CPA vs UK Chartered Accountant

[Tony CPA]

I have searched for this question and have not found an answer. (I hope I am not duplicating it.)

In regards to the Educational/Qualification requirements noted on the HSMP application, I noted from your site's online test:

Masters Degree (eg MA, MSc or MBA) or Professional Level Qualification (eg Chartered Accountant) - 25 points

If you wish to score points based on vocational or professional qualifications you will need to show the equivalency of this to the relevant British Qualification. This will need to be validated with the National Academic Recognition Information Centre Database.

I am a US Certified Public Accountant. I have a Bachelors Degree. I have heard that overall this is generally considered 'equivalent' to ACCA, ACA, CIMA, etc. in the workplace.

Should this be considered as a Master's equivalent and should I take 25 points on the application? Or should I only request 15 points?

I am sure that other US CPA must have applied to HSMP for this Master equivalency and there must be a precedent set on whether or not US CPA's qualify for the Master's equivalency.

[Jai Jawan]

Tony, I am also a CPA from the States. I had claimed 25 points for my educational qualification, but I also have my Indian ACA qualification. So, 1. I am not sure how many points they awarded, 2. If they awarded 25 points whether it was for my CPA qualification or ACA.

CA "generally" qualifies for 25 points. CPA qualification is nothing but CA of US. I strongly believe that you can claim 25 points. What I would recommend is if you can get a transcript/ letter from your state board that describes the US CPA qualification being the highest Accounting qualification and also comparable to UK ACA/ ACCA etc.

Tony , How is the job market for CPA's in the US.

[Tony CPA]

CPA can usually demand about $10K per annum more than other accounting jobs. And, almost every company has at least one CPA so you can work for any company in any industry. CPA's also usually get the accounting managment positions. Higher management jobs often require industry specific experience, however, it usually not too difficult for a CPA to figure out accounting rules in a new industry. If you can get into a large international firm it can also open many doors. (I worked at KPMG Peat Marwick for 7 years). I would recommend staying sharp on computers and database administration too, such as oracle.

Personally, I will try to get some sort of IASB training or even a UK certification. I feel that if I can show the Home Office that I have extensive international CPE training this might help towards counting my CPA as a Masters. However, as a US CPA I realize that I am weak in European experience, I feel I must learn more about UK accounting to reallly be qualified for jobs in the UK.

Does the UK utilize IASB or do they have another Accountancy Board that issues UK financial statement guidelines?

[Tony CPA]

I have worked on UK financials in the past and the differences in accounting guidelines is relatively minor. For example, UK presents 'net assets' vs 'Balance sheets' used on the US. Most US CPA's can learn the differences in accounting in about a week. However, I notice that various terminology is different so a US CPA should learn it if they want to work in the UK.

Overall, internal controls are about the same in the US or UK. Bascially, cash goes out and in no matter what nation you work in. Receivables are still receivable whether you are in the UK or US. Payables are still payables, etc.

Probably my toughest challenge is to get a good understanding of Tax law and corporate law in the UK. I plan to do much self study and build up CPE credits for studying UK tax law. This will allow me to document my achievements and educational growth.

Overall, I don't feel that being a ACCA, ACA, or CIMA is required for a US CPA to get a job in the UK unless they are actually serving in an attestation function. Most employers would see in your past experience whether you have the basic skills for the job. Some jobs like Tax Manager would obviously require UK tax experience.

However, every State in the US also has different tax laws and inexperience in a specific state's laws is not a major obsticle in finding jobs if you are a CPA moving from one state to another. Thus, I would imagine a US CPA can get entry level or non-Management or even assistance controller type jobs if you can show you are good learner, good with accounts in general, and good with monthly closing deadlines.

[Jai Jawan]

Tony, Thanks for the info. I wonder Y you would change base from US to UK. CPA has such good scope in the US and ur experience seems to be just great..Then y the move..M just curious to know!!!

[Tony CPA]

I LOVE Europe!!! that is why...it has an incredible history going back thousands of years and I love history. I am of part-european descent with Italian, English, and Polish heritage so I feel an affinity to Europe (I am also Hawaiian, Filipino, and Japanese though). I am catholic and I love the beautiful historical churches they have in Europe, they inspire me. I also adore Roman history and the ancient world. I love the Queen.

I have traveled all over the US and Europe. Europeans cities seem to have MUCH better mass transit on average (while NYC has good mass transit, 90% of US cities don't have as much mass transit options as similar-sized European cities). I like Europeans shops, sidewalk cafes, little country towns, and the little 'differences' as described in Pulp Fiction like the fact that they serve BEER in McDonalds in France. I have been to Sears, KMarts and Costco repeated over and over and over and its old. America is boring to me (since I have been here all my life). US govt is corrupt and is too powerful for its own good and has no accountability. America is all about SUVs and ranch homes... I want mass transit and a Victorian home. Europeans are so sophisticated and classy. I like their style.

And for me the only place I can really work is the UK since I don't speak German, French, Dutch, etc. (even though I love other languages and seek to study them). I always feel most at home in the UK and feel this is where advancing my professional career can best be achieved.

I want to get EU citizenship, if possible. I have a young 6 month old daughter and I would like her to have an EU citizenship, as well as US citizenship. My goal is to let her be able to choose what govt she wants to support and live in.

And Europe is multicultural, moreso than the US. I believe in the spirit of freedom that is in Europe... i like the ability to live and work in any EU nation freely... and the spirit of international cooperation that makes them work together for common good. When I am in Europe I feel like I am part of the world.

Currently, I live in Hawaii and I love it. Its paradise and has much natural beauty (like much of America), but I am not really an outdoors person and am more of a museum person. But after a while it becomes kind of small (in less than 1 hour I can drive across the whole island) and it just don't have the cultural things that Europe takes for granted, although it does have nice HULA and beautiful Hawaiian culture which I admire. Yet, I do like SF or NYC alot and have considered moving to SF or NYC for the big bucks... but London has much more allure to me because I love Europe so much and the money is good in London, esp since I can earn POUNDS instead of Dollars (and pounds are worth much more in the exchange).

Americans seem to assume they have all the best, but after I went to Europe, I fell in love and feel its actually 'better' but Americans either don't know since they have never been there or they deny how nice Europe actually is.

[dokwal]

In uk ACCA is commending daily , us cpa is now no more in demand

but each quali got its own merit

but ACCA is going to rule in 5 yrs

rgds

[stevecyril]

Hi Tony,

I see that it has been 11 years since the post.

I just wanted to know your status and how everything has worked out because I am planning to move to the UK from the US.