IQEX Exam, which stands for stands for the International Qualification Examination, is a professional exam designed for CAs and CPAs in countries with reciprocal agreement the United States.
Who is Qualified for the IQEX Exam?
Chartered and Certified Public Accountants from:
- Canada (legacy CA members only)
- Australia (CA only)
- New Zealand
- Hong Kong
If you became a member of these associations on the basis of recognition of credentials earned in other countries, you may not be eligible to apply. You can still go for the CPA license but must take the standard Uniform CPA exam. Please check out this NASBA page to confirm this information.
Special Note to Canadians
The CA, CGA and CMA are currently undergoing unification in Canada. The only IQEX MRA in effect was with the Canadian Institute of Chartered Accountants; therefore, only legacy CA members of CPA Canada can qualify for the IQEX.
Why Take the IQEX
It’s worth the effort if you see yourself working for a US company or a US subsidiary using US GAAP. CPA in the US is also the most globally recognized accounting qualification in the world.
IQEX vs Uniform CPA Exam
IQEX is essentially the Regulation (REG) part of the exam. This means that qualified candidates only take one out of the four parts required for the rest of the candidates. In terms of exam duration, REG takes 3 hours while the 4 parts takes 14 hours in total.
After passing IQEX you can apply for the same CPA license in participating states.
Same as REG, the exam will be 3 hours long and contain four testlets: 3 test-lets (i.e. groups of questions) each with 24 multiple choice questions, and the 4th testlet with 6 task-based simulation.
Here is the content breakdown:
- Ethics, Professional, and Legal Responsibilities 17%
- Business Law 19%
- Federal Tax Process, Procedures, Accounting, and Planning 13%
- Federal Taxation of Property Transactions 14%
- Federal Taxation of Individuals 16%
- Federal Taxation of Entities 21%
Candidates are expected to learn Internal Revenue Code and Federal Tax Regulations to confidently pass the Taxation Area. Furthermore, candidates are also expected to learn Federal Law and Uniform Acts for the Business Law Area.
IQEX Pass Rate
The pass rate has never been disclosed, but you can refer to the REG exam pass rate, which is 50.3% in Jan – Sep 2015.
Where Can I Take the IQEX Exam?
The exam is offered at Prometric centers in the U.S and Canada.
Similar to the Uniform CPA exam, IQEX is offered during the first and second month of every testing window:
- January – February
- April – May
- July – August
- October – November
How do I Get Licensed after the Test?
After passing IQEX, your state board will send you a congratulatory letter together with information on the next step.
In order to obtain the CPA license from one of the states, you will need to fulfill the working experience requirement as well. For Canadians this is typically not an issue but candidates from other countries please take the time to check the requirements.
How do I Start?
You can download the application form from NASBA any time. Once your application is processed, you will receive a NTS (Notice to Schedule) and schedule a time at the / of your choice. The NTS is valid for 6 months.
IQEX Prep Courses and Preparation
You can get only the REG section of any review course materials. Check out the Top 5 CPA review courses here: