This is a common question I get from writers who have been actively studying for the 2018 CPA Common Final Exam (CFE). In fact, when I first wrote back in 2016, I was asking the same thing in early September.
After rewriting and passing in 2017, I had discovered (through failure) that less is more. Here are the top three things I think you should consider doing in the last week of study:
1) Focus on the areas which you haven’t yet looked at or are still uncertain about.
Common things I hear that tend to “fall to the wayside” include: going over less-common technical topics that are still testable (e.g. accounting for NPOs), practicing with Day 1 CFE cases and debriefing parts of cases you already wrote that you simply ran out of time for. I don’t think it’s a good strategy to hope that these things do not appear on the exam. Instead, it is better to look at these things, even at a high level, so that way, even if these do appear, you won’t be as “stuck” compared to not looking it at all.
2) Take a look back at the cases you debriefed.
For each case, take a few minutes to reopen your notes, and try to answer the following question: “What did I learn from this case?” Perhaps you learned a technical topic you were unfamiliar with. Or perhaps you learned how to properly apply a case format (for example, W-I-R or RAMP if the case had an audit AO). The way how I see it, if you debriefed your case well, you must have learned something that is transferable to the exam. However, I would NOT recommend trying to memorize the facts in each case you attempted, as the case on the CFE will not be like what you’ve seen.
3) Relax, especially two days before the exam.
For me, this was the most difficult thing to do, especially when I was so used to doing cases & reviewing technical every day up until that point – it literally became a habit. However, even if you feel the temptation to open up cases, notes, textbooks, etc. on the last two days, I can assure you that whatever you will look at within those two days will make very little improvement, if any, on your exam performance. However, the thing that will make a difference on your exam performance is your mindset. Therefore, I think it is better to do things that will make the exam feel like it not so much of a threat to you – the best way is to simply not give a s@#t on the last two days.
Just a side note: if, for whatever reason, you will be unable to write the exam this year, you must keep in mind that the Institute requires you to formally withdraw before the date of the CFE; otherwise, your absence will still count as an attempt. However, if you feel you want to “pull the plug” simply because you are not ready, I strongly advise that you speak to a CPA exam trainer first, especially if that person knows you and your case performance well. It is normal for some candidates to panic during the final week, but just because this is happening does not necessarily mean it makes sense to not write this year.
I really hope that this blog post helps you out during this final week of study. Best of luck on the 2018 CFE!