Four Tips to pass the CPA Exam

 


Passing the CPA exam is undoubtedly a challenging and rigorous journey, but with the right approach and dedication, it is entirely achievable. As the famous saying by Steven Covey goes, "begin with the end in mind." Envision the day you'll proudly see "CPA" on your business card after successfully passing the exams, and let that be your driving force or having your diploma framed and proudly displayed on your eqo wall for all to see.

 

It was certainly not an easy journey, but I am proud to have passed several years ago. See below four detailed tips that I stand by to help you pass the CPA exam.

 

1.      Find the perfect time and place to study

Firstly, when it comes to having a time and place to study, be comfortable. Everyone has a preference of what works for them, and why it works for them.

Fact is, suggestion of where to study is not one size fits all. In your first week of studying, feel free to explore different places (bedroom, basement, coffee shop, library, office). Many people will not bother because they think this is a waste of time; but at the end, this is an investment of time to make your study time more efficient and productive. Furthermore, when you finally pass your parts, everyone will applaud you for passing and completing the exams. Nobody will give a S*** that you did it in uncomfortable studying environments. Please don’t believe studying while listening to a crying baby nephew will get you brownie points with your peers… It won’t.

During my Examination stage, I studied at Barnes & Noble café at Neshaminy Mall. Why? It was Peaceful atmosphere, there were no home distractions, music was not overbearingly loud, there were places to eat during my study breaks within a five minute walk, the staff never ever gave me a hard time or even questioned me on taking up a table for the better part of a day 5-6 days a week.

That is a lot of factors put in place to show it was a beneficial spot. If anybody in the Northeast Philadelphia/Bensalem area are reading this, feel free to take this. Here are some examples of where people go:

-          Studying in their bedroom

-          Studying in office cubicles before & after work hours

-          The library (school or local)

-          Starbucks (I tried this one; was not a fan of the small tables)

-          There was one manager that would come home at 5pm, have dinner with the family at 6pm, and proceed to study in his attic till midnight every night. 

Time management works the same way. Take your first week to find different time slots and find out what works optimally for you. I’ve Mentioned the manager who studied from 7pm to midnight. There is also a colleague who studied 2 hours before work, and two hours after work. Simply put, find the study schedule that works for you; DO NOT blindly take the time management advice of one person who passed thinking it will apply to yourself.

 

2.      Review questions after video lectures

First and foremost, everyone needs to invest in a review course (in my case, Becker).

Knowing the basics of the material is less than half the battle. It should be well known that the CPA exam is made of curveball questions. Your objective is to learn the material, AND learn how the material will be tested on the exam. They also reinforce the material, creating a higher understanding of the concepts taught. After each individual video lecture, make sure to go through the questions immediately afterward.

3.      Do not downplay or underestimate any sections

This may sound obvious, but it’s not. From my graduating class and first group of colleagues, everyone would say BEC is easy before taking it or even studying for it. Many people I know failed BEC on their first try; because they underestimated the exam and did not fully prepare for it.

The importance of certain chapters in exams is also often overlooked. Whether it be Governmental Accounting in FAR, Cost Accounting in BEC, or like-kind exchanges in REG; candidates often skip chapters because they are immensely boring, or too difficult. So, they simply hope these topics will not be heavily tested and prepare extra hard for other chapters. Please do not do that.

Think to yourself… “I hope XYZ is not going to be on the test”. Whatever XYZ is, study it! Prepare for it! So that your next hope will be a different section, for which you will do the same.

4.      Home stretch before the exam: prepare for the MCQs and Sims!

With one week left before the exam, you should have completed your review course. Next step is to binge multiple choice questions (MCQs) and learn how the simulations work.

For the Sims, my recommendation: practice some Sims for the purpose of understanding how they work and how they are to be solved. Whether it be the research Sim, document review, or one of the others. Your goal here should be to solely understand how they work. Additional practice beyond this point will not help, and you should focus on MCQs to prepare.

Do the MCQ drill:

-          set up a multiple choice set of all sections combined, allowing you to take 72 questions in one sitting (This is the number of questions on AUD, There are 66 in FAR)

-          give yourself 72 minutes to answer the questions.  This is to train yourself to be able to answer the questions faster. During the actual exam, you will have much more time, approx. 1.5 minutes per question

-          After the MCQ drill, go through all the questions.

o For the questions that were wrong, note down why your answer was wrong, and why the correct answer was correct.

o For the questions that you guessed correctly, review the answers and note down why the correct answer was indeed correct, and why the others were wrong.

There are many other aspects and advice you may hear to help study and pass; but these are my tips and strategies I stand by with detail.

Remember, passing the CPA exam requires dedication, perseverance, and a well-thought-out study plan. Stay motivated, keep your goal in sight, and don't be discouraged by any setbacks along the way. With the right mindset and preparation, you can conquer the CPA exam and proudly embrace the title of CPA on your professional journey. Good luck!

Your study partner, Parth M 😊

#cpaexam #cpa #accounting #futurecpa #cpaexamlife #accountant #cpalife #study #cpaexamprep #cpastudying #cpareview #cpaexamreview #studying #cpajourney #studytips #accountingstudent #studygrind #accountingmemes #becker #exam #cpaexams #AICPA

Comments

Post a Comment

Popular posts from this blog

IRAs: Traditional Vs. Roth

Image
  Traditional IRA vs. Roth IRA Planning for retirement is a must do for people regardless of your age. The sooner you start, the better. With the power of compounding interest, your retirement account will grow exponentially. Now while many people have access to an employer sponsored plan; in most cases a 401(k), an Individual Retirement Account (IRA) allows you to save money for retirement without an employer. There are several types of IRAs but the two most popular plans are Traditional IRAs and the Roth IRA. Both have their own tax benefits. Let's start by going over the specific differences of each one: TRADITIONAL IRA: Started in 1974 Tax caveat: The annual contributions are deductible (with some limitations) - whilst the distributions at retirement are subject to ordinary income tax. Early withdrawals (before age 59.5): Taxed as ordinary income and may be subject to a 10% penalty with certain exceptions. Income Limit: If you or your spouse participate in a comp...
Read more

Reduce Taxes as Your Own Business

Image
Running your own business is a lucrative venture. Benefits of having your own include freedom to pick your hours, Being your own boss, and most importantly: a higher earning potential. But with higher earnings may come higher taxes. Listed below are five important methods to reduce your taxes as someone self-employed. Write Off Your Business Expenses First and foremost, your business expenses are deductible. Whether it be office supplies or software, utilities, employees wages and many others. Make sure to write off your business expenses to reduce your net earnings.       A best practice is to have a separate business bank account and business credit card; do not mix your business and personal accounts. If you use an accountant, they can easily writeup your books and prepare a set of financials. Have receipts ready for cash purchases.  Self Employed Health Insurance Deduction As an employee of a company, your health insurance is deducted pre-tax. In the same man...
Read more

Save Money by Using Cash!

Image
 If you want to save money, there are many methods to take. - create a budget and stick to it. - stop drinking Starbucks everyday 🤣 - automatically have 10% of your paycheck directly deposited into savings. - ** Insert another random cliche' "savings hack". ** The fact is most people overlook one major method that would be easy, and noticeably reduce spending without even trying. When you spend, whether it be on everyday items, groceries, or shopping, you should use cash. Extensive studies have shown spending patterns: Paying with a card vs paying with cash - you generally spend more paying with a card.  In 2018 a U.S Consumer Payment Study was done by TSYS to analyze the spending patterns between debit cards, credit cards, and cash. The study showed consumers will spend 83% more on a credit card than with cash.  There have been studies reported about how cash payments activate pain receptors in the brain, and there is no such activity using plastic. This claim is especi...
Read more