Puerto Rico CPA Requirements (2023)

FAQs

Should you answer every question on the CPA exam? ›

Answer CPA Exam MCQs in consecutive order.

CPA Exam candidates should strive to answer each and every question. There are no points given for a wrong answer, but you also won't get any points for a question you didn't answer!

Frequently Asked Questions. What is passing score for CPA exam? There are four sections to the CPA exam, and you must score a minimum of 75 (on a scale of 0 to 99) to pass in each.

Financial Accounting and Reporting (FAR) Often considered the most difficult exam, Financial Accounting and Reporting (FAR) has had the lowest passing scores of the four exams.

The overall pass rate for each section of the CPA exam hovers around 50%, but how many people manage to pass all four sections on the first try? About 20%. Around 1 in 2 people will pass a specific section of the exam, and about 1 in 5 people will pass each section on their first try.

You've probably heard quite a bit of intimidating details about how hard it is — it's long, it requires hundreds of hours of study time, it's so difficult that the average CPA Exam passing rate for first-time candidates is only 50%.

Colorado's (CO) CPA exam requirements are possibly the most advantageous of all the states. It does not require 150 hours to sit. With no requirement to be a US Citizen, a resident of CO, or a certain age, it makes Colorado one of the easiest states to sit for the CPA exam and become licensed.

Each section of the exam is scored on a scale of 0 to 99. Candidates must get a score of 75 in order to pass a section. It's important to understand a 75 percent or a C+ grade is not equivalent to a passing score. You must achieve at least 75 points in order to pass.

Overall, however, the passing rates for the UBE average between 50% and 60%, a little higher than the CPA Exam. So, more Bar Exam candidates pass the Uniform Bar Exam vs. the CPA Exam.

What is the easiest part of the CPA exam? BEC has the highest pass rate and is considered the easiest CPA exam section.

How many people never pass CPA exam? ›

About half of the individuals who take the CPA Exam don't pass on their first attempt. According to the AICPA, the national average pass rate is 45-55%. Cumulative pass rates reported by the AICPA for the calendar year 2021 show that FAR had the lowest pass rate at 44.54% and BEC had the highest pass rate at 61.94%.

So, we know that BEC is widely considered to be the easiest CPA exam, but where are the other CPA exam sections in order of difficulty? After BEC, the next easiest CPA exam is Regulation (REG). At 60.7%, it has a similar pass rate to BEC (based on the most recent cumulative results).

Exam Fees. The cost to take all four sections of the CPA exam in Puerto Rico is $743 plus the initial $210 application fee. The re-examination registration fee varies depending on the number of sections you are signing up for.

To register a DBA in Puerto Rico, submit a Trade Name Application to the Puerto Rico Department of State, along with the $150 filing fee.

The overall CPA Exam pass rates hover slightly below 50%. This makes passing the CPA Exam a difficult, but achievable, goal.

As soon as you know that you have passed all four parts of the CPA Exam you may apply for licensure; there is no need to wait for your pass letter. Is an ethics examination required? Yes. However, it is not necessary to take the ethics examination until you are prepared to apply for the CPA license.

According to the AICPA's published pass rates, the hardest part of the Uniform CPA exam is FAR (Financial Accounting and Reporting).

The CPA exam is a four-part, in-depth assessment of proficiency in all requirements for public accountancy. It is considered one of the most challenging professional exams on the planet. When the national pass rate is roughly 50%, you know it can't be an easy exam. Hundreds of hours of study time will be necessary.

If you do not pass all four sections within that 18-month period, you will lose credit for the first section of the exam passed. The credit status period then becomes based upon the credit expiration date of the next passed section.

Does the CPA exam get harder if you are doing well? ›

If a candidate performs well on the first testlet, he/ she will get a more difficult second testlet while those who do not perform well on the first testlet will receive a second medium difficulty testlet. This testing process is called multi-stage testing (MST).

In 2019, the jurisdictions with the highest pass rates were: Utah (66.0%), Wisconsin (63.4%) and Iowa (62.2%). Performance metrics also indicate 83,017 candidates took the Examination in 2019 (of which 63,034 were new candidates) with 23,407 candidates passing their final section of the Examination.

The top-paying industries for accountants include finance and insurance, management of companies and enterprises, tax preparation, and the government. The top-paying states/districts for accountants include Washington D.C., New York, New Jersey, California, and Massachusetts.

Tax Accounting: Usually some of the most difficult classes for an accounting major as they delve into the minutia of tax codes, though this knowledge is a major source of income for accounting graduates.

CMA Passing Rate Compared to Other Accounting Certification Exams. You might be surprised the learn that when compared to other accounting certification exams, the CMA pass rates are among the lowest, coming in at around 50%. The Certified Public Accountant (CPA) exam is similar, with a 54% pass rate.

To pass a CPA Exam section, you must score a minimum of 75. Have you ever wondered how the AICPA calculates your CPA Exam section scores? Scores are reported on a scale that ranges from 0 to 99.

The CPA Exam is NOT graded on a curve. Every candidate's score is entirely independent of those of other candidates. A traditional grading curves compare the candidates to each other and base the scores off of the total pool of test takers. However, the CPA Exam is a criterion-referenced examination.

There is no denying that studying for the CPA Exam is an inherently stressful experience - stress and the CPA Exam can often go hand-in-hand. You can't completely eliminate that pre-exam anxiety, and it probably wouldn't be a good idea to do so because stress can be a motivator.

It can be a stressful job

As an accountant is responsible for a person's or company's finances, it can be stressful to handle all this sensitive and confidential information. Also, identifying minor discrepancies that can affect coworkers' jobs, can generate stress and anxiety.

How long does it take to pass all 4 CPA exams? ›

You must complete all the CPA exam sections within 18 months for successful licensure. An average CPA candidate requires 9-14 months to pass all the sections of the CPA Examination. However, this period may vary as per your familiarity with the material, acquired skills, and study time devoted.

The CPA Evolution Blueprint has moved some of the more difficult FAR topics (e.g., governmental accounting, derivatives, consolidation, etc.) into the BAR discipline track. Candidates waiting for 2024 to sit for FAR will have an exam that goes deeper into topics, but covers less difficult and advanced topics.

The 2024 CPA Exam will retain three of the four existing core sections — Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG) — and add three new Discipline Exam sections: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and ...

Michael Kimble, CPA

Perfect score on Audit. Passed all sections on the first try with an average score of 96.5. Eligible for the Elijah Watt Sells Award.

CPA exam scores are evaluated on a scale of 0 to 99 and to pass you must get a minimum of 75 points in every exam section. However, the CPA Exam is not scored based on percentages.

I always encourage my friends/co-workers to pass it ASAP after graduating. Anyways, the President of my firm gave me a pamphlet last year with detailed info on the CPA (broken down by states too) and if I remember correctly, the average age was 29. It's at work somewhere in one of my filing cabinets.

We recommend candidates take between 9- to 12-months to complete the CPA Exam. However, we have had students successfully pass all four sections of the exam in just three months. The best advice is to consider all your professional and personal workloads, and then set realistic goals for yourself!

The CPA certification is typically viewed as more difficult than the CFA because it covers a broader set of topics. The CPA exam broadly focuses on all aspects of accounting while the CFA exam solely focuses on finance. In the end, the difficulty of either exam depends largely on your knowledge and experience.

To recall, the CPALE passing rate in previous years are as follows: October 2018 – 25.18 percent; May 2019 – 16.46 percent; October 2019 – 14.32 percent; October 2021 – 15.28 percent; December 2021 – 21.87 percent; May 2022 – 22.29 percent; October 2022 – 25.84 percent.

If I Don't Know an Answer When Taking the CPA Exam, Should I Guess Or Skip The Question? None of the questions in the CPA exam carry a penalty for an incorrect answer, so you shouldn't leave any questions blank.

Is it common to fail the CPA Exam? ›

Just know that you're not alone—the CPA Exam is hard. The CPA Exam has a pass rate of around 50%. So, though millions of candidates have passed the CPA Exam, many first faced failure along the way.

You MUST pass all four CPA Exam parts to become a certified public accountant. Each examination section is graded on a scale of 0 to 99, using a rigorous scoring structure.

Your only restriction is waiting to receive your score from a previous attempt of the same section. Additionally, there is no limit as to the amount of times you may repeat a failed section. How do I gain credit for sections passed on the Uniform CPA Exam?

CPA Exam Written Communication Testlets

BEC is the only CPA exam section with WCTs. Some students find this makes the exam easier, but some do find WCTs to be harder than TBSs. Either way, BEC is considered the easiest part of the CPA exam because it has the highest pass rate.

The official line is that it means you haven't yet demonstrated to the AICPA knowledge sufficient to protect the best interest of the public as a CPA. The truth is its the same as a 52. You have to start from scratch as if you've never taken the exam before in your life.

Is the New CPA Exam Harder? I hate to be a downer, but yes it is. Candidates typically have more problems with the task-based simulation portion of the exam and now that portion is worth more and covers more topics. It will also require a different way of thinking.

Studying Inefficiently (Or Studying the Wrong Material)

Effective studying requires putting in every ounce of effort to avoid deviating away from that study schedule — no matter how tempting external activities can be. Candidates who have disciplined study plans are more likely to pass the exam the first time around!

Overall, however, the passing rates for the UBE average between 50% and 60%, a little higher than the CPA Exam. So, more Bar Exam candidates pass the Uniform Bar Exam vs. the CPA Exam.

Tax Accounting: Usually some of the most difficult classes for an accounting major as they delve into the minutia of tax codes, though this knowledge is a major source of income for accounting graduates.

You have 18 months to pass the remaining three sections of the CPA Exam; if you do not pass them all, you'll lose credit for the first section you passed. This adds additional stress to every stage of your exam process.