09-19-2009, 01:57 AM
Hi Rabia,
Although Tariq has explained the situation, however, I would like to respond to your questions one by one.
1- What do I mean by transfer of credit?
As I stated earlier that there are four section in CPA. When you pass one section you are awarded one credit in your account. At any time in future, if you want to change your state, you don't have to pass that section again, rather you can transfer that credit from one state to another state. You need to pass the remaining section from your new state.
2- can we transfer credits from a one tier state to a 2 tier state?
Yes! you can transfer your credit from a one tier state to a 2 tier state and visa versa.
3- You will get credit hours based on your ACCA which is your primary qualification. You will not get credit hours for a degree which you got on that basis. You just can duble dip your chocolate.
Further, if you have completed one course from one institute and you do the same course from another institute you, you will not be awarded credit hours twice. This is a major problem for CMA/CA in Pakistan, because they get their credit hours based on B. Com whereas they study the same courses in CMA/CA.
4- does one get a CPA practicing license immediately after passing the CPA exam, i have heard that one has to train under a licensed CPA? is this true?
Each state board regulates accounting practice in its jurisdiction and has different requirement for license. Some states required no experience at all and some require extensive experience. You just can use your CPA designation after passing the exam nor you can get license. You need to pass Ethics Exam, then the board will certify you as CPA. Then you need to obtain AICPA membership and membership of Society of respective state. Then the board will issue you a practicing license. So three thing 1- Certification from Board 2- Membership of AICPA 3- Membership of Society.
Please feel free to ask if you have any further question.
Although Tariq has explained the situation, however, I would like to respond to your questions one by one.
1- What do I mean by transfer of credit?
As I stated earlier that there are four section in CPA. When you pass one section you are awarded one credit in your account. At any time in future, if you want to change your state, you don't have to pass that section again, rather you can transfer that credit from one state to another state. You need to pass the remaining section from your new state.
2- can we transfer credits from a one tier state to a 2 tier state?
Yes! you can transfer your credit from a one tier state to a 2 tier state and visa versa.
3- You will get credit hours based on your ACCA which is your primary qualification. You will not get credit hours for a degree which you got on that basis. You just can duble dip your chocolate.
Further, if you have completed one course from one institute and you do the same course from another institute you, you will not be awarded credit hours twice. This is a major problem for CMA/CA in Pakistan, because they get their credit hours based on B. Com whereas they study the same courses in CMA/CA.
4- does one get a CPA practicing license immediately after passing the CPA exam, i have heard that one has to train under a licensed CPA? is this true?
Each state board regulates accounting practice in its jurisdiction and has different requirement for license. Some states required no experience at all and some require extensive experience. You just can use your CPA designation after passing the exam nor you can get license. You need to pass Ethics Exam, then the board will certify you as CPA. Then you need to obtain AICPA membership and membership of Society of respective state. Then the board will issue you a practicing license. So three thing 1- Certification from Board 2- Membership of AICPA 3- Membership of Society.
Please feel free to ask if you have any further question.
