The 2017 CPA Exam Changes Are Official –Formulate Your Plan to Pass
2014: Practice Analysis
2015: Exposure Draft
2016: Finalized changes published
2017: Exam launch
In 2017
• Denise Probert, CPA, CGMA, Wiley Director of Curriculum – Accounting Test Prep
INTRODUCTION
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 ANDATTESTATION: AUD
BUSINESS ENVIRONMENT AND CONCEPTS: BEC
FINANCIAL ACCOUNTINGAND 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 FrameworkEvaluation
Analysis
Application
Remembering and Understanding
Current Exam focus
NEW Exam focus
WHAT IS CHANGING?
Section Remembering and Understanding
Application Analysis Evaluation
Current ExamALL 50% 50% N/A N/A
NEW ExamAUD 30%-‐40% 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
WHAT IS CHANGING?
Multiple-‐Choice Questions
Task-‐BasedSimulations
Written Communication
WHAT IS CHANGING?
Multiple-‐Choice Questions
Task-‐BasedSimulations
Written Communication
WHAT IS CHANGING?
*Cost for BEC and REG will also increase
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
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 Final Report (April 4, 2016)
WHAT IS CHANGING?
BEC
Source: AICPA Practice Analysis Final Report (April 4, 2016)
WHAT IS CHANGING?
REG
Source: AICPA Practice Analysis Final Report (April 4, 2016)
WHAT IS CHANGING?
FAR
Source: AICPA Practice Analysis Final Report (April 4, 2016)
WHAT IS CHANGING?
AICPA documents what is on the Exam in
the Blueprints
Wiley CPAexcel Review prepares candidates guided by what is in the Blueprints and
therefore on the Exam
Candidates efficiently and effectively review the content that is tested on the CPA
Exam
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
• July • August
September • October• November
December
• January• February
March
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
• AICPAhttp://www.aicpa.org/BecomeACPA/CPAExam/nextexam/Pages/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?
Webinar Exclusive Offer25% Off the Wiley CPAexcel Platinum Course
Expires April 28, 2016Enter Code: 2017WEBINAR
efficientlearning.com/cpa
Thank you!