April 13, 2016 Ch-­Ch-­Ch-­Changes: What’s New, Different & Missing in the Totally Revamped 2017 CPA Exam
INTRODUCTION
• Denise Probert, CPA, CGMA, Wiley Director of Curriculum – Accounting Test Prep
2014: Practice Analysis
2015: Exposure Draft
2016: Finalized changes published
2017: Exam launch
In 2017
AGENDA
Next Version of the CPA Exam will launch for the April 2017 testing window
• What is changing?
• What does this mean to me?
• Q&A session AUDITING AND
ATTESTATION: AUD
BUSINESS ENVIRONMENT AND CONCEPTS: BEC FINANCIAL ACCOUNTING
AND REPORTING: FAR
REGULATION: REG WHAT IS CHANGING?
WHAT IS CHANGING?
• Major Exam changes:
– Increased emphasis on testing higher-­order skills (e.g., problem solving and critical thinking)
– Increase in number of task-­based simulations (TBS)
– Add TBSs to the BEC section
– Enhanced TBSs – Increase in total testing time
– Replace content specifications outlines (CSOs) with blueprints
WHAT IS CHANGING? • AICPA Skill Levels Framework
Evaluation
Analysis
Application
Current Exam focus
Remembering and Understanding
NEW Exam focus
WHAT IS CHANGING? Section
Application
Analysis
Evaluation
50%
Current Exam
50%
N/A
N/A
AUD
30%-­‐40%
NEW Exam
30%-­‐40%
15%-­‐25%
5%-­‐15%
BEC
15%-­‐25%
50%-­‐60%
20%-­‐30%
N/A
FAR
10%-­‐20%
50%-­‐60%
25%-­‐35%
N/A
REG
25%-­‐35%
35%-­‐45%
25%-­‐35%
N/A
ALL
Remembering and Understanding
WHAT IS CHANGING? Multiple-­‐Choice Questions
Task-­‐Based
Simulations
Written Communication
WHAT IS CHANGING? Multiple-­‐Choice Questions
Task-­‐Based
Simulations
Written Communication
WHAT IS CHANGING? Section
Current Exam
NEW Exam
AUD
4 hours
4 hours
FAR
4 hours
4 hours
REG
3 hours
4 hours*
BEC
3 hours
4 hours*
4 sections
14 hours
16 hours
*Cost for BEC and REG will also increase New! Optional 15-­‐minute break added to each Exam section at designated point. This will not count against testing time as in the past.
WHAT IS CHANGING? • Scoring Weights: FAR, AUD, REG
WHAT IS CHANGING? • Scoring Weights: BEC
WHAT IS CHANGING? • Blueprints will replace the Content Specification Outlines (CSOs) and Skills Specifications Outlines (SSOs) for each section
• Content is being reallocated, reorganized, and in some cases eliminated
WHAT IS CHANGING? AUD
Source: AICPA Practice Analysis F inal R eport ( April 4, 2016)
WHAT IS CHANGING? BEC
Source: AICPA Practice Analysis F inal R eport ( April 4, 2016)
WHAT IS CHANGING? REG
Source: AICPA Practice Analysis F inal R eport ( April 4, 2016)
WHAT IS CHANGING? FAR
Source: AICPA Practice Analysis F inal R eport ( April 4, 2016)
WHAT DOES THIS MEAN TO ME?
What does this mean for me? (Continued)
• To the current candidate: – Takeaway 1: Try to take all four parts before the change! – Takeaway 2: Or REG and BEC at least!
• April • May
June
September
• July • August
• October
• November
December
March
• January
• February
WHAT DOES THIS MEAN TO ME?
• Any sections passed before April 2017 will count towards licensure, within the same 18-­month window parameters.
• 10-­day extension to the testing window from now until the end of 2017 (with the exception of the second quarter in 2017)
– Takeaway 3: Schedule Exams EARLY
• New Exam does not impact long-­term score release (20-­day score release average will be maintained);; however…
WHAT DOES THIS MEAN TO ME?
• First testing window of new exam will experience a delay in score release (10 weeks after the close of the testing window). Score release for remaining testing windows in 2017 will be 10 days after the close of the testing window
• Takeaway 4: While your initial reaction may be to avoid testing in the April/May 2017 testing window, if you in an 18-­month rolling schedule, DO NOT DELAY
RESOURCES
• AICPA
http://www.aicpa.org/BecomeACPA/CPAExam/nextexam/P
ages/next-­cpa-­exam.aspx
– Practice analysis final report and the complete Blueprints
– FAQs, scoring information, etc.
– AICPA sample tests to be released in September 2016
• Wiley CPAexcel: http://www.efficientlearning.com/wileycpaexcel/
– Free trial, webinars, latest information, etc.
– Takeaway 5: Start studying today with Wiley CPAexcel
How can Wiley CPAexcel help? How can Wiley CPAexcel help? efficientlearning.com/cpa
Thank you!