CPA (certified public accountant, translated as a certified accountant of the highest qualification) is an international accounting certification, which is considered one of the most demanded and respected in the world. It serves as a confirmation of deep knowledge in the field of accounting, audit, taxation, business law.

The birthplace of the certificate is the USA. It was in New York in 1896 that the rules for passing the CPA exams were first fixed. Responsible for issuing certificates.

CPA - a sign of professionalism

CPA certificate - good way confirmation of the high competence of the accountant. Having a certificate means that a specialist has higher education, more than 2 years of experience in the financial sector and confident professional knowledge and skills.

CPA certification has legal status only within the United States and Australia. However, it is recognized by the business community around the world. In Russia, CPA is especially highly valued by big business and employers who work closely with foreign companies.

In addition, CPA:

• Allows you to add the CPA abbreviation to your signature.
• Provides the issuance of a license for the provision of accounting support in the United States (signature of audit reports, submission of tax returns on behalf of the client) - depends on the specific state.
• Makes a member of the AICPA.

Who benefits from CPA

Most often, the qualifications are chosen by chief accountants, auditors, financial directors, specialists in the preparation of financial statements, tax managers, business analysts.

How to get a CPA certificate

Russian students face a number of difficulties in obtaining a CPA qualification:

• exams are taken only for English language and only in the USA;
• each state has its own requirements for candidates who decide to obtain a CPA.

Not all states allow foreigners to take exams. Those that do require:

• availability of a license for accounting activities;
• some work experience in a financial position;
• confirmation of academic hours passed in accounting and other related disciplines.

Based on this, New Hampshire and Alaska are considered the most favorable for students from Russia. The terms of each state can be found on the website.

CPA exam passing process

CPA applicants take the US-GAAP exam. In addition, it is necessary to have an excellent understanding of the US tax and legal systems.

The exam consists of 4 sections:

• AUD - Auditing;
• FAR - Financial Accounting and Reporting
• REG - Regulation / Commercial Law and Taxation;
• BEC - Business Environment and Concepts / Business Environment.

All sections must be completed within 1.5 years after passing the first one. Of course, you can take all subjects in one session, but due to the complexity of the material, only 15% of students (mostly foreigners) go this way. The remaining 85% pass the sections gradually - in each of the 4 test periods.

Price

You can prepare for the CPA exams both independently and with the help of training centers accredited by the CPA. The cost of training in such centers varies and starts from about 210 thousand rubles.

The cost of passing the exams depends on the selected state of America. Average rate- $ 700 per exam.

In addition, it is necessary to confirm the passed subjects in accounting at a Russian university. In the United States, 2 organizations are engaged in this: Foreign Academic Credentials Service and World Educational Services. The cost of confirmation varies between $ 80-130 and also depends on the selected state.

AICPA members must pay annual fees:

• $ 65 - for new members;
• $ 255-445 - for everyone else.

Differences between CPA and other training

CPA has a number of alternatives:

• ACCA is a popular qualification among auditors, tax officers, financiers, accountants. The main focus is on a detailed study of taxation, financial accounting, law, IFRS.
• CIMA - Focused on financiers and senior executives. The main goal is to develop management skills.
• MBA is a prestigious degree for managers of various levels. The value is largely determined by the prestige of the business school, accreditations and faculty. For financiers, there are specialized learning programs MBA-Finance.
• CFA - certification for investment professionals and financial analysis... CFA is chosen by employees of hedge funds and securities markets, brokerage and dealer companies, specialists in the banking, credit, insurance industry.
• CIPA is an international certification for accountants and tax professionals. Distributed and quoted in the CIS, exams are passed in Russian.

Today ACCA (The Association of Chartered Certified Accountants) is the largest and fastest growing international professional association in the world, which unites 147,000 members and 424,000 ACCA students in 170 countries. The reputation of ACCA is based on more than a century of experience in providing financial and accounting qualifications (the year of foundation of ACCA is considered to be 1904).

Over the past five years, the membership of the association and its influence on the international market have grown significantly. ACCA has shown an average of 10 percent growth over the past ten years. In Russia, the number of ACCA members and students has increased tenfold since 2000.

Qualification program

ACCA qualifications are targeted at CFOs, chief accountants, internal and external auditors, financial analysts, and university students seeking professional education.

The ACCA qualification program includes:

• 14 examinations (Table 1);
• confirmation of obtaining three years of practical experience (PER) in the field of economics, finance, accounting and (or) audit;
• training module on professional ethics(Ethics module).

Table 1. ACCA qualifying exams

Level	Exams
A basic level of	F1 Accountant and Business
	F2 Management accounting
	F3 Financial Accounting
	F4 Corporate Law
	F5 Performance Management
	F6 Taxation
	F7 Financial statements
	F8 Audit and related services
Professional level	P1 Corporate Governance, Risk and Ethics
	P2 Corporate reporting
	P3 Business Analysis
	Optional exams (two out of four)
	P4 Financial Management
	P5 Performance Management
	P6 Taxation
	P7 Audit and related services

Thus, in order to obtain a qualification, it is necessary not only to successfully pass all the exams, but also to have practical experience in the field of accounting and finance.

All ACCA qualification exams are taken in English. There are ten years from the date of initial registration for the 14 exams. At the same time, students independently draw up a schedule for passing exams. Exams can be taken in any order within one block: F1 – F3, F4 – F9, P1 – P3, P4 – P7.

Each exam can be retaken an unlimited number of times. Examination sessions are held twice a year - in June and December. At the same time, it is allowed to take up to four exams in one session.

Exams F1, F2, F3 consist of test questions and take two hours. These papers can also be taken on a computer (Computer-Based Exams) in specialized centers throughout the year. The rest of the exams is a written three-hour exam. In addition to three hours, 15 minutes are given to familiarize themselves with the tasks. The passing score for all exams is 50 points or higher.

ACCA is a recognized qualification in finance in Russia and worldwide. A rather complex qualification program and the need to confirm relevant work experience allow us to say that ACCA is a serious certificate. In preparation for the ACCA exams, they study not only accounting, but also financial analysis, audit, reporting, taxes, management accounting, securities and financial derivatives. This not only significantly broadens the horizons in financial disciplines, but also helps professional growth.

Polina Vershinina, Senior Consultant, Tax and Legal Consulting, KPMG in Russia and the CIS

Note that since 2001, ACCA has provided an opportunity to take exams in Russian taxation and legislation. Previously, exams in law and taxation were based on English law and taxation.

There are 10 centers for passing written exams in Russia:

• permanent centers: Moscow, St. Petersburg, Yekaterinburg, Novosibirsk;
• special centers: Kazan, Nizhny Novgorod, Rostov-on-Don, Togliatti, Vladivostok, Yuzhno-Sakhalinsk.

To pass the exam in special center a surcharge must be made to the organization that administers the exam.

Oxford Brooks Complementary Program

ACCA students can simultaneously obtain a bachelor's degree in accounting from the University (Oxford Brookes University). Having an ACCA qualification and a scientific degree increases the value of such a specialist in the labor market and expands career opportunities.

If you want to participate in the Oxford Brooks program, you must inform about it during the initial registration with ACCA or at any time before you take the F7 – F9 exams. In addition, you need to confirm your English proficiency at the proper level. This can be done either by taking the F4 Corporate Law exam or by taking one of the international language tests. A complete list of these language tests is available at www2.accaglobal.com.

To earn a bachelor's degree from Oxford Brooks University, you need to pass the F1 – F9 exams, complete an ethics training module, and write a 6,500-word research and analytical project. You will also need to write an essay (2,000 words) about what you learned and what skills you developed in the process of writing the project. There is ten years from the date of initial registration to complete this program.

Initial registration

The minimum requirements for registering for an ACCA qualification are higher education or 3-year university studies.

In order to take the exams, you must go through the initial registration procedure.

It takes much less time for the head office to review completed online questionnaires and documents submitted via the website than paper documents. Thus, online registration is the most quick way registration as a student.

You can register for the ACCA qualification online. The registration process is automated and takes 15–20 minutes. On the official ACCA website (www.accaglobal.com) you need to fill out an online application and upload scanned copies of the required documents. You should also indicate the details bank card, from which the initial registration fee will be debited. The function of saving the questionnaire at any stage of filling out is also available. Using it, you can complete the registration later.

Documents should be uploaded in MS Word, MS Excel formats, text file with txt extension, images in BMP, GIF, JPEG, TIFF or PDF formats. The size of each file must not exceed 2 MB. It is possible to upload a maximum of 20 files.

To register for the ACCA qualification, the following documents are required:

• a copy of the diploma of higher education with an insert (if any) and a certified translation;
• a certificate from the academic part and an extract from the transcript (only for university students) and a certified translation;
• one photograph measuring 3.54.5 cm (color or black and white);
• a copy of the main page of a foreign passport or driver's license or a copy of the main page of a Russian passport and its certified translation;
• if the surname (first name) is changed - a copy of the certificate of changing the last name (first name) and its certified translation.

While online registration is preferred, paper copies of all documents may be sent to ACCA's head office located in Glasgow, UK. They must be accompanied by two sheets with registration number, which are issued by the system upon completion of the online application, or a completed paper application.

Translation of documents must be certified by the signature of the translator and the seal of the translation agency (notarization and apostille are not required).

The documents will be reviewed at the head office within two to four weeks.

After registration for the ACCA qualification, access to the student's personal page opens. On a personal page, students can register for exams, pay for exams, exemptions, annual fees, download notices for exams, etc.

Note!

If you plan to participate in the Oxford Brooks program, and you are eligible for an exemption from the F7 exam, then you must abandon it and take the F7 exam on a general basis. The Oxford Brooks Program does not offer exemptions for F7 – F9 papers.

How to Get Exemption from Exams

Specialists with specialized higher education or students of specialized specialties can be exempted from passing several basic level exams.

To obtain exemptions, you must make sure that the educational institution is included in the list of educational institutions presented on the ACCA website (portal.accaglobal.com). To do this, in the appropriate fields, you must enter the name of the educational institution and the country of study. Then you need to go to the "ACCA Qualification" section and select a qualification (degree) according to the diploma and a group of specialties. Going into the group of specialties, you will see a list of exams that you can count on to be exempt from. The number of exemptions granted depends on the academic disciplines' compliance with the ACCA program.

Example

You graduated with a degree in accounting, analysis, audit. In this case, you can count on an exemption from the first four exams (F1 – F4). If you have a non-core education, but at the same time have a diploma of a professional accountant, you can expect to receive an exemption from F1 – F3 papers. In finance and credit, you can also get an exemption from the first three exams (F1 – F3). Having an ACCA diploma in international financial reporting (DipIFR or DipIFR in Russian) gives the right to receive an exemption from the F7 exam.

If the educational institution is not on the list, you can submit a copy of the university's state accreditation certificate (without an attachment) and its certified translation and receive an exemption from exams.

Higher economic education and diploma with honors allowed me to get exemptions from the first five exams (F1 – F5). The presence of DipIFR (Rus) gave the right to an additional exemption from F7. However, I did not use it. My financial English was in need of serious vocabulary expansion at the time, and F7 was the perfect exam to expand my vocabulary. Repeated study of the material in English solved two problems at once - repetition and consolidation of the passed material "in essence" and the development of vocabulary. This helped to prepare qualitatively for the delivery of P2. The peculiarities of the ACCA program are that the material of the subsequent papers is based on the previous ones. Missing the basics will waste a lot of time on more difficult exams. Therefore, for the "missed" exams, I recommend looking through the textbooks of previous sessions.

Gulnara Valeeva,

Registration deadlines and tuition fees

Initial registration for an ACCA qualification is available throughout the year. Registration for exams is possible during the periods indicated in Table 2. Registration is possible only for one of the next two sessions.

Table 2. Registration deadlines and cost of exams (exemptions)

The cost of training for the ACCA qualification consists of the following payments:

• registration fee - £ 72;
• annual fee - £ 72;
• exams (exemptions) - the amount varies depending on the registration period (Table 2).

Payment is made by bank card (debit or credit). Bank card details must be specified in the initial registration form. The registration fee will be charged from the card at the time of registration. All other payments are paid through a personal page at www.accaglobal.com.

How to prepare for exams

After you have registered as a student, you should think about how you will prepare for the exams.

You can prepare for the ACCA qualification exams on your own. To do this, you can order materials and online courses for exams through ACCA accredited publishers (www2.accaglobal.com). In addition, the ACCA website contains pilot answer papers and answer papers from the past six sessions (www2.accaglobal.com).

You can also contact training centers that can help you prepare for exams (www2.accaglobal.com).

Before proceeding directly to the preparation for the exams, you should check the level of knowledge of the English language. For this purpose, a special online module (www2.accaglobal.com) is placed on the ACCA website.

If the employer pays for the training, I recommend using the help of professionals. This reduces study time and makes preparation more effective. If you pay for training courses yourself (my case), you should use a differentiated approach. You can prepare for the F (Fundamentals) level exams on your own. At the professional level P, you should select exams that are difficult for you personally (each is individual), and enroll in courses in these subjects. To prepare for exams, you should use questions and answers to problems from previous years. In addition, on the forums on the Internet you can find those who donate textbooks from old sessions for free.

Gulnara Valeeva, Deputy Chief Accountant of TAIF PSC for Consolidation under IFRS and RAS

I passed all the exams. What's next?

Congratulations! You have coped with a very difficult task - you have passed all the ACCA exams. And now only a few steps separate you from your intended goal, that is, from membership in ACCA. What exactly needs to be done to achieve this goal.

Practical Experience Requirements (PER). This is one of the key components of qualifications. ACCA places high demands on the professional knowledge of its members. Meeting the practical experience requirements confirms that you have achieved the required level of professionalism.

Since ACCA is a member of the International Federation of Accountants (IFAC), ACCA's practical experience requirements are in line with IFAC educational standards.

PER includes the following components:

• three years of experience in an accounting or financial position;
• achievement of 13 professional goals (9 mandatory and 4 optional), confirmed by the mentor (mentor) through the professional development matrix (TDM);
• an annual report on practical experience.

For more information on completing the Professional Development Matrix and the Annual Report, see the PER Handbook.

Training module on professional ethics. ACCA pays special attention to the development of ethical values ​​in students. In this regard, a training module on professional ethics has been developed in accordance with Code of Ethics professional accountants approved by IFAC. The objectives of this module are to draw the attention of students to the basic ethical principles of ACCA, to familiarize students with the ACCA approach to resolving controversial ethical situations, to help develop their ethical values.

The professional ethics training module is divided into nine sections. The time to complete the module is unlimited. However, the module must be completed before submitting the ACCA membership application. It should be borne in mind that the training module on professional ethics is not an exam, there are no marks on it. There is only the status "completed" or "not completed". Completed status is displayed after all nine sections of the module have been mastered.

Having fulfilled all these requirements, you will be able to fully appreciate all the benefits of being a member of the International Association of Professional Accountants.

Qualification benefits

Note!

Until you become an ACCA member, you cannot use the ACCA abbreviation in your signature. It is the privilege of those who have acquired an ACCA membership by attaining the necessary practical experience in addition to successfully passing the exams.

ACCA members may use the ACCA abbreviation in their signatures. And this, in turn, gives an idea to employers, business partners, colleagues about how qualified and valuable you are.

ACCA membership opens up more opportunities for career advancement and getting a higher-paying position. According to a 2010 salary survey among ACCA members, the most common income of specialists with this qualification is from 100 to 150 thousand rubles a month (after taxes). Such a salary was indicated by 24 percent of the respondents. 21 percent of the respondents receive 60–100 thousand rubles a month and 17 percent named the amount of monthly compensation of 150–200 thousand rubles. 17 percent of ACCA members have a fairly high salary - from 250 thousand rubles per month and more.

A reputation for international qualifications implies that it is recognized all over the world. This allows you to be more flexible in choosing a country for work and residence.

ACCA members have access to materials that contribute to their further professional development. For example, ACCA members regularly receive the Accounting & Business magazine, which publishes articles from latest updates, news, trends in the field of accounting and finance.

Qualification provides complete freedom in choosing a future career. You can work in any sector of the economy.

In addition, ACCA members can attend events (seminars, trainings, presentations) organized specifically for them. This allows you not only to maintain and improve your professional level, but also to communicate, exchange opinions, news, establish professional contacts with other qualified specialists.

The exams are based on international financial reporting and auditing standards.

The exams are based on national law and taxation, including Russian law and taxation.

All exemptions are payable at the cost of the early enrollment exams.

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What do ACCA DipIFR, IPFM, CIMA certificates give?

Are you thinking about a successful career as a financier, leadership position, or work in large international companies? In this case, the need to obtain an international certificate is obvious.

And this is not just a pretty "crust" that can make your resume more attractive to employers. This is an opportunity to gain in-depth knowledge in the field of finance and become a real professional in your field.

We have selected the most popular certification programs with the ability to take exams in Russian. And we tried to figure it out: what are the prospects for the holders of the coveted certificates?

1. АССА DipIFR (DipIFR)

ACCA DipIFR (Diploma in International Financial Reporting) is a qualification developed for Russian-speaking specialists. Established and developed by ACCA (Association of Chartered Certified Accountants) - an organization with a century of history and worldwide recognition.

The Dipyfr program has a narrow specialization. It is suitable for accountants, auditors and financiers who want to deepen their knowledge and skills in the field of IFRS.

Note! To effectively prepare for the successful passing of the Dipifr exam, you need to have at least basic knowledge of IFRS. ACCA puts forward a number of qualification requirements required for admission to the exam: work experience in the field of audit and accounting or an appropriate level of education or a certificate of a professional accountant or auditor.

• application of IFRS rules in the preparation of financial statements;
• general ;
• preparation of consolidated financial statements, including reports of subsidiaries and joint ventures, enterprises with equity participation.

You can prepare for the IFRS exam at specialized courses.

Some companies offer a course "IFRS.Basis", which is aimed at preparing for obtaining Dipifr from scratch.

Please note that the certificates ACCA and ACCA Dipyfr have some differences. ACCA includes 16 exams in English. ACCA Dipyfr - translated into Russian and somewhat extended version of the F7 "Financial Reporting" exam. Dipyfr does not have such international value as a full-fledged ACCA certificate. However, taking into account the active implementation of IFRS in the work of many companies in the CIS countries, specialists with Dipifr qualifications are becoming the most in demand in the labor market.

2. IPFM.

IPFM (Institute of Professional Financial Managers) is an international institution founded by the decision of the British Chamber of Commerce and Industry by specialists in the field of accounting and finance.

Training at IPFM includes several areas, among which accountants, financiers and economists will be able to choose a suitable option for themselves.

Study programs:

Qualifications confirmed by IPFM diplomas are of great value at the international level and are rapidly gaining popularity in the CIS countries. This opens up a brilliant opportunity for holders of IPFM diplomas to pursue a career as a financial manager.

3. CIMA.

CIMA (Certified Institute of Management Accountants) is an international organization dedicated to the development of the theory and practice of financial and management accounting, as well as certification of specialists in this field.

The institute was founded at the beginning of the 20th century. A few decades later, he was awarded the Royal Charter and received the right to oversee compliance with state standards in the field of management accounting. CIMA certificates are prestigious international certificates confirming the high professionalism of its owner.

SIMA - the certificate is suitable for those wishing to develop their career in the direction of financial analysis and management accounting and reporting.

The opportunity to pass the exam in Russian is only valid for the Business Performance Management diploma.

What is included in the study program:

• Operations Performance Management module;
• module "Business performance management"

The CIMA study program aims to train professionals in finance and economics, as well as CFOs and managers. In terms of its importance in management accounting, the CIMA diploma in Business Performance Management is comparable to the importance of ACCA Dipifr in IFRS.

You can prepare for exams to obtain all of the listed certificates on your own or in specialized courses.

And do not forget that the key to getting you the desired position is the presence of deep professional knowledge. And international certificates are just a confirmation of the breadth of your knowledge and skills to apply them in practice.

(abbreviated CPA, translation options: "Certified Auditor", "Certified Public Accountant") is one of the world's most authoritative proofs of professionalism for professionals working in the field of financial management. An additional requirement for applicants is two years of experience under the guidance of a CPA holder.

The qualification was established by the American Institute of Certified Public Accountants (AICPA). It is based on International Financial Reporting Standards (IFRS) and Auditing (ISA), certification also meets the requirements of global educational standards IFAC.

CPA certifications are recognized by many employers. Those who passed the exam are considered experts in financial management, financial management and accounting, strategic analysis and corporate governance. Therefore, qualifying is an ideal choice for CFOs looking to advance their careers and CFOs looking to brush up on their knowledge.

After receiving the certificate, you can supplement your signature with the CPA abbreviation, which has authority in the professional community.

CPA exam procedure

Unfortunately, you can take the CPA exam only in the United States at specialized testing centers of the Prometric company. Each state has its own requirements for applicants.

Obtaining a CPA certification consists of four sessions that must be successfully completed within 18 months after you register for testing. On average, it takes applicants about 14 hours to write all parts of the CPA exam.

CPA exam sessions:

• Auditing and Attestation(Audit and related services) - 4.5 hours;
• Financial Accounting and Reporting(Financial accounting and reporting) - 4 hours;
• Regulation(Normative legal regulation of activities) - 3 hours;
• Business Environment and Concepts(Business environment and management concepts) - 2.5 hours.

Note the months of the exam session:

• from January to February,
• from April to May,
• from July to August
• from October to November.

The exam for the CPA qualification is taken in computer form. Assignments include both multiple choice tests and practice tasks where you need to write detailed answers to questions. Each of the four parts of the exam consists of about 70 questions; the three parts of the test (apart from Business Environment and Management Concepts) involve writing an essay.

To qualify for CPA, you need to score 75 points on a scale from 0 to 99, and their number does not at all correlate with the percentage of tasks completed correctly. Instead, the exam evaluates your performance as a professional to qualify for a CPA qualification.

CPA Russia

If you are unable to take the CPA exam in the United States, but want to get certified, consider the CPA Russia qualification. This is a CPA certification adapted to the realities of the Russian market, which is recognized only in our country. Such companies as NK Rosneft and Alfa-Bank took part in the development of the program. The organizing committee of CPA Russia consists of qualified experts, owners CPA certificates, ACCA and CIMA.

Like the Western CPA, the Russian qualification can be useful for CFOs, business managers, business analysts, preparers and users of financial and management reports, and tax managers.

CPA Russia consists of five examination sessions:

• Taxation of the Russian Federation of the advanced level of complexity;
• Business performance management;
• Financial management;
• Financial statements according to IFRS;
• Strategic management business.

CPA Russia exam centers are located in Moscow, St. Petersburg, Novosibirsk, Vladivostok.
More detailed information about the schedule of exam sessions, training centers and the testing program can be obtained on the official website of CPA Russia -