From Roger CPA Review

1. Almost every standard has been re-written in the clarity format, making this the most comprehensive change to auditing standards in decade
2. The clarity standards add several new requirements that auditors will have to meet in order to comply with generally accepted auditing standards

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I know the single, most important factor in whether or not you will pass the CPA exam. It’s not the type of review materials you choose, the quality of your college professors, or your natural accounting abilities, although those are all important.Whether or not you pass the CPA exam depends on one thing: a choice. 

Before I began studying for the CPA exam, I decided that I was going to pass all of the sections on my first attempt, no matter what. I didn’t worry about pass rates I had seen. I didn’t worry about the fact that I had a job as a traveling auditor that made study time hard to come by. I had already made the choice to pass, so the only option was to figure out ways around those obstacles. 

At my former job, after the travel season came the busiest time of all: year-end combination. During combination, we would compile all the financial statements of the hospitals in our organization to get a combined group of financials. Thirteen-hour days were the norm, as we needed to rush to get final financials completed and published before our deadline. To complicate matters, my long-distance girlfriend (now my wife!) was visiting, and she didn’t fly out only to watch me study in the evenings. It would have been easy to tell myself that life was just too busy at the time, and studying would have to wait. I had already made a commitment to pass, though, and I needed to stay on schedule. So instead of arriving at work at 6:30 in the morning like my co-workers, I got to work at 5:30 for that two-week stretch to give myself an hour to study. It wasn’t fun, but it was easily worth it.

You’ll have plenty of obstacles of your own to overcome. Everyone has problems; find solutions! Those that do are the applicants that pass the CPA exam.

Before you continue in your study process, make a choice. Think about why you want to be a CPA and the benefits it will bring. Then, think about the sacrifice it will take to get there. Is it worth it? If so, commit right now to passing the exam, no matter what it takes.

The CPA exam was a success for me, and it started with a choice.

Andrew Lee, CPA

As accounting professionals attempting to balance life, work and the CPA Exam, we know that you’re about as busy as it gets. Therefore, we hope you enjoy the following bite-sized clip for easy, on-the-go viewing!

That feeling where the better half of your brain can't convince your lifeless fingers to even pick up your CPA Review book? Yea, we know it well and we've all been there! Tune into this video to learn several different strategies to keep you chugging along and scoring that long-awaited CPA!

Click here to watch the video.

Contributed by Wiley CPA Review

An overriding concern should be an orderly, systematic approach toward both your preparation program and your examination strategy. A major objective should be to avoid any surprises or anything else that would rattle you during the CPA exam. In other words, you want to be in complete control as much as possible. Control is of paramount importance from both positive and negative viewpoints. The presence of control on your part will add to your confidence and your ability to prepare for and take the CPA exam. Moreover, the presence of control will make your preparation program more enjoyable (or at least less distasteful). On the other hand, a lack of organization will result in inefficiency in preparing and taking the examination, with a highly predictable outcome. Likewise, distractions during the examination (e.g., inadequate lodging, long drive) are generally disastrous.

In summary, establishing a systematic, orderly approach to taking the CPA exam is of paramount importance. Follow these six steps:

1. Develop an overall strategy at the beginning of your preparation program.

2. Supplement your textbooks and/or lectures with outlines, flashcards, and multiple choice questions.

3. Supplement your overall strategy with an explicitly stated set of problem-solving procedures—the solutions approach.

4. Supplement your overall strategy with an explicitly stated approach to each examination session

5. Evaluate your preparation progress on a regular basis and prepare lists of things “to do.

6. RELAX. You can pass the CPA exam. About 40 to 50% of the candidates taking a section of the CPA exam pass. But if you take out the individuals that did not adequately prepare, these percentages increase substantially. You will be one of those who pass if you complete an efficient preparation program and execute well while taking the exam.

______

The following outline is designed to provide you with a general framework of the tasks before you. You should tailor the outline to your needs by adding specific items and comments.

A. Preparation Program

1. Obtain and organize study materials.

2. Locate facilities conducive for studying and block out study time.

3. Develop you solutions approach (including solving simulation problems as well as multiple-choice questions.

4. Prepare an examination strategy.

5. Study the material tested recently and prepare answer to actual exam questions on these topics under exam conditions.

6. Periodically evaluate your progress.

B. Physical Arrangements

1. Apply to and obtain acceptance from your state board of accountancy

2. Schedule your testing location and time

C. Taking the Examination

1. Become familiar with of the CPA test center and procedures

2. Implement examination strategies and the solutions approach

Wiley is a regular contributor to www.cpareviewmaterials.com/.  You can purchase Wiley’s products here.

Choose the course that's best for you: Online, USB, or In Class. Click here to learn more!

Passing the CPA exam will not be easy, but if you follow these five important rules, you will significantly increase your chances.

1. Make a study schedule.   You must make a detailed schedule of your CPA exam study plan.  If you have three months before your test date, schedule what you will study every day and every week. Hint: you’ll want to periodically schedule up to a week of review time of previously studied materials. Believe me, if you get to the end of your course and haven’t looked at chapter 1 in over a month, you’ll have a very tough time remembering it. Another hint: structure your schedule in a way that allows you to finish one to two weeks before your exam date. You will need this time to (again) review material you have forgotten along the way, as well as focus on your weak spots. 

2. Schedule time off before the exam.  It is a very good idea to have at least one day completely free before the exam to CRAM. I took all four sections in a 10-day period, but I structured them as follows:

• FAR: Tuesday. I had the previous weekend and Monday to study.
• BEC: Thursday. I had Tuesday after my FAR test and all of Wednesday to study.
• REG: The following Tuesday. Again, a weekend to study and all of Monday.
• AUD: The following Friday. I had Tuesday after REG to study, plus Wednesday and Thursday.

Sure, I had to dip into my paid leave bank at work, but it was a small price to pay for some very valuable cram time.

3. Study your multiple choice questions!   Everyone studies and learns differently, and I’m not going to tell you to how much to study MCQs. However, I will say that they should at least be a part of every candidate’s study routine. For FAR, REG, and AUD, multiple choice questions make of 60% of your score, and 85% of your BEC score. So, pretty important. As you grade yourself, you will learn the content better when reading the answer explanations, and in many cases you will see the exact same questions on the test. Just make sure that when you answer incorrectly, you take the time to read the explanation and understand it before moving on.

4. Commit to passing the CPA exam. This is the most important piece of advice I can give you, and I’ve already written an article devoted to this topic. In short, you must decide that you will pass the exam, no matter what it takes. When obstacles arise (and they will), find ways to get around them. Not passing is not an option. 

5. Use current, quality review materials. Passing the exam is one of the most important accomplishments in your career, so it is worth investing some money in a good CPA review course. Make sure the study materials are not outdated and that they have a good reputation. You can find top quality CPA review materials here. 

Andrew Lee, CPA

The CPA Exam requires a large investment of your time, brain power and, yes, money. Exam fees, along with CPA Review course costs can definitely add up. For this reason, Roger CPA Review is providing students the opportunity to apply for a scholarship towards the best course in the industry (valued at $2095). This is your chance to study with the industry's leading instructor, Roger Philipp, CPA!

Click here to sign up!

Arthur, how did you fare on the exam?

REG – 99, AUD – 94, FAR – 94, BEC – 89

Which review program did you use? Was it a good choice? What were its strengths and what were its weaknesses?

I used a combination of Becker and Kaplan review materials.  Becker had the more interesting, relevant lectures along with a polished, well-presented textbook.  Kaplan’s lectures were a hit-or-miss depending on who the presenter was and the textbook threw the entire kitchen sink at you with less guidance.  It was akin to throwing the entire tax code onto a test taker’s lap rather than a summary of some of the more relevant points.  Kaplan’s textbook and lectures weren’t as effective for me but will certainly work well for those who prefer details / completeness.

Alternatively, Kaplan’s flash cards and mp3 review introduced some much-needed diversity into the study plan and worked very well with each other.  The “fresh” perspective / different approach for certain topics (compared to my other review materials) helped reinforce what I had learned earlier. 

I also found Kaplan’s question bank to be a great resource – especially when approaching test day and I had already went through another program’s MCQ’s multiple times.  Kaplan’s True/False questions didn’t take much time to run through and did an effective job of making sure I understood the concepts.

Why do you think you were able to pass with such high scores? What were the keys for you?

I made a habit of saying “NO” to the vast majority of things I enjoyed doing. Unless one has a time machine or a wide-open calendar, sacrifices MUST become routine – that means missing special occasions, staying in on the weekends and cutting back on the leisure.  Studying was miserable at times, but focusing on putting in the extra hours to pass the test on the first attempt kept me motivated – better tothoroughly prepare for each section once than put in a half-hearted effort twice.

While the usual suspects – dedication, hard work and sacrifice – played a significant role in helping me pass the CPA exam, I credit much of my success to the support received from friends and family. Having been blessed with a stable support system during this period of uncertainty and pressure made all the difference in the world.  Cultivate your relationships with those closest to you and set expectations prior to undertaking the exam.

Which form of studying (textbook, multiple choice questions, lectures, etc.) was most effective for you and why?

All of the above – I wanted to immerse myself in my studies via a variety of different ways, at least 5-6 days out of the week.  Textbooks and lectures at home, flash cards at work and mp3 audio while exercising or driving – knowledge of test matter was constantly being reinforced no matter where I was or what I was doing.

Which section did you find to be the most difficult? The least difficult?

I found FAR to be the most difficult section.  The sheer amount of material meant I had to put in much more time reviewing previously covered material.  This was the one section that I found impossible to “cram” for – given that every topic required complete understanding before I could proceed.  Going through the material quickly resulted in forgetting earlier chapters, etc. 

I personally found REG to be the easiest, largely due to the fact that I had some exposure to individual and corporate tax work prior to sitting for the exam.

What are you currently doing professionally? Has the CPA license been beneficial for you?

I recently received multiple job offers and am now employed as an analyst for the world’s largest online retailer.  Certification instantly gave my qualifications credibility and made me a stronger candidate.  Having been fortunate enough to be presented with such amazing career opportunities is validation that the hard work was worth it.

Where did you purchase your review course and were you happy with your experience?

I purchased all of my Kaplan materials from Andrew at www.CPAreviewmaterials.com- I always went back to Andrew because of his genuine interest in the success of his clients (never hesitant to provide advice) and discounted prices.

With 80+ hour weeks finally a thing of the past, CPAs everywhere are gearing up to wind down this weekend. From getting a much-needed massage, to jumping right back into CPA Exam studying, find out how your colleagues plan to unwind now that the busy season buzz has piped down.

“Spa day, lunch, shopping and wine with one of my favorite people!” ~Vicki F., Moss Adams

“Smaller scale wins: taking a nap :), cooking and enjoying a good meal!” ~Megan L., Lutron Electronics

“I will take the BEC exam, then, I’m going to VEGAS!” ~Maricar, Julie R Dhingra

“Kiss babies and hug old ladies, booty bootcamp, and Tough Mudder!” ~Eric Yeoman V, CPA, CFE, tys, llp

“Post tax season I know everyone has a lot of household chores, cleaning etc. to catch up on but it is imperative to take a weekend off to relax and recharge the battery.   A nice little weekend getaway is perfect with friends and/or family right after tax season.” ~Brian, Fitzgerald, DePietro & Wojnas

“I’ll be studying for the CPA exam. But, actually, I am just trying to go to as many Giants games as possible!” ~Amanda S, KPMG

“I’m going to Disneyland and Sea World with my family, especially since I know my daughter will enjoy it!” ~Salvador S., DPV&B

“The reward is in knowing that there’s a light at the end of a tunnel. I think I speak for everyone when VACATION, paid or unpaid, is the best rejuvenator after the season ends.” ~Jenny C., BPM

“Post tax season trip to NYC, studying resumes Monday! And, it's not over yet Roger! Those habitual late filers are really killing me…” ~Anjelica Gazzano, Nelson, Vogelheim and Phillips

“Roger – we just have a date to go over accounting for leases.” ~JoMarie C., Delia & Valera

“I just finished my second busy season so I definitely know what it feels like to need relief afterwards! I think a weekend getaway is the perfect way to relax after busy season. Even if all you can afford is an afternoon drive, it feels great to be able to disconnect from the normal grind and to wind down and unplug.” ~ Courtney, Deloitte

Click here to learn more about Roger CPA Review products.

Contributed by Lambers CPA Review

The CPA exam is a test of your overall technical competency, a test to measure judgment and intelligence in the application of accounting principles, auditing standards, and procedures to practical problems, and to evaluate professional ethics. You are being tested on a basic level of knowledge in a broad spectrum of areas.

Your preparation should be geared to obtaining three things:

• A Basic Technical Knowledge in All Areas. The emphasis here is on basics. You don’t need to know all the intricacies involved in any particular subject. What you do need to know are the major issues involved and you need to have a solid understanding of the underlying principles and concepts so you can respond to different types of questions and unfamiliar fact patterns.
• Exam-Taking Skills. You need weapons. You need exam-taking skills and techniques for each subject area. These will allow you to win the maximum amount of points in the shortest amount of time. The only way you can develop your skill is to PRACTICE by working hundreds of exam questions in each topic area so that answering them correctly becomes second nature. Also, don’t forget to demonstrate good writing skills on all essay responses.
• Confidence. When you walk into that exam, you must be confident. This confidence will come as a by-product of the above two elements. To quote a former successful Lambers student, “Study the material,…solve as many multiple-choice questions as your schedule permits. Although this is a very difficult exam, do not get discouraged. If you are prepared...you will pass this exam.”

Strategies for Answering Objective Questions

1) Cover (or do not look) at the answers. They are sometimes misleading and may confuse you before you have worked the question. Covering the answers keeps you from turning one simple question into four true or false questions. Also, in many cases, two or more choices may look plausible (and in fact, both may be technically correct), but you are asked to pick the best answer. For these reasons, it is critical that you cover the answers so you can think and formulate your own response first.

2) Read the last sentence first. Generally, this will tell you the requirements. 

3) Decide on your answer or perform the appropriate calculations if a numerical response is required--still not looking at the answers.

Read the alternatives. If one agrees with yours, select it and move on. If your answer is close, see if it is due to a procedural error. If your answer is totally out of line, reread the requirements and body to see what was missed. If all else fails, try to eliminate any answer choices and make your best guess.

Lambers is a regular contributor to www.cpareviewmaterials.com.  You can learn more about Lambers products here.