The Certified Public Accountant (CPA) test is changing to reflect the technology-driven marketplace of today’s accounting world. As a result, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) are developing a new licensure model to begin in January 2024. This new test will consider and incorporate the importance of technology into each of the core sections of accounting, taxation and audit and attestation, as well as in each discipline section.
The online Master of Accountancy Data Analytics/Data Visualization Track program from Northern Kentucky University (NKU) can help students prepare for certification exams while earning credentials to pursue in-demand careers that combine data analytics and accounting. This innovative, technology-based online master’s degree program provides students with transferable skills and career stability to maximize their earning potential.
How the 2024 CPA Exam Is Different
Studying for the CPA exam helps prepare recent accounting graduates for the challenges they will face as new accounting professionals. For many established accountants, their educational training and exam studying did not prepare them for the important role that technology plays in accounting. Instead of relying on their employer for on-the-job training to learn the technological skills needed for the position, emerging accountants will be able to prepare for what lies ahead with the new CPA exam format.
The new Core Plus Discipline format for the 2024 CPA exam features three core sections: accounting, taxation and audit and attestation. These three sections, which all CPA candidates must pass, test the vital and foundational accounting skills that all accountants use in their careers. The candidates will then choose one of three discipline areas to pass: Information Systems and Controls (ISC), Business Analytics and Reporting (BAR) and Tax Compliance and Planning (TCP). Specializing in one of these disciplines can open up opportunities in an area of expertise that a candidate is interested in. Additionally, being tested on relevant, real-world topics can help prepare CPA candidates for their careers in accounting.
Incorporating technology concepts into every section of the CPA exam reflects how technology affects the profession of accounting. Here are a few ways that technology can be incorporated into accounting:
- Information systems. The use of computer software has made the paper ledger book a thing of the past. Computerized accounting is much faster than manual accounting systems and is used to easily collect, store, classify and process data to keep it safe for reporting.
- Data analytics. Accountants use data analytics to uncover valuable insights, analyze data, increase efficiency, find observable patterns and better manage risk. By using descriptive, diagnostic and predictive analytics, accounting professionals can classify, monitor and assess information.
- Artificial intelligence (AI). By automating complex and repetitive tasks with machine learning (ML) tools, AI increases accuracy and efficiency while reducing costs.
- Cloud computing. Internet-based computing allows accountants to perform accounting services from any location and provide information reports via the cloud.
Technology and data analytics are key components to modern accounting. The new CPA exam can help new accountants tackle significant technological assignments and be prepared to use technology to increase accuracy and focus on critical thinking and problem-solving skills.
The new CPA exam changes will not affect candidates who passed all four CPA exam sections before December 31, 2023. For those who lose credit for an exam section after December 31, 2023, they will need to take the corresponding new core section. The NASBA transition policy is important for all accounting students to know.
Next Steps
Since accounting firms and businesses appreciate accountants who can provide additional assistance, such as offering data science and analytics services, the online data visualization degree program at NKU can help graduates land an in-demand role. Students can build expertise in accounting analytics, ethics, strategic management accounting, business intelligence systems and database design practice.
Learn more about Northern Kentucky University’s online Master of Accountancy Data Analytics/Data Visualization Track program.
