When the AICPA announced formal plans to change the CPA Exam for 2011; nerds across the country took notice. Sadly, I was one of them. The past year provided sufficient time for future candidates to speculate about the new exam. As the mystery built, so did the hype. And the worries. And the panic. And the depression. And everything awful that is the CPA Exam.
So what is the real story on the new exam? In my opinion, everything 'new' isn't new at all. The newness is 'much ado about nothing.' From the candidate's perspective, the test looks the same, acts the same, confuses you in all the same ways, and leaves you with the feeling of 'what just happened?'. Sure the simulations; I mean task-based simulations now appear as seven separate items instead of two. But is that different? That's sort of like saying a nickel is different than five pennies. You'd be right, but you'd also be wrong. This seems to be the case with the whole test; it's 'different' but not really different.
"But what about IFRS?"
IFRS? What's that?
Yea, it's on there. And "they are who we thought they were!"
- Should you read the major differences between GAAP and IFRS; yes.
- Should you spend significant time studying for IFRS; Take a hint.
Just don't forget the AICPA said the new material will be slowly fed in.
My actual FAR experience:
First testlet was awesome. I felt like Mr. Ninety-Nine parading the sweet streets of AICPA heaven.
The second testlet was a disaster. Having taken and passed BEC, REG, and AUD; this was far and away the hardest testlet I've faced. For my own sanity while waiting for my score, I'll assume this was just a little hazing from the AICPA. You guys are so silly!
Third testlet brought me back to where I started. I'd say it was a little harder than the first, but nothing like the second. However, the second testlet sucked up a solid chunk of my four hours. I had to fly through the last 20 or so questions.
I went into the simula…task based simulations with around an hour and a half left. Yes, I know that's not enough time, but we all make mistakes. The new TBS' ('Very Funny?' This just dawned on me) are now worth 40%. I think we can all agree 40% is a lot, and likely worthy of 40% of your time.
My advice would be when faced with a second testlet straight from Enron; give it your best shot but don't waste too much time looking for an answer you'll never find. I wasted too much time and this may be the difference between me passing or failing.
The TBS' are the same awkward and chubby children from years past. The excel functions are horrible, the new calculator stinks (shocker) because the numbers no longer have commas. They do include the new calculator tape function which amounted to, "Oh great, I now have the record of my pathetic first attempt. Thanks?"
Navigating between simulations feels similar to the initial hill-drop on a roller coaster. "Did my computer freeze!? Will I lose my score!? What's taking so long?! Is the clock running?"
The worst part of this not-so-new exam is waiting for scores. I'm not going to repeat what's been said a thousand times, but yes, yes I am. We don't get our scores until March. Could it be April; why not? Seriously? Maybe my second testlet wasn't a joke…
As this is my last sections I have a lot on the line. As I lose AUD if I didn't pass today, I have even more on the line. I guess waiting is better than studying, and the three months should give me plenty of time to forget everything before the AICPA sends me my 74. Or maybe even the meaning of '74' will change.
Let the wait begin.
AUD - 82 (Expires 1/31/11); REG - 79 (Expires 5/31/12)
BEC - 85 (Expires 5/31/12); FAR - 85 (Sat 1/4/11) DONE!!!!
