While other professional qualifications substitute university education, the CPA Examination complements it. It takes into consideration many of the accounting concepts and basics that are already covered by an individual within the university curriculum. Therefore, it concisely covers in the 4 parts the contents focusing on skill-gaps that are needed to be a F&A professional.
The candidates were allowed to take the CPA exam in the first two months and first 10 days of the third month from every quarter. In response to numerous candidate requests, the NASBA has announced Continuous Testing for CPA Exam candidates beginning July 1, 2020. Under the new Continuous Testing model, candidates will have the ability to take the Exam year-round, without restriction, other than waiting to receive scores from prior attempts of the same section or when there is a major change to the Exam. Continuous Testing will replace the existing CPA Exam Testing Window model, which only permits candidates to test during designated time frames each calendar quarter.
There are about 55 States in the US. Each State has a "State Board of Accountancy" that is responsible for licensing Certified Public Accountants (CPAs) who practice in that state. Each board issues rules that govern what a person must do in order to become a licensed CPA. National Association of State Boards of Accountancy (NASBA) is the association of the 55 State Boards of Accountancy.
Founded in 1887, the American Institute of Certified Public Accountants (AICPA) represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.
Prometric center is a US based company which has testing centers across the globes and is known for conducting tests in the most secure and efficient manner. The CPA exams are conducted at a Prometric center.
A Notice to Schedule (NTS) is the authorization sent out by National Association of State Boards of Accountancy (NASBA) for an applicant to make an appointment with the testing provider once the examination fees is paid. Once the CPA Exam application has been processed, and a candidate is determined eligible to take one or more sections of the CPA Exam, the NASBA will issue a Notice to Schedule (NTS) to the candidate. The NTS will list the section(s) of the Exam the candidate is approved to take, which will allow him/her to contact the Prometric to begin the scheduling process. Scheduling instructions will be included on the NTS.
Your score for each section of the CPA Exam is reported on a scale that ranges from 0 to 99. To pass a section, you must score a minimum of 75. Your total reported score does not represent a percentage correct, nor can you interpret it as such. Scores are not curved.
Your total score in the AUD, FAR, and REG sections is a weighted combination of scaled scores from multiple-choice questions (MCQs) and task-based simulations (TBSs).
For the BEC section, your total score is a weighted combination of the scaled scores from the MCQs, TBSs, and written communication tasks.
A candidate is required to pass all four sections of the CPA Exam within a rolling 18-month period. The sections can be taken individually and in any order. Credit for any section passed shall be valid for 18 months from the actual date the examination sections were taken. Examination credit expires by section. The candidate will lose credit for each section passed outside the 18-month period, and will have to retake those sections. The score notice will contain any relevant expiration dates.
For example: Let’s say a candidate passed FAR on his/her first try. After a couple months, he/she successfully completes AUD, and then pass REG. If the candidate was to sit for the BEC section on the last day before his/her credit for FAR expires, and he/she fails BEC, the candidate will now have to sit for and pass FAR and BEC by the time his/her credit for AUD expires.