700-1,500 hours (approximately 1-2 years)
- CFA: About 900-1,200 hours across all 3 levels, low pass rates with upper levels being particularly challenging
- CMA: About 600-800 hours (approximately 6 months to 1 year)
(3) Career suitability:
- USCPA: Audit firms (Big 4), corporate finance departments, CFO candidates, accounting departments of financial institutions
- CFA: Securities analysts, asset management, portfolio managers, investment banking
- CMA: Corporate planning, financial strategy, cost management, controllers
To efficiently build a global career, it's important to choose the qualification best suited to your target field. USCPA is a strong choice for those focused on accounting and auditing, CFA for investment and asset management, and CMA for corporate financial management. Obtaining multiple qualifications can also create synergistic effects.
9. How to Obtain USCPA Credits
To sit for the USCPA exam, you need accounting and business credits as defined by each state. For graduates from many countries who often lack these credits, online courses from accounting graduate schools are recommended as an efficient way to obtain them.
Benefits of online courses:
You can earn credits from anywhere in the world while continuing to work. Working professionals and university students can study according to their schedules.
For example, UC San Diego is famous as an accounting graduate school and also offers online courses for obtaining USCPA accounting credits.
Alpha has partnered with UC San Diego to offer online courses at a 15% discount. If you're interested in the discount, please feel free to contact us.
10. Recommended Combinations with USCPA
While the USCPA alone is valuable, combining it with an MBA is particularly powerful. This combination creates opportunities to target top financial industries such as investment banking (IBD), asset management, and hedge funds, as well as CFO departments in corporations, even for those without prior experience.
The reality is that transitioning to these top financial institutions with just a USCPA can be challenging. Having an MBA in addition to accounting skills to demonstrate business strategy and leadership capabilities dramatically increases your value to companies.
It's efficient to obtain the USCPA first, gain practical experience, and then pursue an MBA. With Alpha's support, you can create a comprehensive plan from obtaining credits to MBA studies abroad and career changes.
With the dual qualifications of USCPA and MBA, you can secure a top career in global finance.
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