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Qualify CA India Via the CPA Australia Route a Game Changer

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Qualify CA India Via the CPA Australia Route a Game Changer Qualify CA India via the CPA Australia route Disclaimer The material in this Note has been compiled by PAPA Institute for International Studies and is general background information about qualifying CPA Australia and then move on qualifying CA India. This information is given in summary form and does not purport to be complete. The information in this presentation is collated from various websites including websites of CA India and CPA Australia. Readers are requested to obtain specific advice from CPA Australia and the Institute of Chartered Accountants of India. PAPA Institute for International Studies does not authenticate the validity of the presentation. The information provided in this Brochure is by way of shared information only and it is strongly recommended to double check the latest status of the Mutual Recognition Agreement and other base conditions prior to taking any action using the indicative information contained in this Brochure A Game changer - One Course- three Outcomes. “ CPA to CA route “is a Game Changer of the Industry. You first qualify CPA Australia and then go on to qualify CA India (*). You also become a Post Graduate in the process. The advantages for pursuing the CPA Australia are : World Class qualification, CPA Australia recognized in over 100 countries No Article ship ( like the one in CA India Course) Write only 6 papers ( for B.Com Graduates ) to qualify CPA Australia (for other degree holders more papers may apply) CPA Australia student need to appear for only One paper at a time. In CA India, a student has to necessarily appear for all the papers in at least one group Qualify CPA Australia inside 2 and half years ( Qualifying CA India takes up to 5 years) Results almost Assured ( conditions apply) Pass Rate for CPA Australia – 50 % (CA India – 8 %!) Papers for CPA Australia – 6 papers ( CA India – 16 papers ). After becoming a member of CPA Australia, write 2 papers to get CA India. 1 CPA Australia – with consistent and guided efforts, a keen student is most likely to qualify CA India – a tough Accountancy course with vast syllabus of 16 papers. Pursuant to a recent notification by University Grants Commission, a member of ICAI, ICSI or ICWAI are also considered as a Post Graduate for all Government/ Education/Employment purposes. After qualifying CPA Australia , potential to migrate to Australia and other countries. 1. Relevance CA from the Institute of Chartered Accountants of India is the qualification that allows a person to practice as a Chartered Accountant in India, while CPA (Certified Practising Accountant), Australia is a qualification that can be called a GLOBAL qualification. Lately, CPA Australia students also are getting placed easily in Big 4 and MNC’s in India. But this may be true only for those in cities and the same employment opportunities might not be available in rural areas. 2. Toughness in passing the exam. If something is easy to attain, it won’t have much value. Indian CA, regarded as one of the tough course to pass, has its own value and standing. But the group system and controlled pass rates are factors contributing to the toughness of the course. CPA Australia is rather easy to pass, provided the (Indian) students switch from the outdated learning methods to one based on understanding and application. The absence of group system makes it more easier to pass CPA Australia ( you can even write one paper at a time in CPA Australia) 3. Cost ( Please see the Table at the last page) Being an Australia / Global qualification, CPA Australia is much more costly than CA with regard to registration, subscriptions, exam fees and tuition costs. 4. Article ship/Practical Experience While, the strict CA article ship rules provide mandatory article ship period, CPA Australia does not need Article ship. CPA Australia ONLY require 3 years relevant practical experience. 2 The flexibility allowed by CPA Australia means student can work in any relevant financial role and earn a salary than a stipend during the 3 years. 5. Flexibility CA is rigid in its group structure of papers, while CPA AUSTRALIA offers flexibility. With the switching to on demand Computer Based Exams and half yearly exams, the level of flexibility of CPA Australia is further enhanced. 6. Mutual Exemptions ( see the extract of MRA between CPA Australia and CA India) For those who want to do both the qualifications, CPA AUSTRALIA rolls out the red carpet for CA’s wanting to do CPA AUSTRALIA. So, if you are a young CA with overseas ambitions, we would advise you to pursue CPA AUSTRALIA. Source : https://www.cpaaustralia.com.au/become-a-cpa/professional-bodies/icai 7. The magical CPA to CA Route : For a CPA AUSTRALIA qualified person, he just need to write two papers to acquire the CA India Qualification. Steps for CPA Australia Members to qualify CA India Source : https://www.icai.org/post.html?post_id=4289 CPA Australia and the Institute of Chartered Accountants in India (ICAI), have an existing Mutual Recognition Agreement (MRA) which gives Full membership Holding CPA Australia members to acquire membership of Institute of Chartered Accountants of India by writing only 2 exams of CA India You may be eligible for Associate membership of Institute of Chartered Accountants of India if you: •Are a member of good standing with CPA Australia and not currently subject to any disciplinary sanctions or investigations? •Did not gain entry to CPA Australia through any another Mutual Recognition Agreement •Have successfully completed:-the CPA exams ( at the Professional level - IE CPA Program ) and has met the CPA Australia practical experience 3 requirements and are holding a full membership of CPA Australia •To get membership of CA India, this CPA member needs to write 2 exams ( the following papers ) of the Institute of Chartered Accountants of India i) Corporate and Allied Law ii) Taxation 8. Earning potential Any qualification can only open doors for you and how high or how far does one go through that door will depend on the person, the decisions he takes and ultimately to a great extent “luck” or “timing” or whatever you want to call it. The Salary of a CA India or CPA Australia are comparable but CPA Australia offers more global opportunities 9. Conclusion CPA Australia opens a door to enjoy both of the world. A student firstly qualify CPA Australia and go on to Qualify CA India by writing just two papers . Thus the student can aspire to become successful as a CA qualified person in India or venture out to become a Global Professional. 10. Fees for CPA Australia Course * prevailing as on 01st April, 2021. CPA AUSTRALIA- FEES DETAILS - COMPILATION AS OF FEBRUARY, 2021 AED 2.72= INR 57= Particulars AUD TYPE Rs 1 AUD 1 AUD One Application fee 164 479 Time 57 9,350 One Review Fee 91 266 Time 57 5,190 One First year membership: Associate (full year) 296 864 Time 57 16,880 One Second year membership: Associate (full year) 296 864 Time 57 16,880 4 Sub Total A 847 2,473 48,300 CPA Program ( specifically for Bcom pass students): - Subject enrolment - 6 Subjects at CPA level Compulsory Papers - 1. Ethics and Governance 1,290 3,767 57 73,530 2. Strategic Management Accounting 1,290 3,767 57 73,530 3. Financial Reporting 1,290 3,767 57 73,530 4. Global Strategy and Leadership 1,290 3,767 57 73,530 Elective - 5. Advanced Audit and Assurance 1,290 3,767 57 73,530 6.Financial Risk Management OR Australian Taxation 1,290 3,767 57 73,530 B CPA program Fees - Total 7,740 22,601 4,41,180 Exam fee: - Exam Enrolment for 6 subjects (for each Paper Aud C' 345) 2,070 6,044 57 1,17,990 Sub Total - FEE A+B+C 10,657 31,118 6,07,470 Tuition Fee: For all 6 papers @ Rs. 29,500 including GST D 6 29,500 1,77,000 Grand Total 31,118 7,84,470 A+B+C+D 5 Notice of Caution /Disclaimer ( *) Note-1: DetailsCompiled by CPA Academy, Kochi, Kerala ( *) Note-2: Please note while it is easy to qualify CA India via the CPA Australia route, a person acquiring CA qualification through the CPA route is currently not allowed to practice. But for all other purposes in employment & in service and in Consultancy engagements, you are a Full-Fledged Chartered Accountant with official membership of the Institute of Chartered Accountants of India. ( *) Note- 3: Kindly note the suggestions in this Flyer are based on the prevailing Mutual Recognition Arrangement currently in existence between The Institute of Chartered Accountants of India and CPA Australia. Any changes to this arrangement may alter the position stated in this Notice/Flyer. ( *) Note- 4: The information provided in this Brochure is by way of shared information only and it is strongly recommended to double check the latest status of the Mutual Recognition Agreement and other base conditions prior to taking any action using the information contained in this Brochure Contact us for an eBook and for enrolment Guidance:[email protected], Phone: +91 99475 43142, +91 484 407 0829 or [email protected] Month of compilation: April, 2021 ******** 6 *** 15. I intend to appear in the following subjects in ICAI Examinations to be held in June: Corporate and Allied Law Taxation Either Advance Audit and Assurance or Assurance Services & Auditing (pre 2010) as an elective in the CPA Program or Advanced Auditing and Professional Ethics in the ICAI Examinations and Either Financial Reporting as a compulsory segment in the CPA program (post 2010) or Financial Reporting & Disclosure as an elective in the CPA Program (prior to 2010) or Financial Reporting in the ICAI Examinations *** Good Standing Certificate should not be older than One year.The following points are required to be mentioned in Good Standing Certificate: (i) Date when advanced to Current member i.e.
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