Becoming a Certified Public Accountant (CPA) in the Philippines is a structured process that involves completing the necessary education, gaining practical experience, and passing the CPA Licensure Examination. Here is a detailed guide on how to become a CPA in the Philippines:
1. Educational Requirements
a. Obtain a Relevant Bachelor's Degree
Enroll in and complete a Bachelor's Degree in Accountancy from a college or university accredited by the Commission on Higher Education (CHED). The Bachelor of Science in Accountancy (BSA) is the most common and recognized degree for aspiring CPAs in the Philippines.
2. CPA Review Program
a. Enroll in a CPA Review Center
After completing your degree, enroll in a reputable CPA review center. These centers provide comprehensive review programs to prepare you for the CPA Licensure Examination. Some of the well-known review centers include:
Review School of Accountancy (ReSA)
CPAR (Certified Public Accountants Review School of the Philippines)
CRC-ACE Review School
3. CPA Licensure Examination
a. Apply for the Examination
Apply for the CPA Licensure Examination through the Professional Regulation Commission (PRC). Ensure you meet all the eligibility requirements and submit the necessary documents.
b. Prepare and Take the Examination
The CPA Licensure Examination is divided into six subjects:
Auditing
Management Advisory Services
Financial Accounting and Reporting
Advanced Financial Accounting and Reporting
Regulatory Framework for Business Transactions
Taxation
The exam is typically held twice a year, in May and October.
c. Pass the Examination
You must pass all the subjects to earn your CPA license. The passing rate for each subject is 75%, and you need an overall average of 75% with no grade lower than 65% in any subject.
4. Practical Experience
a. Gain Relevant Work Experience
Although not a prerequisite for the CPA Licensure Examination, gaining practical experience in accounting or auditing is highly recommended. Most employers prefer candidates with practical experience. You can gain this experience through internships, entry-level positions, or trainee programs in accounting firms or corporate accounting departments.
5. Obtain the CPA License
a. Register with the PRC
Once you pass the CPA Licensure Examination, register with the Professional Regulation Commission (PRC) to obtain your CPA license. You will need to submit required documents, pay the registration fee, and take the professional oath.
6. Continuing Professional Development (CPD)
a. Fulfill CPD Requirements
To maintain your CPA license, you must comply with the Continuing Professional Development (CPD) requirements set by the PRC. CPAs are required to earn CPD units through seminars, workshops, and courses to ensure they remain updated on the latest accounting standards and practices.
7. Join Professional Organizations
a. Philippine Institute of Certified Public Accountants (PICPA)
Consider joining PICPA, the national professional organization of CPAs in the Philippines. Membership in PICPA offers various benefits, including networking opportunities, access to professional development programs, and updates on industry trends.
Summary
To become a CPA in the Philippines, you must complete a Bachelor of Science in Accountancy, pass the CPA Licensure Examination administered by the Professional Regulation Commission (PRC), and register as a licensed CPA. Gaining practical experience and fulfilling Continuing Professional Development (CPD) requirements are also essential steps in your career as a CPA. Joining professional organizations like PICPA can further support your professional growth and development.
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