IQEX Prep Guide, Study Materials and Pass Rate

iqexIQEX 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)
  • Ireland
  • Mexico
  • 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.

Exam 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.

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.

REG CPA exam Pass Rate 2014

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?

IQEX Application

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:

iqex prep course

About the Author Stephanie Ng

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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  • Ritvik says:

    can anyone with a bcom degree can do IQEX?
    My aim is Cpa.Will IQEX provide me exemptions?

    • Stephanie Ng says:

      Hi Ritvik, I am afraid only the countries listed above are qualified for IQEX. You can go through the standard process but note that the minimum degree requirement is 4 years of higher education. Regards, Stephanie

  • Shabbir Mohammed says:

    Dear Stephanie,

    I hope you are doing great!

    Appreciate your continuous support towards the all incoming queries with regard to persuasion of CPA or asking about the exemption info. in the same regards, mostly people consistently ask queries which would be ideal solution to other readers.

    However, I would like to ask you the question from around the same globe that whether a commerce graduate who’s carrying +7 years corporate experience is eligible to do CPA?

    In case your answer is no? due to mandatory requirement of qualification pattern; then kindly suggest how he/she supposed to start with which (course) B.com + M.com or MBA would enhance the eligibility criteria to get enrol in CPA?

    At the end would like to conclude that, I’m knocking your door with simple ask 🙂

    Request for your speedy response.

    Many Thanks,
    Shabbir Mohammed.

  • Bety Amenye says:

    Hi Stephanie,

    As a CA from countries eligible for IQEX, is there a state that can exempt one from IQEX exam with master in accounting from the US in addition to the CA qualification?

    Bety Amenye

    • Stephanie Ng says:

      Hi Bety, IQEX itself is already a big exemption (taking only 1 part out of the 4). I don’t think it is possible to get further exemptions 😉 The Master in accounting is more or less a requirement in the US under the 150-hour rule. Regards, Stephanie

  • Pratik says:

    Hi,

    If i have an Australian CA, how many exams do I need to take and which ones to get my US CPA?

    Thanks
    Pratik

    • Stephanie Ng says:

      Hi Pratik, you only need to take IQEX meaning only REG section in the CPA exam. You don’t need to take the other 3 parts.
      You still need to fulfill the licensing requirements though so please check that out as well. Regards, Stephanie

  • Annabel says:

    Hi Stephanie!

    Is the IQEX exam only eligible for CPA members of the accounting bodies listed in your article or if I am in good standing to achieve my CPA, but still require a couple months of practical experience, am I eligible to write it as well?

    • Stephanie Ng says:

      Hi Annabel, I am a bit confused which “CPA” you refer to… the local CPA or US CPA? my understanding is that as long as you are a member, you are qualified. Not sure if you need to be a full member or associate member. Stephanie

  • Jessie says:

    Hi,

    Is anybody else having difficulty applying for the IQEX? I registered an account on NASBA website and tried to use the “apply online” link. But it didn’t work. No application form showed up. Anybody else having the same problem? How does everyone apply for the exam? I feel so frustrated.

    Thanks,
    Jessie

  • Andy says:

    Hi Stephanie, I am working on my cpa US and would like to give newzealand ca also after clearing US CPA under the exemption. will this be possible provided i am Indian citizen. Also, do i have to be a licensed CPA in order to give the exams. TIA

  • Kiramat says:

    Dear Stephanie!

    Hope you doing well.

    can you please share some info whether there is any exemption for ACCA.

    Regards
    Kiramat

  • John Mott says:

    Hi Stephanie, is there a preferred State Board for Canadians pursuing the US CPA? Is there such a thing as a single tier State anymore? It used to be that Canadians would qualify through Illinois, because the CPA designation was granted separately from the license to practice requirements.

  • DR.VINEET KR. SHARMA says:

    After completing CPA USA,Can I give IQEX can qualify for Australian ca?

  • Alex says:

    Hi Stephanie,

    Thanks for the useful information on your website.

    I wanted to ask – do we have to register with the state board in order to get the results of the IQEX exam?
    Or we can just register after taking the IQEX?

    I just took it in February, and when i check NASBA, i get n/a as my scores.

    Appreciate hearing from you!

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