AICPA has announced numerous changes to the content, structure, and format of the CPA Exam which will be given on or after January 1, 2011. These changes include:
1. Replacing the one long simulation in the current format with several short Task-Based Simulations (TBS) in Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG);
2. Deleting the testing of written communication from AUD, FAR, and REG;
3. Adding the testing of written communication to the Business Environment and Concepts (BEC) section;
4. Deleting 18 Multiple Choice Questions (MCQ) from BEC and REG;
5. Reducing the weight of MCQ in AUD, FAR, and REG by 10%;
6. Reducing the weight of MCQ in BEC by 15%;
7. Doubling the simulations in AUD, FAR, and REG;
8. Changing Content and Skill Specification Outlines (CSOs/SSOs);
9. Adding testing content on IFRS;
10. Deleting some of the testing content on IT;
11. Adding testing content on project management.
It was previously decided to add planned authoritative literature release and to introduce a new research task format into the CBT-e schedule.
Time Allotment Changes:
A shift between two sections occurred which will not effect the total time to complete all four sections. While BEC will gain 30 minutes for its allotted time, AUD will decrease by 30 minutes. Total testing time for all four sections will remain at 14 hours.
How Questions Will Be Weighted and Scored:
New scoring has been approved as follows for multiple-choice questions (MCQs), Task-Based Simulations (TBS) and written communication tasks:
Section: MCQs TBS Written
AUD 60% 40% 0%
FAR 60% 40% 0%
REG 60% 40% 0%
BEC 85% 0% 15%
Current and 2011 Structure of the CPA Exam:
Auditing and Attestation (AUD)
Current Structure CBT-e Structure
* 3 Multiple Choice Question Remains the same
(MCQs) testlets with 30
questions each (total: 90)
* 2 Simulations in long format 1 Testlet with 7 short TBS with
a research question in new format
* 2 written communication tasks None required
Current Testing Time: 4.5 hours CBT-e Testing Time: 4 hours
Business Environment and Concepts (BEC)
Current Structure CBT-e Structure
* 3 Multiple Choice Question 3 Multiple Choice Question
(MCQs) testlets with 30 testlets with 72 questions total
questions each (total: 90)
3 Written Communication
tasks on BEC topics
Current Testing Time: 2.5 hours CBT-e Testing Time: 3 hours
Financial Accounting and Reporting (FAR)
Current Structure CBT-e Structure
* 3 Multiple Choice Question Remains the same
(MCQs) testlets with 30
questions each (total: 90)
* 2 Simulations in long format 1 Testlet with 7 short TBS with
a research question in new format
* 2 written communication tasks None required
Current Testing Time: 4 hours CBT-e Testing Time: 4 hours
Regulation (REG)
* 3 Multiple Choice Question 3 Multiple Choice Question
(MCQs) testlets with 30 (MCQs) testlets with 72
questions each (total: 90) questions total
* 2 Simulations in long format 1 Testlet with 6 short TBS with
a research question in new format
* 2 written communication tasks None required
Current Testing Time: 4 hours CBT-e Testing Time: 4 hours
Changes in Question Distribution (Weight):
Auditing and Attestation (AUD)
Financial Accounting and Reporting (FAR)
Regulation (REG)
Type of Question Current Weight CBT-e Weight
Multiple-Choice Question 70% 60%
Simulations 20% 40%
Written Communications 10% 0%
Business Environment and Concepts (BEC)
Type of Question Current Weight CBT-e Weight
Multiple-Choice Question 100% 85%
Simulations 0% 0%
Written Communications 0% 15%
As an accountant, the career track which progresses upward at a faster rate is labeled “CPA.”
In many firms, you hit the ceiling and progress no further if you do not become a CPA. Progressing from being an accountant to becoming a CPA offers greater opportunities for promotion to management and higher salaries.
Here are three examples of career paths for an accountant and for a CPA with the same education and experience:
Scenario 1: Two people in the same situation
Location: Austin, Texas
Graduates of/Degree: University of Texas, BA
Employer: Public Accounting in Austin
Size of firm: 50
Years of work experience: 2
On average, the CPA makes $10,000 more per year than the accountant.
Scenario 2: Two people in the same situation
Location: Los Angeles, CA
Graduates of/Degree: UCLA, BA
Employer: Public Accounting in Westwood, a suburb of Los Angeles, CA
Size of firm: 50
Years of work experience: 5
On average, the CPA makes $18,000 more per year than the accountant.
Scenario 3: Two people in the same situation
Location: Boston, MA
Graduates of/Degree: Harvard, BA
Employer: Public Accounting in Boston
Managing a team of: 25
Years of work experience: 15
On average, the CPA makes $25,000 more per year than the accountant.
Difference between top salary for CPA and for accountant: $45,000+.
Source: Payscale.com
Interested in career as a Certified Public Accountant?
Each of the jurisdictions (including US states and territories) which offers the CPA Exam has its own qualifications for sitting for the exam. In California, the requirements are:
* A bachelor’s degree;
* 24 semester units in accounting-related subjects;
* 24 semester units in business-related subjects;
* 150 semester units (or 225 quarter units) of education;
* Passing the Uniform CPA Exam;
* One year of general accounting experience supervised by a CPA with an active license; and
* Passing an ethics course.–
How do you become a CPA? While you could buy books and study on your own, but you’d be missing several key learning modules featured in CPAexcel, a CPA Exam review course.
Would you like a personalized study plan which takes into account how many hours you can study OR prepares you to sit for the exam on a specific date? With CPAexcel’s Exam Planner, you can create a personalized study plan. Based on the metrics of thousands of CPAexcel students who have passed the CPA Exam, Exam Planner lets you know when you will be ready to sit for the exam and when you need to apply-critical information if you want to be ready to sit for the exam.
Did you enjoy interacting with your professors questions when you were in college? With CPAexcel Professor Mentored Learning, top accounting professors from leading universities interact with you, promptly answered your questions to explain thorny issues. Prior to exam day, your professor will email you test taking techniques and strategies. You can’t get that from a book.
Did discussion sections monitored by your professor add to your learning? In this small group setting, you could explore concepts not covered in class. With CPAexcel you can participate in Student Discussion Groups, which are mentored, AND you can start your own Private Study Group, to which you can invite your college friends, workplace colleagues, or students you met in your CPAexcel course. You can’t do that with just a book.
Would you like to create your own classes so that you can skip over what you already know so you can concentrate on what you need to learn? At CPAexcel, you can create your own courses from our extensive list of assignments-and invite your friends to join you. This is education personalized for you!
CPAexcel students pass at nearly twice the national average. That power to pass can be yours today so that you can have a brighter future tomorrow.
At CPAexcel, the countdown to 2011 has begun. Because CPAexcel is the only cpa review which never expires, you can order it now and study for the current 2010 CPA Exam. If you have not passed all four sections by the end of 2010, you will have access to the new 2011 CBT-e content and functionality for free!
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