6 CPA Exam Study Tips

Many candidates feel intimidated by the CPA Exam — this uncertainty may even deter some students from the CPA license itself. However, the Exam is something any qualified candidate can tackle with the right preparation.

One of the reasons the CPA Exam can seem daunting is because there is so much material — the breadth of coverage can feel overwhelming. However, all the topics are manageable; they are topics candidates previously learned in school. With time and practice, these topics can be mastered, and perfection is not expected — after all, you only need a 75% to pass (although you can certainly aim for a higher score!).

Much of the route to successfully passing the CPA Exam is a mental game. How will you stay on track and stay motivated? Here are some ideas.

1. Carve Out the Time

Carve out realistic blocks of time where you can study with a clear mind. Let’s say you estimate 100 hours to study for Financial Accounting and Reporting (FAR). Can you delay your start date for work so you have a few months to truly focus? Or, if you are working, will you have downtime at work where your employer will allow you to study? Or perhaps you will primarily study on Saturdays and Sundays when you are rested and have free time (hey, it’s not forever!). Time is the biggest element in your success.

2. Create a Detailed Schedule and Hold Yourself Accountable

Create a schedule and stick with it. Having a plan will help you feel organized and stay on track. The plan alone is progress! Map out which topics you will cover each day, each week, etc. Expect that you may sometimes fall behind — then build in breaks to get caught up and allow for bad days or times where you may need to revisit a topic that gave you trouble. Allow yourself some grace.

3. Take Advantage of Available Resources

In addition to a review course of your choice, look for various low-cost or free resources. A few ideas include the following:

• The National Association of State Boards of Accountancy (NASBA) website has many useful resources, such as the Candidate Guide
• NASBA also has a new app — take a look here
• The AICPA’s “This Way to CPA” website has many valuable resources
• And of course, the MTCPA website student page is always extremely helpful 

4. Find Some Cheerleaders

If you are the type of person who studies well with others, find a group and support each other. Or if you prefer to study alone, do that. Even if you don’t have friends who are studying for the CPA Exam like you are, surround yourself with people who will cheer you on. Your person could be a family member, friend or professional mentor.

5. Set Both Small and Large Goals

Set smaller goals to help yourself feel accomplished, such as reading or studying for at least 30 minutes each night. These smaller goals will feel more attainable. Larger goals are also important for your long-term success. For example, plan to finish a cer­tain section by a particular date. And then reward yourself when you do (see below).

6. Reward Yourself

Build in rewards so that you have something to look forward to. For smaller accomplishments, treat yourself to a small snack, a short walk or anything else that motivates you. For larger accomplishments, give yourself a bigger reward — make it fun, you have earned it!

Overall, the CPA Exam can feel very intimidating. But you can go in confidently with a plan. You can do this; don’t accept no for an answer!

Sarah L. O’Rourke, CPA, is an assistant professor of professional practice in the Department of Accounting & Information Systems at Rutgers Business School-New Brunswick. She is a member of the NJCPA and can be reached at slilley@business.rutgers.edu.