IQEX: Exam Guide, Pass Rates, and Study Materials


Regarding IQEX, I have a few questions for you. First, are you an accounting professional with membership in a non-U.S. professional association? For example, are you a Chartered Accountant (CA) or non-U.S. Certified Public Accountant (CPA)? And finally, would you like to earn the U.S. CPA certification? If you answered yes to these questions, I have great news for you: You may be able to take a shortcut to the U.S. CPA. That shortcut is called IQEX.

What Is the IQEX?

The IQEX is the International Qualification Examination. The American Institute of Public Accountants (AICPA) has developed the IQEX for accounting professionals who would like to earn the U.S. CPA certification and are already members of certain non-U.S. professional associations. These associations must hold mutual recognition agreements (MRAs) with the National Association of State Boards of Accountancy (NASBA) in order for their members to take the IQEX and become U.S. CPAs.

The U.S. International Qualifications Appraisal Board (IQAB), a joint body of the AICPA and NASBA, recommends alliances between non-U.S. professional associations and NASBA on behalf of the U.S. accounting profession. As a result of these agreements, accounting professionals from other countries qualify for CPA exemptions. For instance, they can earn the U.S. CPA certification by taking the IQEX instead of the Uniform CPA Examination.

Who Qualifies for the NASBA IQEX?

Members of the following professional associations can take the IQEX rather than the Uniform CPA Exam:

  • CPA Australia
  • Chartered Accountants Australia and New Zealand
  • CPA Canada
  • Hong Kong Institute of Certified Public Accountants
  • Chartered Accountants Ireland
  • Instituto Mexicano de Contadores Publicos
  • Institute of Chartered Accountants of Scotland
  • South African Institute of Chartered Accountants

If you become a member of these associations on the basis of recognition for credentials earned in other countries, you may not be eligible to apply. You can still earn the CPA license, but you must take the Uniform CPA Examination. NASBA has more information about IQEX eligibility requirements.

Why Should You Take the IQEX Exam?

You would benefit from taking the IQEX if you would like to work for a U.S. company or a U.S. subsidiary that uses the U.S. generally accepted accounting principles (GAAP).

Furthermore, the U.S. CPA is the most globally recognized accounting qualification in the world. Therefore, you can enjoy the advantages of the CPA by taking the IQEX and adding another accounting title to your name.

Finally, the IQEX differences from the Uniform CPA Exam mean you save time and money on the CPA certification process by taking the IQEX.

What Are the Differences Between the IQEX and the CPA Exam?

Number of Exam Sections

The IQEX is essentially the Regulation (REG) section of the CPA Exam. Therefore, the IQEX only has one exam section. In contrast, the Uniform CPA Exam has three Core sections and three Discipline sections. Basically, CPA candidates must pass all three Core sections, which include Regulation (REG), Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Taxation and Regulation (REG). Plus, candidates must pass one CPA Discipline section of their choice, and the choices include Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). So, as an IQEX candidate, you don’t have to take the other three sections of the CPA Exam.

Exam Format

Because the IQEX is essentially the REG CPA Exam section, the exam lasts for 4 hours and features five testlets with two different types of questions.

The two types of questions on REG are multiple-choice questions (MCQs) and task-based simulations (TBSs). The MCQs are questions for which you must choose the best answer from four answer options. The TBSs are case studies that you must complete using the information provided.

Format of the REG CPA Exam Section

As mentioned, the CPA Exam features three more sections. Specifically, each section is 4 hours long and contains five testlets of different question types. Therefore, taking the CPA Exam instead essentially means that you must endure four times as many testing hours and answer approximately four times as many questions.

CPA Exam Content

Again, we can look to REG to see which topics the IQEX tests you on and how much weight it assigns to each content area.

REG CPA Exam Section Content 2024

Content Area Title Allocation
Area I Ethics, Professional Responsibilities, and Federal Tax Procedures 10-20%
Area II Business Law 15-25%
Area III Federal Taxation of Property Transactions 5-15%
Area IV Federal Taxation of Individuals 22-32%
Area V Federal Taxation of Entities (including tax preparation) 23-33%

As you can see, passing the IQEX exam requires you to learn the Internal Revenue Code and federal tax regulations. You must also know federal law and the Uniform Acts for the Business Law content area.

To pass the entire CPA Exam, you would need to know the content for AUD and FAR as well. And you need to pass one CPA Discipline section, too.

AUD CPA Exam Sections Content for 2024

Content Area Title Allocation
Area I Ethics, Professional Responsibilities, and General Principles 15-25%
Area II Assessing Risk and Developing a Planned Response 25-35%
Area III Performing Further Procedures and Obtaining Evidence 30-40%
Area IV Forming Conclusions and Reporting 10-20%

FAR CPA Exam Section Content 2024

Content Area Title Allocation
Area I Financial Reporting 30-40%
Area II Select Balance Sheet Accounts 30-40%
Area III Select Transactions 25-35%

2024 BAR CPA Exam Section Content (CPA Discipline)

Content Area Title Allocation
Area I Business analysis 40-50%
Area II Technical accounting and reporting 35-45%
Area III State and local governments 10-20%

ISC CPA Exam Section Content 2024 (CPA Discipline)

Content Area Title Allocation
Area I Information systems and data management 35-45%
Area II Security, confidentiality, and privacy 35-45%
Area III Considerations for system and organization controls (SOC) engagements 15-25%

TCP CPA Exam Section Content 2024 (CPA Discipline)

Content Area Title Allocation
Area I Tax compliance and planning for individuals and personal financial planning 30-40%
Area II Entity tax compliance 30-40%
Area III Entity tax planning engagements 10-20%
Area IV Property transactions (disposition of assets) 10-20%

Exam Fees and Costs

Finally, the overall expenses for the IQEX differ slightly from those of the CPA Exam.

The testing fee for the IQEX (NASBA calls this the application fee) is about the same as the total testing fee for the CPA Exam. But the CPA review for one exam section (REG) costs less than the CPA review for all four sections.

However, for both the IQEX and the CPA Exam, you will probably have to pay an application fee to your jurisdiction. IQEX candidates pay this fee when they apply for the CPA license after they pass the IQEX. Conversely, CPA Exam candidates pay this fee to begin the exam process.

But IQEX candidates do not have to pay the registration fees that some CPA jurisdictions charge to CPA Exam candidates who need to retake an exam section.

This chart lists the specific fees.

IQEX and CPA Exam Fees



CPA Exam

Application (for jurisdiction)

$30-$200 (paid after the exam) – Candidates must also pay a IQEX Application Fee of $255 $30-$200 (paid before the exam)

Examination (application fee for IQEX)

$630 $952.60 ($238.15 per exam section – but some jurisdictions charge $350 to almost $400 per section)

Registration (exam section retake)

N/A $20-$150

CPA Review

$400-$1,100 (REG section) $1,000-$4,000 (full course)

Ethics Exam (likely)



License $50-$500


Total $1,494-$2,874


As an international candidate for either exam, you may also encounter additional expenses for the following:

  • Courses required to fulfill the education requirement
  • Foreign credential evaluation services to fulfill the education requirement
  • Traveling and accommodation costs to take the exam(s)

Ultimately, these items could easily add several hundred or even a thousand dollars to your total costs for the CPA certification.

What Is the IQEX Pass Rate?

The IQEX pass rate has never been disclosed. However, you can simply refer to the REG exam pass rate to get a sense of how many people pass the IQEX. (We will update this chart with the 2024 CPA Exam pass rates when they become available.)

2017-2023 REG CPA Exam Pass Rates

Year First Quarter Second Quarter Third Quarter Fourth Quarter Cumulative
2023 58.63% 59.71% 59.13% N/A 59.19%
2022 60.03% 61.25% 44.30% 56.41% 59.85%
2021 59.29% 58.81% 63.12% 57.78% 59.88%
2020 55.42% 75.97% 66.12% 58.00% 62.29%
2019 50.23% 58.66% 51.94% 55.89% 56.34%
2018 49.99% 55.75% 56.55% 50.22% 53.09%
2017 46.10% 48.32% 49.31% 45.89% 47.24%

Where and When Can You Take the IQEX Exam?

Prometric administers both the CPA Exam and the IQEX. There are Prometric testing centers located all around the world.

In the past, you could only take the CPA Exam during four annual testing windows. But from 2020 to 2023, the CPA Exam had continuous testing, so candidates could take their exams any time a Prometric testing center was open. However, blackout dates returned at the beginning of 2024, and the CPA Exam and Discipline sections have different dates.

Dates for the 2024 CPA Exam: Core sections

  • Q1: January 10-March 26, 2024
  • Q2: April 1-June 25, 2024
  • Q3: July 1-September 25, 2024
  • Q4: October 1-December 26, 2024

Dates for the CPA Exam in 2024: Discipline sections

  • Q1: January 10-February 6, 2024
  • Q2: April 20-May 19, 2024
  • Q3: July 1-31, 2024
  • Q4: October 1-31, 2024

How Do You Take the IQEX?

Fill out the Application

You can find the IQEX application form on NASBA’s website. The first step in the application process will be to create an account. Then, you can use that account information to apply for the IQEX, maintain your current information, and view your scores.

You must submit the IQEX NASBA application each time you want to sit for the exam. Along with the application, you must also have your professional credentialing institution send NASBA a Letter of Good Standing that documents your qualifications. NASBA will keep this letter on file for a year. After that, you must have a new letter sent if you need to apply for the IQEX again.

At this point, you might be wondering, “If the IQEX is the REG CPA Exam section, can’t I just apply for the CPA Exam?”

If you’d like to take advantage of your other professional certifications and your membership with a non-U.S. professional association, then the answer is no. Candidates who apply for the CPA Exam must take all 4 sections of the exam and complete a different application process as well. One of the main benefits of the IQEX is that you don’t have to take the whole CPA Exam, so you should definitely capitalize on this privilege if you can.

Receive Your NTS

Once NASBA has processed your application and Letter of Good Standing, they will issue your Notice to Schedule (NTS). Receiving your NTS can take 5 days, and each NTS is only valid for 6 months. Therefore, you must schedule and take the exam during this timeframe. Otherwise, the NTS will expire, and all of your fees will be forfeited. You cannot ask for your NTS to be extended or applied to another exam. Furthermore, you cannot receive a refund for your fees. So, you should be prepared to sit for the exam during that timeframe before you apply for the exam and receive your NTS.

Once you receive your NTS, you must confirm that the information on it is correct. The name on your application, your NTS, and your personal ID must all match in order for you to take the exam. For this reason, if the information on your NTS does not match your personal information, you must contact NASBA to request a correction.

Schedule Your Exam

You should schedule your exam appointment as soon as you receive your NTS. After all, doing so will help you secure your ideal test date. You need to make your testing appointment at least 5 days before your desired date. If you find that you must reschedule or cancel your IQEX appointment, you must be prepared to pay a rescheduling or cancellation fee or forfeit your exam fee.

You can schedule your exam appointment by visiting Prometric’s website or calling Prometric’s Candidate Services Call Center (800-864-8080). You’ll find the IQEX listed under the Uniform CPA Examination on Prometric’s website. You’ll also find that making your appointment online is faster and easier than scheduling via the call center. But no matter which resource you use, you must have your NTS in order to schedule an IQEX testing appointment.

Take the IQEX

On the day of your exam, you should arrive 30 minutes before your appointment time, bring two forms of identification and your NTS, be prepared to complete the security procedures, and bring minimal personal belongings with you. You can learn more about the IQEX exam process in the IQEX Candidate Bulletin.

How Do You Get Licensed After Taking the IQEX?

After passing IQEX, you can apply for the same U.S. CPA license that candidates who take the Uniform CPA Exam receive. However, you can only apply to participating jurisdictions. There are 55 U.S. jurisdictions with boards of accountancy. But, only 48 of them accept CPA applications from IQEX candidates. Additionally, all but one of these jurisdictions receive the CPA applications of IQEX candidates from all 8 MRA associations.

Jurisdictions Accepting IQEX Candidate CPA Applications from All MRA Associations


Florida Maine Nevada Oregon Vermont


Idaho Maryland New Hampshire Pennsylvania

Virgin Islands

Arizona Illinois Massachusetts New Jersey Rhode Island



Indiana Michigan New Mexico South Carolina



Iowa Minnesota New York South Dakota

West Virginia


Kansas Missouri North Dakota Tennessee



Kentucky Montana Ohio Texas


District of Columbia





Jurisdictions Only Accepting IQEX Candidate CPA Applications from Canada CPAC

  • North Carolina

Jurisdictions Not Accepting IQEX Candidate CPA Applications from Any MRA Associations

  • Alaska
  • CNMI
  • Georgia
  • Guam
  • Hawaii
  • Mississippi
  • Puerto Rico

In addition to passing the IQEX exam, some jurisdictions expect IQEX candidates to also fulfill the CPA experience requirements, the CPA education requirements, and/or the CPA ethics exam requirements. To know what your jurisdiction requires, you must refer to their website or contact them.

What Does IQEX Exam Preparation Look Like?

To prepare for the IQEX exam, you really should purchase a REG CPA review course and make a study schedule.

To make your IQEX study schedule, you must know how long to expect to study. You can refer to the REG CPA Exam section study time for this information.

Using feedback from readers, review providers, and myself, I estimate that total study time for the REG can range from 80-120 hours.

The more familiar you are with the material the IQEX covers, the fewer study hours you will need to prepare and pass. To gauge your familiarity with IQEX exam content, assess the content areas of the REG CPA Exam Blueprints.

To pass the IQEX fast, you can study for 20 hours a week for 4-6 weeks. Alternatively, you can study for 15 hours a week for 5-8 weeks or even for just 10 hours a week for 8-12 weeks.

Which IQEX Study Materials Do You Need?

As mentioned, you should use REG CPA Exam prep to study for the IQEX exam. I say this because the REG CPA Exam section is challenging, so the IQEX is challenging. As with the other CPA Exam sections, the REG exam tests candidates for specific levels of knowledge and skill, as you can see in this chart.

CPA REG Exam Skill Levels


Remembering and Understanding




The perception and comprehension of the significance of an area utilizing knowledge gained.

The use or demonstration of knowledge, concepts, or techniques.

The examination and study of the interrelationships of separate areas in order to identify causes and find evidence to support inferences.

Content Percentage




Content Areas

Areas I & II

Areas III, IV & IV

Areas III, IV & IV

Question Type

Mostly MCQs

Mostly MCQs, possibly TBS

Primarily TBSs, possibly MCQs

Therefore, you can’t pass just by memorizing the content. Instead, you must have a deep comprehension of the topics and a firm grasp of the necessary skills. A CPA review course will provide you with plenty of exposure to the exam content (so you can know the topics) and to practice questions just like those on the real exam (so you can develop your skills). For this reason, I believe studying with a REG review course is essential for passing the IQEX exam.

To help you decide which REG review course is right for you, you can consult my comparison of the best CPA review courses. Then, once you’ve found your perfect course, you can use my CPA review discounts to save big on your IQEX exam prep.

If you have any more questions about the IQEX, you can just contact me or leave a comment below.

About the Author Stephanie Ng

I am the author of How to Pass The CPA Exam (published by Wiley), and I also passed all 4 sections of the CPA Exam on my first try. Additionally, I have led webinars, such as for the Institute of Management Accountants, authored featured articles on websites like Going Concern and AccountingWeb, and I'm also the CFO for the charity New Sight. Finally, I have created other accounting certification websites to help mentor non-CPA candidates. I have already mentored thousands of CPA, CMA, CIA, EA, and CFA candidates, and I can help you too!

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