Certified Public Accounting (US CPA) exam is the topmost international professional credential in accounting conferred by The American Institute of Certified Public Accountants (AICPA). Before taking this exam, it is very much pertinent to know your expectation on the basis of a clear-cut idea on the structural component of the US CPA exam. Since the tasks provided in each section of the US CPA exam are grouped into both skill levels and question types, comprehensive coverage of the skill levels in US CPA exam is of immense importance for a US CPA exam taker. Let’s discuss:
Structural Pattern of US CPA Exam
The US CPA Exam has following four sections which tests different knowledge domain of a CPA candidate
1. Auditing and Attestation (AUD)
2. Business Environment and Concepts (BEC)
3. Financial Accounting and Reporting (FAR), and
4. Regulation (REG)
Components Pertinent to Each Section
1. Task-Based Simulations (TBS)
TBS intends to estimate the potential to apply accounting, auditing, taxes, or regulatory knowledge in a real time business scenario. These tasks demand your ability to execute research, analysis, and recommendation for performing required action in addressing an open-ended situation in a realistic manner.
2. Multiple Choice Questions (MCQ)
MCQs quantitate the ability to apprehend the concepts of accounting, auditing, taxes, or regulatory affairs. These questions are set to receive your response on the selection of the best fit answer from the given set of options.
3. Written Communications (WC)
WC are the tasks provided to analyze your potential of communicative writing skill in relation to business concepts, financial accounting and reporting, or regulation. WC needs to write an essay in reply to an open-ended question.
Need to know the US CPA Exam Blueprint
The US CPA exam blueprint is released and updated by AICPA every year: It contains documents that outline the content of each section of the exam with detailed presentation of the testing format of questions and weightage given to tasks and topic for each CPA exam sections.
Skill Levels in US CPA Exam
As mentioned in the blueprint, each and every task provided is linked to a particular grade of skill set which have similar patterns used to measure cognitive skills. For the US CPA exam, there are four levels of skill which are as follows.
1. Remembering and Understanding (R&U)
Tasks at the R&U level need the candidate to remember or understand specific informative facts. Contingent to the particular section, the R&U chore consists of 10-40% of the US CPA exam. Examples of R&U tasks involve:
1. Definition of terminologies
2. Narrating a concept
3. Expressing a principle
4. Identifying link between two concepts.
2. Application
Understanding of concepts and problem-solving abilities in new situations are required to perform tasks at this level. Application comprises between 30-60% of the US CPA exam. Examples of application include:
1. Application of a concept to a new scenario
2. Calculation of amounts based on given information
3. To find out the right procedure to use in a given situation
3. Analysis
Tasks at this level need to identify conceptual patterns and relationships which comprises between 15-35% of the US CPA exam. Examples include:
1. Elucidating data to detect trends
2. Comparison of multiple sets of information
3. Arranging information to observe relationships
4. Evaluation
Evaluation level tasks require judging ideas or materials and comprise between 0-15% of the AUD exam. Examples of the tasks include:
1. Assessment of the strengths and weaknesses of a justification
2. Weighing up two or more alternatives
3. Opting the best remedial action
Summary
Knowledge and understanding of different skill levels in the US CPA exam will help one to apply a strength -weakness analysis to sort out the areas which need more attention in study. Concept clearing or memorizing certain areas can be done by the marking of strong or weak areas through identified skill level to provide more appropriate inputs into the designated section/areas of the US CPA exam.
Once you are familiar with the skill levels, you have to focus on 3 major areas, namely, understanding the material, practicing questions, and taking practice exams. It is to be noted that mere memorizing without clearing the concepts will not help in the exam. In addition, practicing questions and writing mock tests in a regular and dedicated manner will provide the door for you to crack the CPA US exam. So, wish you all a happy US CPA journey at its best.
The CPA credential is considered the coveted highest order of professional accounting skill globally. To make it more future relevant, the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) has jointly initiated a make over process on the exam and licensing pattern involving CPA exam and licensing procedures with effect from January 2024.
It is basically targeted towards inducting upskilled greater knowledge of emerging technologies. Since this effort is going to make a big leap from the existing pattern it is very much likely to be designated as an evolution in the CPA curriculum. It is of utmost importance to know this transition policy for a CPA aspirant who is going to start the CPA journey on or after January 1, 2024.
In the advent of the technological boom, the accounting profession also has to cope with the emerging technologies. Keeping this in mind, both NASBA and AICPA are restructuring the CPA exam and licensing procedures known as the CPA evolution. However, the 18-month duration remains unchanged.
The new forthcoming CPA licensure and CPA Exam pattern is being considered as an amalgamation of 3 core and one discipline subject. The core subjects involve accounting, auditing, and tax that are mandatory for all candidates. Apart from the core, each candidate has to select a Discipline section for depiction of greater skills and knowledge. Furthermore, competence in knowledge and skills of technology will be tested throughout all sections. In any case, irrespective of the discipline chosen, there will be no obstacle to get a full CPA license. It has to be kept in mind that whichever the discipline chosen for the exam, it has no impact on the practicing right of a CPA.
The Transition
2024 CPA Exam Evolution: Core-Plus-Discipline Model in Detail
The new CPA exam and licensure system demand CPA candidates to have greater skill in the core subjects which have integrated questions from technology. Additionally, in depth knowledge is required in any of the following primary disciplines:
· Business Analysis and Reporting (BAR) – part of the Accounting core;
· Information Systems and Controls (ISC) – part of the Auditing core,
· Tax Compliance and Planning (TCP) – part of the Tax core.
It is mandatory for a CPA candidate to pass all three core sections and one discipline section on the CPA Exam. Candidates selecting one particular discipline will not be able to sit for another. It is noteworthy that the discipline passed has nothing to do with the type of license granted and obviously results in one CPA license irrespective of the discipline chosen.
(Source: NASBA)
The Boards of Accountancy have nodded this transition policy as at present, since it serves the candidates better. The transition policy states that candidates having credit for AUD, FAR or REG on the current CPA Exam will not need to take the corresponding new core section of AUD, FAR or REG on the 2024 CPA Exam. Candidates who have credit for BEC on the current CPA Exam will not need to take any of the three discipline sections.
In case, a candidate loses credit for AUD, FAR or REG after December 31, 2023, they then must take the corresponding new Core section of AUD, FAR or REG. A candidate who loses credit for BEC after December 31, 2023, must select one of the three Discipline sections to be tested. It is to be noted that none of the sections of the current CPA Exam will be available for testing after December 31, 2023. There is a tough shedding from the present CPA Exam sections to the proposed 2024 CPA Exam sections on the January 2024 float.
Transition Policy for Each Section
(Source:NASBA)
CPA Exam CORE Overview
It is presumed that CPA candidates who are going to write the 2024 CPA exam upon successful completion of a foundational scholastic program targeting a strong business and accounting-based curriculum. This will help a candidate to acquire the skills they require to practice in the present business scenario and be able to meet public demands.
Business Analysis and Reporting
CPA Candidates who are interested in assurance or advisory services, financial statement analysis and reporting, technical accounting, and financial and operations management should consider the BAR discipline. The content in the BAR discipline includes a data analytics focus and assesses topics like financial risk management and financial planning techniques. BAR could also include more advanced technical accounting and reporting topics, including assessment of revenue recognition and leases, business combinations, derivatives and hedge accounting, as well as employee benefit plan financial statements.
Information Systems and Controls
Technology and business controls is a focus of the ISC discipline. CPA candidates who are interested in assurance or advisory services related to business processes, information systems, information security and governance, and IT audits are encouraged to choose this discipline. Content for this discipline is focused on IT and data governance, internal control testing, and information system security, including network security, software access, and endpoint security.
Tax Compliance and Planning
The focus of the TCP discipline includes taxation topics involving more advanced individual and entity tax compliance. Content focused on personal financial planning and entity planning, inclusions and exclusions to gross income, and gift taxation compliance and planning could also be covered. Coverage of advanced entity tax compliance might include consolidated tax returns, multi jurisdictional tax issues, and transactions between an entity and its owners. The tax treatments of the formation and liquidation of business entities could also be included in entity planning.
Application of 2023 CPA credits to the new Core + Discipline model
It is to be noted that BEC credits will not count towards the core requirement but will go to the discipline requirement. However, one can select which of the three disciplines to apply for BEC credits. The options available are: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP). For other sections, the road map is as follows:
• AUD credits will be applied to your core requirement of Auditing and Attestation
• FAR credits will count for the core Financial Accounting and Reporting requirement
• REG credits will transition toward the new requirement for Taxation and Regulation
Additionally, NASBA has clearly stated that despite the transition, “the 18-month rule remains in effect for all exam sections.”
sections (AUD, BEC, FAR, and REG) loosely translate to “new” sections. Furthermore, some old sections (AUD, FAR, and REG) align with the new “core” requirement of the Core + Discipline model, while BEC is more related to the “discipline” requirement.To put it another way, here’s how:
One CPA License
Although there are options to select from three different disciplines in the Core-Plus-Discipline-Model, there will be only one unified CPA license without any reflection of the specified discipline. The exam is supposed to remain in the four-section, 16-hour format. On the other hand, since the new 2024 CPA Exam will consist of three core sections and three discipline sections to opt from, candidates will have to pass all three core sections and one specified discipline section to obtain the CPA license.
The Impact
This CPA evolution will not have any impact on those candidates who passed all four sections of CPA exam before the end of 2023 and there will also be no impact on licensure. However, this transition policy will be going to affect those who are in the middle of their CPA journey. For example, if you pass one, two, or three sections before the end of 2023 and plan to pass the fourth in 2024, then you have to check about how the CPA Evolution will affect you; no exceptions will be given. Mind that, you won’t lose your credits, as long as you’re still inside your 18-month rolling window and you follow the path outlined by NASBA and the AICPA.
When are the 2024 CPA Exam Changes Expected to Launch?
NASBA and the AICPA intend to update the CPA Exam with the new core-plus-discipline model by January 2024. As of right now, students will take the new exam starting on January 1, 2024. The 18-month rule remains in effect for all exam sections.
Preparing for Professional Accounting Exams like the CMA, CPA, CIA in tough times : If you have been preparing for a professional accounting exam like the CPA examination or the CMA US examination at this time, you need to introduce some changes in your lifestyle and thought process so that you can focus properly. Read more…
Summary
Basically, the CPA Evolution initiative means that the CPA Exam will change by January 2024. And since you will need to demonstrate your skills in the core content areas plus a sub-discipline, the CPA Exam could become much more challenging. Technology continues to be increasingly vital to the accounting profession. Therefore, technology will be tested on the 2024 CPA Exam, not as a single discipline but throughout all exam sections.
“The proposed changes by the AICPA and NASBA are new and somewhat still vague at this point. However, like any profession, accounting must continue to evolve and adapt to our changing business and technological advancements. We have no doubt that CPAs will still maintain their critical role in the trustworthiness of our financial reporting and that the new CPA specialty exams will make CPAs even stronger in their subject field of choice. These changes will solidify the CPA’s role in continuing to serve the public interest in the 21st century.”—Gleim Publications, Inc.
The CPA Evolution will undoubtedly change which content educators teach, how new content is combined with legacy content and the prevalence of digital acumen and technology content across the curriculum. Educators and faculty can begin making changes to curriculum now to prepare for the new exam in 2024. Bite-sized introductions and self-paced projects will be the most beneficial until the final blueprint is released.
The US CPA certification is offered by the American Institute of Certified Public Accountants (AICPA). This is a highly qualified designation and in order to acquire this designation, a candidate needs to fulfill all the predefined educational and experience criteria. The most prominent of all the careers for a CPA include Public Accounting and Industry Accounting.
Both are responsible for assisting the organization reach its financial goals through performing a number of roles and responsibilities like Auditing and Review, Financial Planning and Business Valuation, Tax Preparation, Company Management, Litigation Services and Forensic Accounting Services.
Thus, candidates with a knack of Accounting and Finance can choose for a CPA course which includes education, CPA exam and experience. Candidates who wish to enroll must have basic understanding regarding various aspects of the course. One of the important parameters in the CPA program is to know the fee details of the exam and administrative expenses which an aspirant has to incur in the process. Let us discuss the same. The candidates are advised to stay updated and plan their preparation accordingly.
The CPA Exam fees will be additional around 3000 USD, below is the break up for your reference: In Indian currencies the below fees will be around 2,25,000 approx. which can vary as per the currency conversion rate applicable at the time of payment.
Examination Fees
Auditing and Attestation (AUD)
$226.15
Business Environment and Concepts (BEC)
$226.15
Financial Accounting and Reporting (FAR)
$226.15
Regulation (REG)
$226.15
Application Fee
150 USD – 200 USD varies state to state and is paid towards CPA Application fee whenever you apply for exams.
Evaluation Fee
225 USD – 350 USD is paid to NASBA for Evaluation.
Registration fees
70 USD to 150 USD varies state to state and all first-time applicants are required to pay both an application fee and an examination fee upon submission of the first-time application.
International Testing Fee
1500 USD for 4 CPA papers is paid as International Testing Fees only for students writing exams out of the US CPA Exam costs vary depending on your jurisdiction i.e. the state you have chosen to write your CPA exam.
Varies depending on the number of days of advance notice. If you reschedule your CPA Exam at least 30 days in advance, there is no fee associated with the reschedule. If you reschedule the exam between 5 and 30 days, you’ll have to pay the Prometric Testing Centre a rescheduling fee of $35.
If you reschedule within 5 days of your current exam date, you will need to pay Prometric Testing Centre the full amount for the CPA Exam section you are rescheduling. Finally, you will not be able to reschedule your exam if it is under 24 hours before your exam time; you will need to register again with your State Board of Accountancy.
Fees to Prometric for Rescheduling a CPA Exam Section
Notice
Fees
30+ days
$0.00
6-29 days
$35.00
1-5 days
$83.76
Less than 24 hours
Can’t reschedule, fees forfeited
CPA Exam Retake Fee
Varies between $50 and $200
For all re-examination candidates, instead of paying the application fee, they are required to pay both the reapplication and examination fee when they register to re-take any parts of the CPA Exam. This is sometimes also called the “registration fee.” Some states will offer discounts on CPA Exam retake fees if the candidate is retaking 2 or more exams.
Here is an example of how the state of Missouri breaks down their reapplication fees:
Reapplication Fees in Missouri
4 CPA Exam sections
$124.00
3 CPA Exam sections
$108.00
2 CPA Exam sections
$92.00
1 CPA Exam sections
$71.00
Background check
Some states may require a background check, which you will have to pay for. Find out whether your state board requires this in our guide to CPA Requirements. NASBA looked at background checks from past years and found that costs to the candidate ranged from $1 – $49. This is something you’ll want to confirm directly with your state board.
CPA Exam Cancellation Fees and Refunds
Unfortunately, CPA Exam fees are not refundable if your Notice to Schedule (NTS) expires or you do not show up for your scheduled exam. There is no cancellation fee if you cancel the exam at least 30 days in advance. If you cancel the exam between 5 and 30 days, you’ll have to pay the Prometric Testing Centre a cancellation fee of $35. However, there are some exceptions to this policy for candidates with extenuating circumstances. Those circumstances include:
Visa rejections
Military deployment
Medical emergencies
Death
To see if you qualify for a partial refund or NTS extension based on hardship, contact the National Association of State Boards of Accountancy (NASBA).
Note: CPA candidates are only eligible for one NTS extension or a partial refund for an NTS for the same hardship.
CPA Ethics Exam Fee
Varies between $150 and $250
Some states require passing an ethics exam and most state boards accept the AICPA’s comprehensive ethics course and exam. This exam can generally be taken before, during or after the CPA Exam and test results are valid for a 2-year period. CPA Ethics Exam Fee can be anywhere from $150 – $250, depending on the state.
CPA Licensing Fee
Varies between $100 and $500
Once you have passed the CPA Exam and taken the ethics exam (if required!), it is time to apply for certification. Your state likely has an online application process. They may require you to submit documentation such as a signed statement from a supervisor or licensed CPA that can attest to your work or additional educational or exam records. You may have to complete an in-person interview with the board. CPA Licensing fee from $100 – $500, depending on the state.
CPE Costs
Varies between $0 and $300
After CPA licensing, most states require CPAs to complete continuing professional education (CPE) credit hours to maintain licensure. Be sure to check with your State Board of Accountancy to find out how many hours are required each year to maintain your credential.
CPA Exam cost: study and preparation
To make your US CPA journey smooth since it involves substantial investment, it is very much crucial to select your study/training partner and the CPA review material. Uplift Professionals, a premier training institute for CPA partnered with Gleim International, the reputed CPA review provider can be a judicial choice to fulfil your CPA dream.
THE SOLUTION
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Just a few of the reasons CPA candidates love us:
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2. Detailed answer explanations for powerful learning
3. A practice environment that’s just like the real exam
4. Personalized support and study experience.
The Uplift Professional-Gleim CPA Program has everything you need to pass on your first try!
Now is the time to invest in your future! The CPA designation is one of the most widely recognized certifications in the world — and with good reason! Over the lifetime of their career, CPAs are projected to make $1,000,000 more than non-CPAs. So, treat the CPA Exam costs as an investment in yourself. No matter what your goals are for becoming a CPA, remember that with hard work and dedication, it’s possible to obtain this license.
Summary
Now, after going through this article you are quite familiar with the cost involved to become a CPA US. Considering the income of a CPA, this cost will turn into an investment in your budgeting basket. You must keep in mind that the CPA certification is well worth every penny you spend because it pays for itself with dividends for the duration of your career.
Therefore, you should use this heads-up to develop a budget that accounts for all the CPA costs you may encounter. Because you’re an accountant, I hope you’ll surely be able to adequately prepare your funds once you learn all about the cost of the CPA.
The world of education — classrooms, students and tests — might, at first glance, seem distant from the business world. But many of the skills and traits that teachers, coaches, and other educators possess provide a strong foundation for navigating the world of commerce — especially as an accountant. Teachers listen intently, extend empathy, and translate complicated material into plain language, all key attributes of a seasoned and successful accountant. If you’re a teacher contemplating a career change, accounting is a great way to leverage skills you already have, earn more money and open a world of new opportunities.
Are you an accounting or finance professional who has wondered what it might be like to teach accounting at a university or college? Do you have a natural curiosity about business practices or market responses that leads you to ask questions about how or why? Whether you have interest in only teaching or in accounting research as well, there are a number of options for you as an accounting practitioner.
You might just find that an academic position is the perfect path to a flexible, stable, intellectually stimulating, and rewarding career. Besides the minimum academic degree required to enter the academic job arena, a professional certification like US CPA or CMA will be helpful for both your professional life and for landing a teaching job, so go ahead and pursue one or more appropriate certifications.
Scope of a CPA in Academia
After years of working as a CPA either in the public or private sector, you might eventually start wanting a change of pace and considering an alternative career path. Or, maybe you have an inner calling to teach others what you have learned working in the profession and want to help others become CPAs. Becoming an accounting professor provides an amazing opportunity to do just that.
And, as an accounting professor who already has the CPA credential, you’ll be able to demonstrate to accounting students what it’s like to walk the CPA path and set the correct expectations for their future careers. Leading by example is a great way to encourage students to become CPAs.
The Shortage of Accounting Professors
CPAs can make up to $119,000 per year and CPAs with more than 20 years of experience average $152,000 per year. Coupled with the fact that accounting offers challenging and variable work with flexible schedules, accountants rarely want to give this up to teach in a classroom. For this and other reasons, universities have a difficult time attracting and keeping lecturers and professors in accounting.
So, many schools have been forced to increase the sizes of existing classes because of the shortage of accounting professors. The need for more professors in the accounting field creates an excellent opportunity for those CPAs looking to transition into a career in academia.
Steps for Transitioning into Teaching
The good news is that because accounting professors are in such high demand, many schools will easily work with future accounting professors to make the transition from working at a firm to teaching as a professor as easy as possible. Below are steps to consider when looking into becoming an accounting professor.
1. Start Teaching Now
If you hold a master’s degree with your CPA, you can apply to existing teaching opportunities at both universities and colleges. The benefit of teaching now is that you can keep your day job while putting in a few hours in academia to see if you like it or not. Generally, you might end up working as an adjunct member of a college accounting faculty. This is a great opportunity to work in your future field and to get teaching experience.
2. Consider Tenured or Non-Tenured Track
If you decide you want to proceed with full-time employment in academia, you’ll need to consider which path you’ll take as a professor – tenured or non-tenured. Keep in mind that tenured professors typically make more money and have more job security than non-tenured professors. However, if you take the tenured professor route, you must pursue a Ph.D.
3. Research Scholarship Opportunities
There are several programs at both state CPA societies and academic institutions to financially help CPAs transition into new careers as accounting professors. These programs can significantly reduce the cost and risk of the transition into academia. The American Institute of CPAs (AICPA) offers several scholarships to assist CPAs in pursuing their Ph.D. in accounting. A list of available scholarships from the AICPA can be found on their scholarship Webpage.
4. Choose a Doctoral Program That Aligns with Your Goals
It’s important to look for a graduate program that is willing to help you easily get started towards working on your Ph.D. in accounting. Also, look specifically for schools that align with both your academic and overall career goals before submitting application materials. You want to ensure that your journey to becoming a professor is at an institution that will be supportive of you throughout the entire process.
Finally, if you’re a current accounting professor who is considering working towards your CPA credential, keep in mind the value the credential will have not only for you but your future students as well. When students in a classroom setting can visualize how a job is conducted in the real world and how to challenge and find resolutions in the business world from their professor, it makes the field both more relevant and relatable.
When most people think of accounting positions, they think of public or private. The accounting world isn’t nearly so limited, though. One often overlooked option is a CPA career path in academia. While different from traditional accounting positions in a number of ways, it has its own appeal and rewards.
What Accounting in Academia Entails?
As an accounting professor, a CPA would be a member of the faculty at a business college, professional school of accounting, graduate business school, or community college. Job responsibilities would include teaching courses in all areas of accounting, including financial accounting, taxes, auditing, professional ethics, managerial accounting, and more. Professors are also often expected to continue their own research and education and to pursue publication, giving ample opportunity for self-improvement and personal success through the publishing of papers, books, and lecturing.
Why Choose a Career Path in Academia?
There are many reasons for CPAs to consider careers in academia. Data shows that there is great demand for accounting faculty and with the average age of current faculty being 60, these tenured professors will soon be up for retirement, leaving their positions to be filled. While professors are in short supply, demand for accountants is very high, so there is little chance those positions would be tenuous ones.
Scope of a CMA in Academia
Though the CPA (Certified Public Accountant) designation has historically been the familiar choice in academia, other certifications such as the CMA® (Certified Management Accountant) are increasingly being recognized and sought after for distinction when applying for teaching positions.
University Grants Commission (UGC) has notified “UGC Regulations on Minimum Qualifications for Appointment of Teachers and Other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education, 2010 vide its Circular No. F.3-1/2009 dated 30th June 2010.
The Regulations prescribe the minimum qualification for appointment of teaching faculty in universities and colleges in the area of Management/ Business Administration. The qualifications specified for appointment of Assistant Professor, Associate Professor and Professor in the above area and Principal/Director/Head of the Institution include First Class Graduate and professionally qualified Cost Accountant among other qualifications and subject to other requirements including qualifying NET/SLET/SET as the minimum eligibility condition for recruitment and appointment of Assistant Professors.
On completion of the CMA, one can be eligible to explore the professional auditing field. Also, one can become teaching faculty in degree, post-graduate colleges and university. Remember you also have the option to start your own coaching academy. For this you should be having complete knowledge of subject/s for which you take coaching.
Further Academic pursuits:
Recognized by the Academic Councils of many Universities in India for the purpose of admission to the Ph.D. courses in Commerce. Various Universities have recognized CMA qualification for registration as M.Phil. and Ph.D. candidates in commerce and allied disciplines. MOU between Indira Gandhi National Open University (IGNOU): As per MOU dated 11th July, 2008, IGNOU offers specialized B. Com and M. Com Programs for the students.
The students can simultaneously study the specialized B. Com (Financial & Cost Accounting) programme with the Institute’s Intermediate Course and specialized M. Com (Management Accounting & Financial Strategies) with the Institute’s Final Course.
An accounting teacher’s salary in India with less than 2 year of experience to 15 years ranges from ₹ 0.3 Lakhs to ₹ 9.0 Lakhs with an average annual salary of ₹ 3.0 Lakhs based on 141 salaries.
Summary
A career as an accounting professor has other benefits, as well. While traditional accounting jobs can require long hours that fluctuate throughout the year, a professor’s hours are very consistent, with the professor often able to have input into how they would like their schedules to be set up. This allows for more work-life balance, and, particularly for those with families, this can be an appealing feature of an academic career that few other accounting positions can offer.
In addition to these perks, universities often offer a tenure track that can translate into long-term job stability. With tenure, a person can expect to have a permanent position until they retire of their own will. Retirement income for professors is another draw. Retirement plans in education are some of the finest out there, and the authority and renown that comes with a position at a reputable university is appealing as well.
There is also an element of giving back in an academic career that is lacking from some accounting jobs. At a time when more and more people are looking for careers that are steady while also providing a sense of personal satisfaction and opportunities for personal growth, the desire to teach and have an impact on students’ lives motivates many to pursue careers in academia.
Lastly, transitioning to academia after a period of time in public or private accounting can be a welcome breath of fresh air. Time spent in the public sphere can offer great information and perspective for an accounting professor that can be shared to benefit their students.
Nowadays, there are a lot of training institutes in India like Uplift Professionals who teach a good number of professional international courses in accounts and finance including CPA and CMA. If you are a qualified US CMA or CPA and have the attitude and skill for teaching, you can be a faculty in such institutes also.
Summing up, the take home message is, academia is also a good option for global professional certificate holders in accounts and finance, particularly for those who have an inclination for teaching. So, take advantage of any opportunities you have to develop and hone your teaching skills. As you do so, there will likely be a place for you to help train the next generation of accounting professionals.
For Further Information/Assistance, Contact: www.upliftprofessionals.in
Unlike any other accounting exams, the US CPA exam in India requires correct planning, constant motivation and guidance from experts. In this era of competitive world, preparing for such exams is taking a mental or emotional toll on students. Further there are not many articles or discussion groups dedicated to discussing the topic. This is quite evident in the case of working professionals to manage their CPA study preparation with a hectic work schedule.
Almost every US CPA exam candidate can say that they’ve experienced lack of clarity and guidance during the course of their studying at least a few times, if not many. In this perspective, it would appear beneficial to discuss some tips and strategies that will help students to succeed in the US CPA exam in India.
CPA is a professional course and many working people take up this course along with their full-time jobs. Preparing for such an extensive course content along with a job can be a daunting task if not planned properly. One needs to first formulate a strategy on how to prepare for the CPA exam without affecting the personal and professional life. A disciplined approach towards studies is required to pass the CPA exam. Somebody who is working and planning for CPA studies should consider the below mentioned points:
CPA Exam Planning Framework to Pass- At a Glance
A. Don’t give yourself too much time to study, high intensity is better.
B. Find the right CPA review Course for your learning style and avoid busy work.
C. Use trial and error with your CPA review course to determine the best way to gain an understanding of the AICPA blueprints.
D. Make the CPA exam a priority by being ruthless with your time.
E. Mentally prepare for the possibility of failure, because statistically it’s weird if you DON’T fail at least one section.
F. Surround yourself with CPA exam mentors and tutors.
Based on the above points, let’s discuss the strategies for a working professional to pass US CPA exam in 2022.
1. Balancing the Work and Study Plan
Track your progress and make daily notes on how things are going. At the end of each day, write down how much time you spent preparing for the CPA Exam. An easy way to do this is to give yourself a grade on your daily performance.
On a calendar, give yourself an A, B, C, or an F. Yes, you can skip the D since we need to keep things simple. Or, if you like, you can rate yourself with stars. It doesn’t matter what type of grading system you use, as long as you keep it simple. This exercise will serve a couple of purposes. When you approach your daily studies knowing there’s a grade at the end, you are more likely to strive to do better.
Another reason you want to track your performance is that it prevents you from letting bad habits get too far out of hand. Seeing trends in your progress will allow you to make adjustments to how you’re approaching your studies.
If you score badly on a practice exam, you can easily go back to your daily log and see what things contributed to your score. Maybe you did not get enough sleep or perhaps you have some outside stresses interfering with your studies. No matter what the issues are, having a daily log will ensure that you are holding yourself accountable and give you an easy way to see if you need to adjust your plan.
Your practice exam scores will tell you just about everything you need to know about your preparation. Be honest and flexible with the way you rate your performance. If you did poorly on a couple practice exams early on but are showing improvement, there’s less cause for concern than if you were doing well and started to decline. Make sure your daily grade helps support your improvement. The whole point of this exercise is to keep you on the right path, not to waste your time by beating yourself up.
The most common issue students, particularly, the working professionals face today is distractions. This may require you to take an honest look at how you study. If you find yourself responding to text messages or checking Facebook during your study time, you are only hurting yourself. Each day ask yourself, “is the study time I am putting in quality time?”, “am I getting closer to my weekly study goal or am I flat-lining in my learning performance?”, “are my quizzes getting better or worse?”, “am I prepared for a practice exam?”, “are my practice exam scores improving?”
The daily log is one of the best ways to track your progress and when you do well, please be sure to reward yourself. The goal is to increase your knowledge while continuing to improve your scores. A small reward will give you the boost you need to push through the drudgery we all experience in our studies. Plan the work and work your study plan by grading yourself daily. When you achieve your goal, you will be glad you did!
2. Setting Achievable Targets
If you ask most people studying for the CPA exam what their goal is, they immediately say something like “to pass the CPA Exam.” While you, too, may have that same goal, it is more helpful to break it down into manageable pieces. Having an end goal of passing the CPA exam is great, but it’s too large of a task and since it is not defined by smaller, attainable goals, it leaves a lot of room for failure.
There are way too many moving parts to passing the CPA exam and the only real way to succeed is to break that large goal down into daily action and achievements. Knowing how to study for the CPA exam starts with establishing these smaller goals; once you’ve identified these smaller goals, write them down on your calendar.
Daily targets
This can be set like this: Read for 30 minutes (minimum 15-20 pages). Watch 30 minutes of video lectures. Answer 50 FAR quiz questions.
Weekly Targets
For example: Read for 4 hours (minimum 150 pages). Watch 2 hours of video lectures. Answer 150 FAR quiz questions.
Monthly Targets
Examples: Read 1/2 of the FAR textbook. Score 85% or higher on my practice quizzes. Watch 8 hours of video lectures. Answer 400 practice questions. Prepare to take the FAR CPA practice exam in the next 60 days and schedule the FAR exam within the next 90 days.
Now, it has to be kept in mind that these are just examples which have to be set without compromising your office work schedule, but do you see how these definitive goals require you to take daily, weekly, and monthly action?
Having real targets written down on a calendar or organizer helps you take manageable steps toward the much larger goal of passing FAR, REG, BEC, and AUD. Each day needs to be one that’s moving you closer to your final objective; anything else is taking you further away.
Be sure you include some days off for rest in your study plan. Most students need a couple days to decompress from heavy studying and CPA exam prep is no different. Have deadlines for taking each exam so you can have them all completed within 18 months or less.
3. The Positive Intention
The CPA exam is a difficult sport of the mind, and it leaves thousands in its wake every year. Do you work with intention? Do you demand success or at least some kind of progress from yourself each and every time you open your books to study?
While most people studying for the CPA exam are not playing in any sports to just participate, rather, they are most certainly playing to win. The question for you is, how bad do you want it? If you are not currently 100% dedicated, you need to be when it comes to CPA exam prep and self-study.
When you log into your CPA Review course or crack your textbooks for another study session, do so with the intention of winning. Fill your head with valuable information by watching video lectures and then, dig deeper into a subject by reading. Get involved with the community and see if you really are mentally in the game. Take some quizzes to see how much you retained, but whatever you do, study and prepare to win.
If you don’t study with the intention of passing, you are not fully committed. As obvious as all of this is, many students are simply going through the motions. You cannot afford to be one of them. If you find passion waning, take a moment to remember all of the reasons why you want to pass the CPA exam and this should help to reset your inner drive.
4. Visualizing the Success
Here the mantra is “Dream it, believe it, Achieve it”. By regularly seeing yourself achieve a goal or benchmark, you are changing the way you prioritize everything you do. Just wanting something badly is not enough to succeed at it though. Beliefs and dreams can only turn into achievements if the right steps are taken, and in the right order. From dreams come actions and as you take action, you are setting yourself apart from those that just talk.
By taking action, you are now becoming a self-visualized doer! What would normally be a place to spend free time may come to be seen as a distraction. Old interests may become complete detours and dream-killing dead ends. If you want to achieve something like passing the CPA exam, visualize the end result and work daily to make progress.
When you get to the place where you truly realize just how bad you want to pass the CPA exam, break the process down into its simpler parts and take regular action. Are you driven enough and motivated enough to put in the sustained effort to get to the finish line? Sure, we all find excuses to not study and need outside motivation to get back into our coursework. Do you have a group that you can count on?
The Fast Forward Academy CPA community is a great place to not only connect with others, but it’s also a great place to get the occasional nudge you might need. Just be sure to pay it forward and help others when they need it to. You will be surprised at just how much a few words can mean to someone struggling with a difficult topic or section in the reading.
If you feel your motivation beginning to wane, take a moment to help a few folks. The mental break and kind words shared with others will help fill your tank back up and remind you why you started on this journey in the first place. Yes, much of the motivation you have, comes from within and sharing and helping others is just one more way to recharge your internal batteries.
As you study and take a quiz, constantly check to make sure you are understanding the questions you miss. Go back and see why you missed them. If you’re having difficulty grasping a subject, connect with others in a study group or join a community discussion to see what others have written there.
Again, the Fast Forward Academy CPA review course offers access to an active community full of students and instructors that can help you. These connections will have lasting, positive benefits. To recap, visualize the end result, take daily steps to get there and help those that need it along the way. Your dreams can and will become achievements if you take the time to visualize and actualize your goals daily!
5.Tracking the Progress
Productive study time is a direct result of setting goals and working your weekly study plans. Your study plans represent a lot of self-sacrifice and a commitment to become more prepared for the CPA exam than you were the day before. Before you study, make the decision to do so with purpose and the intention of getting better. Know what you want to study and just do it; knowing how to study for the CPA exam starts with knowing what to study. At the end of your study session, ask yourself the following questions:
· Did I learn something new?
· Did I tune out the distractions around me and focus on my studies?
· Did I help someone else understand a difficult subject to help further my own learning?
· Was my day productive?
· Did I accomplish my daily study goal, whether it was to read a set number of pages in your textbook, watch a set number of video lectures, or answer a set number of quiz questions?
If you answered yes to these questions than give yourself an “A” or “4 stars” or something positive to track your daily success. If not, figure out what was holding you back and move on. To truly track your progress, you not only need to be honest with your performance, but you also need to do it daily, just like brushing your teeth.
6.Use the Right Study Tools
Many study tools on the market can help you study for the CPA Exam. The best ones review theoretical concepts and then reinforce those concepts by applying them to practice questions. The AICPA has some basic free CPA Exam study materials. They also have free CPA Exam sample tests and a video that shows you how to use the CPA Exam platform. The right tools will help you study more efficiently and effectively, ultimately making passing the CPA Exam a lot less painful. However, before you purchase any study aids, you should step back and take stock of your study plan.
7. Study Pace and Duration
When it comes to studying for major exams like the CPA Exam, scientists have found that studying in short bursts over long periods of time (such as 10 hours per week for 10 weeks, for example) is much better than studying for long hours over a short period of time (for example, 5 hours a day every day for 3 weeks). For most of us, we can only effectively absorb information for so long. If we sit and study for too long, we start to lose focus, and our brains simply can’t retain as much information.
8. Don’t Second Guess Yourself
If you want to pass the CPA exams in your first try, then you must not second guess yourself. Technically, if you have time left after answering all of the multiple-choice questions in a testlet, you can go back and change your answers. However, I advise against doing that. In many cases, you will second guess yourself and submit an incorrect answer. Instead, take a bold “one and done” attitude. Approach each question to the best of your ability. Give your best answer, and then move on.
9. Don’t get tripped up.
When studying simulations for the CPA Exam, be aware that too many details can throw you off course. If the question asks about accounts receivable, then answer that question and don’t lose focus on unrelated points, Bickel noted. Also, be aware of words like “not,” “except,” and “only”, which can also make you stumble. “Be observant,” she said. ” Read the whole question and look for these keywords.”
10. The Four “C” s to Success
CONFIDENCE
Most people know that with experience and practice comes confidence. Whether it’s competing in sports, taking an exam, or going in for a job interview, you need to know what your goals are. Having a plan will give you the confidence you need to succeed. The good news is that nearly any challenge can be broken down into manageable parts or steps.
If you have a mental punch list which allows you to respond to each mini-challenge along the way, you will have confidence. Achieving CPA exam success is not for faint of heart, it requires a battle plan. You are going to war against an onslaught of questions. You win the war when you get enough points to pass. Walk into the exam room on test day ready to wage your battle with confidence. Doing so will help you pass.
CARE
It’s great to be confident, but this confidence needs to be tempered with great care. Being extremely careful means you are working through the questions at a good pace and reading them quickly but fully to ensure you are not missing the meaning. Questions can and will be missed when you approach them with haste. Just be careful.
CONCENTRATE
Not only do you have to begin the challenge with laser-like concentration, but you must also maintain that concentration for the duration of the entire exam. It can take a little time to settle into the exam, but the practice exams you’ve previously taken should have prepared you for this.
Practice exams are invaluable to the process because they train you to enter a concentrated state of answering questions, so that come exam day, you’re very familiar with feeling and mindset. On CPA exam day, you will be in a room with others, but everyone will be quiet and focused.
Aside from the one or two people asking to use the restroom, or the person that is annoying you when they clear their throat, you really just have your own thoughts to take you in or out of focus. Stay concentrated the entire exam; do not let your concentration wane at all. If you become distracted, reset and change your posture, stretch, or take a deep breath and continue on. Be mindful now of your ability to concentrate during your practice exams. Working on your focus today will go a long way on exam day.
CALM
You have to stay calm regardless of what happens during the exam. Don’t second guess yourself. Get into a mental state of calmness and stay there as you move through the questions and testlets. Significant spikes in blood pressure and heart rate can easily cause you to lose focus.
Breathing exercises can be very helpful for times like these. Being able to get back to your calm, collected state is something you can practice before you take the exam using real-life situations. Feeling anxious or frustrated? Try breathing through it or visualizing things that make you happy. This can help you keep your cool and stay focused on the exam.
Summary
Being a Certified Public Accountant (CPA) is probably not just a professional goal, but a dream. How exciting is it to be working toward your dream? Remember that when it feels hard. If you develop a good study plan, take help from good quality CPA review materials along with a competent trainer and stick to these CPA Exam study tips, you’ll have a better chance of passing the CPA Exam at first attempt.
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Seek support from experts
Getting guidance from a supportive group of people can put your mind at ease and help you get through rough study days. Like all other exams, the US CPA course too has a specified exam pattern and the candidate needs to undergo lots of practice on those questions to score high marks in the exams. Make sure that you get the right mentors for preparing the exams.
It is recommended to start with the section which you are most familiar with and move forward with there. Always dedicate more time for sections which has less pass rates like BEC exams. Moreover, the US CPA exam patterns are different from the patterns we follow in India or the Asian countries. The key decision is choosing the best US CPA course training institute. Getting guidance from an established training institute not only helps in understanding theoretical subjects, but also attending mock exams, job placement assistance and soft skill training.
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