5 Proven Steps to Pass the CPA Exam: A Comprehensive Guide

Introduction

The CPA exam is considered as one of the toughest professional exams. It is designed to test the knowledge and skills of aspiring accountants in the field of accounting and finance. However, with the right approach and strategy, passing the CPA exam can be achievable. In this blog, we will outline 5 proven steps to help you pass the CPA exam with flying colors.

What is the CPA Exam?

The Certified Public Accountant (CPA) exam is a standardized exam for individuals seeking to become licensed as a CPA, or Certified Public Accountant, in the United States. The exam covers four areas of study: Auditing and Attestation, Financial Accounting and Reporting, Regulation, and Business Environment and Concept.

Although the CPA exam is not the toughest test in world, it still poses a significant challenge. According to the American Institute of Certified Public Accountants (AICPA), the average CPA exam pass rate for 2022 was 53.47%. This means that almost half of candidates failed to pass the exam. In addition, the exam has a “rolling” 18-month credit status period. Once you pass a section of the exam, you have a maximum of 18 months, or 1 and a half years, to pass all remaining sections in order to retain credit for the passed section. Failing to do so means that you will start to lose credit and need to retake the section.

How Much Time Should You Spend Studying?

The AICPA recommends that candidates spend between 300-400 hours to study for the entire exam. This means that if you studied 3 hours every day for 7 days a week, it would take you at least 3-4 months to prepare for the exam. However, most people take longer to pass the exams due to balancing other commitments such as school, work, and childcare.

Step 1: Choose a CPA Review Course that Tailors to Your Learning Style.

Choosing the right CPA review course is crucial for your success in passing the CPA exam. Consider factors such as the course’s study materials, practice questions, and lectures to ensure that it aligns with your learning style and pace.

There are many CPA exam review courses available online, each with its own unique features and pricing. Here’s an overview of some of the most popular ones:

Becker CPA Review: Becker is a comprehensive CPA exam review course that includes video lectures, practice questions, simulations, and study materials. It’s known for its high-quality content and is a popular choice among candidates. It’s also one of the most expensive options on the market, with prices ranging from $1,999 to $4,999.

Wiley CPAexcel: Wiley CPAexcel is another comprehensive CPA exam review course that offers video lectures, practice questions, simulations, and study materials. It’s known for its user-friendly interface and adaptive learning technology that tailors the course to each candidate’s strengths and weaknesses. Prices range from $1,499 to $2,199.

Roger CPA Review: Roger CPA Review is a popular option that offers video lectures, practice questions, simulations, and study materials. It’s known for its engaging and humorous teaching style and is a favorite among candidates. Prices range from $1,599 to $2,499.

Surgent CPA Review: Surgent CPA Review is an adaptive CPA exam review course that offers video lectures, practice questions, simulations, and study materials. It’s known for its personalized study plan that adapts to each candidate’s progress and is designed to help candidates pass the exam in less time. Prices range from $999 to $1,499.

Each of these courses has its own unique features and strengths, and the right choice depends on your learning style and budget. It’s important to research each course thoroughly before making a decision and to consider factors such as content quality, user interface, question bank size, adaptive learning technology, and pricing.

Step 2: Read through the Chapters and Take Notes.

Reading through the chapters and taking notes is a crucial step in preparing for the CPA exam. It is essential to understand the concepts and principles covered in each chapter, as these will be the foundation for the practice questions and simulations you will encounter on the actual exam.

To do this effectively, read each section thoroughly and take notes that include key concepts, formulas, and definitions. Additionally, consider supplementing your reading with lectures provided by your CPA review course to help you understand difficult concepts or provide additional examples. Regularly reviewing your notes and identified key takeaways will help reinforce your understanding of the material and identify areas that you need to focus on.

Step 3: Go through most, if not all, of the Set Practice Questions.

After reading through the chapters and taking notes, it’s important to reinforce your understanding of the material by practicing with CPA exam questions. The more practice questions you complete, the better prepared you will be for the actual exam. You can find practice questions in your CPA review course materials or through other resources such as the AICPA website.

To make the most of your practice sessions, it’s important to approach them strategically. One effective strategy is to complete practice questions in sets of 10 to 30 by chapter or by all topics. This will help you focus on specific areas where you may need more practice and allow you to track your progress over time. As you complete each set of questions, review your answers carefully and make note of any areas where you need to improve.

If you encounter any questions that you don’t understand, it’s important to take the time to review the related material. Watch lectures or video explanations provided by your CPA review course to help you understand difficult concepts or provide additional examples. By taking the time to review these topics, you’ll be better prepared for similar questions on the actual exam. Additionally, if you find that you’re consistently struggling with certain topics or types of questions, consider revisiting those areas and reviewing the material more thoroughly.

Step 4: Make Flash Cards and Mnemonics.

Flashcards and mnemonics are great tools for memorization and recall. They can help you remember complex concepts and formulas that are essential to passing the CPA exam. Creating flashcards are beneficial because they require active engagement with the material, are portable, allow you to focus on weak areas, help with memorization, and can be personalized to your learning style and preferences. By using flashcards as part of your study strategy, you can better retain information and improve your chances of passing the CPA exam.

Step 5: Study Consistently.

Studying for the CPA exam requires discipline and consistency. To be successful, it’s recommended that you study at least five days a week, with each study session lasting for a minimum of two hours. Creating a study schedule that is realistic and fits with your other obligations will help you build momentum and keep the material fresh in your mind. During your study sessions, it’s important to stay focused and engaged, and avoid distractions such as electronic devices. Using study techniques like active recall and spaced repetition can help reinforce your understanding of the material and improve retention.

In addition to consistent study, it’s important to take care of yourself during the exam preparation process. Get enough rest, eat healthy, exercise, and make time for activities that you enjoy. Avoiding burnout will help you stay motivated and focused. By staying consistent and disciplined in your study habits, and taking care of your physical and mental health, you’ll be better prepared to pass the CPA exam and achieve your professional goals.

The Day Before the Exam Tips

Preparing for the CPA exam can be a stressful experience, and the day before the exam can be particularly nerve-wracking. Here are some tips to help you make the most of the day before your CPA exam.

Review your notes: Spend some time reviewing your notes and any key concepts that you may have struggled with during your study sessions. Don’t try to cram new information, instead, focus on reinforcing what you already know.

Get a good night’s sleep: It’s essential to get a good night’s sleep before your CPA exam. Aim to get at least 7-8 hours of sleep, so you wake up feeling refreshed and energized.

Organize your exam materials: Make sure that you have all the necessary exam materials, such as your ID, calculator, and exam authorization. Pack your bag the night before, so you don’t have to rush around in the morning.

Relax and de-stress: Do something that helps you relax and de-stress, such as going for a walk, practicing yoga, or meditating. This will help calm your nerves and keep you focused.

Eat a healthy meal: Eat a healthy meal the night before your exam and have a light breakfast in the morning. Avoid consuming too much caffeine or sugar, which can cause jitters and anxiety.

Avoid last-minute studying: Avoid studying for the exam on the day of the test. This can increase stress and anxiety levels, and you may not retain the information as well.

By following these tips, you can help ensure that you feel prepared and focused for your CPA exam. Remember to stay positive, take deep breaths, and trust in your preparation. Good luck!

Conclusion: Stay Calm and Trust in Your Preparation.

Passing the CPA exam requires hard work, dedication, and the right approach. By following these 5 proven steps, you can increase your chances of success and achieve your goal of becoming a Certified Public Accountant. Remember to choose the right review course, read and solve most if not all of the practice questions, go through sets of practice questions, make flashcards and mnemonics, and study consistently to pass the CPA exam with flying colors.

Remember to stay calm, trust in your preparation, and get a good night’s sleep the night before so that you can wake up feeling refreshed and energized for exam day. With the right mindset and preparation, you can walk into your CPA exam feeling confident and ready to succeed. Good luck!