(Posted July 2024; Written by Emily Marston, CPA, Densmore marker and author, who passed the 2020 CFE)
I am not a runner, but one spring I decided to work my way to running ten kilometres without rest. I achieved that goal and have not run since the day that I did.
This may not appear to be an inspiring story to motivate you as you prepare for the CPA Common Final Examination (CFE), but I believe you will find the similarities striking, so stay with me.
Rely on the experience of experts
There are members of the Densmore team who are skilled and experienced runners. They have trained for many years and could readily share with a new runner how to properly stretch, the correct posture to avoid injury, how to count your paces, and which equipment is necessary and what is superfluous. The first time I ran, I had none of this information and woke up the next day sore, discouraged, and ready to quit. It took one conversation with an experienced runner to change my trajectory. Not only was my next run less painful, but I ran farther and believed I might actually achieve my goal someday.
Preparing for the CFE is a long-distance run, and you need much of the same advice.
- Like stretching before a run, you need to know how to prepare for practice cases. The Densmore Scenario Flowcharts and Skill Drills included in the CFE Prep course are your pre-run stretch to recall the technical topics that have become cloudy in your mind.
- Like the correct posture, you need to know the approach you should take on each of the three days of the CFE.
- Like the equipment you need (and do not need), you need guidance on which resources will best prepare you for the CFE and which are a distraction.
You need good advice from an experienced runner in the CFE race and our Densmore team can readily share with new CFE candidates how best to run and successfully finish the race.
Gradual progress
The first day I ran, I went in with a lot of confidence. I did not expect to run ten kilometres straight but felt I could run for at least five kilometres without stopping. Ignorance is kind until you are out of breath at kilometre two and you’ve twisted your ankle.
A common concern from candidates early in CFE Prep is that they are not scoring Competent (C), or even Reaching Competent (RC), on any assessment opportunities. To this fear, we remind them that the CFE is not tomorrow, and that progress is slow and gradual.
Bestselling author James Clear elaborates on the power of 1% changes in his book, Atomic Habits. He shares that with a mindset of continuous improvement, even changes that impact our performance by 1% today can have a substantial impact on our outcomes. To stay motivated as you prepare for the CFE, identify your 1% growth every day. Write it down wherever you study and watch that list grow daily:
- “I learned I need to write the practice cases in the suggested time and allocate time to every required.”
- “I learned an efficient quantitative structure for break-even analysis.”
- “I learned how to efficiently prepare a WIR analysis.”
- “I learned…”
Do not expect to score C and RC on all, or even any, of the assessment opportunities early on. Remember that passing the CFE and running ten kilometres is the end goal, but for today, you need to focus on the 1% growth, and do not be discouraged that you are not yet ready to run the entire race.
Accountability is key
In the spring, there are cold days when rising before the sun is up to run and getting the mileage done feels like the lowest priority. I wouldn’t have if I didn’t know that my running partner was waiting to run with me. When it becomes uncomfortable to run, accountability is our lifeline.
The same concept holds true for the CFE. Do not prepare for the CFE alone. Find another peer who will be writing the same CFE and mark each other’s practice cases. If possible, follow the same study schedule. This will hold you accountable to write the practice cases on the days it is uncomfortable, stick to the suggested time for the case, and to mark and debrief effectively. By following this process together, you will learn from each other’s experience.
It is not always fun
I know individuals who are happiest and most alive when they run, and I envy them. For me, running was a chore I disliked 90% of the time. The 10% I enjoyed was the five-minute shavasana after a run.
You likely do not enjoy 90% of what is involved in preparing for the CFE and the 10% you do enjoy is the evening off after you have written a case. The joy (or lack of it) in preparing for the CFE is not why you are here. You are here because you have a goal to become a CPA and passing the CFE is part of your professional journey. Keep this goal, or other reasons, visible in your study space. Write them on a cue card and post them above your desk to help give you perspective when training to run the CFE is particularly challenging.
Run once
It may seem anti-climactic to never run again since the one time I ran the entire ten kilometres, but it was not. I graduated to new forms of movement and challenges that I found enjoyable and enriching in a new way.
After writing the CFE, you too will move on to new challenges in your career that enrich and empower you and you will be the better for the discipline and resilience you built in your journey to the CFE.
You do not want to run the CFE race more than once. By taking the advice of experts, focusing on gradual progress, staying accountable to a study partner, and remaining disciplined as you show up, even on the challenging days. You too can successfully complete your CFE run!