The good news about the new Exam format includes:

• The Exam is offered four times each year, in four two-month “windows”: January and February, but not March, April and May, but not June, etc.


• You may take one or more than one part in each “window”. You cannot repeat a part within the window.


• You may schedule taking each part at your convenience.


• You don’t have the pressure of studying for an essay question on a major topic; this is because you will be able to access certain AICPA databases to compile essay answers.

If you think the Exam format is easy, think again! Here’s the bad news:

• The Exam covers a variety of topics, including business structures, economics, finance, and expanded coverage of Information Technology and Taxation.


• The computerization of the Exam allows the AICPA to test new skills and abilities, such as word processing, Excel-type spreadsheets, research of tax, audit and accounting, and formal business proposal writing.


• The FAR section, viewed by many as the most difficult section requiring the most extensive preparation, now includes Governmental and Not-For-Profit accounting.


• It may be difficult for you to schedule taking an Exam section at a convenient time. The demand for sections may be greater than the available computer terminals. The times with the highest demand are the last two weeks of each two-month window.


• The cost of taking the Exam has risen significantly. The old philosophy of taking the Exam to “see what it’s like” is no longer practical – you’d be wasting your money. You should take each section only when and if you’re prepared to succeed!


• All four sections must be successfully completed in an 18-month time period. Any sections completed more than 18 months ago are lost.


• You may not know your score on an individual section for several weeks. So if you don’t want to prep for a second section until you’ve passed the first, you will be proceeding very slowly!