I have been asked by the student accounting group at my
graduate program to talk to both undergrad and graduate accounting students
about my journey throughout the CPA exam. As almost all of these students are
in the process of, or planning on soon sitting for the exams, I hope sharing my
experience will be helpful in better preparing them to pass. While I am in no
way a “CPA Guru,” I have taken the exam very recently and can share the tips
and tricks I learned along the way. Hope you enjoy.
Let us begin by talking about the structure of the Uniform
CPA exam. As of 2013, the exam consisted of four individual sections. These
sections are Auditing & Attestation (AUD), Business Environment &
Concepts (BEC), Financial Accounting & Reporting (FAR), and Regulation
(REG). Other sources will better explain the content of each exam. Each consists
of four testlets, the first two have three multiple choice sets with 24
questions. AUD is followed by six simulation questions which test application
of the material. BEC’s fourth testlet is a writing sample in which you must
complete three short pieces that are scored on both technical content and
grammatical structure. FAR and REG both have four testlets as well; however,
each of the three first multiple choice sets have 30 questions and the fourth
is again a simulation set. AUD and BEC both offer the tester three hours to
complete, while FAR and REG offer four hours. Again, outside sources can offer
a more detailed explanation of the structure, as this is simply an overview.
When it comes to registering for the CPA exam, you must
first have completed the required education for your respective state; details
can be found here. For my state (Michigan) and many others, you apply through
NASBA. After applying and being approved, you will receive a Notice to Schedule
(NTS), this allows you to register with Prometric to take the exam. Remember
that testing is only offered in the first two months of each quarter, so plan
ahead. I believe a key to success is to register for the exams ahead of time,
as doing this adds a level of “stress” to stop the procrastination.
When to take each exam and the amount of time you will need
to study for each will vary depending on your situation. For me, I took the
exams over the summer of 2013 and in the following order: BEC, FAR, AUD and
REG. I planned to spend the summer studying full-time, so this worked out well
for me. The one piece of advice I can offer is to take your anticipated
“hardest” sections first. When you get to the last exam you are most likely
going to be burnt out from CPA exams and your motivation levels will be at
all-time lows. Thus, taking your “strongest” sections last will make it that
much easier to study. When deciding how much time to dedicate to study, just be
honest with yourself. Don’t over plan study time, but don’t short yourself.
When it comes down to study techniques, I recommend using a
prep program like Becker. Full disclosure, I am a campus representative for the
program and did receive the material at no cost. However, I can confidently say
that I believe that they offer the best prep program for the CPA. Regardless of
your prep program you use, make sure you first watch or read the lectures then
complete as many multiple choice questions as possible. The multiple choice
questions are KEY. Most prep programs license their questions for previously
used AICPA exam questions, which makes them very relative to the potential exam
questions. The more multiple choice questions you complete, the better your
retention rate and recall speeds will be on exam day, which is essential to success.
I personally completed thousands of questions over the three months I spent
studying; but I would like to think that my exam scores reflect this well.
One of the best study habits that I can offer is to set time
aside for it. This is imperative to making sure you complete all the necessary
preparation prior to exam day. Life offers you a multitude of distractions and
more attractive
opportunities. You will have to learn to give up your social life for a few months and be
willing to turn down the night at the bar in exchange for reviewing IFRS
standards. Yes, this will be undesirable, but in the end it will be worth it.
As with everything, balance is a necessity, but don’t let this be an excuse to
skip on studying in exchange for a few beers or dinner and a movie.
A great way to ensure you stay focused and have the physical
and mental energy to get through your day is not only exercise regularly but to
also eat healthy. I am neither a dietitian nor a personal trainer, so I will
leave the details to the professionals: I will only offer the idea of plentiful
cardiovascular exercise combined with a balanced diet. It will be very easy to
snack on “junk” all day long while you’re cramming for the CPA, DON’T DO IT!
You will also need the support of your family and friends
along the way. If you are in a relationship, prior to starting the exams
explain the entire thing to your significant other. Doing this will help him or
her better understand not only the importance of this exam, but also the
tremendous time dedication it will require. Most people won’t understand how
in-depth this exam is and why you can’t socialize more. You can try to explain
it to them, but you’ll quickly get sick of this. Accept the fact that they will
pressure you and you must be able to say no and ignore their comments and
maintain focus. Once you’re done with the exams take them all out to the bar to
celebrate and insist on each of them buying you a drink to celebrate, win-win.
For support and focus, I also utilized Another71.com. This
site offers a great forum board filled with motivation and support. It is also
a great place to either ask or answer questions. During my studying, I would
ask questions on topics I did not understand to other members. I also would
answer as many questions as I could on material that I understood. Doing this
allowed me to reinforce my knowledge and I believe helped improve my
performance on the exams.
When prepping for exam day, be ready for stress. The stress
level for the first exam will be the worst, as you don’t know exactly what to
expect. Don’t worry, they get less and less stressful as you get through them.
Make sure you get a good night’s sleep before the exam and stay away from sleep
aids as they leave you with “medicine head” the next morning. I am a huge
coffee guy and believe that it is necessary for life; however, make sure you
know how you react to caffeine prior to taking too much before the exam. You
will be stressed as it is, you don’t need a case of the jitters to compliment
the stress. Simply put, just relax. If you are prepared, you’ll do fine and
there will be no need to worry.
To help alleviate the stress, I recommend packing everything
you need in a clear plastic bag the night before. You must have both your state
issued ID along with your NTS to get into the testing center. Forgetting either
of these will leave you taking the exam at a different time. Weeks prior to
exam day, make sure your ID matches your NTS name perfectly, you don’t want any
issues on exam day. I am not sure if this applies to all Prometric centers, but
mine allowed me to bring snacks in and leave them in the locker. I brought a
few power bars to eat in between testlets; remember that these are three and
four hour exams and your brain needs power.
I recommend dressing is layers, you will never know how the
testing room will be. You will be checked for metal prior to entering the room.
Leave hats, belts, watches, rings, etc. at home. Just make sure you are
comfortable. I wore athletic shorts, a tee and my Jesus cruiser-style
flip-flops to two of my exams. Being comfortable makes the four hours of hell a
bit easier to handle.
Have you ever tried to write with a dried up dry-erase
marker on a flimsy laminated sheet of graph paper? Well guess what! You will
get the opportunity to very soon. Yes, it is as bad as I make it sound, they
will give you two markers and I can ensure
you that one will be completely dried up and the other will be darn close.
Luckily you shouldn't need to write too much down; just be aware of what you
will have to use. You can go and get new markers or sheets, but this will
consume some of your valuable testing time.
Once you’re in the exam, you will be allowed to leave for
breaks between testlets; however, your time does not stop ticking. I do
recommend taking breaks between each to stretch your legs and get the blood
flowing, and bathroom breaks are great too. Each time you leave, you will need
to sign back in using your ID and a finger print, so make sure to factor this
time into your plans.
Waiting for your exam score will feel like an eternity, but don’t
worry it will come sooner or later. If you have more sections to take, stay
focused and keep studying. If you are all done, crack open an ice cold beer and
relax. While I am confident that you’ll pass them all on your first attempt if
you dedicate the time, if you don’t—just relax. You can retake exams in the
next testing window, just make sure you put more time into preparation for the
next round. Passing isn't as much a function of smarts as a function of time
dedicated to expanding your knowledge.
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