Why is it time to study for the CPA exam and why FAR should be the first?
Nowadays, the world has become topsy-turvy. Many of the accountants are struggling to survive because of the COVID-19 pandemic unfold. In the US and Canada, Prometric decided to close their test centres. That’s why the CPA aspirants are wondering whether the exams will happen or not.
But wait... There is a solution.
Now, the Prometric scheduled the reopening on 1st May. We’ll see the date sticks as we know the federal authorities are continuously adopting shelter policies. No one knows what will happen in this uncertainty. The good news is that there is a chance to sign up for receiving text alerts because of the Coronavirus to get the latest updates of the exam-related to Certified Public Accountant (CPA).
Meanwhile, the National Association of State Boards of Accountancy (NASBA) announced a notice to the CPA aspirants with an NTS which will be valid up to 30th September 2020. The second quarter of the exam testing window will be on 1st May.
Also, NASBA said there is no need to contact the accountancy board regarding the extensions of NTS. However, the candidates are requested to monitor the website of NASBA for the updates. So, it is the best time for the candidates to study for the exam.
You probably ask “Why would I study when I can’t schedule the CPA exam?!” Let me explain the process clearly.
While working if anyone studied for the exam, then it’s a difficult task to work and study together. It’s doable & no one would ever clear the exam. Now the situation is different because of COVID-19 the student need not be worried about the work (unless it is kitchen activities, I’m just kidding). Know what you can do with that time? Study.
Suppose you are one of the lucky persons with pre-pandemic without long commutes. For example, a person called Robin used to spend his time pumping the iron, but now he is spending his time on studies because of this pandemic time.
Parents? Would you believe it or not, it’s the most precious time for studies. Prepare your child’s mind to study for the CPA exam. The most significant benefit of studying this time is probably you have more time to study. In uncertain times like this, studying helps in lending a bit of security and comfort.
Let’s talk about the study plan.
It’s wise to develop the study schedule even in normal times. Generally speaking, you can start by plotting out the order into four parts of the study time, so that it will be easy. For the first time being the Prometric closed, you might get tricky in knowing the sections.
Financial Accounting and Reporting:
The FAR (Financial Accounting and Reporting) has reputed the volume of information and sheer breadth to study. It’s a good sign as the Prometric is closed. FAR can also make an easy contender for the worst section of CPA exams.
As we know, the FAR covers many topics and let’s see the exam syllabus of FAR.
Content
Percentage
Select Financial Statement Accounts
30-40%
Standard setting, Conceptual framework & Financial reporting
25-30%
State & Local Governments
5-15%
Select Transactions
20-30%
FAR gives some specific advice such as:
Make sure you are proficient with journal schedules, entries and T-accounts.
Practice a lot with multiple-choice questions.
Practice rewording information
Conclusion:
The remainder of this article is to tackle the beast. Make use of this pandemic time for your career growth by studying for the CPA exam. Hope you have gained some useful information from this article. All the best & Happy Learning!
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