CPA Exam Success3 steps to sitting the CPA exam: Register Study & Prepare This and www.5 hours 3 Multiple choice question testlets (30 questions per testlet) – 100% Covers knowledge of general business environment and business concepts that candidates need to know in order to understand the underlying business reasons for and accounting implications of business transactions. Important Information Ensure to obtain a copy of the Candidate Bulletin from the National Association of State Boards of Accountancy (NASBA) website1. and the skills needed to apply that knowledge in performing financial statement audit and attestation engagements and other functions normally performed by CPAs that affect the public interest.3. Also see the Bermuda Code of Conduct Supplement section 5. 2 simulation testlets – 30% Covers knowledge of auditing procedures.5 hours 3 Multiple choice question testlets (30 questions per testlet) – 70%.4.org are key resources for all detailed questions you may have. 2 simulation testlets – 30% Covers knowledge of federal taxation.com. 2 . comments and suggestions can be sent to your CPA Co-ordinator at xxx@bm. It is advised that you also communicate your study plan to your counselor and managers and/or seniors who you will be working closely with.cpa-exam.3 for details of entitled study leave and support provided by the firm. Business Environment & Concepts – 2. and the skills needed to apply that knowledge. 7238 and Wesley Trott ext.6.Sit Exam Background The Uniform CPA Examination is a 14 hour exam with four sections: Auditing & Attestation . ext. Regulation – 3 hours 3 Multiple choice question testlets (24 questions per testlet) – 70%. The CPA Co-ordinators are Wolete Lottimore. Any further questions. and business law. ethics. not-for-profit organizations and governmental entities. Before registering and receiving support from the firm you must gain a thorough understanding of the exam process and submit a detailed study plan to HR for review (See Appendix A for example study plans).pwc. 2 simulation testlets – 30% Covers knowledge of accounting principles generally accepted in the United States (GAAP) for business enterprises. auditing standards generally accepted in the United States (GAAS) and other standards related to attest engagements and the skills needed to apply that knowledge. 7265 (TO BE CONFIRMED). and the skills needed to apply that knowledge. Financial Accounting & Reporting – 4 hours 3 Multiple choice question testlets (30 questions per testlet) – 70%. Your study plan should include a broad outline of your study schedule and your intended exam dates. professional and legal responsibilities. The following registration information is applicable to registering in New Hampshire. Processing of your application will begin once all required information has been received. 1. equivalent to a Bachelors. you are required to log onto the Prometrics web site4 and/or call to schedule your exam. Prometric sites are located in most metropolitan areas. • Prometrics delivers the examination to candidates through more than 300 testing centers in the United States and U. Of this a minimum of 24 credits must be in business and 12 must be in accounting earned either within the bachelor’s degree or outside the bachelor’s degree from a recognized university or college. If you have earned academic credit outside the U.S. Candidates should obtain evaluation request forms directly from the evaluating services. You must complete an initial application. Important: The name on your application must appear exactly the same as it appears on the 2 pieces of identification you plan to take to the testing center. 3 . you must have your credentials evaluated by any member organization of the National Association of Credential Evaluation Services (NACES)3.Register There are currently 55 Boards of Accountancy and each board may have different requirements in order to be applicable to register to sit the CPA examination.S. Once a NTS has been issued. Along with a completed application form the following are required: • Both an application and an examination fee • 2 x 2 photograph • Official transcript from each institution at which original credit towards the educational requirement was earned. territories. The main reason applicants register with New Hampshire is because the requirement of 150 credit hours (equivalent to a Masters) has not yet been implemented thus only 120 credit hours. is required. Evaluations may be submitted by candidates to CPA Examination Services. 3. Once application is approved NASBA will issue a Notice to Schedule (NTS) (See Appendix B) by the method of notification indicated on the application.. 4. The CPA exam is offered the first two months of each calendar quarter. No appointments can be made fewer than five days in advance of the desired test date and candidates requiring special testing accommodations must schedule at least 10 days in advance. up to six days a week. which can be found on NASBA’s website. Allow 8 weeks for complete processing of the initial application. CPA Examination Services does not evaluate foreign transcripts. Important: Ensure your exam appointment confirmation is accurate. Each State Board can establish its own policy on the time frame in which a candidate must pass all four parts of the exam. the candidate has 6 months from the date of the NTS to schedule and take the examination sections applied for. This period is 18 months for New Hampshire registered candidates. 2. • Upon receipt of your NTS. The following months of testing are known as “testing windows”. The majority of PwC students register with the New Hampshire Board of Accountancy2. Candidates must have their Notices to Schedule available when making test appointments. January and February April and May July and August October and November Candidates can sit for one or more parts of the exam during a test period but may not take a specific part of the exam more than once during that same test period. Ensure your hotel is near the test center or you have reliable transportation. Reserve your hotel room and arrange payment with HR.3.3) 4 .6. (The CPA exam budget template can be found attached in the Bermuda Code of Conduct Supplement section 5. For any subsequent exam attempts submit a new study plan and a CPA exam budget to HR.Once registered you may book your air travel with Watlington Conyers Travel and let them know you are with PwC. also request a copy of you invoice and intinery to be forwarded to HR. Important: Becker CD-ROMs expire one year after activation. Also see Jane Knight in Learning and Development for access to the firm’s library of BISK material.. with the flexibility to study completely on your own timetable. Include in your schedule events. activities with friends. Time Management – Budget your daily study time and ensure to adhere to your schedule. Communicate your study obligations to your counselor.e. phone etc. CD-ROM Classes . Becker CDs provide the same expert instruction as their live and online classes. lecture videos and quizzes. T. Development of a Plan – Prepare your required study plan amended to your situation and schedule. Schedule in work and recreational activities. This material includes comprehensive text books. how to apply the knowledge and address the difference between merely knowing the material and knowing how to use the material. This will aid in preparing you for the exams and ensuring you adhere to your study plan. • • • • 5 . You can attend live sessions or order the self-study CDs. Becker offers an intensive final review which is a last minute pre-exam workshop. Attributes of Exam Success6 • • Positive Mental Attitude – Preparation for the CPA exam is a long. homework. but want to participate anywhere there’s Internet access.Online classes are ideal for people who appreciate the structure of a weekly class. Becker also sells flashcards which includes 950 ready-made cards with questions on the front and brief answers on the back. Adherence to the Plan – Stick to the plan in order to ensure you get through all the material and complete your comprehensive final review. Knowledge – Having a superficial understanding of accounting facts isn't good enough to pass the CPA exam. Make sacrifices to ensure you spend adequate time studying i. obligations. Have a broad plan of how you will spend your examination time. intense process and a positive mental attitude is required to succeed. Arrange payment of your review course with HR. Examination Strategies – Be familiar with the format of the exam and know exactly what to expect when you enter the exam.Study whenever and wherever you want. managers and seniors you are working with. You must know the material likely to be tested. Periodic quizzes shall be administered by Jane Knight according to your submitted study plan.You get the most instructor and peer interaction in live classes and also receive the benefit of class discussion. This program offers three course formats: Live Classes . live classes may be your best choice. and simulation review. Online Classes . Students who are self-disciplined and prefer to work alone will appreciate the CD format.Study and Prepare The majority of PwC students have enrolled in the Becker CPA Review program5. Ensure to incorporate enough time to complete a comprehensive final review before the exam (see Appendix A for example study plans). Personal guidance from your online instructor and class discussion threads are great ways to interact and get support.V. If you tend to procrastinate. family and work. Reviews are also a good time to attempt homework questions you answered incorrectly. This will ensure you are effectively learning all the material while preventing you from feeling overwhelmed. • A Good Study Place You need a good study place in order to study effectively and efficiently. Your study place should: • Be available to you whenever you need it. • Contain a large enough desk or table and a comfortable chair.V.• Examination Grading – Knowing the grading procedures will help you maximize the number of points you receive on the exam i.. 6 . Additional Tips on Tackling the Becker Review Material • • • • Begin studying consistently from day one of your prepared study plan and stick to your prepared schedule. Review previous chapters and sections frequently throughout study. This will also prevent you from putting too much focus on topics which are not heavily tested. Remember you can never study too much. Be familiar with the Examination Content Specification7 included in exam preparation material and focus on more heavily weighted topics as they are more likely to be included on simulations. This will ensure you are getting through the material in a timely manner. the communication portion of the simulations is worth 10%. T. It is easier to review previous sections as you go along rather then attempting a first time comprehensive review of the whole text after completing all the material. (A couch or bed is NOT a good study place) • Have enough light and a comfortable temperature. phone. Ensure to become familiar with the format of the example simulations. video games.e. Approach the material piecemeal. completing each section before moving on to the next. Review text and attempt all homework questions after each section.e. • Be free from interruptions and distractions i. Stay relaxed during the exam. Answer all questions regardless if you know the answer or not. Look for two answer choices that are opposites. Eat a light and nutritious meal before the test. One of these two answer choices is likely to be correct. Do not choose “all of the above” if even just one of the other answer choices is not correct. Maintain a positive attitude as you study. 2. Follow a plan for taking the exam. This will help you narrow down the correct answer choice. You will not be permitted to take the exam without your NTS. Look for hints about the correct answer choice in other items on the test. 7. 10. Plan to arrive at the test site early and arrange transportation ahead of time. An answer choice that contains such language is usually correct. during.Sit Exam Important: You must take your NTS to the test center. 4. Overcoming Test Anxiety8 You have to know the material to do well on the exam. Here are some things you can do before. Choose “all of the above” if you are certain all other answer choices in the item are correct. ensure to attempt these. This will help you focus on the information most needed to identify the correct answer choice. Think of the test as an opportunity to show how much you have learned. Eliminate answer choices you are certain are not correct. Take the time that you need to do your best. Do not change your initial answer unless you are sure another answer choice is correct. 5. and after your exams to reduce your test anxiety. Focus on important words in the item.” 5. You have to control test anxiety to show what you know. Choose “none of the above” if you are certain all other answer choices in the item are incorrect. 3. Ensure to read all the instructions included on your NTS. Get enough sleep the night before the test. 4. 9. Stay with your plan! 6. The correct answer choice may be part of another item on the test. Stay away from junk foods. It is just as likely for the last answer choice to be correct as the first. 8. deep breaths can help. More often than not. The communication portion of the simulations is worth 10%. Guidelines to Correctly Answer Multiple-choice Questions 1. 11. Think about doing well. Don’t panic even if you find the test difficult. 2. 3. not failing. Taking slow. This mastery will help you to approach the exam with confidence rather than have excessive anxiety. 1. Don’t worry about other students and if they pass or fail. Focus on positive self-statements such as “I can do this. Look for answer choices that contain language used in your study material and homework questions. 7. Go into the test well rested and well fed. There is nothing more you can do until you receive your results. Do not choose “none of the above” if even just one of the other answer choices is correct. your first choice is correct. 7 . 6. forget about it temporarily. Once you finish the exam. Use good study techniques to gain cognitive mastery of the material that will be covered on the exam. Read all the answer choices before selecting one. and is composed of testlets at the moderate level of difficulty only. and uniform acts in the window beginning one year after their adoption by a simple majority of the jurisdictions. In this case. both the old and new pronouncements may be tested until the old pronouncement is superseded. At the present time. 8 . • A multistage adaptive test delivery model is used for Auditing and Attestation (AUD).Additional Information about the CPA Exam • Accounting and auditing pronouncements are eligible to be tested on the Uniform CPA Examination in the testing window beginning six months after a pronouncement's effective date.cpa-exam. Financial Accounting and Reporting (FAR).at the same or slightly more difficult level are then chosen automatically based on the examinee's performance on the previous testlet. This means that the first testlet presented to the candidate is at a level of moderate difficulty. and REG do not follow the adaptive model. The simulations presented in FAR.org. Additional exam facts can also be found on this site. the Internal Revenue Code and federal tax regulations in effect six months before the beginning of the current window may be tested.9 Important: If using the Becker Review course check their website regularly for updates to the study material. For all other subjects covered in the Regulation (REG) and Business Environment and Concepts (BEC) sections. materials eligible to be tested include federal laws in the window beginning six months after their effective date. and Regulation (REG) multiple-choice testlets. For the federal taxation area. When early application is permitted. AUD. Business Environment and Concepts (BEC) does not follow the adaptive model. unless early application is permitted. the new pronouncement is eligible to be tested in the window beginning six months after the issuance date. They are not selected on the basis of prior performance. Take the exam tutorial and sample test at www. Subsequent testlets . Each chapter’s lectures. Each lecture has assigned homework questions. in total.5 hours to 4 hours. Financial Accounting and Reporting Example Study Plan Sunday Week 1 Chapter 1 Session 1 Chapter 2 Session 2 Chapter 3 Session 3 Chapter 4 Review Chapter 6 Session 1 Chapter 7 Session 2 Chapter 8 Session 3 Chapter 9 Review Monday Chapter 1 Session 2 Chapter 2 Session 3 Chapter 3 Review Chapter 5 Session 1 Chapter 6 Session 2 Chapter 7 Session 3 Chapter 8 Review Catch-up or review Tuesday Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or review Wednesday Chapter 1 Session 3 Chapter 2 Review Chapter 4 Session 1 Chapter 5 Session 2 Chapter 6 Session 3 Chapter 7 Review Chapter 9 Session 1 Catch-up or review Thursday Chapter 1 Review Chapter 3 Session 1 Chapter 4 Session 2 Chapter 5 Session 3 Chapter 6 Review Chapter 8 Session 1 Chapter 9 Session 2 Catch-up or review Friday Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or review Saturday Chapter 2 Session 1 Chapter 3 Session 2 Chapter 4 Session 3 Chapter 5 Review Chapter 7 Session 1 Chapter 8 Session 2 Chapter 9 Session 3 Catch-up or review Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 9 . review of the material covered and attempting all assigned homework applicable to that lecture. thus each chapter can be divided into 3 sessions. Each student is strongly urged to plan and implement a study plan that works best for them and fits their learning style. Each session review shall also consist of a review the material in the chapter. In total each session’s lecture and review shall be 2 to 3 hours. Example Study Plans While Working Full-time The following study plans are based on these guidelines: • • • • • Each Becker Review Course chapter is broken up into several sections and individual lectures. range from 2.Appendix A – Example Study Plans Important: The following are suggested guidelines and examples of study plans. revising incorrect homework questions and review of the chapter’s simulation examples. Each session shall consist of 1 to 2 hours of lecture. Environment & Concepts Example Study Plan Sunday Chapter 1 Monday Chapter 1 Session 2 Tuesday Catch-up or break Wednesday Chapter 1 Session 3 Thursday Chapter 1 Review Friday Catch-up or break Saturday Chapter 2 Session 1 Week 1 Session 1 Chapter 2 Chapter 2 Session 3 Week 2 Session 2 Catch-up or break Chapter 2 Review Chapter 3 Session 1 Catch-up or break Chapter 3 Session 2 Chapter 3 Chapter 3 Review Week 3 Session 3 Catch-up or break Chapter 4 Session 1 Chapter 4 Session 2 Catch-up or break Chapter 4 Session 3 Chapter 4 Chapter 5 Session 1 Week 4 Review Catch-up or break Chapter 5 Session 2 Chapter 5 Session 3 Catch-up or break Chapter 5 Review Regulation Example Study Plan Sunday Week 1 Chapter 1 Session 1 Chapter 2 Session 2 Chapter 3 Session 3 Chapter 4 Review Chapter 6 Session 1 Chapter 7 Session 2 Monday Chapter 1 Session 2 Chapter 2 Session 3 Chapter 3 Review Chapter 5 Session 1 Chapter 6 Session 2 Chapter 7 Session 3 Tuesday Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or review Wednesday Chapter 1 Session 3 Chapter 2 Review Chapter 4 Session 1 Chapter 5 Session 2 Chapter 6 Session 3 Catch-up or review Thursday Chapter 1 Review Chapter 3 Session 1 Chapter 4 Session 2 Chapter 5 Session 3 Chapter 6 Review Catch-up or review Friday Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or break Catch-up or review Saturday Chapter 2 Session 1 Chapter 3 Session 2 Chapter 4 Session 3 Chapter 5 Review Chapter 7 Session 1 Catch-up or review Week 2 Week 3 Week 4 Week 5 Week 6 10 .Auditing & Attestation and Business. 2 & 3 Homework Thursday 5 Morning: F Ch 4 Lecture/ Review Afternoon: F Ch 4 Homework Friday 6 Morning: F Ch 5 Lecture/ Review Afternoon: F Ch 5 Homework Saturday 7 Morning: F Ch 4 & 5 Review Afternoon: F Ch 4 & 5 Review & Simulations 8 Morning: F Ch 6 Lecture/ Review Afternoon: F Ch 6 Homework 9 Morning: F Ch 7 Lecture/ Review Afternoon: F Ch 7 Homework 10 Morning: F Ch 6 & 7 Lecture/ Review Afternoon: F Ch 6 & 7 Homework & Simulations 11 Morning: F Ch 8 Lecture/ Review Afternoon: F Ch 8 Homework 12 Morning: F Ch 9 Lecture/ Review Afternoon: F Ch 9 Homework 13 Morning: F Ch 8 & 9 Lecture/ Review Afternoon: F Ch 8 & 9 Homework & Simulations 14 Catch-up and Simulations 15 Morning: B Ch 1 Lecture/ Review Afternoon: B Ch 1 Homework 16 Morning: B Ch 2 Lecture/ Review Afternoon: B Ch 2 Homework 17 Morning: B Ch 1&2 Review Afternoon: B Ch 1&2 Homework 18 Morning: B Ch 3 Lecture/ Review Afternoon: B Ch 3 Homework 19 Morning: B Ch 4 Lecture/ Review Afternoon: B Ch 4 Homework 20 Morning: B Ch 3&4 Review Afternoon: B Ch 3&4 Homework 21 Morning: B Ch 5 Lecture/ Review Afternoon: B Ch 5 Homework 22 BEC & FAR Comprehensive Review 23 BEC & FAR Comprehensive Review 24 BEC Comprehensive Review 25 Travel & BEC Review 26 Sit BEC Exam 27 FAR Comprehensive Review 28 FAR Comprehensive Review 29 FAR Comprehensive Review 30 FAR Comprehensive Review 31 FAR Comprehensive Review AUGUST 2007 1 2 Sit FAR Exam Travel 3 4 X X 11 .Business Environments & Concepts (BEC) Sunday 1 Morning: F Ch 1 Lecture/ Review Afternoon: F Ch 1 Homework Monday 2 Morning: F Ch 2 Lecture/ Review Afternoon: F Ch 2 Homework Tuesday 3 Morning: F Ch3 Lecture/ Review Afternoon: F Ch 3 Homework JULY 2007 Wednesday 4 Morning: Review Ch 1.Financial Accounting & Reporting (FAR) B .Example comprehensive review during study leave: F .2 &3 Afternoon: Ch 1. Appendix B .Notice to Schedule 12 . Resources 13 .Appendix C . com 6 Attributes of Exam Success obtained from the BISK text books.cpa-exam.cpa-exam.prometric.nsf/FNAL/CandidateBulletin?opendocument 2 New Hampshire Board of Accountancy www.com 9 www.naces.nh.org .com/CPA 1-800-580-9648 5 Becker CPA Exam Review www.1 National Association of State Boards of Accountancy www.org/download/CPA_Exam_CSOs_revised_10_05.org/nasbaweb/NASBAWeb.nasba. 7 CPA Examination Content Specification http://www.beckercpa.nasba.org 4 Prometrics www.gov/accountancy 3 National Association of Credential Evaluation Services www.how-to-study.pdf 8 A Study Skills Resource Site Overcoming Test Anxiety and Guidelines to Correctly Answer Multiple-choice Questions obtained from www.org The candidate bulletin http://www.