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!