Scope and Demand for CPA

CPA is a uniform Certified Public Accountant examination to become a licensed accountant. The CPA examination format is the same in all the states. However, its requirements may differ according to jurisdiction.

A CPA examination covers four sections:

• Financial Accounting and Reporting (FAR)
• Regulation (REG)
• Auditing and Taxation (AUD)
• Business Environment and Concepts (BEC)

Around 50% of candidates pass the exam according to the sections. The difficulty in each section progresses; however, that’s no reason to fret as we’ve provided a few tips to help you pass your examination.

CPA’s earn more than the average, have more career stability, and are respected in the accounting field. The certification gives you more credibility and increases your skill demand in the finance sector. Once licensed in 49 out of 50 US states, you can work anywhere in the world.

CPAs can protect their jobs during an economic downturn because their degree trains them to handle economic and financial crises. Firms may lay off less-skilled workers but keep the CPA’s to offer them financial advice and plans during a downturn.

If you are competent as a CPA and have knowledge of global financial regulations and rules, you can work for MNCs on a global scale. This means that wherever in the world you go, your degree and skill have demand and value.

Tips

According to Wiley CPA Exam Review, you must know how the exam is scored. This exam review helps you better prepare for the exam and increases your passing sections. The exam score is between 0 and 99, while the passing score is 75. This score is not in percentage; this exam is difficult to pass.

Let us look at some useful tips to help you pass each exam section.

Take a Practice CPA Test

Taking a practice CPA test helps you analyze where you stand and understand the exam questions. Focusing on answering questions can save you from spending hours on the material you might not require. Do not take a very old CPA test that may be outdated; instead, consider taking the latest test.

CPA Exam Review Course

The exam review courses help you stay updated on the most important topics, such as updated taxation and business laws. These questions and updated simulations keep you ahead in the exam techniques refreshing your memory on topics you studied during your first or second year.

The AICPA team recommends going through its blueprints. The same team formulates the exam questions. It provides an overview of how the exam will contest your skills and knowledge. It also has sample tests and questions that you can expect on your CPA exam.

Find Your CPA Mentor

Another way of improving your chances of acing this test is by looking for someone who can help guide you through the CPA exam. The CPA mentor can be a professor or a fellow CPA student who has already appeared for the exam. Asking them what kind of questions they got on their exam and how they tackled it. A targeted approach to answering questions is also a strategy.

Even with all the knowledge in the books, to pass one of the toughest examinations, you’ll want to find someone who can take you under their wing. Some study groups also have multiple mentors, where one mentor may offer you guidance on how to study, while the other may teach you techniques and strategies.

Time Management

To manage study time well, study coaches suggest students devote two hours for every hour they spend inside the classroom. If you attended a two-hour class, spend four hours studying outside it. Ideally, for a well-focused study session, devote about 120 hours to studying each section.

Group Study

Find other serious CPA candidates and organize study groups. Schedule a time and place each week convenient for all members. Your peers can help you identify where you lag. You can also exchange concepts with each other. You can teach the group or a peer a concept they struggle with while clear. Similarly, they can guide you on how to tackle a section smartly.

Alternatively, you can correspond in groups on WhatsApp or Facebook. You can join the Wiley study group on Facebook. The group is updated with tips from instructions and peers regarding exam changes. However, it would help if you were associated with Wiley to join.

Be Strategic

When devising a study plan, do not just memorize and cram. Be smart about it. Initially, focus your energy on strengthening your weak areas. If taxation is your weak area, focus more on it. Seek help from your peers or instructors. Work on practice questions on taxation as it will strengthen your concept.

Next, focus on exam-specific questions. Your exam guide and your instructors will tell you what questions to expect. Focus on how to tackle it.

Moreover, do not miss your classes. One long missed session can cost you. Try to make up for it as soon as possible. Also, keep up with each class that you do attend. Do not skip a single chapter when you are studying. You can be selective based on chapter importance later.

Conclusion

CPA examination may be one of the toughest exams that you will take. At the same time, it makes you a credible and resourceful accountant in any economic situation. Once you are licensed in all the states of the US, you can work anywhere in the world. The CPA grants you career security, higher-earning, high regard in the accounting industry, and flexibility.

Staying focused during your preparation for the CPA exam will benefit you. Practice past CPA tests. This will help you know what questions to expect on the exam. Go over your CPA exam review course. It will help you familiarize yourself with old concepts. Additionally, it will help you polish updated core concepts, along with simulations to guide you through the exam process.

It is always a good idea to find a CPA mentor to help you prepare better for the exam. You can go to them for any guidance and not underestimate the importance of time management. Set fixed dedicated hours aside for keeping up with each class. Do not miss any class. Make up for it as soon as you can. Join study groups. Your peers can help you identify and polish your weak areas.

Be strategic and focused in your preparation. Do not memorize. Clear your concepts with understanding. Do not miss a single chapter. Cover everything. Then focus your energy on exam-specific questions. If you lag in an area, cover it up by solving its exam questions. It should help clear out any ambiguities.

These tips will help you study better for your CPA examination. You may not have enough time, despite dedicating hours to its preparation. However, follow these tips and stay dedicated to passing the exam in the first go.