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Frequently Asked Questions
GENERAL COMMENTS ON THE CPA EXAM
WHY DO THE EXAMINERS MAKE THE EXAM IMPOSSIBLE TO PASS?
The exam is not impossible to pass. The difficulty and comprehensiveness of the CPA Exam is a well-known fact to all candidates. However, success on the CPA Exam is a reasonable, attainable goal. You should keep this point in mind as you develop and execute your study plan. A positive attitude toward the examination, combined with determination and discipline, will enhance your opportunity to pass.
WHAT IS THE PURPOSE OF THE CPA EXAM?
The CPA Exam is designed as a licensing requirement to measure the technical competence of CPA candidates. Although licensing occurs at the State Board level, it is a uniform exam with national acceptance. Generally, passing the CPA Exam in one jurisdiction allows a candidate to obtain a reciprocal certificate or license if they meet all the requirements imposed by the jurisdiction from which reciprocity is being sought.
Generally speaking, the CPA Exam is essentially an academic examination which tests the breadth of material covered by good accounting curricula. It also emphasizes the body of knowledge required for the practice of public accounting. It is to your advantage to take the exam as soon as possible after completing the formal education requirements. We also recommend that you study for the entire examination the first time you take it, since there is a synergistic learning effect to be derived through preparing for all four parts. That is, all sections of the exam share some common subjects (particularly Financial Accounting & Reporting, Accounting & Reporting, and Auditing); so as you study for one section, you are also studying for the others.
WHAT ARE THE OTHER REQUIREMENTS IN MY STATE?
State Boards rely upon additional means to ensure that candidates possess the necessary technical and character attributes, including interviews, letters of reference, affidavits of employment, ethics examinations, and educational requirements. Check with the state board where you plan to apply for certification about these requirements. These requirements are very specific and, depending on your circumstances, may be quite complex. Because they are complex and subject to change, we do not provide this information in order to avoid giving you outdated or incorrect information.
WHAT IS THE EXAMINATION FORMAT?
The examination consists of the following sections and formats:
The four sections of the exam cover the following:
The CPA Exam is given twice a year, on Wednesday and Thursday of the first week of May and November. Projected exam dates are as follows:
May 2 & 3, 2001 WHAT IS THE CPA EXAM SCHEDULE?
The day and time for each section of the exam is standardized as follows:
You will receive four scores. A passing score for each section is 75. Conditional status is granted by the individual State Boards of Accountancy and may vary from state to state. Conditional status may be granted to those candidates who receive a passing grade in some, but not all, sections. Some Boards of Accountancy grant conditional status to candidates who pass only one section, while other Boards require that at least two sections be passed before conditional status is awarded. Many Boards require a minimum grade in the sections failed to receive conditional credit for the sections passed.
The AICPA has recommended that Boards of Accountancy that previously waived the Business Law section for members of the state bar should consider deleting this waiver because the new exam section, Business Law & Professional Responsibilities, also tests candidates' knowledge of the CPA's professional responsibilities to the public and the profession. This subject matter was previously tested in the Auditing section. Candidates should check with their State Board of Accountancy concerning this matter.
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