The Uniform CPA Exam is like four mini marathons for your brain; by the end of the exam, you’ll likely be exhausted. It’s a test of your endurance, commitment and perseverance. Actually, it’s not as much a test of your intelligence as you would think.
Thankfully, I passed all four parts of the exam on my first attempt, and you can too. Here are some exam tips, pitfalls to avoid and what it takes to pass the exam.
Before the Exam
Remember the things to do
before the exam. The application process can take up to eight weeks. Start thinking about this well in advance—even before you’ve satisfied the requirements to sit for the exam, which you need to also be aware of. Once you think you’re ready, you don’t want to find out that you haven’t met the requirements to sit for the exam or that your plan to satisfy the requirements to become licensed isn’t realistic. Start the application process at least three to four months in advance, and apply only for the parts of the exam that you know you’ll take within six months. Remember, the Notice to Schedule (NTS) expires six months from the date you receive it.
Preparing for the Exam
You’ve probably heard it before: Preparing for the CPA Exam is not like preparing for a college exam; you can’t cram the last few days and expect to pass. Make a plan and, most importantly, stick to it. The worst thing you can do is delay studying until later. There’s too much material to cover to successfully procrastinate.
Make time, and communicate your goals to family, friends and coworkers. Even if you are working, you have to allocate time to studying. Designate a certain time every day for studying and only studying. This will help you stay focused to meet your goals.
Practice, practice, practice. I’ve found the most success in answering the multiple choice questions. The text and lectures will provide you with a solid foundation for understanding the material, so go through those at least once. Working through the multiple choice questions, however, will develop your ability to apply your understanding of the material. Take your time to understand the questions and how to arrive at the correct solutions, reworking the questions you answered incorrectly.
I wouldn’t use flashcards until you’re confident with your comprehension of the material—specifically, the multiple choice questions. For the most part, this is a multiple choice exam and flashcards most likely won’t be too useful.
Be aware of forthcoming changes to the exam. Next year, the exam will feature structural changes and the introduction of International Financial Reporting Standards.
The New Jersey Society of CPAs offers a wealth of information on
registering for, taking and passing the CPA Exam.
Taking the Exam
On the day of the exam, relax as much as possible. All you can do is give it your best. Time management is key on the exam. Prior to sitting, you should know what to expect—the number and types of questions, as well as the exam’s length. This way, you can manage your time appropriately. Whenever possible, work backwards to check your answers, but don’t change an answer unless you have a strong reason to do so. Don’t waste time on something you simply don’t know the answer to—cut your losses and move on. Also, save time for the simulations, and be ready for the writing portion.
After the Exam
Don’t sweat it. There’s nothing you can do once your exam is submitted, so don’t stress about it. Move on to studying for the next exam; or if you’re finished just relax and enjoy the free time.
With the proper resources, planning and focus, the exam is very passable. But you need to do what works for you. I only read the book and didn’t watch the lectures. If you, however, need to attend live classes to stay focused, then by all means attend the live classes. All of the major CPA review courses (e.g., Becker CPA Review) can thoroughly prepare you for the exam whether you approach it via live classes, online or self-study.
Don’t give up and keep working hard!
Ryan McDonough is a 2005 graduate of Rumson-Fair Haven Regional High School. He earned his B.S. in accounting and minor in economics and his M.A. at Rutgers University. At Rutgers, he was the President of Beta Alpha Psi – Theta Mu Chapter and a 2008 Recipient of the New Jersey Society of CPAs College Scholarship. McDonough is currently working at the Governmental Accounting Standards Board as a postgraduate technical assistant. He also is an NJSCPA Exam Cram Blogger and a member of the Tomorrow’s CPA Advisory Board. He will be joining PricewaterhouseCoopers this summer as a Senior Associate in Transaction Services—Accounting and Financial Reporting.