Only Three More Paper & Pencil CPA Exams Left

Irvin Gleim, Professor Emeritus at the University of Florida and prolific CPA Review author, recently sat down with AccountingWEB to share his perspective on the coming changes in the CPA Exam.

February 4, 2002 is the grade release date for the November 2001 exam. With that date coming up, it is a reminder that only three paper and pencil CPA exam opportunities are left before the conversion to a computerized exam. May 2003 will be the last CPA exam as we currently know it.

Mr. Gleim encourages all current CPA candidates to finish up before November 2003. He believes the transition from pencil & paper to computer will be problematic, which will increase candidate tension, frustration, etc.

Beginning November 2003, CPA candidates will go to Prometric Computer Testing Centers (formerly Sylvan) and take computer-administered tests. The details are not finalized, but look for the following:

  1. Candidates would be approved to take the CPA exam by their State Board of Accountancy and upon approval and payment would call Prometric Testing Services to schedule an exam location and time. Candidates in some states may have to make separate checks out to their State Board and to Prometric.

  2. Each exam will consist of both multiple-choice questions and constructive response questions (also referred to as "simulations"). Hopefully the AICPA will share more about the constructed response questions. Presumably they would include both short answer questions and objective questions in response to an abbreviated case study presentation.

  3. There will be four 3-month exam windows each year, with two months for exam taking and one month for exam research, reporting, etc. Candidates can take each section only one time within each window.

  4. First time candidates could take each section of the CPA examination independently and in any order with no conditions on passing any other section, but must pass all sections within a rolling 18 month period.

  5. Conditional candidates as of November 2003 will be allowed to take the remaining equivalent sections of the exam under the old rules applicable at the time, including the number of retakes and the time period allowed.

  6. The proposed length of the new exam is based on 14 hour total length.

    • "Auditing & Attestation" replaces "Auditing" and remains at 4.5 hours
    • "Financial Accounting & Reporting" retains the same title but goes from 4.5 to 4.0 hours
    • "Regulation" replaces "Accounting & Reporting: Taxation, Managerial, and Governmental and Not-for-Profit Organizations" (TAX-MAN-GOV) and becomes 3.0 hours
    • "Business Environment & Concepts" replaces "Business Law & Professional Responsibilities" and becomes 2.5 hours

  7. The "Auditing & Attestation" section and "Financial Accounting & Reporting" section will continue to be "similar" in scope and coverage to the sections they replace. "Regulation" and "Business Environment & Concepts" will differ considerably.

Special Discount Offer For AccountingWEB Members
A 10% discount on Gleim's CPA Review Online is now available to AccountingWEB members. (This discount is not currently available elsewhere). Gleim guarantees that your staff will pass or you will receive a 100% refund! Only $124.95 per exam part before Gleim and AccountingWEB discounts. See the special Gleim CPA Review Online discount page for AccountingWEB Members, and bookmark this page for future reference.

You may like these other stories...

Your 15-year-old may be tech-savvy enough to debug your computer, back-up data on your mobile devices, and help you stream episodes of Game of Thrones, but chances are you can’t expect them to display the same level of...
Event Date: August 5, 2014, 3 pm ETThis webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.Participants will learn:How to account for:ConsolidationsJoint...
On a typical June day, Kentucky high school students David Wagner, Kayla Cook, and Michael Kiraly would be kicking back, enjoying all the pleasures of summer—playing video games, hanging out by the pool, or binge-...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.