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Strategies For Taking The Uniform CPA Exam

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Title: Strategies For Taking The Uniform CPA Exam


1
Strategies For Taking The Uniform CPA Exam
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.

3
Todays Speakers
  • Gregory Johnson, CPA
  • Director-Exams Strategy
  • AICPA
  • --------
  • Sahan Totagamuwa
  • Associate, Valuation and Forensic Services
  • Clifton Gunderson, LLP
  • Thomas C. Omer, Ph.D.
  • Associate Professor
  • University of Illinois at Chicago
  • --------
  • John F. Hudson, CPA
  • Moderator
  • Hudson Consulting Group, LLC

4
CPA Examination OverviewGregory Johnson,
CPAAmerican Institute of CPAs
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

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

7
The Examination
  • Four exam sections
  • Auditing 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

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

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

10
Exam Application and Registration
  • Apply early may take 6-8 weeks for 1st time
    application to be approved.
  • Call 1-800-CPA-EXAM
  • NASBAs Candidate Care Department expanding so
    post-exam inquiry process is faster email or
    call
  • candidatecare_at_nasba.org
  • 1-866-MY-NASBA (1-866-696-2722)

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

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

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

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

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

16
A Candidates PerspectiveSahan
TotagamuwaClifton Gunderson, LLP
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

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

19
Preparing For The Exam cont
  • Practice, practice, practice
  • Simulations
  • Dont burn the candle at both ends and
  • Relax on the day prior to your exam.

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

21
Exam Day Cont
  • 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
  • Dont use this time to do stretching exercises,
    write down notes etc.

22
Exam Day Cont
  • 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

23
Exam Day Cont
  • 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
  • Dont spin your wheels on one question
  • If needed, mark questions for review
  • You cant go back to a testlet that you have
    completed and submitted.

24
Exam Day Cont
  • Equipment malfunctions
  • Dont try to fix it yourself
  • Many others passed this exam before you. If they
    can do it so can YOU!
  • GOOD LUCK!

25
Exam SimulationsThomas C. Omer,
Ph.D.University of Illinois at Chicago
26
Simulations
  • Simulations Overview
  • Who develops simulations
  • Creating simulations
  • Example (available at www.cpa-exam.org)
  • How to prepare
  • Students
  • Faculty
  • The Future

27
Who Develops Simulations
  • Who develops simulations?
  • AICPA Task Force Leader
  • Task Force Volunteers
  • Practitioners
  • Academics
  • Assistance by AICPA Staff

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)

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

30
Simulation Example
31
Simulation Example
32
Simulation Example
33
Simulation Example
34
Simulation Example
35
Simulation Example
36
Simulation Example
37
Simulation Example
38
Simulation Example
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

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.

41
  • Summary Questions

42
  • Thank You For Participating!

43
Upcoming CPA Examination Webcasts For a complete
listing, check our website at http//www.cpa-exam.
org
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