CPA Exam D-100 Final Strategy — From Last-Mile Study to Big 4 Offer

CPA Exam D-100 Self-Assessment

The CPA exam has distinct demands in each section. At D-100, your strategy depends on which sections remain.

If you are still working on FAR:

• Can you reliably score above 75 on practice exams for US GAAP topics?
• Are you comfortable with governmental/fund accounting and the GASB framework?
• Have you practiced the CECL expected credit loss model calculations?

If AUD, REG, or BEC/BAR remains:

• AUD: Can you apply the Audit Risk Model and select the correct opinion type in case-based scenarios?
• REG: Can you calculate individual and corporate tax liability from a fact pattern, including SE tax and the §199A QBI deduction?
• Finance (BEC/BAR): Can you work through CAPM, WACC, and the binomial options pricing model?

---

D-100 to D-60: Section-by-Section Focus

FAR (Financial Accounting and Reporting) — Top Priority

The most time-intensive section. Allocate 40–45% of your total remaining study time.

High-yield FAR topics for final push:

• Consolidations: equity method → consolidation adjustment full flow (ASC 810)
• Financial instruments: HTM / AFS / trading + CECL allowance calculations
• Lease accounting: ROU asset and lease liability initial and subsequent measurement (ASC 842)
• Revenue recognition: ASC 606 five-step model with variable consideration

Cost accounting final push:

• CVP analysis (mixed cost separation, margin of safety, operating leverage)
• Standard cost variance analysis (price, quantity, spending, efficiency, volume variances)
• Activity-Based Costing (ABC) allocation mechanics

AUD — Memorization Phase

AUD has a heavy memorization component. Starting at D-60, begin systematic repetition of key standards language.

Priority memorization items:

• Four audit opinion types and the triggering condition for each
• Audit Risk Model (AR = IR × CR × DR) and DR adjustment logic
• Materiality computation: three quantitative bases and selection rationale
• Professional skepticism — definition and practical application

REG (Regulation) — Calculation Practice

• Federal individual income tax: file status, AGI, deductions, credits, AMT
• Federal corporate tax: flat 21% rate, DRD, NOL carryforward rules, §382 limitations
• Pass-through entities: S-corp basis calculations; partnership §754 elections
• Options pricing: put-call parity (also tested in BEC/BAR)

---

D-60 to D-30: Exam Simulation Training

CPA Section Time Management

Section	Testing Time	Recommended Approach
FAR	4 hours	All MCQs first (~66); then TBSs (~8); 25–30 min per TBS
AUD	4 hours	All MCQs first (~72); then TBSs (~8); 20–25 min per TBS
REG	4 hours	All MCQs first (~76); then TBSs (~8); 25 min per TBS
BEC/BAR	4 hours	All MCQs; Written Communication tasks; TBSs

Core CPA exam strategy: If you get stuck on a TBS calculation, write out your method, label your steps clearly, and move on. The CPA exam awards partial credit on TBSs. A blank response gets zero; a partially correct, well-labeled response earns credit.

---

D-30 to D-1: Final Checklist

FAR Final Verification

• ASC 810 consolidation — perform full intercompany elimination journal entries
• IFRS 9 / ASC 326 — distinguish CECL (lifetime ECL at origination) from IFRS 3-stage model
• ASC 842 — calculate ROU asset depreciation and interest expense for operating vs. finance leases

REG Final Verification

• CAPM: E(Ri) = Rf + β[E(Rm) − Rf] — apply in context
• WACC calculation: after-tax cost of debt × debt weight + cost of equity × equity weight
• Binomial options pricing model — one-period calculation

AUD Final Verification

• Apply all four opinion types to three sample case scenarios
• Materiality: compute using all three bases; justify selection
• PCAOB vs. AICPA — know which standard applies for public vs. private company audits

---

After Passing: The Big 4 Recruiting Process

Passing all four CPA sections triggers an immediate recruiting opportunity.

Typical Big 4 Recruiting Timeline

• CPA exam results released (rolling, 1–2 months after testing window closes)
• Big 4 campus recruiting (September–November for following-year start)
• Online application + resume screen → Hirevue video interview → Superday / partner interviews (November–February)
• Offers extended (December–March)
• Start date (typically September of the following year for campus hires; rolling for experienced hires)

Application Preparation

• GPA: above 3.0 required; 3.5+ is competitive at top-tier Big 4 offices
• CPA exam progress: all four sections passed or at least 2–3 passed is preferred
• Internship experience: prior public accounting or finance internship is a significant differentiator
• Cover letter and resume: explain why audit/tax/advisory — and which service line you are targeting

The First Two Years (Staff Experience)

After joining a Big 4 firm, new CPAs typically:

• Rotate through multiple engagement teams across industries
• Complete required continuing professional education (CPE: 40 hours/year; 80 hours/2-year period in most states)
• Develop specialization preferences (e.g., financial services audit, transaction advisory, international tax)
• Make a key career decision: stay on the partner track or transition to industry/government/nonprofit

The Big 4 staff experience — particularly the breadth of client exposure — is widely regarded as one of the best launching pads for senior finance and CFO careers in corporate America.