The CPA exam isn’t exactly a walk in the park. In fact, if I were to compare it to some form of exercise, I’d say it is much more a marathon. The good thing is that like a marathon, you can train for it. And once you’ve got that routine down, you’ll find yourself actually looking forward to “race day”.
Yes, it is a tough exam and no one is arguing that. There’s heaps to study – and like many candidates, you’re probably working or studying alongside as well. But there’s also a positive trend as a quick look at the AICPA trends for 2017 report will show you. About 13% more new candidates enrolled for the CPA exam in 2016 compared to the year before. And those passing their 4th section of the exam rose by 7% between those two years well. So things are looking up! You could easily be one of those who break that critical 75+ barrier to get closer to your dream job.
Here are 7 tips to help you work smart, make the most of the time and resources at hand, and edge you closer to your 75+ score to pass the CPA exam.
1. Invest time to choose the right review material. (And don’t second guess your decision)
This is critical, so don’t rush it. Spend a few days or even a week or two choosing the right review material. I always tell CPA prospects to follow this 4-point checklist.
- Read online reviews. Chances are, someone has reviewed the content. This can help you learn more about the material from an unbiased third party.
- Test-drive it. Use the free trial period to actually sample the material to see if it works for you.
- Compare materials. Don’t fixate on the first material you try. There could be better ones out there. Pick one topic, say bonds. Use the free trial periods across review materials to work on this same topic. That way you’ll know exactly where you stand with each. Did you learn more from one? Were explanations too complex or too sketchy for some? If you pick different topics, your own skill and ability in one topic could mask a flaw or strength of the underlying material. Always compare on the same topic.
- Choose what’s best for YOU. Even the most well-rated material isn’t going to be universally loved. So check and zero in on the type of explanations that work best for you. For instance, if you’re someone that doesn’t just want to know the explanation for the right answer but are also curious about why the wrong answers don’t fit the solution, find material that gives you the specifics.
Stick with the review material once you’ve picked it. Don’t change course midstream even if you read amazing reviews or see someone in a group say certain other material is better.
2. Build your world around your CPA exam
Whether it is the physical space itself or your mental and emotional space when you’re preparing for your CPA exam, it is important to create the right environment.
- Create the right study environment: Create a fixed CPA exam-prep zone in your home, library, or wherever you plan to study every day. It needs to be free of distractions, comfortable, well ventilated/air-conditioned, with easy access to water and snacks. ##RCAC Tip! Social media can be immensely distracting, so try and steer clear of devices that might tempt you.
- Create a timetable – and display it prominently. Create a prep plan/timetable and stick with it no matter what. Plan for buffers if you can, to account for illness/work travel or unplanned and unavoidable interruptions. Display it where you can see it and are reminded of your goals. Have copies on your virtual desktop, fridge, desk, and even workstation at work.
#RCAC Tip! This is a timeline that works well: Work on all the topics once → Take Mock Exam 1 → Revise topics again → Take Mock Exam 2 → Revise topics one last time, plugging any gaps → Take the final exam. Time flies. Work out a timetable that incorporates this idea. STICK to the Timetable. - Let your family know what the pass % is: The best-laid plans can fall apart without the support of those around you. Many candidates are frustrated by the lack of empathy from their loved ones. If you want support, be candid about the pass % rates and where you think you stand. When they understand the challenge, they’ll be less demanding and more sympathetic when you’re stressed about how to pass the CPA exam. Which mean you’ll have less guilt about missed date nights and skipped family barbecues.
##RCAC Tip! Have kids? Rope them in to strike out topics as you finish or reward you stickers or hearts for scoring higher than 75% on your MCQs or doing well on mock exams. They’ll feel involved and will love the fact that the tables are turned and they’re the ones handing out stickers!
Keep your employer in the loop: Ensure you’re going to get the time and space needed to prep and take the exam. Pick your exam dates wisely so that they don’t clash with your peak time at work. You might need to take time off to rev up your prep. Loop in your supervisor. Having moral support from peers also helps.
3. Train for your CPA marathon!
Remember that marathon reference? Here’s where it comes into play.
- Train for it like a marathon: Treat your CPA exam preparation like marathon prep. Slowly build up stamina to go the distance. Try and do too much too soon and you’ll fail. Show up ill-prepared and it’s a recipe for disaster.
- Train your brain to stay tuned. This is a 4-hour exam and you don’t want to be overcome by brain fog at hour 3. So plan your prep that way too. Work up the capacity to do MCQs in bursts of 30.
- Do not skip topics. You need to know the basics of all topics plus one step more.
4. Learn how to tackle “Research Questions”
Spend some time on honing your method with research questions. These kinds of questions always appear on CPA exams. The simplest way to tackle it is to think of it as running a simple search on the vast database of regulations and laws so you can come up with the right response. It will seem less daunting.
##RCAC Tip! Avoid generic words like assets, liabilities, income, or expense in your keywords. Instead, hunt for terms in the question itself that could be applied as a keyword. Answer the question before you actually begin your search. That will help you zero in on what you’re looking for much quicker. Beats being overwhelmed by all the text that comes at you like a ton of bricks when you do a “blind” search.
5. Learn to make the most of breaks
During the exam, you will get a standardized 15-minute break about midway(after the first TBS testlet which is usually around the two-hour mark). Hit the “Take a break” button if you’re planning on taking it(and you should!). If you don’t press the button, your exam clock keeps ticking and you’ll be eating into actual test time. If you skip the standardized break, you don’t have the option to take a break later. So any “extra” breaks you take will be cutting into time you could be spending on the actual exam.
The standardized break is a chance for you to get a breather, unwind, and gear up for the next stage. Carry food that provides energy, is quick to eat, and is not heavy on the stomach.
##RCAC Tip! I recommend bananas or a granola bar – they give you a burst of energy and aren’t messy. Remember the procedure to get back into the test room is similar to a security check at an airport. Ensure you provide time for these re-entry checks.
6. Fix on the right Exam Order.
This choice could vary from person to person. You might want to tackle something easier first to give yourself a confidence boost. Or you may want to get the most challenging sections out of the way while you’re amped up and have more energy(your enthusiasm and energy levels could wane after a couple of exam sittings).
#RCAC Tip! I recommend this sequence: FAR – AUD/REG – BEC. FAR has the most number of topics to cover. There’s a reason candidates have dubbed it “the beast”! Remember the 18-month clock(for completion of all exams) starts from the date you pass the first exam. Preferably, get the clock ticking with FAR if you can.
7. Reward yourself
When you’re up against a mammoth like the CPA exam, you’ll need to reward yourself for the little wins too. Plan treats like a special meal out, a movie night, or time out doing something you love to motivate you as you achieve milestones. Your milestones could be linked to completing a topic, improving scores or any other study related goal that you might have.
##RCAC Tip! In all of this, remember to breathe. Don’t be too hard on yourself when things don’t go perfectly to plan. While the certification is important, it isn’t the end of the world if things deviate from your ideal scenario. What’s important is getting back on track when things go off the rails.
With determination, a little planning, the support of a good coach, and the backing of your friends and family, you’ll be on your way to breaking the 75 barrier on your CPA exam.
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