Becoming a CPA at 60: 10 tips for passing the CPA Exam

March 4, 2021 12:23 PM

In 2012, at the age of 51, I finished my Master of Accounting degree. I was excited and proud I had accomplished this goal so late in life. I applied to sit for the CPA Exam, bought the study materials, received approval, and then … nothing. I opened the first materials and gave up before starting. I was burnt out and wanted only to earn some money.

I went on to pass other tests, went to law school and even sat for and passed the bar exam. Yet the CPA Exam loomed large and forbidding. It was the dragon I was afraid to slay.

Then COVID-19 hit last year. After months of working from home and making few advances in my personal or professional life, I woke up one morning and thought, “Today is a good day to become a CPA.”

Over the next months, I applied for and was approved to sit for the exam again. I purchased study materials and began the study journey. I work full-time, from home, so I began to juggle work, my family and yet meet the goals of a study schedule. So here I am, at the age of 60, finally tackling my Everest — the CPA Exam. I am proud to report I passed my first section on my first try a few weeks ago. I am now studying for the second section.

Here are the top tips I can extend to you should you decide you want to give the CPA Exam a chance:

Check the AICPA qualifications

Your first step is to check out how the qualifications to sit for and become a CPA may have changed since you finished college. You should start at the American Institute of CPAs for general guidance on licensure requirements: https://www.aicpa.org/becomeacpa/licensure/requirements.html

Check the NASBA info

They will refer you to the National Association of State Boards of Accountancy website at https://nasba.org/exams/cpaexam/, which will provide you with information on how to start your application process.

The application process is lengthy. You will be required to submit all your college transcripts as well as document your complete work history. The review of these documents has been slow during COVID-19. It can take two-four months to receive approval to sit for an exam. The initial cost for the application and first testing fee is several hundred dollars. Each exam will also cost an additional $320 or so. You will have an 18-month window to finish all four exams, so you need to be cognizant of all time limitations to finish the process.

Look into professional study packages

After your application is submitted but before it’s approved, you have a difficult decision to make: Should you start studying early? If you are confident you will be approved as a candidate, you should purchase a professional study package. No one can pass these exams without help. There are many good products on the market. They vary in price and structure. Do your homework before purchasing them. The most expensive systems may not necessarily be the best, and the least expensive may not be the worst. There are free tools on the internet, but they are not robust enough to get you through the exams. The AICPA offers practice exams and tutorials.

I found I needed two systems to get through my first exam. One was a robust, complete professional package. The other was a simple lecture series, but this package had an excellent teacher delivering the lectures. Read the reviews on the products, join social media CPA forums, and ask for advice. The package you choose should be right for you and your learning style.

Notice to Sit

Once you are approved, you will receive a Notice to Sit. This notice will be good for a specified length of time. You will be asked to schedule a test date with a local testing center. The centers are located around the country and are convenient for most urban residents. It may be trickier for rural CPA candidates. COVID-19 may cause delays or rescheduling issues.

You will need to judge how much study time you should give yourself for each section when you select the dates. Schedule only one exam at a time. You may need to retest, so do not get ahead of yourself.

Time to study

Once your exam is scheduled, the real work begins. Depending on which exam you sit for first, the time needed for study varies. For the Financial Accounting and Reporting section, you will need several months to prepare. This is the most comprehensive and difficult section. Regulations (tax and law) is also considered difficult and will take considerable time. The final sections, Business Environment and Controls and Audit are the least comprehensive and could take only six to eight weeks for preparation.

A study tip that works is to keep track of your actual study time — to the minute. Most people study less than they think. They get distracted and look at Facebook, or get a snack, or pet their dog. Write down every minute you are actually studying and not distracted. I set a goal for 250 hours for FAR by the time my test date came. I actually studied the entire 250 hours and finished 100 percent of my study product work assignments for the section. I passed with a decent score.

Be prepared

You may not pass on the first try; in fact, you probably won’t. Most CPA candidates need several attempts at certain tests. Here is the pass data from the AICPA for 2020; the cumulative results for 2020 are in the chart above.
Be mentally prepared that you may have to sit for an exam more than once. Many people retake FAR three or four times before passing. It is not easy.

Your scores will be announced on your CPA portal at CPA Central. It is a nerve-wracking proposition waiting for that score to pop up on release date. If you pass, celebrate. If you fail, do not get discouraged. Most people do fail an exam — you are not alone.

Schedule and reschedule

The good news is that the CPA Exam is now tested on an ongoing basis. You can schedule your exams every month. You will generally receive your results within weeks based on when you took the exam. This alleviates stress and helps you continue the process.

If you fail, reschedule within a month to keep moving forward. Also, recognize when an exam study product is not working. Yes, it is expensive to buy a new package, but time is money, and wasting more time and exam application fees is expensive as well if you continue to fail. If you are not learning from your product then buy additional tools.

Pick up points

The actual test is about picking up points like gathering Easter eggs. You need a 75 to pass. A 75 is not a true 75 percent. It is a scoring system designed through weighting and other means.

You will have about four hours per exam. There will be multiple choice questions and accounting simulations with documents to review. BEC has essays. Four hours feels like five minutes in these exams. Read the exam directions carefully, as they can give you hints on how to pick up easy points, like using a 0 in a field if an answer is not needed. Fill in account names. Time the multiple choice questions for 1.3 minutes so you put down an answer to every question. You are not penalized for wrong answers. Time the simulations for 20 minutes each so you try every simulation. Every point you gather may push you over the top. Questions not attempted are points lost.

Moral support

Join a social media support site. Your fellow exam candidates will give you moral support, answer questions, share your tears when you fail and applaud your victories. You will need a friend through this process, and if you're taking the exam when you're older, chances are your friends may think you are crazy for doing this at this point in your life. A new social network is vital to success.

Get some rest

Finally, if you work full-time as well as study for these tests, you will be exhausted. Your family will think you have abandoned them. Behaviors you can adopt to help you through this time include: Wake up at 4:00 a.m. and study for 2.5 to 3 hours while you are fresh. Exercise 30 minutes a day to keep your body and brain healthy. Do not drink alcohol while studying for an exam. Go to bed at a decent time every night to get rest.

You are training for a marathon. Treat your mind and body like an athlete. Good luck! If this 60-year-old grandmother can do this, you can as well.