what you need to know about the revised cpa exam . . . a webcast for employers
DESCRIPTION
The views expressed by the presenters do not necessarily represent the views, positions, or opinions of the AICPA or the presenters’ respective organizations. What You Need To Know About The Revised CPA Exam . . . A Webcast for Employers. Program Objectives. This program is designed to: - PowerPoint PPT PresentationTRANSCRIPT
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What You Need To Know About The Revised CPA Exam
. . . A Webcast for Employers
The views expressed by the presenters do not necessarily represent
the views, positions, or opinions of the AICPA
or the presenters’ respective organizations
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Program Objectives
This program is designed to:• Inform employers about the changes in the
computerized Uniform CPA Examination• Communicate best practices from other
professions• Discover practical ways to motivate your
employees to become CPAs
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Today’s Speakers
Diane Rubin, CPA Partner
Novogradac & Company, LLP
--------John C. Riina
Vice PresidentLegg Mason
--------
Arleen R. Thomas, CPA Vice President
American Institute of CPAs
--------John F. Hudson, CPA
ModeratorHudson Consulting Group, LLC
--------
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6 Months to Launch
• Historic change • Last paper and pencil exam is over• CBT launches on April 5, 2004• Major milestones have been met/cooperative
effort among AICPA, NASBA and Prometric
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Getting Started
• Contact State Board to determine eligibility
• CBT will be administered in secure Prometric centers
• Eligible candidates will receive a Notice to Schedule (NTS)
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National Candidate Database
• New system created by NASBA• Designed to track each candidate with unique
national ID• All candidate data maintained within the NCD• Ensures only eligible candidates test at
appropriate times • Secures candidate data, including grades
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Dates to Test
Open Closed
April – May June
July – August September
October – November December
January – February March
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Taking the Exam
Upon completion of check-in, the candidate:
• is seated at a designated workstation
• begins the exam after proctor launches
• is monitored • is video taped
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At Completion
Upon completion of the examination, the candidate:
• signs-out• collects his/her belongings• turns in scratch paper • is given a Post Exam
Information sheet
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The Examination
• Four Sections– Auditing and Attestation (4.5 hours)– Financial Accounting & Reporting (4 hours)– Regulation (3 hours)– Business Environment & Concepts (2.5 hours)
• 14 hours total length
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Business Environment & Concepts
• Business Structures • Economic Concepts• Financial Management• Information Technology• Planning and Measurement
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Transitioning Recommendations
Paper & Pencil CBT
Auditing Auditing & Attestation
Financial Accounting & Reporting
Financial Accounting & Reporting
Accounting & Reporting Regulation
Business Law & Professional Responsibilities (LPR)
Business Environment & Concepts
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Granting of CreditImpact on Candidates
• Candidates have more flexibility in terms of scheduling to test
• Candidates can focus study on a section(s) as they feel comfortable
• Can take one or more sections within a month, window or longer period
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Employer Resources
• CBT Tutorial available on www.cpa-exam.org– Provides guided tour of revised
exam– Demonstrates look and feel and
available tools– Allows users to try functionality
themselves
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Employer Resources
• Practice samples available in early 2004
– Condensed set of multiple choice and simulations
– Will be downloadable from website
– Replicate look and feel of CBT
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Multiple Choice Questions
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Simulations
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Simulations
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Simulations
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Simulations
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Simulations
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Simulations
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Simulations
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Simulations
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CBT from the CPA Firm Prospective
• The passage of the CPA exam is critically important to CPA Firms– Quality Control
• All managers must have passed the CPA Exam prior to promotion to manager
• Indicates that candidate has at least the knowledge required for licensure
– Commitment to the Profession– Separates you from your peers and puts you on
the Road to Success– Important in obtaining new clients
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Building Awareness in the Firm
• Recognition and congratulations to those who have passed
• Allow time off to take the Exam• Passage of Exam is a prerequisite to
promotion to Manager• Discussion of changes from paper and pencil
exam to new computer based Exam• Discussion of changes in State Board of
Accountancy Rules
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Best Practices on Discipline to Sit
• Plan ahead– Determine the dates to sit for the Exam– Decide whether to take all parts at once or one or
two at a time– Select a review course or start a study group– Start studying months before you take the Exam– Schedule time off in advance so that you are
available
• Set your targets for passage as soon as you join the firm
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Promoting Studying for the Exam
• Take a review course and study with a colleague
• Use available time, if any, to study for the Exam
• When recruiting we determine candidate’s interest in and plans for taking and passing the Exam
• In house training helps in studying for the Exam
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Current Recruiting Efforts
• Ascertain that recruit has enough hours to sit for the Exam
• Determine whether the recruit has sufficient accounting classes to sit for the Exam
• Determine whether the recruit is planning to take the Exam and when
• Determine through review of GPA, transcripts, and discussions with candidate whether the recruit will have a reasonable chance to pass the Exam
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Communications to Recruits
• When speaking at Beta Alpha Psi or Accounting Association meetings discuss the importance of the Exam
• Discuss the State Board of Accountancy rules relating to requirements to sit for the Exam and requirements for licensure
• Discuss the changes in paper and pencil and CBT
• Refer recruits to www.cpa-exam.org
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The Buzz on the Street
• More convenient scheduling options• Candidate can take one part at a time which might
make it easier to study for and pass• Simulations are an unknown at this time and some
candidates are unsure of their difficulty• Most believe that taking the test on a computer will
not be more difficult than paper and pencil• The new section, Business Environment and
Concepts, worries some• There has been little change in the number of
candidates sitting for the last paper and pencil test in 11/03 vs. 11/02
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AICPA Student Affiliate Membership
• Available to students and recent graduates• Subscription to the Journal of Accountancy
and CPA Letter• $40 subscription to reSOURCE online • Access to AICPA web site and special
student page located at www.aicpa.org/nolimits
• Scholarship opportunity through AICPA/Accountemps
• Discounted subscription to The Tax Adviser
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AICPA Student Affiliate Membership
- CPA2BIZ Web Site- Significant discounts on publications, software,
professional development courses and conferences- AICPA Competency Assessment Tool- Access to AICPA Antifraud & Corporate
Responsibility Center- AICPA Member Elite Values Program- Access to AICPA’s Technical Information Hotline
(Recent Grads only)
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A Case in Point . . .Experiences within the Securities Industry
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Professional Alliance Group
Legg Mason’s Alliance Program
Create alliances with accounting firms to provide their clients with a broad array of financial services through a team-work approach or referral process.
CPAs remain in a counseling role within our program and clients benefit through a coordinated financial strategy.
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Legg Mason
Legg Mason Background
• NYSE Broker Dealer
• SEC Registered Investment Advisory Firm
• Manage $215 billion
• Advising investors since 1899
• 130 offices, 1300 Financial Advisors
• Alliance programs since 1990
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Securities Industry
Broker Dealer Registration
• Tests – Series 6, 7, 8, 9, 24, 26, 63
Investment Advisor Registration
• Tests – Series 65, 66
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Central Registration Depository
• NASD tracks each candidate with a unique national ID – CRD Number
• All candidate data is maintained within the CRD System
• Ensures only eligible candidates test at appropriate times
• Secures candidate data, including grades
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The Examination
• 8 hours total length• The test is created by the computer
a. selects questions from each categoryb. creates a unique exam from a pool of thousands
of questions
• Multiple choice questions• True – False questions• Pick all that apply• Distinct topics are mixed throughout Exam
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Securities Exam Preparation
• Establish a 120 day window by completing and filing a form U-4
• Receive a CRD number –ID within the NASD• Study for Exam – Schedule your study time
for several weeks• Call Prometric 3 weeks prior to preferred
exam date• You can change date within window – 3 days
prior
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Securities Exam Preparation
Study Process
• Read selected chapter• Take chapter test – CD Rom• Continue process throughout book• Take full practice exams until scoring 80%• If you don’t take the exam during your
window, you must pay for another window to take the exam in the future
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Best Practices For Exam Day
• Sleep well• Arrive early• Review highlight sheets• Bring ID• Dress comfortable – Layers• Leave materials in car• Pack your lunch
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Taking the Exam
Upon completion of check-in, the candidate:
• is seated at a designated workstation
• begins the exam after proctor launches the session
• is monitored by a Test Center Administrator
• is video taped• calculators and paper are provided
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At Completion
Upon completion of the Examination, the candidate:
• signs-out
• collects his/her belongings
• is given a Post Exam Information Sheet
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Continuing Education Requirement
CBT – Computer Based Training
• 2nd Anniversary• Every 3rd anniversary thereafter• 120 day window to complete
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Best Practices for Personnel Policies
• Compensated for study time?• Compensated to sit for the exam?• Reimbursement of Prometric Seat Charges –
“window”• Reimbursement of NASD fees
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General Reactions to Computerized Exams
• Securities exams have been computerized for several years
• Provides a flexible study and testing process• Provides ability to become licensed in a
relatively short period of time
Revenue producing employee
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General Reactions to Prometric Testing Centers
• Convenient
• Professionally Run
• Secure
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Summary & Questions
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Thank You For Participating!
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Upcoming CPA Examination Webcasts
For a complete listing, check our website at http://www.cpa-exam.org
Date Time Title
1/14/04 1pm – 3pm EST
Candidates: Registering for the computerized CPA Exam
2/17/04 1pm – 3pm EST
Students and Candidates: Preparing for the revised CPA Exam