Certified Public Accountant (CPA)

The CPA designation is regarded as the highest mark of distinction for accountants in the United States and is a requirement to practice as a financial statement auditor.

CPA Requirements

1. Education:

    - Most states require 150 semester hours of college education.

    - Some states allow candidates to take the CPA exam after completing 120 hours but require 150 hours to receive the CPA certificate.

2. Examination:

    - Administered by the AICPA, the CPA exam covers four areas: Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), Regulation (REG), and Business Environment and Concepts (BEC). Candidates are tested on ethics, professional responsibilities, risk assessment, evidence-gathering, and reporting.

3. Experience:

    - Most states require 1-2 years of supervised work experience under a CPA, either in public accounting or a relevant professional field.

4. Licensing:

    - CPAs must meet state-specific requirements and may apply for licenses in multiple states. Substantial equivalency agreements streamline licensing across states with similar requirements.

5. Continuing Education:

    - CPAs are required to complete Continuing Professional Education (CPE) courses to maintain their licenses.

Other Certifications

1. Certified Internal Auditor (CIA):

    - Focuses on internal auditing principles and practices.

    - Requires a bachelor’s degree and two years of internal auditing experience.

2. Certified Management Accountant (CMA):

    - Emphasizes financial planning, performance, and analytics.

    - Requires a bachelor’s degree, two years of experience, and passing a two-part exam.

3. Certified Information Systems Auditor (CISA):

    - Specializes in auditing information systems and controls.

    - Requires five years of professional IT audit experience.

4. Certified Fraud Examiner (CFE):

    - Focuses on fraud prevention, detection, and investigation.

    - Requires two years of experience in a fraud-related field.

5. Chartered Accountant (CA):

    - Equivalent to CPA in countries like Canada, the UK, and Australia.