The online Master of Accountancy (MAcc) Professional Track program from Northern Kentucky University (NKU) is ideal for those considering a career in accounting. The program helps students gain critical accounting and business knowledge and prepare for the CPA Exam.
The Certified Public Accountant (CPA) licensure model has evolved to reflect the changing skills and competencies required in accounting. In a joint effort by the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), the licensure exam has been updated to include competencies CPA candidates must know.
An initiative to launch a new Uniform CPA Exam called the CPA Evolution received support from the AICPA Governing Council and the NASBA Board of Directors. Launched in January 2024, the new exam is the result of efforts to analyze and improve CPA licensure requirements.
What Is the CPA Evolution?
In 2019, the AICPA published a report that revealed some unexpected findings. The report “found that accounting firms were hiring fewer actual accountants in favor of those with non-accounting backgrounds with competencies in technology,” according to Becker. It turns out that even though most accounting departments taught data analytics and IT audits, few included other competencies like cybersecurity, IT governance and systems and organization control. As a result, CPA firms hire technology professionals to bridge the gap.
CPA professionals need to do more than just pass the exam. Newly licensed CPAs must be equipped to do the following:
- Identify structured and unstructured data
- Understand data repositories
- Use tools for data extraction and analysis
- Understand the legal, ethical, business and intellectual property issues involved with data governance
- Analyze data and information to use as evidence with professional skepticism and judgment
CPA Evolution aimed to achieve the ideal of accountants equipped with the technological skills and competencies needed to be successful today and in the future.
How Does the New CPA Exam Differ From the Previous Version?
In addition to completing a core in accounting, auditing, tax and technology, all candidates choose one of three disciplines to demonstrate deeper proven knowledge. With this new structure, the exam embodies a core PLUS disciplines licensure model. Previously, the exam featured four traditional sections (BEC, AUD, FAR and REG). It now requires three core sections:
- Accounting and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Tax & Regulation (REG)
Each has specific focuses. The three new discipline options include:
- Business Analysis and Reporting (BAR): Relevant to candidates planning to pursue careers in assurance or advisory services, financial statement analysis and reporting, technical accounting and financial and operations management
- Information Systems and Controls (ISC): Geared toward candidates who would like to provide assurance or advisory services regarding clients’ business processes, information systems, information security and governance and IT audits
- Tax Compliance and Planning (TCP): For candidates interested in individual tax compliance and planning, personal financial planning and entity tax compliance and planning
Additionally, NASBA established a 2024 CPA Exam Transition Policy. Under this policy, candidates who have passed portions of the CPA Exam before 2024 will receive credit that will map to the new exam. AUD, FAR and REG will map to the new exam, while candidates who have previously passed BEC will get credit for the discipline section of their choice on the exam. A discipline chosen for testing will not limit the CPA to that practice area.
The new CPA Exam is not necessarily more difficult than previous exams but intends to help candidates prepare for the skills and competencies required in modern accounting. Candidates still have 18 months to pass all four exam sections, beginning when the first section is passed.
What Are the 2024 CPA Exam Blueprints?
Provided by the AICPA and CIMA (Chartered Institute of Management Accountants), the Blueprints are over 100 pages of information that detail the minimum level of knowledge and skills required for initial licensure. Each section of the exam consists of five parts called “testlets.” Two testlets are multiple-choice questions, and three contain task-based simulations.
There is information in the Blueprints for each exam section, including details on score weighting, sample task statements, skill levels tested, reference material and the number of item types to complete.
Prepare for the CPA Evolution Online With a Master of Accountancy From NKU
NKU’s online MAcc Professional Track program covers the business and accounting courses that help students prepare for the new CPA Exam. This program includes 30 hours of program courses, including nine hours of elective courses that allow students to tailor their degrees. Graduates of NKU’s program gain the breadth of advanced studies needed to excel in today’s expanding, strategic and technology-enriched accountant roles.
Learn more about NKU’s online Master of Accountancy Professional Track program.
