Preparing the next generation of CPAs

Our department’s leadership, forward-thinking faculty, and innovative project-based curriculum means Gies students will be well-prepared to excel on the new CPA exam that’s set to launch in 2024.

“Our profession is changing, and the updated licensure model reflects the more advanced skills and competencies required for entry-level CPAs,” said Josh Herbold, associate head of the Department of Accountancy.

In 2021, the NASBA and AICPA launched the CPA Evolution project to update the CPA exam. After consulting with academia and practitioners, they determined three of the four core sections will remain the same:

• Auditing and Attestation (AUD)

• Financial Accounting and Reporting (FAR)

• Regulation (REG)

In addition to showing competencies in emerging technologies, CPA candidates will also select one of these three new disciplines to demonstrate greater skills and knowledge:

• Business Analysis and Reporting (BAR)

• Information Systems and Controls (ISC)

• Tax Compliance and Planning (TCP)

Gies’ Department of Accountancy began informal discussions about the impending changes in 2021, and by 2022 the department formed a Curricular Innovations Committee to perform a detailed curricular analysis. They analyzed course objectives and content by degree program and mapped that to the updated CPA Exam Blueprints for all sections of the exam. The committee found that our students continue to benefit from the path set by Project Discovery in 1997, which was a revolutionary shift in coursework that aligned with leadership by shifting focus from technical skills and spreadsheets to accounting concepts and principles.

“Project Discovery’s legacy of innovation was immediately and incredibly apparent – we could change nothing and meet the criteria,” said Department of Accountancy Head Michael Donohoe. “While our curricula will continue to be informed and not dictated by the CPA exam, we found some clear opportunities for enhancements and refinements.”

By Spring 2024, additional course content will include:

• ACCY 405: Assurance and Attestation will stay true to its Project Discovery roots, offering a broad overview of the profession and a student’s prospective place in it. Additional content will include tasks that link more specifically to accountancy standards covered on the new CPA exam.

• Additional emphasis on ethics in tax practice in bachelor’s degree tax courses.

• More coursework on government and nonprofit accounting, which is highly relevant, or specifically required, for CPA licensure outside the state of Illinois.

• ACCY 312: Principles of Taxation and 451: Advanced Income Tax Problems will include assessments and refinements to teach tax planning, which is now more often part of a new CPA’s job description.

“What we’ve confirmed is that while accounting programs at other business schools may still be navigating how to prepare their students to meet the new criteria, Project Discovery’s approach continues to pay off,” said Herbold. “Our leadership and focus on what’s ahead ensures our curricula continue to stay ahead of the pack, and our grads are well positioned to pass the exam at a pass rate far above the national average.”

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Our profession is changing, and the updated licensure model reflects the more advanced skills and competencies required for entry-level CPAs.”

Head of the the Department of Accountancy

Current Curriculum

Curricular Gap Analysis

Heat maps show how the Department will continue to enhance its already strong curriculum so ACCY students are well-prepared to excel on the new CPA exam.

Future Curriculum

Spring 24/25