After 150 hours of grueling college courses, students who hold at minimum of a Bachelor’s degree in accounting should at least consider the possibility of sitting the CPA exam. The CPA is the gold standard for those in the accounting profession. If you hold a CPA license in your state you really increase your job prospects. Not only do public accounting firms hire CPAs, but many large corporates are beefing up their finance staffs with CPAs. While taking and passing the CPA exam may seem virtually impossible, I am here to tell you that it can be done successfully.
Review Courses Not Necessary
Several of my colleagues purchased CPA exam review courses that were in the thousands of dollars. I am a very frugal person, and I told myself I would not buy a course unless I absolutely had to. I purchased Wiley Study books on www.amazon.com as my only resources. I can tell you that their success on the CPA exam was no greater than my own; in fact, I successfully completed the exam in less sittings than many of them. Before you go out and invest in a live course or a set of expensive books, buy some reasonably priced study guides and just study on your own.
Don’t Study Too Hard
I think one of the reasons that so many CPA candidates have difficulty with the test is that they have psyched themselves out. All you ever hear about the CPA exam is that it is so hard. I think that when candidates hear that, it makes them feel almost as if they aren’t smart enough to pass the exam. This couldn’t be farther than the truth. Chances are, if you successfully completed a college degree then you have enough intelligence and accounting knowledge to pass the test.
I also think another reason that so many CPA candidates fail exams is because they study too hard. This goes hand in hand with psyching yourself out. It is quite possible that a candidate might study so hard that they burn themselves out and fail the exam even before walking in to the test center.
I took the CPA exam on a dry run. I did not study at all the first time I took it. Of course, I failed the exam – but not miserably. My lowest score was a 65 and most of my scores were 74. You need a 75 to pass the exam. I was not too far off. A friend of mine studied almost 6 hours a day for at least a month before the exam and got a lower score than I did. Her score reflected the fact that she studied too much and too hard and drained her brainpower.
After the dry run, I studied the Wiley Books. I limited myself to forty-five minutes a day. I studied each section for two weeks before I sat the portion. The second time I took the exam, I passed.
Know Your Weaknesses
Part of your success or failure in completing the CPA exam is how well you know yourself. Are you great with taxes but struggle with auditing? Are all the legal terms necessary for the REG portion of the exam too much to remember? Focus on whatever you are weakest in. Even before committing to taking the CPA exam, start to brush up on these areas. It can’t hurt and it can only help you out in the long run.
Accounting may not be glamorous, but have fun with taking the CPA exam. Make yourself crafty flashcards to carry around with you. Start a study group with other CPA exam candidates and have study parties where you quiz yourself. Make the CPA exam competitive. Sometimes competing with your peers will give you extra incentives needed to successfully complete the exam.
In conclusion, I really hope you successfully complete the CPA exam. There have never been better prospects for young accountants, and the job security provided by having the credential is unparalleled in this economy. You will succeed in taking the exam if you don’t take it too seriously, don’t burn yourself out studying, know your weaknesses, and make it fun.
