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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.
Chartered and Certified Public Accountants from:
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.
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 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:
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.
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.
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:
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.
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.
You can get only the REG section of any review course materials. Check out the Top 5 CPA review courses here:
I am the author of How to Pass The CPA Exam (published by Wiley) and the publisher of this and several accounting professional exam prep sites
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