“Am I Ready for the CPA Exam?”
Every CPA student has had the same question: “Am I ready for the exam?”
How do you know whether you’re ready or not? Let’s break this question out into two sections: practice questions and the AICPA Blueprints. First, what percentage correct should you be getting on your practice questions before taking the exam? I would recommend an 80%. You should be getting an average of 80% on your practice questions (MCQs and SIMs). If you’re scoring an 80%, then the only questions you’re missing are probably related to advanced topics that aren’t worth your time. All that being said, 80% would be a great score going into the exam.
Next, you need to ask yourself, “Have I studied enough content? Are there any topics that I'm missing?” We’re going to use the AICPA Blueprints to respond to this question. The AICPA is one of the makers of the CPA exam, and it creates blueprints to show the exact structure of each of the four exams.
I would recommend that you download the AICPA blueprint. Read through the entire blueprint and highlight the areas of the blueprint that you need to study more. That way you can study all the content following the official guide of what's going to be on the CPA exam. This is a sure way to walk into exam day full of confidence!
When you download the blueprint, you will see the major parts of the exam categorized into major areas (e.g., Audit has 4 major areas). Each area shows the percentage of the exam that can be covered (e.g., 20–30%). The areas are divided into topics, such as “Nature and Scope,” which falls under “Area 1 – Ethics, Professional Responsibilities, and General Principles.”
Each of the subtopics falls under one of four skill levels: Remembering and Understanding; Application; Analysis; and Evaluation. Remembering and Understanding is the easiest kind of skill. This is simply knowing one simple fact, such as a definition. The next level of difficulty is application, which is where you apply the skill that you learned. Remembering and Understanding and Application typically show up as MCQs on the exam. The next two skills are Analysis and Evaluation, which involve applying knowledge from different sources to reach a conclusion. The areas of Analysis and Evaluation typically show up as task-based simulations.
If you score an 80% on the practice questions and go through the AICPA blueprints, then you can walk into the exam feeling fully prepared!