If you are looking to pursue a career in accounting, then becoming a certified public accountant (CPA) is an excellent choice. The CPA-Financial exam, also known as the Financial Accounting and Reporting (FAR) exam, is one of the four exams required to become a licensed CPA in the United States. Passing the CPA-Financial exam is a challenging but rewarding experience that requires significant preparation, dedication, and hard work.
Exam Objectives:
The CPA-Financial exam is designed to test your knowledge of financial accounting and reporting, as well as your ability to apply that knowledge in real-world scenarios. The exam consists of five testlets, each with 38 multiple-choice questions and three task-based simulations. The testlets are divided into the following sections:
- Conceptual Framework, Standard-Setting, and Financial Reporting
- Select Financial Statement Accounts
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The exam is administered over four hours and is computer-based. The passing score for the CPA-Financial exam is 75, and the cost to take the exam varies by state but is typically around $200-$300. The exam is delivered by the National Association of State Boards of Accountancy (NASBA) through their testing partner, Prometric.
Exam Details:
The CPA-Financial exam is a computer-based test administered at Prometric testing centers. The exam is four hours long and consists of five testlets. Each testlet contains 38 multiple-choice questions and three task-based simulations. The exam is designed to test your knowledge of financial accounting and reporting, as well as your ability to apply that knowledge in real-world scenarios. The passing score for the exam is 75, and the cost to take the exam varies by state but is typically around $200-$300.
The exam is designed for individuals who want to become licensed CPAs in the United States. To be eligible to take the CPA-Financial exam, you must meet the following requirements:
- Hold a bachelor's degree from an accredited college or university
- Have completed at least 150 credit hours of education, which must include specific coursework in accounting and business
- Meet the specific education requirements of the state in which you plan to become licensed
- Pass the CPA exam within 18 months of completing your education
Related Books:
There are numerous books and study materials available to help you prepare for the CPA-Financial exam. Here are a few popular options:
- Wiley CPAexcel Exam Review 2022 Study Guide: Financial Accounting and Reporting
- Becker CPA Exam Review 2022 Financial Accounting and Reporting (FAR) V3.4
- Gleim CPA Review Financial Accounting and Reporting (FAR) 2022
- Roger CPA Review Financial Accounting and Reporting (FAR) 2022
When choosing study materials, it's important to look for options that cover all the exam topics in-depth and provide practice questions and simulations to help you prepare. Many providers offer online courses, practice exams, and other resources to help you succeed.
Passing the CPA-Financial exam requires a significant amount of preparation and hard work, but it is a critical step toward becoming a
licensed CPA. By understanding the exam objectives, exam details, and related books, you can begin to develop a study plan that will help you succeed. It's essential to allocate enough time to study each exam topic thoroughly and practice applying your knowledge in simulated scenarios. With dedication and hard work, you can pass the CPA-Financial exam and take the next step in your accounting career. Good luck!