Michael Hess

The time has come! The new CPA exam is ready. What is new? The CPA exam in 2024 eliminates the BEC section and introduces a new discipline. Candidates can choose one of the following disciplines: -- Business analysis and reporting (BAR), which expands on FAR and governmental accounting --Information systems and controls (ISC), which focuses on IT audit and security --Tax compliance and planning (TCP), which focuses on tax in greater detail The other three sections of the test – AUD, FAR and REG – remain largely the same, with some portions of the prior BEC exam being moved into FAR and REG. There will no longer be a written essay piece. Each section will provide for a total allowable four hours, for a total possible exam time of 16 hours. For more details on these changes check out this article - https://lnkd.in/e2J3aYSD) #cpa #cpaexamchanges

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Professionals (and future professionals) please be aware of changes to the CPA exam in 2024. Why? Well, as the CPA profession evolves, so must our education and certifications. Below is what you need to know! The exam will remain four-sections, and a 16-hour format. The new CPA licensure model requires candidates to be skilled in accounting, auditing, and tax. These topics will be tested in three core sections that are required for all candidates. They include: Financial Accounting and Reporting (FAR) Auditing and Attestation (AUD) Taxation and Regulation (REG) In addition to these core sections, candidates will need to have a deeper knowledge in one of the following three discipline sections: Business Analysis and Reporting (BAR) – a continuation of the FAR core Information Systems and Controls (ISC) – a continuation of the AUD core Tax Compliance and Planning (TCP) – a continuation of the REG core Finally, questions about TECHNOLOGY will be infused throughout the entire CPA Exam. Have questions, reach out to us anytime at CherieSaybanCPA.com . . . #CPA #Accounting #TaxSeason #FinancialAdvisor #TaxTips #SmallBizFinance #Audit #FinancialPlanning #IRS #TaxPreparation #Bookkeeping #TaxConsultant #FinancialServices #CPAlife #TaxHelp #TaxDeadLine #TaxReturns

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via cpatrendlines.com: Tax & Accounting Profession Keeps Growing: More workers, with some making quite a bit more money. By Beth Bellor CPA Trendlines Research Go PRO for members-only access to more Beth Bellor. http://dlvr.it/T6qJv6 #Talent #Management #Staffing

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CPA exam change points to the future for the profession Corey Heldreth, chief accounting officer at OLarry, welcomes the news that the CPA exam is becoming more focused on financial planning. Between 30% and 40% of the questions in the "tax compliance and planning" section will now center around financial planning, signaling the expanding role of CPAs. The change aims to address the needs of individuals with multiple income streams and growing investments who often face overwhelming paperwork and miss out on strategic planning opportunities. Heldreth also says the upcoming "great wealth transfer" further highlights the importance of providing comprehensive financial planning services. He says that to adapt to this new reality, CPAs should embrace technology, such as AI tools, to streamline processes and offer proactive guidance to clients. Implementing a flat fee system and spreading work throughout the year can also help attract more clients and address the CPA shortage. Subscribe to Accountancy Slice to get your daily slice of Accountancy intelligence direct to your inbox ➡️ https://lnkd.in/emfepVdu #CPA #CPAs #CPAExam #Accounting #AccountingProfession #CPAShortage

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How to Pass Any CPA Exam Section in 20 Days (If You Really Have To) https://cpaexam.me/4hebwne

via cpatrendlines.com: Tax & Accounting Profession Keeps Growing: More workers, with some making quite a bit more money. By Beth Bellor CPA Trendlines Research Go PRO for members-only access to more Beth Bellor. http://dlvr.it/T6qH6p #Talent #Management #Staffing

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The CPA Exam Original Content Creator: Josh Aharonoff, CPA (give him a follow) --------- Learn about the CPA Exam 👇 Pass the test and invest in your career! 🎓 When I started interviewing, everyone always asked me the same thing. When are you getting your CPA license? The process was really challenging…but I’m glad I got there. Let’s do a deep dive on the exam and cover what you need to know. ➡️ What is the CPA Exam? CPA stands for Certified Public Accountant. It’s a 4 part test involving multiple choice and “simulations” that test your knowledge in accounting. ➡️ How do you become eligible to sit for the exam, and get licensed? You’ll need 2 things: • Education: Minimum of 120 semester hours of college coursework to sit for the exam, and 150 hours to get licensed. • Experience: 1-2 years of accounting experience under a CPA to get licensed, though it varies by state. ➡️ What is the Exam Structure? There are 4 sections to the CPA exam, and each part can be taken in any order. All 4 tests must be passed within a 30-36 month window of when you pass the first section: • Auditing and Attestation (AUD) → Focuses on auditing processes, ethics, and responsibilities in auditing and attestation services. • Financial Accounting and Reporting (FAR) →Involves principles and standards for financial accounting and reporting for various entities. • Regulation (REG) → Deals with federal taxation, ethics, business law, and professional responsibilities in tax practice. For the 4th section, you can choose from these 3 topics: • Business Analysis and Reporting (BAR) • Information Systems and Controls (ISC) • Tax Compliance and Planning (TCP) ➡️ How do you pass the exam? You’ll need a 75 or above in order to pass the exam. Here are my recommendations: 1️⃣ Take a review course I haven’t heard of anyone passing the exam without taking a review course. I’m sure it’s possible, but it’s most likely a lot harder that way. I used Becker, but there are many out there. 2️⃣ Take practice exams This part can be overwhelming - I did very poorly on almost all practice exams…but that’s what they are designed for. The actual exam won’t be as tough 3️⃣ Set aside the time you need to pass the exam This part is the biggest. It’s way easier to pass this exam before you enter the workforce…IE when you are still in school. But not everyone has this luxury. Whatever your schedule is, be prepared to put in a LOT of time to study… Don’t make the mistake of blocking off enough time to pass only a few exams - it will be real painful if you lose any of your passing grades when they expire! ➡️ Is the CPA worth it? That really depends… Do I feel more competent & capable in my career after passing it? Not really…most of what I learned came from on the job training. Did the CPA help boost my employment opportunities? For sure… ... ______________ Original Content Creator: Josh Aharonoff, CPA (give him a follow)

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Quick answer… The CPA Exam is a rigorous test and requires a serious commitment. However, like all tests, the amount of time you dedicate to studying for each section of the exam will depend upon your own knowledge, experience and test-taking abilities. “Some people study four hours a week and some will study 25 hours,” says Sawyer Smith
senior associate, Assurance (KPMG), CPA. “It truly is the type of test where you get out what you put in. Your exam score will reflect the time and energy you spent preparing for it.” Source: Franklin University - https://lnkd.in/ekZcjk_Z Find out more about how much time is needed for the CPA Exam at the source link above or on the Franklin University website in the “Finding Your Career” or “Advancing Your Career” sections. We’d love for you to join us. Learn more about The Lady CPA Network and how to become a member at the link in our bio or https://lnkd.in/eSYUJPbf

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via cpatrendlines.com: Tax & Accounting Profession Keeps Growing: More workers, with some making quite a bit more money. By Beth Bellor CPA Trendlines Research Go PRO for members-only access to more Beth Bellor. http://dlvr.it/T7GRj2 #Talent #Management #Staffing

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#ICYMI 📰The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) are looking to add more paths and flexibility to CPA licensure. ➡️The plan that’s now out for public comment explains that candidates would still need a bachelor’s degree, but could bypass a fifth year of college coursework by taking a “competency-based experience pathway.” From CFO Dive: “The process will take some time. Once the the [sic] public comments are reviewed[,] final language must be approved by the AICPA and NASBA boards and changes will also be proposed to the Uniform Accountancy Act, which is a template for licensure requirements for states, according to the AICPA statement. States will then ultimately need to decide whether to update their licensing requirements.” Read the full article here: https://lnkd.in/eNYSFj2j #CPA #Accountant #TaxPros #Tax #Taxes #Accounting #Accountancy #Bookkeeping #Finance #Advisory #Audit #Auditing #AICPA #NASBA #Licensure #Plan #Career #Careers #Professionals #Growth #ProfessionalGrowth

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150 Credit Hours: Helping or Hindering?: One study suggests there is little if any upside but plenty of downside. By CPA Trendlines Research Go PRO for members-only access to more CPA Trendlines Research. http://dlvr.it/TB4M6R #CPA #tax #accounting

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𝐂𝐚𝐫𝐞𝐞𝐫 𝐏𝐚𝐭𝐡𝐰𝐚𝐲𝐬 𝐟𝐨𝐫 𝐂𝐏𝐀𝐬: 𝐅𝐫𝐨𝐦 𝐀𝐮𝐝𝐢𝐭 𝐭𝐨 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲 As an executive professional with ten years of leadership, management, recruiting, and finance experience, I’ve seen countless CPAs navigate diverse and rewarding career paths. One of the most transformative journeys is moving from audit roles to advisory positions. Here’s how CPAs can successfully transition and thrive in advisory careers: ➡️ Building a Strong Foundation in Audit: Starting in audit provides CPAs with a deep understanding of financial statements, regulatory requirements, and internal controls. This foundation is crucial for developing the analytical and technical skills needed for advisory roles. ➡️ Enhancing Analytical Skills: Advisory roles demand strong analytical capabilities. Focus on refining your ability to analyze complex financial data, identify trends, and provide actionable insights. These skills are essential for delivering strategic advice to clients. ➡️ Developing Business Acumen: To excel in advisory, CPAs must understand broader business operations. Gain experience across various industries, and stay informed about market trends and economic factors. This knowledge enables you to offer comprehensive and relevant advice. ➡️ Strengthening Communication Skills: Advisors must effectively communicate complex financial information to clients. Develop your ability to convey insights clearly and persuasively. Strong communication skills build trust and facilitate successful client relationships. ➡️ Pursuing Relevant Certifications: Consider additional certifications such as CFA (Chartered Financial Analyst) or CFE (Certified Fraud Examiner) to broaden your expertise. These credentials enhance your advisory capabilities and demonstrate your commitment to professional growth. ➡️ Gaining Consulting Experience: Seek opportunities to work on consulting projects, even within your audit roles. This experience helps you understand client needs and develop problem-solving skills crucial for advisory positions. ➡️ Networking and Mentorship: Build a robust professional network by attending industry events, joining professional associations, and connecting with peers on LinkedIn. Seek mentors who can provide guidance and share their experiences transitioning from audit to advisory. ➡️ Focusing on Continuous Learning: Stay updated on the latest industry developments, regulatory changes, and best practices. Continuous learning ensures you remain a valuable resource to your clients and can offer cutting-edge advice. Transitioning from audit to advisory offers CPAs exciting opportunities to broaden their impact and advance their careers. By focusing on these pathways, CPAs can successfully navigate this transition and thrive in their advisory roles. Let’s connect and discuss how you can advance your career from audit to advisory! #CPA #CareerPathways #AuditToAdvisory #FinanceCareers #ProfessionalDevelopment

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