Learn from others experience and don?t fail in the same common exam mistakes
The annual passing average of some competency exams administered by Prometric has traditionally been rather low. The annual passing average of the Uniform Certified Public Accountant (CPA) tests, ?for example, is in average around 45%. This means that more than fifty percent of first-time takers of the CPA exams fail every year and have to retake the exams at some point.
The RTRP exam is new, and therefore it will take some time to develop and publish pass/fail statistics of first-time RTRP exam takers.
Considering the number of exams administered and keeping in mind the differences in complexity and structure between the CPA and the RTRP exams, one can ask, just for the purpose of learning from their mistakes, why do so many CPA candidates fail their exams?
Following are the most common mistakes CPA exams candidates make. RTRP candidates can learn from and avoid the same mistakes, many of them resulting from lack of attention to details.
Mistake # 1: Not understand what the exam question is asking for
Failing to understand what the question is asking for is one of the most common mistakes competency exam candidates make. A typical example would be the response to a question such as ?which is NOT a requirement to claim EIC? and of the options to choose from, three are requirement and one is not. But the exam taker fails to lock on the word ?NOT? and ends up picking one of the requirements for the answer, which, of course, is the wrong answer.
Therefore, as an exam taker, take time to read every exam question carefully to understand what is being asked. Do not jump into a quick-start, only to be disappointed later when you find out that you didn?t understand what information the exam was asking for. Read the questions carefully and pay attention to details. Take reasonable time to recall what you know, without going overboard. Respond to the question asked and move forward. Don?t get stuck thinking on it. Answer the question and let it go. Move on, refocus, and give your full attention to the next question.
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Mistake 2: Lack of an exam strategy
Rule 5 of the seven rules presented in the e-book in ?The 7 Rules that Will Help You to Pass the RTRP Exam? explain the importance of having a strategy for the RTRP exam.
An exam strategy is a reflected approach to working efficiently throughout the exam. It combines your previous experiences as a student and as an exam taker with all the information you have gathered and learned about the RTRP competency exam. A personal exam strategy is something you will develop during your preparation stage and apply on exam day.
Strategies are combination of several factors:
1)?? the speed you will apply to each question,
2)?? if you will use the review option by marking question
3)?? if you plan to review few or many questions ? which depends what you decide in 1)
4)?? if you decide to use or not the reference materials
5)?? which specific information you will research into the reference materials
6)?? how and when to use your scratch paper
7)?? how to control your timing
8)?? use of calculator ? manual or screen
9)?? Others
Having an exam strategy gives you the sense of confidence and relief from worries, and you acquire from knowing what to do at any moment and what to do next, in a mentally demanding situation and under the pressure of time such as the RTRP exam. It is extremely decisive and determinant on your end result. Your minute by minute performance and productivity is so much higher when you have decided on an exam strategy than when you have no strategy at all.
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Mistake # 3: Computational errors
The RTRP exam does not require complicated mathematical calculations as is the case with other competency examinations. You will be tested on your basic knowledge and competency in preparing individual federal income tax returns. That is more about mastering rather than just being familiar with most tax subjects involved in preparing tax returns based on Form 1040.
For the most part, cases and problems included in the questions that require determining a specific amount can be done mentally. They do not require the use of a formula or complex calculation other than the basic operations of adding, subtracting, multiplying, or dividing.
Questions involving basic calculation to figure out the correct answer frequently are? mistaken by exam candidates. The bad part is that sometimes such mistakes do not result from lack of understanding the question or lack of knowing how to calculate the answer but simply from carelessness resulting in picking the wrong numbers from the text, keying the wrong number in the calculator, not verifying calculations made mentally, and other errors in the same frame of references.
You can minimize computation errors by using available tools effectively. Write down in your scratch paper the numbers involved, and before using the calculator recheck those numbers against the text. Key numbers carefully in the calculator keypad and verify your entries by comparing them with the numbers in the text. If you think time permits, do your calculations at least twice to confirm your results. And remember that the numbers that are offered as option in your answers usually are taken from common possible mistakes. So, even if your calculation results in a number that is one of the options for an answer, double-check to make sure you did not make an error in calculation. What?s the bottom line? You can choose any place to show-off your math skills but the Prometric test room is not one of them.
Mistake # 4: Lack of familiarity with computer based testing
Computer-based testing can be a challenge for candidates who got used to take exams on paper, when they were students. No being able to highlight certain points and keywords, delete others, or perform mathematical computations on paper. Some people are used to this method and shifting to use of the computer for such activities can be a challenge to them.
Practicing for the RTRP exam using a computerized environment that simulates the real exam is crucial for your success, especially if you are a first time exam-taker in the Prometric environment. Training yourself during your preparation stage to use a program similar to one you will find in the real exam is the best way to overcome any unfamiliarity with computer based testing.
There are several online test banks that you can use to this effect. The test bank I highly recommend, the one I used for all the exams I took at Prometric, is the Wiley Test Bank.
Mistake # 5: Lack of familiarity with researching
The multiple choice and true / false questions you will have to answer during the RTRP competency exam have different levels of difficulty. Their level of difficulty has to do with the topic, the structure of the question, the wording of the question but also your level of knowledge (your weaknesses and strengths on each topic).
As presented in our e-book ? ? , you can apply techniques to solve multiple choice and true / false questions to minimize the impact of your weak topics in your exam score.
Also, you can use the reference materials that you will have access during the test to search for information needed to answer a question. There are three resources available:
- Publication 17 (Tax Guide for Individuals);
- The Form 1040; and
- Form 1040 Instructions.
Because of the time constraint, you should practice researching inside the available resources, online, while you are preparing for the exam.
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The worst thing you can do is research the reference materials for first time during the exam. Or, worse still, use the reference material for an answer to each question you are unsure about during the exam, or you allow yourself to be trapped into doing random that keeps you reading random information that comes on your computer screen.
You don?t have time to read the reference material during your exam. You should limit the use of the reference materials to obtaining or verifying specific information that you can locate quickly in the document. Practice navigating the text of the reference materials (Publication 17, Form 1040 Instruction) by linking directly to the topic you need via the table of content, extract the information you want and return immediately to the exam. All you need is a few seconds to research data for each question.
Researching the reference materials as a way to find correct answers to multiple choices or true / false questions can be time consuming. It is not the most recommendable approach to find the answer of a question and should be used just when it is strictly necessary after applying other exam techniques such as an educated guess. Read more about those exam techniques here.
As I suggest in the ?Exam Strategies? e-book, the reference materials should be strategically reserved for specific, pre-determined cases based on covering some of your weak areas or for specific information that you decide not to memorize.
You have to practice researching the reference material online (not the paper version) and becoming familiar with where the information you need or are planning to use is located so you can consult it in real time during the real exam.
We stress the point that you should use the online version of the reference material rather than the print version because the two versions are structured differently. The research skills you need to develop should be geared for the online version, which is the one you will have access during the exam.
The RTRP exam is a computer-based-test that requires computer skills. Practice by using the table of content of the online version of Publication 17 and Form 1040 Instructions to locate the information you are searching for.
If you are planning to consult specific information about a topic included in the reference materials, you should become familiar with the location of the information you need in the on-line version of the research material prior to the your exam day.
IRS video urging tax preparers to take the RTRP exam. Watch the below video to listen to the IRS ? Director of the RTRP Office, Carol Cambell.
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