CPA Exam 2024 Changes and the Importance of the BEC Section
Here’s a reminder! The CPA Exam pattern is changing starting 2024! Therefore, if you’ve already been studying for the exam, it is wise to complete all four sections this year!
Don’t worry! Here’s a detailed guide to solve all your doubts and questions about US CPA exam changes in 2024!
What is going to change?
The 2024 CPA changes will have a more significant impact on the BEC (Business Environment and Concepts) Section of the US CPA course. The one section, BEC, will be broken down into, or rather replaced by, 3 categories. They are:
Business Analysis and Reporting (BAR)
Information Systems and Controls (ISC)
Tax Compliance and Planning (TCP)
The student may only choose one option out of the three given.
As a result, a student has the following options to choose from.
AUD+FAR+REG+BAR: This option is intended for students who have a strong interest in core accounting and wish to specialise in it.
AUD+FAR+REG+ISC: This is ideal for students who want to specialise in auditing. In today’s automation scenario, ISC includes many technological subjects that can help with the audit process.
AUD+FAR+REG+TCP: Students with an interest in taxation and regulation should consider this combination because TCP will improve their knowledge of regulations.
Why are the changes taking place?
The changes in the US CPA (Certified Public Accountant) exam are taking place in 2024 because the profession is constantly evolving, and the American Institute of Certified Public Accountants (AICPA) periodically reviews and updates the CPA Exam to ensure that it reflects the skills and knowledge required of today’s accounting professionals.
The most recent changes are scheduled to take effect on January 1, 2024, and they include a focus on higher-order skills such as critical thinking, problem-solving, and analytical ability.
The use of technology in accounting has increased dramatically in recent years, and it is expected to continue to play a significant role in the profession. Accounting professionals must be able to use technology effectively to manage data, analyse financial information, and identify potential risks and opportunities for their clients or organizations.
To prepare new CPAs for this evolving landscape, the 2024 CPA Exam will place a greater emphasis on IT skills and knowledge. This includes topics such as data analytics, information systems, cybersecurity, and emerging technologies.
What Remains the Same?
While significant changes are on the horizon, several aspects of the CPA Exam will remain unchanged. The core subjects — Financial Accounting and Reporting (FAR), Audit and Attestation (AUD), and Regulation (REG) — will remain intact. The exam format will continue as a computer-based test with four sections, each having a four-hour time limit. The scoring system, eligibility requirements, and exam fees will also remain largely the same.
Advantages of Attempting BEC Before 2024:
Content Changes: The forthcoming 2024 CPA Exam will introduce significant content modifications, placing a greater emphasis on higher-order skills such as critical thinking and problem-solving. By attempting the BEC section before 2024, you may find it comparatively easier to pass than the revised version.
Familiarity with Exam Format: With the current exam format being in place for several years, candidates have the advantage of familiarity. By attempting the BEC section before 2024, you can leverage your understanding of the exam structure and focus your preparation on the specific content.
Time and Cost Efficiency: The changes in the CPA Exam may increase its complexity and study time requirements. By completing the BEC section before 2024, you can potentially save time and reduce the overall cost of the exam.
Professional Advancement: Passing the BEC section signifies a fundamental grasp of business concepts and opens doors for career advancement. By conquering the BEC section before 2024, you can expedite your professional growth and seize opportunities more swiftly.
It’s crucial to take action and attempt the BEC section of the CPA Exam before the changes come into effect in 2024. By doing so, you can benefit from the familiarity of the current exam format, potentially save time and costs, and accelerate your career progression.
Don’t miss this window of opportunity to conquer the BEC examination and establish a strong foundation for your accounting career.
The last BEC orientation session for 2023 is starting on 23rd July and the classes begin from 5th August.
