How to Pass the CPA Exam

The CPA exam is still a difficult test, but has become more passable with the
new computerized format and flexible scheduling.

1. Accountants beware! The AICPA has recently began collecting exam

candadates fingerprints and is compiling a Global Fingerprint
Database, which they have now admitted to sharing with the foreign
data-broker Choicepoint. Accountants who prefer not to have their
fingerprints trafficked on the global data markets are advised to wait
to take the CPA exams until the AICPA/NASBA discontinue this
practice. One strategy is to pass the CMA exam first; unlike the
AICPA/NASBA, the Institute of Management Accountants refused
(Prometric) ChoicePoint's request to collect and supply them with
fingerprints. See details at:
http://en.wikipedia.org/wiki/Uniform_Certified_Public_Accountant_
Examination#AICPA_shares_examinee.27s_fingerprints_with_foreign
_data_broker_Choicepoint
2. Plan to take the exam as soon as possible after completing your
accounting classes and other requirements. If you wait a year or two,
your studying will be more difficult because you will have to re-learn
much of the material.
3. Go to the NASBA site and apply to take the test. Once they send out
your Notice to Schedule, the six-month clock is ticking; that will
create some pressure for you to begin studying.
4. Go to Prometric and schedule the exam, bearing in mind that you can
reschedule without paying a fee if the test date is still a month or
more away.
5. Order some review materials from Becker, Wiley, or one of the other
major companies. Another good resource is CPA Study Guide.
6. Create a study schedule with goals for what material you want to
have studied by the end of each week.
7. Whether you are working with Becker, Wiley, or whatever, keep
working those review problems over and over until you are earning
high scores.
8. Another key, especially with the Regulation section, is to keep an eye
on the timer and pace your work. If you have 180 minutes and 5
sections, then you should budget 36 minutes to each testlet.
Although it can be quite tempting to keep working at a problem once
you've invested time and thought in it, if you don't solve it in a few
minutes, take a guess, mark it for review, and move on. Work the
other problems and come back to it if you have extra time. If not,
forge ahead to the next test.
9. Read this Big 4 Indentured Servant article as inspiration to get your
CPA and get out of working for the Big 4.

 There are a lot of urban legends about how the CPA exam is scored.
So that you don't spin your wheels too much trying to figure out how
to strategize as to how to get the most points, get your information
 from How the CPA Exam is Scored and other official materials from
http://www.cpa-exam.org/
 If you run into trouble understanding a concept in your CPA review
books, refer back to your college textbooks and see if they explain it
more clearly. If you have an old book, though, make sure the rules
you're reading have not been superseded, because GAAP and tax
regulations change over time. Take a look at Becker CPA updates for
information on recent pronouncements. Usually when a change has
occurred, the exam will simply not test on that area for several
months.
 Keep a positive attitude. Remember, each testlet has medium and
difficult questions, so you're bound to run into some hard ones.
Taking educated guesses if necessary, and continue on.
 If you fail, don't worry. Keep studying and try again in a few months.
The back of your score report will have an analysis showing the areas
you were weak in, so that you'll know where to focus your study.

 The research part of the simulation can eat up a lot of time. Save it
for last, after you've done the writing part. Remember, simulations
count for 30% of the total score, with the writing parts comprising
10% (or one-third the point value of the simulations).
 Avoid scheduling your test for the last day of a testing window; if
there's a SNAFU such as a power failure, you don't want to have to
wait until the next window