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.

Donna, on one of your previous discussions, you have indicated that you took three sections all in November. I am curious to know how you allocated your time to study. Could you please elaborate on this a little more? Thank you.

I was 9 credits short of the 150-hour requirement when I began preparing for the CPA exams, which is the reason for my scheduling pile-up. In mid-July, I enrolled in a for-credit CPA prep course through Lakeland College http://lakeland.edu/cpa.asp, which included Becker’s full courses and final review product. I completed the full courses for REG, FAR and BEC prior to November (when I became eligible to sit). I began my final review for REG in mid-October and sat for it Tuesday, November 3rd. I took one day off to “decompress” then began final review for BEC, which I took on Tuesday, November 17th. One more sanity day off, then completed the AUD course and final review and sat for AUD on Saturday, November 28th.
If this sounds like a crazy schedule, it was. Other facets of my life were put on hold while I buried myself in studying throughout November. (Thank heaven for the wonderful mother & mother-in-law who sent home-cooked turkey & all the sides to me on Thanksgiving Day!) I also took a long and well-earned break during December to recuperate and catch up with my life. This is not a schedule for everyone; however, if you are highly motivated and want to pass your CPA exams under strict time constraints, it can be done!
-Donna

Hey Donna...Can you please let me tell me how much time should i dedicate for Final Review and i am doing final review do i need to revise the entire textbook again??

Schedule about 14 days for each final review. This is not the time to learn new material, but to review the topics you have already learned. Browse through the entire textbook, making notes of key areas, mnemonics, formulas, charts, etc. (I used note cards and mind mapping for this). If you are using a final review product, such as Becker's, begin there and refer back to full textbook for more in-depth topic information & details.
While increased exposure promotes familiarity with material, memorization is required to be successful on the exams. During your final review, use your note cards every day, as often as possible. Each time you flip through a pack, remove the cards you have memorized and spend more time with those you don’t. Schedule and simulate at least 2 complete practice exams before your test date to build up stamina and endurance. Last 48 hours before your exam, MEMORIZE anything you don’t already know, manage stress and anxiety and see yourself being successful on that exam! Best of luck to you!
- Donna

Guest Blog: Passing the CPA exam is not about intelligence...

I'm happy to introduce my guest blogger today, Aparna Sathi. She recently passed all CPA exam sections on the first try. She shares her approach and tips to help you pass the CPA exam.

It was a sweet coincidence when on the very day I was reading my journal from last year; Donna asked me if I could write something about my experience with studying and passing CPA.

My journey started last summer after I quit my job as an audit associate to move to a different state so I could stay with my husband. Considering the tanking economy and the fact that I absolutely loved my job, it was one of the hardest decisions for me. But on the plus side, I knew that this would give me a chance to pay full and undivided attention to passing the exam.

Simulations… without Anxiety

Lately, I've received several questions about simulations and understand the anxiety they can create. Here is my method for simulation prep and my exam day strategy. I hope you find it helpful as you prepare for your next CPA exam.

SIMULATION INFO AND PREP

Under the current format, three sections of the CPA exam contain simulations (condensed case studies) and constructed response (writing sample), presented together in testlets, but graded independently.

The simulation portions are worth 20% of your exam score, while the constructed responses are worth 10%.

A maximum of 70 points are possible from the MCQs and candidates must earn points on the simulations and written responses in order to pass. Many students become anxious about these testlets, but this can be overcome with adequate preparation and strategy.

The specific topic on your exam will be anyone's guess, so be sure to follow the content guidelines for the exam you're taking. Anything you study for the multiple choice portions is fair game for a simulation or written response. The instructor for your prep course may indicate specific topics where a simulation is more or less likely, but candidates should be prepared for anything.

Simulations come in many formats: matching, fill-in-the-blank, categorizing, research - you name it!

Work as many practice simulations as possible, using your CPA Review prep software to become familiar with different format possibilities. If you know how to search with Google, you can handle the research tab. Focus your efforts on finding the magic keywords.

Do the simulation testlets included in your practice exams during your final review. It is important to know how much time YOU need to be successful in these sections before sitting for your next Exam section.

The constructed response requires specific preparation. Practice creating written responses within a 10-15 minute time limit, using proper business writing techniques and formats.

Practice in the same way you will be required to perform in the exam (don't look up answers or submit an outline).

Read the information provided by the AICPA for requirements and scoring specifics here.

DONNA'S EXAM DAY STRATEGY:

1. Begin by reading the written communications tab. Start thinking about your response and jotting down notes and details on the scratch paper provided.

2. Read the situation and directions for the remaining tabs. Check the resource tab for additional information. There may be facts in these tabs that you need to know or will be helpful for your constructed response.

3. Carefully read the constructed response instructions; do what is asked; STAY ON TOPIC!

4. According to cpa-exam.org: "Written communication responses are scored on the basis of three criteria: (1) organization (structure, ordering of ideas, linking of ideas one to another); (2) development (presentation of supporting evidence); and (3) expression (use of standard business English). Responses that do not address the assigned topic are not scored." Note that responses are not scored for accuracy of information. Simply put: if you do not know the answer, use information you do know about the topic to intelligently respond, focus on your writing skills to meet the 3 criteria and move on.

5. Some candidates use the research tab to find information for use in the written portion. This could be a huge waste of valuable exam minutes and should only be attempted if your memory hasn't been triggered in the other tabs and you draw a complete blank on the topic.

6. Exam functionality allows candidates to split the simulation screen between 2 tabs, not the same tab; this limitation may require scrolling up and down to refer to directions and respond - use your scratch paper for notes to simplify the process.

7. Watch your timer! Target 10-15 minutes to write and proofread your written response. Finish the written portion first to secure 10 solid points before working the remaining tabs.

8. Work the remaining tabs, beginning with those you are most confident with; read the instructions carefully and enter your answers carefully.

9. Use the functional tools (calculator, spreadsheet) if you need them.

10. During the CPA exam, you do not lose points for incorrect responses, but you don't receive points for items left unanswered. Fill in an answer for every blank!

11. If you find yourself running out of time, use your last minute or two to make sure you have filled in as many answers as possible (even if this means guessing).

Practice this approach during your final review and make adjustments to your personal strategy as you see fit.

Consider the fact that an outstanding performance on MCQ will relieve some pressure from performance on simulations.

If you have specific questions for me, feel free to ask them here, visit my personal blog, my formspring.me page, or follow me on Twitter.

Best wishes for success on your next CPA exam!

This article was also published on Another 71 - The CPA Exam Community May, 2010.

Mind Maps by Ernest Tucker

With deepest appreciation, I'm happy to introduce Ernest Tucker as my guest writer today. Ernie's article introduces and explains the learning and memory technique of Mind Maps and how it benefits candidates preparing for CPA exams.

Mind Map example for CPA exam from CPAtwits.com

Mind maps are excellent at summarizing a lot of information into one place. By using connecting branches, colors, graphics and key words it can increase your memory. A single picture or word can increase your memory and increase your score on your exam. By just having a picture or word in your memory it can help you remember 5 or 6 important points.

Researchers Mastroieri and Scruggs have eight guidelines for improving memorization:

Donna, Please tell us which material you used & how to prepare for regulation -Jen

I used Becker materials (Online & CD-ROM course, Pass Master, flashcards, and Final Review product) to prepare for each section of the exam. This sounds like a lot, but they all work together. Becker’s online course is a duplication of their CD-ROM course (without simulations and practice exams) but allows access to materials anywhere you can access the internet.

How to use the materials for success: