Preparing Your Staff To Pass The CPA Exam

Preparing Your Staff to Pass the CPA Exam Presented by Denise Probert, CPA, MPA, VP of CPA Education

Learning Objectives Discuss the current CPA Exam format Detail the major content areas tested Describe tips and tricks to passing the exam

Poll Question My experience with the CPA Exam includes: A. Took the paper and pencil exam and now I need to directly influence my staff to passing the exam. B. I took the computerized exam recently but I need to learn as much as I can about helping my staff pass the exam. C. I haven’t taken the exam. I don’t plan on it. I’m here to help others! D. I plan to take the exam myself!

Reasons to Help Your Staff Pass the CPA Exam Drive financial and non-financial goals through: 1. 2. 3. 4. 5. 6. 7. Increasing productivity Improving performance Expanding responsibilities Improving client relations Increasing client offerings Advancing succession planning Maximizing impact

Current CPA Exam Format and Major Content Areas Tested

Overview of the Exam Experience Multiple-choice testlets: 3 Total MC questions: 72 Task-based simulations: 6 (including the research question) Testing time: 3 hours Multiple-choice testlets: 3 Total MC questions: 72 Written communication: 3 tasks Testing time: 3 hours REG BEC FAR AUD Multiple-choice testlets: 3 Total MC questions: 90 Task-based simulations: 7 (including the research question) Testing time: 4 hours Multiple-choice testlets: 3 Total MC questions: 90 Task-based simulations: 7 (including the research question) Testing time: 4 hours

Multi-Stage Testing Source: http://www.cpa-exam.org

Task-Based Sims Assessment format: Spreadsheet-type calculations Select-item list questions Form-type tasks Combination of the above Research tasks

Poll Question In which section of the CPA Exam is written communication assessed? A. AUD B. BEC C. FAR D. REG

Registration & Examination Process Education Experience Study 1. Apply 2. Receive Notice to Schedule 3. Schedule exam 4. Take your exam(s) 5. Score release Examination

Tips and Tricks to Passing the Exam

Application Process Apply to take the Exam by mail or online Meet eligibility requirements Properly complete application Remit application and examination fees Processing time varies (two weeks on average once all materials and fees have been received) Apply

Sample Fee Structure (California) Initial Application Fee Reapplication Fee 1 exam section Auditing and Attestation (AUD) Business Environment and Concepts (BEC) Financial Accounting and Reporting (FAR) Regulation (REG) 4 exam sections AUD, BEC, FAR, REG 100 50 190.35 171.25 190.35 171.25 723.20 Source: http://www.nasba.org/

Schedule Exam www.Prometric.com/CPA Apply Source: http://www.Prometric.com/CPA NTS

Poll Question A candidate must apply to sit for the CPA Exam with? A. American Institute of Certified Public Accountants B. National Association of State Boards of Accountancy C. The regulatory board of one of 55 jurisdictions D. Prometric

Study and Review Take Your Exam Minimize surprises and stressors on exam day: Read your NTS and the Prometric policies & procedures beforehand Bring along 2 forms of acceptable identification and your NTS

Exam Scoring Process 75

Scoring Composition 75 or higher is passing Make-up: AUD/FAR/REG BEC Multiple choice 60% Task-based simulation 40% Multiple choice 85% Written Communication 15%

Score Release AICPA score release timeline predictability and frequency Month 1 Testing Window Month 2 Blackout Month First score release: Final release: Again Approximately one week into 2 weeks later, month 2 (if tested days 1-20) approximately one Next release: Approximately week into blackout 2 weeks after first release month (test: day 46(test: day 21-45) close)

2013 AICPA Pass Rates AUD BEC FAR Cumulative Source: http://www.cpa-exam.org REG

Poll Question Task based simulations comprise of a candidate’s final score in AUD, FAR, and REG? A. 40% B. 85% C. 15% D. 60%

Time Management Before the exam During the exam Completing all four sections in 18 months

Poll Question The average candidate should study an average of hours for each section? A. 10-20 B. 40-60 C. 25-74 D. 75-100

Strategize Your CPA Exam Prep Study! Prepare Practice Perform [Repeat] 80 hours BEC 110 hours REG 160 hours 100 hours FAR AUD Source: The CPA Journal

Exam Best Practices: Time Management Do not get hung up on any one question for too long Do not leave an answer blank Do not learn the software functionality on exam day Do not take a break (if at all possible) Ten extra minutes provided at the beginning to read introductory screens

3 hours Time Management BEC 50 min 50 min 50 min 30 min 3 hours 3 multiple-choice testlets (72 questions total) 2 minutes/question 3 writing tasks 10 minutes/WC

4 hours Time Management FAR 45 min 50 min 50 min 95 min 4 hours 3 multiple-choice testlets (90 questions total) 1.6 minutes/question 7 task-based sims 13 minutes/TBS

Rolling 18-Month Period AUD - 79 8/30/2012 FAR – 86 11/29/2011 REG - 90 1/31/2013 BEC - 91 7/28/2013 FAR – 85 10/3/2013 Passed BEC after the November 2010 FAR score expired (18 months: May 2012)

Study Success Strategies Practice in a mock-exam scenario Set aside 3 or 4 uninterrupted hours Work 72 or 90 MC and 6 or 7 TBSs Review your performance Time management Correct and incorrect responses

Kaplan CPA Review Deliverables Review Courses Interactive Study Calendar CPA Pro QBank Study Manuals Flashcards MP3 Audio Reviews Used collectively, our materials will fully prepare candidates to pass the CPA Exam . . . the first time.

Final Thoughts Time management is a skill that will evolve as you progress in your studies A study calendar is going to keep you on track and on the path to success Kaplan has a 75-year history of proven success and follows a Learn Practice Retain approach designed to deliver a passing score the first time!

Poll Question What one course of action could you commit to as a result of this webinar? A. I will consider signing up for a review course. B. I will pass this information on to those I mentor. C. No action but this was an informative session. D. No action. I am already enrolled a review course.

Thank you! Contact 1-800-CPA-2-DAY with questions about the program or to place an order today! You and your employees are eligible for a 10% discount on each section! Discount code: CPAWebinar Visit www.KaplanCPAReview.com Email: Denise.Probert@kaplan.com

My experience with the CPA Exam includes: A. Took the paper and pencil exam and now I need to directly influence my staff to passing the exam. B. I took the computerized exam recently but I . Study and Review Take Your Exam. Exam Scoring Process 75. Scoring Composition 75 or higher is passing Make-up: AUD/FAR/REG Multiple choice 60% Task .