I failed my CPA exam. Why?
Review courses are just review courses!
I watched the lectures, sat in on the review courses, memorized all the flashcards. I spent long hours spent at my local library or a stuffy Starbucks but I still failed the CPA exam. Why? This is a question I receive on a weekly basis from students attempting to pass the cpa exam. All exam prep courses are acceptable by my standards. However, CPA review courses are simply what they claim to be: review courses. This means the company providing the course assumes you know your basic material. Knowing basic material means you have mastered your accounting, auditing, tax concepts while you were an undergraduate student. This assumption is important for students to remember before signing up for a review course. There might be a gap between your accounting education and the review course.
Some reasons for failing!
This gap is due to several reasons. You did not do well in your undergraduate accounting courses. Your accounting course curriculum was not rigorous enough. Maybe you did not pay enough attention because you were not taking things seriously. Review CPA courses don’t make up for what you missed in college. Rather, they build on what you have learned in your undergraduate accounting courses.
Now, you need to fill this gap. How? Your undergraduate textbook is a starting point. Some rules might have changed since you were a student but that the textbook is still a good starting point. Also, consider signing up for an accounting course at your local community college. It is a cheap way to relearn the material. Or better yet, use free online resources on YouTube such as Farhat Accounting Lectures (FAL). FAL allows you to brush up on your college lectures and accounting concepts without leaving your house. FAL contains full courses such as Financial Accounting, Managerial Accounting, Intermediate Accounting, Auditing, Corporate Tax, Corporate Finance, and Governmental and Non-Profit Accounting among many others.