I'm sitting for REG on May 29th and the tax stuff seems doable and familiar mostly to me. The business law (contracts/sales/commercial paper/ect.) section is a whole other story.
I was horrible at this stuff in college and I'm still struggling with it. I get basic ideas about some of it but at the same time I just can not wrap my head around some of the lawyer language for some reason and it's starting to piss me off. The /audio has helped me but the 's I'm doing , some of them go in much more depth, which is where i get in trouble. I don't know if I just need a different approach or a business law for dummies book or what. This is just super frustrating since I can't get this stuff to click.
Anyone else experience this with Bus Law? Any shared frustrations or advice?
“You sucked at it back in college and you still suck at it.” Dude, get that mentality out of your head! These are designed so that a CPA candidate can learn and understand each section thoroughly (assuming effort was put into it). Seems like the law portion iis your weakness, so you just need to put more time into it. That's all.I'm not sure what your study methods are but taking notes while reading drastically improved my comprehension.
I tend to zone out if I just read, but forcing myself to take notes helps me understand what I'm reading. (Yeah, it's time consuming but trust me, it helps). Watch the video afterwards; put things into perspective. Do on that portion and make sure you understand why you got the question wrong rather than memorizing the answer. Also, people hate doing this, but rereading a section (whether it's contracts or sales or drafts/notes) sometimes makes it click. If you have an accounting friend, set up study sessions with him/her and discuss concepts with one another. If you're confused on a certain topic, post a question on this forum; people are more than wiling to help on this site.Don't let that mentlity of you being horrible at it weigh you down.
I take REG on Saturday and I have concentrated on Tax so much that I am having trouble with BLaw now. One thing that has helped me is when I read the question in BLaw and I don't know it I think to myself, “What is most fair?” More often than not, the ‘most fair' option is the correct one.
On BLaw I think the best thing is to read the thoroughly and take a boat load of. At times I feel gets too detailed but I try to remember as much as possible. Not sure how much this helps but good luck!
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With its 500 multiple-choice questions/problems and their corresponsing answers/solutions, this CPA Reviewer in Taxation aims to equip users with essential knowledge of the principles and practical applications of taxation, and to improve their chances of passing the Certified Public Accountant licensure examination.This reviewer takes into account the nature and type of questions on taxation asked in the CPA exam, thus helping the reviewees focus on relevant items in their course review. More importantly, the questions are organized per subject area in taxation, with each area preceded by review notes that succinity explain taxation concepts such as the laws and practices on income tax, business taxes, estate tax, donor's tax, including the latest revenue regulations directive.
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This page is dedicated to Filipino accountants who want to obtain a US CPA license.If you are looking for something else, see if this is useful:. I am a Filipino looking for help in passing the CPA Board Exam in the PhilippinesUS CPA Exam for Filipinos: An IntroductionAre you one of the Philippine-licensed CPAs who aspires to work abroad as a CPA but can’t use your local license in other countries?While it is frustrating that Filipino CPAs don’t have reciprocal recognition from the US, getting the US CPA license is still a rewarding and achievable goal. You are Smart!I would like to congratulate you on passing the CPA Board Exam in the Philippines. I heard it is one of the most difficult professional exams in your country. Passing rate is typically less than 50%.
Why US CPA?My CPA exam site gets a lot of traffic from the Philippines so I bet many of you are seriously thinking about the US CPA. If you. work in Big 4 with the aspiration to transfer to different countries;. work in multi-national companies especially the ones headquartered in the US; and. plan to work abroad someday then the US CPA qualification is useful. Basic RequirementsTo get the CPA license, all candidates need to fulfill the “3E”, that is, Education, Exam and Experience.
Generally speaking, you need to:. Obtain a 4-year bachelor degree AND accumulate 150 credit hours. Pass the 4 parts of the CPA exam within 18 months. Get your relevant experience properly verifiedDetailed Steps1. Determine Your EligibilityIn the US, a typical accounting student goes through 4 years of university (or what is commonly known as “college”) plus one year of Master’s degree in accounting. 1 year of studying generally means 30 credit hours, so a 4-year and 5-year degree roughly translates to 120 and 150 credit hours respectively.The good news is that the Philippines has the same 4-year bachelor program. Since you have to go through additional years for the Masters’ Degree, fulfilling the150 hours credit should not be an issue for you.2.
Pick a State and Register for the CPA ExamSince the US CPA license is granted by individual states instead of a centralized agency, you have to choose a state board before registering for the exam.Each state has slightly different rules but you can find a summary of the exam requirements by state. I have also written an article on the favored by international candidate for your reference.3. Send Transcripts to Evaluation AgenciesOnce you have chosen a State Board, the next step is to send your transcripts to a “”.Note: If you get part or all the educational credits from a US school, then for this part of the education you don’t need to go through the evaluators but you’ll need to ask this US school to send the transcript to the State Board directly. Please refer to the instruction on the CPA exam application form.4. Get Approved for the ExamOnce you are approved to sit for the exam, you will receive a (NTS) which will allow you to schedule your exam in exam sites known as the.You will have to fly to a US jurisdiction for the exam, but since Guam is so close to I don’t think this is an issue.For your information, there are a few non-US prometric centers, but only citizens or long-term resident in are qualified.5. Study for the ExamIn terms of the CPA exam, it is likely the easiest step for international candidates. At least it is something within your control.
If you need help I’d suggest that you take a review course from one of these.Once you complete the 4 parts of the exam, most states require that you take the but this is much easier in comparison.6. Fulfill the Experience RequirementsMost states require 1 to 2 years of experience. The challenge is that the State Boards only recognize “relevant” experience that is “properly verified”.Some states only recognize public accounting i.e. How to wire aprilaire 700 humidifier. Auditing or related work in a CPA firm. If you work in the corporate, non-profit organization and non-US government agencies your experience cannot be counted.IMPORTANT: when you pick a state to get qualified for the exam, this is an important consideration.7. Verify Your ExperienceAll experience will have to be verified by a US CPA who keep his/her license active during the time you work(ed) for him/her.Most states require that this person to be your direct supervisor.
Some states allow CPA “or equivalent”, which usually means a Canadian CA or Australian CA, but for the exact definition of this equivalency you will have to check with your State Board.If you have previous working experience in the Philippines, unless you worked under a US CPA (or for some states, CAs from the “reciprocal countries” e.g. Canada and Australia) your experience cannot be counted. I know it is frustrating but an important note to remember. I’m a Filipino, how do I become a U.S. CPA Licensee even if I am not a US Citizen?Most states allow non-US resident/citizen to apply for the CPA exam and license. Please go to this for more info on the application procedure.2.
Which credential evaluator should I use?The State Board of your chosen state should indicate which evaluators you can pick from. Some allow you to choose anyone that is a member of the evaluators’ association (i.e. ), while others only recognizes one. Please double check the list in the application form for details.3.
How many credit hours do you think I can get?It depends on the subjects you have taken at the university. To go further, you will have to make some commitment i.e. To pay the evaluators for a. It costs anywhere from $150-200.Express service is available but will cost multiples of that. Some states offer pre-evaluation service which will indicate which courses you lack.
I think it is a good idea if you aren’t sure whether you can get qualified for that state.4. Which State Should I Apply?You can apply to any state that you are qualified in terms of the education requirements. It is also wise to pick a state that requires more flexible or even no working experience requirements.5. Illinois is the most favorable state for me in terms of requirements, but I want to take the exam in Guam. What to do?You are allowed to take the exam in a state that is not your registered state. For example, if you register through Illinois state board but want to sit for the exam in Guam, it’s totally fine. I am All Confused Can You Help Me?If you are serious about taking the US CPA exam, I welcome you to join our community by signing up for my free mini course.
You will get the basics on CPA exam application, registration procedure, what to do (and not to do) during the process:Enter your name and email address andI will send you the newsletter right away!Feel free to learn more about this here before signing up. If you have a lot of money, then get a master’s degree.
If not, you can just take classes that will give you credits. Usually, if you got your bachelor’s degree in acctg from the PH, you already fulfill the required upper level acctg and business units. You just need to complete the 150 required total units. I’ll be taking the us cpa exam hopefully by the end of this year. I had my education evaluated by NIES. I have 126 units and right now I am taking the acctg certificate program in one of the universities in WA. After this, I will have 18 units more which is still short by 6 units.
I was thinking of getting a master’s but it’s expensive lol. So I’ll just go to a community college instead. But take note, semester credits and quarter credits are different.I am a CPA in the PH too. When I got here, all I wanted to do was to take the exam right away, get a good job and be successful. But unfortunately, cpa requirements here are way different and standards are way higher. And I thought the 150-unit requirement didn’t make sense but after taking classes, I appreciate it.
There may be bumps along the way and the journey may be longer but I aint gonna give up on this dream.If you guys wanna connect, you know, exchange resources, knowledge and stuff let me know.Yun lang. Bow.Hey Stephanie,Thanks for this site. You’re such a big help! Hi Krizzle,I haven’t taken the exams yet I’m still 6 semester units short so I’m taking more classes this fall.You probably know already that we don’t have reciprocity with the US, so our cpa license in the PH is of no use in the US. But considering the education and cpa exams we have in the Philippines, I can say that we are at par. I mean, if you have managed to pass the cpa exam there, then you have enough knowledge to pass the US cpa exam.
Of course, there are differences so taking review classes will definitely help.Which jurisdiction are you planning to take the exam?John. Thank you for this page. I would like to ask for some assistance as well. I am a recent graduate of a 5-year Bachelor of Science in Accountancy degree course and a recent CPA board passer both in the Philippines.
I immediately migrated here in California right after passing. What are the necessary steps do I need to accomplish in order to find a job related to my profession and/or pass the CPA board examination here in California? Thank you so much! Your anticipated response will be of great help and will be very appreciated! God bless ?. Hi Steph,After months of looking online, I’ve finally stumbled on your page and I can say that your page is very helpful and very informative.
I don’t know if you happened to come across the same situation as mine but hopefully you could give me some advice. I graduated Accountancy from a state university in the Philippines in 2008, took and passed the CPA board on 2011 and currently working as a Chief Accountant in a local government here in Marshall Islands. Obviously it’s not a public practice and I don’t have a US CPA boss. I am planning to take an online review from one of your recommended CPA review courses. After the review, I am somehow confuse on what to do next. Do I need to pick a state to have my credentials and work experiences verified first or can I already proceed on taking the exam first and decide on which state later? Can I take the exam in Guam either way?
How can you determine if the bachelor’s degree is 120 or 150 credits, is it based on the number of years it was completed? Please advise.
Thank you very much. Hi Sarah,Thanks for your note! I suggest that you figure out whether (and which state) you can be qualified for the exam first, because it can’t be taken for granted for the CPA exam.
I believe it is a 4-year degree and sometimes an accelerated degree in the Philippines. If so the bottleneck is more likely the experience requirement. Please check out this page for suggestions:On Guam, it should work at least for the inactive license, which requires 120 credit hours. You can always upgrade it to the full license.Typically, people take 30 credit hours in each academic year. So 4 years = 120 credit hours, unless you take a lot of extra classes and you may get more than 120 within 4 years. You will have to get an evaluation report to find out.
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Hi, thank you for this very informative article. I’m a graduate of 4- year BS Accountancy course in the Philippines but I am not a CPA in Philippines either. I now reside here ni CA.
I would like to be a CPA here is US and I am hoping to get my license here in CA. I am just wondering if I am qualified to take CPA exam here even if I am not a CPA in Philippines and do I need to take my Masters here to have the 150 credits, then work and be supervised by a US CPA before I can take the CPA exam in US? Thanks a lot! I am a a CPA here in the Philippines. I graduated a 4-year bachelor’s degree in accountancy with honors from a state university (public school here in my country). I passed the boards last October 2015, and currently working in the government but not as accountant. I am planning to go in the US soon because someone might sponsor my air fare.
What job/s awaits for me there? Can you be kind enough to share some insights or pieces of advice so that later, it would still lead me in the US CPA title. I am not expecting to get the license as soon as I arrived in your country, what I am expecting is a job that could be useful for me in pursuing this dream. I hope you would consider this comment. Thank you very much! You can email me at if you would be willing to help. Again, a warm thanks!
Hello, maam Stephanie, Im still a 2nd yr Accountancy student here in the Philippines in 4 yr. Degree program. May you please help me by giving some wise advice and tips on my way to taking the US CPA exam? Is it wise to take the 5 yr. Program instead which conforms with the 150 credit hour requirement? Or just to take the 4 yr program and take masters later? We’re just poor and I want to take the most affordable way possible because I think getting a masters after the 4 yrs is quite expensive.
Moreover, after I passed the CPA exam here in Philippines, is it advisable to go to US immediately because as what you have mentioned, even if I earned experience here on one of the Big4 firms Im still not qualified for the experience. Please help me maam, I have no helpful idea on how to fulfill my dream of working in US since Im just a student. Im very confused. Please help me and God bless you! Hi Stephanie,I am so glad I subsribed to this blog as you have it all detailed and it’s really helpful for us people dreaming to get such reputable license.I am a Filipino CPA, working for a US private bank here in the PH. I thought that getting the license would be useful for me so I came to this really helpful page.However, is there a forum here in your site where we can post our specific questions? I am in need of assistance and would be great to talk to Filipino CPAs preparing for the exam application as well.
It’s overwhelming to do everything by oneself and it would be great to have people support and share their experiences – especially ones who come from the same background.Please please reach out to me on Facebook or email, any Filipino who is planning to take it, is taking it or have already taken it.Thanks again for this, Stephanie!Email:Facebook: Inna Crisostomo. Hi Stephanie,I am a CPA in the Philippines and is currently living in New York. I recently had my transcript evaluated by NIES and they confirmed that my bachelor’s degree in the Philippines is equivalent to 130 credits. I read that I can already take the exam here in NY as long as I meet the 120 credits, which i do. My issue is, taxation and business law between PH & US are different and so I am thinking if I should enroll in a tax class. Or will enrolling in a review school be enough to learn what I need and pass the exam. Appreciate your help.Thanks,Carla.
Hi!I am a graduate of a 4 yr accounting course in the Philippines. I passed the CPA board exam in the Philippines last May 2017 and migrated to the US last July. I started my application with NIES for them to evaluate my transcript. Assuming I’ve already passed the 150 credit requirement, would you suggest for me to take some review courses? Is there a review center you could suggest? Either online or not.If anyone has any information regarding taking the CPA here in the states and any accounting related jobs, or have any insights about it, please feel free to reach out to me!
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My linkedin account is Beatrice Leonardo.Thank you!Beatrice. Wow Stephanie! Thank you for this site! I appreciate everybody’s questions and inquiries and they are all very helpful.I graduated from PSBA Manila in 1988, majored in Accounting. I did not pass the CPA Exam in the Philippines though. I am currently working as a seasonal tax preparer; 2018 will be my 3rd season. I live in Hawaii and have looked over the requirements for CPA License here.My main concerns are these– How long does it take NIES to evaluate a foreign transcript?
And I hope my PSBA credits will count! Even just some of it!I would appreciate comments and tips!Thank you!–Madel. Hello Iris,Thank you for your reply. It doesn’t say on the result that I need to take any accounting classes, but I actually taking some accounting related classes now, in case. This is what they wrote on their evaluation ” United States EDUCATIONAL EQUIVALENCY RECOMMENDATION” Having satisfied standards concerning status of the institution (accredited/recognized) admission criteria, required length of study and purpose of program, the studies completed and credential earned represent a level of learning equivalent to the following: Bachelor of Science in Business Administration with a major in Accounting as awarded by regionally accredited institutions of higher education in the United States. But still I have doubt, I messaged the evaluators and they said the CBA will conduct their own assessment hopefully I would qualify, fingers crossed!!!
I hope I will get a letter from them next week, you are right. I just need to wait.
Gta 3 mod installer pc. Thanks again ?Best,Alma. Hi Stephanie,I graduated and passed the CPA board in the Philippines. I just moved last Dec 2017 here in Oahu, Hawaii.I hope to take & pass the US CPA soon. I’m not sure when to start.I’m thinking to get a third party to evaluate my document first or go to UH and study since law & taxation are different.
I don’t know if UH will also do their own evaluation to check the subject equivalent.Which do you think is more practical?I want to save money & time. I am free after February 2018 and hoping to focus on career growth.Is it better to work first in any accounting firm than to take the US CPA?Please help. Thank you so much! For my experience, I moved here when I was newly grad so I don’t have any work experience that time. I see that the employers and recruiters are looking for work experience even just an internship. I say it’s not easy even though you have your CPA in the Philippines with no work experience. I was able to get a contractual accounting job and the company absorbed me full time and I work my way up from there.
I’d say just be determined and don’t lose hope in trying! Once you set your foot in the field, get enough experience and you can move anywhere. Hi Iris,Who told you about the credit deficiency?I emailed NASBA they said they will only give me a report with regards to foreign equivalent of my credits.I went to University of Hawaii, they are not sure on what to do with me. If they will consider me as a graduate or transfer student. They encourage me to pursue a related bachelor degree.I don’t know my next step.I’m thinking to apply for US CPA licensure at Board of Accountancy right now.Oh oh, I am really confused on what to do.I’m planning to take the board next year. When I got the result from NASBA ( I think it was 3 years ago ). It was specified in the result the credits that I am missing to be able to qualify here in Illinois.
I remember I was lacking Ethics and Business Law/Tax credit.I did not pursue another Bachelor’s degree. I only took the required classes in a community college then. When I was finished they sent my transcript to NASBA to be evaluated and added to my initial transcript.Try inquiring to a different University or College because if you’re gonna pursue a Bachelor’s degree that would be redundant and unnecessary better pursue Masters. They let me use their small office depot calculator during my FAR which made me so happy. I would’ve have not finished that exam if they didn’t let me use a calculator, not a big fan of the software calculator either.For those who are wondering how the PH exam is compared to US CPA. For FAR (financial acctg) it is different in a sense that it has simulations which are technically comprehensive problems that include a lot of documents for you to review and reconcile.
Invoice, lease contracts, bank statement etc. Also, not for profit and government acctg are two things that are very important to US FAR. I’ve only taken FAR, still have 3 left. The use of calculator I think depends on the prometric center. I would use the term overwhelming instead of long problems.
Overwhelming in a sense that for example, on my 2 sims there are like 5-6 documents attached that needed to be accounted for.I picture “long” problems as doing the amortization for a lease for 10 years. But I didn’t have something like that.Also they’ll give you a dry erase marker instead of a pen. That was a little annoying.Hope that helps and good luck!!