7 Myths About Prepping For The CPA Exam
When preparing for the CPA Exam there can be a lot of misconceptions about what to expect. General performance anxiety, and these common misconceptions can lead to nothing more than a recipe for disaster. The best thing for you to do, is take a deep breath, look over these myths, study hard, and review a sample exam so you can really get a feel for what the real CPA exam will be like.
- One common myth is that there is a curve when it comes to grading the completed exams. This is not true. Every test is graded individually therefore giving every applicant an individual score.
- There is also the myth that not many applicants of the CPA exam successfully pass the exam, this is also untrue, according to the AICPA (The American Institute of CPA’s) the average pass rate in 2015 varies by part between 46% and 56% depending on part. Business Environment and Concepts had the highest passing rate while Financial Accounting and Reporting had the lowest.
- Yet another myth is whether or not there is an appeal process for barely failing grades on the exam. There is an appeal process but usually since the computerized grading system has been implemented, the chance of an appeal changing a failing grade to a passing grade is only about 1%.
- As long as you get 75% of each section’s questions correct then you should pass the exam is another common misconception. Each of the four sections is graded differently in accordance with its difficulty level.
- Some people rely on if they pass the multiple choice section they have a greater chance of passing the exam entirely. While this isn’t completely untrue, it is not a very wise decision to place so much faith in one section.
- The results of your exam will not be given to you right away. The exam results are released only after the testing window has closed. All the exam results for each testing window are released at roughly the same time everywhere, usually the second week of the closed testing window month.
- Some people believe that if you take the most difficult section (out of the four) first then the rest of the exam will be a breeze. This is not true. There is not one section that will be particularly harder than the next. Each section will require the same amount of thinking and hard work to be done well.
The bottom line is do not believe every rumor you hear about the CPA exam. If you have are unsure about the information you have received, contact AICPA or your State Board of Accountancy, who will be able to answer any questions or concerns you may have.