| The CPA Exam is undergoing significant changes in | | | | be numerous small adjustments to the topics and their |
| 2011. The AICPA significantly adjusted the content | | | | respective weights within the exam, the single largest |
| specification outlines to more accurately reflect the | | | | change is the addition of international accounting |
| actual workload and responsibilities of newly minted | | | | standards. The 2011 exams will cover a wide-range of |
| CPAs with one to two years of experience. The goal | | | | these international issues including International Auditing |
| is to help applicants be more prepared for the actual | | | | and Assurance Standards, International Ethics |
| jobs that they will be expected to perform upon | | | | Standards, and the International Federations of |
| receiving their license. | | | | Accountants. Applicants will still need to thoroughly |
| To do that, the CPA exam is adjusting the length of | | | | understand the United States' standards. |
| time of two of the four tests. Auditing is moving to a | | | | Some things will stay the same. For example, |
| four hour test from the current four and a half hours | | | | applicants may still only test for eight of the twelve |
| while Business Environment and Concepts will move to | | | | months in a year. Every third month is a "no-test" |
| three hours from two and a half. Both Financial | | | | month. This helps facilitate faster score reporting, which |
| Reporting and Regulation exams will remain at their | | | | has been a very big complaint about the current |
| current lengths. The total length of all four sections will | | | | exams. Hopefully, this minimizes the stressful waiting |
| still total fourteen hours. | | | | times that test-takers currently have to endure. Also |
| The current simulations will undergo a transformation | | | | staying the same is the eighteen month pass-window. |
| as well. Instead of a simulation with multiple tabs with | | | | All four exams must be passed within a single |
| different assignments covering a related topic, a series | | | | eighteen month period. |
| of task-based simulations will be used. These "simlets" | | | | Virtually every successful applicant reviews the exam |
| will be shorter and will cover a more diverse set of | | | | material before taking the tests, and there are many |
| topics. | | | | CPA exam review sites out there. But before you |
| One of the most fundamental changes in the exams is | | | | spend money on these, take a look at the many free |
| the modification of the topics covered. While there will | | | | resources available to prospective accountants. |