For accountants, losing valuable credit for a passed CPA exam is a persistent nightmare. Nevertheless, a bit of research may help you with uniform CPA exam and state rules that stand in between a successful career path. Loss of credit generally refers to the time you’ve spent studying for the certificate and examination fees that sometimes climb above the usual budget, when studying specific sections.
One may even pass the exam and work as a CPA but that isn’t the end of educational journey. This is due to frequent modification in tax and financial laws. Candidates having knowledge of latest trends in the field remain on top while surviving longer than those who lack. Each state requires CPAs to keep their license activated while rules differ from one country to another. A standard routine must be followed so here’re a few CPA essentials everyone must know of.
Maintaining a CPA License
- You should possess the latest certificate of state you’re practicing in! While moving to a new country and wish to retain a license there, check with Board of Accountancy and determine the transfer procedure.
- Maintain good relations with accountant and avoid violation such as breaking tax laws. Doing so will keep you from renewing the license.
- Enrol in Continuing Professional Education (CPE) courses. Number of hours required to complete vary from one year or more with average 40 classes. Always keep yourself updated with new laws and technology implications in accounting.
- Not mandatory though, experts recommend taking ethics course that teaches how you can resolve sophisticated accounting issues.
- Browse Board of Accountancy’s official website and request license renewal for a small fee. Process consists of filling a short form about your employment history and CPE courses.
- Determine how often you need to renew your license. Average renewal period is every three years while it varies between countries.
The 18 Month Rule
CPA candidates have 18 months in total to pass all four sections of the exam. If you think that countdown doesn’t start unless you receive the score report is a misconception. As soon as you pass the first section, clock starts ticking. Moreover, tests are administered around eight months of the year, reducing the count further.
Craft a strategic plan if you don’t want to lose credits on already passed exam. As paper isn’t taken every third month, candidates must carefully plan time in advance. Test appointments tend to fill up quickly so you shouldn’t play lethargic.
Proactive Tips & Tricks
Many students schedule for all four exams in advance simultaneously. A student mustn’t only have enough study time but breathing space is must to keep a mind fresh and active. There’s no need for excess caffeine or drug intake but planning strategically would definitely help out. Keep margin for unexpected failed exams that you’ve to retake within the 18 month timeframe.
Know the State Laws
As said earlier that examination rules for CPA certificate vary between countries, you should know in detail about all to proceed slyly. Although the 18 month rule is common, there’s a chance of variation. Be familiar, at-least with the state you’re currently practicing in!
It’s vital for every student to know about CPA essentials hence do read the details highlighted above. If you are looking for a higher certification, try to search universities in Saudi Arabia for international students.