The New CPA Exam – 2024 Complete Exam Overhaul

That is correct, come January 2024, you will be facing a completely different exam. This exam update is not the same as those in the past; periodic updates to accounting standards changes, IRC reforms (2018), or topic weight reallocations (2021). It will be more in line with the new exam versions radically changed and launched in 1994, 1996, 2004, and 2017, although much more different. If you are interested in the history of the exam, this will be explored in another article.

For those of you who want the TLDR (too long didn’t read), I can respect that. This article will be brief, giving you only the most necessary information and being updated when new info from the AICPA or NASBA is available. While not every detail of this new exam will be set in stone, here is what we know now.

(1) The new exam will likely still have 4 parts, however 3 of these will test core accounting knowledge and the 4th test will be one of your choice. These choices aim to allow the candidate to dive deeper into the specific area of accounting they see themselves working in. The three choices as of now are Business Reporting and Analysis, Information Systems and Controls, and Tax Compliance and Planning.

(2) Despite this choice between 3 disciplines, there will still only be one CPA license, uniformly respected regardless of your choice.

For those of you in a position to finish the exam before 2024, I highly recommend to do so. Regardless of whether or not the exam will be more or less difficult as a result of this overhaul, change always brings with it difficulty. Exam prep providers, tutors, and college professors will all need time to adjust their teaching and strategy for the new exam.

If you are on the cusp of these changes (meaning you are likely early in school as of reading this article or you plan on taking the exam in a few years), you could wait until the new exam releases and the general public has more of an understanding of it. While it would be preferable to complete the exam before the changes, this second option is preferable to Option 3.

While this choice may not be necessarily more difficult than the other two options, it will likely be the most stressful. The AICPA and NASBA have confirmed that your progress will not be wasted if you pass some exams before the change date and continue the exam after the date. However, if the past is any indicator of how this update will go, you as the individual would likely bear a majority of the headache in dealing with this.

These were some of the more important points to take note of for the CPA exam changes in 2024. As always, feel free to reach out with any questions. With the right plan, understanding of the exam, time management, and dedication you can and will succeed.