Alright, little future CPAs, most of you are probably still recovering from the holiday weekend and if you're lucky enough to have a job, reluctantly dragging yourselves back to the grind which sometimes means studying for the CPA exam. Taking the summer to study? Good for you! We've got some tips for keeping on track when the weather is nice and the work is light.
Don't overdo it!
If you just graduated and aren't starting at a firm until the fall, you might be one of those candidates who decides to take all four CPA exam sections in one testing window. That's all well and good but let's be realistic: your degree may not post to your transcripts until August and even then you've still got to wait for your state board to process your application. Find out how long the process takes in your state and plan accordingly! If you've been approved to sit for the exam and have a few months to study, we humbly suggest taking on no more than two sections per testing window. It's a lot easier to study when you aren't working but trust us, it's a lot easier to pass exams when you've got the time to concentrate on each section and cramming all four into one window can sometimes put a damper on that process. So slow it down, killer!
Make time for fun
Listen, no one said you have to give up your life to pass the exam and it might be a good idea to retain your sanity through the process so by all means, get out and enjoy yourself in moderation. Once you've created a solid study plan by accounting for each hour of each day and planning study time in between, you can afford to pencil in "fun" here and there to keep yourself motivated. Moderation is key, you don't want to be puzzling out variance analysis while nursing a hangover so save the big bashes for when you pass.
Remember you only have two testing windows left until the CPA exam changes in 2011
Amazing how motivated you can become when you remind yourself that if you don't get FAR out of the way this year, you'll be forced to identify differences between GAAP and IFRS. As you know, you learned one of these in school and the other is a big fat unknown not just to many accounting students in America but many of our CPAs as well. If you've been putting off the exam or half-assing it for the last several testing windows, now is the time to stop and get serious about your goal. It isn't getting any easier and it isn't going to pass itself.