Evidence in the Scores - The 2024 CPA Exam

I have been helping CPA candidates pass the CPA exam since 2007, and I’m here to tell you, “I told you everything was going to be alright.” It always is when there are big exam changes.

Evidence in the scores.

We are five months into the 2024 CPA Evolution exams, and the first exam score results are published. And there is not a lot surprising about the results. FAR is still the core exam with the lowest passing percentage. The BAR discipline exam seems to be following suit. The TCP discipline exam has a very high passing percentage in the first round of exams. And the REG exam passing percentages are the highest for the core exams.

What does this mean?

First, I don’t believe we should try to project future passing percentages based on the results from two months. A true statistician would fall to the floor at that idea. There are likely going to be changes in these passing percentages going forward.

I’m reminded of driving the freeways of Denver, Colorado, the place of my primary residence. When one lane of the freeway seems to be moving faster, everyone starts to merge into that lane and, suddenly, that lane is moving at the same speed, or slower, than the others. That could happen with TCP and ISC. As more numbers enroll in TCP and ISC, we’ll likely see those averages fall.

Second, the order an individual takes the exams matters in interpreting the results. Historically, FAR has been the starting point exam for many. The number of candidates taking the FAR exam has always been the greatest. Those who pass FAR then go on to join others who have also passed FAR to take the remaining sections. These “next” section exams, then, have a pool of proven successful exam takers enrolled. If this patterned behavior is true in 2024, then it makes sense FAR would continue to have the lowest passing percentage. We should not assume that also means it is the hardest exam. Because the number of exam takers is different for each exam, be careful with any projections.

Finally, candidates who started the process last year may be finishing this year. There are many candidates who have just one or two exams to complete this year and are proven successful exam takers.

So what should I do?

Pick the discipline that fits your interest most and stop worrying about chasing the path of least resistance. That’s what you do. You study hard and remind yourself that, if others can do this, so can you.

It’s annoying but necessary.

The slowdown in the administration and scoring processes required in that first year of big changes is painful. But this slowdown is necessary to ensure the exam results are accurate and fair. So be patient. You might be done with your four exams before these processes are efficient again. Remind yourself to pour energy into what you can control.

Life lesson: sometimes we have to slow down to go fast.

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Quote of the week: “Change the way you look at things and the things you look at change.” ~Wayne Dyer