S
tudying for the CPA Exam is a big
undertaking. You must under-
stand the material, of course, but
you also need to know how the
AICPA organizes and scores the test. CPA
candidates on a budget might be shocked
by how much study materials cost. How-
ever, there are plenty of free resources avail-
able to CPA Exam takers if you know where
to look.
About the CPA Exam
If you want to receive the Certified
Public Accountant license, you must pass the
Uniform CPA Examination. The CPA Exam
consists of four parts, each of which covers
one major component of accountancy.
• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Financial Accounting Reporting (FAR)
• Regulation (REG)
Each part consists of multiple-choice
questions and task-based simulations. Ad-
ditionally, the BEC section also requires
candidates to complete three written com-
munications. Although the number of ques-
tions varies, each part takes four hours to
complete. You may take the sections in any
order you wish, but once you have taken and
passed one section, you must take and pass
the remaining sections within 18 months.
In short, to pass the CPA Exam, you
must receive a score of 75 or higher on each
of the parts.
Free CPA Exam Resources
By Stephanie Ng
Executive Committee Member
New Sight Eye Care
Professional Outlook
16 NEW ACCOUNTANT
NewAccountantUSA.com 17
Pass Rates
Here are the percentages of candidates
who pass each section:
•
AUD: 48% pass rate
•
BEC: 62% pass rate
•
FAR: 46% pass rate
•
REG: 55% pass rate
As you can see, only about half of the
test-takers pass each section of the exam.
Many companies offer comprehensive
review courses to prepare you for the CPA
Exam. Unfortunately, these courses and
their materials and can cost up to $2,800.
Although they are comprehensive test prep
packages, the high cost can put it out of reach
of many CPA candidates.
Free Study Materials
However, you don’t need to spend a lot
of money to prepare yourself for the CPA
Exam. Several organizations offer study ma-
terials that you can access for free.
AICPA Practice Materials
The American Institute of CPAs, the
organization that creates the CPA Exam, of-
fers sample versions of all the test sections.
The AICPA sample tests include 10 multi-
ple-choice questions and 6 task-based simu-
lations for you to practice. Additionally, the
BEC section includes two practice written
communication tasks.
Unfortunately, the AICPA does not pro-
vide explanations for the correct answers to
the multiple-choice questions.
MOCPA’s Mock CPA Exam
The Missouri Society of CPAs website posts
140 multiple-choice practice questions (link
to PDF) from previous years’ CPA Exams.
Moreover, MOCPA offers a free online mock
exam once a month to anyone who signs up.
This simulation creates an experience similar
to real testing conditions.
NJCPA’s Study Questions
The New Jersey Society of CPAs has
a bank of practice questions for each of the
four tests. Specifically, there are 24 multiple-
choice questions for each section for a total of
96 questions. Even better, NJCPA provides
explanations for the answers.
Quizlet Flashcards
Quizlet is a web-based study tool that
allows users to create flashcards. Many users
have created dozens or hundreds of flashcards
to help candidates studying for the CPA
Exam. However, it’s important to remember
that because individual users and not test-
prep professionals create these flashcards,
they may contain errors.
If you search Quizlet, you will find more
than just these flashcard sets. But here are a
few to get you started:
•
157 BEC flashcards
•
78 AUD flashcards
•
260 REG flashcards
•
207 FAR flashcards
Free CPA Exam Advice Resources
Study materials and practice quizzes are
essential. However, you will likely need to
know broader information about the exam
structure and how to study for it to be suc-
cessful. Here are some resources that offer
information and study help.
IPasstheCPAExam.com
Stephanie Ng of IPasstheCPAExam.com
offers a free CPA Exam prep course via email.
A series of emails will walk you through in-
formation about the exam and provide study
tips and advice. Moreover, you will learn spe-
cific strategies for each of the four sections
and how to increase your chance of passing.
Furthermore, Ng offers a special e-course for
international CPA candidates.
AICPA CPA Exam Blueprint
If you want to know exactly what the
CPA Exam will test you on, start with the
AICPA’s test blueprints. For example, this
document lays out the test’s organization, the
skill levels of the questions, and the method
of calculating scores.
AICPA CPA Exam Tutorial
The CPA Exam uses its own software,
which may seem intimidating if you aren’t
familiar with it. To get a leg up, watch the
AICPA’s series of video tutorials to learn how
to navigate the test. For instance, there’s a
video showing you how to complete research
simulations. Even if you’re a computer whiz,
it’s a good idea to look at the tools you’ll use
ahead of time.
NASBA Candidate Bulletin
For the most up-to-date information,
download the National Association of State
Boards of Accountancy’s CPA Exam Candi-
date Bulletin. When you apply to take the
exam, the CPA Exam will prompt you and
ask whether you’ve read this bulletin. There-
fore, you’ll want to take a careful look at this
document, which covers the process of apply-
ing for, scheduling, and taking the exam.
CPA Subreddit
Reddit is a large internet forum where
users can discuss all manner of topics. Specifi-
cally, there’s a subforum for CPA candidates
to seek or give guidance and advice. Although
the sharing of test material is not allowed, us-
ers can ask specific questions about study ma-
terials or exam procedures. As with Quizlet, it
pays to remember that this material may not
come directly from professionals. However,
if you’re having difficulty with a particular
topic, you can ask one of the forum’s 16,000
members for help.
Conclusion
To sum up, there are numerous free re-
sources available to any candidate preparing
to take the CPA Exam. The AICPA, which
offers practice questions and tutorials, is the
organization that creates the actual exam.
Consequently, this might be the best place
to start when it comes to free CPA Exam
resources. However, don’t forget that there
are other study materials and informational
resources that you don’t need to pay for. It
might be a good idea to exhaust these re-
sources before shelling out money for an ex-
pensive CPA Exam prep course.
About Stephanie: Stephanie Ng is the Executive
Committee member responsible for Finance at
New Sight Eye Care, a charity registered in the
United Kingdom and Hong Kong. She oversees
the financial aspect of New Sight in Hong Kong,
including accounting, taxation, financial man-
agement, and compliance.
NewAccountantUSA.com 17
Go to renpublishing.com/ipassthecpaexam.pdf
for the hyperlinked version of this article.
