Tips for Passing the Philippine CPA Board Exam
It’s now September and the October 2008 CPA board exam is fast approaching. Those planning to take the exam should know that the CPA board exam is notoriously difficult with a very low passing percentage despite the test’s computerization. Aside from the difficulty, there are also changes in the accounting standards almost every year. What we learned a decade ago may no longer be applicable today.
Here are some useful tips for passing the Philippine CPA Board Exam:
1. Plan ahead – The best preparation is your undergraduate years. There are accountancy students who take this for granted. Some aren’t even sure whether they are in the right course or not. But as I observed in my “serious” classmates a decade ago, they were already practicing the review materials even in their third year. Planning ahead includes your plan to take a review, where to review and when to take the board. Also, you have to check your credentials whether you pass the required minimum requirements for you to take the exam.
2. Fix your decision – Do not procrastinate. If you plan to take the board in October, take it in October, and set your mind and your schedules for that date. Some lost the motivation and momentum when, after planning to take the board in October, decided to delay and take it in May. Of course, there are others who had much better results.
3. Believe in yourself - You don’t need me to tell you that. If others can do it, why can’t you?
4. Enroll in reputable CPA review schools – Why? Because they have up-to-date materials and can recommend excellent studying sources. Of course, it will boil down to the reviewees’ ability to catch up. Sometimes, review materials and notes are just handed out to the reviewees with only brief explanations. Some of my classmates complained at the lack of discussions. But hey, this is a review and not a regular class. Study ahead of your review schedule.
5. Develop a study schedule – First time in my life I had a study schedule and religiously followed it. First, you need to know what topics are to be covered in the exam. It is not easy to cover everything in the 5-month review period so you really have to be selective in your topics to focus on in your study schedule. You can include some relaxation time in it like watching movies once in a week. A classmate of mine included in his daily schedule the Church Mass he will attend.
6. Learn from others – Interact with fellow reviewees especially those who are “serious” in their goals of passing the board. Exchange ideas with the topnotcher-hopefuls as if you too are one of them.
7. Keep on practicing - Do not rely on one set of materials. There are plenty of sources: your own review school, your friends’ review school, your teachers, your reviewmates, bookstores, etc… Practice answering problems without looking at the solutions until you finish a set.
8. Take a leave of absence – This is applicable to those who are working. It would be extremely difficult to review and work at the same time. If your employer allows it, take a leave of 3 months prior to the exam.
9. Aim for the top – Don’t just aim to pass. Aim to be a CPA board topnotcher.
10. Pray – Pray for more wisdom and that you will give your best for this exam. Pray that you will not get sick on or a few days before exam schedule. I got a friend who was stricken with chicken pox on exam day. It was a very traumatic experience for him. Isolated and guarded. After giving all your best, pray that you successfully achieve your goal.
With all the tips above, please don’t be late on exam day. You will not be allowed to take the exam anymore and you will lose your chance despite the preparations. I hope these tips can help you in your quest for that CPA license.
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Ceblogger is a CPA trapped in his cubicle while his mind wanders outside watching the world, and exploring possibilities his mind conceived.
September 2nd, 2008 at 9:01 am
Hello. I was reading someone elses blog and saw you on their blogroll. Would you be interested in exchanging blog roll links? If so, feel free to email me.
Thanks.
September 2nd, 2008 at 12:18 pm
Hi mike, I read some useful tips in your blog. Let’s exchange links.
September 2nd, 2008 at 7:18 pm
Numbers 7 and 5 are the most critical in your list of tips. If I may add, all candidates should keep on answering the test materials that the (reputable) review school hands out to them. They should keep going over and answering all those test materials over and over until they have gained full mastery of them. They should keep testing themselves until they’ve answered at least 95% of all those materials correctly.
To put things in perspective, five months of full-time studying and discipline are nothing when one compares it to the many years of personal and professional benefits that a CPA certification would provide.
September 3rd, 2008 at 12:53 pm
Coming from a CPA TopNotch, you guys should listen to Ceblogger’s tips. Hehe, When will you be in Manila, my friend?
September 3rd, 2008 at 3:21 pm
your post just brings back memories, twas not only a mentally but an emotionally draining experience. I’ve done all those except i fall short for #3 and #9 by 0.2%
Yes, pray… and be specific with your prayers. My prayer was whatever the test question is, I am able to study - and He answered my prayer!
September 5th, 2008 at 12:28 am
nice tips..
September 5th, 2008 at 3:20 am
Panaderos, indeed, the 5-months of extensive review is nothing compared to the benefits of having a CPA license. One really has to give all of his best for this.
bloggista, medyo delayed pa punta ko dyan. I’ll be there monday pero balik agad the next day.
freeze, i remember you were the 21st placer in your time. Sayang 20 lang kinuha nila for the topnotcher.
tiborsho, thanks!
September 7th, 2008 at 10:36 am
[…] Tips for Passing the Philippine CPA Board Exam […]
September 7th, 2008 at 4:13 pm
Nice tips very helpful. I must agree with you, planning is the first thing in mind.
September 12th, 2008 at 10:35 am
hello, i hope that i can pass the exam and ill make it with all mu heart by the help of the center, myself and the god above all.
September 12th, 2008 at 3:33 pm
i wish you all the best Ms. Evangelista! May you hurdle this exam with flying colors!
September 24th, 2008 at 8:10 am
Brings back the memories.anyone here knows the requirements on how to take US CPA board exam? please email me @ shanerocelle@yahoo.com
September 29th, 2008 at 12:30 pm
how i wish i could get online links where i can download review materials for free…though i will be taking my board in may 2010, i am already planning to start by review by the start of next year with a hope of being the topnotch (how i wish)…anyone who can give me links or review materials??? pls email me at bradjrc12@yahoo.com…
i find this blog very helpful to cpa-to-be fellows:-)
God Bless!
September 30th, 2008 at 6:59 am
shanerocelle, check out your state’s CPA organization. There could be states that allow reciprocation.
iskong brad, check out the bookstores or the CPA review center nearest you. Mind you, most undergrad teachers use the review materials in their exams.
October 26th, 2008 at 7:33 am
elow there…
cool tipz!very helpful…hope i will pass this May 2009 CPA board exam…thanks!
October 27th, 2008 at 5:38 am
rubi, i wish you all the best in this may 2009 exam.
November 29th, 2008 at 2:33 pm
hi..im only a third year bsa student..and i really love accounting..thanks for the tips…lately im reading some cpa board exam review materials…im so excited to take the exam even though im still 3rd yir…^_^
November 30th, 2008 at 3:43 pm
princess, it is also important to read the textbooks since these contain the basic foundation of accounting. and make sure that the review materials you are using are updated.
December 9th, 2008 at 1:06 am
thanks for the tips!!!!
March 30th, 2009 at 11:26 am
hi..
ask ko lng kung ano png book ang pwedeng gamitin sa financial accounting volume 2..
thanks..
March 30th, 2009 at 2:09 pm
[…] Brian: hi.. ask ko lng kung ano png book ang pwedeng gamitin sa financial accounting volume 2.. thanks.. […]
April 3rd, 2009 at 6:02 am
hello everyone,
I finished my accountancy more that a decade ago (1994) and I plan to take the board exam this May 2010. Im in Dubai now. Any tips how should I proceed with my review would be appreciated. I plan to take a self review, buy review books in the Philippines (where store should i buy either in Cebu or Manila). And enroll in the PRTC online reviewer. Could this be enough or should i need to take a refresher?
May 1st, 2009 at 5:42 am
Here are my tips for passing the CPA Exam…I hope you find them useful:
http://www.another71.com/2009/03/how-to-pass-the-cpa-exam.html
1. Watch the videos, but don’t read the book.
This probably doesn’t go for all review courses, but it does go for Yaeger: if you watch the DVD lectures - you don’t need to read the book. Do you need the book? Absolutely. You don’t have to read the book, but you do have to follow along with the instructor page by page and mentally absorb what they’re saying.
Personally - I hate reading textbooks - one of the reasons why Yaeger “clicked” with me.
2. Take INSANE notes
Highlighting in a book doesn’t work for me. For one - highlighting requires coming back to that particular page in the future in order for highlighting to do any good (and when your book is a monster like FAR ~ revisiting every page is a chore). Two - you’re highlighting text that is written in GAAP-ese…it means nothing to you. You need to take the particular fact sequence in question and make it your own so that you understand it and write it in such a way that you will understand it 5 weeks from now when you’re doing your final exam review.
Is it a chore? Yes.
Will you start to gag as you pull your third legal pad from the pack and you’re only on DVD 3 out of 13? Yes.
Will it pay off in the end? Yes.
An added benefit of doing this is that CPA review material, which is very boring by nature, will not seem as boring because you’re actively learning - you’re participating while you learn - you’re “doing” instead of mindlessly staring at the screen wishing you were watching something from Netflix instead of a CPA review course.
I was never a big note taker until I realized that it helps to pass the time much quicker. It makes you feel like you’re “happening” to the material instead of it happening to you while you furiously try to keep up with the lecturer. By the way - it’s ok to hit “pause”. I probably halved the useful life of my space bar by hitting it to pause the video as I took notes.
3. Save all MCQs until you’re finished with all of your lectures.
Take this one with a grain of salt. If you’re a Phil Yaeger student - this goes against what he teaches you to do. He’s an expert on the exam - and his way is the “best” way because the more MCQs you do over the course of studying - the better you will be. He tells you to work the assigned MCQs after each Module in Wiley. For me, it was a motivation thing. I felt that as long as I had a mountain of DVD lectures ahead of me, I lost motivation to study. SO ~ my solution was to charge ahead full steam and finish the DVDs as quickly as possible (but still take insane notes)
What worked for me was to wait until I had finished all 13 DVDs (using FAR as an example) and then work the MCQs starting from the first Module. For one, it’s the motivation thing as I mentioned and second, you’re going to have to do them again anyway after you finish the lectures, and I didn’t want to do them twice.
Again - Phil Yaeger is the guy with the CPA, PhD, etc. I’m the guy who sat for the exam 14 times…so take this with a grain of salt. Phil is the driver’s ed instructor telling you to keep your hands at “10 and 2?. I’m the stupid guy driving down the interstate going 80 mph eating a McDonald’s value meal, talking on the phone, and adjusting my iPod all the while steering with my knee. Both methods will get you there…but one is much riskier than the other.
4. Take INSANE notes over the MCQs
Yaeger has a list of “minimum” questions to do in the Wiley book and if you’re a Yaeger student - don’t even think about heading to the exam without doing all of them. They hand-picked this list that gives you your biggest bang for your buck. It’s an “if you do nothing else - do THESE” sort of thing.
As you work the Yaeger-assigned MCQs - take excellent notes over every question that you either miss (do the question and flip to the answer…or just tear out the answers and staple them together)…or think you might forget. This is key: it isn’t what you can answer in week one - it’s what you can answer in week 5,6,8…whatever week you sit for the exam.
If you think you might forget that financial capital maintenance concepts are GAAP, but physical capital maintenance concepts are not GAAP - WRITE IT DOWN.
After you work your assigned “minimum” MCQs, work mini twenty question testlets over each topic using your practice software. After you’re done, if you’re still not sure about which accounting changes are treated prospectively vs restatement, work a 20 question testlet over the topic doing random questions assigned by the software. Again - take notes.
5. Take a week and re-write your notes
It sounds crazy, and it does take a lot of time, but it WILL pay off. I did this for REG (92). I did not do this for FAR (76). You be the judge. Also - as you re-write your notes, there will be things that you wrote initially as you furiously scribbled away that you don’t find relevant for your final review, or is a redundant item. If you take the time to do this, the end result will be a comprehensive set of final review materials that are written in a way that you understand and are devoid of any excess or non-essentials. Also - you will absorb the material better by re-writing it than you would merely reading it again.
6. Review
I recommend spending the day before your exam doing nothing but reading your final exam review notes. I wouldn’t do questions…you’ve already done hundreds (thousands?) of them by now. Try to read through your notes at least three times. If you’ve done it right, you have an impressive stack of notes and the material is dense. It could take the better part of a day to do this, so consider taking the day off of work. I would also read through them one more time 1-2 hours before your exam on exam day.
7. PASS
May 2nd, 2009 at 9:59 pm
ei ganda netong tips mu, tenks tlga.. copy q yn pde pra mapabasa q dn sa classm8s q kc wer planning 2 take dis oct 2009 board exam..tenks agen..
May 4th, 2009 at 3:12 am
sure cawi! you can print this one.