[Editor's Note: this article is in reference to the old paper-based exam, not the computer-based exam that is now in use.]

It is imperative that the candidate approach the exam with a positive attitude about his/her prospects for passing. It is the approach to passing the exam that is more important than a candidate's academic record. The average student who works hard can pass the CPA exam.

Select the Right Preparation Approach
How you review is ultimately something that you will have to decide for yourself based upon an honest self-appraisal of your strengths and weaknesses.

Preparation is a two-phase process. Phase one consists of building a solid academic foundation during one's college years; phase two is the formal review program that one undergoes immediately prior to the examination.

Make a Commitment
Like most things of value in life, becoming a professional by passing a rigorous licensing examination is a matter of wanting it badly enough to undergo a review program that will extend over a period of months and that will require all of the self-discipline, maturity, and commitment that one can muster.

Steps to Successful Review

• Step 1 - Apply to sit for the exam.
  Secure the necessary forms, etc., from the National Association of State Boards of Accountancy and/or your local State Education Department. Complete and return them as instructed.
• Be particularly careful in adhering to filing deadlines.
• Step 2 - Self-appraisal.
  Take stock of yourself, your academic preparation, as well as your work habits and other strengths and weaknesses.
• Step 3 - Decide what kind of review program to undertake.
  Your options range from self-designed self-study to a formal proprietary review course. Selecting the right option is a matter of making an honest self-appraisal and deciding which approach is most likely to produce the result you desire.
• Step 4 - Arrange your life to accommodate the necessities of review.
  You must plan on setting aside a minimum of two to three hours per day for either classroom attendance and/or self-study.
• Step 5 - Take the plunge.
  After you have evaluated your strengths and weaknesses, after you have decided what kind of review program to undertake, and after you have arranged your life to allow for review time, go to it! Procrastination is the thief of time, and time is the candidate's scarcest resource.
• Step 6 - Maintain momentum.
  As you might expect, it is not easy to sustain an intense, often tedious effort over a long period of time. If you remember that self-discipline and motivation characterize successful candidates, you will not lose the momentum you have established.
• Step 7 - Final readiness review.
  Ideally, you should complete the entire review program at least four or five days before the exam begins. At that point you can undertake a relatively leisurely final readiness review, which will round out your overall effort.

Your Review Program
As previously noted, phase two of the preparation process is the formal review program undertaken before the examination. It should be a formal review in terms of having a well thought-out sequence of study that takes into account the relative coverage each topic receives on the CPA exam. It follows that, given the scope of the CPA exam, such a program can only be completed over a period of months.

One of the first decisions you face after deciding to sit for the exam is what type of review program to follow. There are basically two ways to go:

1.		enrollment in a formal proprietary review course and
2.		self-designed self-study.

The Propriety Review Course
A high-quality proprietary review course makes use of the talents and backgrounds of its staff in developing a professionally designed, experience-tested program of study.

In deciding whether or not to take such a course, the key thought should be "what price is success?" Keep in mind that success on the CPA exam comes from studying the right things in the right way, not from grinding though hour upon hour of inefficient review. The bottom line is passing not, cost per hour, not pages of material, not "giveaways" or "gimmicks," or any other falsely presumed measure of quality.

Choose your review course carefully!

Certain features distinguish a superior review course. It should have an established track record of successful candidates. Whether it is a "residence" course or a "home-study" course, it must be flexible enough to accommodate the individual needs of its students. Provision for convenient make-up opportunities should be available (for those candidates who are forced to miss an occasional class because of professional or personal obligations).

Instructional materials should be streamlined yet comprehensive. They should contain cogent summaries, which illuminate core information and maximize retention, as well as past question-and-answer material that trains candidates to write passing answers to future questions.

By enlisting the aid of professional "coaches," you are efficiently and professionally guided through the task of deciding what to study, how to study, when to study, and what to use for study materials. You invest, in other words, in a packaged program that has worked for others and should work for you. You need only to supply the requisite background and desire. If the course in which you have enrolled is effective, you have immediately increased your chance of passing if you do your share of the work involved. It is no secret that candidates who take such review courses will do better on the exam than those who do not.

The Self-Designed Self-Study Program
The alternative to a formal proprietary review course is a self-designed self-study program.

The biggest advantage of a self-designed self-study program is that it is cheap, at least in terms of initial out-of-pocket costs. Such a program is usually built around relevant text books, professional pronouncements, AICPA Unofficial Questions and Answers, etc. It might also include one of the numerous review manuals, which attempt to capture all of the necessary information a candidate needs within the confines of 2,000 or so pages.

Obviously, there is also the use of computer software to consider. Most proprietary courses include such software as a supplemental study aid.

The biggest disadvantage of a self-designed self-study program is that you may unwittingly become your own worst enemy. You may fail to get an accurate picture of examination form and content. You may fail to be objective about your strengths and weaknesses. In the end, what looked to be the cheapest, easiest way turns out to be the most costly. The exam will have to be repeated, salary increases that follow exam successes will have to be foregone, and additional review costs will have to be incurred. Even worse, you must face the depressing prospect of having to repeat the review process all over again. A self-designed self-study review program can work, but it requires an uncommon degree of insight, confidence, and self-discipline.

Original Source Material
Another self-study method for the CPA exam, of course, is to use the source publications embodying the knowledge tested by the exam. Such an approach presupposes that (1) you have unhampered access to those publications and (2) you have the necessary knowledge to select the right information for review.

After considering the cost of the numerous publications required, and the long hours of solitary review ahead, the average, sensible candidate is likely to opt for a more efficient, less burdensome approach.

Developing Examsmanship
One of the things a quality review course does best is to teach "examsmanship." "Examsmanship" can be defined as skillful test-taking; i.e., the ability to deal effectively with a test situation and the demands of a particular test. Certain "examsmanship" skills are almost universal, while others relate only to particular examinations. On the CPA exam, "examsmanship" consists of five elements:

1.		Familiarity with exam format.
2.		Anticipating exam content.
3.		Dealing with the unexpected.
4.		Budgeting time.
5.		Working efficiently.

To become a successful candidate, it is not enough to know just the subject matter. You must also know how that material will be tested. You must be familiar with the format of the exam. The best way to develop a comfortable familiarity with exam format is through practice with past questions. Only then will you know what to expect.

The same type of assurance should exist when you contemplate the general content of the exam. As is the case with exam format, an ability to anticipate exam content distinguishes the successful candidates from the unsuccessful.

As with many situations in life, however, there will usually be one or two surprises in each of the examination sections: a topic appearing for the first time, a topic reappearing after an absence, etc. The successful candidate will be able to deal with such surprises without being caught off guard.

Under such circumstances the successful candidate remains cool and does not allow his/her concentration to be interrupted, or his/her confidence to be shaken. Indeed, that is the essence of "examsmanship," the ability to deal with the pressures of the examination experience.

Time-Saving Techniques Are Essential
A CPA candidate's biggest challenge, both before and during the CPA exam, is to use his/her time well. During the review period, procrastination will be your undoing. During the exam, an inability to establish a time budget for each question and stick to it at all costs will almost guarantee a return trip to the next exam.

One of the best ways to develop time-management skills is through practice with past questions. Such questions should be answered under simulated exam conditions. At the least, this means spending no more time with the question than would be available on the exam itself. With practice, and by learning practical test tactics, you will be able to compose a point-winning answer within the time allotted.

Efficient use of time is a cornerstone of overall efficient work habits. You must consciously learn systematic question-answering techniques which, when combined with your knowledge of content, enable you to get the job done.

In Conclusion
The CPA exam is a very passable exam but only for those who have made a commitment and have done their homework. A candidate who is well prepared, both in terms of content review and "examsmanship," should have no difficulty working within the time parameters of each question.

Becoming a CPA is within the grasp of the average accounting graduate. The CPA exam requires commitment, study skills, test-taking skills, and attributes of character. Successful candidates are prepared, confident, self-disciplined, and motivated.