When it Comes to the CPA Exam, You Need a Plan!

When preparing for the CPA exam, without a solid foundation and a legitimate and well-thought-out plan, you're almost guaranteed to fail. As Roger always says, the CPA exam is a test of discipline and in order to succeed, you're going to have to overcome procrastination, poor planning, and the temptation of outside distractions.

In her book "You Can Pass the CPA Exam: Get Motivated", Debra Hopkins shares a story of a CPA candidate who left her CPA review class early because she wanted to watch her favorite baseball team play in the World Series. The candidate said that she chose watching baseball over CPA review because she thought her team was going to lose and she didn't want to miss the last game of the year.

It is these sorts of mixed-up priorities that stand in the way of you and your goal of CPA licensure.

The first step to planning your study strategy should be a solid schedule. If you are taking a Live CPA Review course, part of the work is done for you as you know when you need to be in class and on which days. If you've chosen a self-study CPA Review course or have chosen to study on your own, it's even more critical for you to schedule out study time throughout the week so you don't get distracted or veer too far off your path.

Plan out your entire week, from waking up in the morning to going to sleep at night and all the studying you will do in between. It may seem overwhelming if you're working 50-60+ hours per week during tax season but if you've created a plan for yourself, you'll get a better picture of where study times can fit into your life.

Naturally, some activities will have to be sacrificed. Hopefully you have supportive friends and family to help you through the process and who understand that while you're focused on passing the CPA exam, they may get very little of your time. You may have also lucked out by having a supportive manager or set of partners who appreciate your drive as an unlicensed accountant to further your career goals. But even if you don't have either of these in your life, it does not have to be a hindrance to your plan. Just remember that you may have to give up softball, volunteer work, trips to the bar with friends, etc - although you're making large sacrifices in your personal life for now, this is but a temporary condition and there will be plenty of time to celebrate once you pass the CPA exam!

Lunch hours are a perfect example of fitting in study time where seemingly none exists. Some firms even encourage unlicensed staff to use downtime to study for the CPA exam. If you cannot fit in a full hour-long lecture, you can easily pop in your simulation software and get through a few sets of multiple choice questions.

Remember that it goes back to how the brain learns; if you slowly build your knowledge base over time instead of trying to cram everything in at once, you will have a stronger and clearer picture of the concept you are trying to learn. Which will come in handy when that bit on bonds that stumped you for weeks pops up at the test center!

Talk to your friends and family and ask for their support through this process. Let them know that you may not be available for parties or half-hour phone conversations but you haven't forgotten about them. You have to remember that the CPA exam is a very unique animal that is unfamiliar to just about everyone outside of accounting; those close to you may have no idea just how difficult it is.

Whatever you do, do not put this off! You'll regret it in the long run. Be true to yourself and your goals; after all, you're the one who decided to pursue CPA licensure so do yourself a favor and stick to your plan.

The most important thing to remember is that even the best plans sometimes fail; there are things out of your control that may prove to be an obstacle but always keep your goal in sight. If you're honest with yourself about your strengths and weaknesses, you can adjust your plan with your particular obstacle in mind and continue on.

You can do this!

If you are a CPA exam candidate struggling to put together a study schedule, find a study buddy to motivate you or feel free to send us a note or leave us a comment so we can help you put one together.