Are you really ready for the CPA exam? Numerous CPA candidates entertain this question each year. Those who are finally preparing to take the professional plunge by toppling the final frontier to full-fledged “Accountant” status know the importance of this major milestone.
Due to the huge impact and lifelong implications of CPA exam passage for long-term professional success and range of occupational options, we have compiled the following hints to guide you in your quest for success in passing the official CPA test.
Direct Costs vs. Peripheral Factors
All practicing and aspiring accountants know that there are two fundamental types of expenditures: direct and peripheral. As the respective terms imply, the former denotes expenditures that are quantifiable and explicit. The latter indicates costs of a more implicit nature. Often nebulous and not always apparent, such factors nonetheless carry heavy weight in any final analysis.
Any competent approach to comprehensive CPA exam preparation entails adequate consideration of both categories. Candidates for CPA licensure must process and recall sufficient substantive data to achieve a passing score. Of equal or even paramount significance, however, is creating the correct confluence of circumstances most conducive to effective data absorption and retention.
Timing is Everything
A popular philosophy holds that new graduates should postpone any attempt at CPA exam passage until at least six months of professional employment have elapsed. The underlying rationale is that CPA testing features far too much material for most examinees to have the remotest chance of mastering with mere academic study alone.
Indeed, one Certified Public Accountant publicly posited that the proper study of just one CPA exam nodule encompasses more material than most entire degree programs! This person publicly expressed his firm conviction is that supplemental practical experience offers the only realistic hope of exam passage. Check this link to view further discussion.
Preparing to Prepare
Before doing anything else, procure the latest issue of the Candidate Bulletin. This publication is an indispensable resource for CPA examination candidates. This Bulletin outlines all obligations required of CPA aspirants and features an overview of the entire exam process in addition to other valuable insights. A printable copy is available for download here.
Change is the Only Constant
CPA exam preparers make periodic changes to question format and substantive content. The American Institute of CPAs publishes an e-newsletter called CPA Alert to help applicants stay abreast of such events here.
Test Form Familiarity
Not only must you know the actual substance of tested subject matter; you must also have advance awareness of the types of questions you must answer and the kinds of tools you must work with, and know how to navigate the CPA exam.
A primary CPA Candidate responsibility is thorough familiarity with the format of test format, functionality, and instructions. Any deviation from such standards will seriously detract from final scores.
The State You Want to Be In
Your last pre-preparatory step is determining the specific state where you wish to take the CPA exam. Licensing regulations vary widely among jurisdictions. If you are uncertain about this, peruse several states’ requirements before making a final selection. The National Association of State Boards of Accountancy maintains a geographical database of each states licensing criteria here. You may also request an exam application by following the link(s) to the state(s) of your choosing.
Meatier Matters
1. Study diligently and efficiently.
Many experts recommend spending at least 120 hours of study for each individual test. Identify your particular areas of weakness and exert special study effort to clarify any confusing points. If a given review strategy proves ineffective, discard it. You must adequately address all CPA exam content from every possible angle, as examiners will purposely try to trip you up with trick questions.
2. Establish a strong support system.
Many other activities and areas of your life must temporarily take a backseat during your CPA exam preparation. Speak with your employer and family well in advance of commencing serious study. Ensure that sufficient flexibility and adaptability exist to accommodate your efforts.
Point out that even though needed adjustments may seem painful in the short run, they ultimately pay off in the long term in vastly increased earnings potential and enhanced professional credibility. Thus, the investment is well worthwhile.
3. Enroll in a reputable review course
Reputable CPA exam review courses feature a variety of study venues and available ancillary support. Seek referrals from coworkers, current and former classmates, or online review sites to find the program that best suits your individual needs – and budget.
4. Second time around
If you are undertaking a second or subsequent attempt at CPA exam passage, never forget that you must earn a full 75 points. Unlike many other scholastic testing arenas, there is no partial credit or “A‘s” awarded for effort to repeat CPA testers. If you came 2 points shy of passing on your last try, you must still study as diligently as a first-timer. This necessity is the result of constantly changing CPA test content and question format. One advantage you do have over professional competitors and colleagues is advance awareness knowledge of your particular weak areas.
5. Spend the last one or two weeks or so prior to your CPA exam cramming like mad.
Then, back off during the very last day or two just before the test. This enables your brain to fully absorb and assimilate all that data you have been vigilantly digesting.
It All Balances in the End
CPA exam passage is a point of justifiable pride. The post-signature “CPA” designation is very rewarding in so many ways. In addition to the well-deserved personal satisfaction of a job well done, you will realize major rewards in the remunerative realm with much higher earnings. The sum total of these benefits makes the effort invested to pass this rigorous professional prerequisite well worthwhile!