Time Management for CPA Candidates

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1 Time Management for CPA Candidates October 10, 2017 Time Management for CPA Candidates

2 Denise Probert CPA, CGMA Wiley Director of Curriculum, Accounting Test Prep Julie Snow Wiley CPAexcel Product Support Time Management for CPA Candidates 2

3 Webinar Agenda CPA Exam overview Study time management Exam time management Pass THIS Fast: 18-month window Ask the expert! Time Management for CPA Candidates 3

4 CPA Exam Time Management for CPA Candidates 4

5 CPA Exam AUDITING AND ATTESTATION (AUD) 4 HOURS FINANCIAL ACCOUNTING AND REPORTING (FAR) 4 HOURS REGULATION (REG) 4 HOURS BUSINESS ENVIRONMENT AND CONCEPTS (BEC) 4 HOURS Time Management for CPA Candidates 5

6 CPA Exam Exam Weighting: AUD/FAR/REG Multiple-Choice Questions Task-Based Simulations 50% 50% Time Management for CPA Candidates 6

7 CPA Exam Exam Weighting (BEC) Multiple-Choice Questions 15% Task-Based Simulations Written Communications 35% 50% Time Management for CPA Candidates 7

8 CPA Exam Higher-Order Cognitive Skills Skill Levels Evaluation The examination or assessment of problems, and use of judgment to draw conclusions. Analysis The examination and study of the interrelationships of separate areas in order to identify causes and find evidence to support inferences. Application The use or demonstration of knowledge, concepts or techniques. Remembering and understanding The perception and comprehension of the significance of an area utilizing knowledge gained. Time Management for CPA Candidates 8

9 CPA Exam Higher-Order Cognitive Skills Evaluation Analysis AUD Exam Focus Application FAR, REG, BEC Exam Focus Remembering and Understanding Time Management for CPA Candidates 9

10 Exam Prep Time Management Time Management for CPA Candidates 10

11 Study Time How much time do I need to study for each section? Time Management for CPA Candidates 11

12 Study Time Plan to commit your nights and weekends to disciplined and focused studying hours studying, on average, per section OR Two-three dedicated months per section, on average Rounds out to twelve-eighteen months committed to studying and examinations Dream big! Time Management for CPA Candidates 12

13 Study Time Step 1: Apply Step 2: Start studying & simultaneously schedule exam(s) Step 3: Sit for exam Step 4: Repeat steps 2-3 for remaining three sections NOTE: Schedule your exams a few months in advance, at a minimum, to guarantee you a seat in the timeframe you require at your preferred location Time Management for CPA Candidates 13

14 Study Time Use your Wiley CPAexcel exam planner to schedule every day of studying (or day off) until sit date ü Carves out your study time for you ü Keeps you on track with your review materials ü Keeps you accountable Time Management for CPA Candidates 14

15 Study Time Time Management for CPA Candidates 15

16 Study Time Best Practices Utilize an exam planner Set goals, milestones, and rewards Plan ahead and make the most of all potential study time ü Commute/travel time ü Lunch time ü Mornings/evenings ü Workouts ü Waiting room Plan for the unexpected and be agile: Special events or holidays, illness or unexpected time away from studying, blackout month Reflect on how you best concentrate when studying for an exam Music or no music Quiet location or active location At home or away Time Management for CPA Candidates 16

17 Exam Time Management Time Management for CPA Candidates 17

18 Exam Time Management AUDITING AND ATTESTATION (AUD) 2 Multiple Choice Question (MCQ) testlets (36 questions each) 3 Simulation testlets (8 task-based simulations total) FINANCIAL ACCOUNTING AND REPORTING (FAR) 2 MCQ testlets (33 questions each) 3 Simulation testlets (8 task-based simulations total) REGULATION (REG) 2 MCQ testlets (38 questions each) 3 Simulation testlets (8 task-based simulations total) BUSINESS ENVIRONMENT AND CONCEPTS (BEC) 2 MCQ testlets (31 questions each) 2 Simulation testlets (4 task-based simulations total) 1 Written Communication testlets (3 written communication tasks total) 4 HOURS 4 HOURS 4 HOURS 4 HOURS Time Management for CPA Candidates 18

19 Exam Time Management Exam Structure Five testlets Optional break in between each testlet Standardized break only between 3rd and 4th testlet, meaning the clock will stop MCQs MCQs TBSs TBSs TBSs or WCs Time Management for CPA Candidates 19

20 Exam Time Management Multi-stage testing: Multiple choice question testlets Simulation testlets Stronger performance Testlet 1 medium Weaker performance Testlet 2a difficult Testlet 2b medium Testlet 3 Testlet 4 Testlet 5 Time Management for CPA Candidates 20

21 Exam Time Management CPA Exam Time Management Have a time management plan for the exam Multiple-choice questions (MCQs) ü ü Anticipate 1.5 minutes on average per MCQ Leaving approximately 2.5 hours for remaining three testlets Task-based simulations (TBSs) ü ü ü Simple TBS: Anticipate minutes Research TBS: Anticipate 5-10 minutes Enhanced TBS or DRS: Anticipate minutes Written communications (WCs): Anticipate minutes Time Management for CPA Candidates 21

22 Exam Time Management Best Practices Stick to your time management plan Keep an eye on the clock Stay calm and confident throughout Move swiftly Read carefully and completely the examiners have given you enough time to do this ü ü MCQs (commonly overlooked words: not or false or except ) TBS instructions and resources Try to limit your breaks to just the standardized break so you do not lose time If you are stuck, flag and return to question prior to submitting testlet Use the authoritative literature for the research TBSs only Leave nothing blank Time Management for CPA Candidates 22

23 Manage The 18-month Countdown Time Management for CPA Candidates 23

24 Manage The 18-month Countdown Testing Windows TWO Months ON, ONE Month OFF January February March April May June July August September October November December Time Management for CPA Candidates 24

25 Manage The 18-month Countdown Testing Order Suggested Order FAR AUD REG BEC 18 months to pass beginning with your first pass Time Management for CPA Candidates 25

26 Manage The 18-month Countdown Countdown To CPA You can pass this fast ü ü ü Consider score release schedule (2-3 weeks post sit date) Consider study plan (how many months of studying) Consider your 18-month, rolling window countdown (from first passing score) Upon completion of all four sections, consult desired state board for licensure (may require ethics exam as well) FAR AUD REG BEC 18 FROM YOUR FIRST PASSING SCORE, EIGHTEEN MONTHS REMAIN TO PASS THE REMAINING THREE SECTIONS Time Management for CPA Candidates 26

27 Manage The 18-month Countdown Tailored Schedule Sample 14-month study plan: 2017/2018 November: Study December: Study January: SIT February: Study March: Study April: SIT May: Study June: Study July: Study August: SIT September: Study October: Study November: SIT December Time Management for CPA Candidates 27

28 Manage The 18-month Countdown Next Steps Next steps: ü Tailor a 12-month exam plan for you today ü ü ü Then, research and apply for the exams Finally, obtain a CPA review package and start studying! The sooner you start the sooner you are a CPA Time Management for CPA Candidates 28

29 Manage The 18-month Countdown Resources NASBA: Prometric: AICPA score release: AICPA sample test: Free six-month access to professional literature: Wiley CPA excel: Time Management for CPA Candidates 29

30 Manage The 18-month Countdown Exam day checklist to success Apply for and schedule exam Set up a study plan Learn, review, practice, perfect Allocate your exam time beforehand and stick with it on exam day Get plenty of rest the night before exam Eat a healthy meal before taking exam Get in a zone and block out distractions Be confident Read carefully Relax Be optimistic Overcome fatigue and frustrations Breathe Recollect your thoughts Do not dwell on any one question too long Answer every question to the best of your ability Limit your use of the authoritative literature database Reflect: Use each exam experience and apply it to future exams Celebrate Time Management for CPA Candidates 30

31 Manage The 18-month Countdown 75 Passing Score Time Management for CPA Candidates 31

32 Raffle Time Management for CPA Candidates 32

33 Questions & Answers Time Management for CPA Candidates 33

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