How do I prepare for the CPA Exam?
The CPA exam can be a frightening topic to think about for a lot of students. However, whether you are a senior or a freshman, it is vital to have a plan to conquer the exam. Continue reading to learn about the basics of the exam and when to prepare. Click the button below to Join the AICPA-ran website “This Way to CPA.” It is free and offers students many useful resources to prepare for the exam.
Sections (as of 2022)
You have 18 months to complete all four sections of the exam. You can take the sections in whichever order that you want. However, time starts after you PASS the first section of the exam. It is a good idea to take the hardest section first. In case you do not pass, you won’t need to rush to retake it.
Covers the typical items in financial statements, as well as the not-so-typical details in governmental and not-for-profit reporting. Some say it’s the hardest. 4 hours.
- Conceptual Framework, Standard Setting, and Financial Reporting (25-35%)
- Select Financial Statement Accounts (30-40%)
- Select Transactions (20-30%)
- State and Local Governments (5-15%)
Everything from planning the engagement to internal controls, AUD weighs in at 4 hours of fun. It covers:
- Ethics, Professional Responsibilities, and General Principles (15-25%)
- Assessing Risk and Developing a Planned Response (20-30%)
- Performing Further Procedures and Obtaining Evidence (30-40%)
- Forming Conclusions and Reporting (15-25%)
Ethics. Something you want to be known for. REG gives you 4 hours to prove yourself in that department.
- Ethics, Professional Responsibilities and Federal Tax Procedures (10-20%)
- Business Law (10-20%)
- Federal Taxation of Property Transactions (12-22%)
- Federal Taxation of Individuals (15-25%)
- Federal Taxation of Entities (28-38%)
This 4-hour section tests your knowledge in 5 diverse areas. Get the break-downs of each.
- Corporate Governance (17-27%)
- Economic Concepts and Analysis (17-27%)
- Financial Management (11-21%)
- Information Technology (15-25%)
- Operations Management (15-25%)
Taking the Exam in Texas?
150 credit hours (including BA)
- 30 semester hours of accounting courses (15 hours require physical attendance on campus and 2 credit hours must be in accounting or taxation research and analysis)
- 24 semester hours in upper-level related business courses (2 hours must be in accounting or business communications)
- 3-semester-hour board-approved ethics course
1 year of full-time non-routine accounting work experience under the direct supervision of a licensed CPA. Non-routine accounting involves attest services, professional accounting services or professional accounting work and the use of independent judgment, applying entry level or higher professional accounting knowledge and skills to select, correct, organize, interpret, and present real-world data as accounting entries, reports, statements, and analyses extending over a diverse range of tax, accounting, assurance, and control situations.
Must pass exam on Texas Rules of Professional Conduct