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{{short description|Exam}} |
{{short description|Exam}} |
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{{third-party|date=September 2022}} |
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{{accounting}} |
{{accounting}} |
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The '''Uniform Certified Public Accountant Examination''' ('''CPA Exam''') is the examination administered to people who wish to become U.S. [[Certified Public Accountants]]. The CPA Exam is used by the regulatory bodies of all fifty states plus the [[District of Columbia]], [[Guam]], [[Puerto Rico]], the [[U.S. Virgin Islands]] and the [[Northern Mariana Islands]]. |
The '''Uniform Certified Public Accountant Examination''' ('''CPA Exam''') is the examination administered to people who wish to become U.S. [[Certified Public Accountants]]. The CPA Exam is used by the regulatory bodies of all fifty states plus the [[District of Columbia]], [[Guam]], [[Puerto Rico]], the [[U.S. Virgin Islands]] and the [[Northern Mariana Islands]]. |
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The CPA Exam is developed, maintained and scored by the [[American Institute of Certified Public Accountants]] (AICPA) and administered at [[Prometric]] test centers in partnership with the [[National Association of State Boards of Accountancy]] (NASBA).<ref>{{ |
The CPA Exam is developed, maintained and scored by the [[American Institute of Certified Public Accountants]] (AICPA) and administered at [[Prometric]] test centers in partnership with the [[National Association of State Boards of Accountancy]] (NASBA).<ref>{{Cite web|url=https://nasba.org/exams/becomingacpa/whatistheuniformcpaexam/|title=What is the Uniform CPA Examination? | NASBA|website=nasba.org}}</ref> |
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==Exam content== |
==Exam content== |
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The CPA exam is a sixteen-hour exam tested in four separate sections. As many as two sections can be taken in a given day or each section can be taken on separate days. |
The CPA exam is a sixteen-hour exam tested in four separate sections. All candidates are required to take the same three core sections and a discipline section of their choice.<ref>{{cite web |url=https://www.surgent.com/resources/cpa-evolution/ |title=CPA Evolution |website=Surgent |access-date=January 18, 2024}}</ref> As many as two sections can be taken in a given day or each section can be taken on separate days.{{Citation needed|date=January 2024}} A detailed overview of each exam is as follows:<ref>{{cite web |url=https://www.aicpa-cima.com/resources/download/learn-what-is-tested-on-the-cpa-exam |title=Learn what to study for the CPA Exam |date=January 2, 2023 |website=AICPA & CIMA |access-date=January 18, 2024}}</ref> |
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=== Core sections === |
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* '''Auditing and Attestation''' (4.0 hours): (AUD) – This section covers knowledge of planning the engagement, internal controls, obtaining and documenting information, reviewing engagements and evaluating information and preparing communications. |
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{| class="wikitable" |
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* '''Business Environment and Concepts''' (4.0 hours): (BEC) – This section covers knowledge of business structures, economic concepts, financial management, information technology, and planning and measurement. |
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|+ Auditing and Attestation (AUD) |
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* '''Financial Accounting and Reporting''' (4.0 hours): (FAR) – This section covers knowledge of concepts and standards for financial statements, typical items in financial statements, specific types of transactions and events, accounting and reporting for governmental agencies, and accounting and reporting for non-governmental and not-for-profit organizations. |
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! colspan=2 | Area !! Allocation |
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* '''Regulation''' (4.0 hours): (REG) – This section covers knowledge of ethics and professional responsibility, business law, Federal tax procedures and accounting issues, Federal taxation of property transactions, Federal taxation – individuals, and Federal taxation – entities. |
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|- |
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! Area I |
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===Testing method=== |
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| Ethics, Professional Responsibilities and General Principles |
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For three of the four exam sections (AUD, FAR, and REG), multiple-choice questions represent 50% of the total score, while the other 50% is derived from simulation style questions. For the BEC section of the exam, the score is derived from 50% multiple-choice questions, 35% simulations, and 15% written communication. Accounting knowledge is tested in simulations through a variety of tasks, some of which require searching databases, completing written communication exercises, and working with spreadsheets and forms. The skills that simulations are intended to measure are: analysis, judgment, communication, and research. |
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| 15 - 25% |
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|- |
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! Area II |
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{|class="wikitable1" |
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| Assessing Risk and Developing a Planned Response |
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!colspan="5" |Question Types by Exam Section<ref>[https://accounting.uworld.com/cpa-review/cpa-exam/content-structure/ "CPA Exam Format & Structure: CPA Exam Parts"] ''UWorld Roger CPA Review''. Retrieved Feb 5, 2021</ref> |
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| 25 - 35% |
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|- |
|- |
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|colspan="2" style="padding: 10px; text-align:center;""| AUD, FAR, REG |
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! Area III |
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|colspan="1" style="padding: 10px; "| |
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| Performing Further Procedures and Obtaining Evidence |
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|colspan="2" style="padding: 10px; text-align:center;"|BEC |
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| 30 - 40% |
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|- |
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|rowspan="2" style="padding: 10px; background: #fdecd1;"|50% MCQ |
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|rowspan="2" style="padding: 10px; background: #E4F3DF;"|50% TBS |
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|rowspan="2" style="padding: 10px;"| |
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|rowspan="2" style="padding: 10px; background: #fdecd1;"|50% MCQ |
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|style="padding: 20px; background: #E4F3DF;"|35% TBS |
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|- |
|- |
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|style="padding: 10px; background: #e7dfee; text-align:center;"|15% WC |
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! Area IV |
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| Forming Conclusions and Reporting |
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| 10 - 20% |
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|} |
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{| class="wikitable" |
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As of 2011, BEC is the only section that contains written communication task simulations. This measures the ability of CPA candidates to be able to write effective and coherent standard business English. |
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|+ Financial Accounting and Reporting (FAR) |
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! colspan=2 | Area !! Allocation |
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|- |
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! Area I |
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Written communication responses are scored on the basis of three criteria: |
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| Financial Reporting |
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| 30 - 40% |
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|- |
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! Area II |
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*Organization – structure, ordering of ideas, linking of ideas one to another. |
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| Select Balance Sheet Accounts |
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*Development – presentation of supporting evidence. |
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| 30 - 40% |
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*Expression – use of standard business English. |
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|- |
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! Area III |
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===Scoring=== |
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| Select Transactions |
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A [https://www.aicpa.org/becomeacpa/cpaexam/psychometricsandscoring.html minimum reported score of 75] is required to pass any given section of the CPA Exam.<ref>{{cite web |title=Uniform Certified Public Accountant Examination - Wikipedia |url=https://en.wikipedia.org/wiki/Uniform_Certified_Public_Accountant_Examination#cite_note-6}}</ref> |
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| 25 - 35% |
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|} |
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{| class="wikitable" |
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==Eligibility to sit for the exam== |
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|+ Taxation and Regulation (REG) |
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In order to sit for the Uniform CPA Exam, a person must be declared eligible to do so by one of the 55 state boards of accountancy in the United States. Requirements of state boards vary, but almost always include a U.S. bachelor's degree and a certain amount of accounting course credits. Additionally, some states require that candidates have completed an additional year of study (which can be either at an undergraduate or graduate level) before sitting for the exam and almost every state requires that the additional year of study be completed before awarding certification. The educational requirement equivalent to five years of full-time study is known as the "150-hour rule" (150 college semester units or the equivalent).<ref>{{cite web |title=CPA Exam Requirements By State {{!}} Becker | website=www.becker.com |url=https://www.becker.com/cpa-review/requirements}}</ref> |
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! colspan=2 | Area !! Allocation |
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|- |
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! Area I |
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===Fingerprint collection=== |
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| Ethics, Professional Responsibilities and Federal Tax Procedures |
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The AICPA and NASBA mandate that exam candidates submit to a fingerprinting prior to each exam for identification purposes. According to published AICPA and NASBA reports, all fingerprints collected are immediately transmitted over the Internet to [[ChoicePoint]]/Reed Elsevier (Identico Systems) for storage. [http://www.nasba.org/blog/2008/01/20/biometrics/ 1] |
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| 10 - 20% |
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|- |
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! Area II |
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===Fees=== |
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| Business Law |
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Fees to sit for the Uniform CPA Exam vary by state. For first time applicants sitting for all four sections, a fee of between US$550 and US$850 is typical. |
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| 15 - 25% |
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|- |
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! Area III |
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For the state of Georgia for example:<ref>{{cite web|title=Georgia - Applying for the Uniform CPA Examination|publisher=National Organization of State Boards of Accountancy|url=http://www.nasba.org/exams/cpaexam/georgia/#fees}}</ref> |
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| Federal Taxation of Property Transactions |
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| 5 - 15% |
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|- |
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! Area IV |
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{|class="wikitable1" |
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| Federal Taxation of Individuals |
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|Initial Application fee |
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| 22 - 32% |
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|$135.00 |
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|- |
|- |
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|Examination Fees |
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! Area V |
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| |
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| Federal Taxation of Entities (including tax preparation) |
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| 23 - 33% |
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|} |
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=== Discipline sections === |
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{| class="wikitable" |
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|+ Business Analysis and Reporting (BAR) |
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! colspan=2 | Area !! Allocation |
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|- |
|- |
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|Auditing and Attestation (AUD) |
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! Area I |
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|$195.35 |
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| Business Analysis |
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| 40 - 50% |
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|- |
|- |
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|Business Environment and Concepts (BEC) |
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! Area II |
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|$195.35 |
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| Technical Accounting and Reporting |
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| 35 - 45% |
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|- |
|- |
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|Financial Accounting and Reporting (FAR) |
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! Area III |
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|$195.35 |
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| State and Local Governments |
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| 10 - 20% |
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|} |
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{| class="wikitable" |
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|+ Information Systems and Controls (ISC) |
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! colspan=2 | Area !! Allocation |
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|- |
|- |
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|Regulation (REG) |
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! Area I |
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|$195.35 |
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| Information Systems and Data Management |
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| 35 - 45% |
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|- |
|- |
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|Registration Fees (Re-Application) |
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! Area II |
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| |
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| Security, Confidentiality and Privacy |
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| 35 - 45% |
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|- |
|- |
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|4 examination sections |
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! Area III |
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|$105.00 |
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| Considerations for System and Organization Controls (SOC) Engagements |
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|- |
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| 10 - 20% |
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|3 examination sections |
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|$90.00 |
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|- |
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|2 examination sections |
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|$75.00 |
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|- |
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|1 examination section |
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|$60.00 |
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|} |
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{| class="wikitable" |
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===Testing Windows=== |
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|+ Tax Compliance and Planning (TCP) |
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As of July 1, 2020 Continuous Testing for the CPA Exam has been implemented, which means there are no longer any blackout periods where testing is not available.<ref>[https://accounting.uworld.com/cpa-review/cpa-exam/score-release/ "CPA Exam Score Releases - Continuous Testing”] ''UWorld Roger CPA Review''. July 1, 2020.</ref> |
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! colspan=2 | Area !! Allocation |
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|- |
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! Area I |
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According to NASBA, “Under the new Continuous Testing model, candidates will have the ability to take the Exam year-round, without restriction, other than waiting to receive scores from prior attempts of the same section or when there is a major change to the Exam. Continuous Testing will replace the existing CPA Exam Testing Window model, which only permits candidates to test during designated time frames each calendar quarter.” |
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| Tax Compliance and Planning for Individuals and Personal Financial Planning |
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| 30 - 40% |
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|- |
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! Area II |
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===Score reporting timescale=== |
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| Entity Tax Compliance |
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The timescale for score reporting<ref>{{Cite web|url=https://www.aicpa.org/becomeacpa/cpaexam/psychometricsandscoring/test-windows-score-release.html|title=Find out when you'll get your CPA Exam score}}</ref> depends on: |
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| 30 - 40% |
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|- |
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! Area III |
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* when AICPA forward results to NASBA |
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| Entity Tax Planning |
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* NASBA processing time |
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| 10 - 20% |
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* state board processing time (unless the state board delegates this to NASBA) |
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|- |
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! Area IV |
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As of July 2006, scores of ''some'' applicants who sit for the exam in the first month of a testing window are reported by AICPA sooner, usually in the third week of the second month of that window. For example, some scores of persons who sat for the Uniform CPA Exam in April 2006 were reported in the third week of May 2006. The remaining scores from April 2006, plus the scores from May 2006 attendees, were reported in the last two weeks of June 2006. |
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| Property Transactions (disposition of assets) |
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| 10 - 20% |
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|} |
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=== Scoring === |
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Candidates who do not receive a score by the end of the first month ''after'' the testing window in which they sat for the exam are advised to contact their state board. For example, all scores of candidates from the April/May 2006 test window should be reported by 30 June 2006. It is however, unusual for a result to be received so late. |
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With the exception of ISC, each section's score is weighted evenly between multiple-choice questions (MCQs) and tasked-based simulations (TBSs). ISC is instead weighted 60% on MCQs and 40% on TBSs. The exam is scored between 0 and 99 with a minimum of 75 being required to pass each section. Score calculation is based on if a question was answered correctly and the relative difficulty of the question.<ref>{{cite web |url=https://www.becker.com/blog/cpa/all-you-need-to-know-about-cpa-exam-scores#:~:text=The%20CPA%20Exam%20is%20scored,relative%20difficulty%20of%20each%20question. |title=All you need to know about the CPA Exam scores |date=November 20, 2023 |website=Becker |access-date=January 18, 2024}}</ref> |
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=== Testing method === |
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{|class="wikitable1" |
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Candidates have a total of four hours to complete an exam, regardless of the number of questions or perceived difficulty. Each exam is broken out into 5 testlets. Candidates are permitted to take a break between testlets. However, with the exception of a standardized 15-minute break between testlets three and four, the exam timer is not paused. Each testlet is broken out in the table below:<ref>{{cite web |url=https://accounting.uworld.com/cpa-review/cpa-exam/ |title=About The CPA Exam |website=UWorld |access-date=January 18, 2024}}</ref> |
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! |
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<!-- I'm not sure if combining the cells makes it easier or harder to read. --> |
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Score Release Estimate Timetable 2022<ref>{{cite web |url=https://www.aicpa.org/resources/article/find-out-when-youll-get-your-cpa-exam-score|title=Find out when you'll get your CPA Exam score}}</ref> |
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{| class="wikitable" |
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! rowspan=2 | Section !! rowspan=2 | Time !! colspan=2 | MCQs !! colspan=3 | TBSs |
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|- |
|- |
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| If you take your exam on/before: |
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! Testlet 1 !! Testlet 2 !! Testlet 3 !! Testlet 4 !! Testlet 5 |
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| Your target score release date is: |
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|- |
|- |
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| January 23 |
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! AUD |
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| February 8 |
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| rowspan=6 | 4 hours |
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| 39 |
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| 39 |
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| rowspan=4 | 2 |
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| rowspan=6 | 3 |
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| rowspan=2 | 2 |
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|- |
|- |
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| February 14 |
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! FAR |
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| February 23 |
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| 25 |
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| 25 |
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|- |
|- |
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| March 9 |
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! REG |
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| March 17 |
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| 36 |
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| 36 |
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| 3 |
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|- |
|- |
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| March 31 |
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! BAR |
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| April 12 |
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| 25 |
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| 25 |
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| rowspan=3 | 2 |
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|- |
|- |
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| April 23 |
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! ISC |
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| May 10 |
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| |
| 41 |
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| |
| 41 |
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| |
| 1 |
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|- |
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| June 8 |
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| June 16 |
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|- |
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| June 30 |
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| July 12 |
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|- |
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| July |
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| August |
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|- |
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| August |
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| August |
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|- |
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| September |
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| September |
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|- |
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| September |
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| October |
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|- |
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| October |
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| November |
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|- |
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| November |
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| November |
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|- |
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| December |
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| December |
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|- |
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| December |
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| January |
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|- |
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! TCP |
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| 34 |
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| 34 |
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| 2 |
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=== |
=== Exam disclosure === |
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Due to the nature of the exam, the AICPA prohibits any exam candidate, former or current, from engaging in "irregular behavior" which the AICPA defines as disclosing exam content through means such as photography, writing, or memorization.<ref>{{cite web |url=https://www.aicpa-cima.com/news/download/uniform-cpa-examination-conduct-and-non-disclosure-agreement |title=Uniform CPA Examination Conduct and Non-Disclosure Agreement |date=December 4, 2022 |website=AICPA & CIMA |access-date=January 18, 2024}}</ref> |
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Where a candidate fails a section, it may be re-taken without any penalty other than a re-examination fee and the risk of credits for other sections expiring under the "18-month rule". Re-sitting for a failed section in the same testing window is not permitted. As of July 1, 2020, the AICPA has changed the rules and is now allowing for continuous testing, candidates can now re-test for the same section within the same quarter after receiving their failed score. |
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==Eligibility to sit for the exam== |
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The 18-month clock starts on on the date the first examination section passed was taken. If the remaining sections are not passed within the next 18 months, you lose the credit for the first section and the next section passed becomes the target date. |
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In order to sit for the Uniform CPA Exam, a person must be declared eligible to do so by one of the 55 state boards of accountancy in the United States. Requirements of state boards vary, but almost always include a U.S. bachelor's degree and a certain amount of accounting course credits. Additionally, some states require that candidates have completed an additional year of study (which can be either at an undergraduate or graduate level) before sitting for the exam and almost every state requires that the additional year of study be completed before awarding certification. The educational requirement equivalent to five years of full-time study is known as the "150-hour rule" (150 college semester units or the equivalent).<ref>{{cite web |title=CPA Exam Requirements By State {{!}} Becker | website=www.becker.com |url=https://www.becker.com/cpa-review/requirements}}</ref> |
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===Fingerprint collection=== |
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Example: If the grade release date for your passing Audit section was February 5, 2010 and Business Environments Concepts' section date was April 8, 2010, this means in order to retain credit for Audit you must pass the remaining sections on or before August 5, 2011, otherwise exam credit for this section expires and the remaining sections, including Audit, must be passed on or before October 8, 2011. The date you sat for the last exam is used to define the date you passed the exam under the 18-month. |
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The AICPA and NASBA mandate that exam candidates submit to a fingerprinting prior to each exam for identification purposes. According to published AICPA and NASBA reports, all fingerprints collected are immediately transmitted over the Internet to [[ChoicePoint]]/Reed Elsevier (Identico Systems) for storage. |
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=== |
===Fees=== |
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Fees to sit for the Uniform CPA Exam vary by state. |
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A candidate who fails a section may request that the exam be rescored. As of July 2006, the fee for a rescore is US$150 for the Business Environment and Concepts section (BEC) and US$200 for the other sections. Application for a re-score must be made by a particular deadline, usually around the end of the first month after the testing window in which the examination was taken. For example, for the April/June test window, an application for a rescore must be made before the end of July. |
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===Testing windows=== |
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Some but not all state boards allow a failed candidate to file a score appeal where the candidate can review the examination section and challenge the response. This involves paying a fee of US$500 and traveling to NASBA offices in Nashville, TN. Under secure conditions, the examination can be reviewed and specific questions can be challenged for a fee of US$100 each. In addition, no material is allowed to be brought in as reference. The deadline for filing an appeal is the same as that for a rescore. |
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As of July 1, 2020, Continuous Testing for the CPA Exam has been implemented, which means there are no longer any blackout periods where testing is not available.<ref>{{cite web | title=CPA Exam Score Release | website=UWorld Roger CPA Review | date=March 6, 2023 | url=https://accounting.uworld.com/cpa-review/cpa-exam/score-release/ | access-date=May 19, 2023}}</ref> As of January 1st, 2024, this remains true only for core sections of the CPA exam. Discipline sections are only available for roughly the first month of each quarter.<ref>{{cite web | title=CPA Exam's Future: Key Tentative Dates Announced | website=NASBA | url=https://nasba.org/blog/2022/11/02/cpa-exams-future-key-tentative-dates-announced/ | access-date=January 18, 2024}}</ref> |
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===Failed sections=== |
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Results of either process take about 8 weeks and are sent by NASBA to the candidate's state board of accountancy. Filing a rescore or appeal application does not prevent the candidate from applying to retake the examination. |
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Where a candidate fails a section, it may be re-taken without any penalty other than a re-examination fee and the risk of credits for other sections expiring under the "30-month rule". Re-sitting for a failed section in the same testing window is not permitted. As of July 1, 2020, the AICPA has changed the rules and is now allowing for continuous testing, candidates can now re-test for the same section within the same quarter after receiving their failed score. |
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The 30-month clock starts on the date the first examination section passed was taken. If the remaining sections are not passed within the next 18 months, you lose the credit for the first section and the next section passed becomes the target date. |
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Example: If the grade release date for your passing Audit section was February 5, 2010 and Business Environments Concepts' section date was April 8, 2010, this means in order to retain credit for Audit you must pass the remaining sections on or before August 5, 2011, otherwise exam credit for this section expires and the remaining sections, including Audit, must be passed on or before October 8, 2011. The date you sat for the last exam is used to define the date you passed the exam under the 18-month. |
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===Confidentiality=== |
===Confidentiality=== |
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* It is possible to sit for the CPA Exam outside the USA but only in select country locations, which currently include Bahrain, Brazil, England, Ireland, Germany, Japan, Lebanon, Kuwait, Scotland, and the United Arab Emirates.<ref>{{Cite web|url=https://www.aicpa.org/becomeacpa/cpaexam/forcandidates/faq.html#international|title = Find answers to frequently asked questions about the CPA Exam}}</ref> |
* It is possible to sit for the CPA Exam outside the USA but only in select country locations, which currently include Bahrain, Brazil, England, Ireland, Germany, Japan, Lebanon, Kuwait, Scotland, and the United Arab Emirates.<ref>{{Cite web|url=https://www.aicpa.org/becomeacpa/cpaexam/forcandidates/faq.html#international|title = Find answers to frequently asked questions about the CPA Exam}}</ref> |
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* Most states will accept non-U.S. education credentials, however they must normally be evaluated by a member of the |
* Most states will accept non-U.S. education credentials, however they must normally be evaluated by a member of the National Association of Credential Evaluators. Some states prefer specific evaluators, such as Foreign Academic Credential Services or World Education Services, while the ''Illinois State Board of Accountancy'' prefers to conduct credential evaluations itself. |
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* Approximately one-third of the state boards require a candidate for the Uniform CPA Exam to be living or working in that state. However, the majority have no residence requirement. |
* Approximately one-third of the state boards require a candidate for the Uniform CPA Exam to be living or working in that state. However, the majority have no residence requirement. |
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* A few U.S. states (such as the ''Alabama State Board of Public Accountancy'') require the candidate to be a [[United States nationality law|U.S. citizen]] or Permanent resident (Green card holder), and at least 19 years of age.<ref>{{Cite web|url=https://www.cpaexam.com/alabama-cpa-exam-requirements/|title=Alabama CPA Exam Requirements}}</ref> |
* A few U.S. states (such as the ''Alabama State Board of Public Accountancy'') require the candidate to be a [[United States nationality law|U.S. citizen]] or Permanent resident (Green card holder), and at least 19 years of age.<ref>{{Cite web|url=https://www.cpaexam.com/alabama-cpa-exam-requirements/|title=Alabama CPA Exam Requirements|date=7 October 2017 }}</ref> |
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* As of October 1, 2018, testing sites in select cities of England, Ireland, Scotland, and Germany began offering the CPA Exam to eligible candidates.<ref>https://www.aicpa.org/press/pressreleases/2018/aicpa-nasba-prometric-announce-us-cpa-exam-administered-in-europe.html</ref> |
* As of October 1, 2018, testing sites in select cities of England, Ireland, Scotland, and Germany began offering the CPA Exam to eligible candidates.<ref>{{cite web | url=https://www.aicpa.org/press/pressreleases/2018/aicpa-nasba-prometric-announce-us-cpa-exam-administered-in-europe.html | title=AICPA }}</ref> |
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=== Review |
=== Review methods === |
||
There are a variety of ways to prepare for the CPA exam. Many candidates use a |
There are a variety of ways to prepare for the CPA exam. Many candidates use a CPA Review course that includes AICPA released multiple choice questions and task-based simulations. It is completely up to the candidate as to how they prepare for the CPA exam. |
||
==Pass rates== |
==Pass rates== |
||
The CPA Exam is challenging with pass rates historically below 50%.<ref>{{cite web|url= |
The CPA Exam is challenging with pass rates historically below 50%.<ref>{{cite web | url=https://www.ninjacpareview.com/lpc/cpa-exam-pass-rates/ | title=CPA Exam Pass Rates (2006-2023) | access-date=January 18, 2024 | website=ninjacpareview.com| date=12 March 2022 }}</ref> |
||
{| class="wikitable" |
{| class="wikitable" |
||
|+ Uniform Certified Public Accountant Examination Pass Rates |
|+ Uniform Certified Public Accountant Examination Pass Rates (2006 - 2023) |
||
! Section !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018 !! 2019 !!2020 <ref> |
! Section !! 2006 !! 2007 !! 2008 !! 2009 !! 2010 !! 2011 !! 2012 !! 2013 !! 2014 !! 2015 !! 2016 !! 2017 !! 2018 !! 2019 !! 2020 !! 2021 !! 2022 !! 2023<ref>{{cite web | url=https://www.aicpa-cima.com/resources/article/learn-more-about-cpa-exam-scoring-and-pass-rates | title=Learn more about CPA Exam scoring and pass rates | date=November 21, 2023 | access-date=January 18, 2024 | website=aicpa-cima.com}}</ref> !! ''Average'' |
||
|- |
|- |
||
! AUD |
|||
| AUD || 44% || 48% || 49% || 50% || 48% || 46% || 47% || 46% || 46% || 47% || 46% || 49% |
|||
|| |
| 44% || 48% || 49% || 50% || 48% || 46% || 47% || 46% || 46% || 47% || 46% || 49% |
||
|| 51% || 51% || 53% || 48% || 48% || 47% || ''48%'' |
|||
|- |
|- |
||
! BEC |
|||
| BEC || 44% || 47% || 47% || 48% || 47% || 47% || 53% || 56% || 55% || 56% || 55% || 53% |
|||
|| |
| 44% || 47% || 47% || 48% || 47% || 47% || 53% || 56% || 55% || 56% || 55% || 53% |
||
|| 59% || 60% || 66% || 62% || 60% || 57% || ''54%'' |
|||
|- |
|- |
||
! FAR |
|||
| FAR || 45% || 48% || 49% || 48% || 48% || 46% || 48% || 48% || 48% || 47% || 46% || 44% |
|||
|| |
| 48% || 48% || 49% || 48% || 48% || 46% || 48% || 48% || 48% || 47% || 46% || 44% |
||
|| 46% || 46% || 50% || 45% || 44% || 43% || ''47%'' |
|||
|- |
|- |
||
! REG |
|||
| REG || 42% || 47% || 49% || 50% || 51% || 44% || 48% || 48% || 49% || 49% || 48% || 47% |
|||
|| |
| 42% || 47% || 49% || 50% || 51% || 44% || 48% || 49% || 49% || 49% || 48% || 47% |
||
|| 53% || 56% || 62% || 60% || 60% || 59% || ''51%'' |
|||
|} |
|} |
||
<!-- A separate table for 2024 on may be best to preserve old (but still relevant) data without making everything too messy. It's best to leave it commented out until the data for 2024 becomes available. --> |
|||
<!--{| class="wikitable" |
|||
|+ Uniform Certified Public Accountant Examination Pass Rates (2024 - ) |
|||
! Section !! 2024 !! ''Average'' |
|||
|- |
|||
! AUD |
|||
| 0% || ''0%'' |
|||
|- |
|||
|- |
|||
! FAR |
|||
| 0% || ''0%'' |
|||
|- |
|||
! REG |
|||
| 0% || ''0%'' |
|||
|- |
|||
! BAR |
|||
| 0% || ''0%'' |
|||
|- |
|||
! ISC |
|||
| 0% || ''0%'' |
|||
|- |
|||
! AUD |
|||
| 0% || ''0%'' |
|||
|}--> |
|||
===Elijah Watt Sells Award=== |
|||
The Elijah Watt Sells Award, named after [[Elijah Watt Sells]], is awarded by the AICPA to high-performing CPA candidates who satisfy the following conditions:<ref>{{cite web |url=https://www.aicpa-cima.com/resources/article/learn-more-about-cpa-exam-scoring-and-pass-rates |title=Learn more about CPA Exam scoring and pass rates |website=AICPA & CIMA |access-date=February 29, 2024}}</ref> |
|||
* Have a cumulative average score above 95.50 on all three core sections and one discipline section. |
|||
* Pass four sections of the exam on the first attempt. |
|||
** Failing any section of the exam once disqualifies a candidate from receiving this award. |
|||
==History of exam formats== |
==History of exam formats== |
||
Line 230: | Line 312: | ||
As of April 1, 2017, AICPA launched a new version of the Uniform CPA Exam. This updated version is the result of comprehensive research and places an increased emphasis on critical thinking, analytical ability, problem-solving and professional skepticism. The length of the exam increased from 14 to 16 hours with additional Task Based Simulations for each of the four sections. The Content Specification Outlines (CSOs) are replaced by Blueprints which will be released by AICPA each year. An additional change to the exam is an optional 15-minute break that will not count towards the 4-hour exam period. |
As of April 1, 2017, AICPA launched a new version of the Uniform CPA Exam. This updated version is the result of comprehensive research and places an increased emphasis on critical thinking, analytical ability, problem-solving and professional skepticism. The length of the exam increased from 14 to 16 hours with additional Task Based Simulations for each of the four sections. The Content Specification Outlines (CSOs) are replaced by Blueprints which will be released by AICPA each year. An additional change to the exam is an optional 15-minute break that will not count towards the 4-hour exam period. |
||
On April 1, 2018, the AICPA rolled out new CPA Exam software that offers a more intuitive functionality. CPA candidates can practice with the software in advance of their actual test by using the AICPA's |
On April 1, 2018, the AICPA rolled out new CPA Exam software that offers a more intuitive functionality. CPA candidates can practice with the software in advance of their actual test by using the AICPA's sample tests. The sample tests also include tutorial topics to guide candidates along with explanations of tools and resources. |
||
In early 2019, the AICPA began a targeted |
In early 2019, the AICPA began a targeted practice analysis focused on the impact of technology and data analytics on the work of newly licensed CPAs as well core accounting skills that all CPAs must possess. After months of engaging with stakeholders from the profession, including supervisors of newly licensed CPAs, the AICPA published an Exposure Draft and Invitation to Comment. The Exposure Draft details major themes from the research along with proposed Exam content additions, changes, and deletions that will take effect sometime in 2021. The Invitation to Comment presents more future-oriented proposals that required further consideration and research. Both components of the report were posted for public comment on December 23, 2019. |
||
On January 6th, 2024, the AICPA introduced a new version of the Uniform CPA Exam. This exam removed the Business Environment and Concepts (BEC) section and replaced it with three new sections: |
|||
* Business Analysis and Reporting (BAR) |
|||
* Information Systems and Controls (ISC) |
|||
* Tax Compliance and Planning (TCP) |
|||
This new format introduced these three new sections as "discipline sections" and the preexisting exam sections (AUD, FAR, and REG) became "core sections". Candidates are required to take all three core sections and one discipline section of their choice, for a total of four exams, under this new format.<ref>{{cite web |url=https://www.aicpa-cima.com/news/article/aicpa-unveils-blueprints-for-redesigned-cpa-exam |title=AICPA Unveils Blueprints for Redesigned CPA Exam |website=AICPA & CIMA |access-date=January 18, 2024}}</ref> |
|||
==See also== |
==See also== |
||
Line 242: | Line 332: | ||
==Notes== |
==Notes== |
||
{{reflist}} |
{{reflist}} |
||
==External links== |
|||
*[https://accounting.uworld.com/cpa-review/cpa-exam/ CPA Exam Information & Resources] ''UWorld Roger CPA Review'' |
|||
*[https://accounting.uworld.com/cpa-review/cpa-exam/content-structure/cpa-exam-blueprints/ 2021 CPA Exam BluePrints] ''UWorld Roger CPA Review'' |
|||
*[https://accounting.uworld.com/cpa-review/cpa-career/cpa-requirements/ CPA Exam & License Requirements] ''UWorld Roger CPA Review'' |
|||
*[https://accounting.uworld.com/cpa-review/cpa-career/cpa-requirements/#state-requirements CPA Requirements by State] ''UWorld Roger CPA Review'' |
|||
*[https://accounting.uworld.com/cpa-review/cpa-career/cpa-requirements/#credit-hour-rule 150 Hour Rule] ''UWorld Roger CPA Review'' |
|||
[[Category:Examinations]] |
[[Category:Examinations]] |
Latest revision as of 10:11, 21 April 2024
Part of a series on |
Accounting |
---|
The Uniform Certified Public Accountant Examination (CPA Exam) is the examination administered to people who wish to become U.S. Certified Public Accountants. The CPA Exam is used by the regulatory bodies of all fifty states plus the District of Columbia, Guam, Puerto Rico, the U.S. Virgin Islands and the Northern Mariana Islands.
The CPA Exam is developed, maintained and scored by the American Institute of Certified Public Accountants (AICPA) and administered at Prometric test centers in partnership with the National Association of State Boards of Accountancy (NASBA).[1]
Exam content
The CPA exam is a sixteen-hour exam tested in four separate sections. All candidates are required to take the same three core sections and a discipline section of their choice.[2] As many as two sections can be taken in a given day or each section can be taken on separate days.[citation needed] A detailed overview of each exam is as follows:[3]
Core sections
Area | 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% |
Area | Allocation | |
---|---|---|
Area I | Financial Reporting | 30 - 40% |
Area II | Select Balance Sheet Accounts | 30 - 40% |
Area III | Select Transactions | 25 - 35% |
Area | 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% |
Discipline sections
Area | Allocation | |
---|---|---|
Area I | Business Analysis | 40 - 50% |
Area II | Technical Accounting and Reporting | 35 - 45% |
Area III | State and Local Governments | 10 - 20% |
Area | 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 | 10 - 20% |
Area | 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 | 10 - 20% |
Area IV | Property Transactions (disposition of assets) | 10 - 20% |
Scoring
With the exception of ISC, each section's score is weighted evenly between multiple-choice questions (MCQs) and tasked-based simulations (TBSs). ISC is instead weighted 60% on MCQs and 40% on TBSs. The exam is scored between 0 and 99 with a minimum of 75 being required to pass each section. Score calculation is based on if a question was answered correctly and the relative difficulty of the question.[4]
Testing method
Candidates have a total of four hours to complete an exam, regardless of the number of questions or perceived difficulty. Each exam is broken out into 5 testlets. Candidates are permitted to take a break between testlets. However, with the exception of a standardized 15-minute break between testlets three and four, the exam timer is not paused. Each testlet is broken out in the table below:[5]
Section | Time | MCQs | TBSs | |||
---|---|---|---|---|---|---|
Testlet 1 | Testlet 2 | Testlet 3 | Testlet 4 | Testlet 5 | ||
AUD | 4 hours | 39 | 39 | 2 | 3 | 2 |
FAR | 25 | 25 | ||||
REG | 36 | 36 | 3 | |||
BAR | 25 | 25 | 2 | |||
ISC | 41 | 41 | 1 | |||
TCP | 34 | 34 | 2 |
Exam disclosure
Due to the nature of the exam, the AICPA prohibits any exam candidate, former or current, from engaging in "irregular behavior" which the AICPA defines as disclosing exam content through means such as photography, writing, or memorization.[6]
Eligibility to sit for the exam
In order to sit for the Uniform CPA Exam, a person must be declared eligible to do so by one of the 55 state boards of accountancy in the United States. Requirements of state boards vary, but almost always include a U.S. bachelor's degree and a certain amount of accounting course credits. Additionally, some states require that candidates have completed an additional year of study (which can be either at an undergraduate or graduate level) before sitting for the exam and almost every state requires that the additional year of study be completed before awarding certification. The educational requirement equivalent to five years of full-time study is known as the "150-hour rule" (150 college semester units or the equivalent).[7]
Fingerprint collection
The AICPA and NASBA mandate that exam candidates submit to a fingerprinting prior to each exam for identification purposes. According to published AICPA and NASBA reports, all fingerprints collected are immediately transmitted over the Internet to ChoicePoint/Reed Elsevier (Identico Systems) for storage.
Fees
Fees to sit for the Uniform CPA Exam vary by state.
Testing windows
As of July 1, 2020, Continuous Testing for the CPA Exam has been implemented, which means there are no longer any blackout periods where testing is not available.[8] As of January 1st, 2024, this remains true only for core sections of the CPA exam. Discipline sections are only available for roughly the first month of each quarter.[9]
Failed sections
Where a candidate fails a section, it may be re-taken without any penalty other than a re-examination fee and the risk of credits for other sections expiring under the "30-month rule". Re-sitting for a failed section in the same testing window is not permitted. As of July 1, 2020, the AICPA has changed the rules and is now allowing for continuous testing, candidates can now re-test for the same section within the same quarter after receiving their failed score.
The 30-month clock starts on the date the first examination section passed was taken. If the remaining sections are not passed within the next 18 months, you lose the credit for the first section and the next section passed becomes the target date.
Example: If the grade release date for your passing Audit section was February 5, 2010 and Business Environments Concepts' section date was April 8, 2010, this means in order to retain credit for Audit you must pass the remaining sections on or before August 5, 2011, otherwise exam credit for this section expires and the remaining sections, including Audit, must be passed on or before October 8, 2011. The date you sat for the last exam is used to define the date you passed the exam under the 18-month.
Confidentiality
Since 1996, the Uniform CPA Exam has been a confidential examination. All persons involved with the Uniform CPA Exam, including candidates, must sign a confidentiality agreement not to disclose the contents of specific questions asked.
International Qualification Examination (IQEX)
Certain overseas qualified accountants may sit for the International Qualification Examination (IQEX). This is an alternative to the Uniform CPA Exam. As of 2018 this eligibility extends to the Institute of Chartered Accountants in Australia (ICAA), Chartered Professional Accountants of Canada (CPA Canada), Chartered Accountants Ireland (CAI), Institute of Chartered Accountants of Scotland (ICAS), Instituto Mexicano de Contadores Publicos (IMCP), Hong Kong Institute of Certified Public Accountants (HKICPA), New Zealand Institute of Chartered Accountants (NZICA), and CPA Australia.
Non-U.S. candidates
There is no specific bar to non-U.S. candidates sitting for the Uniform CPA Examination, however:
- It is possible to sit for the CPA Exam outside the USA but only in select country locations, which currently include Bahrain, Brazil, England, Ireland, Germany, Japan, Lebanon, Kuwait, Scotland, and the United Arab Emirates.[10]
- Most states will accept non-U.S. education credentials, however they must normally be evaluated by a member of the National Association of Credential Evaluators. Some states prefer specific evaluators, such as Foreign Academic Credential Services or World Education Services, while the Illinois State Board of Accountancy prefers to conduct credential evaluations itself.
- Approximately one-third of the state boards require a candidate for the Uniform CPA Exam to be living or working in that state. However, the majority have no residence requirement.
- A few U.S. states (such as the Alabama State Board of Public Accountancy) require the candidate to be a U.S. citizen or Permanent resident (Green card holder), and at least 19 years of age.[11]
- As of October 1, 2018, testing sites in select cities of England, Ireland, Scotland, and Germany began offering the CPA Exam to eligible candidates.[12]
Review methods
There are a variety of ways to prepare for the CPA exam. Many candidates use a CPA Review course that includes AICPA released multiple choice questions and task-based simulations. It is completely up to the candidate as to how they prepare for the CPA exam.
Pass rates
The CPA Exam is challenging with pass rates historically below 50%.[13]
Section | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023[14] | Average |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
AUD | 44% | 48% | 49% | 50% | 48% | 46% | 47% | 46% | 46% | 47% | 46% | 49% | 51% | 51% | 53% | 48% | 48% | 47% | 48% |
BEC | 44% | 47% | 47% | 48% | 47% | 47% | 53% | 56% | 55% | 56% | 55% | 53% | 59% | 60% | 66% | 62% | 60% | 57% | 54% |
FAR | 48% | 48% | 49% | 48% | 48% | 46% | 48% | 48% | 48% | 47% | 46% | 44% | 46% | 46% | 50% | 45% | 44% | 43% | 47% |
REG | 42% | 47% | 49% | 50% | 51% | 44% | 48% | 49% | 49% | 49% | 48% | 47% | 53% | 56% | 62% | 60% | 60% | 59% | 51% |
Elijah Watt Sells Award
The Elijah Watt Sells Award, named after Elijah Watt Sells, is awarded by the AICPA to high-performing CPA candidates who satisfy the following conditions:[15]
- Have a cumulative average score above 95.50 on all three core sections and one discipline section.
- Pass four sections of the exam on the first attempt.
- Failing any section of the exam once disqualifies a candidate from receiving this award.
History of exam formats
Until the mid-1990s, the Uniform CPA Exam was 19.5 hours in duration and was administered over two and one-half days. It consisted of four subject areas (sections) which were tested in five sittings: Auditing (3.5 hours); Business Law (3.5 hours); Accounting Theory (3.5 hours); and Accounting Practice (Part I & Part II; 4.5 hours each). Although Accounting Practice Parts I and II were given in separate sittings, the two scores were combined for grading purposes. The exam was administered twice per year: on the first consecutive Wednesday, Thursday and Friday in May and November of each year. Test takers were allowed to use only paper and pencil (no electronic calculators or computers of any kind were allowed at that time).
In 1994, the exam was restructured into a four-section, two-day exam. The subject matter was reorganized, primarily between Accounting Theory and Accounting Practice (Parts I and II). In addition, innovative machine-scorable test questions were incorporated to better assess the skills needed by CPAs to protect the public. For the first time, proprietary electronic calculators were provided to CPA candidates for the two new accounting sections. The four new sections were:
- Business Law and Professional Responsibilities
- Auditing
- Accounting and Reporting – Taxation, Managerial, and Governmental and Not-for-Profit Organizations
- Financial Accounting and Reporting – Business Enterprises
Until 1996, completely new versions of the CPA Exam were prepared and administered twice each year (May and November). After each administration, all questions and the keyed responses (correct answers) were published and available for purchase. Candidates were able to leave the test sites with their exam books, within certain time constraints imposed to preserve exam security. Beginning with the May 1996 administration, the exam became non-disclosed. Almost all exam material was now kept secure so that many high-quality questions could be reused. Although this is common practice in the world of large-scale testing, it was a policy decision that was momentous at the time, and made only after extensive comments were elicited from all key stakeholders, such as the 55 boards of accountancy, members of the CPA profession, accounting educators, CPA candidates, and testing professionals. By deciding to release only a small portion of each exam—to help candidates prepare for the examination experience high-quality exam material could be reused. This made it possible for the first time to use statistical techniques for test equating and to use criterion-referenced passing scores. Maintaining a large database of secure examination materials also made it possible for the CPA Exam to later transition to a computer-based administration format in 2004.
As of April 1, 2017, AICPA launched a new version of the Uniform CPA Exam. This updated version is the result of comprehensive research and places an increased emphasis on critical thinking, analytical ability, problem-solving and professional skepticism. The length of the exam increased from 14 to 16 hours with additional Task Based Simulations for each of the four sections. The Content Specification Outlines (CSOs) are replaced by Blueprints which will be released by AICPA each year. An additional change to the exam is an optional 15-minute break that will not count towards the 4-hour exam period.
On April 1, 2018, the AICPA rolled out new CPA Exam software that offers a more intuitive functionality. CPA candidates can practice with the software in advance of their actual test by using the AICPA's sample tests. The sample tests also include tutorial topics to guide candidates along with explanations of tools and resources.
In early 2019, the AICPA began a targeted practice analysis focused on the impact of technology and data analytics on the work of newly licensed CPAs as well core accounting skills that all CPAs must possess. After months of engaging with stakeholders from the profession, including supervisors of newly licensed CPAs, the AICPA published an Exposure Draft and Invitation to Comment. The Exposure Draft details major themes from the research along with proposed Exam content additions, changes, and deletions that will take effect sometime in 2021. The Invitation to Comment presents more future-oriented proposals that required further consideration and research. Both components of the report were posted for public comment on December 23, 2019.
On January 6th, 2024, the AICPA introduced a new version of the Uniform CPA Exam. This exam removed the Business Environment and Concepts (BEC) section and replaced it with three new sections:
- Business Analysis and Reporting (BAR)
- Information Systems and Controls (ISC)
- Tax Compliance and Planning (TCP)
This new format introduced these three new sections as "discipline sections" and the preexisting exam sections (AUD, FAR, and REG) became "core sections". Candidates are required to take all three core sections and one discipline section of their choice, for a total of four exams, under this new format.[16]
See also
- American Institute of Certified Public Accountants
- Certified Public Accountant (CPA)
- International Qualification Examination
- National Association of State Boards of Accountancy
Notes
- ^ "What is the Uniform CPA Examination? | NASBA". nasba.org.
- ^ "CPA Evolution". Surgent. Retrieved January 18, 2024.
- ^ "Learn what to study for the CPA Exam". AICPA & CIMA. January 2, 2023. Retrieved January 18, 2024.
- ^ "All you need to know about the CPA Exam scores". Becker. November 20, 2023. Retrieved January 18, 2024.
- ^ "About The CPA Exam". UWorld. Retrieved January 18, 2024.
- ^ "Uniform CPA Examination Conduct and Non-Disclosure Agreement". AICPA & CIMA. December 4, 2022. Retrieved January 18, 2024.
- ^ "CPA Exam Requirements By State | Becker". www.becker.com.
- ^ "CPA Exam Score Release". UWorld Roger CPA Review. March 6, 2023. Retrieved May 19, 2023.
- ^ "CPA Exam's Future: Key Tentative Dates Announced". NASBA. Retrieved January 18, 2024.
- ^ "Find answers to frequently asked questions about the CPA Exam".
- ^ "Alabama CPA Exam Requirements". 7 October 2017.
- ^ "AICPA".
- ^ "CPA Exam Pass Rates (2006-2023)". ninjacpareview.com. 12 March 2022. Retrieved January 18, 2024.
- ^ "Learn more about CPA Exam scoring and pass rates". aicpa-cima.com. November 21, 2023. Retrieved January 18, 2024.
- ^ "Learn more about CPA Exam scoring and pass rates". AICPA & CIMA. Retrieved February 29, 2024.
- ^ "AICPA Unveils Blueprints for Redesigned CPA Exam". AICPA & CIMA. Retrieved January 18, 2024.