SHree Ganeshya Namo.

OK starting with some links.

http://www.aicpa.org/index.htm

http://www.isaca.org/

http://www.ey.com/global/content.nsf/International/Home

http://www.kpmg.com/index.asp

http://www.deloitte.com/dtt/home/0%2C1044%2Csid%25253D2000%2C00.html

http://www.pwc.com/

http://www.sec.gov/

http://www.irs.gov/

dreamz05,

I think you need 150 credit hrs as Indi said. However I do not know about the accounting course requiremnts. No where mentions about the accounting course. Check the following links

http://www.aicpa.org/nolimits/become/index.htm

http://www.aicpa.org/nolimits/become/edureq/index.htm

What exactly are the requirements for CFA?

CPA Vs. CFA

Which one is more promising?Just curious!

IndisGuise:)

Exactly.... thats my question too.... which one has greater scope??? Is there anyone in here who is a CFA???

I do not have much idea about CFA. However, CPA seems to be very promising. You have vast array of career selction with CPA. From public accoutning to corporate accounting, IS consulancy to tax, analyst etc.

CPA is very demanding. Once you are CPA then you a very good scope. Thats my opinion.

I do not know much of CFA. But some of my frens took the test. It is also a tough test as according to them.

In my opinion, both CPA and CFA have thier own values. It will give you an edge in the career you select. I think we cannot compare CPA and CFA. Its like comparing apples with orranges.

So if you wanna enter in the finacial field, then CFA will have more value. If you wanna enter into public accounting and consultancy, CPA will hold more value.

Hmmmm... thnx highfly for all ur info...

Ok. Some more info on CFA .

CFA is good if you wanna be stock brokers, portfolio manager and other neat financial stuff. It will be really good if you dream to be an investment banker.

peace out

Hahaha, someone just told me about that as well.

Investment management, stocks and financial planner and blah blah blah about CFA.
Highfly bro le bharkhar sodeko ho kam ma?

Based on limited people I consulted up until now, CPA stands much in demand and can considerably enhance your portfolio.

Also, I could be wrong, but vaguely what I have come to understand is, many of the requirements for securities, stocks, PPF, and invesment banker thing can be satisfied with number of "Series exams" which is basically the norm if you want to work in "money" business. I mean, one has to have number of Series license anyways down the years.

Keep em' coming folks.

IndisGuise:)

P.S: I was wondering if I could draw an analogy between CFA and CPA, would it be safe to say CPA alone can guarantee one a promising platform whereas CFA really requires you relatively long years of management experience?

More Juxtapose required between the two. :)

CFA is a professional designation offered by the CFA Institute (formerly known as AIMR) to financial analysts who complete a series of three examinations and work for at least four years in the investment decision making process. CFA charterholders are also obliged to adhere to a strict Code of Ethics and Standards governing their professional conduct. The curriculum for the CFA program is based on a Body of Knowledge established by the CFA Institute. The curriculum includes:

Ethics and Professional Standards
Quantitative Methods (such as the time value of money, and statistical inference)
Economics
Financial Statement Analysis
Corporate Finance
Analysis of Investments (stocks, bonds, derivatives, venture capital, real estate, etc.)
Portfolio management and Analysis (asset allocation, portfolio risk, performance measurement, etc.)
The exams are generally taken one per year for three years and are written at a postgraduate level for financial professionals. Exams are very challenging, with only 36% of candidates passing the Level I exam in June 2005.

I know some people who have passed the first two levels but don't know anyone who is full CFA(Nepali). To compare CPA with CFA : CFA is a way harder than CPA. For more information about CFA go http://www.cfainstitute.org/

Thanks whyhappy. Keep on sharing info..

That was a really great info whyhappy!
Phewww...now that was a guiding light for me... I knew the thing called CFA existed but had no clue about its exams n all.. anyways..I think things are getting more clear for me..
Thanx again!

"1) No one can answer that question unless they have CFA, CPA and a CA (no matter where they got it) " by Ahmadca.

---
"I have a professor who is a CFA, CIA, and CPA. According to him, if you can pass the CPA exam, then you can pass any exams." by Joelly.

Source: www.cpanet.com

Forum discussion : CPA Vs. CFA.

---
Also, the pass percentage for CPA prior to 2004 was not even 1/3 of 36% at times, but with computerized test, it has considerably come up. It is too early to judge how much jump in percentage shall be expected and would remain constant due to this change in structure (Say-like in 5 years, we can get more crystal view).

Anyways, let us keep em comin' folks!

Whyhappy, CFA padera whyhappy bhako ho? Hhehehe. Abu ma aunu parla jasto cha tution padnu. :)

IndisGuise:)

There are some new certifications. One was pointed out by Mr. Prajesh earlier relating to fraud. The other one is related to the emerging technology. Here I mean IS control. As every system is moving into technology this field is in high demand and is also very demanding. If you have CISA, it will also add value to you. CISA is not has tough as CPA examination. If you have accounting and controls backgound, CISA should not be that bad.

I am actually evaluating CISA V. CPA right now. I gonna take both of them. But I finding difficult to decide which one I am gonna take first.

Keep on sharing info.

Peace out

IndisGuise,

You wrote "Just to be clearer on the issue, as a Nepali, a non-resident: what are the scopes as a practicing CPA?"

Unless you insist on thinking and presenting yourself as a Nepali and a non-resident to your clients the scope should not be different. Currently USA lacks 40,000 CPAs, PCAOB was looking to hire 500 CPAs but could find only 300 (Source: Accounting conferences I regularly attain). There is a growing trend of hiring foreign trained professional accountants in the US (Source: Hindustan Times), enrollment with accounting major is up but there is a lag of several years before they become available to the growing job market (source: AICPA).

In my seven years of experience in the US, I have noticed that it is very hard to retain good accountants in public accounting. Generally the good ones are lured away by the private sector. Comparatively the private sector pays more and is less stressful (IMO). Bottom line: they have to find people who know accounting and auditing (and taxes) but they are not finding them, so there is a good scope for any one to practice accounting regardless of their country of origin.

Prajesh

Dhanyebaad Prajesh ji,

Your information is very encouraging, and the references are appreciated as well.
I noticed quite a hubbub for accountants while I was breaking my balls to land something to pay my bills. It probably is one of the most in-demand fields currently in the nation and indeed appears to remain so for years to come.

From what I have heard, a very many people who practices public accounting, has to start up with municipal accounting (generally), a thankless, never ending; not to mention slightly different nut to crack, in terms of policies and procedures.

Now, another interesting aspect of which your opinion shall be of an interest to many of us is; which side of the coin you like better? An audit side or the taxes?

I have had good fortune to know decent number of practicing and non-practicing CPAs, and from what I have gathered, they all seem to imply that it really is where one's interest lie. Then, what if one has no clue whatsoever? I want to play cop, but at the same time, I want them to smile when they see me. (Kind of like being a Naag-raj and Spiderman both, hahaha. . . yeuta kura ni.) Precisely the difference between an auditor and taxman re hoina? Something you mentioned previously tells me that you are a taxman, are you not?

Another important question, which is fundamental in any decision we all make in terms of career path is, what's it worth? Say what does it add to someone who has a graduate degree?

My question is strictly in monetary terms. I am not asking how much you make ;-), but what can a practicing CPA expect to make in first 2-3 years? Does having an advance degree help, IYO?

And finally, any words on CFA Vs. CPA? :)

Bhabadiye
IndisGuise:)

IndisGuise,

You Wrote --
From what I have heard, a very many people who practices public accounting, has to start up with municipal accounting (generally), a thankless, never ending; not to mention slightly different nut to crack, in terms of policies and procedures.

My response:
Not necessarily, within auditing and accounting there are many fields like Municipal (governmental) accounting/auditing, non-profit accounting/auditing, pension plan auditing, small business auditing/accounting and SEC auditing/accounting, etc. Even within these broader categories there are many sub categories and so on. Many bigger Public Accounting Firms (Big 4s and Second 8s) have different departments (people) specializing on each of these categories. So the important thing is where you land up and which field you are interested in. (Disclaimer: I have never worked for big firms, so whatever I mentioned here is what I have heard from the spillovers)

You wrote:
Now, another interesting aspect of which your opinion shall be of an interest to many of us is; which side of the coin you like better? An audit side or the taxes?

I have had good fortune to know decent number of practicing and non-practicing CPAs, and from what I have gathered, they all seem to imply that it really is where one's interest lie. Then, what if one has no clue whatsoever? I want to play cop, but at the same time, I want them to smile when they see me. (Kind of like being a Naag-raj and Spiderman both, hahaha. . . yeuta kura ni.) Precisely the difference between an auditor and taxman re hoina? Something you mentioned previously tells me that you are a taxman, are you not?

My response:
In bigger firms auditing and tax are two different departments, they want their employees to choose one of these and specialize on their subject. General rule of thumb is unlike in smaller and mid-sized firms in big firms “once an auditor always an auditor and once a taxman always a taxman” In my case I was hired as an auditor but due to staff shortage during tax season I was asked to do some tax work. That’s been the case ever since, now I do both taxes and audits, but deep inside me I am still an auditor.

You wrote:
Another important question, which is fundamental in any decision we all make in terms of career path is, what's it worth? Say what does it add to someone who has a graduate degree?

My response:
Better chances of getting hired by good companies, better pay, better respect by clients and associates and more.


You wrote:
My question is strictly in monetary terms. I am not asking how much you make ;-), but what can a practicing CPA expect to make in first 2-3 years? Does having an advance degree help, IYO?

My response:
It depends on the where you work (geographically). I will say in west coast (SoCal) around 50-55k with benefits (for senior accountants).

You wrote:
And finally, any words on CFA Vs. CPA? :)

My response:
I have no idea what it takes to become a CFA, what they make and how do they make it, so no comment.

Wish you happy holidays!

Prajesh

All:
As noted by some contributor here, CPA and CFA lead to different career. CPA is pure accounting. CFA while is for financial analysts that lead to careers in banking/finance fields. The course content hence is very very different.

I have done Level I and II of CFA and will be doing III next year. It is a lot of work. It's not difficult. It is just the volume of course that intimidates you. I lost count of hours that I had to put in studying for Level I and II. It's just way too many. Studying the notes rather than prescribed texts may be a short cut but I am comfortable only with the text books.

To get your CFA designation, you have to pass three exams and demonstrate that you have necessary work experience.

I have not done CPA myself but I have friends who have done it. Comparing the difficulty level between the two, CPA will not even come close to that of CFA. Also the commitment of time is overwhelming too. Three years is a bit too much. More info. on CFA at www.cfainstitute.org.

Thanks Prajesh ji.

And happy holidays to you too and all my friends and other sajhaities.

IndisGuise :).

P.S: Senior makes 50-55K ?:( That too in the west side?

Perhaps it depends on the industry (large -medium - small) umm say the big 4 and down below ma farak scale hola ni. I know of a guy who is getting 50k with nothing more than an undergrad degree in accounting; straight out of college, a decent student though. It could very well me one off case, but still. I was rather hoping to hear 250k-500k. Hehehe yeuta kura ni. It's a holidfay season, so let me dream.;).

You may say , I am a dreamer, but seriously... am the only one. Re kya;)

Thanks Prajesh ji.

And happy holidays to you too and all my friends and other sajhaities.

IndisGuise :).

P.S: Senior makes 50-55K ?:( That too in the west side?

Perhaps it depends on the industry (large -medium - small) umm say the big 4 and down below ma farak scale hola ni. I know of a guy who is getting 50k with nothing more than an undergrad degree in accounting; straight out of college, a decent student though. It could very well me one off case, but still. I was rather hoping to hear 250k-500k. Hehehe yeuta kura ni. It's a holidfay season, so let me dream.;).

You may say , I am a dreamer, but seriously... am the only one. Re kya;)

IndisGuise:

Here is a link for you:

- http://www.kforce.com/Kforce/corporate/me.get?web.websections.show&KFORCE_153

Thanks Prajesh ji.

Actually I was checking similar web page as well. These web sites, they are completely misleading. I wonder if they only take the best in business and throw in the numbers. The reality on the ground zero is not as appealing.

For Acc I and Fin A. I, they show somewhere close to 50k.

Tara afulai ta lottery nai parnu parcha jasto cha Prajesh ji. Maile mero Howard Hughes hune sapana natra pura garna sakdina jasto cha. Hahaha. ;)

P.S: Prajesh ji, thank for your contribution. There used to this lady from MA, Suruchi, who was a CPA too. Not sure about Preeti character, was she or was she not? Anyways, if Suruchi or Preeti (if she is) could come shed some light on the east side of things; that would be nice.

Khai ta mero partner haru. " Highfly dreams of dreamz05 in disguise LLP," suru huna agadi nai khalass? Hahaha.