CPA

In recent years, rapid development and invasion of technology is being visible in every professional knowledge sector and accounting domain is not an exception to this. The accounting profession is thus going to face so many challenges in near future and needs upskilling. Certified Public Accountant (CPA US) being a highly recognized global professional accounting credential, is also facing the threat of below at par with its existing syllabus and courseware. From here, a new initiative has been started currently known as the “CPA Evolution.” This initiative has been taken by The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) to combat the above-mentioned challenges which involve the revamping and restructuring the CPA Exam into a new CPA core-plus-discipline licensure model from 2024 onwards.

CPA Syllabus 2024

It has been proposed that from 2024, the entire CPA syllabus will be presented in a Core -Discipline model format. Among the all 4 previous sections, the BEC part will be replaced by 3 Discipline module from which the candidate can choose any one along with the three Core subjects, thus the exam remains in a 4-part format as before.

The Core Subjects in CPA 2024 Syllabus

1.AUD
2.FAR
3.REG

The Disciplines Subjects in CPA 2024 Syllabus

1.Business Analysis and Reporting (BAR)
2.Tax Compliance and Planning (TCP)
3.Information System and Controls (ISC).

Hence, it is obvious that as par the new 2024 CPA syllabus, the CPA exam will include three core exams (AUD, FAR and REG) and one discipline exam of choice (either BAR, ISC or TCP). It is to be noted that while the names of the core exams remain the same, the content of each is changing. Moreover, technology and data analytics are now become a core component spanning over all 6 subjects in the proposed core-discipline model of the CPA evolution.

Which Discipline of CPA 2024 Syllabus One should Select?

To start with, you should keep it in mind that all 3 disciplines have equal importance in your CPA career nothing more nothing less. First identify your interest and inclination to the topic. As for example, if you have interest in advisory services, financial statement analysis and reporting, technical accounting, and operation management etc., it is better to select BAR as your discipline subject.

Similarly, if you want to build your career in taxation and compliances, TCP should be your cup of tea.

On the other hand, if you have affinity towards computers, data management, information technology etc., it would be better to opt for ISC as your discipline subject for CPA exam 2024.

The CPA evolution has redesigned the CPA syllabus 2024 to develop future ready professional accountants who can take up the technological challenges with ease. It is expected that this revamping will make the CPA exam a little bit harder than its existing format. At the same time, it is also expected that CPA 2024 syllabus with its core-discipline model will equip you with advanced knowledge and skill in your CPA credential. No matter what discipline you opt, each one has importance of its own in the trending and changing accounting arena.

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ChatGPT and similar AI technologies have the potential to impact the jobs of finance professionals in various ways. Here are a few potential influences:

1. Automation of Routine Tasks: AI-powered systems can automate repetitive and rule-based tasks, such as data entry, basic financial analysis, and report generation. This could free up time for finance professionals to focus on more complex and strategic activities.

2. Enhanced Data Analysis: AI can assist finance professionals in analyzing large volumes of financial data quickly and accurately. By leveraging machine learning algorithms, AI systems can identify patterns, detect anomalies, and generate insights that aid in decision-making.

3. Improved Efficiency and Productivity: AI technologies can streamline processes, reduce manual errors, and enhance efficiency in financial operations. This can lead to improved productivity for finance professionals, allowing them to accomplish more in less time.

4. Support for Decision-Making: AI systems can provide real-time financial information, predictive analytics, and scenario analysis to support finance professionals in making informed decisions. These technologies can enhance the accuracy and speed of financial forecasting and planning.

5. Compliance and Risk Management: AI can help finance professionals in monitoring compliance with financial regulations, identifying potential risks, and implementing risk management strategies. AI-powered systems can analyze vast amounts of data to detect fraud, mitigate risks, and ensure regulatory compliance.

6. Shifting Skill Requirements: The rise of AI in the finance industry may lead to a shift in the required skill set for finance professionals. While technical and analytical skills will remain crucial, there will be an increasing demand for skills such as data interpretation, strategic thinking, problem-solving, and collaboration to work effectively with AI technologies.

It’s important to note that while AI technologies can automate certain tasks and enhance efficiency, they are not expected to replace finance professionals entirely. The human element, such as critical thinking, professional judgement, and ethical decision-making, remains essential in finance roles.

Finance professionals can adapt to these changes by staying updated with emerging technologies, continuously upskilling themselves, and focusing on developing expertise in areas that complement AI capabilities. Programmes like the US CMA or CPA are enough to make a finance guy stand above the influence of AI. This proactive approach can help finance professionals leverage AI as a tool to augment their work and create new opportunities within the finance industry.

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When we talk about the Certified Public Accountant (CPA) credential, we often discuss the repute and potential of this coveted accounting certification. We also know about the pattern and syllabus of this exam and licensing procedures obviously if we are serious about the CPA title. But, are we aware of the CPA Evolution initiative? Are we aware that the Unified CPA Exam is changing significantly in January 2024? Before jumping in to the bandwagon, it is important to know about this initiative and the upcoming changes to the CPA Exam to fully understand how it might impact the sojourn to CPA licensure. The question often comes to mind whether it is applicable to the current CPA pursuant or not? The answer to this stands as if you pass and retain credit for all four CPA Exam sections by December 31, 2023, the changes to the CPA Exam will NOT impact your journey. If you will still be working your way through the CPA Exam in January 2024 and beyond then the information about the CPA Evolution-aligned CPA Exam (the 2024 CPA Exam) and transition policy are most important to understand.

The Present CPA Exam Areas – the 4 Core Sections

The 4 Sections which a CPA aspirant has to clear through separate exams for each section is mentioned below.

Metamorphosis: The Proposed Forthcoming Areas of CPA Exam

According to the proposed initiative, the following structural plan for the CPA exam will be implemented from January, 2023.

The new CPA licensure and CPA Exam model is a Core + Discipline model. In this model, there are 3 core areas involve accounting, auditing, and tax that are mandatory to complete by all candidates. Furthermore, each candidate must opt for a Discipline section for demonstration of greater skills and knowledge. Technology knowledge and skills will be tested in all sections, as it pertains to each section. Irrespective of a candidate’s optional discipline, this model leads to a full CPA license, with rights and privileges consistent with any other CPA. The Discipline section selected for testing does not mean the CPA is limited to that practice area. The new Disciplines reflect three pillars of the CPA profession as mentioned below.

• Business Analysis and Reporting (BAR)
• Information Systems and Controls (ISC)
• Tax Compliance and Planning (TCP)

CPA Evolution: The Transition Policy for Each Section

The transition policy was recommended to the Boards of Accountancy by the NASBA CBT Administration Committee which states that Candidates who have 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. If, however, 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 important to note that none of the sections of the current CPA Exam will be available for testing after December 31, 2023. There is a hard cutover from the current CPA Exam sections to the 2024 CPA Exam sections on the January 2024 launch.

Break-up of the New CPA Evolution Exam Design

The forthcoming changes in the new CPA exam pattern is depicted below for convenience. The duration is fixed while the number of MCQs and Task Based simulations(TBS) vary.

Key Facts on CPA Evolution Exam Pattern

The important points to remember about the changing pattern and implications are mentioned below.

The Credit Extension of New CPA Evolution Exam

CPA Evolution Exam Section wise Changes

There are additions/modifications of contents in the new CPA exam sections which one must get accustomed to before starting the CPA journey in the coming year. Salient features of the changes are depicted below.

Some Other Changes for Newly Revolutionized CPA

CPA Evolution Dates to Remember

Summary

The amalgamation of new interdisciplinary domains in this CPA evolution will make a CPA more compatible in the new age financial arena. It has never been a more exciting time to pursue the CPA license. The role of today’s CPA has evolved, and newly licensed CPAs are taking on increased responsibilities that were traditionally assigned to more experienced staff. Becoming a CPA means you will need greater skill sets and competencies, and a greater knowledge of emerging technologies. That is why the CPA Evolution initiative is underway. It is a joint effort of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).

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When we talk about an accountant, we think about some office goers either in public or private settings who jumble with various numericals to prepare financial documents. But is it true that an accountant is meant for some repetitive stereotyped job? Probably not nowadays. In today’s world, options are available through which an accountant can diversify the career path to various job profiles apart from the customary one. How to achieve rewarding career opportunities? Well, the first and foremost approach is to obtain an internationally recognised professional credential in accounting. Let us discuss some of the non-orthodox career paths in accounting.

International Professional Accounting Certifications:

Several such accounting courses are available across the globe having their unique advantages. To name some popular certification courses, comes the Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA) and Enrolled Agent (EA).

Briefly, the CPA has one of the top order slots with its own versatility. A CPA can work anywhere ranging from a small organization to large corporate houses including hardcore auditing jobs as well as provides opportunity for individual practice.

CMA US, on the other hand, is a global certification that paves the way towards management accounting. Being a financial analyst or controller, CMAs are an integral part of financial management and can effectively contribute to strategic financial decisions based on the available resources.

Having specific interest in internal auditing? Think about the CIA certification. A CIA credential means the person is especially skilled to produce accurate and organized financial statements of a company in a global perspective. Apart from that, a CIA often assesses and mitigates the risks involved.

Do you have interests in the US tax domain? Then EA certification should be your cup of tea. The EA is the highest certification given by the Internal Revenue Services (IRS) of the treasury department under the federal government of the USA. An EA has unlimited right to represent clients before the IRS in any kind of tax related issues from individual to corporate and other taxes.

Irrespective of the courses mentioned, whatever you select, you can get end to end support from Uplift Pro Academy to obtain your dream certification.

Diverse Career Paths:

• Accountant as Faculty
  Ask yourself first. Do I have an inclination for teaching and research? If the answer is yes then your right destination career is obviously an educational institution like colleges and universities having added advantage of research facilities. Having the proper mindset, the role of an accountant in academia can always be a rewarding career.
• Business Analyst
  A business analyst is responsible for analysing an organization’s financial data and making recommendations for how the business can improve its operations. Business analysts often work in consulting, where they provide advice to clients on a variety of topics.
• Financial Planner
  Role of a financial planner is immense in terms of proper investment and future financial security of an individual or a family. A financial planner helps individuals and families to set their short- and long-term financial goals. This is mainly an independent consultancy service having great demand in the society.
• Accountant in Healthcare and Hospitality
  Since there is a leaping growth in hospital services and hotel industries, a certified accountant has great demand starting from billing, budgeting as well as to deal with the insurance settlements.
• Accountant in Environment
  A fascination towards a clean and sustainable environment often brings an accountant in such organizations where a cleaner pollution free environment is a priority. Investing in renewable / alternative energy sources and such manufacturing of such equipment comes under the advisory domain of a certified accountant.
• Forensic Accountant
  Detection of unlawful financial frauds, misleading or hiding of financial activities and money laundering comes under the purview of a forensic accountant. If you have accounting skill with a good analysing thinking process, this can be a lucrative career path for you.
• Entrepreneur Accountant
  Being a certified accountant, if you have the idea for a business, potential clients, and enough savings to keep you afloat, you can always think about the transition towards an entrepreneur.
• Accounting Information Technology
  Software and information systems play a major role in accounting. If you are interested in pursuing a technology role, some of the courses mentioned above can provide you with an effective amalgamation of accounting and information technology knowledge integrated within the course.
• Accountant as C-Level Executives
  This is the top order of the corporate ladder, where ‘C’ stands for Chief. If you have the right ambition and approach then becoming a CFO/CEO is a great option. Accountants reaching this level are responsible for making strategic decisions and overseeing the operations of an organization. This is the perfect career path for accountants who have a strong head for business and an effective communication style.

Summary

Selecting the right accounting career path has tremendous value nowadays. By taking a career path which is unorthodox or non-conventional can give you a cutting edge over the peers. So this is the time to break the cocoon, coming out of the shell to explore different kinds of ventures for elevated career growth. To achieve this, above mentioned global professional accounting credentials are really a boon for the right aspirants.

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By now, we entered the hall of the post-pandemic era, we have learned that to survive and excel in the accounting job market, we need special knowledge and upgraded skill sets with a positive attitude to learning as a continuous process. It is not about just handling the money matters, rather to make yourself future proof against the robotic uprising in the accounting arena of corporate sectors.

Hence, the challenge lies in the transformation from everyday accountant to exceptional accountant as per the demand of the industry. According to Helen Brand, chief executive of the Association of Chartered Certified Accountants (ACCA), “To succeed as a professional accountant…a vastly different set of skills is required than was necessary just 10 short years ago.

And in the next decade, things are likely to change even faster and more dramatically as the global economy continues to evolve at an ever-quickening pace.” Let’s look into the need and required skill sets for new age accountants.

The Entry Level Accounting Jobs

1. Junior accounting associate

2. Staff accountant

3. Tax accountant

4. Audit associate

5. Accounts receivable/accounts payable clerk

Skills Required to be a Successful Accountant

The technological advancement like in other fields have also penetrated the accounting domain and have changed the scenario a lot which have not been foreseen in the past. Taking the above cues, the present-day accountants need to show their proficiency in the following areas.

1. Communication

No doubt at any stage of career including accounting job, this is the basic skill required to bring clarity in explaining different financial situations to co workers and clients with superior clarity.

2. Evaluative Thinking

This is the skill needed to be seen in a successful accountant, the ability to think critically that help in a quick decision-making process in a highly effective manner.

3. Creative Problem-Solving ability

Today’s firms need accountants who can think of a problem outside the box and solve it with outstanding creativity. This is a continuously evolving process, where the accountant has to be embedded to impress the employer as well as to bring more smoothness in the career path.

4. Project Management

Gone are the days when an accounting job was a solo performance by performing the routine assigned jobs. The present-day mantra is team work. Hence, firms are more interested in hiring accountants who have exposure to project management. Nothing to be worried about. If you don’t have the experience, you can grab it from various learning tools/short term courses on the same at your fingertips.

5. Microsoft Excel

One has to have proficiency in using this particular tool in accounting jobs. If you are not comfortable with pivot tables, VLOOKUPs etc. you have to learn it.

6. Data analysis

Today’s accounting needs handling of large accumulation of data with effective analysis and filtering to make it sensible. Accordingly, the present-day employers need their accountants to provide recommendations supported by analyzed final data itself.

7. Cloud-based Accounting Software

In the metamorphosis of everyday accountant to exceptional accountant, you have to be tech savvy as per the need of the hour. In order to cope with such need for real-time financial reporting, many accounting firms have changed over from conventional to the implementation of cloud-based accounting software. This indicates that as a current day accountant, you need to be comfortable working with programs like QuickBooks, Xero, and FreshBooks etc.

The Way to Learn Accounting Skills on Demand

The on job learning process is the best way in this journey and also a time-tested process. However, for a fresher this is not applicable before joining. So, what to do? An internship or entry level job can provide the learning opportunity. Another good alternative is to obtain a good professional accounting credential like US CMA/CPA/EA etc. before or after entering the accounting job arena. Along with the skill development, build your resume accordingly to get the interview call to finally land up into your desired career path.

A Meaningful Resume

1. Show the Pinnacle of your accounting experience

In this part of your resume, incorporate all relevant accounting experiences including internships. You can link your skills to specific duties you performed or use them to explain how you met certain key performance indicators (KPIs) including your familiarity with accounting software if any.

2. Calibrate your Achievements

Use numbers whenever possible to show your success like you can mention the number of team members you have worked with and your achievements or if you have led a team of interns, mention their number and the success achieved with you.

3. The Key Words

This is a very important part of the resume on which we generally don’t pay much attention. Please keep in mind that today’s employers rely on applicant tracking systems (ATS) to help them filter candidates. To be successfully selected by the ATS, it is suggestive of the use of appropriate relevant keywords throughout the resume in an optimized manner.

Summary

It appears obvious that to meet the demand of the present-day accounting firms, the present-day accountants have to be more tech competent with some special skill sets as mentioned above. One of the finest ways to meet the demand is to go for some professional accounting courses like US CMA /CPA/EA etc. which can be pursued along with the conventional academic curriculum or as early as possible after entering the job to extract maximum benefit.

For Further Information/Assistance, Contact:

www.upliftprofessionals.in