[onthewaytoCPA]

Hi all,

I’ve been lurking here for a while but have never posted. First off, I just wanted to say “thanks!” to everyone who has unknowingly given me moral support throughout the exam!

Here’s where I’m at: I passed BEC, AUD, and REG, and my first section doesn’t expire till the end of February, 2013 so I have a few tries to pass FAR. I haven’t started studying for FAR yet. At the beginning of January I start full-time as a staffer with one of the “tier 2” firms and based on my internship experience with them, I’m not going to have much time to study during busy season. My current plan for FAR is to wait until things at work slow down a little bit (hopefully the beginning of April — I’m in audit) and then start to study for FAR and take the exam near the end of the May testing window. I’m really nervous about FAR, firstly because of the amount of material relative to the other sections, and secondly because with all my other sections I wasn’t working while trying to study and I was able to devote a solid chunk of time to studying each day without distractions.

Basically I’m looking for advice — does this seem like a reasonable plan for FAR? What do other people do in similar situations? Does it seem like a good idea to hold off until after busy season (I’m worried that even if I can study during busy season I won’t remember what I studied by exam time)? I’m thinking that if I can start studying right at the beginning of April and take the exam right at the end of May, that will give me about 60 potential days of studying, and if I’m able to average two hours per day, that’s 120 hours total which I think is significantly more than I put in for any of the other sections. If I don’t pass, I’ve got three chances to retake it before my first section expires (although it would be a great feeling to pass all four on the first try). My other option would be to not take the exam during the May testing window and then take it at the beginning of July, which would leave me much more time to study but would mean I’d lose one shot at the exam.

Also: I’m using Becker, simply because that’s the course that my firm pays for, and so far I’ve been pretty happy with it and haven’t supplemented it with any other materials for the other sections. For FAR though, just to be safe, I’m feeling that I would like to supplement it with some additional notes and additional MCQ’s but don’t really know what my options are for that. Any suggestions?

One last question: my experience with the MCQ’s in Becker versus the MCQ’s that were on the exam is that the actual exam questions were, in general, somewhat less detailed and “easier” than many of the Becker questions (although I tended to get a few tougher ones in the second testlet on the exam(s)). Has this been anyone else’s experience? I was expecting the questions to be a lot tougher than they were.

B - 83 (Aug '11)
A - 79 (Oct '11)
R - 82 (Nov '11)
F - 89 (Aug '12)

I'm done!

[See Pee A]

That sounds like a super duper plan for FAR! You nailed it. It helps tremendously that you have until 2013 before you have to worry about section expirations so you don't have to rush things. Late May would be great since by early April things should start to slow down and you can put in a solid 2 hrs/weekday and 5 hrs/weekend (20 hours/week average). At that rate you could finish all the chapters in about 4 weeks and then take your time to review and practice.

Studying during busy season is never a choice. The only people who do it are sort of forced into it by either expiring sections or some other factor. Judging by your scores on the other sections, FAR should not be a problem. FAR is a bit longer than REG, but the material is definitely easier than REG. REG topics were crazy, especially business law which is more than just pure memorization. FAR is by and large just difficult because of the volume of material. The key is repetition, repetition, repetition. I promise some things, for example non-monetary/like kind exchanges, may seem difficult, but it really isn't. Just learn the rules and practice them over and over and you'll be amazed at how quickly things get easier. Good luck!

BEC 86 (08/30/11)
FAR 84 (10/13/11)
REG 88 (11/08/11)
AUD 86 (11/29/11)

Exam prep - Becker self-study

[FrenchToast]

Based upon your previous exam results, you definitely have the memory and ‘applicative aptitude' to pass FAR without significant difficulty. That being said, it is a hard exam!

Your study plan, with the intent of taking the exam in May, sounds pretty solid. Studying for 120 hours over the course of two months should position you well to pass, although I wouldn't recommend pushing the test date any further out. In my opinion, you tend to hit a point of diminishing marginal returns after two months.

In regards to your inquiry about supplemental questions, I would definitely recommend Wiley Online Test Bank. I purchased the entire online question package specifically for FAR, and it played a crucial role in my passing score. Additionally, I found that focusing upon the quantitative aspects of FAR helped me out a bit. For instance, understanding how to structure the pen/paper calculations associated with a bond-discount/premium question allowed me to answer the conceptual questions as well. However, the reverse situation (ie, understanding conceptual ideas instead of calculations and entries) may not work as well. After all, you can always write down journal entries, and a simple spreadsheet via pencil/paper, during the exam, in order to ‘play out' a conceptual question. Also, while I wouldn't recommend devoting a significant amount of time to the simulations, I will say that running through about 15 practice sims in Wiley before the exam was extremely helpful. Sometimes a simple simulation will appear more complex than it really is. Having a baseline familiarity with some strange sim-frameworks was very helpful for me.

Lastly, if you are going to be studying while working a “full-time+” job, then planning your study time becomes more important. Setting time-frames for study-section completion helped me out a lot; I didn't always hit them, but it forced me to stay on track.

[Anonymous]

I think that sounds like a great plan…it looks like you're well on your way to passing your last part of the CPA exam. I might tweak your plan just a tiny bit; instead of holding off entirely until things slow down, I would start studying whenever I could during busy season. I definitely wouldn't schedule the exam until mid-May, but I would start studying whenever you have time. Now hit the brakes, I understand that after 5 – 5.5 months, you are going to forget what you studied in F1; I'm definitely not suggesting you look through the material once and call it a day when May rolls around. I work in public accounting, so I know what you're up against. For example, I would start studying now before busy season starts; 6-10 hours Sat and Sun, 1 hour a night (if you have the time) during the week. But remember, you have a ton of time so feel free to take your time; I would pound F1 into my brain for 3 weeks straight. I would listen to every lecture, take all the questions, rewrite some notes, and repeat over a 3 week period. I would do the same for every section (whenever you have time, just break it off one tiny piece at a time). After F3, I would do a huge review session of F1-F3, then I would proceed to F4. After F7, I would do a large review of F4-F7, then another review of F1 through F7. Finally, I would tackle governmental (F8) and NFP (F9) and spend as much time as possible on those two. After you finish all that, I would take Becker Final Exam 1, identify your weaker areas, go through each section individually again (putting extra emphasis on your “weak” areas), then take Becker Final Exam 2. At that point, depending on where you are relative to your exam date, I would try to supplement with Wiley or Ninja Notes to keep challenging yourself with new questions and different perspectives on the same topics. I would ask friends/gf/family to quiz you; I would suggest you use the flashcards (if your company didn't pay for any, I would make your own).

It's gonna be a b**ch during busy season…don't burn yourself out, just try to dedicate at least 5-6 hours on Saturday or Sunday to study…that should get you through. Make your study schedule now…understand at what points you will slack off and what points you will be able to hit the books harder. Just food for thought…good luck!

[Anonymous]

@ontheway

Please share with us your study methods for those exams — the method you used for your TOUGHEST exam out of the 3 (I'm guessing REG?)

[makinthemagic]

i like your idea but i would modify it a bit. you've passed the other 3 parts, and you were hired by a tier 2 firm. i'm more confident in your abilities than you are. here is what i think you should do:

take a shot at FAR in the Q1 2012 window. study as much as possible, even if it isn't a lot. take a shot at FAR. the worst thing that happens is you fail, you are out ~$250 and you resume your current plan. but if you pass you are done.

i think you can pass because FAR is bread and butter accounting. its hard and there is A LOT of material, but it's concepts you've probably seen a lot before. the only exception might be govt/not for profit. so focus your studying there, know how to do journal entries (you probably do since you passed audit), and focus on the most common topics. you will also get a score report if you fail which will guide your future studying, if it is even necessary.

Bec 4/11/11 91
Aud 7/11/11 75
Reg 8/31/11 80
Far 5/24/11 86
Ethics - 98
California Licensed CPA
Illinois Registered CPA

[Anonymous]

Hi everyone, i am using Becker Self study, kindly help me on Research part of FAR…how to use FASB codification??

Not getting it…kindly help me out…

[Anonymous]

FAR needs a lot of love…….

[Anonymous]

@ CPATerminator…can you guide me how to use research tab??

[Author]

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