Whether you sat for the CPA exam or not, it is widely known to be an incredible test of not only one’s technical expertise, but also one’s endurance to make it through the rigorous process. To make things even more difficult, it changes year to year to reflect the most recent updates in accounting standards, requiring applicants to stay on top of it all. Now the AICPA has announced that there will be additional changes to the exam other than the typical accounting standards update.
The AICPA conducted an analysis and received feedback from numerous members in the accounting profession regarding the exam. The analysis indicated that there needs to be an emphasis on critical thinking skills due to the advances in technology and the tasks that new CPAs typically perform. The CPA exam currently tests two aspects, including Understanding and Application. Soon, they will also be testing Analysis and Evaluation. The exam will be modified to test these new aspects and some of the more significant changes, coming April 1, 2017, are as follows:
• The number of multiple choice questions will change for each section of the exam.
• Scoring for multiple choice questions will decrease from 60% to 50%.
• Task based simulations will increase for all sections of the exam.
• An hour will be added to the BEC and REG sections making each section of the exam 4 hours in length.
To learn more about the upcoming changes, click here.
By Andrew Gill, CPA