CABM test - Certified Associate Business Manager Updated: 2023

When you’re looking for a financial advisor, you’ll see any number of certifications and credentials listed on the business cards and websites of prospective candidates. From CPAs to CFAs, ChFCs to IARs, the long and growing list can be overwhelming.

Understanding what all of these acronyms stand for allows you to choose the best financial advisor for your needs. Let’s take a closer look at the 10 most common financial professional certifications.

CPA: Certified Public Accountant

Of all the financial advisor certifications, you’re probably most familiar with certified public accountant. Although most people associate CPAs with taxes, their expertise goes far beyond your annual tax filing.

CPAs handle jobs from financial reporting to audit work and forensic research. Even if your needs are slightly less complicated, employing a CPA can still save you a bundle of money and keep you out of a tax court, too. In short, if your finances progress beyond entering W-2 info into tax software, you’ll need a CPA.

The CPA certification has been around since the late 19th century. It’s a tough qualification to earn. Requirements vary by state, but candidates generally need a specialized degree, one year of work experience, and they must pass the challenging Uniform Certified Public Accountant Examination.

CFA: Chartered Financial Analyst

A chartered financial analyst has in-depth knowledge of asset management and securities analysis, as well as a professional commitment to the highest ethical standards. The common habitat for CFAs is handling high-level research and analysis for large financial companies and investment firms, but they may also work with high-net-worth private clients, providing investment advice, portfolio management and risk management services.

The CFA Institute says it takes 1,000 hours of study, four years of professional experience and a three-part test to become a CFA charterholder. The pass rate for all three levels of the CFA test is just 20%. Once upon a time, the CFA qualification was considered a good plan B if you weren’t cut out for an MBA. That’s not the case anymore, and today, CFAs rank among the financial advisory elite.

CFP: Certified Financial Planner

A certified financial planner takes a holistic, all-encompassing approach to financial planning, meeting their clients’ needs for budgeting, retirement planning, life insurance, taxes and estate planning. CFPs commit to a professional requirement to act as fiduciaries, meaning their financial advice must always put their customers’ best interests first.

The CFP is a good candidate for people who want a comprehensive financial plan. If you need help in choosing investments, planning for retirement, setting aside money for a child’s education, and many other goals, a CFP is a wonderful choice. Certified financial planners have many specialities, from the types of clients they work with to the types of work they take on, so check your candidate’s specializations before making a choice.

CFPs must take six or seven classes, depending on their program, covering the ins and outs of financial planning as well as pass a notoriously difficult test and accrue years of financial planning experience before they can add CFP behind their name.

Related: Find A Financial Advisor In 3 minutes

ChFC: Chartered Financial Consultant

CFPs and a chartered financial consultants offer very similar services: personal financial management, retirement planning, tax issues, estate planning, life insurance and special needs planning for parents and guardians.

The chartered financial consultant certification may offer slightly more depth than the CFP, as it requires additional coursework: eight courses to the CFP’s six or seven. However, unlike CFPs, ChFCs are not required to pass one comprehensive test and instead must pass exams following each course they take. ChFC certification requires candidates to have three years of full-time experience in the financial services industry, and ChFCs must bind themselves to a fiduciary standard.

ChFCs’ broad knowledge base makes them superior candidates for managing complex individual or family estates and providing investment strategies to small businesses.

RIA: Registered Investment Advisor

Unlike the other certifications on this list, registered investment advisor refers to a type of company, not a type of financial advisor. The registered part of the name comes from the fact that RIAs must register with the Securities and Exchange Commission (SEC) or a state regulatory agency.

RIAs are fully regulated fiduciaries that may provide financial planning or investment services. Practically speaking, though, their work with clients extends beyond simple investment advice, offering services such as retirement planning, insurance, estate planning and even concierge services like marriage and divorce consultations.

IAR: Investment Adviser Representative

An investment adviser representative (IAR) is a financial professionals who work for a RIA. Typically, IARs are certified via the Series 65 or Series 7 exams, and the Series 66, administered by FINRA, which the federal government authorizes to oversee US broker-dealers. In addition, they generally have one (or more) of the certifications listed above, like CFP or CFA.

The draw of IARs is their strong commitment to fiduciary responsibility. IARs must disclose conflicts of interest and tell clients about more efficient products, even if it means a smaller commission. This contrasts with advisors working under the “suitability standard,” who sometimes offer high-commission products that meet customer needs, without suggesting lower-commission alternatives that might better suit them.

If you’re working with a financial advisor through a company or financial institution, make sure to determine whether they are an IAR or a registered representative held only to suitability standards.

CFF: Certified Financial Fiduciary

Certified financial fiduciary (CFF) is an additional qualification that financial advisors undertake to supplement their existing professional certifications. In essence, it’s meant to signal that the advisor adheres to the highest possible standard of fiduciary duty (yes, there’s more than one kind of fiduciary).

CFFs are trained to uphold the highest moral, ethical and fiduciary standards of service when providing investment advice to potential and existing clients. The National Association of Certified Financial Fiduciaries (NACFF) administers CFF training and awards the certification.

The CFF is a relatively new professional designation, first created in 2018, during the rise and fall of the Department of Labor’s ill-fated fiduciary rule. As such, the CFF is less common than the others profiled here. Before it was struck down in federal court, the fiduciary rule would have held all financial advisors to a strict fiduciary rule, and the CFF was created, in part, to prove an advisor’s commitment to this rule.

CFF candidates must pass stringent requirements: They must hold a professional financial certification or license or have enough education and experience to pass NACFF’s bar. A background check is conducted to examine their moral, ethical and fiduciary record. Candidates must complete comprehensive training and pass the CFF exam. Crucially, they agree to uphold the CFF Code of Conduct for fiduciary responsibility.

RICP: Retirement Income Certified Professional

Administered by the American College of Financial Services, the retirement income certified professional (RICP) program trains financial advisors to help clients claim Social Security, define risk factors and manage distributions from retirement plans like a 401(k). But above and beyond retirement income issues, the program also helps advisors understand Medicare, aid in managing and selecting life insurance, plan long-term healthcare and handle retirement tax issues, which frequently trip up clients.

RICP certification is sought by experienced financial advisors, lawyers, accountants and bankers―anyone who works in advisory fields that wants a heightened understanding of all the factors that impact retirement planning. RICP training aims to foster a deep understanding of retirement income issues, allowing advisors to create plans for clients that cover income, housing, healthcare, taxation, life quality and more.

CPWA: Certified Private Wealth Advisor

Certified private wealth advisor (CPWA) is aimed at wealth managers who serve affluent clients. Wealth management advisors select portfolios of investment securities for their clients and manage the portfolios.

Generally they do not offer a broad selection of advice for a client’s entire financial life, confining themselves only to managing investments. This isn’t a flaw in their service offering as high-net-worth individuals generally employ planning teams of several experts to meet their needs.

Preparation courses for the CPWA teach candidates to create strategies that maximize growth, minimize taxes and help clients pass their wealth on to the next generation.

CLU: Chartered Life Underwriter

A chartered life underwriter (CLU) is a financial advisor that specializes in life insurance planning. This isn’t a standalone service: CLUs operate as part of an estate planning team, usually for high-net-worth clients with complex holdings, including family businesses and complicated asset structures.

The American College of Financial Services administers the CLU qualification. Candidates must have three years of relevant experience, pass eight training classes and sit for an exam. There’s a continuing education requirement for CLUs of 30 hours every two years. The CLU certification is highly respected among professionals and is nearly 100 years old―second only in age to the CPA.

As you begin a search for a financial professional, you will come across many different types of certifications. Each certification tells a story about the level of expertise and dedication an individual advisor has in different fields of finance. While it can be confusing, it is crucial to have an understanding of what an advisor specializes in before seeking their services. The best advisor for you will be one that can help you across the different areas where you need financial assistance. 

When a financial advisor wants to specialize in an area of the financial industry and become an expert, they usually need to earn a certification. Getting these designations often requires hours of coursework, exams and continuing education. Failure to meet any of these requirements can result in their certification being taken away. A financial certification is an advisor’s way of letting you know that they have experience and are held to professional standards. Not all financial advisors are the same though, and understanding the main certifications will let you know which advisor is best for your unique situation.

With over 200 different designations, it can be a bit overwhelming to know exactly what to look for. While there are so many to choose from, there are a few key certifications that are not only the most popular but are considered the best in terms of rigorous standards, oversight and expertise. 

The CFP® is the most common designation you find when searching for an advisor. This certification denotes expertise for professionals in financial planning, taxes, insurance, estate planning and retirement. The certification is overseen by the Certified Financial Planner Board of Standards. Designation is determined by successfully completing the board’s test and continued ongoing education of at least 30 hours every two years. 

To sit for the exam, individuals must have a Bachelor’s degree and complete a course approved by the board. The course can be waived if the person holds another designation, such as a CPA, CFA or a PhD in business or economics. Candidates also must have at least three years (or 6,000 hours) of full-time professional experience.

CFP®’s are best for those looking for holistic financial planning. If you are looking for more than just investment management and need help with retirement plans, taxes, etc., a CFP® is your best bet. 

Becoming certified as a CPA is very difficult, with only a 50% pass rate. To become a certified accountant, individuals must have a bachelor’s degree in business administration, finance or accounting and complete an additional 150 hours of education regarding accounting standards and practices. They must also have 2 or more years of public accounting experience and pass the exam. Like the CFP®, those with a CPA must also continue to take courses to keep their certification. 

CPAs are best used for tax issues. If your main financial situation revolves around tax help, and nothing much else, like retirement, then a CPA may be your best bet. 

The Chartered Financial Analyst designation is considered one of the hardest certificates for those in the financial sector and is also the gold standard for those who work in investing or managing portfolios. It’s globally recognized and is run by the CFA Institute. There are three levels of exams that cover everything from accounting, ethics, economics, security analysis and money management. In August 2023, the pass rate for levels 1 and 2 were at 37% and 44%, respectively, while level 3 had a pass rate of 47%.

Before sitting for the exam, the candidate must have 4 years of professional work experience, bachelor’s degree, or a combination of the two totaling 4 years. If the person can pass all 3 levels in sequential order, they become a member of the CFA Institute and abide by the Institute’s code of ethics. While the exams can be taken as many times as possible, candidates usually need to study at least 300 hours for each test, which means many do not continue after failing to pass one level. 

Generally you won’t find someone just registered as a CFA working with individual clients. CFAs work for big corporations. If they do work with individuals, they will usually also have a CFP® certification. A CFA underscores their strong investment analytical skills.  

Advisors with the Chartered Financial Consultant designation work with individuals on retirement savings and budget planning.  It’s a designation that is granted by the American College and consists of individuals taking 7 required courses and 2 electives. The subjects covered include retirement and estate planning, insurance, investments and income tax. 

While not compulsory, the college recommends that those who apply already have a degree related to business or finance. The candidate must also have a minimum of 3 years working in the industry and must maintain continuing education credits. While similar to the CPA, it differs in that it is a course and does not require candidates to pass one test but instead take a test after each course. 

The difference between a CFP® and ChFC does not affect how qualified they are to work with clients. If you see an advisor with either a CFP® or ChFC, as long as they are a fiduciary and don’t have a history of disclosures, you should be in good hands. 

A Chartered Life Underwriter (CLU) is geared toward insurance agents. A chartered life underwriter’s domains of expertise are primarily life insurance  as they relate to estate planning and risk management. There is no test one has to pass, but candidates have to take eight courses administered by the American College of Financial Planning in order to become one. 

CLUs are great if you are looking for life insurance and do not know how to navigate the complexity involved with buying a life insurance plan. 

A Chartered Investment Counselor recognizes experts with significant experience as portfolio and investment managers. It is a designation that must be applied for and is approved by the Investment Adviser Association. Candidates must work for an Investment Adviser Association member firm, adhere to a code of conduct and submit references. They are held to the standards set under the Investment Act of 1940, meaning they have a legal obligation to work in the best interest of the clients. They also must run large accounts and mutual funds and already have a CFA. 

A CIC will be best for those looking for pure investment advice. A CIC won’t be able to help you with things like financial plans, estate planning or taxes. 

A certified private wealth advisor is for professionals whose clients include high-net worth clients. They often deal with individuals who have a net worth of more than $5 million. This certification means advisors can help high earners with things like tax, growing their assets and wealth succession. 

The designation is offered by the Investments and Wealth Institute and is obtained by taking a six-month course either through the institute, via the University of Chicago Booth School of Business or the Yale School of Management or an investment firm. To qualify, a candidate must have a bachelor’s degree or another certificate like the CFA, CFP® or CPA and five years of experience in the field. 

A CPWA is going to best serve wealthy individuals with a net worth over $5 million. It doesn’t mean high net worth individuals should only work with CPWAs, but they are a good option. 

This certification is designated by the National Institute of Certified Estate Planners and gives financial planners the knowledge to help people develop and plan their estate. It is a proctored exam. While there is a self-study manual of 770 pages, candidates can also opt for in-person study, which usually adds an additional 16 hours of class time.  

To qualify, a professional must have a valid license in the financial, legal or tax profession or have special permission to enroll. Once the test is passed, they must complete 8 hours of continuing education every 2 years and follow NICEP’s code of ethics to remain certified. 

A CEP is great if your main area of concern is estate planning. This can be useful for people with a high net worth and are unsure of how to pass down their estate. 

This designation is for professionals who work with clients on a one-on-one basis. The certification is run by Fincert and ensures that the candidate is trained in counseling skills and personal finance management. It was designed to fulfill the requirement of the Uniform Debt Management Services Act. The certificate is issued by passing a test after the completion of a self-study course through Fincert which covers things like communication, money management and consumer protection. To qualify a candidate must have at least 6 months of relevant experience. 

A CPFC is best for people who are looking for ways to better manage their money, rather than planning complicated financial matters.  

A financial risk manager is someone who assess potential liabilities to the assets, capacity or success of a company. They work in financial services, banking, marketing or other services and often specialize in credit and market risk. Someone with an FRM designation is required to also be accredited with the Global Association of Risk Professionals. To get an FRM certificate, candidates need to pass a 2-part test and have 2 years of experience. There is also an optional 40 hours of coursework every 2 years. The test itself is not easy, with only an average 50% pass rate. 

Like a CFA, most advisors certified with FRM will most likely not work solely with individual clients. FRMs will usually work for companies and corporations. If an advisor does work with individuals, they will likely have other credentials.  

Another certification offered by the Investments and Wealth Institute, a retirement manager advisor helps clients with retirement planning. To get the certificate, a candidate must complete an online course, take an in-person capstone class and pass an exam. In addition, they must have at least 3 years of experience or another designation like a CFA, CPA or CIMA. It’s one of the shortest designations to get, as it only takes 9 weeks of 2-3 hours per week and 2 days of in-person instruction to complete.  

Retirement Manager Advisors specialize in retirement planning, so if that is your primary concern then an RMA will be great for you. RMAs will usually also have a CFP® certification. Choosing a CFP® with an RMA may be more advantageous than choosing a CFP® without one if you are worried about your retirement. 

There are several certificates for retirement planners. The CRC is overseen by the International Foundation for Retirement Education, a non-profit organization that advocates for high standards and ethics. Getting the designation consists of a certification exam, adhering to InFRE’s code of ethics and re-registering every year. Holders of the certificate must also complete at least 15 hours of ongoing education per year.  To sit for the exam, a candidate must pass a background check and hold a bachelor’s degree and have 2 years of relevant experience or a high school diploma with 5 years of experience. 

A CRC is similar to an RMA and will be useful for those whose primary concern is retirement planning. RMAs usually also need to have a CFP® or CPA, which may make them a little bit more qualified than those who just hold a CRC.  

Although financial advisors are not required to have a certification, it signals that they adhere to specific ethical standards. If an advisor doesn’t have a certification, it can mean that they don’t have the necessary experience or education requirements. If they are not certified or registered with the SEC or FINRA, it could mean that they are not legally obligated to put your best interests first and are limited in some of the things they can do for you.

Financial certifications are overseen by independent bodies that administer the tests and determine the certificate standards. There is no one body that oversees these certifications, although FINRA does keep track of the designations available. Most designations are overseen by private or non-profit institutions, so it’s important to make sure you know the qualifications of the certificates your financial planner holds.

Here are some certificate programs and courses to help you with the above financial certifications.

Who it’s for: MBA students, finance students, finance professionals 

The Udemy bestseller is ideal for MBA and finance students. Individuals who hold the CA, CMA, CS, CFA, CPA or CIMA credentials will also find this in-depth offering beneficial. There are lessons on financial analysis through ratios, financial statements, capital structure, working capital management and so much more. 

Register today for full lifetime access to the course material. You will also receive a certificate of completion when you reach the finish line. 

Who it’s for: Aspiring finance professionals 

The Complete Financial Analyst Course 2023 by 365Careers is another Udemy bestseller. It’s worth considering if you are pursuing a finance career and want to position yourself for lucrative employment opportunities. You’ll also develop practical financial analysis, business analysis and capital budgeting skills as you work through the lessons. 

Join over 405,000 students who’ve taken this exceptional course by signing up right away. It only takes a few minutes, and you can get immediate access to 19.5 hours of on-demand video, 17 articles and 495 downloadable resources.

Have access to Microsoft Excel and Microsoft PowerPoint before you sign up.

Who it’s for: Individuals preparing for the CFA Level 1 exam

The registration fee includes 373 lectures jam-packed into 26 hours of on-demand video. You will also receive 38 articles and 55 downloadable resources to help you get the most out of your online learning experience.

Facilitator Ivan Kitov is a chartered financial analyst. He also holds a Master’s degree in Finance from Erasmus University Rotterdam in the Netherlands. 

Who it’s for: Individuals preparing for the CFA Level 1 exam

This course is the 2nd component of the CFA Level 1 test prep boot camp from 365 Careers. It is also taught by Ivan Kitov and delves deeper into financial reporting, portfolio management, equity investments, fixed income and derivatives. 

Similar to the Part 1 boot camp, the class also covers the following topics:

• Ethics and Professional Standards
• Quantitative Methods
• Economics 
• Corporate Finance
• Alternative Investments 

When you enroll, you will unlock a vault of valuable resources. This includes 29.5 hours of on-demand video, 44 articles and 59 downloadable resources.

Who it’s for: Bankers, IT professionals, analytics and financial professionals, business technology graduates, MBA degree holders, finance graduates 

Offered by EduPristine Inc, this highly-rated course is ideal for recent graduates and financial professionals interested in pursuing a risk management career. 

• Introduction 
• Foundations of Risk 
• Quants
• Financial Market and Products
• Value at Risk Part – I
• Value at Risk – Part II
• Conclusion 

The enrollment fee includes full lifetime access to 113 lectures condensed into 24 hours of on-demand video, 1 article and 111 downloadable resources. Plus, you can sign up with confidence knowing the class comes with a 30-day money-back ensure if it doesn’t quite meet your needs. 

If you’re on your way to becoming a Certified Public Accountant (CPA), you might be losing some sleep over the Uniform CPA Examination®.

We don’t blame you. After all, the pass rates for each test section range from about 40% to 60%, according to the American Institute of Certified Public Accountants (AICPA®)—not the best prognosis. The CPA test is difficult and time-consuming, but passing it is the most important step of CPA licensure. And at the end of the day, becoming a CPA is worth it to many professionals.

Earning the CPA credential opens doors to high-paying, advanced accounting careers in numerous industries. The 2024 CPA test comes with a few changes compared to previous years, so make sure to stay in the know if you plan to sit for the test in or after 2024. We’ve outlined the new test here to help you research and prepare.

What Is the CPA Exam?

The Uniform Certified Public Accountant Examination, also known as the Uniform CPA test or CPA Exam, is for accountants pursuing CPA licensure. Many employers seeking highly trained accountants require a CPA license, which involves rigorous coursework and skill testing to earn.

AICPA develops the CPA exam, and the National Association of State Boards of Accountancy (NASBA) and its included state boards of accountancy assist with reviewing applications, administering the test and reporting scores.

The CPA test consists of four sections, testing candidates on subjects like taxation, financial planning, auditing and accounting technology.

What’s New About the CPA test in 2024?

The 2024 CPA test introduces a new “discipline” section, including three options:

• Business analysis and reporting (BAR)
• Information systems and controls (ISC)
• Tax compliance and planning (TCP)

Candidates choose one of the three disciplines to test on. Candidates must also test within the three required Core sections:

• Auditing and attestation (AUD)
• Financial accounting and reporting (FAR)
• Taxation and regulation (REG)

The 2024 version of the CPA test eliminates the business environment and concepts (BEC) section and transitions some portions of FAR and REG into the new disciplines. Since the BEC section was the only one to include a written essay, the essay portion is eliminated from the 2024 CPA exam.

Additional changes include replacing an Excel spreadsheet with a JavaScript-based spreadsheet, implementing new task-based research simulations and eliminating multistage adaptive testing.

CPA test Requirements

Each state board of accountancy within NASBA sets its own requirements to sit for the CPA exam, so criteria may vary among states. However, many state boards require at least the following from candidates before they’re eligible to take the CPA exam:

• Be at least 18 years old
• Have a 120-credit bachelor’s degree in accounting or a bachelor’s degree with a certain number of credits in non-introductory accounting courses and business courses
• Submit official school transcripts, a credit evaluation application and proof of residency

Education requirements vary the most among state boards of accountancy. For instance, Georgia only requires test candidates to have a bachelor’s degree with 20 semester hours in non-introductory accounting courses. However, Rhode Island sets more specific stipulations for CPA test applicants who don’t have a graduate degree in accounting, including at least 24 accounting semester hours covering distinct subjects like auditing and tax accounting.

CPA test Structure

The three cores and three disciplines of the CPA test each include both multiple-choice questions and task-based simulations. The test lasts 16 hours in total—four hours per section—and candidates can take different sections of the test on different days rather than in one sitting.

Still, test takers must complete and pass all four sections within 18 months—usually beginning on the day a candidate takes their first passed section—to pass the exam. We explore the four sections in detail below.

Auditing and Attestation

The AUD section tests a candidate’s understanding of the technical and ethical aspects of auditing for public and private entities. AUD also covers reporting requirements, risk assessment strategies, obtaining evidence and ethical responsibilities for CPAs.

AUD is divided into four content areas:

• Area I: Ethics, professional responsibilities and general principles
• Area II: Assessing risk and developing a planned response
• Area III: Performing further procedures and obtaining evidence
• Area IV: Forming conclusions and reporting

Financial Accounting and Reporting

The questions and tasks in the FAR section target three content areas:

• Area I: Financial reporting
• Area II: Select balance sheet accounts
• Area III: Select transactions

Within these sections, candidates prove their ability to prepare and analyze financial statements, balance sheets with various types of income and expenses, correct accounting errors, and navigate the differences in financial accounting and reporting for for-profit and nonprofit companies.

Taxation and Regulation

The REG section explores tax laws for businesses and individuals within the United States, ensuring that CPA candidates understand the significance of and procedures for compliance. Candidates work with taxation technology and resources to analyze data and determine the correct processes for accuracy and completeness.

This section includes five content areas:

• Area I: Ethics, professional responsibilities, and federal tax procedures
• Area II: Business law
• Area III: Federal taxation of property transactions
• Area III: Federal taxation of individuals
• Area III: Federal taxation of entities

Discipline

CPA candidates must choose one of three disciplines as the fourth section of the CPA exam.

Previous versions of the CPA test included the BEC section, which explored corporate governance, information technology, financial and operations management, and economic concepts. The discipline section replaces BEC, allowing candidates to test in an area of interest or advanced skill.

This section offers the following testing areas:

• Business analysis and reporting: BAR expands on several concepts in FAR, including data collection sourcing, financial analysis and reporting, while closely examining business analysis and local and state governmental accounting.
• Information systems and controls: ISC focuses on secure and accurate data collection, storage and analysis procedures used in accounting. Candidates must demonstrate knowledge of information technology audits, security threats and mitigation, and security regulations.
• Tax Compliance and Planning: TCP digs deep into taxation for individuals and entities beyond what’s included in REG. TCP subjects and tasks include calculating estimated tax payments, reviewing shareholder debts and investments, and distinguishing types of business entities for tax purposes.

How Is the CPA test Scored?

CPA test scoring weighs the scaled scores of multiple-choice questions and task-based simulations of each section equally at 50% of the total score. The only exception is the ISC discipline, in which multiple-choice questions make up 60% of the score and task-based simulations account for 40%.

Each test goes through a multi-step review process to ensure scoring accuracy.

How Hard Is the CPA Exam?

If AICPA’s pass rate data is any indication, this is a hard test. During the first two quarters of 2023, these were the pass rates for each section of the CPA exam:

• REG: 59.22%
• AUD: 47.68%
• FAR: 42.30%
• BEC (eliminated from the 2024 exam): 58.25%

How To Study for the CPA Exam

The CPA test process is long and rigorous, so planning can be the key to passing each section. Before you begin studying, plan your timeline carefully.

In what order do you want to take each section? How will you space out the various sections to deliver yourself ample study time? Keep track of test application deadlines, and think about when you should schedule study sessions. Also, consider whether you’ll need to take some time off work.

AICPA’s test Blueprints offer an excellent starting point for your test prep. The blueprints walk you through each section of the CPA exam, filling you in on what to expect and what to study.

CPA test Study Resources

AICPA offers official resources for continuing education for practicing accountants. Though you aren’t yet a CPA, you might find these materials helpful while studying for your CPA exam. They are categorized into many of the same subjects you’ll work with on the exam, like auditing and financial reporting, and many are free or discounted for AICPA members.

You can also practice with a shortened sample test from AICPA, which familiarizes you with the CPA test software.

Several other online resources are available to help you study for the CPA exam, although it’s important to ensure courses and materials are up to date and designed or taught by credentialed instructors. AICPA hosts a database of CPA test preparation resources, including costs and user ratings for each to help you narrow your options.

CPA test Study Methods

Preparing for the CPA test takes significant motivation and focus, and studying with other CPA test candidates could help you stay on track. Consider looking for study group participants at work, through your local professional organization or from your graduating class. You might also find nearby candidates through social media groups.

Collaborate with your study group members to decide which materials you’ll use, whether you’ll host meetings in person or online, and how often you’ll study so everyone can stay on track.

If you’d like to study solo, find a quiet, dedicated space for sessions and make room in your schedule for several hours of test preparation each week. Consider getting support from a trusted colleague or mentor when necessary.

Frequently Asked Questions (FAQs) About the CPA Exam

• Accounting
• Equity Plan Design
• Analysis and Administration
• Corporate and Securities Law
• Taxation

Candidates can elect to complete just the first level of the program - resulting in the ECA designation, or to continue on for the remaining two levels, at which point they will have earned the CEP designation. The CEP designation is granted to individuals who have passed all three exams, and have demonstrated mastery of equity compensation related issues in all of the core disciplines. The CEP Institute also offers an test solely focused on accounting; the Advanced Equity Compensation Accounting Certificate (AECA) exam is for financial reporting professionals in any organization that offers equity compensation, as well as the accounting professionals who are required to verify proper expensing under ASC 718 and other standards.

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