focus on cpa exam

Your CPA

Journey

As many of you know, the CPA Exam is actually a series of four exams. If you’re currently taking the exams for certification or planning to do so soon, it’s critical to have a plan for

By Victoria all four exams and a vision Thayer, CPA, to get you through. I’ve

MSA completed my journey to CPA certification in the past year, and I’d like to share with you some recommendations and tips for staying motivated and passing all four parts of the CPA Exam.

Define your purpose and set some goals

Before you start your journey, find your purpose. Your purpose is what drives you each morning to wake up even when you are tired. Finding your purpose involves finding a way you can use your talents to add value to others. It requires knowing your weaknesses and strengths and understanding what is important to you. Ask yourself: How do I want to contribute to my community? What do I want to achieve in 5 years or 10 years? Once you answer those questions, you should visualize your goals as if you already achieved them. For me, it helps to have my goals visible, to see them every morning and remind myself why I need to get up early and chase after my dreams. I made a vision board to help me see all my goals and hung it up in my bedroom. Once you find your purpose, the answer to “Why do you want to get your CPA?” will be easy to answer, and your “why” will be stronger than your excuses or your circumstances. Each person’s journey is different, but we all need a map to follow. When we sit in a car, we cannot expect the GPS to take us where we want to go without entering a destination. Your career journey is the same way.

Create an action plan

After you have your “GPS” set to the direction in which you want to go, you need to create an action plan that will get you there. As Judy Faulkner, the founder of Epic Systems Corp. in Verona says, “Hope is not a plan, and soon is not a time.” Prepare for your exams with a clear plan that includes an exam timeline, number of chapters you need to cover per week and number of hours assigned to study each week. Keep to your schedule; but if you fall behind one week, it’s OK — just make the right adjustments to get back on track the next week. It can be challenging to study long hours and not go out with friends or do other recreational activities, but you must weigh how important each activity is to your long-term goals. Our results are the consequences of our daily actions! Your action plan should involve the following:

1. Setting a timeline for your journey

This step involves planning around life events, busy times of the year and vacations to estimate when you will take each exam and when you will finish. In my case, I decided to take all four exams within seven months. I work full time in public accounting, and I wanted to finish before the next tax season. At my firm, we work longer hours in the spring, so I needed to remain focused on work during this time and didn’t have as much time to study. I decided to start exams

SET A TIMELINE DECIDE THE ORDER PLAN YOUR STUDY HOURS

CHOOSE A STUDY METHOD GET COMFORTABLE WITH THE TEST

in May, and I finished my last exam in

November. That gave me some extra time in case I needed to repeat an exam. I gave myself six weeks for each exam (except for FAR, for which I gave myself two months). I believe that short time periods allowed me to have everything fresh in my head.

2. Deciding the order of your exams

For me, the order was AUD, REG, BEC and FAR.

I recommend starting with the subject that you are the most familiar with because that first passed exam will give you the momentum and the right attitude to tackle the rest of the exams. I knew that based on statistics, FAR was the most challenging exam, but I also knew that once I had three exams completed, I would be so close to the end that I wouldn’t let my last exam stop me.

3. Planning your study hours

How many hours per day can you study during the week? How many hours can you commit to on the weekends? I studied five hours a day from Monday to Friday and 10 hours a day on the weekends. If you have fewer hours to

contribute, consider extending the length of time between exams or waking up an hour earlier each morning.

4. Choosing a study method

Do some self-search, and be honest with yourself about what study method will work for you. Some people are more visual; others prefer to do problems. In my case, I prefer to read the textbook carefully and highlight all the details. I used a popular online package that included practice problems, lectures and a book. I mostly used the book; I did some practice problems, and I listened to the lectures only while I was driving.

Do some self-search, and be honest with “ yourself about what study method will work for you.”

5. Getting comfortable with the test

The best way to get comfortable is by doing the practice exams. I would suggest doing two practice exams two weeks before your exam. Even if you feel like you are not ready to take them, take them! Use the experience as a learning tool, and do not feel defeated if you do not do well. A practice exam is an opportunity to see what material you struggle with, and you can work those chapters that you struggled with more heavily into your review. I always left my third (and final) practice exam for the weekend before my exam so I was in the rhythm of the exam. After I had completed and reviewed the results of my last practice exam, I would rest in the days leading up to the exam to make sure I was getting a full night’s sleep every night, with some brief high-level review each morning to keep the material fresh in my mind.

6. Being calm and ready on test day!

Be comfortable with the test center and the required documents to bring to your exam.

You’ll need to bring your ID and your Notice to Schedule (NTS — which you’ll receive after you’ve registered to take the exam). Just make sure it is the right NTS for your current exam.

What happened to me is that I brought the wrong one — twice — because I was nervous.

You’ll need to plan to best manage your time while you are taking the exam. Take note of when you are finishing each section during your practice exams, and at the end, assign yourself a set amount of time per section. Make sure you understand how the clock works and how the breaks are assigned so you leave enough time at the end for the simulations.

Set your mind to success

Finally, have the right mindset and beliefs before your exam. In the Bible, Matthew explains that with faith you can move mountains! Believe that you will pass the exam, and create a mindset for success. It’s not a matter of if you pass but a matter of when. Don’t doubt yourself. Steve Allen, the author of The 10 Secrets of the Art of Success,* explains how the mind can limit our achievements. He explains that

BE CALM AND READY

Our minds can set the results for our performance “ — believe in yourself, and trust in your work and effort. You can and you will pass the CPA Exam!”

for years athletes did not believe it was possible to run a mile in under four minutes. Once someone finally achieved the four-minute mile, within a year several others achieved it, too. It was not until one person did it that the other runners were able to believe that they could do it, too. Our minds can set the results for our performance — believe in yourself, and trust in your work and effort. You can and you will pass the CPA Exam!

Victoria Thayer, CPA, MSA, is a senior accountant at Verhelst CPA in Oregon, Wisconsin. She has more than three years’ experience in tax accounting and two years’ experience in auditing. Contact her at vthayer@verhelstcpa.com.

* This book is available only in Spanish: https://www.amazon.com/Éxitosuperación-personal-libros-cualquier/dp/1544804520