Slaying Your CPA Study Dragon

The calendar is filled with chapters, topics and tasks to complete before sitting for the next CPA exam. Realistic daily study goals are set. Now it's time to slay the dragon. It will take dedication, focus and a bit of selfishness to absorb the reading and lectures, practice MCQ and simulations, and achieve success on your next exam. Preparing for the CPA exams is a temporary situation. You can do anything for a few months. You can achieve your study goals, especially if you're prepared!

1. Develop the proper mindset. Set daily study goals and prioritize daily tasks, making study a top priority. Distractions will attempt to undermine you; conquer them with willpower and dedication to goals. CPA prep months are not the time to buy or sell a home, start a family, coach a little league team or take on any extra-curricular projects – these things will wait until after you pass the exams. Become comfortable with saying "No."
2. Take care of yourself during prep months. Exercise to reduce effects of stress and anxiety. Eat a well-balanced diet, keeping snacks handy for study. Get adequate sleep nightly. Brains do amazing things during sleep; during my CPA prep, I often dreamt of the day's problems and worked them out by morning! Meditation, positive affirmations, and visualization techniques help with confidence, stress management, and focus; use every tool at your disposal.
3. Block distractions. CPA exam prep programs make excellent use of computer and online capabilities. Yet, this is a doorway for distractions. Close email, instant messaging, and social media to avoid distractions during study time; these things can wait until break time.
4. Track daily progress. Evaluate yourself weekly to see if goals for time spent and volume of material covered are achieved. If goals are not met, adjust behavior accordingly. Be sure to reward yourself for meeting goals!
5. Use checklists. At the beginning of each chapter, list everything required and check off tasks as completed. I use spreadsheets for setting goals and tracking progress, but a handwritten list works, too. For me, each checkmark at completion represented another step toward passing my exams and was often my favorite reward! I've included my FAR final review goal sheet as an example.
6. Make study and review convenient. Carry flashcards, textbook, handwritten notes, or a laptop (to access lectures and MCQ) at all times. Use every unoccupied moment to review flashcards, practice MCQ, view or review lectures and study. Have a good supply of blank 3 x 5 cards, highlighters, pens, note paper and other supplies ready to make the most of study time.
7. Focus on the positive. CPA preparation has a learning curve. Lectures, MCQ and simulations require more time in the beginning; over time, candidates gain familiarity with format and routine, study progresses and endurance improves. Try not to become discouraged in the early weeks of prep; it will become easier.
8. Focus on small pieces. The CPA exam is often referred to as "a mile wide, but an inch deep" and the volume of material to study can be overwhelming. Remember how to eat an elephant? One bite at a time! Set a timer for 20 minutes and study until it goes off, take a 5 minute break. Repeat until goals for the day are met.
9. Ask family and friends for support and space. Family and friends can be a source of inspiration and support; they might help with children and necessities, or provide reassurance; accept their offers to help. Politely decline requests and invitations, knowing life returns to normal after passing exams.
10. Use your CPA exam support network. As supportive as family can be, unless they've taken the CPA, they don't grasp what you are going through. Social media and CPA exam review websites are offer support from other candidates and those who have passed. My "Tweeps" were of great help to me during study breaks!
11. Use long-term goals to stay focused and committed. Tape a photo of your dream car, a travel brochure, etc. on your fridge as a reminder of long-term goals. I found that seeing my name, followed by "CPA" was very motivating. Picture your future the way you want it to be, taking steps to create that reality.

My friend, Julie, recently said, "Challenge is a dragon with a gift in its mouth. Befriend, tame, or slay the dragon and the gift is yours." At times, my CPA preparation felt like dragon-slaying. However, dragons are what you imagine them to be. Are you fighting a giant, scary beast or taking a ride on a friendly winged creature? Everyone's CPA exam journey is different. Try suggestions that make sense in your life and implement the approach that works best for you. If you have specific questions for me, feel free to ask them here, my question & answer page, or follow me on Twitter.

Best wishes for success on your next CPA exam!

-Donna

This article first appeared at CPA Review Materials on June 7, 2010.