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The CPA Exam
Lori Finestine and Chris Connelly
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Agenda
• Pathway to CPA
• The CPA Exam
• Becker’s CPA Exam Review
• Questions
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Greater Demand
• Employment of accountants and auditors to grow faster through 2020 than for any other occupation*
– Best prospects are for those“who have a college degreeand professional certification,especially a CPA”
• According to the AICPA,75 percent of today’s CPAswill retire over the next 15 years
*U.S. Bureau of Labor Statistics 2012‐2013 Occupational Outlook Handbook
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Diverse Career Opportunities
Green
Global
Forensic
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SAL
AR
Y
Higher Earnings Potential
CPA
Accountant
TIME (YR)
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Steps to Becoming a CPA
Qualify
Apply
Succeed•Sit for and pass the CPA Exam•Take ethics exam (where applicable)
•Obtain work experience
•Earn your CPA Designation
Prepare
Schedule
•Review state requirements
•Submit your application•Submit payment for exam•Receive Notice‐to‐Schedule (NTS)
•Enroll in Becker•Create your study plan•Study
•Schedule exam with Prometric
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Obtaining your CPA License
Every state is unique
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Education & Experience Requirements to License
Eligibility to License:
Credit Hours 120 120 120
Graduation Required YES YES YES
Other:
Ethics Exam Yes No No
* Information provided as a reference only. Applicants should check with their state board of accountancy to determine eligibility to sit for the exam.
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Learn More About Your State
Becker.com/stateState Board of AccountancyThisWaytoCPA.comNASBA.org (National Association of State Boards of Accountancy)
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Exam Timeline
• The application can take 2 to 4 weeks to process• Start studying before you receive your NTS• You may not repeat a part in the same testing window• Once you pass the first part, you have 18 months to complete the remaining sections
Apply
Upon passing the 1st section => 18 months to complete the remaining 3 sections
NTS: Typically 6 months
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Business Environment and Concepts (BEC)3 hours
Regulation (REG)3 hours
Auditing and Attestation (AUD)4 hours
Financial Accounting and Reporting (FAR)4 hours
Exam
Passing score is 75 on a 0‐99 scale
18 months to pass all four parts
Exam can be taken in any state or jurisdiction
Exam is administered at Prometric Testing Centers
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Business
24 multiple choice questions
24 multiple choice questions
24 multiple choice questions
3 Written Communication Tasks
3 hours
85
%15
%
60
%4
0%
Exam Structure
60
%4
0%
Financial & Audit
TESTLET 1:MULTIPLE CHOICE
30 multiple choice questions
TESTLET 2:MULTIPLE CHOICE
30 multiple choice questions
TESTLET 3:MULTIPLE CHOICE
30 multiple choice questions
TESTLET 4:7 task‐based simulations
4 hours
Regulation
24 multiple choice questions
24 multiple choice questions
24 multiple choice questions
6 task‐based simulations
3 hours
Business
24 multiple choice questions
24 multiple choice questions
24 multiple choice questions
3 Written Communication Tasks
3 hours
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Exam Content
Financial Statement Accounts27% ‐ 33%
Specific Transactions27% ‐ 33%
Concepts & Standards(including IFRS)
17% ‐ 23%
Not‐for‐Profit Accounting8% ‐ 12%
Government Accounting8% ‐ 12%
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Exam Content
Professional Responsibilities
16% ‐ 20%
Understanding the Entity & Environment
16% ‐ 20%
Performing Audit Procedures &
Evaluating Evidence16% ‐ 20%
Evaluating Findings, Communication &
Reporting16% ‐ 20%
Engagement Acceptance &
Understanding the Assignment12% ‐ 16%
Accounting & Review Engagements12% ‐ 16%
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Exam Content
Federal Taxation of Entities
18% ‐ 24%
Business Law17% ‐ 21%
Ethics, Professional & Legal Responsibilities
15% ‐ 19%
Federal Taxation of Individuals13% ‐ 19%
Federal Taxation of Property Transactions
12% ‐ 16%
Federal TaxProcedures & Accounting
Issues11% ‐ 15%
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Exam Content
Financial Management19% ‐ 23%
Corporate Governance16% ‐ 20%
Economic Concepts & Analysis16% ‐ 20%
Information Systems & Communication
15% ‐ 19%
Operations Management12% ‐ 16%
Strategic Planning10% ‐ 14%
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3Q 2013 AICPA Pass Rates
Audit Business
Financial Regulation
Exam Pass Rates
Students who prepare with Becker pass at double the rate of non‐Becker candidates.*
46.56% 58.54%
51.23% 49.80%
Becker Professional Education students pass at double the rate of all CPA exam candidates who did not take a Becker course, based on averages of AICPA‐published pass rates. Data verified by an independent third‐party research firm.
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Local Partners
• PwC
• Deloitte
• Ernst & Young
• KPMG
• Grant Thornton
• McGladrey
• CohnReznick
• SC&H Group
• Arthur Bell & Associates
• Stegman & Company
• Aronson, LLC
• Gross Mendelsohn & Associates
• Hertzbach & Company
• KatzAbosch
• Ellin & Tucker
• Santos, Postal & Company
• Lanigan, Ryan & Doyle
• CliftonLarsonAllen LLP
• SB & Company
• McLean, Koehler, Sparks & Hammond
• Smith, Elliott, Kearns & Company
• TGM Group
• PKS & Company
99 of the top 100 CPA firms partner with Becker!
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A Complete CPA Review Focused on Your Success
• Study any time, anywhere using any internet connected device or download and work offline
• Expert Instruction and Unlimited Academic Support
• Comprehensive Textbooks and eBooks
• Interactive Study Planner
• Becker Software with resources that replicate the content and functionality of the CPA Exam– Multiple Choice Homework– Simulations– 2 Final Exams per part
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For Additional Questions
www.becker.com
1‐877‐CPA EXAM
Lori [email protected]
Chris [email protected]
