Everything You Need To Know About The CPA Board Exam
Apr 04, 2019
By : Angel Cruz
“The CPA board exam is soooo easy,” said no one ever.
Being an accountant, or better yet, a Certified Public Accountant (CPA), is one of the most sought-after professions in the country. Why not? CPAs aren’t just highly in-demand in every sector of society, they also await a promise of an exciting and dynamic career which thrive in the economy of businesses. They’re always relevant!
If you have a knack for numbers and logic, and at the same time, wants to pursue accountancy as a profession, then it’s high time to get acquainted with the CPA board exam! Ya ready
What is the CPA Board Exam?
As part of the Philippine Regulatory Commission’s (PRC) mandate to oversee the different professions in the country, the Republic Act No.9298 or the Philippine Accountancy Act of 2004 requires aspiring CPAs to take a written technical exam to measure their competence and evaluate whether they’re fit for this career or not.
Passing the CPA board exam is required for anyone who wants to practice accountancy as a profession.
What is the coverage of the CPA Board Exam?
We take financial matters seriously. That’s why there’s no reason why you shouldn’t take the CPA board exam seriously too. Come prepared for the test! While it’s already a given that the exam will cover topics you studied in college, it pays well to know the exam coverage so you can study smart and focus on topics you find challenging.
According to the PRC Board of Accountancy, these are the general topics you can expect in the upcoming board exams:
- Financial Accounting and Reporting
- Advanced Financial Accounting and Reporting
- Management Advisory Services
- Regulatory Framework for Business Transactions
Since last October 2018, each of these topics has included both new and old revisions of certain laws and standards such as the TRAIN Law, PFRS 9 on “Financial instruments”, and the PFRS 15 on “Revenue from Contracts with Customers.” However, by May 2020, only the new provisions will be included in the exam. Talk about transition!
P.S. Are you wondering what concepts fall under each general topic? Go into the specifics by checking the complete CPA board exam syllabi!
What is the passing rate for the CPA Board Exam?
To be a certified public accountant, you must get a general average of 75% plus no grades lower than 65% in any of the subject areas. If ever you miss the mark on your second take, you’ll be required to enroll in a refresher course. Think of it as a much-needed review to ace your next try!
Ever wonder how high is your chance of passing the boards? While it totally depends on how prepared you are for the exam, take a look at the trend of the CPA licensure exam passing rates over the last three years:
|Exam Date||No. of Passers||Total No. of Examinees||Passing Rate|
What are the eligibility requirements of the CPA Board Exam?
Everyone can wish to be an accountant, but only those who qualify for eligibility can take the CPA board exam and make their wishes come true. According to the PRC Board of Accountancy, here are the criteria you must meet to qualify for the exam:
- A Filipino citizen;
- Has a good reputation and moral character;
- Has graduated with a degree of Bachelor of Science in Accountancy in a government-recognized school, institute, college, or university;
- Has no criminal record.
What are the application requirements of the CPA Board Exam?
Being an early bird never hurt anybody. Being late, however, will give unnecessary headache from the hassle of cramming your papers at the last minute. (You don’t want that, do you?) Start preparing your application documents! According to the PRC, here are the requirements you’ll need to submit:
- NSO/PSA Birth Certificate
- Transcript of Records with scanned picture and Remarks “For Board Examination Purposes”
- Valid NBI Clearance
- Examination fee payment (Php 900)
Aside from the ones mentioned in the list, exam takers who failed twice need to undergo a refresher course and a conditioned/removal examination as part of their application requirements during their third try.
When is the CPA Board Exam schedule?
Taking a licensure exam requires careful and strategic planning. Familiarize yourself with the exam schedules, from application to the actual test day! According to the 2019 licensure exams schedule released by the PRC, here are the upcoming dates for the CPA board exam:
|Dates||Days||Place||Opening of Online Processing||Deadline in Filing of Applications||Target Release Date of Exam Results|
|May 12, 19 & 20||Sunday, Sunday & Monday||Manila
Cagayan de Oro
|October 22, 2018||April 12, 2019||May 27, 2019|
|October 5, 6 & 12||Saturday, Sunday & Saturday||Manila
Cagayan de Oro
|May 27, 2019||September 5, 2019||October 21, 2019|
How to apply for the CPA Board Exam?
Applying for a professional license has never been easy! Thanks to technology, you can already save yourself from hassle and start your exam application online. That’s right! Just access the PRC’s Licensure Examination and Registration Information System (LERIS) and follow the instructions.
Here’s a quick overview of your exam application process:
- Prepare all your requirements.
- Register and set up your LERIS account.
- Select the CPA Licensure Examination tab.
- Schedule an appointment with PRC.
- Choose your preferred payment method and pay for the exam fee.
- Print your application form.
- Proceed to the PRC on your appointment date and submit your requirements.
Take note that your PRC account gives you access to other services on the website. So make sure to keep your log-in credentials! You’ll need it again when you process and renew your professional license. *wink wink*
Where can I check the CPA Board Exam results?
Given that your family and friends haven’t flooded you yet with congratulatory texts or tagged you in an online news post about CPA board passers, just check the PRC official website or go directly to the online verification portal to verify your test result.
Based on the previous years, the PRC releases the official list of passers and top performing schools in as early as three working days. That’s just about two sleepless nights to endure! (Just kidding, get some rest. The results will be out in no time.)
When you pass the exam, the next steps would be attending the oath-taking ceremony, and getting your hands on your certificate of registration and professional license. This should only take a month after the test release date.
Passing the CPA board exam is NOT an easy thing to do. (If you need proof, please refer back to the trend of passing rates.) But it doesn’t mean you can’t overcome it and even pass with flying colors! With hard work and determination, you can take slow but steady steps towards becoming a Certified Public Accountant. You got this!
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