Preparing for the Revised CPA Exam The views expressed by the presenters do not necessarily represent the views, positions, or opinions of the AICPA or the presenter’s respective organization

Program Objectives This program is designed to help you: Understand the differences in preparing for a computer-based exam vs. paper-and-pencil delivery. Take an in-depth look at the on-line research tool. Understand the candidate experience from appointment scheduling to exam day to receipt of results. Identify tools to support your preparation efforts.

Today’s Speakers Arleen Thomas, CPA Vice President – Professional Standards and Services AICPA Tro Konialian Manager, Channel Operations Thomson Prometric Gregory Johnson, CPA Director of the CPA Examination AICPA John F. Hudson, CPA Moderator & President, Hudson Consulting Group, LLC

The Differences Between Computer-Based and Paper & Pencil Exams Arleen Thomas, CPA Vice President American Institute of CPAs

Getting Ready Overview Exam differences In-depth look at the on-line research Practical tips for the simulation Time management techniques

The Examination Four exam sections –Auditing & Attestation (4.5 hours) –Financial Accounting & Reporting (4 hours) –Regulation (3 hours) –Business Environment & Concepts (2.5 hours) 14 hour total length Take sections individually Granting of credit

Transitioning Paper & PencilCBT AuditingAuditing & Attestation Financial Accounting & Reporting Accounting & Reporting Regulation Business Law & Professional Responsibilities (LPR) Business Environment & Concepts

Granting of Credit Credit for passed section(s) retained for 18 months No minimum score requirement for failed sections

Exam Content Differences Paper-Pencil Based Auditing 100% Financial Accounting & Reporting –Business Enterprises 100% Accounting & Reporting –Taxation 60% –Gov/NPO 30% –Managerial Acct 10% LPR –Business Structures 20% –Other 80% Computer Based Audit & Attest 100% Financial Accounting & Reporting –Business Enterprises 80% –Governmental 10% –Not-For-Profits 10% Regulation –Taxation 60% –Law & Professional Responsibilities 40% Business Environment –Business Structures 20% –Managerial Accounting 10% –New Areas 70%

Auditing & Attestation Generally Accepted Auditing Standards Standards for Attestation Engagements Accounting and Review Services Government Auditing Standards Skills Needed to Apply That Knowledge

Financial Accounting & Reporting Generally Accepted Accounting Principles for: –business enterprises –not-for-profit organizations –government entities Skills Needed to Apply That Knowledge

Regulation Federal Taxation Ethics Professional and Legal Responsibilities Business Law Skills Needed to Apply That Knowledge.

Business Environment & Concepts Business Structures Economic Concepts Financial Management Information Technology Planning and Measurement

In Depth Look at On-Line Research Structures of the research databases Using the search tool

Authoritative Literature

Practical Tips Cut and paste –Highlights the whole paragraph –Accurate scoring

Practical Tips Searching for subsequent hits within a document –All hits are highlighted within a document –Finding subsequent hits requires scrolling

Practical Tips No Back Button –History button provides same functionality.

Practical Tips Words must be spelled correctly to get a hit.

Written Communication Response must be on topic Address the concept not just state the concept Clearly identifiable thesis statement Develop main ideas Develop support ideas Watch fragments and run-on sentences Watch missing final punctuation and commas Watch spelling errors

Time Management Welcome Directions Testlet 1 (mcq) Testlet 2 (mcq) Testlet 3 (mcq) Testlet 4 (simulation) Testlet 5 (simulation) Brief survey (BEC has 3 testlets)

Time Management Understand your test taking skills then… Audit & Attest total minutes270 Less: breaks(20) Remaining250 Number of testlets  5 Average minutes per testlet 50

Time Management Things to consider: Use 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) Allocate 45 minutes per simulation Allocate 20 minutes for breaks Leaves 25 minutes excluding breaks

Time Management Understand your test taking skills then… FARE total minutes 240 Less: breaks 10* Remaining 230 Number of testlets  5 Ave minutes per testlet 46 *Caution: Hold break until after MCQs.

Time Management Things to consider: FARE includes calculations Allocate 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) Allocate 45 minutes per simulation Allocate 10 minutes for break Leaves 5 minutes

Time Management Understand your test taking skills then… REG total minutes180 Less: breaks ---- Remaining180 Number of testlets  5 Ave minutes per testlet 36

Time Management Things to consider: Allocate 1.5 minute per multiple choice question as a benchmark (36 minutes per testlet) Allocate 35 minutes per simulation No break but watch your benchmark

Time Management Understand your test taking skills then… BEC total minutes150 Less: breaks --- Remaining150 Number of testlets  3 Ave minutes per testlet 50

Time Management Things to consider: Allocate 1.5 minute per multiple choice question as a benchmark (45 minutes per testlet) Leaves 15 minutes Take first two testlets and then evaluate

Practical Tip Time clock counts down Watches are not allowed in Prometric Test Centers

The Candidate Experience Tro Konialian Manager, Channel Operations Thomson Prometric

Application Process Apply to a Board of Accountancy Receive your Notice to Schedule (NTS) –Verify information for accuracy –Confirms eligibility to sit for your exam Scheduling Parameters –Testing Windows –Schedule Early –Testing Centers

Appointment Scheduling Schedule Your Examination Appointments –Visit –Call the Candidate Services Contact Center at –Call Your Local Test Center Changes to Your Appointments –Reschedule –Cancel

What to Expect on Test Day Taking Your Exam –Arrive Early –What to Bring NTS 2 forms of Personal Identification –What is Provided Small lockers for purses and wallets Scratch paper booklets & pencils Reference materials and calculator –What not to Bring Large purses or briefcases Laptop computers

What to Expect on Test Day Break Procedures –Between exam sections –On Break status End of Exam –Sign out –Return scratch paper booklet –Receive End-of-Exam Report –Retrieve personal belongings

Preparing for the Physical Environment What does a test center look like? –Consistent configuration with varying layout –Procter’s desk with viewing window –15-19 seats in the test room –Continuous audio and video recording What differences should you expect? –Noise Typing vs. pencil tapping Mouse clicks vs. shuffling paper –Lighting State-of-the-Art monitors vs. paper/pencil glare –Workstation/Testing Carrel Private, individual carrels vs. community desks

Proctors What they do –Secure the test content Monitor the test room –Secure the test experience Report any irregularities –Serve the candidates’ needs Provide a comfortable environment conducive to testing Address issues candidates may experience What they don’t do –Discuss exam content –Take responsibility for personal belongings

The Preparation Tools Available Gregory Johnson, CPA Director of the CPA Examination American Institute of CPAs

Review Course Providers Provide various information/advice to candidates –Applying to take the exam Assist with preparation of applications –Test center policies –Which sections to emphasize –Types of preparation –Time management –When and where to study –How to study –Test taking strategies

Types of Preparation On-line Classroom –Live instruction –Audio Instruction –Videotape instruction Self study –Books and CD-ROM lessons/support

Changes To Courses Redesigned materials to be in line with exam Content Specification Outlines; Integrated simulations and testlet approach into courses; Simulations approximate those in the CPA exam; and Incorporated database training.

Which Sections to Take Encouraged to sit as soon as eligible and prepared –Study commitment Some suggest the following order: –Audit & Attest –Financial Accounting & Reporting –Regulation –Business Environment & Concepts Schedule and study for two sections at a time; and Take two sections in the each of the first two testing windows –Pass all sections in six months

What Candidates Are Saying They like the ability to take one section at a time; They are concerned about how to manage time on the exam in the testlet format; They would like to receive scores faster; and They are not very concerned about computer delivery of test, but not as comfortable with content.

Advice for Candidates Determine how much time you can commit to study; Be prepared to drop other activities; Schedule study during times you are more productive; Choose study method in line with the way you learn best; Do not be intimidated by simulations; Become familiar with exam tutorial and sample test; Contact your state board about requirements to sit for the exam; Visit

Advice for Candidates Working professionals should closely look at schedules; Make sure you become familiar with researching the authoritative literature; and Apply early to schedule and begin study.

Advice for Transition Candidates Transition candidates determine strategy for completion –Based on time period or number of attempts remaining Contact state board if you have not received notice with requirements to complete There are programs of study targeted to transition candidates

Welcome To The Uniform CPA Examination Photo Please confirm that the following information is correct. Name:_____________________________ Exam Section :______________________ If this information is correct select the Continue button below. If this information is incorrect select the Quit Exam button below and raise your hand so the Test Center Administrator can assist you. Taking a Look

You are about to begin the _______________________ section of the Uniform CPA Exam. You will receive _______ testlets. Each of three testlets contains ______ multiple choice questions. You should answer every question. Each of ___ testlets contains one case study, also known as a simulation. In the simulation testlets, a pencil icon on a tab indicates that a response is required within that tab. You should complete all tabs showing the pencil icon. Some of the questions or simulation tabs you will receive are pretest items. These items do not count toward your final grade. You will not know which items are scored and which are pretest items. You have ___ hours to complete the entire exam. You may work through each testlet at your own pace. However, once you exit a testlet and indicate you are done with that testlet, you cannot return. You will have the option to take a break at the completion of every testlet, except for the last testlet. Please note that if you decide to take a break, the clock will keep running. Use break time wisely. To begin the exam, select “Continue” below. The clock will start to run. Taking a Look

Are you sure you want to leave this testlet? You have not answered all questions in this testlet. Taking a Look

You have just indicated you are done with this testlet. You may review this testlet, or continue the exam, or quit the exam completely. If you choose to continue, - you will have the option of taking a break unless you have completed the last testlet in the exam. - you will not be able to return to this testlet. - you will receive no credit for any unanswered questions. Select the Continue button to leave this testlet and continue the exam. If you quit the exam, - you will not be able to return. - you will receive no credit for any unanswered questions or testlets not taken. Select the Quit Exam button to quit the exam completely and leave the test center. Select the Review button to return to the first question in this testlet. Taking a Look

Are you sure you want to continue? If you continue, you will not be able to return to or review this testlet. Taking a Look

You have just completed a testlet of the exam. You may take a break. You are not required to take a break. Your time continues to run if you choose to take a break. If you wish to take a break, please select “Yes” below and see the Test Center Administrator to sign out. If you do not wish to take a break, please select “No” below and you will receive the next testlet. Taking a Look Break Option

Taking a Look You are on a break. You must leave the Testing Room. The Test Center Administrator will require you to sign out. You must present ID when you sign in. Select Continue below to continue the exam.

Simulations

Are you sure you want to leave this testlet? You have not responded in one or more of the tabs. Note: The tab displayed requires a response. There may also be other tabs that you have skipped. Taking a Look

You have completed the Uniform CPA Examination. Please take a few moments to complete the following brief survey about your testing experience. Your valued responses will guide us in the continuing development of the exam. Taking a Look

Preparing For The Revised CPA Exam Summary & Questions

Thank You For Participating!

Take Another Look... On Demand! To view the archives of all of the programs about the new CPA Examination, visit our website at

Good Luck on the Exam!