strategies for taking the uniform cpa exam
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The views expressed by the presenters do not necessarily represent the views, positions, or opinions of the AICPA or the presenter’s respective organization. Strategies For Taking The Uniform CPA Exam. Program Objectives. This program is designed to help you: - PowerPoint PPT PresentationTRANSCRIPT
Strategies For Taking The Uniform CPA Exam
The views expressed by the presenters do not necessarily represent
the views, positions, or opinions of the AICPA
or the presenter’s respective organization
No. 2
Program Objectives
This program is designed to help you: Prepare for and take the CPA exam; Know what to expect on exam day; Better understand the exam simulations; and Take control of the examination process.
No. 3
Today’s Speakers
Gregory Johnson, CPA Director-Exams Strategy
AICPA
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Sahan TotagamuwaAssociate, Valuation and Forensic
Services Clifton Gunderson, LLP
Thomas C. Omer, Ph.D. Associate Professor
University of Illinois at Chicago
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John F. Hudson, CPAModerator
Hudson Consulting Group, LLC
No. 4
CPA Examination Overview
Gregory Johnson, CPAAmerican Institute of CPAs
No. 5
CBT a Success
April will mark the first full year of computer-based testing (CBT).
CBT a success – Launched on schedule Nearly 100% of tests launched and successfully completed instances of restarts or delays occurred rarely this is better than the rates of most other professional licensing
programs offering computerized exams
Post exam surveys show 97% of responding candidates are satisfied with CBT
No. 6
Volume and Pass Rates
Approx. 77,000 candidates tested in 2004 Approx. 110,00 examination sections
administered Estimate about 150,000 completed test sections
by March 31, 2005 Pass rates range between 41% - 45% per
section
The Examination
Four exam sectionsAuditing & Attestation (4.5 hours)Financial Accounting & Reporting (4 hours)Regulation (3 hours)Business Environment & Concepts (2.5 hours)
14 hour total length All sections, except BEC, include simulations
No. 8
Granting of Credit
Take sections individually and in any order
Credit for passed section(s) retained for 18 months
No minimum score requirement for failed sections
No. 9
Score Reporting
Candidates should receive their scores shortly after the close of the testing window.
AICPA, NASBA committed to reducing score reporting time.
October/November 2004 testing window, nearly all scores released by the AICPA by December 28
AICPA plans to report scores monthly beginning August 2005
No. 10
Exam Application and Registration
Apply early – may take 6-8 weeks for 1st time application to be approved. Call 1-800-CPA-EXAM
NASBA’s Candidate Care Department expanding so post-exam inquiry process is faster; email or call: [email protected] 1-866-MY-NASBA (1-866-696-2722)
No. 11
At the Test Center
Report equipment or computer issues to test center staff immediately.
Keep the Confirmation of Attendance after your exam; use to follow-up on any issues.
Test center staff cannot: answer content questions explain how to use CPA Exam software extend or adjust exam time
Be prepared before you take the exam Read The CPA Exam Alert for more test tips
No. 12
Exam Preparation
Be prepared before you take the exam Exam has unique software and functionality Read The CPA Exam Alert for more test tips Visit www.cpa-exam.org
View exam tutorial Take the sample test
No. 13
What Candidates Are Saying
They prefer the computer-based exam They like the administrative flexibility
Can take one section at a time Can schedule test sections on different days and times
They like the Prometric test centers They are concerned about how to manage time on
the exam in the testlet format; They would like to receive scores faster
No. 14
CBT Research AICPA-NASBA-Prometric committed to
continual improvement of the exam Candidate focus groups held across the U.S. Other research with employers, students and
professionals underway Take 2-minute Candidate Outreach Survey at
www.cpa-exam.org Research results shared with to state boards
and educators
No. 15
Advice for Candidates
Determine how much time you can commit to study; Be prepared to drop other activities; Schedule study during times you are more
productive; Choose study method in line with the way you learn
best; Contact your state board about requirements to sit for
the exam; Working professionals should closely look at
schedules; Make sure you become familiar with researching the
authoritative literature
No. 16
A Candidate’s Perspective
Sahan TotagamuwaClifton Gunderson, LLP
No. 17
Scheduling The Exam
Notice to Schedule (“NTS”) Scheduling flexibility Schedule according to your personality Proximity of exam dates Be goal oriented Know your strengths and weaknesses
No. 18
Preparing For The Exam
Balancing study time and other activities Goals Review textbooks Third party review courses Study one section at a time
Get into a rhythm Practice sitting at one place for long periods of time
No. 19
Preparing For The Exam [con’t]
Practice, practice, practice; Simulations; Don’t burn the candle at both ends; and Relax on the day prior to your exam.
No. 20
Exam Day
Get to the test center early Dress accordingly Pre-exam formalities
Two forms of ID NTS Photograph Scratch paper (make sure the exam # is stated on the
sheets) Sign-in Lockers
No. 21
Exam Day [Con’t]
At your assigned computer, you will have: Two forms of ID Two sheets of scratch paper (provided by the test center) Two pencils (provided by the test center) Ear plugs/muffs
Pre-exam questions on the computer Do the pre-exam questions quickly Don’t use this time to do stretching exercises, write down notes
etc.
No. 22
Exam Day [Con’t]
The exam FAR, Reg/Tax, Audit
Five individual testlets Three testlets consisting of multiple choice and true/false
questions Two simulations
BEC Currently, three individual testlets consisting of multiple
choice and true/false questions
No. 23
Exam Day [Con’t]
Testlets Your time starts as soon as you open the first testlet You have to “manage the clock”
Allocate time to each testlet 30 – 50 minutes per multi choice testlet About 1 ½ - 2 hours for the simulations
Leave enough time to do the simulations Don’t “spin your wheels” on one question
If needed, mark questions for review You can’t go back to a testlet that you have
completed and submitted.
No. 24
Exam Day [Con’t]
Equipment malfunctions Don’t try to fix it yourself
Many others passed this exam before you. If they can do it … so can YOU!
GOOD LUCK!
No. 25
Exam Simulations
Thomas C. Omer, Ph.D.University of Illinois at Chicago
No. 26
Simulations
Simulations Overview Who develops simulations Creating simulations Example (available at www.cpa-exam.org) How to prepare
Students Faculty
The Future
No. 27
Who Develops Simulations
Who develops simulations? AICPA Task Force Leader
Task Force Volunteers Practitioners Academics
Assistance by AICPA Staff
No. 28
Creating Simulations
Creating simulations How do we start (Regulation Task Force)
Members of task force propose topical area (e.g. individual, corporate, partnership)
Within topical area choose an issue that contains multiple aspects Basic simulation structure
Content testing Written communication Research task
Members submit proposed simulation for consideration by task force Concerns
Entry level candidate No double jeopardy (or work around related questions)
No. 29
Creating Simulations
Task Force Meets (3 times per year) Review submitted simulation proposals
Extensive review and revision of proposed simulation Concerns
Topic adequately represented Topic adequately tested Minutia avoided Solutions attainable Time
Approved simulations sent to AICPA content committee for appropriateness and correctness
Meetings continue to address new simulation proposals as well as suggestions (corrections) on previous submissions to the AICPA Content Committee
No. 30
Simulation Example
No. 31
Simulation Example
No. 32
Simulation Example
No. 33
Simulation Example
No. 34
Simulation Example
No. 35
Simulation Example
No. 36
Simulation Example
No. 37
Simulation Example
No. 38
Simulation Example
No. 39
How to Prepare
Students Use the practice material available from AICPA Focus on the overall picture rather than memorization of specific facts or details.
With faculty help make sure you see the topic broadly not just separate unrelated issues
Do research out side of class on topics you are interested in as well as those required for class
Be tolerant of the new approach Faculty
Incorporate research in the classroom Hint: use topics normally covered during class time
Attempt to present bigger perspectives in topical areas Push overall concepts first, details second Try to help students the connectedness within and across topical areas Be tolerant of student frustration when changing their perspective
No. 40
The Future
Current simulations are reasonable for initial steps but expect changes as study habits and classroom experience changes.
Future simulations will move beyond the first generation in use today.
No. 41
Summary & Questions
No. 42
Thank You For Participating!
No. 43
Upcoming CPA Examination Webcasts
For a complete listing, check our website at http://www.cpa-exam.org