Provided by Bryan Kesler, CPA
CPA Exam Mentor*
Accounting Practice Main Page |
Professional Certifications Main
If you want a stellar career in accounting, you will surely benefit from becoming a Certified Public Accountant or CPA. And given the value of this certification, expect to invest a considerable amount of time and effort to keep up with the CPA exam schedule.
Fortunately, with the right strategy and direction, you are likely to complete a CPA review course and clear the exam within 12 months.
Whether you're prepping for the CPA when working full-time or retaking a part of the test, we have a few helpful CPA exam study tips that can help you pass with flying colors.
Begin With the Right Tools
Unless you have the right study tools in your hand, you may find yourself floundering in the dark in search of success. So your first step is to find the right books and supplemental material that can help you prepare for the CPA test.
You'll find tons of invaluable study materials for the CPA exam online.
Choose those that offer a review of theoretical concepts in a comprehensive
manner and help you understand their application through a problem-solving
approach. In addition to this, a CPA review course can help you figure out where
you need to improve, making your study plan more efficient.
Moreover, pay close attention to your learning style. Not everyone enjoys
learning through hard copies of textbooks, and that's perfectly okay. If that's
the case, you can always look for
helpful diagrams or view video lectures through various online platforms.
So, based on how you learn, you can choose the CPA prep course material that
suits you best.
Study at a Steady Pace
It's hard not to be enthusiastic about achieving your target to become a
CPA within the next few months. However, do not rush your
CPA test
preparation.
Burying yourself completely inside your textbooks for long hours is
counter-intuitive. Instead, break your study hours into small chunks and
give your brain a break between the gaps. This will allow you to grasp more
information and retain most of it. The recommended study hours for the CPA
exam will vary depending on your own liking.
Setting a study schedule
(and committing to it) is really the best way to study for the CPA exam.
Your planning skills will come in handy when deciding how and what to study
each day.
While making a study plan for the CPA exam, remember to leave some breathing room for your prior commitments. Set aside enough time for other vital tasks - be it spending time with your family, working a full-time job, or anything else that's important in your life right now. It's also helpful to take time out for the CPA exam application process itself.
Understand the Exam Content
Before embarking on your CPA exam journey, get to know how you will be tested by familiarizing yourself with the CPA test format. The CPA exam consists of 4 sections:
Financial Accounting and Reporting (FAR)
Auditing and
Attestation (AUD)
Regulation (REG)
Business Environment and Concepts (BEC)
Knowing the syllabus of each section will help you plan which order you want to take them in. Plus, you'll get an insight into the MCQs, TBSs, and other questions asked in each test block.
Take Help From a Partner
Here's a solid piece of advice to ace your CPA exam: find an accountability buddy to stay motivated as you prep for the test. Given the long journey that the CPA course takes you on, you will likely encounter a few frustrating bumps in the road that'll make you feel like giving up.
At these points, finding someone to keep you going is a great way to stay on track. And that's what an accountability buddy does! You may consider anyone for this purpose, whether or not they belong to the same field. Simply make them aware of your targets and dictate when and how you are completing them.
Of course, an industry professional will add more value to your study plans
for the CPA exam. Someone who works in tax, for example, could even impart some
useful tips and tricks when preparing for REG.
With a reliable friend or
partner to keep you company on your journey to become a CPA, you will find
yourself motivated to finish your daily targets without lagging behind.
Practice Indeed Makes Perfect
So here's the thing: your CPA exam prep is incomplete if you don't allocate enough time to practicing what you have studied. Without the pillar of practice supporting your preparations, you may ruin your chances of passing the CPA exam in 12 months.
Solving old question keys and review materials is the key to cementing every theoretical concept you studied. By actually practicing what you read, you can memorize the information, be more confident about your test-taking abilities, and learn some handy tricks to ace the CPA test, too.
Avoid Scheduling Your Exams in One Go!
The sheer cost and time related to the CPA exam application can understandably make you want to complete the test as soon as possible. However, scheduling all your exams at once is not the answer.
To adequately prepare for each section of the CPA test, you need time to carefully go through all the materials. And 6 months is a reasonable enough duration for most applicants to finish the test. But something can come up in the months leading up to the big exam, forcing you to change your exam plans.
Moreover, some sections are harder than others, and you may want to retake them if you don't perform as well as you'd expected to. As such, it is ideal to schedule the test for up to two exams in a go. If you make room for unexpected circumstances and stick to your schedule, it is possible to cover all 4 sections within 12 months.
The Bottom Line
Practice will make you perfect in just about anything - and CPA exams are no different. Keep your CPA exam preparation up to date and study for a few hours at least every week. With helpful study tips, you're in a better position to clear the test in 12 months.
_____________________________________
* Bryan Kesler
Bryan Kesler, CPA is a passionate CPA exam mentor with a mission of helping all CPA Candidates struggling to pass the CPA exam find success. As a business owner and licensed CPA, his priority was to find a firm that could manage his accounting and provide him with CFO services. He understood that if he was to stay focused on his singular goal of helping as many CPA candidates pass the CPA exam, he should not be the one to handle his accounting or tax services.
Related Summaries:
Hargadon, J. M. and L. R. Fuller. 2010. Take less - and earn more. Strategic Finance (March): 47-53. (Note).
Krippel, G. L., J. Moody and S. Mitchell. 2016. CPA credential delivers high value. Journal of Accountancy (May): 32-36. (Summary).