HOCK would like to extend our congratulations to all of the CMA students who passed their exams from the January/February testing window, especially to those who finished their second Part and have earned their CMA certification! It is our sincere pleasure providing the materials and support that help accounting professionals from all over the world advance their career.
Again, congratulations, and we wish all of our CMAs a successful and prosperous future!
A US CPA license is the most widely recognized professional accounting certification in the world. However, that does not mean that it is always the best choice for accounting professionals outside of the United States. There are issues connected to the content of the Exam, eligibility, taking the Exam, getting your license, and the investment of time and money, all of which need to be carefully considered before deciding to pursue becoming a CPA.
I have been teaching candidates outside the US to pass the CPA Exams since the year 2000, but I always want to make certain that each candidate we help is taking the CPA Exam for the right reasons. The five most important questions that a candidate from outside the US needs to ask and think about before deciding to pursue the US CPA are:
Is CPA the right certification for you?
Before starting any professional certification, you need to be certain that it is the right professional certification for you. This question is even more important for individuals outside the US who are considering the US CPA Exam because of the potentially large investment of both time and money that is required given the additional difficulties of qualifying and taking the exam from outside the US (discussed below).
Determining if the US CPA is right for you revolves largely around the question of why you are taking the CPA Exam, i.e. what is your goal in becoming a CPA? If being a CPA is required for a specific job that you would like to have in the future, then you will need to become a CPA for that position. However, even if the position you want requires being a CPA, if you are not eligible to take the Exam or get your license (discussed below), then you will not even be able to become a CPA.
One specific issue in assessing whether CPA is the right certification for you is the fact that the content of the CPA Exam is US-oriented. The FAR Exam covers US GAAP. The REG Exam covers US tax law and US business law. The Audit Exam covers US audit standards. If you will not be working with US GAAP, US tax or business law, or US auditing standards, then the CPA Exam will not be preparing you for your job. If you are studying topics that you will not be using in your career, it also becomes harder to study these topics because you are not motivated by the practical application to your work.
Are you eligible to take the Exam?
If you have determined that the US CPA is the right certification for you, the next step is to determine if you will be eligible to take the Exams.
While every state has its own requirements for eligibility for the CPA Exam, most states require the equivalent of a Master’s Degree in Accountancy from a US university. In addition to the education requirements, some states also require US citizenship and/or residency.
Even though most states require a Master’s Degree in Accountancy, there are a handful of states that do not have this requirement. These are the states that most foreign candidates register in. Some of these states require the equivalent of 5 years of university credit to be eligible and some require only 4 years. Most states also have requirements about the minimum number of accounting hours, non-accounting business hours, and auditing or business law hours that must be completed in order to be eligible.
All of this is to say that if you do not have at least a 4-year Accounting degree, it will be very difficult to be eligible to take the CPA Exam.
Will you meet the experience requirement to get your license?
In addition to making certain that you are eligible to take the Exam, you also need to confirm that you will be able to get your license after you pass the Exams.
Most states require 2 years of experience under a licensed CPA in public accounting (external audit or taxation). Some states allow non-public accounting experience, but usually more than 2 years, and some states do not require that all work have been supervised by a CPA.
The state in which you plan to apply for your license must be the same state in which you registered for the Exam. You cannot register for the Exam in one state and then apply for your license in another.
Where will you take the Exam?
Assuming that you qualify to take the Exams and be licensed, in order to calculate how much it will cost to take the Exams, you need to identify where you will be able to sit for the Exams.
The CPA Exam is available in only a few countries outside of the United States: Japan, Brazil, Bahrain, Kuwait, Lebanon, and the United Arab Emirates.
Additionally, only citizens and long-term residents of certain countries are eligible to take the Exam in these locations. You can see who is able to take the Exam in each of these countries here: https://nasba.org/app/uploads/2011/02/InternationalTestingChart.pdf. If you are not a resident of the countries listed, you will have to sit for the exam in the US.
The main issue of the location of the Exam is the additional cost. If you will need to travel to take the Exam, you will have the costs of travel and hotel each time you go. If you plan to take one Exam at a time and you end up failing 2 Exams, you would have 6 trips associated with passing the CPA Exam.
Have you calculated the financial and time investment required?
The investment required to earn your CPA license is not only the financial costs of registration, preparation, and potentially travel, but also the investment of your time to prepare.
- The cost of registration varies by state, but $1,500 would be a reasonable average (for all four exams).
- The cost of preparation can be between $500 and $5,000, depending on how you prepare.
- The cost of travel will depend on a number of factors, but can become very expensive depending on where you live and where you need to go.
While these costs will be different for each candidate, it will probably cost at least $3,000 to prepare for and register for the Exams, not including any necessary travel expenses.
In terms of time, you should expect to spend at least 300 hours studying for the Exams. Depending on your educational background and experience, it could be as many as 500 hours.
It is difficult to put a financial value on 300-500 hours (or more) of your time, but you need to remember that in order to get the benefit of being a CPA you must pass all of the Exams and get your license. If you pass only two of the Exams, run out of money, or cannot retake an Exam that needs to be retaken, the time and money that you invested in passing some of the Exams will be wasted.
While the financial and time investment that you will need to make to become a CPA is an essential part of the decision, only you can determine if the CPA Exam is what you need, if you will be eligible to take it, if you will be able to get your license, and where you will be able to take the Exams.
Choosing the correct professional certification is always a difficult process. As detailed above, for candidates outside of the United States, there are significant questions to be answered before making a decision to pursue the CPA Exam. First, make certain that the CPA will help you achieve your personal and professional goals. Then, make certain that you will be able to prove eligibility, that you will have the required experience, and that you will be able to travel to take the Exams, if needed. The final step is the cost/benefit analysis of the required investment to pass the Exams. If you do not have confident answers for all of the questions discussed above, then the US CPA Exam is probably not the best professional certification for you.
If you have any questions, please do not hesitate to ask us. At HOCK we want to help make certain that you pursue the best exam for your personal and career goals.
Brian Hock, CMA, CIA
CMA and CIA ExamSuccess for Windows and Mac have been updated with newer question databases. The new versions can be downloaded in My Studies. We recommend that all candidates studying for either exam update their software; all existing sessions and history will be preserved.
The updated questions are already live in ExamSuccess Online and no update is required.
When we talk about professional certification exams, we generally think of people with jobs taking the exams to advance their career and increase their earnings potential. However, if you are a university student in accounting or finance, you should seriously consider taking a relevant certification exam while you are still a student.
If you would like to be an internal auditor, you should take the Certified Internal Auditor Exams (3 exams). If you would like to work in management accounting or finance, you should take the Certified Management Accountant Exams (2 exams). If you would like to go into auditing, you should take CPA or ACCA (or other similar certification), depending on the required certification for auditors where you live.
No matter which exams you take, there are three reasons that you should start your Certification while you are still at university:
- You save money. Registering for the exams is cheaper if you do so as a student. For example, the costs of taking the 2 CMA Exams as a professional is $1,325, but the cost of taking them as a student is only $849.
- It is easier to study. While you are a student, you probably have studied many of the topics on the exams in your classes. This means that your studying for the exams is more of a review of these topics, and you can prepare more quickly while everything is fresh in your mind.
- It will help you get a job. It is a very competitive market for graduates in accounting and finance, and anything that you can do to differentiate yourself will help you get a better job and/or the job that you really want. By taking the exams (even if you have not passed them all yet) you are showing a prospective employer that you are serious about your profession and that you are also making a positive distinction between yourself and everyone else who graduated but did not take any exams.
We welcome any students (or professionals) with questions to contact us and we will be glad to discuss certifications and how to prepare to pass the exams. The sooner you start your professional exams, the sooner you will benefit from them.
Brian Hock, CMA, CIA
There are several well-known international certifications for accounting and finance professionals, including CMA, CPA, CIMA, ACCA, ACA, CIA, CFA, and others. The first step for you as a professional seeking a certification is determining which one will be the most beneficial. This requires looking not only at your current job, but also what you would like to do in the future. By looking ahead, you can be certain that you have the needed skills, experience, and certification(s) for your career.
I have been involved in professional certifications in accounting and finance since 1998 and through all of these years, the certification that is generally the most valuable is the CMA. Of course, if you want to be an internal auditor, you become a CIA and if you want to be an investment banker, you should become CFA. However, if you are looking for a career in accounting or finance, are looking to start or operate a small or medium-sized business, or want to have a certification that will provide the most flexibility and most options for you in your career, the CMA is the best certification for you.
There are five main reasons that the CMA is the overall best accounting and finance credential:
1. The CMA Syllabus is practical and relevant to your job.
Everything in the CMA syllabus is something that a business does or should do. Such a practical syllabus provides a lot of benefits to you:
- It makes studying easier. It is a lot easier to study and learn something when its relevancy to a business is easy to understand. Also, by being practical, there is a greater chance that you will have some experience or exposure to the concepts before you start studying.
- The content you learn is useful for your current and future jobs. Ideally, studying for your certification will help you perform your job better. Whether you are in accounting, finance, budgeting, management, or operations, what is covered on the CMA Exam is what a company does or should be doing.
- The knowledge does not limit you to a specific department or career path. With topics ranging from financial accounting to management accounting, to planning and budgeting, to internal controls, to ethics and decision making, CMA prepares you for any job that is connected to management of a small or medium-sized business, or the accounting and finance functions in any size company.
2. You only need a Bachelor’s degree and two years of relevant work experience.
While some accountants have advanced degrees, there are many accountants who started in a different career and may not have a business degree or number of hours of accounting courses. For the CMA exam, as long as you have a 3 or 4 year Bachelor’s degree in any subject, you meet the education requirement.
Furthermore, as long as you have two years of relevant work experience, you will meet the experience requirement. Your experience does not need to be with any specific position nor does your supervisor need to be a CMA.
3. You only need to pass two exams to become a CMA.
While it may seem at first that only two exams are not enough for a professional certification, the two CMA exams cover a wide range of topics that are all tested in depth. This means that you get a rigorous exam that covers everything it needs to cover, but without a multi-year time commitment. With only two exams, you will be able to earn your CMA in around a year (average), and you will actually have a certification. While there are certifications with many more exams, if you don’t complete them all there is no benefit to you.
4. Your CMA certification is internationally recognized.
In all likelihood, you will have a number of different jobs during your career, which may include working for a multinational corporation, or in another country. Because the CMA certification is internationally recognized, it will help you get a job anywhere in the world. Having a CMA will also show to others in your organization that you are committed to your profession, which will help with promotions.
5. The CMA Syllabus is practical and relevant to your job.
Yes, this was also #1, but it is so important that it needs to be listed twice. An international syllabus (without country-specific details such as US Tax law) allows you to learn what is needed in today’s international accounting and finance marketplace.
For all of these reasons, I strongly recommend CMA as the best international certificate in accounting and finance. Of course, when you have a particular career goal, or your company requires a specific certification, then you need to pursue that required certification. If, however, you are looking to develop and expand your career prospects and possibilities within accounting and finance, then I strongly recommend the CMA Certification.
Brian Hock, CMA, CIA
On March 3rd, 2018, HOCK international and the Jordanian Association of Certified Public Accountants (JACPA) signed an MOU to promote professional accounting certifications with discounts for JACPA members on materials from HOCK international and training from Sarh Al-Joman.
We look forward to working with the JACPA and helping JACPA members enhance their careers in cooperation with Sarh Al-Joman Training.
It was with great pleasure that Brian Hock recently traveled to Amman, Jordan and was able to speak and present scholarships at a joint event with the IMA and Sarh Al-Joman on March 3rd, 2018.
At the event attended by 200 professionals and university students, Brian spoke about what it means to be a professional and the role that Certifications play in your professional career.
After speaking, Brian drew winners to receive scholarships from HOCK for materials and classes from Sarh Al-Joman.
120 of the students in attendance also received scholarships from the IMA for free membership and exam registrations. These students will have a huge advantage over their peers having passed the CMA exams as they begin their career as accountants. Congratulations to all of the winners!
HOCK is pleased to announce our new CIA Review Subscription, giving you the option to study for the CIA exams on a pay-as-you-go plan for as long or as short as you need to study. Rather than making a one-time traditional purchase, there is a small sign-up fee and then a monthly fee to continue to access the online materials and receive support. You can cancel your subscription at any time.
The CIA Review Subscription is the ideal solution for anyone who:
- Knows that they can study for the exams in a few months and does not need access to the materials for an extended period of time.
- Is interested in studying, but is not confident about the difficulty or time required and doesn’t want to spend a lot of money up front.
- Needs to study on a budget but would still like to use HOCK’s comprehensive materials including our textbooks, questions, and videos.
The CIA Review Subscription includes:
- Printable PDF and/or Hard Copy Textbook (yours to keep after your subscription ends)
- ExamSuccess Online (Multiple-Choice Questions)
- Electronic Flash Cards
- Mock Exams
- Full Support from HOCK
The Subscription does not include:
- ExamSuccess download for Windows and Mac computers
- Access to the mobile App with practice MCQs
- Downloadable audio mp3s
If you need any of these materials, then the CIA Review is a better option for you.
Have questions about the new CIA Review Subscription or any of our exam prep? Do not hesitate to contact us and we will be glad to help. We look forward to helping you achieve your CIA – start studying today!
The Study Plans for CMA Parts 1 and 2 have been updated with check boxes next to each topic to read, video to watch, and questions to practice. The boxes can also be checked off electronically if you’re following the study plan in the PDF.
You can also learn more about the HOCK CMA Textbooks and other exam prep materials if you are not already a HOCK student. Start studying today!