Studying for the CPA: Do’s and Don’ts

“Studying for the CPA…” Mention these 3 infamous words to any accountant and you will witness a look of utmost distaste and displeasure. Love it or hate it, for every accountant, the quest of passing the CPA is equivalent to the quest of finding the mythical and legendary Holy Grail. While passing the CPA will only most likely result in 3 to 5 extra hours of “free time” after work, unlike the promise of immortality that the Holy Grail offers, it remains a very much sought after “grail” for most accountants. Hence, in order to aid each and every accountant’s quest to passing the CPA, here are several tips achieving that goal.

Conquering the Multiple Choice Questions

• Control the amount of time spent on each question. For Financial Accounting and Reporting, you should spend approximately 1 ½ - 2 minutes on each question, 2 minutes for Auditing and 1 - 1 ½ minutes for Regulation and Business Environment Concepts.
• Familiarize yourself with the format. Make sure to take the tutorial and sample test (several times, if necessary) available at www.cpa-exam.org. In an exam where time is of the essence, you do not want to waste valuable seconds understanding and reading on how to navigate your way around each section. Note that you will be able to review questions within any testlet/simulation but you will NOT be able to go back to a testlet/simulation once you have exited from it.
• Read all choices before answering. There are times where you might be tempted to choose the first choice that seems right. However, since the exam is designed to be tricky, examiners will include more than one good answer and you will be forced to choose the best out of the lot. Be mindful of the tricky examiners who will be out to foil your attempt to conquer the CPA!

Conquering the Simulations

• Familiarize yourself with the format. Not to be repetitive, but you do not want precious seconds go to reading the instructions on the “Simulations” page. Make sure you know how to navigate yourself around the Authoritative Literature tab since it can be a little tricky. Once again, visit www.cpa-exam.org to view the tutorials in Simulations.
• Pay special attention to the Written Communication tab. This is important since 10 percent of your overall exam score is devoted to a demonstration of your writing abilities.

Scheduling for the Exam

• Schedule your exam early. It is recommended that you schedule 45 days in advance of your preferred date. Schedule your appointment through www.prometric.com/cpa. This web site is available 24 hours a day and can also be used to cancel or reschedule appointments.
• Allow yourself adequate time to study for it. Make sure you allow yourself ample time to study for your test. If it is during busy season, allow yourself extra time to prepare for your test since you might not have too much time to study for it. Note that it will also cost you an extra $35 if you wish to reschedule your test. Go figure. As if the $90 application fee plus the $209.33 for the Audit examination (the most expensive as of August 1, 2007) is not enough. Where the 33 cents come from remains a mystery.
• Know your testing dates and time. You will be surprised to find out that there are a lot of times where test takers have misread or forget their examination dates and times. You do not want all your hard work undone by not making it on time and therefore having to reschedule your examination again. “Oopps” doesn’t quite pay for your rescheduling fee.

During the Test

• Do not panic when you do not know the answer to a question. Have comfort that most test takers will not know the answer as well. Gather up your wits and prepare the best answer that you see fit.
• Do not stress. Do not give yourself added stress during the exam. Realize also that you are not in this alone. There are other test takers who are equally as stressed as you are. Look around the examination room and you will find several test takers either wearing a permanent frown on their face or with hands pulling out their hair from different directions.

Other Things to Keep in Mind while Preparing for the Exam

• Engage in activities that help reduce stress. It is important to keep yourself stress-free since it allows you to think and perform much better. Do not overwork yourself since that can be detrimental to your health. Go out to the movies, bars and mini vacations every once in a while. There are only so much debits and credits one can take.
• Get plenty of rest. You will need plenty of endurance and concentration during the day of the exam. Do not study too much the day before the test. Allow your mind to rest by doing some fun activities.
• Motivate yourself. Tell yourself that you are THAT close to becoming a CPA. Think about the things that you can do after you are done with all four parts of the CPA. This should be a good enough motivation to do well on the test.
• Have a positive mindset. This will boost your confidence. Tell yourself that you have studied as hard as you can and have followed through on your study plan. Hence, you are as prepared as can be. All you have to do now is to take the test. You have already won half the battle J.

And always remember the old, cheesy CPA joke…you know you’ve heard it before. ”You know what does the CPA stands for? Can’t Pass Again…” There, this should be a good enough motivation to do well on the test. Good luck!

Author: Terry Lai, Ernst&Young LLP