By Nick Shaqfeh

The CPA Exam is a rigorous test of not only your accounting knowledge, but also your diligence and time management skills. I graduated from Penn State in May 2023 with a B.S. in Accounting, and in the months following graduation I studied for and passed the four sections of the CPA Exam. In this blog I want to share with you, with the benefit of hindsight, the study methods and resources that helped me to succeed. Everybody is different and the study methods that worked for me may not be your style, but with dedication, an open mind, and a gallon-jug-sized coffee mug, you will be well on your way to becoming a CPA.

Exam Structure

Before you start studying, it is important to know what you are studying for! The CPA Exam consists of four exams, three exams are standard for everyone, and the fourth exam is your choice of one of three subdisciplines. The three core portions are Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR), and Regulation (REG). The subdiscipline exams are Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), and Tax Compliance and Planning (TCP).

The structure of the exam changed at the beginning of 2024, so my fourth exam was called Business Environment and Concepts (BEC), which was replaced with the subdiscipline exam choices at the start of the year. I will avoid discussing specific material related to each exam since the exam structure has changed since I was a candidate, but the study methods I used which I do discuss apply universally to all sections of the exam.

To pass each exam, candidates must score a 75 or above. It is important to remember that a score of 75 does not mean that you need to correctly answer 75% of the questions. The AICPA does not publish how the exams are scored, but from my understanding a passing score is considerably lower than 75%. Each exam contains two types of questions: multiple choice and task-based simulations.

Exam Planning

Many CPA candidates purchase a CPA Exam review course. Examples of popular review course providers include Becker Professional Education, Wiley CPAexcel, and Ninja CPA Review. An exam review course offers practice multiple choice and task-based simulations, as well as video lectures, review books, and a personalized study plan. Some employers will cover the cost of a CPA Exam review course for their employees, so make sure to check with your employer before you purchase a course. I purchased the Becker CPA review course and was fully reimbursed by my employer, EY. I only used the Becker course and have since found it to be an accurate representation of each exam. The content and structure of both the practice multiple choice and task-based simulations were nearly identical to what I saw on exam day. Becker provides three complete practice exams for each section, and it would be wise to take advantage of the practice exams. Looking back, treating each practice exam as if it was the real exam gave me a lot of confidence on exam day. When I took my seat in the testing center to take the real exam, I felt prepared for a fourth repetition of an exam I had successfully completed before.

Develop a Study Schedule

Establishing a study schedule is where CPA Exam prep gets personal. It goes without saying that you are a better judge of your ideal study methods than I am, but do not be afraid to think outside of the box and try something new. Each CPA Exam contains more material than any one college course, so strategies that worked for midterms and final exams may not work on the CPA Exam. I treated each exam as a six-week process. I spent the first three weeks going through lectures, taking notes in the online textbook, and completing multiple choice questions related to each lecture. At the start of the fourth week, I would take a full practice exam. I never felt prepared to take this practice exam, but I was usually pleasantly surprised with the result. It was important for me to identify the topics that I knew well and the topics that needed more attention before I was in a cramming study mode. I spent the rest of the fourth week reviewing weaknesses from the first practice exam. The fifth and sixth weeks followed a similar format to the fourth week, though with more hours and cramming. Listening to the lectures takes up a lot of time, so I forced them into my schedule. I listened while I worked out; I listened while I mowed the lawn; I listened whenever I had nothing else to listen to. After each lecture I tried to complete most if not all the practice multiple choice associated with the lecture. When I found weaknesses, I reviewed the textbook and took notes to fill the gaps in my knowledge.

As I progressed through the exams, I started writing down the mistakes I made on practice multiple-choice questions and would read back the question and correct answer, including the logic behind the answer. I started recording myself talking through these mistakes and would listen to these recordings as if they were lectures. Later in the process, I followed the same blueprint after I completed practice exams. Soon enough I had hours of my own recordings focused solely on the topics that I needed to reinforce. I know, roll your eyes: “Some people just love to hear themselves talk!” But really, this method was new to me, and I found it to be useful in preventing repeat mistakes. On exam day the recordings would come back to me, and I was able to recall a surprising number of specific phrases that I used in the recordings.

My Exam Mindset

You likely will not be 100% confident on most exam questions, but trust that your preparation and study methods have put you in a position to succeed. Treat each question as an individual challenge. Do not cloud your mind thinking about questions you have already answered. Answer each question then move on to the next. You will have an opportunity to go back and review before you move to the next section of the exam. I encourage you to flip back through the questions and review your answers at the end of each section, but avoid the trap of second guessing your answers! Interpret each question literally, and select the correct answer to the best of your ability.

The Waiting Game

After each exam, you will likely have to wait a few weeks (or even months) to get your score. Exam scores are released quarterly, and the wait to see if you passed or failed is painful. I wanted to avoid dwelling on my pending exam score, and always turned my attention to the next exam the Monday after I sat for a section.

Keep the faith that your preparation was enough to succeed, but remember that many candidates do not pass the exam on their first try. Do not be discouraged by a disappointing score, instead use it as a sign to adjust your preparation. With the right approach you will conquer each section of the CPA Exam and take a major step forward in your accounting career.

Nick Shaqfeh is on the transaction diligence staff at EY in Philadelphia, Pa. He can be reached at NicholasShaqfeh@gmail.com.

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^{Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of the PICPA's officers or members. The information contained herein does not constitute accounting, legal, or professional advice. For actionable advice, you must engage or consult with a qualified professional.}