I have already completed all the 6 CPA segments & I m soon to become a full CPA. However there're so many unpleasant comments in the accounting job market that the CPA Program is relatively easy to pass & its quality is of a very low standard. There're also some negative comments that all the CPA graduates do not even have the basic accounting knowledge.

What are your views?

Well guys, what a hot debate & I appreciate all your comments. At least now I know where does CPA stands compared to other bodies. I agree that the quality of CPA (Aust) qualification is way too low compared to other bodies. The only compliment is that it is still recognised by MIA.

Most members of major accountancy bodies use the "Chartered" or "Certified Public Accountant" designation. Both ICAA & CPA (Aust) have already existed for more than 100 years and the ICAA was granted with a Royal Charter in 1928.

Unfortunately for CPA (Aust), members only use the "Certified Practicing Accountant" designation & NOT even granted the royal charter or entitled to use "Certified Public Accountant" designation. Is it because the CPA (Aust) exam is too easy & low quality?

I also acknowledge that the "Chartered" & "Certified Public Accountant" titles are protected by law and not every prof bodies are entitled to it.

Not much changes, it's still very much the same & back to square again.

I always monitor closely the latest development of CPA (Aus) as I have serious concern abt the quality of its exam.

It's good to see that there's a general increase of concern over the syllabus of CPA (Aust).
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In fact, more than 50% of CPA (Aust) members are very concern abt the low standard & quality of the entire CPA exam.

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Added on May 10, 2010, 7:00 amI agree with all the valid points raised up by Murusundram, Wilsonseee & Grimm. It makes sense.

Let me explain on the "Recognition" issue raised up by Seantang. I agree with Murusundram that CPA (Aus) is only recognised in Aus, NZ, Msia, Spore, China & HK.

Seantang, I jz need to share this info with you, pls don't get too upset. When you said that it's recognised by other "prof bodies", it's all becoz of the MRA/MOU signed between the bodies. By signing the MRA/MOU, it does NOT mean that it's recognised by that body & more so in that country alone. Members still need to sit for the exam of that particular body or to satisfy other stringent requirements in order to be admitted as member so that they can be recognised in that particular country. Another reason of signing the MOU/MRA is none other than marketing or expansion reason. Every prof bodies wants to increase their membership so that they will become stronger & have more influence & to capture the market in another region.

Seantang, hope the above will clarify your understanding in terms of "Recognition". No offence please, we are here to share info.

Cheers.


This post has been edited by Selecao: May 10 2010, 07:00 AM

Seantang,
You still don't get what I have said concerning recognition. Yes, on paper, it's about recognition but in real fact, it's all about marketing & expansion. Let's leave this recognition issue beside & let me share with you my experience.

I graduated with Bach of Commerce (Hon.) & immediately I started my CPA Program in Aust. It has always been my dream to join the Big 4 in Aust & lady luck was with me, I get called up for interview with all the Big 4. Just to cut the story short, I attended 3 interviews (PWC, EY & Deloitte) in within 1 month time. The interview & assessment process went very well until 1 final requirement from them....you know what? They required me to enrol for the ICAA & ignore the CPA Program. Reason given was that, they only recognise ICAA & not CPA. I wasn't willing to do so becoz at that time I have already completed 2 CPA segments. Then 1 month later I got an interview call frm KPMG, again the same thing happened. This time I asked the interviewer why I must do CA & not CPA. He gave me a friendly answer that ICAA has long been recognised to produce accountants with technical excellency, highly skilled & competent. 3 years have gone & now I deeply regreted that I did not take up CA.

Actually I have just came back to KL 6 months ago & I discovered that most employers prefer to hire ACCA/ICAEW/MICPA/CIMA & other CAs. So what about CPA (Aust) graduates? I have a cousin who's a Senior HR Manager in a listed company. Prior to that, she was the HR Manager of 2 MNCs (both German Companies). She told me that in her current company plus her 2 previous MNC co, they have a policy to hire accountants that belong to a well reputable body that emphasises a lot on the skill & competency of their members. She told me those bodies are ACCA, ICAEW, ICAS, ICAI, CICA, CIMA, ICAA, NZICA & MICPA. However she said CPA (Aus) is not on the list.

That's the reason why I put up this discussion topic to get all the views.

Seantang, pls don't get upset, in this discussion we just want to share info with one another.

Cheers Mate

I guess the highest ranking of all is ICA Scotland. Nobody can beat them.

Cool down, Seantang. Don't be too emotional & don't let anger to control you. Better stop the discussion here for today.
Seantang, get some rest & I m sure you will feel better tomorrow.

Cheers Mate.

Yes, the Big 4 in Msia are not so particular which body you belong to. They will take in anyone regardless whether CPA/MICPA/ACCA/ICAEW/ICAA/NZICA etc and also those local accounting degree holders. Also once you're a MIA member regardless which prof bodies you belong or even if you're only a local accounting degree holder, everyone is called Chartered Accountant.

I have an old friend who went to UK during the late 90s & he graduated with both ACCA & ICAEW. He's currently with E&Y, UK. He said that in UK, employers treat both ACCA & ICAEW as equal in terms of knowledge, skills & competency. If look at the exam, syllabus content & difficulty, overall both ACCA & ICAEW is equal. Just like in footbal, it's a goaless draw, it would take a penalty shootout to decide which one is better.

However in Aust, sad to say the situation is different with such a big gap that separates both CPA Aus & ICAA.

Currently I m working in a smal/medium practice firm in KL & prior to that I have worked for 3 years in a small CPA practice firm in Aust. I have tried applying for the Big 4 in KL but no feedback. According to my current manager, the Big 4 in KL prefer to hire someone from another Big 4 or they prefer to hire fresh graduates so that they can groom you from scratch. The reason he said was as for my case, it's difficult for them to decide which position they should put me in. If they put me as Audit Assistant, I would be over qualified and if they put me as Audit Senior, there's a risk that I might not be able to cope bcoz I m not from Big 4.

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Added on June 3, 2010, 9:39 pm

Long before, CPA in Australia is more widely recognise in commercial than accounting firm. This had changed recentlyas big4 (and even medium and small firms) do hire CPA grad as well. I worked in Australia before and in an accounting firm. I got offer from both KPMG and EY eventhough i don't have CA> But i have to say that in order for you to advance to manager and higher level, you do required to have CA in your CV. Ofcourse there are exceptional cases. Same thing goes to Malaysia, you need to have professional papers (doesn't matter if it's CIMA, CPA, MICPA, etc) to advance to manager. Saying that, i still know some manager in big4 who advance to manager level who only have degree. CPA is started to get their recognition worldwide. I have friends went to Europe, USA and they said they are starting to accept CPA. Ppl start to realise that profesional paper is just a stepping stone for you to advance further. As long as you have these professional papers, the next to take into consideration is your experience.[/quote]

Thankfully in Msia, the Big 4 are not so particular which qualification you hold, as long as it's recognised by MIA, it should be fine. I agree with you in order to advance to managerial level or higher in the Big 4 in Aust, a person must have CA. So it's still back to square, they require you to enrol for the CA. Meaning to say that with a degree or with CPA (Aus) or still pursuing CPA, a person still can join the Big 4 in Aust with 1 condition: must enrol & pass the CA . This is because they don't recognise CPA. I m speaking from past experience.

In Msia, it's a different case. An unqualified accountant still can become a manager or higher in a commercial firm or medium sized firm. I also agree on your claim that some managers in Big 4 is only degree holders. I can say that most of them are acc degree holders from local Uni (UM, UPM, UKM, UUM) which are also recognised for MIA membership. As I said, as long as it's recognised by MIA, it should be ok for the Msian Big 4.

Those with CPA (Aus) qualification who went to Europe or US, I m sure they're still required to sit for the local prof acc exam there. So it's still not considered recognised & they are hired based on their degrees. Recognition is where no exam is required like how MIA recognise the 11 acc bodies.

On the other hand, sometimes recognition has nothing to do with the quality or standard of a body. It's more for expansion, competition & protection reasons. Take for example US CPA is not recognised by MIA but it's recognised by ICPAS (S'pore). Another example is acc grad from S'pore (Nanyang & NUS), despite the fact that these 2 Uni set a very high standard in their exam, it's still not recognised by MIA & also ICPAS (S'pore) don't recognise MICPA despite the exam difficulty. Recently CIMA have an MRA with CPA (Aus), it's obvious the reason for this MRA is competition....to compete with ICAEW/ACCA in UK.

Having said all this, it's the experience that counts whether a person can become good accountant or not. There're also unqualified accountants holding high post in organisation, it's all because they have a strong desire to excel & learn.

This post has been edited by Selecao: Jun 7 2010, 11:54 AM

Yes, agree.

I heard CPA (Aus) has started introducing classes same as the CA focus session. Is it true?