CPA PEP core modules: Focus on knowledge, not exam conditions
Learn first, then reduce your notes, says CPA PEP student Andrew Knapman
Vancouver – How can you succeed, as an aspiring Chartered Professional Accountant, in the core modules for students in the CPA Professional Education Program (CPA PEP)? As a student who has already passed both the core modules with distinction — and in a relatively stress-free manner — I’ve learned a few key tips for success that I can share with you.
In my first column on the core modules, I suggested that students focus on the exam blueprint, because it will tell you exactly where your focus should lie. Core 1, for example, covers financial reporting (50-70%), assurance (10-30%), finance (5-10%) and tax (10-20%). But don’t confuse focusing on the exam blueprint with focusing on the exam itself. The weighting of the exam tells you where to focus, not what to focus on.
Focus on knowledge, not exam preparation
A lot of students focus their efforts on exam preparation, particularly when it comes to things like the practice cases. They worry that if they can’t answer the cases in the expected time prior to the exam, they will have no chance in the exam itself.
I understand the logic but for me this approach never worked. I’d much rather spend two to three hours on a one-hour practice case and do a good job than rush it in one hour just to replicate exam conditions.
Having the necessary knowledge, for me, was far more important than practising under exam conditions. I found that by simply knowing all the materials, as well as how to approach a case, I generally was fine to stay within the time frames provided, come exam day.
The exams actually give you more time than you need when it comes to case writing. Once you reach the electives, the exam time is four hours but the questions should only take three hours.
Consolidate your notes
Of course, by focusing on knowledge rather than exam preparation, you can overcompensate. If you’re like me, you might print out all your notes or pile up your books for the four subject areas at the beginning of the course, and think “good God, I have no hope!”
What I found was, my notes were way too in depth and could be cut down considerably. A great way I found to study was to simply read all my notes and highlight the important parts. Then, once you’ve read them all, cut out any notes that aren’t highlighted, as they’re just filler.
You will be left with far fewer notes to study from after this. I’d say my study notes were reduced by at least 25 per cent immediately. Re-read these notes daily and repeat the process as the course progresses until the end, when your notes will be at their most concise level. These summarized notes will then be very useful for CFE preparation, too.
In my next column, I’m going to discuss the CPA PEP workshops, and how best to approach them. In the meantime, good luck with your studies on your journey to becoming a CPA.
Andrew Knapman lives in Vancouver, B.C. and is a student in the CPA Professional Education Program through CPA BC. The views expressed in this guest blog are his own. Connect with Andrew through his LinkedIn profile and follow him on his journey to becoming a Chartered Professional Accountant through future blog postings on Canadian Accountant.
(7) Comments
I found it very useful for passing the PEP.
Unfortunately I failed my first attempt during the core 1 exam, and I am taking it over.
I have a question about your notes. did you make your notes from the weekly reading or from the practice cases and assignments solutions ?
Thnak you for your response
As I've mentioned in other articles, I came through CPA PREP. All of my notes came from the learning materials provided to me during PREP, which I found to be very useful and well laid out. I have barely used the learning materials from CPA PEP, I'd rather keep using the materials I have that I already have. Unfortunately that's not ideal advice since nobody has access to those materials unless they came through PREP.
Do you not have any materials from your university days? I'm not a huge fan of CPA PEP's notes for studying from personally, but if that's all you have then you don't have much choice, other than buying books or maybe registering for something like Densmore.
I just migrated and upon assessment I was told not to take the CPA prep, it caught my attention that most of your notes came from it. Can you suggest what will be a good material for me to use?
Thanks!
This is a very common question I get, and sadly I don't have a good answer for it. While the CPA PEP has improved its notes since I started, I still always preferred the PREP notes they provided. They were much more simplified and easier to understand in my opinion. Since these notes were my gospel, I never bothered to look into how to get good notes if you go straight into CPA PEP. Most who do are from university and use those notes, or from PREP and use those. Come from abroad where your notes are likely very different, you won't have a lot of material.
I believe you can sign up for third party providers like Densmore and PrepFormula, who may have notes, but I never used these and wouldn't be able to verify unfortunately.