What is the point of studying at all if you cannot remember what you studied, or you cannot apply what you studied? What is the point of studying if the material does not change how you think and how you look at the world. At a minimum, I expect what I study to provide additional knowledge which I can use to better interpret or understand life. It sounds like a haughty goal, but it is a minimum of my expectations. Anything that you can read or study, in a language that you understand, should be able to provide that value to your life. The CPA exam is not different. Since the goal of this CPA exam undertaking is to Be My Best, part of which involves adapting to challenges that may arises, I have to change the way I handle all the information or knowledge as I study. Instead of waiting til the next study session to think about what I read earlier, I can look for ways in which the knowledge I have can be used. This improves recall. It maintains motivation as I see the usefulness and applicability of the information. It improves motivation as the CPA exam is never too far from my mind. I have signed up for it, I might as well give it my best shot and thought.
Connect Knowledge to Life
Here are some examples:
1 – If your company is being audited, and you happened to be involved with the audit, think about the reasons why certain information is being requested. Think about the extent to which the auditors are requesting documentation and backup. Can you interpret what is going using the information you have in front of you? If the auditors have done (or not done) certain things, relate it to what you know, and see if you can make educated interpretations.
2 – If you are booking an entry, think about why you are booking it, what Accounting Standard may be applicable to it. If you have time, and capacity, you may even look it up to see how good your thinking was.
3 – Think about how you are affected by certain Standards. For example, you are studying to become a CPA. You are dreaming of having your name, CPA on a business card, or in the email you send out from your work email. One of the Ethical and Professional standards talks about giving the impression that you are independent when you are not. Question: assume you are certified and you are not in public practice, can you send out an email with your name, CPA? Would you be in compliance?
4 – What is it that you now know that you did not know (or recall as well) before you studied? Drill down to see how much you can remember. You can even write it down from memory and compare with the notes you had taken or what’s in the book.
5 – Make your own questions or problems or scenarios. If you were to formulate questions for the AICPA to ask CPA candidates on the topic you just read, what kind of questions would you ask?
6 – How can you apply what you just studied at work or in your life?
7 – You may even just evaluate if you understood what you studied. If you have understood, where is the proof? If you have not understood it, what are you going to do about it? How critical do you think it is that you understand it?
Thank you, and I hope you found that helpful.
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Posted by CPA exam study tip 3: Study Bites : Passing the CPA Exam Tip by Tip on September 11th, 2009.