The Certified Public Accountant (CPA) exam is a comprehensive and rigorous examination required for individuals seeking to become licensed CPAs in the United States. It is a globally recognized professional credential that is required for those who want to work in various areas of accounting such as public accounting, taxation, auditing, and financial analysis.
Contents
Exam Structure
The CPA test is divided into four sections, each of which covers a different aspect of accounting and associated topics. The four sections are as follows:
Auditing and Attestation (AUD): This section assesses applicants’ understanding of auditing methods, ethics, and professional obligations.
Business Environment and Concepts (BEC): The applicants’ comprehension of corporate governance, financial management, and business concepts is evaluated in this part.
Financial Accounting and Reporting (FAR): FAR assesses applicants’ knowledge of reporting requirements, standards, and laws related to financial accounting.
Regulation (REG): Candidates are assessed in this section based on their understanding of business law, ethics, and federal taxes.
Eligibility Requirements
Candidates have to meet the requirements set forth by the state board of accountancy in the area where they plan to obtain a license in order to be qualified to sit for the CPA exam. A bachelor’s degree from an accredited college, a minimum number of accounting and business-related credits, and US citizenship or legal residency are often required.
Exam Format
Each part of the computer-based CPA exam consists of both task-based simulations (TBS) and multiple-choice questions (MCQs). While applicants must apply their knowledge to real-world settings for the TBS, the multiple-choice questions (MCQs) are meant to assess your comprehension and knowledge of important concepts. In the BEC portion, there are also written communication tasks.
Passing Scores
The CPA exam is scored on a scale of 0 to 99 for each section, and passing requires a score of at least 75. The precise scoring mechanism is not disclosed, nor are the points dependent on a predetermined percentage of right answers.
Exam Costs
The CPA exam is not cheap. Application fees, section-specific examination fees, and additional costs for services like rescheduling or regrading are usually charged to candidates. By state, these prices may change.
| Cost & Fee Type | 2023 CPA Exam Costs |
|---|---|
| Application Fees | $50 – $300 |
| Examination Fees | $953 (Approx) |
| CPA Exam Retake Fee | $50 – $200 |
| CPA Review Course | $1,000 – $4,000 |
| Total | $2,003 – $5,453 |
CPA Exam Fees Per Part (Vary by State)
| Exam Part | Exam Fee |
|---|---|
| AUD (Auditing & Attestation) | $238.15 |
| BEC (Business Environment & Concepts) | $238.15 |
| FAR (Financial Accounting & Reporting) | $238.15 |
| REG (Regulation) | $238.15 |
International CPA Exam Fees Per Part
| AUD (Auditing & Attestation) | $390 |
| BEC (Business Environment & Concepts) | $390 |
| FAR (Financial Accounting & Reporting) | $390 |
| REG (Regulation) | $390 |
CPA Exam Rescheduling Fee
This depends on how many days notice is given. Please keep in mind that you will need to re-register with your state board of accountancy if you need to reschedule your exam and there are less than 24 hours left before the scheduled exam time. If you reschedule the CPA exam in other circumstances:
- There is no cost for the rescheduling as long as it is done at least thirty days beforehand.
- You must pay the Prometric Testing Center a $35 rescheduling fee between five and thirty days in advance.
- You must pay the Prometric Testing Center the entire cost of the CPA Exam part you are postponing within five days of your current exam date.
Exam Dates and Scheduling
Throughout the year, there are several testing windows for the CPA exam. Candidates can arrange exams at Prometric test centers, though availability varies by location. It’s critical to prepare and schedule your tests ahead of time in order to obtain your desired dates and locations.
Exam Preparation
Preparing for the CPA exam is essential to success. A lot of applicants choose to use study guides and commercial review courses from reputable firms like Roger CPA Review, Becker, and Wiley. While self-study is an option as well, professional review courses are more often chosen due to the exam’s extensive format.
Exam Passing Rates
The CPA exam is very difficult, and passing rates may vary depending on the module and testing date. It is typical for candidates to need more than one try to pass each of the four sections. But, you can greatly improve your chances of success by practicing and preparing well in advance.
All CPA exam applicants are focused on passing the exam, so let’s talk about that now. Approximately 50% of people who sit for the CPA Exam fail it the first time. The AICPA reports that 45–55% is the average pass rate nationwide.
According to the AICPA’s cumulative pass rates for the 2021 calendar year, BEC had the highest pass rate at 61.94%, while FAR had the lowest pass rate at 44.54%.
| Exam Section | Cumulative Pass Rate for 2021 |
| AUD | 47.98% |
| BEC | 61.94% |
| FAR | 44.54% |
| REG | 59.88% |
Exam Scores and Reporting
Candidates get their scores after completing each section, usually in a week or so. If you meet the additional requirements set forth by your state, like job experience, you will be eligible for CPA licensing if you pass all four parts within the allotted 18 months.
CPA Exam Score Release Dates
The results of the CPA Exam are made available on a rolling basis all year long. The dates listed below indicate when you might expect to get your score following a sectional sitting. This facilitates more effective testing schedule planning.
The first half of a new year’s score release dates are usually announced by the AICPA in December of the previous year, and the second half by June of the same year. Remember that the AICPA will forward the scores to NASBA on the intended score release date. Please note that all dates are subject to change.
Score Release: Exam sections taken July 1 – December 15, 2023
| If the AICPA receives your exam data file by*: | Your target score release date is: |
|---|---|
| July 23 | August 8 |
| August 15 | August 23 |
| September 7 | September 15 |
| September 30 | October 10 |
| October 19 | November 3 |
| October 31 | November 8 |
| November 26 | December 5 |
| December 15 | December 27 |
Score Release: Exam Core sections (AUD, FAR, and REG) taken January 10 – March 26, 2024
Please be aware that the following dates are not yet confirmed and may be subject to change.
| If the AICPA receives your exam data file by*: | Your target score release date is: |
|---|---|
| March 26 | June 4 |
Score Release: Exam Discipline sections (BAR, ISC, and TCP) taken January 10 – February 6, 2024
Please be aware that the following dates are not yet confirmed and may be subject to change.
| If the AICPA receives your exam data file by*: | Your target score release date is: |
|---|---|
| February 6 | April 24 |
Score Release: Exam Core sections (AUD, FAR, and REG) taken April 1 – June 25, 2024
Please be aware that the following dates are not yet confirmed and may be subject to change.
| If the AICPA receives your exam data file by*: | Your target score release date is: |
|---|---|
| June 25 | July 31 |
Score Release: Exam Discipline sections (BAR, ISC, and TCP) taken April 20 – May 19, 2024
Please be aware that the following dates are not yet confirmed and may be subject to change.
| If the AICPA receives your exam data file by*: | Your target score release date is: |
|---|---|
| May 19 | June 28 |
After this date, any exam data files received will be included in the next scheduled score release.
In the event that you take the BEC section, you may receive your score around a week after the intended release date because the written communication activities may call for further analysis.
Exam Changes and Updates
The CPA test is updated on a regular basis to take into account modifications to accounting standards and laws. Candidates must make sure their study materials are up to date and stay updated regarding these changes.
Recent News
As the CPA Exam evolves to highlight technology and better reflect the abilities that newly licensed CPAs require in their careers, it is vital that study materials evolve to meet the new standards. The test will switch to a core-plus-discipline format in 2024. Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Taxation and regulation (REG) are the three key components that candidates must now complete. They also have to select one discipline area to show that they have more specialized knowledge in any of the following:
Business analysis and reporting (BAR)
Information systems and controls (ISC)
Tax compliance and planning (TCP)
The 2024 CPA Review materials from UWorld Accounting have been carefully created to help prospective accountants get ready for the upcoming CPA Exam. More than 200 new lecture videos, six brand-new course textbooks, and more are included in the new course. 8,000 exam-level practice problems are included in the courses, along with award-winning answer explanations and striking graphics to enhance understanding and memory.
