Preparing for the CPA Exam  

By:  Paul Bayer
Feature Author

Upon undertaking the arduous task of passing the Uniform CPA Examination, it is important to be prepared to give yourself the best chances of passing the test.  Preparation includes:

• A commitment to study
• Knowledge of the exam structure
• Making the correct choice in study materials

Tools for the Task

The right preparatory materials will have a significant effect on your ability to remain committed to studying for the test.  Assess the motivation level that the material will provide in preparing for the exam.  If you are susceptible to distractions, it may be best to choose a study course that includes a classroom environment.  However, this is usually very expensive and may not be the most convenient course of action.

Study courses, such as Becker, demand that you meet in a classroom environment up to two nights per week for 12 weeks.  Becker also offers a study course every Saturday.  This type of program motivates you to maintain a schedule and requires several hours of homework outside of class.  The Becker program is renowned for its comprehensive study material and ability to forecast specific topics that will appear on the upcoming exam.  The classroom environment also provides you with an instructor who is knowledgeable of the subject matter, which may be useful in providing guidance on topics not clearly explained in the text.

Alernatives to the Classroom: Self-Study

An alternative to the classroom type is a self-study program, utilizing published examination review materials, including textbooks and software, from well-known exam review companies.  Gleim, Bisk and Wiley are all well-known for providing accounting text with test questions from previous exams.  Typically, they are divided into four volumes, one for each section of the exam:

• Accounting and Reporting
• Auditing
• Business Law
• Financial Accounting

A self-study course utilizing these materials is significantly less expensive than a classroom study course and many candidates have done quite well using this method.  However, you must be disciplined.  Self-study requires maintaining a strict schedule and requires that you research issues that may not be explained very well in the body of the text.

Scheduling Your Study Time

Prior to the exam, expect to study a total of between 60 and 70 hours.  Very few people have the ability to comprehend such large amounts of material in a short period of time, so it is vital that you get started on a study program two to three months before the scheduled exam.  Sixty study hours may not seem so overwhelming if you divide them over several months.  It takes time to contemplate and comprehend many of the concepts covered on the exam, so get started early.

Most of the course materials are divided into sections, so you can manage the amount of time spent on each topic.  Consider when and where you should review the topics and work practice questions.  The best facility is free of noise distractions and interruptions, and is well-lit, with free accessibility.  The library is a good place but most are not available in the early morning hours before work.  Perhaps the best place to study is at home, provided you can find a quiet room conducive to studying.

Review any personal and professional commitments during the months preceding the exam and be prepared to forego most social events.  You need to focus, so preparing for the exam will consume all spare time.

The Exam

The CPA exam is given nationwide two times per year.  The first one for the year commences on the first Wednesday and Thursday in May; it is given again on the first Wednesday and Thursday in November.  The test sections are:

• Business Law and Professional Responsibility
• Auditing
• Accounting and Reporting
• Financial Accounting and Reporting

Each section of the exam includes multiple-choice and other objective format questions.   All of the sections except Accounting and Reporting include essay questions and problems.  Essay questions measure the candidate's ability to write coherently and logically.  Not only is it important for the candidate to know the answer, but he/she must also be able to articulate it clearly with proper punctuation and spelling.  Examples of essay answers can be found within the study material.

Checklist for Success

Maintain a positive attitude while preparing for the exam.  Studying can be monotonous and frustrating.  Many times, you will not feel like studying, but it is important to be disciplined and stick to your schedule.  Constantly remind yourself that you are smart and capable of passing the exam.

Be sure to make note cards summarizing key definitions and computations.  Carry them with you and practice with them often.  Much of the exam relies on memorization and your note cards will be an invaluable aid in exercising your memory.

Spend the last two weeks reviewing material, not learning it for the first time.  The two weeks preceding the exam should be a review period.  Go over ambiguous concepts and be sure you understand them.  The exam questions are very difficult; to pass, you must have a keen understanding of the topics covered.

Relax the night before the exam.  Review your note cards and look over some problems, but be sure to get a good night's sleep.  Nothing you have ever done will prepare you for the rigorous challenge of actually taking the exam.  Passing it is as much a test of endurance as it is a test of knowledge, and you must be well-rested.
Be confident and well-prepared -- and you will pass the exam.

Return to White Papers.