From the MSA to the CPA

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>> The university CPA exam is one of
the three requirements that you need

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in order to attain a CPA license.

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>> The first step in the
process is education, the exam,

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and then you need to meet
an experience requirement.

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The exam is the biggest struggle
for most people.

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>> The CPA exam tests specific
knowledge to make sure

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that the accountant candidate
has proper knowledge

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of accounting and ethics to become a CPA.

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>> It's really a chance for you to prove that
you've got a sound fundamental understanding

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of accounting and the numbers side of things.

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>> So, the exam is made up of four parts.

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FAR, REG, BEC, and audit,
which is the worst one.

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I like to forget about that one.

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>> Each section is four hours.

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It has maybe 75 multiple-choice
questions and then task-based simulations.

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>> Once you take the first one, the clocks
starts ticking, so where you got to finish

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in 18 months, otherwise you lose credit for that
exam and have to retake it, which is not fun.

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>> Honestly, it was harder than I ever imagined.

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>> I remember every single time I walked
out of there, I was like, yep, failed it.

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>> I think it's hard if you
are not prepared for it.

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If you are prepared for it, it's doable.

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>> If you study and stick
to a dedicated schedule,

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you will find that you will
pass, and you can succeed.

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>> Find a study technique that works for you,
and make sure you give yourself enough time

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to get comfortable with the material and
be prepared for the content on the exam.

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>> CPA isn't going to study itself.

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>> How do you learn?

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What is the process you have to take?

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Some people have a photographic memory.

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Some people have to keep doing the
exercises to memorize something.

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>> I used Becker, and I would
watch a lecture and take notes,

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and then I would read the
chapter again to review it,

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and then I would kind of mock the exam.

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I would do the multiple choice questions.

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And once I finished all of that, I
would do the task-based simulations.

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>> I am a much more visual
learner, so I would put everything

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in like multi-color pencils and pens.

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I would have different colored flash cards.

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When a question came up about economics, I
knew that it would be on the yellow paper,

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and I would remember the picture from the
yellow paper and like what it had said.

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>> Having structure is very important,

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especially if there is a
lot of material to cover.

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>> To hold myself accountable to my
study schedule, I would tell my family

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and friends exactly what I'm doing.

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And if I told them that I was
studying, they would respect that,

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and I would reward myself as well.

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As long as you say, if I get through
this chapter, I can't watch this TV show,

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I think doing items like that will help.

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>> If the weekend came around, and I didn't
study the amount of hours that I had planned,

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I wasn't going out no matter what the occasion.

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>> Believe in the process and buy like 10,000
flash cards, and just make the pile what works

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and what doesn't work, and when
it doesn't work, write a new one.

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Throw the old one out.

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You know, go for a walk, clear
your head, and rinse and repeat.

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>> I was doing my master's in
taxation when I took the CPA exam.

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I would definitely recommend that approach.

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I think the best is to do the
CPA exam as soon as possible,

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especially when someone is still in school.

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>> I didn't start studying until I
started working, which was a big mistake.

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Definitely get it done when you're
still in school and still in study mode.

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>> I can tell you with complete sincerity
they don't hand that distinction out.

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There is no like BS CPAs out there.

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>> It shows your commitment to the
profession, and if you ever want to advance

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to a higher level of authority,
having a CPA is a great way to do so.

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>> The minute you pass the CPA
exam, you are more valuable

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to your employer or like possible employer.

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>> Be patient.

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You will achieve the goal, but
it's not going to happen overnight.

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>> You have to invest the time.

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It's a big commitment.

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>> There is this Winston Churchill quote that
kind of stuck with me throughout my CPA process.

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Success is not final.

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Failure is not fatal.

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But it is the courage to continue that counts.

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>> You can do it if you're committed.

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>> I've done it.

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You can do it.

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>> You won't regret that decision.

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