The Uniform Certified Public Accountant Examination (CPA Exam) is the examination administered to people who wish to become U.S. Certified Public Accountants. The CPA Exam is used by the regulatory bodies of all fifty states plus the District of Columbia, Guam, Puerto Rico, the U.S. Virgin Islands and the Northern Mariana Islands.

This article may rely excessively on sources too closely associated with the subject, potentially preventing the article from being verifiable and neutral. (September 2022)

The CPA Exam is developed, maintained and scored by the American Institute of Certified Public Accountants (AICPA) and administered at Prometric test centers in partnership with the National Association of State Boards of Accountancy (NASBA).^[1]

The CPA exam is a sixteen-hour exam tested in four separate sections. All candidates are required to take the same three core sections and a discipline section of their choice.^[2] As many as two sections can be taken in a given day or each section can be taken on separate days.^{[citation needed]} A detailed overview of each exam is as follows:^[3]

In order to sit for the Uniform CPA Exam, a person must be declared eligible to do so by one of the 55 state boards of accountancy in the United States. Requirements of state boards vary, but almost always include a U.S. bachelor's degree and a certain amount of accounting course credits. Additionally, some states require that candidates have completed an additional year of study (which can be either at an undergraduate or graduate level) before sitting for the exam and almost every state requires that the additional year of study be completed before awarding certification. The educational requirement equivalent to five years of full-time study is known as the "150-hour rule" (150 college semester units or the equivalent).^[7]

The CPA Exam is challenging with pass rates historically below 50%.^[13]

Until the mid-1990s, the Uniform CPA Exam was 19.5 hours in duration and was administered over two and one-half days. It consisted of four subject areas (sections) which were tested in five sittings: Auditing (3.5 hours); Business Law (3.5 hours); Accounting Theory (3.5 hours); and Accounting Practice (Part I & Part II; 4.5 hours each). Although Accounting Practice Parts I and II were given in separate sittings, the two scores were combined for grading purposes. The exam was administered twice per year: on the first consecutive Wednesday, Thursday and Friday in May and November of each year. Test takers were allowed to use only paper and pencil (no electronic calculators or computers of any kind were allowed at that time).

In 1994, the exam was restructured into a four-section, two-day exam. The subject matter was reorganized, primarily between Accounting Theory and Accounting Practice (Parts I and II). In addition, innovative machine-scorable test questions were incorporated to better assess the skills needed by CPAs to protect the public. For the first time, proprietary electronic calculators were provided to CPA candidates for the two new accounting sections. The four new sections were:

• Business Law and Professional Responsibilities
• Auditing
• Accounting and Reporting – Taxation, Managerial, and Governmental and Not-for-Profit Organizations
• Financial Accounting and Reporting – Business Enterprises

Until 1996, completely new versions of the CPA Exam were prepared and administered twice each year (May and November). After each administration, all questions and the keyed responses (correct answers) were published and available for purchase. Candidates were able to leave the test sites with their exam books, within certain time constraints imposed to preserve exam security. Beginning with the May 1996 administration, the exam became non-disclosed. Almost all exam material was now kept secure so that many high-quality questions could be reused. Although this is common practice in the world of large-scale testing, it was a policy decision that was momentous at the time, and made only after extensive comments were elicited from all key stakeholders, such as the 55 boards of accountancy, members of the CPA profession, accounting educators, CPA candidates, and testing professionals. By deciding to release only a small portion of each exam—to help candidates prepare for the examination experience high-quality exam material could be reused. This made it possible for the first time to use statistical techniques for test equating and to use criterion-referenced passing scores. Maintaining a large database of secure examination materials also made it possible for the CPA Exam to later transition to a computer-based administration format in 2004.

As of April 1, 2017, AICPA launched a new version of the Uniform CPA Exam. This updated version is the result of comprehensive research and places an increased emphasis on critical thinking, analytical ability, problem-solving and professional skepticism. The length of the exam increased from 14 to 16 hours with additional Task Based Simulations for each of the four sections. The Content Specification Outlines (CSOs) are replaced by Blueprints which will be released by AICPA each year. An additional change to the exam is an optional 15-minute break that will not count towards the 4-hour exam period.

On April 1, 2018, the AICPA rolled out new CPA Exam software that offers a more intuitive functionality. CPA candidates can practice with the software in advance of their actual test by using the AICPA's sample tests. The sample tests also include tutorial topics to guide candidates along with explanations of tools and resources.

In early 2019, the AICPA began a targeted practice analysis focused on the impact of technology and data analytics on the work of newly licensed CPAs as well core accounting skills that all CPAs must possess. After months of engaging with stakeholders from the profession, including supervisors of newly licensed CPAs, the AICPA published an Exposure Draft and Invitation to Comment. The Exposure Draft details major themes from the research along with proposed Exam content additions, changes, and deletions that will take effect sometime in 2021. The Invitation to Comment presents more future-oriented proposals that required further consideration and research. Both components of the report were posted for public comment on December 23, 2019.

On January 6th, 2024, the AICPA introduced a new version of the Uniform CPA Exam. This exam removed the Business Environment and Concepts (BEC) section and replaced it with three new sections:

• Business Analysis and Reporting (BAR)
• Information Systems and Controls (ISC)
• Tax Compliance and Planning (TCP)

This new format introduced these three new sections as "discipline sections" and the preexisting exam sections (AUD, FAR, and REG) became "core sections". Candidates are required to take all three core sections and one discipline section of their choice, for a total of four exams, under this new format.^[16]

• American Institute of Certified Public Accountants
• Certified Public Accountant (CPA)
• International Qualification Examination
• National Association of State Boards of Accountancy