The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) have come together to analyze and update the ever-changing skills needed to be career ready in today’s—and tomorrow’s—accounting environment. Their goal with the evolution is to reexamine and improve the CPA licensure requirements to keep up with the competencies you’ll need to succeed in the field, ensuring more prepared candidates from day one.
Newly licensed CPAs need to have digital and data skills. More specifically, their jobs will demand that they:
These evolving skill requirements are exactly why the CPA exam is changing—and how you’ll need to prepare for it. Overall, there will be a continued and increased emphasis on analytical skills and problem solving. The new model is a core PLUS disciplines licensure model.
The model starts with a deep and strong core in accounting, auditing, tax and technology that all candidates will be required to complete. Then, each candidate will choose a discipline in which to demonstrate deeper skills and knowledge. Regardless of chosen discipline, this model leads to full CPA licensure, with rights and privileges consistent with any other CPA. A discipline selected for testing does not mean the CPA is limited to that practice area.
The new CPA exam will have 3 mandatory sections (Accounting, Auditing, Tax & Technology) and 3 optional sections (Tax Compliance & Planning, Business Reporting & Analysis, Information Systems & Controls). Each candidate will take the 3 mandatory sections plus 1 of the optional sections of their choice.
The AICPA Governing Council and the NASBA Board of Directors are moving forward with implementing the core + discipline licensure model with a goal date of January 1, 2024, so please keep this date in mind as you prepare your testing path and dates.
Wiley is monitoring all new information released by the AICPA to determine exactly how the CPA Evolution will affect the CPA exam.
We have assembled a task force of lecturers and subject matter experts on the AICPA Evolution task force to chart how CPA exam content will be moved (either to the core material or within the three discipline areas), added, or trimmed. At this time, the AICPA has released a big-picture model of the CPA Evolution changes and will release more specific changes in the Model Curriculum and new Blueprints. The Model Curriculum is expected to be released in June 2021, and the Blueprints will be released in 2022 or 2023. Wiley will make updates to courses and materials as this information is released.
While there is a lot of change happening within the accounting industry and to the CPA exam, Wiley is keeping tabs on it all and will make sure you are prepared to succeed in your career.
Taking the CPA exam in 2021? In 2021 there are changes to all four sections of the exam, with significant changes occurring in the AUD and BEC sections. Take a closer look at these changes in our Ultimate Guide to the 2021 CPA Exam Changes.
Wiley’s Free CPA Practice Exam is helpful for both individuals considering taking the CPA exam and those currently studying for the exam. It helps you understand the strengths you already have and where you can improve.