Even I m preparing for FAR can u suggest me how to go through...
Even I m preparing for FAR can u suggest me how to go through...
@Megan: Its definitely worth your time to do the MCQs and read the complete answers to everything you solve. I honestly believe that the reason I've passed these exams is because the explanations of the MCQs showed me little nuances which I would never have got from just reading the text.
Having said that, I do feel that you can either skip reading the text and watch the videos or vice-versa but not skip both and just do the MCQs. I personally learn more by reading so I didn't watch any lectures but I did read all the chapters completely.
Good Luck studying :)
Megan, I agree with Deepa. Doing MC ad nauseum was the most helpful, but I remember being so frustrated if I hadn't read the text or watched videos cuz it made such a difference in the amount of questions I was getting right. So, I would definitely try to at least watch the lectures for the remaining FAR chapters with the exception of F-8 and F-9 since you're probably more familiar with those. Watching the lectures also tends to help you focus on the areas that are of more importance, which will help your study efforts.
My far strategy was this...I used Yaeger. Watched lectures first. Tape record at same time. Listen to same lectures in car as I commute to work...thats all I did first month.
Feb I started over again watch lecture made flash cards, and did mcqs and sims. One chapter at a time. Noted the wrong ones. Did that for 20 or so days. Reviewed flash cards daily. Then last 8 days was final review time. Went over wrong questions...then wrong ones again. Review my flash cards...journal entries and ifrs last few days...some chapters like bonds and anything present value related or stock transactions took long at first then became like second nature. If you don't know the answer...don't spin ur wheels trying to.figure it out. Just look at the answer and mark it wrong and come back to it. When u come back to it it will be easy and take u a minute to figure out.
I saw someone using BECker make pdf files of every answer they got wrong...if I had Becker I'd make a binder of that...
I just got the BAD news..... 74 in FAR
I know it's a cliche and its happened a million times to everyone but now
its me....i feel horrible....retracing all my steps the final week
and wondering what I should have done differently
So what do you guys think...where do I re-start?? Go straight into the MCQs or Watch the videos again?
I need to pass this soon Do you think a month would be enough time?
I got a 66. I watched all the Becker videos twice, made notes and then copied them all out. Did ALL of the MCQs even the supplementals at least twice, ones I got wrong I wrote out the right answer and then redid the MCQs over again. Did progress tests, scoring in the 90s. Did the practice finals scored 77 both. It will be at least two weeks before I get my report showing my "weak" areas. In the meantime I have to study to try and pass BEC (5th fricking time) and then try and get in a month of restudying for FAR before I lose AUD on 5/31. I truly despise this test.
@dhuffman sorry to hear :(...You still have time to do it. If I was in your situation I would reschedule BEC to Late May, and retake FAR in Late April. Its only been a month since you took FAR the stuff should come back to you in no time. I don't like to overlap courses....going from GAAP to NON GAAP is not good...start that over fresh...BEC is totally studyable in less than 4 weeks.
Herbie...I'd like your advice. In order to take FAR on 4/30 I have to sign up with my board (which I did last nite) get an NTS so I can change the BEC I already have scheduled at Prometric. I won't get my score report probably for another 2 weeks so won't know what "they" say I'm weak in. I do work during the day but study at nite at home. SO say I do this I'm trying to get a handle on how to do it. I've used Becker in the past but also have CPAexcel so have access to lots of MCQs. I hate to buy any more review material.
For BEC my two trouble areas are cost acct and fin mgmt which I have just started to study. I've already done econ, IT and the corp structure none of which are trouble for me so I had already planned to spend the month studying my weak areas so could easily push that into May.
I've never done as you have suggested so right now my wheels are spinning trying to get some traction. I just so want to be done.
I don't have a ton advice, being that it took me 4 tries to pass. I was always pretty close to passing, but I think mostly because I am a pretty good test taker and have about 5 yrs experience in public accounting.
I will say it is important to know the "advanced accounting" portion and the Govt/NFP portion. I spent extra time studying those areas the last two times I took it. I also spent time making sure I could calculate Depreciation for all methods, and LIFO/FIFO/Weighted Average. Also, I memorized the relevance/reliability definitions.
So before the last time I took FAR, I reviewed Consolidations/Combinations/Mergers and Equity method, and then reviewed the NFP/GOVT portion and did a quick review on the other account specific items I mentioned above.
Sometimes I find it more important to read the lessons (or watch the lectures, depending on your material), rather than spending a ton of time on calculations. I've never had a ton of calculation MCQ's during FAR, so I hate to spend my time with all the calculations. I just make sure I do a couple and understand it well. If I am struggling, I move on and go back to it for a review the next day. I guess I'm just trying to say that I feel like you give yourself a better chance at answering more questions correctly if you read through the lessons versus worrying about doing a million MCQ.
As far as Sims, I have never studied sims. I feel that if I know the material somewhat well, I will be able to do the sims. Now there have been a couple sims that have thrown me for a loop, but I've never felt terrible about more than 1 or 2 sims, and they were very hard or very vague. With the new format, I was actually able to finish early for the first time. I think this is because there was no writing portion, which I always tend to do above average, but it takes me a while to write and respond well.
Summary: If you have taken the test before, review your old notes and focus on the areas that your score report told you that you performed poorly. But in the end, you know that the exam will be completely different and just as difficult as the last time you took it. Try your best and keep plugging away.
@dhuff If you can afford it buy yaeger...it prepared me for reg BEC and far. Cost acct was a joke after watching a 20 minute lecture...I'm serious!!
As for waiting for FAR score report...FAR has so much info they can test you on....that on your next exam might not even be relevant...and it can backfire if you set ur mind concentrating on your "weak areas"...
I did switch to Yaeger for BEC as Becker pretty much sucked for me on that. It helped with REG and AUD but not so much for BEC as you can tell. my 72 was Yaeger and I would have passed but I had a problem with some meds that caused me to have daily migraines (thought I might die at one point).
Did you use Yaeger for FAR? and can I get through it in only 5 weeks?
Yaeger Website: http://www.yaegercpareview.com
Yes used yaeger for far...see above post for my strategy...It's 50 hrs of lecture...try it in 1.4x speed to cut it down. I did like an intense study in FEB. Watching lectures over doing questions. Then reviewing it all. Work full time too...you should be familiar with many topics already.
Thanks everyone for all the advice! I think I'm going to bite the bullet and just take some PTO to get caught up, and use a combo of everyone's strategies this time.
Alrighty....on my way to a CPA as Olinto says. LOL. I ordered the FAR HS so hope it gets here quick. I'll use what I have in the meantime and pray like hell it's enough. Thank you Herbie.
Ask them for the hand out link too...its really gold!!
I'll post some home made mnuemonic LOL...
Don't pee on my Accounting changes...
Govt report net assets got busted by the narc
In the "Ass" internal lol...
Mr NG has an IDEA about consolidations
Differential -calculate it
Eliminstions- start it!
Allocate the identifiable assets
Non controlling interest
for bonds...Barry Bonds drink MGD light beer
He used steroids so Mr bonds going to MLP
Market Less = Premium
I got a bunch more on all subjects will post some day :) just remember these LOL
Pasting to word as you give them....ROFLMAO...ha ha
Or was it major league prison/perjury lol...ill look at my notes after work.
I got a 74 again in FAR. I can't believe it. The same score.... I passed the other 3 and I start to lose credit in Sept. Now I am completely panicked, hate accounting at this point and hate this EXAAAAAAM!!!. Thinking of switching to Yaeger from Becker???
Well I never really post anything here but I’m always visiting this site. It has been somewhat of a comfort for me especially now that I have my first grade (FAR-70). I felt it might be helpful to share a major lesson I learned.
I naïvely applied for all four sections at one time and ended up quitting my job to study full time. I spent four intensive months studying and took AUD & REG in January and BEC & FAR in February.
I kind of knew I wasn’t going pass FAR because I had ran out of time in the simulations. I ended up only completing 3 ½ of them. However, I felt like I had completely kicked butt on the MCQ and thought that maybe I would get enough points to cover what I didn’t do in the simulations. Unfortunately, that was not the case and my Candidate Performance Report is proof.
According to my report, I was “Stronger” (comparing to people who scored 75-80) in three of areas and “Comparable” in two of the areas. I wasn’t “Weaker” in any of the content areas and I was “Stronger” in the MQC. My only designated “Weaker” area was the simulations. This is my first report but I read that as if to say had I finished my simulations, I probably would have passed.
I took AUD first and rushed through the MCQs and then was able to complete the sims in 45 minutes and still had another 45 minutes left. However, I barely had enough time to finish my REG sims. When I practiced the FAR simulations using the AICPA samples and my study samples, I was completing each within 5 or 10 minutes. The ones I received on the actually test were a lot more in-depth. I don’t know if those are adaptive based on your MCQ performance but they were nothing like what I was practicing. In the same regards, it was my last test and was getting pretty crossed by the time I got to the sims.
My advice to anyone taking this exam in the future is to pace yourself and make sure you leave yourself enough time for the sims. I believe this depends on the person but I think at least an hour, if not more. The sims are now weighted so heavily that you won’t pass without a somewhat decent performance. I hope this will help someone taking this test at a later time.
Don't give up!! I know how discouraging it is...well a 74 is brutal, but if it makes you feel better at all I got 2 71's on my first two FAR tries and just finally slayed the beast with a 76.
I honestly considered giving up because of all the new changes being implemented, but once I found out I passed BEC on my second try and just had FAR left, I decided to give it another go around....rewatched all lectures, redid all MC and SIMS, went over my like 100s of pages of notes and 1.5 packages of notecards, and it feels good to say all that pain paid off.
You will get it next time and you have two windows to do it before you lose credit. If I hadn't passed FAR this time, I would have lost my Audit credit on 4/3/2011. So needless to say, I was really realllllly close.
But obviously, you are so close to being done and you know your stuff clearly. Just put in a little more time to areas you might consider are your weakest and I'm sure you will pass next time!
Has anyone used Ninja study guide for FAR ? How useful is it ? Can some one please advise ?
I did not use it for FAR but did for REG. It was very helpful. Got my REG score tonight and passed and I am done! I only had two weeks to study and used Jeff's notes exclusively. It was my second time taking the test as I took it in November after studying for two weeks without his notes. I highly recommend them!
Hi, do you guys use Becker for your FAR study when you pass FAR? Any recommendation on FAR study material? btw, I took FAR in Jan, and fail with 50, I think I am missing something, I am using Becker for my study material.
dhuffman and kimandor... sorry to hear that
Everyone thanks for all the insightful points
I used Yeager home study for FAR I like Yaeger's teaching style.
I know I didnt put in enough time for governmental and IFRS though
If we all put in the study time we can pass this
Im going to watch those lectures I'm weak in and do all the MC's again
good luck everyone
@CORLALA if it's any help here is what happened to me.
I took a local live review class for FAR and took the test and did horribly. I bought becker @ home study and took it twice more and got (2) 73's. After those two 73's, I was pretty annoyed. I then decided to buy the Wiley CPA review book for FAR and literally just read through it and do questions to study. I know some people may say it's helpful to go back and use the same course (ie continue to use Becker's Neumonics, etc), but for me I found it helpful to act like I was starting over. I know i really stressed myself out with which course to use to study, etc but when it comes down to it in the end, if you switch courses, you'll (hopefully) pick up on other things you missed from the other course. Hope that helps!
9 days till my date with this beast...went through Becker, made a ton of flash cards and did all the MCQ including the supplemental stuff. Now going through Wiley 2011 MCQ. IFRS in Wiley are in depth...getting worried about the coverage of it this window. What do people think about IFRS this window?
Good Luck to everyone taking it this window.
I hope IFRS isn't tested too heavily, and if it is i hope the majority are pretest. I just started studying for FAR this weekend, I'm using Gleim (3/3 with them).
I can't wait for busy season to end!
Okay guys...if I made a 61 on FAR first quarter 2011, can anybody give me a suggestion on how long I should take to review and retake? Please and thank you.
take around 6-7 weeks is the general answer, (spending about 20-30 hours a week) be sure to go back and review every 3 lectures or so. Since i've started studying and gone through becker and now reviewing it, i have forgotten some of the things. FAR is a beast you have to know little of everything and the new IFRS. Focus more on the MCQ and SIMS, hope this helps and good luck.
Anybody know where i can go to review more journal entries and Sims. I have Becker and Wiley
Also has anyone done the Becker live classes or Yaegar? What time are they usually at, can you access them at anytime, are they helpful? Thanks
they can be helpful.
go here and look up the schedule
I'm taking FAR in a week, and what I have been doing to help me remember how to work some problems is to talk aloud to myself (and whisper really quietly when actually in the exam), and explain the steps as I go. My roommates look at me like I'm a weirdo, but being a weirdo has gotten me passing grades on the first go-round on the other 3 so far (OK, I took AUD twice, but the first time was this whole crazy thing. won't get into it).
So when you are calculating the bond premium amortization in year 3, say to yourself, "I know that the coupon payment is X and the beginning balance in the premium account is Y @..."
Talk to yourself, love your voice and when you look at the question during the exam, you will hear yourself in your head. GOOD LUCK!
I am taking FAR in early May and preparing with Becker last years Becker Passmaster (e.g no IFRS). For those with updated Becker Passmaster, is it worth it to upgrade passmaster? Have they included a lot of new questions around new subject areas to justify expense? I have the updated textbooks but not passmaster. Thanks.
FAR - may 2011
AUD - 99
REG - 90
BEC - 80
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