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In the context of America, the smallest start-ups to the largest government agencies, every business or organization requires the skills of a CPA. The scope of the CPA in India and abroad is rather vast. To a potential employer, it means high ethical standards as well as measurable education, experience, and skills. Services of CPAs are required in every American company that has offices elsewhere; and where an Indian company has operations or financial interests/activities in the USA.
More and more professionals opt to become a CPA since accounting is a field with increasingly interesting work, a high level of respect, flexibility, and attractive financial rewards.
One can find a CPA working for BIG4s globally. BIG4s are the four largest professional accounting firms, which offer accounting, taxation, auditing, assurance, legal services, consulting, risk assessment and control, etc. to diverse clients worldwide. These firms are KPMG, Deloitte, PriceWaterhouseCoopers (PwC), and Ernst and Young (EY). CPA scope in India and abroad is high and therefore companies recruit CPAs extensively.
CPA Scope & Career opportunities in India & Abroad:
- Financial/International Accounting: CPAs can be a part of the financial accounting profile for preparing and reviewing balance sheet accounts. Examining where funds are being utilized and where the company is overspending.
- Assurance and Attest Services: Attestation is an assurance service that is generally offered by CPA firms. Attestation can be of the audit of internal control of the firm and financial statement review. Assurance services generally involve high levels of integrity, independence, and objectivity.
- Corporate Finance (IPO, Share & Debt Issues): CPAs can lead or be an integral part of the Initial Public Offering (IPO) or 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 understand the accounting facet, they can counsel the management about the strategic moves for the company.
- Information Technology (especially as applied to accounting and auditing) – This generally involves basic IT knowledge and IT knowledge accounting. CPAs are required for this audit as they have sound accounting knowledge and one could even have specialization in IT audit. This is also an enhanced paid role than a financial audit.
- Internal Auditing– Internal auditors follow the best practices and control risk effectively. Auditing can either be operational, financial, or IT-related auditing.
- Financial Planning– Financial planning and analysis is a part of any mid to large organization. They conduct budgeting and forecasting for various projects.
- Management Consulting & Management Reporting– A management of a company generally recruits someone who not only understands the business but is also able to draw conclusions and caution the management about certain changes or insurgencies.
- Income Tax– CPAs are also well qualified to handle the taxation of any corporation, individual, or partnership. There are various forms that they can file accordingly, namely, 1120, 1040, and 1065 respectively.
- Corporate Governance– These are rules and regulations that involve maintaining a fine balance between stakeholders, suppliers, and the community.
- Tax Preparation and Planning– Generally, various corporations conduct budgeting for taxable income and forecasting the same. This gives the firm a broader sense of how much tax they would have to finally pay. CPAs would be able to process this efficiently and offer advice to the corporation on their tax aspect.
CPA is one of the most coveted qualifications worldwide. Hence, CPAs draw an attractive salary package in any organization. If you would want to pursue CPA, then the grit to crack the CPA exam is the first step.
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