CPA Exam Study Groups

Studying for the CPA Exam can be an exhausting task to take on alone. Within 18 to 30 months, you’ll need to pass four  CPA Exam sections that cover the basic and advanced fundamentals of accounting and business.

For most people, that means studying for hundreds of hours. Even so, the average CPA Exam pass rate is roughly 50%.

Forming a CPA Exam study group can be a great way to find support, learn efficiently, and improve your chances of passing the exam on your first try.

Here are some reasons why CPA Exam study groups are beneficial and how to make the most out of joining a group or creating one yourself.

1. Study Groups Hold You Accountable

Joining a CPA study group is a great way to hold yourself responsible for studying and can serve as an excellent source of motivation. If you know a group of people are expecting to see you and anticipate you will have learned more about a given topic, you’ll be much more likely to follow through with your study plans.

2. Study Groups Help You Consistently Schedule Time to Study

CPA Exam study groups are also useful because they focus on the goal of passing the exam. They meet regularly, like clockwork, and tend to allocate time as efficiently as possible to help all members of the group study and perform better. Nobody wants to be that member who doesn’t show up!

3. Study Groups Are Resources for Answering Questions and Addressing Concerns

Some sections of the CPA Exam are complicated and can be confusing and/or especially hard to learn for new accountants. You might get stuck while studying on your own, but when you belong to a study group you can turn to them for answers to those tricky questions. That way, you’re less likely to hit a dead end.

If you want even more help studying, get instant access to UWorld’s CPA instructors with our leading CPA Review Courses.

4. Study Groups Offer Differing Perspectives

Not everyone will have the same takeaways from the learning material. A concept that seems foreign to one person will make instant intuitive sense to another. Joining a group enables you to tap into a diverse collection of minds and learn from them in ways you wouldn’t be able to on your own.

5. Study Groups Offer New Studying Techniques and Approaches

Similarly, each person who attends the group will have a unique history and perspective when it comes to studying. This is a great way to learn new techniques for studying effectively. You might share some of your tricks with the group, too.

6. Study Groups Offer Mental and Emotional Support

Finally, studying for the CPA Exam with a group is beneficial for mental and emotional support. Studying and taking the exam can be stressful. If you’re not well-supported, the pressure could get to you. The people you study with are all undergoing the same stress, so you can all support one another.

To reduce your stress levels, see where you stand by taking our FREE CPA practice exam.

The following are great places to look for a CPA study group near you–and don’t forget you can always start your own! These places are also great areas to recruit people into your study group.

1. Look For CPA Study Groups Within Your Firm

Finding a CPA study group near you can be as easy as finding out whether other accountants in your company are also preparing to take the exam. Many firm-based exam groups like to meet after work at a restaurant nearby.

2. Reach Out to Your Graduating Class

If you graduated with a degree in accounting, chances are many of your classmates are also getting ready to take the exam. Most universities have alumni networks or social media groups you can use to connect with your graduating class.

3. Get Your Friends Involved

Talk to your friends and see if they’re interested in getting certified and studying together. You can strengthen your friendship by achieving a goal together!

4. Look For Groups on Social Media

You can also find CPA study groups on social media. Consider joining a group on LinkedIn or Facebook that is dedicated to studying or use a site like Meetup to find like-minded people.

The UWorld CPA Study Group on Facebook is a great place to get peer advice, read study tips and gain early insight into exam changes. The only criterion for joining is that you’re using a UWorld CPA product.

5. Start Your Own CPA Exam Study Group

Bonus tip: If you’ve explored these areas and there are no CPA Exam study groups that fit your needs, consider starting a group of your own.

If you decide to join or create a CPA study group, there are a few key things that can help you get the most out of the experience:

1. Establish (or Learn) the Rules Up Front

Finding a CPA study group near you can be as easy as finding out whether other accountants in your company are also preparing to take the exam. Many firm-based exam groups like to meet after work at a restaurant nearby. First, make sure you set and/or understand expectations from the beginning. Groups function best when they have a consistent set of rules and objectives that everyone in the group agrees to follow.

Here is a brief checklist of questions to answer:

• How often are you going to meet?
• Who is the leader of the group? Will this person be in charge of scheduling meetings and contacting members?
• What will the study format be?
• What types of content are you going to review, and in what order are you going to tackle it?
• Is this group open to new members, or will there be a limit on the number of members?
• How are the members expected to participate within the group and outside it?

2. Be Consistent

You’ll get much more value from the group if you engage with it consistently. That might not mean attending every meet-up session, but it usually means making yourself available at least once per week. The more often you talk to the other group members, and the more of a “routine” this becomes for you, the better.

3. Get to Know Everyone in the Group.

Each person in your group will have something unique to offer. They may know one subject especially well or suggest a useful study technique you can use to learn more effectively. Try to hear from every member of the group and get to know them better personally.

Here are some icebreakers to help you get to know everyone from day one:

• Why do you want to become a CPA?
• Have you taken the CPA Exam before?
• Which exam section are you taking next?
• What is the hardest part of the CPA Exam for you?
• What is your top study strategy?

4. Give and Receive

Don’t treat the study group as your personal tutor, and don’t try to dominate the group with your own agenda. CPA study groups are effective because of the give and take between different members, so be prepared to give what you can and allow other people to give what they can.

5. Continue Studying on Your Own

Again, the CPA Exam study group shouldn’t be your personal tutor. Though you’re going to learn a lot in your group study sessions, they shouldn’t substitute for a personal studying regimen. Make sure you continue studying on your own in addition to going to group meetups.

CPA study groups can provide essential support and increase the productivity and efficiency of your study sessions. And certain study strategies and group activities can be particularly helpful depending on which exam section you’re studying for.

CPA Exam Study Group Activities for AUD

The Auditing and Attestation (AUD) section of the CPA Exam is all about understanding the audit process and internal controls. Noting how concepts are influenced by context will be important as your group is studying. Help each other learn and prepare for the AUD CPA Exam with different learning activities.

CPA Study Group AUD Activities

• Review flashcards together
• Test each other on the different audit opinions
• Review situations when explanatory language is required
• Compare CPA practice exams and help with each other’s strengths and weaknesses
• Time each other to make sure you’re getting through multiple-choice questions (MCQs) in less than 2 minutes each and TBSs in less than 15 minutes each
• Have general Q&A sessions for group members to ask questions
• Consider having an auditor come to a session to answer questions

CPA Exam Study Group Activities for FAR

To master the Financial Accounting and Reporting (FAR) section of the exam, your group needs to study accounts, accounting transactions, and accounting principles. Number-crunching is a big part of the FAR CPA Exam, so prioritize activities that involve Excel and completing day-to-day accounting tasks.

CPA Study Group FAR Activities

• Use flashcards to test memorization of concepts related to conceptual framework, standard-setting and financial reporting, select financial statement accounts and select transactions, and state and local governments
• Review journal entries together
• Compare notes on how to use Microsoft Excel to complete different accounting tasks and math problems
• Have general Q&A sessions for group members to ask questions
• Consider having a governmental and/or non-profit accounting professional speak to your group as it’s likely the topic your group is least familiar with

CPA Exam Study Group Activities for REG

The Regulation (REG) exam covers federal taxation and business law. Your group should make sure to study the most current laws and regulations for the REG CPA Exam as they are updated yearly.

CPA Study Group REG Activities

• Use flashcards to test memorization of concepts related to ethics, professional responsibilities, federal tax procedures, business law, federal taxation of property transactions, federal taxation of individuals, and federal taxation of entities
• Compare practice exams and help with each other’s strengths and weaknesses
• Have general Q&A sessions for group members to ask questions
• Invite a business law expert to speak to your group about how you’ll apply this section in your career and answer questions
• Reach out to mentors within an organization, alumni from your school, or leaders in a social media group to find experts

CPA Exam Study Group Activities for Discipline Sections

For disciplines like Tax Compliance and Planning (TCP), Information Systems Control (ISC), or Business Analysis and Reporting (BAR), consider these activities:

1. Create flashcards focusing on key tax regulations pertinent to TCP (Tax Compliance Planning). Under current tax laws, highlight essential concepts such as tax deductions, credits, and exemptions
2. Collaboratively solve multiple-choice questions (MCQs) that emphasize audit procedures specific to Information Systems Controls (ISC)
3. Analyze tax planning case studies within the context of TCP. Discuss strategies for minimizing tax liabilities while ensuring compliance with relevant tax laws and regulations
4. Host group discussions focused on Information Systems (IS) risk assessment methodologies
5. Practice using technology relevant to TCP and ISC domains. For TCP, use tax preparation software to simulate real-world tax compliance scenarios and calculations. For ISC, use audit software to conduct security assessments, vulnerability scans, and compliance audits.