No offense to everyone else here. Comparing us cpa exam and philcpa exam. I find the latter to be the tougher. The US CPA exam curriculum should be revise in a manner that is comprehensive and able to test the power of retention of an examinee. The 18 months validity of scores gives the examinee a great advantage to take subject individually per testing window. So when you passed the first subj you tend to forget what you have learned in your first subject because you are working and preparing for the next subject. The pressure of studying all the subjects is virtually erased. This is the biggest reason why the average passing rate per subject is 50%. Actually it should be even more given that advantage mentioned. If you already passed the philcpa 100% sure you will pass us cpa with little time of studying. No need to attend review school because all the topics are just a process of recalling your philcpa with some difference between ifrs and us gaap plus practicing how to make correspondence in a given business situation. Even you blow the writing section you still have 85% of multiple choice which is equivalent to 72 questions you get at least 65 then you are safe. I understand their tax rules were different but phil tax system is in line with the irs. I am not a tax expert so I could not point out those rates that differs between the two tax system but concept stil the same. What makes US CPA difficult to achieve? The experience requirement. Most states requires at least a year of experience or two for some and there are states that they required experience from assurance only. On top of all this, The experience must be supervised by an active US CPA. I know there are states that were not strict. They required only that the US CPA should have a direct knowledge of your work it does not need to be your supervisor which i will take advantage of hehe. Lets take a look now the philcpa. We have 7 subjects and normally 6 months preparation only after graduation in which you need to complete in one take all the subjects. If you fail no second chance for some because of financial needs of the family and you should be able to provide to your parents. Its a make or break situation. I understand there were working reviewees but that does not exempt them in taking all the subjects in one go. This makes the philcpa even more challenging and competitive. It is only right to award the license. But wait, Is philcpa have also same requirement in US when it comes to experience? In ph you can attach the CPA immediately after you took your oath but you cannot practice with your own firm. You need to gain 3 years meaningful experience. In US for you to practice you need only 1 year or 2. Having a us cpa after your name will be your marketing brand in an international scene even in the phils as long as you have the philcpa license because some US based company. Again no offense and this is just a harmless opinion.
Posted on: Sun, 03 Aug 2014 17:28:54 +0000
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