IQEX Basics


IQEX is an acronym for the International Uniform Certified Public Accountant Qualification Examination and is sometimes referred to as The U.S. CPA Reciprocity Exam.

The National Association of State Boards of Accountancy (NASBA) offers the IQEX to qualified international candidates each fall. If you are an internationally trained accountant, you may wish to sit for the IQEX exam and seek a reciprocal CPA designation, since the CPA is globally the most recognized accounting designation.

IQEX is designed to evaluate your professional competence as delineated by the U.S. International Qualifications Appraisal Board. The board will evaluate your education, examination scores, and experience to determine if you meet requirements which are substantially equivalent to United States CPAs. The IQEX exam will test you on your knowledge of U.S. business law, professional standards, and U.S. taxation codes.

In a later article is a list of the international designations eligible for reciprocity. If you do not hold one of those, you can still apply through one of the 54 U.S. jurisdictions, pass the exam, and become a CPA.

CPAexcel developed a specialized study course to meet your needs when you are studying for IQEX. Since CPAexcel students pass the CPA Exam at nearly twice the national average, CPAexcel expects a similar level of success for our international students.

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AICPA Requirements for the CPA Exam

In the United States and its territories, the Certified Public Accountant (CPA) designation is awarded to those who pass the Uniform Certified Public Accountant Examination (CPA Exam). The American Institute of Certified Public Accountants (AICPA) writes and scores this exam.

You may qualify to sit for the CPA Exam by meeting the requirements of one of the 54 jurisdictions granting the CPA license. These 55 U.S. jurisdictions are the 50 US states, the District of Columbia, and the US territories of the U.S. Virgin Islands, Puerto Rico, Guam, and the Commonwealth of the Northern Mariana Islands. The Northern Marianas Islands are not offering the exam yet. Once you pass the exam, you have to prove that you meet the experience and education requirements in order to be licensed to practice.

At CPAexcel, the countdown to 2011 has begun. Because CPAexcel is the only CPA review course which never expires, you can order it now and study for the current exam. If you have not passed all four sections by the end of 2010, you will have access to the new 2011 CBT-e content and functionality for free!

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The Structure of IQEX

The IQEX exam must be completed in 4.5 hours or less. Delivered through the computer based testing at Prometric centers, the exam is made up of 150 multiple choice questions, each having four possible answers. While other multiple-choice examinations, like the GMAT, penalize you for an incorrect answer, the IQEX does not. A perfect score on IQEX is 100 and a passing score is 75. English is the only language on the exam.

Content of the IQEX Accounting for governmental and not-for-profit organizations 15% Auditing 10-15% Business law 20-25% Financial accounting and reporting 10-15% Professional ethics and legal responsibilities 10% Taxation 25-30% Total ________________________ 100% The aim of IQEX is to test your knowledge of the differences between auditing and accounting practices in the US and similar accounting and auditing practices in Australia and Canada. Because of this, the structure and content of IQEX is more narrow than the CPA Exam because it is assumed that Canadian and Australian accountants who have passed their nations’ exams are already proficient in these other topics which are tested on the CPA Exam.

Exam Dates for the U.S. CPA Reciprocity Exam All IQEX test dates occur within a three week period straddling October and November each year. You would contact Prometric to make an appointment for a 4.5 hour block of time on the test days during that three week period. In the past, Prometric test centers in the US and in major Canadian cities offered IQEX. In 2010, each test centre will be open for the entire three week period. In September 2010, AICPA and NASBA will announce the test center locations. Can You Get a Copy of a Past Exam? No. The U.S. CPA Reciprocity Exam has been a closed exam since it started. Unlike the CPA Exam, past questions and rationales are not available.

Requirements for an International Candidate to Be a CPA

The most direct route is through the reciprocity channel.

AICPA is in a reciprocity agreement with certain nations which AICPA deems to have exams as rigorous as the CPA Exam. These nations and designations are:

Canadian Institute of Chartered Accountants (CICA) Instituto Mexicano De Contadores Publicos (IMCP) Institute of Chartered Accountants in Ireland (ICAI) Institute of Chartered Accountants in Australia (ICAA) CPA Australia.

There is a proviso: the person who has passed the exam must be educated in that nation and licensed originally in that nation. Conversely, those who have acquired their overseas membership through mutual recognition or reciprocity are not eligible. For example, an Irish or Canadian Chartered Accountant who originally qualified as a Welsh Chartered Accountant would not be eligible.

A person who holds one of these specific designations can apply to take the IQEX Exam. Of these, many Canadian and Australian Chartered Accountants can meet the work experience and education requirements of the 54 U.S. jurisdictions without additional college courses or work experience.

Canadian Chartered Accountants If you are a Canadian Chartered Accountant who has passed the UFE (Uniform Evaluation or the Uniform Final Evaluation) and is currently a member in good standing with their provincial institute, you may sit for the IQEX exam. Canadian Chartered Accountants who pass the IQEX are recognized as CPAs in:

Alabama Arkansas Alaska California Colorado Delaware District of Columbia Florida Illinois Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts* Michigan Minnesota Missouri Nebraska New Hampshire New Jersey New Mexico New York **

North Carolina North Dakota Ohio Oregon Rhode Island South Carolina South Dakota Tennessee Texas Vermont Washington West Virginia Wisconsin Wyoming * Massachusetts requires the candidate meets the state’s education and experience requirements as well. ** New York will accept passing grades on IQEX as the way to meet the examination requirement but candidates will still need to meet the state’s education and experience requirements. Australian Chartered Accountants If you are an Australian Chartered Accountant who qualified for his/her CA before 1992 and you are currently a member in good standing of the Institute of Chartered Accountants in Australia, you may sit for the IQEX exam. If you are Australian CAs who qualified in 1992 or later, you have to pass an auditing exam as well. You may sit for the auditing examination before or concurrently with the IQEX. Australian Chartered Accountants who pass the IQEX are recognized as CPAs in:

Arkansas Colorado Delaware Florida Illinois Iowa Kansas Kentucky Louisiana Maine Maryland Michigan Missouri Nebraska New Hampshire North Carolina North Dakota Ohio Oregon Rhode Island Tennessee Texas Vermont Wyoming

CPAexcel developed a specialized study course to meet your needs when you are studying for IQEX. Since CPAexcel students pass the CPA Exam at nearly twice the national average, CPAexcel expects a similar level of success for our international students.

Order CPAexcel today: one price is all you pay to pass the exam!

What You Need to Do to Apply to Sit for IQEX

Here is a brief outline of the steps you need to take as an international candidate to sit for the IQEX exam: * Make your application directly to NASBA (The National Association of State Boards of Accountancy), which maintains the National Candidate Database. Do not apply to a state board of accountancy. In 2009, there was a fee of USD $845 and the applications were due by September 1. As of April 2010, the fees and schedule have not been released. * You can sit for the exam at Prometric test centers. * Unlike the CPA Exam which is given year round, IQEX is only offered for three weeks in October or November each year. * Your scores are sent to you directly by NASBA (normally in February, following the exam in November). After You Pass

After successfully passing IQEX, you must still meet the requirements of one of the 54 State Boards of Accountancy in order to be licensed or certified as a CPA. Make certain that you follow that jurisdiction’s regulations on becoming licensed. Complete the paperwork and submit your supporting documents. Although state boards are not involved in the IQEX examination itself, they still reserve the right to decide on CPA licensure and certification. * Most successful IQEX candidates (who do not need a license from a particular state) apply for a CPA certificate from the Illinois State Board of Accountancy. This is the most straightforward option because Illinois does not require any further educational, ethics or work experience requirements for certification.

* Some state boards do not accept IQEX, or only accept it under certain conditions. Some may not accept Irish Chartered Accountants, for example, or may only accept Canadian Chartered Accountants from specific Canadian provinces. Check the requirements before you sign up for the IQEX exam. CPAexcel developed a specialized study course to meet your needs when you are studying for IQEX. Since CPAexcel students pass the CPA Exam at nearly twice the national average, CPAexcel expects a similar level of success for our international students.

Order CPAexcel today: one price is all you pay to pass the exam!

At CPAexcel, the countdown to 2011 has begun. Because CPAexcel is the only cpa exam which never expires, you can order it now and study for the current 2010 CPA Exam. If you have not passed all four sections by the end of 2010, you will have access to the new 2011 CBT-e content and functionality for free!

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