Embarking on the journey to conquer the CPA Exam is no small feat. The process is lengthy, and if not approached strategically, it can become quite costly. As revealed by AICPA data, the 2019 CPA Exam pass rates indicate that the highest cumulative pass rates for any section barely breach the 60% mark.
So, what is the passing score for the CPA Exam? Achieving success requires a minimum score of at least 75 on each section. However, this is not a straightforward percentage but rather a weighted scoring scale dependent on the specific section of the exam. Additional information on how the CPA Exam is scored can be found on the AICPA website.
In the pursuit of CPA Exam success, understanding the challenges ahead is crucial. At Vishal, we are committed to equipping candidates with the tools and tips needed for triumph on test day. Let's delve into the five major challenges aspirants may face and explore effective strategies to overcome them.
Roadblocks to Passing the CPA Exam
1. Eligibility Requirements
Understanding how to navigate the CPA Exam journey begins with ensuring eligibility. Before diving into the study materials, candidates must confirm their eligibility to sit for the exam. The AICPA and local boards of accountancy have specific requirements that candidates must fulfill before sitting for the exam. Eligibility can be a challenge due to varying complexities in state-specific requirements.
For example, the state of New York has three distinct sets of rules based on the completion timing of pre-licensure education. Two of these rule sets necessitate the completion of a state-approved review program before sitting for the CPA Exam. Conversely, Michigan mandates a specific number of accounting courses for exam eligibility, irrespective of when these courses were completed.
How to Overcome It: Candidates should meticulously check if they meet their state's requirements before proceeding. Creating a checklist based on these requirements and double-checking their completion ensures a smooth initiation of the CPA Exam journey. State-specific CPA Exam requirements can be accessed on the official board of accountancy website.
2. The Time Commitment
Is there a shortcut to swiftly conquer the CPA Exam? Not exactly. Once committed to the CPA Exam, candidates must acknowledge the substantial time commitment involved. Completing the exam takes a total of 16 hours if each section is passed on the first attempt. However, this does not account for the hundreds of hours required for studying within the 18-month exam testing window, presenting a significant challenge for candidates juggling full-time work with exam preparation.
How to Overcome It: The Vishal Bundle, now with Unlimited Access, offers Adapt2U Learning Technology, providing a recommended study path to optimize study time. This technology includes performance reports that track development, highlighting areas that need strengthening. Familiarizing oneself with the 2019 CPA Exam schedule listed on the AICPA website and strategically planning the order of exam sections further enhances time management.
3. The Study Material
The vast amount of information required for the CPA Exam contributes to its reputation as one of the most challenging exams. The complexity of the material, coupled with voluminous information and stringent passing requirements, makes thorough preparation crucial. Investing in a high-quality CPA Exam Review becomes instrumental in bridging the gap between success and failure.
How to Overcome It: While there might not be a single guide on how to pass the CPA Exam, various study tools can aid in preparing for challenging concepts and strengthening weak areas. Vishal's materials are designed to prepare candidates for even the toughest questions. Task-Based Simulations are vital, and SkillMaster videos guide candidates through these questions step-by-step, akin to having a personal CPA coach.
4. The Exam Itself
Contrary to popular belief, exam questions are not the sole challenge. The CPA Exam poses other hurdles such as lack of complete preparation, improper time management on exam day, and discomfort with the computer-based exam environment.
How to Overcome It: Vishal CPA Exam Review is tailored to address each of these exam pitfalls head-on. Study materials, sample problems, task-based simulations, and Mock Exams mirror the exam format. Two types of Mock Exams are offered in each section, providing candidates with a more authentic experience and boosting exam-day confidence. Vishal offers additional perks, including flashcards and final exam reviews, contributing to a well-rounded preparation strategy.
5. The Aftermath
Passing the CPA Exam does not signify the end of the CPA journey. State boards of accountancy often have ongoing requirements for maintaining CPA accreditation, creating annual obligations for licensed CPAs.
How to Overcome It: Candidates should review their state board of accountancy's requirements for license maintenance and set reminders for compliance. Vishal, as a continuing member of the candidate's journey, offers Continuing Professional Education courses to support ongoing licensing requirements. Staying connected with Vishal and fellow CPAs through social media fosters a supportive community for post-exam endeavors.
The CPA Exam poses multifaceted challenges, but a strategic and well-informed approach can pave the way for success. While there isn't a one-size-fits-all method for passing the CPA Exam, thorough preparation in terms of prerequisites, motivation, and study materials significantly impacts success. Vishal remains a steadfast companion throughout the journey, ready to assist candidates in overcoming challenges and achieving success in the CPA Exam.