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Expert Strategies for Handling the 2017 CPA Exam Changes Webinar for CPA Exam Candidates Presented by Denise Probert, CPA, CGMA Director of Curriculum – Accounting Exam Prep

Wiley Efficient Learning 1

Why the change?

Why the change?

•  CPAs serve and protect the public interest •  The CPA Exam must test the knowledge and skills

required of newly licensed CPAs •  AICPA Uniform CPA Exam practice analysis is conducted

periodically (at a minimum every seven years) to ensure the Exam is still relevant, both in content and the skills being tested

Wiley Efficient Learning Roadmap 3

Why the change? (Continued)

2004: Paper & pencil exam

converted to a computerized exam

2011: Computer-‐based tesBng

evoluBon (CBT-‐e)

2014: PracBce analysis began for the 2017 CPA Exam


What is the change?

What is the change?

2014 practice analysis findings •  Entry level CPAs should possess

–  Effective communication skills –  Critical thinking skills, ability to problem solve,

analytical skills and professional skepticism –  Well-developed research skills –  Strong understanding of business environment and

processes –  Ethics and professional responsibilities


What is the change? (Continued)

•  Major proposed Exam changes: –  Focus on and enhance the testing of higher-order

cognitive skills –  Reallocate skills and content –  Increased number of task-based simulations, (to

focus on higher-order skills) –  Increase in total testing time –  Replace content specifications outlines (CSOs) with

blueprints (enhanced depth and breadth of exam content coverage)



•  AICPA Skill Levels Framework


EvaluaBon

Analysis

ApplicaBon

Remembering and Understanding

Current Exam focus

Proposed Exam focus



Sec4on Remembering and Understanding

Applica4on Analysis Evalua4on

Current Exam ALL 50% 50% N/A N/A

Proposed Exam AUD

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


Sec4on Current Exam

Proposed Exam

Current Exam

Proposed Exam

Current Exam

Proposed Exam

AUD 90 70-‐75 7 8-‐9 0 0

BEC 72 60-‐65 0 4-‐5 3 3

FAR 90 60-‐65 7 8-‐9 0 0

REG 72 70-‐75 6 8-‐9 0 0


Mul4ple-‐Choice Ques4ons

Task-‐Based Simula4ons

WriJen Communica4on

What’s next?

What’s next?

•  Complete AICPA exposure draft available here: http://www.aicpa.org/BecomeACPA/CPAExam/nextexam/DownloadableDocuments/Next-CPA-Exam-Exposure-Draft-20150901.pdf –  Comment Period: September 1 – November 30, 2015 –  Feedback will be considered –  Final Exam changes announced in 2016 –  Exam to launch in 2017


What does this mean for me?

What does this mean for me?

•  To the future candidate: Try to take all four parts before the change? Wait until after the changes have been implemented? Which section to take first?


What does this mean for me? (Continued)

•  To the current candidate:

Try to take all four parts before the change? Do I need to take all four parts before the change? Or will I lose credit for sections passed once the change occurs? Should I reconsider my strategy for what order to take each section?


When will the next version of the Exam launch?

When will the next version of the Exam launch?


2014: PracBce Analysis

2015: Exposure DraZ

2016: Finalized changes published

2017: Exam launch

In 2017

Will there be any content changes to the Exam?

Will there be any content changes to the Exam?

•  Four sections will be maintained


AudiBng and A\estaBon (AUD)

Financial AccounBng and ReporBng (FAR)

Business Environment and Concepts (BEC)

RegulaBon (REG)

Will there be any content changes to the Exam? (Continued)

*Cost for BEC and REG expected to increase $20/section


Sec4on Current Time Proposed Time

AUD 4 hours 4 hours

FAR 4 hours 4 hours

REG 3 hours 4 hours*

BEC 3 hours 4 hours*

4 sec4ons 14 hours 16 hours


•  Content Specification Outlines (CSOs) and Skills Specifications Outlines (SSOs) to be replaced with blueprints for each section

•  Blueprint includes the content, skills and related representative tasks that will be tested on the Exam. Sample excerpt:


Source: AICPA Exposure DraZ. September 2015



Source: AICPA Exposure DraZ: Maintaining the Relevance of the Uniform CPA Exam (September 1, 2015)

AUD Content Areas:


•  Written communication tasks will be maintained solely in BEC testing strictly written communication skills



BEC Content Areas:




FAR Content Areas:




REG Content Areas:

I heard that we’ll have a free break. Is that true?

I heard that we’ll have a free break. Is that true?

Testlet Testlet Testlet TBSs or WC Testlet


Testlet Testlet Testlet TBSs Testlet (and WC

Testlets: BEC)

Proposed exam: Four hours. Clock will stop for one of the designated breaks

Current exam: Three or four hours. Clock does not stop for designated breaks

Will I sBll have 18 months to complete all four parts?

Will I still have 18 months to complete all four parts?

REG FAR AUD BEC


•  18 months window from passing first section to completing last section is maintained

Pass Pass Pass

18 months

Pass

Will I still have 18 months to complete all four parts? (Continued)

REG FAR AUD REG BEC


•  18 months window from passing first section to completing last section is maintained

If BEC is not been passed within 18 months of passing REG, REG score would fall off and need to be taken again within 18 months of passing FAR

Pass Pass Pass 18 months

Pass Pass

Will the Exam be more difficult?

Will the Exam be more difficult?

•  Increased testing of higher-order skills alone increases difficulty.

•  Does a reduced number of MCQs offset the harder TBSs?

•  Will the additional two hours to test make it easier? Or does this imply a much harder exam?


How can Wiley CPAexcel help?

How can Wiley CPAexcel help?


•  Over 12,000 multiple choice questions and 600 task-based simulations in the exam-identical interface — more than any other provider

•  Bite-sized lessons for efficient learning •  No expiration date, content always updated — no additional fees •  Half the cost of our competitor •  Learn more & take a test drive: http://www.efficientlearning.com/cpa/

Will I receive my score immediately?

Will I receive my score immediately?

•  Score release timeline is not being impacted •  First window or two of the new Exam may experience

delays in score reporting but afterwards score reporting will return to normal

•  Visit the following page to see the current window’s score release timeline:

http://www.aicpa.org/BecomeACPA/CPAExam/Pages/CPAExam.aspx

> Psychometrics and Scoring > Scoring Information


Are there sBll tesBng windows? Or can I take the new Exam

year-‐round?

Are there still testing windows?

•  No change to the testing windows and repeat sections remain prohibited within one window


• January • February

March

• April • May

June • July • August

September

• October • November

December

QuesBons & Answers


Thank you!