The CPA exam is often surrounded by a swirl of myths and misconceptions that can make the preparation process seem even more daunting than it already is. Whether you’re an accounting student gearing up for the challenge or a professional considering certification, it’s crucial to separate fact from fiction. 

By debunking some of the most common myths, we’ll help you gain clarity and confidence, so you can tackle the CPA exam with the right mindset and strategies for success.

What is the CPA Exam? 

The Certified Public Accountant (CPA) exam is designed to test knowledge and skills in areas critical to accounting professionals. Administered by the American Institute of Certified Public Accountants (AICPA), all candidates must pass the Uniform CPA Examination which consists of three four-hour Core sections and one four-hour Discipline section of your choice. 

The three Core sections are as follows:

• Auditing and Attestation (AUD)
  • Covers auditing principles, ethics, professional responsibilities, risk assessment, and forming conclusions.
• Financial Accounting and Reporting (FAR)
  • Tests conceptual frameworks, financial reporting, transactions, financial statements, and state and local governments.
• Regulation (REG)
  • Covers federal taxation, ethics, professional and legal responsibilities, and business law. 

Discipline sections include:

• Business Analysis and Reporting (BAR)
  • Focuses on advanced financial accounting, data analytics, and business analysis.
• Information Systems and Controls (ISC)
  • Examines information technology, data management, and internal controls.
• Tax Compliance and Planning (TCP)
  • Covers advanced individual and entity taxation, property taxation, and specialty tax areas. 

Each section is challenging in its own right and requires thorough preparation. Passing all four parts of the CPA exam is a requirement to become a licensed CPA in the U.S, unlocking opportunities that range from auditing and tax to entrepreneurship and finance. 

Debunking the Myths Around the CPA Exam

Myth #1: “The CPA exam is impossible to pass.” 

Fact: Challenging? Absolutely. Impossible? Definitely not. According to the AICPA, pass rates for individual sections hover around 50%. With proper preparation (and the right academic foundation), many candidates pass the exam on their first attempt, particularly if they take it during or immediately after completing an MSA program. 

Myth #2: “You need to be a genius to pass.” 

Fact: Success on the CPA exam is less about inherent brilliance and more about discipline, preparation, and practical knowledge. MSA programs and supplemental CPA training courses are specifically designed to equip students with the skills and tools they need to excel. 

Myth #3: “You can cram for the CPA exam.” 

Fact: The CPA exam covers an extensive amount of material that requires consistent study. Cramming is not only ineffective but will likely lead to stress and burnout. In addition to a reputable MSA program, a thoughtful, disciplined study plan is essential for success. 

Myth #4: “Once you pass, CPA certification doesn’t matter.” 

Fact: Passing the CPA exam is a lifelong credential that enhances your professional credibility. CPAs not only report higher earnings but are also trusted advisors in their fields. 

Myth #5: “CPAs only work in public accounting.” 

Fact: The reality is CPAs enjoy diverse career opportunities across fields such as corporate finance, government, non-profits, academia, consulting, forensic accounting, and information technology. 

What Happens After You Pass the CPA Exam? 

Earning your CPA opens doors that go far beyond accounting. Here are just a few pathways to consider once you’re certified:

• Higher Earning Potential 
  • CPA professionals often command higher salaries, with an average annual increase of 10-15% compared to non-CPAs in the same role. 
• Diverse Career Opportunities 
  • Go beyond traditional accounting roles. With a CPA, you can explore career paths in auditing, forensic accounting, operations, and even executive leadership roles like CFO. 
• Professional Credibility 
  • Adding “CPA” to your name instantly boosts your reputation with employers, clients, and peers. 
• Global Opportunities 
  • Some international firms actively seek U.S.-certified CPAs for global operations, enabling you to work or consult abroad. 

Take the First Step Toward Success 

The CPA exam may be demanding, but armed with facts, proper preparation, and the right tools, it’s a challenge you can overcome. By choosing a high-caliber MSA program, you’ll not only be well-prepared for the exam but poised for a fulfilling career ahead. 

Ready to begin your CPA success story? Request more information about the Wake Forest MSA program and see how it has achieved the #1 CPA pass rate more often than any school in the past 25 years.