How to Study Accounting and Become a CPA

After the PRC released the list of passers for the May 2019 CPALE
with a mortifying 16% national passing rate, a lot of students and
examinees started asking about the best way on how to study
accounting and become a CPA. Well, to answer the question, there is
no “best” way as the style of studying depends on the person. But, in
this post, I will list down the things that worked for me which you may
try. Let’s see if it will work wonders for you too.

Take down notes.

1. Make a list of topics before you review. You can use a small
notebook or a note taking app like Evernote on your smartphone or
tablet to make a list. It is better if you make a study list patterned after
the syllabus provided by the Board of Accountancy (BOA). Beside
each topic I make a column for things to read (subtopics) and
problems to solve. If you feel like you’re weak in a particular topic, it
would be better if you list more study materials for it.
2. Don’t skip the theory part of every topic. It’s important that you
understand the concepts before answering problems. Invest time in
reading PSAs, PFRSs, the NIRC, Revenue Regulations which can be
found in the BIR website and other stuff that are boring to read. All
problems given in exams are based on theories. If you know the why
behind the problem, you’ll more or less have an idea how to solve it no
matter how they twist questions.
3. Practice answering problems. You need to answer as many
problems as you can. Answer problems in both textbooks and
reviewers. Make sure to avoid answering similar problems in order to
save some precious time. If you didn’t get the answer right at first, jot
down notes beside the problem for you to review later on.

4. Make your own summarized notes. Using a notebook or a laptop,

write your own understanding of various topics. If you don’t have a lot
of time on your hands, just focus on making notes about topics that
confuse you. Writing down notes about your own understanding of the
topic would help you recall it much easier come exam time.
5. Read your notes at least twice. Analysis and understanding is
very important in accounting. However, recall is just as vital as the two
when studying accounting. It is recommended that you read your
notes at least twice in order to be able to remember them. This is very
vital in your journey to become a cpa.
6. Have a positive mindset. Whenever you study, tell yourself that
you will be able to use what you learn in your work later on. This
would give you motivation to do your best because you will be able to
apply what you have learned in the real world.
7. Study as if each exam is the board exam! You have a quiz
tomorrow? Study like its the board exam. You have a seatwork? Study
like its the board exam. No topic is too big or too small. You don’t
understand employee benefits so you’re going to skip it? Don’t! You’re
no longer to read about cash equivalents because it’s just a short
topic? You’re wrong pal. Give each and every lesson equal
importance because you’ll never know when you’re going to need it.
The board exam requires you to have knowledge with each and every
topic in accounting and not just master one or two areas.
8. Stay healthy. You don’t have to study from morning till midnight.
Reviewing and studying accounting can be a little bit stressful. That’s
why you need a little EUT in your life. That’s Eat, Unwind, and Travel
for all of the green-minded folks reading this post. Do some activities
that would brighten up your day. Watch a movie. Go on a date with
your significant other. Stroll at the beach. Go to the arcades. Play a bit
of Mobile Legends (and don’t be a cancerous teammate). Watch some
K-drama and anime. But….
9. Don’t overdo recreational activities. Yes, studying and reviewing
24/7 could take a negative toll on your body. You can’t become a CPA
if you’re exhausted and ran out of gas. That’s why you need some
“me” time and recreation as stated above. However, you must do
these activities in moderation. Do not play Mobile Legends or PUBG
for hours on end. Take note that studying should have the most
allotted time in your schedule.
10. Faith, Family and Friends. This is your primary support system.
You go to them whenever you’re in a tight spot. You go to them when
you need a shoulder to lean on. You go to them for encouragement
and motivation. So, don’t be afraid to ask help and guidance. Pray
before you go to sleep. Pray before you leave your house. Pray before
you eat. Pray every Sunday. Pray before you take an exam. Prayers
can do wonders so don’t forget to pray.
Trust God and His plans. He knows what’s best for you. Whenever
you’re down, remember that there’s a reason for everything and that
God may just be preparing you for something better. At the same time,
have faith in yourself! Trust God and trust your capabilities. Don’t let
failure drag you down. You failed a quiz? You failed an exam? That’s
just a minor setback. Accept failure and learn from it. The road to
become a CPA isn’t an easy one. Pick yourself up and come backs
stronger and better.