What are the various Strategies for CPA evolution 2024?
1️⃣The reason CPA prep companies recommend completing and passing the BEC exam before 2023 is to avoid taking one of the three new CPA exam specializations (Business Accounting & Reporting BAR, Tax Compliance and Planning TCP, and Information Systems and Controls ISC).
✅This advice is wise if your goal is to avoid taking any of these specializations, as they cover advanced topics and new concepts. However, you should consider your personal and professional goals, before making a decision on whether to take the BEC exam in 2023 or one of the specialization in 2024.
❓Why avoids specialization?
The specializations are believed to be “harder”, cover advanced and new topics. CPA preparers such as I and others prefer to help students face known topics (BEC) rather than unknown topics (any of the three specialization), so we recommend taking BEC before end of 2023 (to be more specific before December 15, 2023).
⁉️Is this your only or best option/strategy? No!
I have few other recommendations/strategies for you.
👍If you plan to study for the current FAR near the end of 2023, you will be covering 50 to 70% of the advanced topics of the BAR such as consolidation and government accounting and advanced financial accounting concepts. In addition, BAR will include specific portions of the current BEC topics such as cost accounting, managerial accounting, investments, risk management, and economics, which are considered lighter/easy topics.
✅Under this plan, finish current FAR by end of 2023 and plan to take BAR between January 6 and February 6th 2024. This way you will be done with the specialization. By using this strategy, you can avoid studying for current BEC in 2023 and avoid the written communication and information technology topics if that’s something you want to avoid.
❓When should take the Tax Planning and Compliance TCP Specialization?
💰If taxes are your area of work or you find tax concepts easy, plan to finish TCP in 2024. Take AUD in 2023 and in 2024, take core REG, TCP, and core FAR which will be easier than the current FAR.
❓When should you take the Information Systems and Controls Specialization ISC Specialization?
🧑💻If you work in IT or consider IT to be a manageable topic, complete the ISC specialization in 2024. Take AUD in 2023 and prepare for FAR or REG. In 2024, take core FAR, REG, and ISC. Core FAR and REG will be comparatively easier than current FAR and REG.
Conclusion:
I recommend viewing this YouTube playlist I made that explains changes in all sections. shorturl.at/hruW0
If I were to take the exam, I would plan to take BEC and AUD in 2023 and then CORE FAR and REG in 2024, given my current understanding of the exam structure.
Consider what suits you best and don’t hesitate to reach out for support at support@farhatlectures.com.
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