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Understanding the CPA Exam

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The Certified Public Accountant (CPA) exam is rigorous and time-consuming for professionals who choose to embark on the journey. However, those who pass this four-part exam experience more career opportunities and the ability to reach their long-term career goals.        

If you’re researching and planning the CPA exam, then consider Concordia University Chicago’s online MBA in Accounting program with a Business Analysis and Reporting designation. You’ll simultaneously gain business leadership skills while preparing for the CPA exam. If understanding the CPA exam further is your goal, then let’s dig into who should take the exam, the disciplines to choose from, and frequently asked questions.  

Who Should Take the CPA Exam?

The path to becoming a CPA requires passing the national CPA exam and meeting other state requirements. Accountants who choose to take this path typically do so for one or all of the following reasons:     

  • They know that being a CFO or Partner at an accounting firm is a long-term career goal.
  • They already work in accounting thanks to their accounting undergraduate degree, but they want more authority and responsibility in their career.
  • They want to increase their salary.

Whether or not you choose to become a CPA may depend on the role you want to pursue. For example, any accountant who files a report with the Securities and Exchange Commission (SEC) is required to be a licensed CPA. Other accountants who aren’t required to file these types of reports, choose to become a CPA to enhance their job opportunities, gain clients, and be prepared for future career possibilities. 

CPA Disciplines to Choose From

The CPA exam consists of three four-hour Core sections and one four-hour Discipline section of your choice. The three Core sections that all examinees must take and pass to become a CPA are:

  • Auditing and Attestation (AUD)
  • Financial Accounting and Reporting (FAR)
  • Taxation and Regulation (REG). 

The Discipline sections examinees can choose from are Business Analysis and Reporting, Information Systems and Control and Tax Compliance and Planning. 

Learn more about each Discipline section below. 

Business Analysis and Reporting

Concordia University Chicago’s online MBA in Accounting program specifically prepares you for the Business Analysis and Reporting (BAR) Discipline choice for the CPA exam. Topics you’ll be asked about in multiple-choice format and task-based simulations include: 

  • Data analysis
  • Financial risk management and planning
  • Technical accounting and reporting
  • State and local government accounting 

Information Systems and Control

If you’re interested in or have a lot of knowledge of IT and data management, then the Information Systems and Control (ISC) Discipline choice may be for you. Topics you’ll be asked about in multiple-choice format and task-based simulations include: 

  • Business processes
  • Information system
  • Information security
  • Information technology audits
  • System and organization controls engagements 

Tax Compliance and Planning (TCP) 

The world of taxes is complicated for individuals and businesses alike. If keeping up with tax rules and changes interests you, then the Tax Compliance and Planning (TCP) Discipline choice covers tax topics. Topics you’ll be asked about in multiple-choice format and task-based simulations include: 

  • Property transactions
  • Personal financial planning
  • Advanced individual tax compliance
  • Advanced entity tax compliance and planning

Since the recent update to the CPA licensure exam, many professionals have further questions about the exam.    

CPA Exam Frequently Asked Questions

The CPA exam changed significantly beginning in January of 2024. These are the questions that are most frequently asked about the new CPA exam format:  

Do I have to pass all three core exams before taking my discipline exam?

No, you’re not required to pass all of the three core sections before your chosen discipline section. You can take all four of the CPA exam sections in any order.

Do I have to practice in the area of my discipline in my career? 

No, passing a certain discipline exam does not mean you’ll be restricted to practicing in that area. 

Does my discipline determine my rights to practice? 

The discipline you choose won’t limit your rights to practice professionally. You’ll have the same rights, privileges and responsibilities as any other licensed CPA. Therefore, you shouldn’t limit your discipline choice to what you plan to practice, and you should choose the one you’re most likely to pass. 

Can I take more than one discipline section of the CPA exam?

No, you can only pass and retain credit for one discipline section of the exam.

 

If becoming a licensed CPA is the next step in your career journey, then consider an online MBA program that prepares you fully for the CPA Exam. 

Prepare For the CPA Exam At Concordia University Chicago

Did you know that all states require CPA candidates to complete 150 semester hours of college coursework to be licensed? This is typically 30 hours more than the typical 4-year bachelor’s in accounting degree.

Pursuing an online MBA in Accounting with a Business Analysis and Reporting designation from Concordia-Chicago places you at or above the required 150 semester hours of college coursework. Not only that but you’ll be equipped with business management skills to take your accounting career to the next level. Especially, if you choose to pursue corporate finance roles, such as a Chief Financial Officer.   

Whether you’re interested in traditional or non-traditional accounting career paths, becoming a CPA will give you the greatest amount of options and understanding the CPA and what it entails is important. To learn more about Concordia-Chicago’s online MBA in Accounting with a Business Analysis and Reporting designation program, then visit the overview page today!

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Explore your career’s next big move. Let’s find the right program that fits your goals.

By completion and submission of this form, I consent to receive communication from a representative of this institution by phone, text or email regarding the educational program request.

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