The U.S. CPA License

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1 The U.S. CPA License Patricia Hartman Director of Client Services, NASBA Michael Cannon, CPA Senior Technical Manager AICPA Henrietta Eve, CPA Technical Manager AICPA

2 About the AICPA American Institute of Certified Public Accountants The world s largest membership association representing the accounting profession Over 412,000 members in 144 countries More than 128 years of serving the public interest Creates and scores the Uniform CPA Examination and offers specialty credentials for CPAs

3 About NASBA National Association of State Boards of Accountancy The world s largest accounting regulatory organization Represents the interests of all 55 U.S. Boards of Accountancy (50 states and 5 territories) Mission is to enhance the effectiveness and advance the common interests of the Boards of Accountancy Accountancy Boards issue licenses to CPAs and regulate the practice of public accountancy in their jurisdiction

4 Overview The U.S. CPA License The International Program How to Become a Licensed U.S. CPA The Examination Process Experience Resources for Candidates

5 THE U.S. CPA LICENSE

6 Premier accounting license backed by rigorous exam, strict licensing requirements and a code of ethics Worldwide recognition as a leading qualification Prepares professionals for today s global business environment Expands career opportunities The U.S. CPA

7 The CPA License in High Demand Exciting Opportunities Foundational Financial skills Career Development

8 Middle East Hiring Climate 93% 28% 23% of CFOs find it a challenge to source skilled financial professionals* of CFOs find it a challenge to source skilled accounting professionals* of CFOs find it a challenge to source skilled audit professionals* Accounting and Finance recruitment is looking positive Looking at the roles that are most difficult to fill, CFOs state that functional areas including accounting, financial and management control, business and financial analysis and audit present the toughest challenges. Skills and Qualifications in Demand: Experienced with accounting standards US GAAP, IFRS and SOX *Robert Half 2016 Salary Guide (Middle East)

9 Profession Outlook (2016) Position: Audit Manager (large company) $141, ,250 Position: Internal Auditor (large company) $65,250 - $81,750 Position: Senior Internal Auditor (large company) $88, $147,000 *According to Robert Half 2016 Salary Guide (Middle East)

10 THE INTERNATIONAL PROGRAM

11 Why International Administration? Candidate demand and convenience Provide opportunities for personal growth and contribute to economic prosperity Position CPA to be one of a small number of influential designations internationally

12 International CPA Exam Nearly 10,000 candidates sat for the Exam in the Middle East since it was launched Testing centers: Bahrain Kuwait Lebanon UAE The International Program for the CPA Exam was launched as a service to our candidates living outside of the 55 boards of accountancy and jurisdictions. The Uniform The Uniform CPA CPA Examination

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14 Middle East Candidates Pass Rates by Section 0% 10% 20% 30% 40% 50% 60% 70% 80% AUD Middle East Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% BEC Middle East Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% FAR Middle East Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% REG Middle East Domestic

15 Bahrain Pass Rates by Section 0% 10% 20% 30% 40% 50% 60% 70% 80% AUD Bahrain Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% BEC Bahrain Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% FAR Bahrain Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% REG Bahrain Domestic

16 Kuwait Pass Rates by Section 0% 10% 20% 30% 40% 50% 60% 70% 80% AUD Kuwait Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% BEC Kuwait Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% FAR FAR Kuwait Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% REG Kuwait Domestic

17 Lebanon Pass Rates by Section 0% 10% 20% 30% 40% 50% 60% 70% 80% AUD Lebanon Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% BEC Lebanon Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% FAR Lebanon Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% REG Lebanon Domestic

18 UAE Pass Rates by Section 0% 10% 20% 30% 40% 50% 60% 70% 80% AUD UAE Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% BEC UAE Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% FAR UAE Domestic 0% 10% 20% 30% 40% 50% 60% 70% 80% REG UAE Domestic

19 Uniquely position to provide guidance to CPA candidates, NASBA s Advisory Evaluation aligns a candidate s current education with a chosen jurisdiction and puts them on the right path to examination or licensure.

20 HOW TO BECOME A LICENSED U.S. CPA

21 Eligibility: E s to Becoming a CPA Experience, Education and Ethics requirements vary by jurisdiction. Of the requirements, only the Examination is uniform and accepted for CPA licensure by all jurisdictions. *Certain states require a separate ethics assessment in addition to what is tested on the CPA Exam.

22 The CPA Exam is a Collaborative Effort

23 Uniform CPA Exam 14 testing hours s Two months each quarter Offered internationally through 50 states/5 US jurisdictions Computer-based test s Must pass all four sections within 18 months Audit and Attestation 4 hours Financial Accounting and Reporting 4 hours Regulatory 3 hours Business Environment and Concepts 3 hours 60% Multiple Choice Questions (MCQ) 40% Simulations 85% MCQ 15% Written Communication

24 Uniform CPA Examination (2017) An updated version of the CPA Exam is slated to launch in April 2017 Specifics about the next version of the CPA Exam will be announced in April 2016, but highlights are expected to include: Maintain the four existing sections Enhance assessment of higher order skills: analysis and evaluation More simulations, including in BEC New blueprints to bring greater clarity of what to expect on the Exam More information about the next version of the CPA Exam is available at

25 THE EXAMINATION PROCESS

26 Determine Eligibility The Examination Process Check with your selected jurisdiction on requirements to sit for the Exam (state requirements vary between 120 or 150 hours of education) Meet eligibility requirements for selected jurisdiction Submit Application Complete application and submit required documentation Application is evaluated to verify eligibility to sit for Exam Candidates receive Notice to Schedule (NTS) Schedule Exam Schedule Exam with Prometric after receiving NTS Any U.S. site can be used regardless of jurisdiction International locations require an additional fee NTS is valid for 6 months in most jurisdictions (varies by state)

27 Sit for the Exam The Examination Process Study, study, study Arrive 30 minutes prior to appointment Bring your NTS and proper identification Receive Scores Consult or the AICPA Insights blog for score release timelines Apply for License Requires a passing score on all four sections and other requirements

28 License Requirements Experience Vary among jurisdictions Minimum of 1 year (2,000 hours) Verified by a licensed CPA Should include accounting, attest, auditing, or tax NASBA is currently building out a service to facilitate the experience component for international candidates and connect them with qualified CPAs. This service will be available early next year.

29 Questions?

30 EXPERIENCE

31 Building Experience Internships/Positions Employs licensed U.S. CPAs Public Accounting Firms Global Companies

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33 RESOURCES FOR CANDIDATES

34 Uniform CPA Exam Resources *Updated sample tests as of December

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40 State Requirements

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42 Thank You/Questions?