IQEX, which stands for stands for the International Qualification Examination, is an exam designed for CAs and CPAs in reciprocating countries.
Who Takes The IQEX?
Chartered and Certified Public Accountants from Canada (CA only), Australia (CA only), Ireland, Mexico, New Zealand and most recently Hong Kong who would like to become qualified as CPA in the US.
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.
Why Take This Instead of The Uniform CPA Exam?
The advantage of IQEX over the standard Uniform CPA Exam is that it covers much less topic — IQEX takes 3 hours to complete while the Uniform CPA exam takes 14 hours. After passing IQEX you can apply for the same CPA license in participating states.
But I Have Never Heard Of IQEX…
It is true that the number of IQEX candidates has declined considerably as more countries and companies are switching to adopt IFRS (International Financial Reporting Standard).
In light of this, IQEX will undergo a major change in content and delivery format: IQEX will essentially be the same as the REG part of the Uniform CPA exam starting from November 2012.
What Is The New Format
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.
Please find 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.
Where Can I Take IQEX?
The exam is and continues to be offered at Prometric centers in the U.S and Canada.
The new format will be offered during the second month of every testing window (e.i., February, May, August, November)
How Do I Start?
You can download the application form from NASBA at the beginning of July every year (things will change in Nov 2012). Once your application is processed, you will receive a NTS (Notice to Schedule) and schedule a time at the / of your choice. Please note the application deadline is September 1.
For more information specific to your country, please go to NASBA’s official IQEX page for details.
Is Any IQEX Review Course Available?
Starting from November this year candidates have more choices now given the exam is essentially the same as REG part of the CPA exam. Please take a look at the top 10 CPA review courses and sign up for REG review course from one of them.
For Your Further Reading
If you are not qualified to take the IQEX, you may want to check out how you can handle the CPA exam application as an international candidate.
Got A Question?
First of all, feel free to drop a question on my Facebook page.
You might also want to check out this book on 12 FAQs From International CPA Candidates which I am giving away for free.
All you need is to sign up for this (also free) newsletter specifically written for you as an international candidate so you can learn about how to proceed efficiently towards your goal — getting the most recognized and prestigious CPA qualification in the world.
Feel free to learn more about this CPA exam mini-course here before signing up.