Connecting the classroom to the "real world"
CPA Exam
New Site to Make CPA Exam Studying Easier
2 years ago
Studying for the CPA Exam is one of those things that can consume a person and wasting time studying can make this even worse. WebCPA had a short piece about a new site called cpareviewmaterials.com that strives to make things easier by combining an online store with other resources (including an interactive forum where CPAs to be can communicate with each other). Seems like a neat idea…and if the CPA Exam is in your future you should save this bookmark and check it out again as the site develops.
The Route to Passing the Exam
2 years ago
Footnote article: The Route to Passing the Exam.
If the CPA Exam is in your future, the MNCPA has published a great article (link above) in this month’s Footnote that you will want to check out. You should be especially aware that the exam is undergoing major changes in terms of content and delivery in January 2011.
Starting Jan. 1, 2011, the CPA Exam will undergo significant changes. The current CPA exam integrates global business concepts in all four sections. After Jan. 1, 2011, International Financial Reporting Standards (IFRS) will be tested on the exam, primarily in the FAR section. International auditing standards (IAS) will be tested primarily in the AUD section. Global business concepts will continue to be tested in all four sections. Many of your staffaccountants will be facing CPA exam questions on this content without ever completing formal study of IFRS or IAS. Most colleges are just now offering a stand-alone IFRS course or are integrating IFRS with their existing classes to some extent. CPA review providers will be especially useful in providing exam candidates with appropriate study materials that will ensure that they are prepared with the right knowledge on exam day.
In addition, the new CPA Exam will test operations management in the BEC section of the exam. Candidates will need to have an entry-level knowledge of performance management, cost measurement methods and techniques, process management, and project management. As with IFRS, many candidates will not have formally studied operations management.
At the end of the article the MNCPA offers other links about the exam including significant review course discounts to members (consider an inexpensive Student Membership to take advantage of these).
The New CPA Examination
2 years ago
We are only a year away from significant changes to the CPA Exam. There may be, therefore, an increased urgency to complete remaining examination components prior to the switch at the beginning of 2011 by those educated under the “old” guidelines. At the very least, you should be aware of the changes so that if any portion of your CPA Exam experience overlaps with the new format you will be prepared.
The Minnesota Society of Certified Public Accountants has done a nice job summarizing the changes. In short, the major changes include:
- Inclusion of International Financial Reporting Standards (IFRS) in exam content.
- FASB codification references will be used in place of traditional authoritative references.
- Enhanced technology will be used as the computerized exam continues to evolve.
Get more information at the MNCPA website:
Bean-Counters No More
2 years ago
As you have undoubtedly figured out in your studies thus far and in Acct 320 in particular, accountants and other business professional require an increasingly broad base of knowledge. There is an interesting piece on the Finance and Commerce website that discusses this need for knowledge.
Chief financial officers interviewed said they expect issues outside of traditional accounting functions to occupy 40 percent of a senior-level accountant’s time five years from now (up from 36 percent currently). More than one-quarter (26 percent) of respondents said these issues would require as much as 50 percent of a senior-level accountant’s time in the coming years.
Metropolitan State’s Grover Cleveland is quoted as well:
As CPAs’ roles have expanded, so has accounting education, said Grover Cleveland, a professor of accounting at Metro State University. “The amount of material accounting students are expected to learn has been getting larger and larger.”
As the economy picks up steam, it seems that those in the know expect the demand for CPAs and other finance professionals to exceed the supply. This should be good news for those of you graduating in the coming year or two.
Read more at Finance and Commerce:
CPA Exam & IFRS Content
2 years ago
For those of you that are planning to take the CPA Exam in the coming years, be aware that International Financial Reporting Standards (IFRS) and related materials will be incorporated into the test starting in few short years, even if adoption/convergence of the standards in the United States is postponed.
For those of us raised on U.S. GAAP, the day is coming that being “bilingual” in accounting standards will be required. This may impact your decision to postpone the exam any longer than you have to because accounting curriculum (including instructors, textbooks, etc.) will need some time to also incorporate the new standards and if you don’t pass the exam my 2012 you may find yourself in limbo for a while while the educational opportunities are available for you learn this new material.
Although IFRS adoption in the U.S. is in a holding pattern, IFRS adoption in other countries marches on. In the end, we face two likely scenarios. Either the U.S. ultimately adopts IFRS or both IFRS and U.S. GAAP coexist (converged or not). Under both scenarios, it will be important for U.S. CPAs to build foundational knowledge of IFRS.
Recognizing this need, IFRS questions will be incorporated into the CPA exam no later than 2012. Colleges are incorporating IFRS into their accounting curricula and accounting textbooks with IFRS content are expected in the reasonably near future.
Read more at the IFRS Blog:
CPA Exam Flashcards
3 years ago
Here is a site I found that allows you to create your own “digital flashcards” to use for studying purposes. There are many of these tagged with “cpa” that may be helpful in preparing for the CPA Exam. Of course, these flashcards have all been submitted by other users so the quality may vary but this is a pretty interesting concept and if all else fails, you can create your own cards to add to the list.
CPA Exam Passing Rates for Q1
3 years ago
by Brenden Schaaf
in CPA Exam
Passing rates for Q1 of 2009 have been released:
http://www.cpa-exam.org/download/PassRates09Q1.pdf
For comparison, you can find the 2008 passing rates at this link:
Benefits of Certification
3 years ago
Whatever your career goals may be, outside certification can be a way to make yourself stand out amongst your peers. The Chair of the Institue of Managment Accountants wrote the article at the link below for Strategic Finance last fall. It does a nice job summarizing the benefits of earning the CMA and/or CPA designation in terms of increased earnings over the course of one’s career. I would add on to this the fact that credential holders, in my experience, are more involved in their profession and maintain more current knowledge through continuing education than non-credential holders.
Check out this link for the article mentioned above:
