Accountancy is often undervalued even though professionals in this field have made major contributions in their way. For instance, did you know that accountants took down crime boss Al Capone? The authorities tried to send him to jail, but they could not tie him to any crime. In 1931, with the help of accountants, the IRS charged him with tax evasion and ended his reign.

Today, we will talk about CPA, a requirement to become a crime-fighting accountant. Or, you can join an organization of your choice and help them manage their finances. We will also discuss what CPA is, its importance, and its requirements. Lastly, we will share some study tips you can use for the exam. Let’s get into it.

What is CPA?

CPA stands for certified public accountant. It is a designation provided to those who pass the CPA exam and become licensed accounting professionals. You receive your CPA license from the Board of Accountancy of your state.

Importance of CPA

Nowadays, the job market is fiercely competitive. It is getting harder and harder for prospects to gain employment.

CPA will give you the much-needed edge and impress potential employers in the field of accounting.

In addition, if you are starting your own business, you will come to know that the designation of CPA allows you to secure more high-paying clients.

CPA Requirements

The minimum academic requirement for earning a CPA is a bachelor’s degree in business administration, accounting, or finance. In addition, you must also pass the CPA exam. Lastly, each state has its CPA requirements and fees. You can visit the link provided to get more information.

Studying Tips for CPA

Tip #1: Create a Study Group

Studying alone is difficult, especially if you do it for long periods. While it is possible to study alone, it will take a lot out of you mentally and leave you exhausted.

Studying with a group helps you stay on track and avoid distractions. You can also motivate each other when you do not feel like studying. In addition, study groups can help you retain 90% of the information you learn.

Tip #2: Study Material Before Class

Cramming information through memorization is not enough. Instead of watching Netflix in your free time, you must proactively study material before class and prepare any questions for class.

In addition, instead of studying a night before an exam, commit to studying a little every day. It will help you retain the information, and you will avoid burnout.

Tip #3: Utilize the CPA Exam Review Course

Anexam review course for CPA will help you a ton. The review courses stay updated on tax laws and any changes to them. They also help your memoryretain topics you learned in previous semesters. Lastly, they provide practice questions and test simulations to help you prepare for the actual exam.

Also, the Association of International Certified Professional Accountants (AICPA) advises aspiring candidates to study the AICPA Blueprints, which were designed by the same team that created the CPA exam. The blueprints provide you with knowledge of how your skills and accounting knowledge get tested. In addition, the AICPA also recommends that you take the sample test to familiarize yourself with the test’s format.

 

Tip #4: Expect and Plan for Setbacks

The CPA exam is difficult. There are chances that you could fail a portion of the test. So, study any sections that are tough for you to remember. This way, you can properly set up additional attempts you need if you have a setback.

Tip #5: Get Help

There is no shame in asking for help when you need it. If you have trouble with your studies, do not wait until you fail to ask for help; instead, ask for it early.

Tip #6: Devote Study Time Outside of Class

Spend at least two hours outside of class to review class material for every one hour you spend in class, recommends Bobby Waldrup, CPA, Ph.D., associate dean at Sellinger School of Business and Management at Loyola University in Baltimore. Additionally, for three-hour classes, devote six hours for review before your next class and “expect to spend a solid 120 hours for each of the four parts of the [CPA] Exam,” he added.

Tip #7: Take it Slow

The accounting industry is constantly changing, and due to this, companies expect CPAs to contribute to complex projects from the get-go. Because of this, Judy Bickel, former college accounting tutor and now editor, proofreader, and tutor at MDS CPA Review in Columbus, Ohio, recommends candidates to take it slow when they study for exams. In addition, she recommends reading the study material first, then writing it down, and finally practicing it.

Tip #8: Stay Focused

When you organize a study session, make sure there are no distractions. If you’re not using the internet, you could put your phone on airplane mode, and you should attempt to keep distractions and temptations like Netflix at bay. Consider timing your study session to make the most out of your productivity using the internet. Some educationists suggest keeping your study session timed for a focused approach. You can take breaks in the middle to relax before going into the next study session.

Tip #9: Take Care of Your Health

Studying for a CPA exam will keep you very busy. Due to this, it might be easy for you to fall into the temptation of fast food as it’s quick, easy, and pleasurable to the palate. But, if you’ve worked hard on your fitness goals, you could easily bypass these temptations by preparing your meals beforehand. In addition, regular exercise keeps your body and mind fresh. Lastly, do not avoid sleep to study. You will not remember any of that material anyway due to sleepiness.

Please do not push your body beyond its limits and decrease your chances of passing the CPA exam.

Tip #10: Manage Your Time

Schedule blocks of time during your day for studying. Managing your time will allow you to prioritize sections you struggle with and ensure that you spend adequate time on everything you need to know for the exam. In addition, this practice will also help you with planning other aspects of your life.

Tip #11: Get a CPA Mentor

Ask for advice and tips from people who have already taken the CPA exam. You can also ask them about study resources that are not outdated and can still help. There are many people out there who would gladly help you, so finding a mentor should be fairly easy, considering how difficult the CPA exam is.

Conclusion

Certified public accountant (CPA) is a designation given to those who have successfully passed the CPA exam. While the CPA exam is hard, utilizing the tips mentioned in this article will help you prepare for it and give you much-needed confidence.