Tag: CPA Exam

How Soon Do CPA Exam Candidates Need To Learn New Tax Rules?

From the CPA exam grab bag, this question came in just before 2010 testing ended but since there were other things to write about, it sat collecting dust in my inbox. Fret not, our asker got her answer in time to sit for the exam on the second-to-last day of testing and now you get the answer too. Let’s go!

I’m studying for REG and I am fairly concerned about tax law changes. I’m using the 2009 Becker materials, and I try to use their website to see updates to tax law change, but when I’m taught through the lectures and the homework a certain law, it’s hard to then switch it up based on a little post from Becker’s online database.

An example is the estate tax disappearing. Or unemployment exclusion (2,400 in 2009, but now what? 0[%|] I think, right?). Anyways, I’m not too worried about understanding concepts and rules as much as worrying about not realizing that certain rules have changed.

Here’s the deal: REG can be a little tricky because it’s the one section where the AICPA allows newer pronouncements before the usual 6 month effective date. Usually what happens is the PCAOB comes out with some new audit standards and – assuming the SEC has approved them – they cannot appear on the CPA exam earlier than 6 months after adoption. The AICPA Board of Examiners does have its exceptions – like FASB 141(r) – where they are too excited to wait for it to be on the exam and will make a special announcement but for the most part, you can pretty much assume that there is a 6 month lag between the time rules/numbers/pronouncements come out and the time they appear on the exam.

For the estate tax and other such tricky issues that are still unresolved as yet, be glad they’re unresolved as it means you don’t have to worry about any new rules until decisions are made. And with the AICPA scrambling to load your 2011 exams with international financial reporting and other such awesomeness, it’s unlikely that their priority will be integrating new tax rules into testing once they are finalized.

Remember also that you are not expected to be an expert in any area, let alone the complicated abyss of tax rules. So the numbers are not as important as the fundamentals (read: concepts) in Regulation.

Hope that helps and if you have a question for us – new 2011 excitement, studying, how to convince Prometric that your fake mustache is actually medically necessary, etc – feel free to email us.

Should You Request a Rescore if a Simulation Snafu Cost You a Passing Grade on the CPA Exam?

For this, my first CPA exam advice column since 2010 testing finally closed, we have a pretty interesting question from a candidate in Georgia who wants to know if it her 74 is worth a rescore. Normally my advice is to forget about disputing your score as the AICPA has not actually changed a single failing score to passing in the last three years (remember, their formula is bulletproof and they are not about to admit their precious psychometric testing sucks) but this is a special case.

Hello, I have a question related to my score on Auditing and would appreciate any advice you could provide. I took the exam on 10/28/2010 and received my score of 74. I am wondering what my options are for appeal or review. The reason for this is because on the last simulation one of the tabs was not the same when I tried to review as when I first saw it. I am 100% sure that I had the choice of 6 options when taken the exam. But once I went back to review the test, there were only 4 choices available. I did report this to the coordinator that was present and she told me that she would write a report. I also reported in the section where they ask if there were any problems during testing.

Firstly, remember that Prometric test center staff are not hired by the AICPA to administer your test. They administer hundreds of different professional examinations, not just the CPA, so they don’t really get how important a single screwed up simulation can be to your overall score. Don’t be surprised if they merely wrote down your complaint and tossed it into the examination abyss.

That being said, the AICPA’s appeal process isn’t really going to help you. As I said above, the chances of a rescore turning out favorably for you are slim to none.

But you may have another option, available through your state board, that would allow you to meet with one of their representatives and see the questions you did not answer correctly. Whether or not this actually ends up in your 74 turning into a 75 is up for debate and in my three years of working in CPA review, I never met anyone who did this, let alone did it successfully.

Contact your state board and ask about the score appeal option. If available, you will likely have to pay a fee and there are no guarantees that anything positive will come of it but if you sincerely believe that the simulation changed, that’s a glitch and throwing out that simulation could just bring you beyond a 75.

Good luck!

I Am Mad Not Disappointed: A Parting Shot on Changes to the 2011 CPA Exam

On this, the final CPA exam testing day of 2010, I feel compelled to skip the advice column and launch straight into the rant. It’s finally over and here’s hoping you people will stop asking the same five questions about the 2011 exam over and over.


I don’t mean to offend anyone in particular so if you catch a feeling on this, it’s probably because I’m talking directly to you. You know who you are and I respectfully request you knock it the fuck off.

First, the misinformation surrounding the 2011 exam changes absolutely blows my mind. The AICPA announced these changes well in advance of the planned launch of CBT-e and I can’t speak for everyone but know that we here at Going Concern have covered just about every tiny detail of what’s ahead. Regardless, I still get my inbox blown up with the same simple questions, the answers to which may be found with a simple Google search or by checking out our previous posts on the subject. Information is everywhere, you’ve just got to get off your lazy ass and look for it.

I think you guys are forgetting that this is a professional examination and that you are allegedly professionals. Is it reasonable for professionals to work with financial statements being misinformed and confused by simple instructions? No. Is it reasonable for CPA exam candidates to have absolutely no idea what is happening in 2011? HELL NO.

The “OG” CPAs of the paper and pencil days laugh at candidates who have to take the computerized exam and for good reason, you guys can’t even figure out a simple change like CBT-e. People still seem to believe BEC will contain simulations in 2011 and for Christ’s sake, let’s all keep in mind that about 90 – 95% of what is being tested in 2010 will still be tested in 2011. Do you really think the AICPA Board of Examiners is going to trash all those wonderful questions they worked so hard to get? Please.

So while you guys are freaking out over changes that aren’t even going to happen, you could be studying current material and educating yourself on what’s new for next year. I’m shocked that so few of you know that the exam actually changes twice a year, every year anyway and that 2011 is really no different except for the fact that it is a bit larger a change than usual. It sickens me, actually, because I had so much more faith in you guys to go into the exam prepared and informed. Instead I continue to get the same 4 or 5 questions over and over and over and always walk away with the sense that you guys aren’t listening and unless it is handed to you, won’t go looking for the answers you need.

Seriously, knock it off. Now that 2011 is very nearly upon us, I expect ALL OF YOU to get off your asses, get to the Google and do some reading. It’s really not hard, the info is plastered all over the AICPA’s website as well as places like the CPAnet forums and various blogs strewn throughout the blogosphere.

You’re making the profession look bad, you know. How can accountants protect the public interest if they can’t even figure out a simple change to the CPA exam?

Side note: While I’m ranting about the 2011 exam, I should also throw in a few expletives meant specifically for the AICPA Board of Examiners for choosing to do this in the first place. WTF were you thinking?! We don’t even use IFRS and don’t know when we will, why the hell should we be so eager to test it now?!

/end rant

Top Five Resources For CPA Exam Candidates

Since I’m sick of writing about 2011 CPA exam changes and none of you asked any CPA exam questions this week, I’ve decided to be nice and offer you five excellent resources for CPA exam candidates, ranked in no particular order of importance.


CPAnet: The CPAnet forums offer a sense of community, suggestions and that all-too-important sense that you are not alone on your journey. Get tips on passing tricky parts, share your misery or get a kick out of helping other candidates by sharing your knowledge. The forums are a must for any candidate wishing to connect with others on the CPA exam adventure.

Twitter: Connecting with other CPA exam candidates and sources of CPA exam information (like @NASBA) can be incredibly useful. Follow the #CPAexam hashtag for news and views on all things CPA exam.

The AICPA: The AICPA has revamped its website and put together a comprehensive collection of CPA exam information, extensive tutorials and plenty of FAQs for your reading pleasure so you better be using them. Their “Become a CPA” section is jam-packed with useful info for international candidates, students interested in the CPA career path along with salary and career info.

NASBAtools: Access NASBA’s Accounting Licensing Library or use CredentialNet to do all the applying for you so you can focus on taking the exam and not worry about being buried in four pounds of paperwork. You can also find more information on licensure from NASBA’s website here.

Me: Wow, what a narcissist right?! In all seriousness, if you aren’t sending in your CPA exam questions or reading previous columns we’ve done on the exam covering everything from simulations to time management, you aren’t using the resources correctly. I don’t write for my own good, I do it so you guys can be informed and prepared for what’s ahead so do me the favor of not making me feel like I’m writing to a wall.

Final Reminder of Five Ways the CPA Exam Could Change in 2011

We’ve been talking plenty about 2011 CPA exam changes but since this is my last Friday CPA exam column until the new exam hits in January of next year (December being a blackout month), I figured now would be a good time to go over what will or might be changing next year, much of which is entirely dependent on how things turn out early in the year when CBT-e launches.


First, international standards WILL be eligible to be tested beginning January 1, 2011 but that doesn’t mean the 2010 exam and 2011 will be completely different. I suspect that the AICPA Board of Examiners will be extremely conservative with new standards for at least the first two testing windows of 2011 if not longer. That means you will see new standards and questions but likely will not see too much new material if you’re testing in January/February or April/May.

Second, simulations and research problems WILL look different, unless you’ve taken the exam this year already, in which case you’ve probably already seen a preliminary version of 2011’s simlet problems. The format is changing slightly but pretty close to the current tabs in simulations so it may not look all that different to you come 2011. Research will be worth more than the single point it is now so check out the tutorial on the AICPA’s website and don’t forget to use your current NTS for a free 6 month subscription to the professional literature.

Third, the candidate performance report (score report) is changing. Check out the AICPA’s website for a somewhat complicated scoring FAQ that explains how they currently determine your performance and what all those “comparable” or “weaker” notations mean on your score report.

Fourth, possibly based on the third point, the AICPA has pledged to look into changing what qualifies as a passing score in 2011. They have been pretty quiet with details and have not really said whether new passing scores – if implemented – would be higher or lower than the current 75. The best bet until we hear otherwise is to relax and worry about it later if they decide an 80 works better. They have pledged to give scoring a look after the first window of 2011 so stay tuned and we’ll let you know if we hear anything at that point.

Lastly, remember that the AICPA is nothing if not conservative. That means even though things are changing next year, it is highly unlikely that the AICPA will feel comfortable completely changing things on candidates. So for those of you rushing to get in one last part in the next two weeks (remember: you’ve only got 8 testing days left in 2010!), I’m pretty sure you’ll find next year’s exam to be far more familiar to you than you might think.

Prioritizing the CPA Exam, Getting a Masters and a Big 4 Job Part MMXXXII

In today’s edition of “let me figure out your life for you and push the CPA exam down your throat”, our little would-be Big4er writes in wondering:

I’m trying to figure out some options to get to a Big 4 firm. I interned at a regional firm in Los Angeles this past summer and realized that I want to be at a Big4 firm instead. I have been through the on-campus recruiting process this quarter and unfortunately I did not receive any offers after going through PwC’s second round interviews. I did receive an offer from a regional firm in the San Francisco area. Though, my ultimate goal is to end up at a Big 4 firm.

I will be graduating in March 2011 and was planning on begin studying for my CPA exam. I hopby October or at least a majority of the exam. Do you guys recommend I study for my CPA and go through the recruiting process again next year or continue my education and get a Masters in Accounting and go through the recruiting process after that?

I love when you kids have a plan, or rather when you have a goal in mind and come banging on our door asking how to get there.

Anyway, as always, I am inclined to recommend getting the CPA exam out of the way before anything simply because it’s easier to do now before you’re bogged down with commitment (OK, mostly a really time-consuming Big 4 gig). However I’m a little sketchy on your actual timeline since you say you are graduating in March and plan to be done by October; does that mean you’re planning on taking two parts per testing window after you apply and are approved to sit for the exam?

Assuming you are applying in California (you mentioned LA), might I recommend you take the exam shortcut now while you still can? Here’s the deal: submit your application to the state board now while you don’t qualify, pay your $100, wait 8 – 10 weeks for a rejection letter and then apply again in March right after your degree posts to your transcripts so you can be approved to sit in just 1 – 2 short weeks. That way you cut down on the waiting time while you’d still be waiting anyway, can jump right into taking your exams and can get in April/May, July/August and October/November instead of trying to cram in four parts in two testing windows.

Keep in mind that tackling the CPA exam before going to the Big 4 – or any firm for that matter – can sometimes work against you. If you really stand out as a public accounting rockstar and have already passed the entire exam they might assume (usually correctly) that you’re simply trying to get your foot in the door for your two years of experience. So be careful with the overachieving there, it might be wise to get through two parts or perhaps just get started on the exam without actually blowing through all of it before you go knocking on PwC’s door again.

Unless you absolutely want a Masters in Accounting, keep in mind it isn’t necessary to have one in California and you can just as easily pick up 30 extra units in just about anything to meet the 150 requirement. I usually discourage California CPAs from taking that route unless they absolutely have to so if it isn’t something that you really want, don’t do it just to do it. You can always get a Masters later when you’re more settled in the profession, know what you want to be when you grow up, have finished the CPA exam and have made a dent in your undergrad student loans (always a good idea before you take on any more debt).

The only issue with blowing off a Masters now is that you will obviously have a harder time getting the Big 4’s attention after you graduate so I would say plan to get started on the CPA exam as quickly as possible and put on your best game face next time the Big 4 come sniffing around at your school while you can. Hopefully that lands you something for the fall, giving you a chance to complete the exam before your start date, at which time you can try out Big 4 life and then maybe get back to us on how that’s working out.

Hope that helps and good luck!

How Do I Prioritize Taking the CPA Exam, Finishing a Masters in Accounting and Getting a Job?

If you have a career related question that also involves the CPA exam (like “should I take it before I try to get this awesome job at x firm?” or “Will I still get hired if I have a CPA and therefore scare the crap out of recruiters who want me to be as moldable to their whims as possible?”), please email me directly. Emailing advice@goingconcern.com will just mean you getting trapped in Caleb’s inbox for weeks.

Now then, today’s reader question comes from a finance world immigrant looking to elbow his way into public accounting:

I graduated in 2005 with a Finance degree, I spent one year as a Staff Accountant then moved onto to become a Corporate Financial Analyst for the past 4 years. I am interested in making the change to public accounting and began the MSA program last year to get the requisite hours, I’ll be eligible for the CPA at the end of the Spring Semester but won’t quite be finished with the MSA program. There is the background…

…now my question is would I be better off staying in my current position and finishing the master’s program before I take the CPA and find a new job? Or would it be more beneficial for me to attempt to find a lower level job at a firm during the spring semester to start getting some experience, then attempting to take the CPA next fall? I’m eager for a change, but I would like to know what the best course of action might be and if it’s realistic to think I could find a CPA firm job before I have finished the master’s program or taken the CPA exam. Thanks for your help.

Here’s the obvious disclaimer: I am heavily biased towards the CPA designation for many reasons.

Firstly, having one obviously makes you more employable because it shows a level of dedication that employers salivate over. Forget all that junk about a CPA showing that you know your stuff, getting one shows that you have the ability to grind through months or even years of studying your ass off, which employers are into because it means that you might just show the same sort of dedication to ticking and tying.

Secondly, having a CPA allows access to a professional network that cannot quite be accessed from the fringes (read: unlicensed fringes) and puts you in a different caliber. For someone trying to break into public accounting, having a CPA (or being darn close minus the work experience) right off the bat can put you on the fast track to career advancement that might otherwise be out of reach were you to both come from another industry and lack a CPA. Just my 2¢.

All that being said (possibly in more words than were necessary), yes you can find a job with a CPA firm before you have passed the exam but the best avenue to take is always to tackle the exam as early as you can before you get involved in life, work, family… you know, all that stuff that will turn into excuses for not having time to study later. Even your best-laid plans don’t always turn out as well as they appeared on paper, so that low level gig at a firm (if you can get one) might turn into a longer-term position that you can’t or won’t walk away from. Ask anyone who has studied for the CPA exam while grinding out their first year in public accounting if you need more clarification on just how large a pain in the ass that plan can be. You know, if you’re planning on having a life.

My suggestion: take the CPA exam as soon as possible and put your feelers out in the job market. Don’t bank on a CPA firm position landing in your lap but if you find one, it will be best to have as much of the exam done as you can get before you actually start. Good luck!

Will You Need New CPA Exam Materials In 2011?

As many of you know, some parts of the CPA exam are changing significantly in 2011 though don’t listen to the rumors that say everything is changing profoundly. If you sit for the exam before 2010 and sit again in early 2011, chances are you will recognize much of the content and format of the exam beyond the few changes. We’ve covered those here before, feel free to check out our previous CPA exam posts for more detail.

Anyway, a lot of you are wondering if you should purchase CPA exam review materials now and if you do how you will handle the new material in 2011.


If you’ve done your homework, you’ve found a CPA review course that offers updated material at no additional charge. This could be in the form of split shipments, updates to books or new books altogether depending on whose program you have sunk your hard-earned money into. If you are unsure whether your course offers these or if you are still shopping around for a review, be sure to ask before committing as some providers could end up charging you for new materials.

Keep in mind, however, that much of what is being tested currently will still be tested in 2011, even in areas like FAR and AUD that are getting a significant amount of new international material added to them. If you read too many misinformed forum posts, you might be under the impression that 2010 material is completely and totally irrelevant in 2011 and that studying from these materials will mean guaranteed failure on the exam. That is simply not true. Of course it is a good idea to also study from whatever updates you might receive to 2010 materials if you are sitting in 2011 but it is not worth panicking over nor delaying your studying because you are holding out for brand new 2011 information.

The AICPA Board of Examiners is not about to throw away their precious bank of tried and true CPA exam questions, even though they are anxious to add new international content to that mix. Much of what CPAs have been tested on for the last 6 years will still be relevant next year and there is no need to hold a giant 2010 CPA review book bonfire to eliminate old, outdated content.

You will definitely want to get access to any material updates if you are allowed them by your review course but please, don’t burn books or run out and get all new materials just because you are afraid of being left behind in 2011. Debits still go on the left, even under IFRS.

CPA Exam Dilemma: Do I Take Audit or FAR Before 2011?

Bypassing the pleasantries and getting straight into the reader question:

I passed BEC & REG on my first try, but I failed FAR & AUD. I need to take FAR or AUD before 2011. Which one do you suggest? FYI: I had 66 on FAR, 56 on AUD.


We’ve discussed what to do when you fail an exam section in the past and if you are familiar with the formula, you know that anything less than a 70 means you can pretty much go back to the drawing board. So the short answer here is that either FAR or AUD is fine but with a little over a month left before the end of 2010 testing, I am a little concerned that you may not have enough time to really prepare. Let’s be real here, you must not have put in much time or effort on either the first time around, am I right?

That being said, FAR looks like the more promising option though a 66 tells me that you’ve got a ways to go before you will be ready. It could be that you simply bombed one testlet and a simulation, in which case you don’t need to spend too much time going over all FAR topics in extensive detail but if you skimmed most of it the first time around, now might be the time to get serious and put in the work.

If you are asking which to take before 2011 because you are scared to death of the CBT-e changes, I would suggest taking AUD this year as the research will be harder next year while most of FAR will actually be easier (between removal of written communication, shorter “simlet” problems and fairly straight-forward IFRS vs GAAP content).

Regardless of which you choose, work on time management (perhaps that is your issue as it coincidentally tends to be a problem on both FAR and AUD) and use your score report to figure out where you need to focus for your second attempt.

Good luck!

Ed. note: Adrienne is currently trudging across this fine country, moving her life from not-so-fabulous-anymore San Francisco to an undisclosed location just outside of Washington DC. She’ll return to a full posting schedule next week after getting settled. As always, you are still welcome to get in touch with any CPA exam questions and/or post suggestions.

Where Can International CPA Candidates Get Certified Without Being Technically Licensed?

Getting back to the awesomeness that is the CPA exam for international candidates (piggybacking on the AICPA’s announcement earlier this week that they are moving forward with international testing in 2011), today’s reader question comes from a NY-based CPA exam candidate who originally hails from India.

I have passed all sections of the CPA exam in Delaware. I do not have experience to qualify for license yet. DE has stopped issuing certificate “alone” for CPA, they now issue combined cert + license. Is there a state who issues the certificate alone?


A few years ago, most international candidates went with either Colorado or Delaware simply because those state boards allowed for the easiest CPA exam experience without, well, the actual experience. International candidates could apply, show up to take the exams, pass and never actually become CPAs in the traditional sense but go home with those fantastic little letters on their résumés.

Unfortunately for international candidates, the state boards got together and decided that there might be some confusion between these certificate-holding CPAs and CPAs who fulfilled educational and experience requirements for licensure. As we all know, you could stay in school for 10 years reading about the stuff but there is just no substitute for good old work experience in the profession.

The old timers will recognize the term “two-tier state” as it was initially thought that passing the exam (the part where the certificate comes in) was the first step – or tier – and satisfying experience or additional education requirements the second.

So now that you have the backstory, where can you go? Right now Illinois is your only option and you will only have that available to you until 2012. They initially decided to eliminate the certificate in 2010 but the governor gave this CPA certificate plan a stay of execution until 2012, so get on it now if that’s your plan.

The other remaining one-tier states – Alabama, Kansas, Montana and Nebraska – all have a residency requirement or other restriction. That may mean they are out of the question for you. Montana requires a Social Security number for a certificate, something many international applicants obviously don’t have. Without knowing our reader’s specific details, this may or may not be an option. Anyone with experience with this little nuance in the the CPA certifying world is invited to share their experience.

Good luck and just be glad you aren’t getting licensed in New York!

AICPA Announces International CPA Exam Locations

Have you, like many foreigners, been tripping about getting into the US to take the CPA exam, battling with strict post 9/11 Visa rules and other assorted red tape? Trip no more, the CPA exam is about to go international. This is huge because the exam is also about to get an international makeover (like IFRS testing in FAR and international audit standards in AUD) but that couldn’t at all be coincidentally related to this announcement from the AICPA:

The Uniform CPA Examination will be offered outside the 55 U.S. jurisdictions for the first time in its history in 2011. The American Institute of Certified Public Accountants, National Association of State Boards of Accountancy and Prometric – the three organizations that jointly offer the CPA Examination in the United States – reached an agreement to administer the exam in international locations.

The CPA Examination next year will be offered in Japan, Bahrain, Kuwait, Lebanon and the United Arab Emirates.

The international exam will be the same as the one offered in the U.S., using the same computerized format and administered in English. As in the U.S., the purpose of taking the examination will be to qualify for licensure as a CPA through U.S. state boards of accountancy.

Security has been one issue for the AICPA in deciding where to offer the CPA exam even though it will continue to administer the exam through Prometric. International testing will be subject to the same state board or jurisdiction rules that determine eligibility for CPA exam candidates since there is no Dubai Board of Accountancy. Just as now, potential international candidates will have to meet the requirements of whichever jurisdiction they choose to apply. Which I guess makes all the residency-requirement states out of the running to be a part of this epic new spin on the computerized CPA exam?

Some have mentioned on earlier bitch sessions about the AICPA that their motivation is a monetary one. Expanding membership, for example, brings in revenue. Increasing the passing CPA exam score (thereby causing more failures and, one would imagine, more subsequent $$$ retakes after) is another example though that’s just a rumor last I heard. So if one were inclined to postulate as to the motive behind this move and approach it skeptically, you might come to the conclusion that this could equal a pretty significant payday for the AICPA as well as NASBA, Prometric, ChoicePoint and all the CPA review courses who make a living off of this exam. I’m not against it.

I guess we will find out what significance the U.S. CPA exam still holds for the rest of the world. Even if we end up looking pretty bad when international candidates do way better on the AICPA’s new international exam content in 2011.

How Much Harder Is REG Going to Be in 2011?

Well we’ve reached the end of our 2011 wrap up series so here are FAR, AUD and BEC if you missed them.

Let’s skip the pleasantries and get right into what you’re dying to know, how bad is Regulation going to be next year?


Things they are a-changin’…but not much – The good news is that REG is hardly changing at all. After all, you can’t test international standards of federal taxation as globalization hasn’t completely taken over so don’t expect to see much different content-wise come 2011. You will see the new simulation problems and notice there are no longer written communications. But beyond the cosmetic changes, the actual content that makes up Regulation will be quite similar to what’s already being tested. Of course, that is true across the board as a good 90 – 95% of what is being tested will still be tested next year if my gut feeling is still any good. You guys have to remember – next time you are freaking out about new exam material – that CPA exam questions are difficult to develop and the AICPA Board of Examiners isn’t about to trash all their useful questions just to start testing you on the international stuff.

Tax year overlap – One thing to keep in mind when taking REG – in the first two windows of the year you can be tested on both current and former tax year numbers. This means if you take it in January of 2011 you may see 2010 tax numbers or you may see 2009 or a mix of both. Chances are the newer numbers will not make their way to the exam (hey, the AICPA BoE is super busy getting those IFRS questions in working order!) but just something to be aware of. That doesn’t mean you have to memorize tons of different tax tables but it would be wise to stay up on tax changes in the year ahead as many tax rates are still in the air at the point many review courses are rushing to go to print.

Who said anything about ethics? – Ethics and professional responsibility are moved out of REG and put back into AUD except for those pertaining to tax practice and will still be tested about the same as 2010: 15-20% versus 15-19% in 2011. Business law will carry less weight, making up 17-21% of all questions. Federal tax procedures get a boost from 8-12% in 2010 to 11-15% in 2011. Great news for those of you who really do not like taxes, federal taxation of entities gets a downgrade from 22-28% to 18-24%. Individual tax stays about the same, going from 12-18% to 13-19%. Don’t expect much of a break, it is Regulation after all.

Other than that, REG won’t see much of a change. Business structure (partnerships, et al.) has been moved out of BEC (rightfully so) and will only be tested in REG but you already know most of that stuff if you have passed either section in 2010.

If you can, I advise holding off on Regulation until the last two windows of the year so you have a better chance of getting only one year of tax numbers (the AICPA will generally test the previous year’s tax numbers) but if you are looking for a good one to hold off on taking until next year ahead of the CBT-e changes, REG would definitely be it.

Good luck and we’ll see you on Friday!

Oh and in case you didn’t get the memo, if you have a CPA exam question for us (for example, which part can I procrastinate on until the very end of 2011?, Is farting allowed at Prometric?, How can I tell my girlfriend to leave me the hell alone and let me study? etc etc), do get in touch.