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MNCPA PERSPECTIVES

The gift of time, knowledge ahead of CPA exam changes

February 13, 2023  |  Stephanie Schmidt

The gift of time, knowledge ahead of CPA exam changes

The CPA exam is admittedly a challenging and, to some, a daunting undertaking. One of the biggest concerns I’ve heard from exam candidates the past few years has been about timing.

“What if I pass a section and then run out of time before I finish the rest?”

“Eighteen months seems like a lot of time, but I’m afraid it won’t be.”

“I’m worried I’m going to lose credit for a section because I’ll run out of time.”

I have good news for anyone who is currently taking the exam or will begin the process this year: The Minnesota Board of Accountancy (BOA) approved an 18-month credit extension that addresses testing limitations and scoring delays ahead of the new CPA exam launch.

Each state’s board of accountancy has been asked to adopt a similar policy. Some have already done so, and others are in the process.

Here’s how it works

CPA candidates with passing scores on Jan. 1, 2024, will have their credits automatically extended to June 30, 2025. No extension request is necessary.

Pro tip

Don’t procrastinate! Take the exam as soon as you can. Not only will you take the exam in its current, familiar format, but the sooner you pass one section, the more time you’ll have to complete the remaining sections.
 
For example, if you pass your first section on May 1, 2023, you’ll have until June 30, 2025 — more than two years — to complete the remaining sections.
 
If you don’t need it, great, but a little buffer never hurts!

What’s to come

The MNCPA will continue to share information about the new CPA exam as we learn more. Be sure to bookmark the MNCPA CPA exam changes webpage, which will be updated throughout the next year with new information as it becomes available.
 

Topics: Staffing, Personal Development , Succession, Education

Stephanie Schmidt

Stephanie Schmidt is the MNCPA director of membership and marketing. For more than 10 years, she has expertly managed numerous member programs and events. Her skillset comes in handy when also planning sleepovers and birthday parties for her family. Stephanie has also earned the MNCPA’s unofficial title of office fashionista. Step into her office and you’ll see her knack for fashion, design and d├ęcor. She’s also a hugger, which you’ll appreciate if you’re ever trapped in a scary escape room with her. Stephanie can be reached at 952-885-5523 or sschmidt@mncpa.org.

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