BEC and the CPA Evolution 2024

The accounting & finance landscape is changing due to demographic shifts, talent needs, and the declining rate of accountants. Over 1200 accounting boards and professionals across the globe to overcome this challenge came up with a solution of introducing a CPA Evolution 2024 that would lead to flexibility and change in the CPA exam structure, CPA licensure model, salary, and work-life balance.

The Transiting BEC

The impact of CPA Evolution is more seen in the BEC section of the US CPA course. The BEC section will be replaced by three core disciplines: Business Analysis and Reporting BAR, Information Systems & Controls ISC, and Tax Compliance and Planning (TCP). A CPA candidate can choose one of the three disciplines while taking the exams in 2024 instead of BEC. An underlying goal here is to make CPAs specialists in a particular field. 

The BEC CPA syllabus covers concepts ranging from cost and managerial accounting, capital structure, and variance analysis to internal controls and economics. Since the pass rate for BEC stands at 60%, students and professionals must take cutting-edge CPA training to get into the nitty-gritty of the new core disciplines to crack the new discipline. The exam will be of 5 sections with 4 test sections (3 Core + 1 Discipline).  Some other reasons for the change in BEC content are-

• The skill gap was identified as critical and ratified by 1200 academic chairs globally.

• Fuel CPA aspirants to stay competitive in Industry 4.0 F&A landscape.
• Learn and apply competitive Technologies (AI, ML, and Data Analytics + Accounting) to tax, auditing, and financial planning processes. 
• As the Big 4 announce 52,000 new roles of which 50,000 positions are technical.
• There is a 30% downfall in accounting graduates in Public Accounting firms and a 31% increase in non-accounting graduates in the accounting profession.

What to expect from CPA Evolution 2024?

The CPA Evolution 2024 is set to bring in a uniform CPA examination across the globe. Secondly, it is posed to change the CPA syllabus to meet the futuristic needs of the accounting & finance industry. It has placed advanced and critical competencies like risk assessment, IT and systems governance, and accounting analytics to bridge the talent gap and fill competitive roles at the Big 4 and top MNCs.

Wayforward

Earning a US CPA from the best CPA Review Institute in India within 18 months will gear you to notch top-end roles at Big 4, Fortune 500, and leading MNCs in India, the US, and Canada. The Bureau of Labor Statistics projects a 6% growth, which means the accounting market is booming, which would open 1,449,800 F&A roles by 2030. Trust us, the average median salary for a CPA fresher is 11 LPA and above.