Time Management for CPA Candidates - Wiley EL · Time Management for CPA Candidates Time Management for CPA Candidates October 10, 2017. Time Management for CPA Candidates 2 Denise

Time Management for CPA Candidates

Time Management forCPA CandidatesOctober 10, 2017

Time Management for CPA Candidates 2

Denise ProbertCPA, CGMAWiley Director of Curriculum,Accounting Test Prep

Julie SnowWiley CPAexcel Product Support


• CPA Exam overview

• Study time management

• Exam time management

• Pass THIS Fast: 18-month window

• Ask the expert!

Webinar Agenda


CPA Exam


CPA Exam

AUDITING AND ATTESTATION (AUD) 4HOURS

FINANCIAL ACCOUNTING AND REPORTING (FAR) 4HOURS

REGULATION (REG) 4HOURS

BUSINESS ENVIRONMENT AND CONCEPTS (BEC) 4HOURS


Exam Weighting: AUD/FAR/REGMultiple-Choice Questions

Task-Based Simulations

CPA Exam

50%

50%


Exam Weighting (BEC)Multiple-Choice Questions

Task-Based Simulations

Written Communications

CPA Exam

50%

35%

15%


Higher-Order Cognitive SkillsCPA Exam

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.


Higher-Order Cognitive SkillsCPA Exam

Evaluation

Analysis

Application

Remembering and Understanding

AUD Exam Focus

FAR, REG, BEC Exam Focus


Exam Prep Time Management


• How much time do I needto study for each section?

Study Time


• Plan to commit your nights and weekends to disciplined and focused studying

• 100-125 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!

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

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 youü Keeps you on track with your review

materialsü Keeps you accountable

Study Time


Study Time


Study Time

• Utilize an exam planner

• Set goals, milestones, and rewards

• Plan ahead and make the most of all potential study time

Best Practices• 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

ü Commute/travel time

ü Lunch time

ü Mornings/evenings

ü Workouts

ü Waiting room


Exam TimeManagement


Exam Time Management

AUDITING AND ATTESTATION (AUD)• 2 Multiple Choice Question (MCQ) testlets (36 questions each)• 3 Simulation testlets (8 task-based simulations total)

4HOURS

FINANCIAL ACCOUNTING AND REPORTING (FAR)• 2 MCQ testlets (33 questions each)• 3 Simulation testlets (8 task-based simulations total)

4HOURS

REGULATION (REG)• 2 MCQ testlets (38 questions each)• 3 Simulation testlets (8 task-based simulations total)

4HOURS

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)

4HOURS



Five testlets• Optional break in

between each testlet

• Standardized break only between 3rd and 4th testlet, meaning the clock will stop

Exam Structure

MCQsMCQs

TBSsTBSs

TBSs or WCs



Multi-stage testing:

Testlet 1medium

Testlet 2adifficult

Testlet 2bmedium

Testlet 3 Testlet 4 Testlet 5

Stronger performance

Weaker performance

Multiple choice question testlets Simulation testlets



CPA Exam Time Management

• Written communications (WCs): Anticipate 15-20 minutes

• Have a time management plan for the exam

• Multiple-choice questions (MCQs)

ü Anticipate 1.5 minutes on average per MCQ

ü Leaving approximately 2.5 hours for remaining three testlets

• Task-based simulations (TBSs)

ü Simple TBS: Anticipate 10-15 minutes

ü Research TBS: Anticipate 5-10 minutes

ü Enhanced TBS or DRS: Anticipate 20-40 minutes



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 MCQs (commonly overlooked words: “not” or “false” or “except”)ü 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


Manage The18-month Countdown


Testing WindowsManage The 18-month Countdown

TWO Months ON, ONE Month OFF

January February March

April May June

July August September

October November December


Testing OrderManage The 18-month Countdown

REGFAR BECAUD

Suggested Order

18 months to pass beginning with your first pass


Manage The 18-month Countdown

Countdown To CPA• You can pass this fast

• Upon completion of all four sections, consult desired state board for licensure (may require ethics exam as well)

ü Consider score release schedule (2-3 weeks post sit date)

ü Consider study plan (how many months of studying)

ü Consider your 18-month, rolling window countdown (from first

passing score)

FAR

AUD

REG

BEC

FROM YOUR FIRST PASSING SCORE, EIGHTEEN MONTHS REMAIN TO PASS THE REMAINING THREE SECTIONS

18


Tailored ScheduleManage The 18-month Countdown

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



Next Steps• Next steps:

ü Tailor a 12-month exam plan for you – today

ü Then, research and apply for the exams

ü Finally, obtain a CPA review package and start studying!

ü The sooner you start the sooner you are a CPA



ResourcesNASBA: https://nasba.org/exams/cpaexam/

Prometric: https://www.prometric.com/en-us/clients/cpa/Pages/landing.aspx

AICPA score release:http://www.aicpa.org/BecomeACPA/CPAExam/PsychometricsandScoring/ScoringInformation/Pages/FAQ2011ScoreRelease.aspx

AICPA sample test: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/TutorialandSampleTest/Pages/default.aspx

Free six-month access to professional literature: http://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/HowToPrepare/Pages/literature.aspx

Wiley CPA excel: https://www.efficientlearning.com/cpa/



Exam day checklist to success q Apply for and schedule examq Set up a study planq Learn, review, practice, perfectq Allocate your exam time beforehand and

stick with it on exam dayq Get plenty of rest the night before examq Eat a healthy meal before taking examq Get in a zone and block out distractions q Be confidentq Read carefullyq Relax

q Be optimistic q Overcome fatigue and frustrationsq Breatheq Recollect your thoughtsq Do not dwell on any one question too longq Answer every question to the best of your

abilityq Limit your use of the authoritative

literature databaseq Reflect: Use each exam experience and

apply it to future examsq Celebrate



75Passing Score


Raffle


Questions & Answers

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Time Management for CPA Candidates - Wiley EL · Time Management for CPA Candidates Time Management for CPA Candidates October 10, 2017. Time Management for CPA Candidates 2 Denise