This article was submitted by Summit CPA Group, a Virtual CFO firm that transitioned from a traditional brick-and-mortar office to being fully distributed in 2013.
It’s no secret that the CPA Exam is notably one of the most difficult exams to pass. Historically, the average CPA Exam pass rate for each section ranges between 45-55%. For accounting professionals, becoming a Certified Public Accountant (CPA) is a natural part of their career path in public accounting. There is no better way to establish yourself as professional, or advance your career than becoming CPA.
While the statistics maybe daunting, passing the exam is an achievable goal and an accomplishment to be proud of. You’ll need to stay focused, put in the work studying wisely, set strategies for managing your time, and call on your support network.
Whether you are struggling with getting started, or finding the motivation, here are some tips we gathered from asking three CPA’s at Summit CPA Group how they prepared for the CPA Exam:
Invest in course review classes and study guides
Even if you have taken a prep course in the past, you may want to consider taking one again, especially if it has been a few years since you last looked into taking the exam. Many programs now are available completely online, allowing you to maximum your freedom and flexibility while you prepare. If you are currently employed talk to your manager about continue education opportunities the company may offer. There could be an opportunity where your employer will cover the cost of courses or books: “I took the Becker study course which is expensive, but my employer at the time covered the cost and I took advantage of that opportunity.” Dave Danic, CPA, CGMA
Make the time
Frankly, the CPA exam can become full-time job during those months of studying. “I didn't take any time off work, so my weekends were consumed by studying. I would listen to classical music and study for eight hours straight on the weekend days.” Michelle Lesifko, CPA
Talk to family and friends about your upcoming need for solitude. Ask yourself: What sort of day-to-day tasks might be difficult when I need to study all week long? Can you put some stuff off for a few months? “After working in accounting for three years, I was able to quit my job and focus on studying for six months.” Angie Douglas, CPA
If you think you might have any trouble completing these tasks, take the time now — before you start studying — to figure out how to fix that problem.
Flex your time management muscle
Taking the CPA exam is a marathon, not a sprint. The road getting there is as difficult as you make it out to be—you should treat the exam with respect and give it the
attention it deserves. “I realized the importance of the exam and didn't try to cut corners. I had to recognize how I studied effectively so I could make the most of my study time.” Dave Danic, CPA, CGMA
A very basic exam prep study schedule where setting aside a week to study each topic, including practice questions and leaving time to devote to trouble areas of the exam is a start. “I did a lot of research to figure out what I needed to do. I plotted out when I was going to take the tests and took the test on the area I had the least experience in first, which was audit. I had a game plan.” Angie Douglas, CPA
Seek out advice
You’ll likely know of other accounting professionals—from college or work—who have made the voyage to being a CPA. Everyone retains and absorbs information differently. Ask what books they read, courses they completed, practice test they took. Find out what they did the night before taking the test. At the end of the day, it’s very important that you find the reason or reasons to motivate you to chase those three important letters.
Angie Douglas, CPA advice: “You'll get through it. If you don't pass the first time, you can take it again!”
Dave Danic, CPA, CGMA advice: “Take it seriously. Follow the study guide with how they tell you to do it. They know what works, so if you follow the study guide, take the practice tests, do flashcards, etc., then you're going to succeed. But if you only give it 50% and try to fit it in here and there, it's going to be really hard for you to pass the exam.”
Michelle Lesifko, CPA advice: “Take a course. Set realistic expectations for studying. Put it on your calendar, prioritize that time and don't let other things get in the way.”
About Summit CPA Group
Summit CPA is a fully distributed accounting firm with a non-traditional approach to accounting. Our mission is: Changing the way people think about accounting. We have an amazing team of CPAs and accountants who provide professional Virtual CFO Services and 401(k) Audits for companies all over the United States — many of which are remote companies as well. We fully understand the accounting, bookkeeping, cash flow management, and business tax nuances that come with being distributed, and we love helping our clients overcome these challenges through our own experience and expertise.