Choosing your CPA subjects can be tricky, and at KnowledgeEquity we get asked:
“I am starting the CPA Program. What subject should I start with?”
“I have done Ethics and Governance – what subject should I do next?”
“Should I do do two CPA subjects at the same time?”
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Quick Summary
First: Ethics & Governance (Core)
Second: Strategic Management Accounting (Core)
Third: Financial Reporting (Core)
Fourth: Electives (or GSL)
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Which CPA subject should you start with? Ethics & Governance (E&G).
If you are starting the CPA Program you should start with Ethics & Governance. It is a good introduction to being a professional accountant, and focuses on ethics, corporations law, trade practices law, and also CSR. You don’t have to start here, but unless you have a good reason not to, this is best. Most people also find this subject easier and shorter than SMA (Strategic Management Accounting) and FR (Financial Reporting), two other core subjects. So, this is the best way to start the CPA Program, because it gets to used to studying and preparing for a 100% exam in a self-directed manner.
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What should I do after Ethics & Governance? Strategic Management Accounting (SMA).
We recommend that you complete the core subjects first (except GSL) and then choose your electives and do GSL last. SMA for most people is easier than Financial Reporting, which takes significantly longer and is regarded as being much harder. This helps you continue to learn good study habits, and self-directed study and not be too overwhelmed. Then, by the time you have done E&G and SMA, you are ready for Financial Reporting.
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If I have done E&G and SMA, what should I do next? Financial Reporting (FR).
Don’t leave FR until last, even though it is really tough. If you get stuck on FR you want to find out earlier rather than later, so you can decide whether to continue with your studies. You should also make sure you finish these CPA Core subjects before choosing electives.
We also don’t recommend doing Advanced Audit and Assurance (AAA) before FR; Audit involves careful consideration of financial reporting and standards, so you need FR knowledge to do this well.
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Why do you recommend doing Global Strategy & Leadership (GSL) last?
GSL is a ‘capstone’ subject that ties all of your studies together. It is less about accounting and more about thinking broadly about organisations, how strategies are created, how people lead organisations and how accountants help in these areas. You do not have to do it last, but it sits best in this situation. Alternatively,
Choosing your CPA subjects can be tricky, and at KnowledgeEquity we often get asked:
“I am starting the CPA Program. What subject should I start with?”
“I have done Ethics and Governance – what subject should I do next?”
“Should I do do two CPA subjects at the same time?”
__________________________________________________________________________________
Should I do two CPA Subjects or more in a Semester?
Usually no.
High study workloads coupled with hard subject combinations often leads to poor results. So, we do not recommend this. However, it can be done. But, only if you are organised and disciplined. (We find most people just end up super stressed and are not organised enough to achieve this comfortably).
If you are going to try it, here are some tips to provide greater chances of success and to protect your sanity.
- Avoid Financial Reporting with another subject – it is also very long, very difficult, and requires significant effort.
- Avoid Australia Taxation – Advanced with another subject – it is extremely difficult (learn more about this subject in this blog).
Some other things to keep in mind are
- Try not to use previous semester CPA pass rates as a factor to inform your subject selection.
- Try not to be influenced by the opinions of others on the difficulty levels of subjects. This is as what one person finds difficult, another person might find easy.
- If you have deferred or failed a subject, don’t just assume that you can/should take multiple subjects the following semester to ‘catch-up’. You need to make sure you have the time and discipline to get through both subjects – you don’t want to dig yourself into a deeper hole!
- Length of the study guide (for instance number of modules or number of pages) is not always relevant. Some people find it much easier to master technical, rule based content – while others prefer conceptual and narrative based reading.
Some useful links to other sites include the CPA Australia CPA Program discussion on CPA subjects structure and requirements.
Using Facebook? Want to connect with other students?
There are also CPA Facebook groups for all CPA subjects in 2024 as follows:
CPA Strategic Management Accounting
CPA Global Strategy and Leadership
CPA Advanced Audit And Assurance
CPA Contemporary Business Issues
CPA Australia Taxation and Australia Taxation – Advanced
CPA Digital Finance
Regards,
Courtney
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