2024 CPA Exam changes

The AICPA and NASBA intend to bring changes in CPA Exam by January 2024. The "CPA Evolution" initiative, which will have an impact on the content and format of the CPA Exam beginning in 2024, was recently announced by the two organizations. Changes and updates to the 2024 CPA exam will be discussed in detail in this article.

What changes have been made to the CPA Exam?

The new CPA Exam, which will go live in January 2024, will have changes to both its structure and its content. The exam will emphasize the role that technology plays in the core competencies of accounting, auditing, and taxation. It will also assist in ensuring that all accountants taking the CPA Exam will have some exposure to essential tech skills, with audit covering the most tech topics.

There are now three "discipline" tracks on the exam, which is one significant change: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP).

Why is the CPA examination changing?

In 2019, an AICPA research report found that Instead of hiring actual accountants, accounting firms were hiring non-accountants with special technical skills. Additionally, it was discovered that while data analytics and IT audit are taught in two-thirds of accounting departments, increasingly important skills like cybersecurity, IT governance, and Systems and Organization Control engagement are taught in very few departments.

As a direct consequence, CPA firms have been looking for professionals who can assist in bridging this skill gap, and as a result, people with degrees in accounting have become less relevant. However, it goes without saying that it would be ideal to have accountants who are skilled in the skills of the future; this is where CPA Evolution comes in.

One CPA License

Despite the fact that you will be required to select a discipline for the fourth section of the CPA Exam under the Core-Plus-Discipline Model, there will still only be one CPA License. That is, we won't suddenly have three different kinds of CPA licenses based on the field you chose for the fourth section of the exam because the exam is changing.

Take, for instance, the option to select "tax compliance and planning" as your field of study. You will still apply for a "CPA License," not a "CPA-Tax License," even if you pass the CPA Exam. Also, your future practice won't just be about taxes.

2024 CPA Exam Changes: Final Thoughts

Even though transitions like the CPA Evolution initiative can be frustrating at first, they can improve our profession, and for improving the profession we always need to find the right institute. Miles Education is India’s largest training provider for CPAs. It provides the best-in-class study material, a unique classroom delivery model, and extensive student support to help candidates get to their destination CPA. Stayed tuned for updates on the CPA Exam and other changes that will affect your career.

Miles Education is India's #1 CPA, CMA & CFA with presence across India, Middle East & US. Miles Education up-skills students & professionals to be future-ready with a career progression in Accounting & Finance.