After spending $100,000 or more on five years of college tuition to earn an accounting degree, most young professionals who want to sit for the CPA exam are faced with several thousand more in preparation and review course costs.
Marcus Marcial, a tax auditor at a large accounting firm in California, wants to change that. As the founder of WikiCPA Review, he has spent the past 18 months creating a collaborative online site that offers free exam review tools, content, practice tests and other materials.
"I saw a need for low cost or free exam preparation materials because many young professionals don't want to spend so much on information that seems like it is out there already," Marcial told CPA Practice Advisor. "The goal is a site that lets professionals and students collaborate and share their own knowledge with others as they prepare for the exam."
The Uniform Certified Public Accountant Examination has four sections and taxes two days to complete. The test is developed by the American Institute of Certified Public Accountants and is required of all persons seeking the CPA credential.
While Marcial's goal is for the website and materials to be completely free for those preparing for the exam, he is pragmatic about the venture.
"I wanted it to be completely free, but because of the need for professional content and contributors, we are also seeking to partner with state CPA societies to help underwrite the basic ongoing costs."
Content on the site includes e-books focused on each of the four sections of the exam:
- Business Environment & Conceepts
- Auditing & Attestation
- Financial Accounting & Reporting
The site also has more than 1,200 test question examples, quizzes, mock exams and provides progress reports. Other content includes dozens of videos, study guides, a user forum and opportunities for tutors and instructors to post classified ads.
The website is www.WikiCPAReview.com.