Time Management and Recommended Study Plans

1.5 Time Management and Recommended Study Plans

Successfully preparing for the Financial Accounting and Reporting (FAR) section of the CPA Exam requires careful time management, structured study plans, and a disciplined approach. This chapter guides you in creating a realistic timetable, establishing balanced study sessions, and pacing yourself during the actual exam. With practical techniques and examples, you will gain clarity on how to allocate your time for maximum efficiency.

While the strategies in this chapter specifically address FAR preparation, many of the principles can be applied to the other sections of the CPA Exam as well. Time management touches every aspect of the exam journey—from daily study sessions to exam day execution—so developing these skills will serve you not only for FAR but also throughout your professional career.

The Importance of Time Management

Time management is the invisible scaffolding that supports effective learning. When you plan your activities thoughtfully, you can:

• Cover all the FAR Blueprint areas in a systematic manner.
• Ensure sufficient practice with multiple-choice questions (MCQs) and task-based simulations (TBSs).
• Reduce stress and burnout by balancing study with rest and personal time.
• Allocate adequate time for review and reinforcement of challenging topics.

Given the sheer breadth of material in FAR—ranging from conceptual framework elements (see Chapter 2) to specialized governmental accounting rules (Chapter 5)—managing your study hours precisely is crucial.

Crafting a Realistic Study Schedule

A solid study schedule sets milestones, breaks down voluminous topics, and provides checkpoints to monitor your progress. Below are key considerations for designing a schedule that works efficiently and realistically:

1. Determine Your Weekly Availability

Assess your weekly schedule to identify realistic blocks of study time. Your availability will vary based on full-time or part-time work, family commitments, and other life responsibilities. For instance, if you work 40+ hours per week, you might have to rely on early mornings, evenings, and weekends for study sessions.

2. Break Down Content Areas

FAR’s scope can be segmented into logical topic clusters based on the Table of Contents for this guide: • Area I – Financial Reporting (Chapters 3 to 8)
• Area II – Select Balance Sheet Accounts (Chapters 9 to 17)
• Area III – Select Transactions (Chapters 18 to 24)
• IFRS Comparisons and Advanced Applications (Chapters 25 to 26)

Each cluster can then be broken down into subtopics. Aim to allocate proportionate time based on the relative difficulty and coverage of each topic in the CPA Blueprint.

3. Incorporate Practice and Review

Balance your schedule between learning new material, practicing MCQs and TBSs, and reviewing previously covered topics. Some experts recommend a 30:50:20 ratio—30% for new learning, 50% for practice, and 20% for review. Adjust as needed based on personal preference or feedback from your progress tests.

4. Keep Buffer Time

Overestimating what you can accomplish daily is a common pitfall. Including buffer time ensures that unexpected disruptions (e.g., technology issues, urgent personal obligations) do not derail your entire plan. Try to reserve at least one free evening or weekend block every two weeks.

Creating a Long-Term Timeline

When planning for FAR, you might designate anywhere from six to twelve weeks of study, depending on your background and time commitment. Below is a sample timeline that illustrates how you might structure your weeks:

• Week 1–2:
– Orientation and coverage of conceptual framework (Chapter 2)
– Begin with foundational topics: Overview of financial statements (Chapter 3)
– Start practicing basic MCQs

• Week 3–4:
– Deep dive into statement of cash flows and not-for-profit reporting (Chapters 3 & 4)
– Introduction to governmental accounting (Chapter 5)
– Light TBS practice on earlier chapters

• Week 5–6:
– Study major balance sheet accounts (Chapters 9–13)
– Emphasize property, plant, and equipment and investment accounting
– Focus on more challenging simulations involving these areas

• Week 7–8:
– Review intangible assets, debt, equity, and contingencies (Chapters 14–19)
– Work through advanced problem sets and challenging TBSs
– Midpoint comprehensive review: Attempt a full-length practice exam

• Week 9–10:
– Concentrate on revenue recognition, leases, and income taxes (Chapters 20–23)
– Integrate IFRS differences (Chapter 25)
– Revisit weaker areas identified in the practice exam

• Week 11–12:
– Complete advanced topics such as consolidations and foreign currency (Chapter 26)
– Final review and additional practice tests
– Fine-tune exam-day strategies

This sample plan is flexible; you can compress or expand it to align with your personal schedule. The guiding principle is to sequence topics logically, build on foundations, integrate practice early, and keep time for final review.

Strategies for Weekly and Daily Study Plans

A long-term plan helps you visualize the entire journey, but day-to-day schedules make it operational. Here is a step-by-step framework for structuring your weekly and daily study blocks:

1. Goal Setting: At the start of each week, identify specific milestones (e.g., finish two chapters, complete a set number of MCQs).
2. Topic Breakdown: Divide each goal into daily tasks. For instance, if you aim to complete a chapter in a week, allocate reading, note-taking, and practice question tasks into smaller daily segments.
3. Reserve Practice Sessions: Dedicate blocks of time to practice MCQs and TBSs—do not push them entirely to the weekend. Regular practice helps reinforce learning.
4. Scheduled Breaks: Plan short breaks after each intensive study block (e.g., 45–60 minutes of study, then a 10-minute break). These “brain breaks” help maintain focus and retention.
5. End-of-Day Review: Reserve the last 15–20 minutes of each day to recap key points. This quick review cements new knowledge before you conclude your study session.

An Example of a Detailed Weekly Study Schedule

Below is a sample weekly schedule for a candidate who works full-time. This table offers a structured approach to balancing work, personal obligations, and CPA study:

In this example, the candidate has planned for daily short sessions plus a more extended weekend block. The midweek break provides a buffer for any disruptions or extra rest.

Integrating Practice Sessions

Practice questions and simulations must be integrated throughout the study process. Relying on the final week alone to tackle MCQs and TBSs is often risky. Because the FAR section includes a wide variety of topics, it is essential to encounter those topics repeatedly in question form. Here are some strategies:

• Spaced Repetition: Use spaced repetition software or simple spreadsheet trackers to cycle through old questions at increasing intervals.
• Topic Clusters: Group your practice sessions by topic. For instance, if you are studying inventory (Chapter 11), practice MCQs on LIFO, FIFO, and average cost methods immediately after.
• Mixed Review: Periodically blend questions from previously studied chapters to ensure ongoing maintenance of that material.

Tips for Staying Motivated

Time management can feel overwhelming if approached rigidly. Keep your motivation levels up with the following strategies:

• Reward Systems: Reward yourself at milestones. Completing 100 MCQs or finishing a challenging chapter might merit a well-earned break or treat.
• Study Groups: If time allows, form or join a virtual or local study group. Discussing concepts and tackling questions collaboratively can deepen understanding.
• Progress Tracking: Maintain a simple chart or app-based tracker to mark daily or weekly progress. Visual reminders of accomplishments can be highly motivating.

Pacing Yourself on Exam Day

All your preparation converges on exam day, where time management becomes critical. The FAR exam consists of multiple-choice questions (MCQs) and task-based simulations (TBSs). Approximating your pacing is crucial:

1. Divide Exam Sections: You have four testlets: two containing MCQs and two containing TBSs.
2. Approximate Timings:
   • MCQs: Consider an average pace of about 1.2 to 1.5 minutes per question. This can vary by difficulty, but it is a good baseline.
   • Simulations: Allocate roughly 10–15 minutes for each TBS, adjusting as needed. Longer or more complex TBSs might require more time, while shorter ones may take less.
3. Monitor the Clock: Most testing software provides a visible timer. Check in periodically (e.g., every 15–20 MCQs or after completing each TBS).
4. Leave No Question Unanswered: Since there is no penalty for guessing, it is better to quickly guess a question you are truly stuck on than to leave it blank. You can always flag it and return if time permits.

Best Practices to Avoid Common Pitfalls

• Underestimating Review: Many candidates focus heavily on reading new content but skimp on reviewing older material. Schedule dedicated review sessions weekly.
• All-Nighters: Cramming is rarely effective and usually exacerbates stress. Plan your study schedule early to avoid frantic, last-minute sessions.
• Neglecting Diagnostics: If you take a practice exam, thoroughly analyze the results. Identify weak spots and revisit those chapters or subtopics.
• Ignoring Health: Effective time management includes self-care. Adequate sleep, healthy meals, and short exercise breaks can elevate focus, memory retention, and overall well-being.

Case Study: Sam’s Three-Month FAR Sprint

Sam, a busy professional with a family, dedicated 15 hours a week to FAR preparation. Panicked by the exam’s breadth, Sam initially tried to speed-read through each chapter, only practicing questions in the final two weeks. This approach led to poor TBS mastery and a failed attempt.

On the second try, Sam revised the study plan:

1. Created a 12-week schedule, focusing primarily on one major category each week (e.g., investment accounting and intangible assets in Week 7).
2. Allocated 50% of weekly study time to TBSs and MCQs related to that week’s topics.
3. Reserved Sunday afternoons for a mixed-topic practice test.

By the exam date, Sam had integrated question practice into every stage and systematically reinforced earlier topics. Sam’s second attempt was successful.

Visual Diagram: Building a Strong Foundation

Below is a Mermaid diagram representing a simplified flow of how to integrate topics, practice, and review leading up to the exam.

    flowchart LR
	    A[Identify Key FAR Topics] --> B[Plan Weekly Goals]
	    B --> C["Daily Study Blocks (Read & Notes)"]
	    C --> D[Daily MCQ Practice]
	    D --> E["Weekly Mock Quiz & Review"]
	    E --> F[Identify Weak Areas & Revisit]
	    F --> B

Putting It All Together

Time management involves more than just dividing hours. It requires setting specific goals, prioritizing tasks, and continuously evaluating your own progress. For the FAR section, effective scheduling ensures that you cover vast amounts of technical material without being derailed by daily constraints.

Here are the essential takeaways for mastering FAR within your timeframe:

• Begin with the End: Start with your exam date or final study week and plan backward, assigning topics to each phase.
• Balance: Mix reading, MCQs, TBSs, and reviews to maintain engagement and deep understanding.
• Adapt: Remain flexible—unexpected events may require you to adjust your schedule.
• Pace on Exam Day: Strategically allocate your exam time to ensure no question or TBS is neglected.

By applying these principles, you are well on your way to creating an effective and sustainable FAR study strategy.

Quiz: Master Your FAR Study Timelines

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Disclaimer: This course is not endorsed by or affiliated with the AICPA, NASBA, or any official CPA Examination authority. All content is for educational and preparatory purposes only.