Preparing for Accounting Exams: Tips and Study Resources for 2025

by Imed Bouchrika, Phd

Co-Founder and Chief Data Scientist

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Preparing for accounting exams can be a daunting task. Pursuing either the best online accounting degree or a good on-campus accounting program entails answering tests that require a deeper understanding of the material and cannot be passed through memorization alone. Accountancy students and Certified Public Accountants (CPA) hopefuls also need to meet certain grade requirements. For instance, the cumulative passing rates for the CPA exams across all quarters and sections are 43.76% to 59.85% only (American Institute of Certified Public Accountants, 2022).

Wondering if you can meet these expectations can contribute to test anxiety and make it difficult to feel confident in your preparation. With the right techniques and materials, however, you can succeed. In this resource, our Research.com team offers an accounting exam study guide that includes the best tips and study materials to help all kinds of accountancy learners ace their tests.

Preparing for Accounting Exams Table of Contents

1. Tips and Tricks for Studying for Accounting Exams
2. Can supplemental professional training enhance your exam performance?
3. What are the current job market trends in accounting?
4. What Practical Benefits Do Targeted Certification Programs Offer?
5. How can accounting expertise pave the way for an actuarial career?
6. How do you become a CPA?
7. How Can Combining Accounting and Finance Accelerate Your Career?
8. Recommended Study Resources for Accounting Exams
9. What are some common career paths for accounting graduates
10. What are the benefits of pursuing an online masters degree in accounting?
11. How can accounting certifications enhance your career?

Taking time to prepare for an exam is always a good strategy. In an experiment done by Walck-Shannon et al., (2021), they found that learners who actively reviewed for exams by working on problems or self-assessments and going to review groups scored 4.0-7.7% higher on average than students who did not use those techniques. While undergoing these study rituals requires a lot of effort, it can help you develop lifelong learning hacks. In addition, these techniques may also provide insights to accountancy educators in enhancing their curricula and teaching practices.

A study by Biwer et al. (2020) called “Fostering Effective Learning Strategies in Higher Education A Mixed-Methods Study" stresses how teachers and students both have important roles in making learning strategies work. They state that “making students aware of effective learning strategies and desirable difficulties, stimulating reflection on achievement motivation and letting them experience the experienced-learning-versus-actual-learning-paradox is a promising way to motivate students using effective learning strategies. Educators could facilitate the use of practice testing, for example, by making practice questions available."

Biwer et al.’s work in the Journal of Applied Research in Memory and Cognition further adds, “Supporting and modeling the use of effective learning strategies could be another pathway, for instance by adding a practice-based method to the earlier theory-based and experienced-based principles of strategy interventions. To support students in overcoming the intention-behavior gap, it seems important to not only inform students about desirable difficulties and effective learning strategies, but also provide process support by guiding students in adding active learning principles to old strategies."

Tips and Tricks for Studying for Accounting Exams

In this section, we will discuss a few accounting study hacks and some practical tips to help you study for your tests and excel academically.

Know the Material

Accounting is one of the most affordable online bachelor’s degree programs. However, it is a complex subject, and exams often require mastery of concepts and theories. Therefore, the first step to take is gathering the right resources and truly understanding the concepts, formulas, and calculations involved. As you read, take time to reflect and ask yourself questions like, “Why does this concept apply to this scenario? How did I arrive at this conclusion?" to fully grasp ideas.

Explaining the concepts in your own words or following the trail of computations out loud can aid in the retention and comprehension of ideas. In addition, identifying your strengths and weaknesses can also help you gain focus on specific topics that need more attention. Knowing the material will not only help you perform better on the test, but it will also prepare you for real-world applications of accounting principles.

Develop Good Study Habits

Designing your own study habits is essential for preparing for accounting exams. First, establish your objectives for the test, such as which chapters to read or which skills you wish to practice. Then, create a timetable that lets you tick off these goals over an extended period. This helps to reduce stress levels and prevents cramming. In fact, in a survey, 68.6% of students prefer to study two to seven days ahead of their exams, while 20.3% prepare more than a week in advance (Grand Canyon University, 2022).

In addition, you can also try spacing out study sessions to avoid getting drained or burnt out. The Pomodoro Technique, for instance, entails repeating a focused study session for 25 minutes and taking a five-minute break. The Eisenhower Matrix can also help manage your time more efficiently by dividing tasks into a quadrant according to how urgent, not urgent, important, and not important they are. Lastly, rewarding yourself after you attain each objective or move on to the next task can encourage positivity and urge you to keep going.

Utilize Active Learning Techniques

One of the habits of highly effective students in studying is active learning. This means that students participate in activities that empower them to think, discuss, investigate, and create (Cornell University, n.d.). In doing so, students can personally engage with study materials and their peers and develop hands-on connections to help them learn and retain more information. Some of these techniques include:

• Practice problems. These entail answering practice sets that require calculations and practical applications of math skills. It helps reinforce concepts, increase familiarity with the material, and identify areas where you need more practice.
• Flashcards. These short notes about key terms, definitions, and ideas are handy and can be used to study on the go. It is especially helpful in memorizing important theories and concepts.
• Self-assessments. Answering mock exams, which include time-limited questions, can simulate the testing environment. This helps make you more comfortable with the format and structure of the exam.
• Maps and diagrams. Using visual aids as you study can help you physically see the relationships between ideas. It helps identify the bigger picture or the connections between topics or step-by-step processes.

Participate in Discussions

Apart from reciting in class discussions, you must also take advantage of other communication avenues not only to clarify confusing points but also to see things in a different light. Learners taking up accounting programs or online business degree programs can benefit from this immensely since they have quantitative lessons as well. Study groups, peer reviews, and peer tutoring are popular accounting study hacks that provide a space to ask questions, get feedback, and work through challenging problems together.

Additionally, explaining what you reviewed to others can help solidify your understanding and improve your ability to recall information. Moreover, participating in discussions also means scheduling one-on-one academic consultations with your teacher. In a survey, 70% of online learners reveal that faculty members aided them in understanding difficult course content during consultations (Wright et al., 2022). This is because consultations help to narrow any gaps that were missed out during class lectures, and it enables you to gain performance feedback and other insights directly from your mentors. So, for students who are trying to earn online accounting degrees, it is best to be socially engaged with mentors and peers.

Take Care of Yourself

While studying is important, it is crucial that you also take care of yourself by physically and mentally preparing your environment, body, and mind. Before the test, be sure to review in a comfortable space, somewhere free from noise or distractions. Take plenty of sleep or rest and avoid pulling an all-nighter since lack of sleep can lead to poor academic performance (Suni & Vyas, 2023). In addition, staying hydrated and eating healthy snacks before the exam can help improve your mood and focus.

During the test, it would be wise to pace yourself. Remember, finishing first is not the goal. Avoid spending too long on one question, though. Instead, go with your gut and move on to the next question. Breathing techniques and closing your eyes from time to time can also help you stay calm during the test. Finally, after the exam, take a big sigh of relief and give yourself a pat on the back for making it through. Reward yourself with a good night’s rest or a delicious meal for doing a job well done.

Can supplemental professional training enhance your exam performance?

Supplementing academic study with targeted professional training can offer practical insights that reinforce core accounting concepts and align your knowledge with evolving industry practices. Specialized workshops and certificate programs provide real-world applications and contemporary techniques that standard coursework may not address. For example, enrolling in accounting certifications for beginners can equip you with focused skills, substantiating your academic foundation and enhancing your performance on rigorous exams.

What are the current job market trends in accounting?

Technological advancements, evolving regulatory frameworks, and a shift toward remote and hybrid work models are reshaping the accounting industry. Employers now value professionals who can integrate data analytics and automation tools with traditional accounting principles. Salary trends vary significantly based on specialization, with some roles benefiting from niche expertise and advanced certifications, as demonstrated by the highest paid types of accountants. Additionally, competitive markets are increasingly rewarding those who stay abreast of industry innovations and demonstrate adaptability to changing financial environments.

How Can Combining Accounting and Finance Accelerate Your Career?

A dual focus in accounting and finance can provide a broader analytical perspective and enhance decision‐making skills, offering a competitive edge in the job market. Integrating financial acumen with robust accounting practices positions professionals to address complex business challenges, optimize resource allocation, and drive strategic growth in diverse industries. For those looking to deepen their financial insights alongside their accounting expertise, exploring options such as the cheapest online master of finance programs may prove beneficial in building a multifaceted professional profile.

What Practical Benefits Do Targeted Certification Programs Offer?

Targeted certification programs can bridge the gap between theoretical accounting knowledge and practical workplace skills. These training initiatives offer concise, skill-based learning that enhances technical proficiency, improves real-world problem-solving, and fosters an understanding of emerging industry standards. For example, enrolling in a certified bookkeeper course provides hands-on experience that can complement a formal accounting education, ultimately increasing professional credibility and marketability without the extensive time commitment of a degree program.

How can accounting expertise pave the way for an actuarial career?

Accounting skills provide a strong foundation in data analysis, risk assessment, and financial modeling—all of which are critical in actuarial work. By leveraging your ability to interpret complex financial statements and apply quantitative methods, you can position yourself for roles that require both precision and strategic insight. For a deeper understanding of the specific actuary degree requirements, consider exploring dedicated resources and programs that bridge the gap between accounting and actuarial science.

How do you become a CPA?

To transition from academic studies to certification, candidates must fulfill specific educational prerequisites—typically a bachelor’s degree with a requisite number of accounting and business credits—and then prepare strategically for the rigorous Uniform CPA Exam. In addition to exam readiness, gaining practical experience in the field under supervision is critical to meet state licensure requirements. For detailed, step-by-step guidance on the process, review How do you become a CPA?.

Recommended Study Resources for Accounting Exams

Apart from tips and techniques, our accounting exam study guide also includes a short list of recommended resources to further help accountancy students improve their chances of success when taking an assessment.

Reading Materials

By incorporating reading materials into your study routine, you can expand your knowledge base and ace your tests. Textbooks, lecture notes, and supplementary readings provide essential information and help you build a strong foundation of knowledge. In addition to these, other useful reading resources include accounting journals, financial news articles, and case studies. There are also online accounting MBA programs that may have free materials posted that you can use. These can provide real-world examples and help you develop a deeper understanding of the subject matter.

When studying with reading materials, it is important to actively engage with the content rather than reading passively. A recent report reveals that learners only take down one-third of class discussions (Garbutt, 2021). To help combat this, you can start by highlighting key terms or jotting down footnotes to help simplify concepts. Then, adopt a note-taking technique, like the Cornell Note-Taking Method or Stanford’s STEM Note-taking Template, which can help break up long texts into smaller, manageable chunks that can reinforce the material.

Online Resources

In addition to reading materials, online resources such as video lectures, interactive quizzes, forums, podcasts, and webinars can supplement your course materials and help you gain an in-depth perspective of the concepts in accounting. The web is full of them, even having tutorials for writing letters including to whom it may concern capitalization and other rules. However, be sure to fact-check and only use reliable and credible sources. Apart from taking up short accounting courses from associate degree online programs, other online materials students can explore are:

• AICPA’s Education Center Resources includes supplemental classroom and reading materials for accounting educators and students
• Journal of Accountancy Podcast features tips for studying accountancy and short lectures on accounting concepts and cases
• Accounting Today posts the latest accounting news, upcoming webinars, and trends

Accounting Software

Apart from enrolling in one of the best online master’s degree programs, familiarizing yourself with how accounting software works can also help you gain the upper hand when you seek employment since the global accounting software market is expected to balloon to $70.2 billion by 2030 (Allied Market Research, 2022). Software providers like QuickBooks offer tutorials, practice exercises, and interactive tools that can help you gain practical experience and better understand how accounting principles are applied.

Among various accounting study hacks, using accounting software programs is the closest you can get to real-world situations. However, it is important to note that while this can be a valuable study tool, it should not replace your understanding of accounting principles and concepts. Make sure to use the software to supplement your coursework and not as a substitute for in-depth study and practice.

What are some common career paths for accounting graduates?

Accounting offers a range of career opportunities across industries, allowing graduates to apply their skills in various sectors. Here are several common career paths for accounting graduates:

• Certified Public Accountant (CPA): CPAs handle tax preparation, auditing, and consulting. Passing the CPA exam and meeting specific licensing requirements is essential. CPAs often work in public accounting firms or start their own practices.
• Financial Analyst: Financial analysts help organizations make investment decisions by analyzing financial data and market trends. This role often requires expertise in financial modeling and forecasting.
• Forensic Accountant: Specializing in fraud detection, forensic accountants investigate financial discrepancies and work closely with law enforcement. This role combines accounting knowledge with investigative skills, making it suitable for those interested in financial crime prevention.
• Tax Consultant: Tax consultants specialize in preparing tax returns and advising clients on tax-saving strategies. Many accountants further their education with a master’s in taxation, which can lead to higher-paying roles.
• Management Accountant: Often working within corporations, management accountants handle budgeting, performance evaluation, and cost management, providing insights to aid business decision-making.
• Auditor: Auditors review financial statements to ensure accuracy and compliance with regulations. Internal auditors work within organizations, while external auditors work for public accounting firms.
• Budget Analyst: Budget analysts develop and manage organizational budgets, often working within government agencies, educational institutions, and large corporations to ensure effective resource allocation.

What are the benefits of pursuing an online masters degree in accounting?

Earning an advanced degree can deepen your expertise in specialized accounting practices while fostering critical analytical and strategic skills. Such programs offer exposure to emerging trends and technologies that are crucial for addressing complex financial challenges. Pursuing an online masters degree in accounting supports the development of practical problem-solving techniques and a nuanced understanding of advanced financial principles. This qualification can enhance your professional profile, positioning you for leadership roles and opening pathways to specialized career opportunities in an increasingly competitive market.

How can accounting certifications enhance your career?

Attaining professional certifications bridges the gap between academic achievement and industry recognition. Certification programs offer targeted, practical learning opportunities that validate technical expertise and signal a commitment to ongoing professional development. For early-career professionals, leveraging accounting certifications for beginners can provide a solid foundation, distinguishing them in a competitive job market. In today’s dynamic financial landscape, verified credentials not only improve technical competencies but also enhance credibility with employers and pave the way for career advancement.

Conquer Your Accounting Exams

In this guide, our team provided a detailed accounting exam study guide to help learners of all stages, as well as professionals, prepare for their test. By developing good study habits, using active learning techniques, and taking advantage of various study resources, learners can have a better grasp and understanding of accounting principles and how to apply them in various situations; and be good at whats a CPA professional is expected to do.

Doing so can also help learners to trust themselves, be more confident in their abilities and skills, and avoid developing test anxiety. More importantly, however, educators must also play a bigger role in encouraging and supporting students in utilizing these resources and techniques. It can ultimately lead to greater success, such as exploring and gaining accounting career paths and salary.

Do note that there are different specializations in the field of accounting as well. Each of them has different concentrations and, of course, pay levels and structures. For instance, if you want to specialize in taxation, a masters in taxation salary can get you an average annual salary of $117,490 which is significantly more than that of someone who only has a bachelor’s degree in accounting and taxation (ZipRecruiter, 2023). So, it is best to explore specializations and choose one that aligns with your personal interests and career goals.

Key Insights

• Importance of Understanding Concepts: Mastery of accounting concepts, formulas, and calculations is crucial for success. Simply memorizing information is insufficient; a deep understanding and the ability to apply concepts are necessary.
• Effective Study Habits: Establishing a structured study plan and utilizing techniques like the Pomodoro Technique and the Eisenhower Matrix can help manage study time and reduce stress.
• Active Learning Techniques: Engaging in practice problems, using flashcards, conducting self-assessments, and creating visual aids like maps and diagrams can enhance retention and understanding.
• Discussion and Collaboration: Participating in study groups, peer reviews, and academic consultations can provide valuable feedback and new perspectives.
• Self-Care: Maintaining physical and mental well-being through proper rest, a comfortable study environment, and balanced nutrition can improve focus and performance.
• Utilizing Study Resources: Leveraging reading materials, online resources, and accounting software can provide additional support and practical experience.
• Role of Educators: Instructors play a significant role in fostering effective learning strategies and supporting students in their preparation efforts.

FAQ

1. What are the key differences between synchronous and asynchronous learning? Synchronous learning involves real-time, live interaction between students and teachers through video conferencing or online chat. Asynchronous learning allows students to complete coursework at their own pace without real-time interaction, using pre-recorded lectures, discussion forums, and other resources.
2. What are the benefits of active learning techniques for accounting exams? Active learning techniques, such as practice problems, flashcards, self-assessments, and visual aids, help students engage with the material, reinforce concepts, and improve retention and understanding. These techniques encourage hands-on interaction with study materials, making learning more effective.
3. How can I develop effective study habits for accounting exams? Effective study habits include setting clear objectives, creating a structured timetable, spacing out study sessions, and using time management techniques like the Pomodoro Technique and Eisenhower Matrix. Regularly reviewing material, staying organized, and rewarding progress can also help maintain motivation and reduce stress.
4. What resources are recommended for studying for accounting exams? Recommended resources include textbooks, lecture notes, supplementary readings, accounting journals, financial news articles, case studies, video lectures, interactive quizzes, forums, podcasts, webinars, and accounting software tutorials. Reliable and credible sources should be prioritized to ensure accurate information.
5. How important is self-care when preparing for accounting exams? Self-care is crucial for maintaining focus and performance. Ensure a comfortable study environment, get plenty of sleep, stay hydrated, and eat healthy snacks. During the exam, pace yourself, take deep breaths, and stay calm. After the exam, reward yourself with rest or a treat to acknowledge your efforts.
6. What role do educators play in helping students prepare for accounting exams? Educators play a significant role by providing clear guidance on effective learning strategies, offering practice questions and mock exams, facilitating study groups, and being available for academic consultations. Their support and encouragement can help students build confidence and succeed in their exams.
7. How can using accounting software aid in exam preparation? Accounting software offers tutorials, practice exercises, and interactive tools that provide practical experience and a better understanding of how accounting principles are applied in real-world situations. Familiarity with accounting software can also be beneficial for future employment opportunities.
8. Why is it important to participate in discussions and study groups? Discussions and study groups provide opportunities to clarify confusing points, gain new perspectives, and receive feedback from peers. Explaining concepts to others can solidify your understanding and improve recall. These interactions can also help you stay motivated and engaged with the material.
9. How can I manage test anxiety when preparing for accounting exams? Managing test anxiety involves thorough preparation, understanding the material, developing effective study habits, and practicing relaxation techniques. Staying organized, maintaining a healthy lifestyle, and seeking support from educators and peers can also help reduce anxiety and boost confidence.
10. What are some common mistakes to avoid when studying for accounting exams?

Common mistakes include cramming, relying solely on memorization, neglecting to practice problems, avoiding discussions and study groups, and not taking care of physical and mental well-being. It’s important to use a variety of study techniques, engage with the material actively, and maintain a balanced approach to studying.

References:

• Allied Market Research. (2022, April). Accounting software market 2022. https://www.alliedmarketresearch.com/accounting-software-market-A16018
• American Institute of Certified Public Accountants. (2022, April 21). Learn more about CPA exam scoring and pass rates. https://www.aicpa-cima.com/resources/article/learn-more-about-cpa-exam-scoring-and-pass-rates
• Biwer, F., Egbrink, M. G. A. O., Aalten, P., & de Bruin, A. B. H. (2020). Fostering effective learning strategies in higher education A mixed-methods study. Journal of Applied Research in Memory and Cognition, 9(2), 186-203. https://doi.org/10.1016/j.jarmac.2020.03.004
• Cornell University. (n.d.). Active learning. Teaching Resources, Center for Teaching Innovation. Retrieved April 20, 2023, from https://teaching.cornell.edu/teaching-resources/active-collaborative-learning/active-learning
• Garbutt, L. (2021, July 5). Why is note taking so challenging? Glean. https://glean.co/blog/why-is-note-taking-so-challenging
• Grand Canyon University. (2022, March 31). An analysis of study habits, according to students across the U.S. GCU Experience. https://www.gcu.edu/blog/gcu-experience/analysis-study-habits-according-students-across-us
• Suni, E., & Vyas, N. (2023, March 1). Improve your child’s school performance with a good night’s sleep. Sleep Foundation. https://www.sleepfoundation.org/children-and-sleep/sleep-and-school-performance
• Walck-Shannon, E. M., Rowell, S. F., & Frey, R. F. (2021). To what extent do study habits relate to performance? CBELife Science Education, 20(1). https://doi.org/10.1187/cbe.20-05-0091
• Wright, L., Capranos, D., Dyers, L., & Magda, A. J. (2022). Online learner experiences: The importance of cohesive design and learning communities to student satisfaction. Wiley University Services. https://universityservices.wiley.com/wp-content/uploads/2022/07/202207-OnlineLearnerExperiences-report-WUNI-final.pdf
• ZipRecruiter. (2023). Masters taxation salary. ZipRecruiter. https://www.ziprecruiter.com/Salaries/Masters-Taxation-Salary