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Proposed November 2003 exam changes
If you are planning to take the CPA Exam, it's never too early to start preparing. Below is an update on the AICPA computerized exam (still in the works) from John S. Pelicano Jr., of Yaeger Lambers CPA Review.
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(NOTE: Mr. Pelicano's views are his own, not to be considered those of MACPA.)
Proposed November 2003 exam changes
As we all know, the CPA Exam is changing. The proposed target date for the change is November 2003. (The exact date has not been released.) The AICPA has been building its computer database with millions of questions to be used for the November 2003 exam. Many volunteers, stretching from educators to government workers to private industry, have been solicited to participate in the creation of the new CPA Exam.
The new exam will be geared to test adequately, a sampling of the knowledge necessary for a CPA to provide the public with the superior service expected of a CPA. This exam will be 14 hours in length and cover the following areas:
- Financial accounting and reporting
- Regulation
- Auditing and attestation
- Business environment and concepts (including information technology)
Within these categories, the candidate will need to know how to use spreadsheets and word processing functions, including the writing of formulas within the spreadsheet. The exam also will include a simulation section that is worth 20 percent of the test. This simulation section tests the candidates' ability to research, electronically, authoritative literature and / or IRS documents. The remaining 80 percent of the test will be the beloved multiple-choice questions.
The exam will be given on demand, by appointment only. Keep in mind, the computer-based exam will provide the individual being tested with questions randomly selected from their database. It is likely the questions given to the test takers will be of the same difficulty level, but the actual questions will be different on every exam.
The proposed changes also will allow candidates to sit for each section of the exam individually. Once a section is passed and the conditional credit is received, the candidate can retain the conditional credit for an 18-month period. This means the candidate will have 18 months to pass the remaining three sections of the CPA Exam. If the remaining sections are not passed within the 18-month window, the passed section(s) expire and are forfeited.
Along with the proposed content changes / updates, the fee for taking the CPA Exam is expected to increase. The exact fee is not known, but the May / June issue of the CPA Exam Alert, put out by the AICPA, indicates an average cost of $533.
The new CPA Exam will thoroughly test your knowledge, ensuring that the services being provided by a CPA are worthy of the CPA designation. Good Luck, and I'm sure that each one of you will be prepared when you are ready to take the exam.
John S. Pelicano Jr.
Marketing Manager
Yaeger Lambers CPA Review
"Taking You All The Way To The CPA!"
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