Exam for True Accountants – CIPA: Everything You Should Bear in Mind

Exam for True Accountants – CIPA: Everything You Should Bear in Mind

RECEP KARACA
RECEP KARACA
16 October 2019 Wednesday 02:32
52 Reads
Exam for True Accountants – CIPA: Everything You Should Bear in Mind

If you think that you are done with exams when you graduated, it is hardly the truth. Many companies have their own testing systems to track the professional advancement of employees. For example, smaller entities, including those involved in the spheres ranging from essay assistance, marketing, to sales, have their internal examination to evaluate the candidates and employees.

Law, auditing, and accounting are the fields where professionals are required to pass certain rounds of standardized exams and licenses to carry on their practice. These examinations certify the level of expertise of the professionals as well as test their ability to study and think critically. Many large companies even provide their employees with study leaves for them to prepare for these tests and confirm their skills.

To be more precise, accountants need to pass CIPA to be approved as professionals at the international level. They pass it in English regardless of their native language that serves to prove their competence in this tongue as well. The exam is indeed challenging to pass; there is a strict time limit. However, with a decent level of preparation, CIPA certification is achievable.

Here are several critical facts on the CIPA examination that you should bear in mind to be fully prepared:

What Exactly Is CIPA

CAP and CIPA certifications are international accountant certifications that define different levels of preparation. Certified Accounting Practitioner usually practice general accounting duties and compiles all reports, including taxes, for the company.

A person who is CIPA certified can perform the duties internationally. It stands for Certified International Professional Accountant and proves a specialist’s ability to work in a foreign environment while complying with all international accounting standards.

CIPA Disciplines

CAP/CIPA certification is actually two levels of one examination. In order to obtain a CAP certificate, an accountant needs to pass:

  • Financial Accounting I,

  • Management Accounting I,

  • Taxes,

  • Law.

To proceed with CIPA, they need to pass:

  • Financial Accounting II,

  • Management Accounting II,

  • Audit,

  • Finances,

  • Management Information Systems.

Standardization and Unification

Tests and tasks for CAP/CIPA are unified and standardized for all countries. It means that all assignments are similar for all accountants taking exam roughly at the same time around the world. They all are based on the study plan drafted by the Intergovernmental Expert Group on ISFA for the UN Conference on Trade and Development.

The only exception is the disciplines of Taxes and Law since the assignments in those parts are based on the tax code and law principles of each particular country. All candidates willing to pass the exam should register no later than one month ahead of the session.

CIPA Test: How Does It Look Like?

The test is unique since it allows you to choose the bloc where you want to check your knowledge and skills. You can take all the blocks at once or choose some of them to prepare. The tests include both theoretical questions as well as practical assignments that allow making a decision regarding one’s knowledge and skills in the particular section.

What CPA/CIPA Serves For?

CIPA is the most reputable certification that proves an accountant’s competence in the field of Accounting and Audit. Thus, to build your career in Accounting outside your country of residence, you will most likely need CIPA certification. It is a long-term confirmation of your expertise that is valid on the international level.

 

Final Words

CAP/CIPA certification is critical for accounting and auditing professionals who intend to progress along the career ladder nationally or internationally. This document certifies the level of competence and knowledge a professional possesses to complete general accounting duties while following international accounting standards and observing local tax and legal policies.

The most successful multinational corporations hunt professionals who are CAP/CIPA certified to complete international accounting and auditing procedures. Thus, to build a successful career, continuous professional development is a must, and CIPA certification is the best way to prove it.

Updated: 16.10.2019 06:35
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