19. Aug, 2010 
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Everything you need to know is in the Free CPA Exam Score Release Book .
Need to vent? Want to talk with candidates from your state?
The CPA Exam Review Forum is on fire right now.
Be sure to check out the Another71.com Facebook page as well.
Another71.com’s Premium Membership Site Club 75 is hosting another CPA Exam CHAT this Wednesday August 18 at 10pm Eastern.
The CHAT sessions have proven to be very popular with upwards of 78 attendees per session. As always, one member will win a Yaeger CPA Review CRAM of their choice (up to $225 value).
In the chat, people can interact with other candidates who find themselves in their exact same situation and ask each other questions. I am also available to answer any questions candidates have about studying, score releases, not going insane, etc.
Update: This event has already happened. To view an archive of the webinar, join Club 75 for 1¢ and you will be given a link.
This Thursday will be an action packed study night for CPA Exam candidates.
Club 75 is kicking things off at 9pm EST with another live chat. Last week there were over 75 CPA Exam candidates discussing the CPA Exam in the Club 75 chat room.
One member, Gayle, won a Yaeger CPA Review CRAM of her choice.
Another chat attendee will win a Yaeger CRAM this week as well (up to a $225 value).
To sign up for access to the Bonds webinar, go to YaegerCPAReview.com and Yaeger will e-mail the information to you. Go to the bottom of the sidebar on the right and sign up for the Yaeger Mailing List.
Yaeger CPA Review also offers Another71.com readers and Club 75 members, their best CPA Review discounts.
03. Aug, 2010 1 Comment
What is your work/educational background?
I graduated from the University of Minnesota in 2002 with a BS in Accounting. I worked for two years in public accounting, spent a year and a half working as a working student for two Olympic-level dressage (horse riding) instructors and then resumed my accounting career in late 2005.
I’m currently the Supervisor of Small Business Services at my firm, doing a large amount of tax and some auditing work.
How many CPA exam sections have you passed?
I passed BEC first time out in 2006, but wasn’t motivated and let my credit lapse. I recently passed AUD with a 92 in May 2010 and took FAR in early July 2010.
What CPA Review course(s) are you using?
Currently I’m using the Wiley books for self-study, and they have been my favorite so far.
I used the Gleim books/audio/software back in 2006 with success on the BEC exam. I’ve also been supplementing my current study with my old Gleim books to get a broader view.
I tried a Bisk book to supplement for FAR and found that it did not meet my learning style at all. I was also disappointed to find that the questions in the Bisk book were word-for-word the same questions in my 2006 Gleim book for the most part. The Gleim books had much better instruction, however.
What is the most frustrating aspect of the CPA exam?
Getting large numbers of test questions on single topics of dubious usefulness has been a huge frustration for me. I didn’t get tested at all on many topics that I felt were far more relevant in day-to-day accounting. Because of this, I have felt at times as though the questions I was asked didn’t necessarily reflect on my actual accounting knowledge and skills.
How do you balance family/friends while studying?
That’s one of the toughest parts of the exam! I find that scheduling my study time in advance is really important, and scheduling “buffer” space into the schedule is equally important for those times when studying progress doesn’t go quite as planned. That way I know when I can put my books down and do the fun things, and when I really need to buckle down.
I do put importance on non-study time, though. If you tell your friends and spouse, “This is when I’m available and when I’m not available,” and keep your promises to both the studying and spouse/friends, all will work out.
Discipline and also knowing your personal limits on studying are equally important.
What made you decide to take the CPA exam?
It was just time. 
I am in a position to continue advancing in my career, and getting my CPA will be the validation of my education and work experience. People I personally interviewed for internship positions have been sitting for the CPA exam, and that definitely caught my attention!
Additionally, having my CPA certificate will mean job security going forward. No matter what happens, I will always have those letters and the ability to get a good job. Without the letters, you’re just another person in the job pool!
What advice would you give to people who are struggling with the exam?
If one study method doesn’t work for you, don’t be afraid to try others! Remember- the definition of insanity is continuing to do the same thing while expecting different results. 
Anything else you would like to share?
You really can do this, but you have to want it! Commit the time and you’ll pass.
Many thanks to Jeff and Club 75! This is an enormously helpful website!
Erica has been a Club 75 Member since May 2010.
I am hosting a CHAT session this Wednesday night @ 10pm in Club 75.
You can ask me a question, or just connect with hundreds of other CPA Exam Candidates in Club 75.
I’m giving away a Free Yaeger CPA Review CRAM DVD, compliments of Yaeger CPA Review to one lucky participant.
If you’re not already a Club 75 Member, you can join for one penny and participate by registering at Club 75.
See you at the CHAT…again, someone is going to win a Yaeger CPA Review CRAM (Valued up to $225).
Q: How many times are we allowed to reschedule a CPA Exam section? I already have rescheduled it once. Can I reschedule it again? I still have 31 days before my exam date.
-Rescheduled in Raleigh
A: As someone who rescheduled more than their fair share of CPA Exam sections, you can certainly say that I’ve ‘been around the block’ in this regard. I could probably buy a nice vacation just with the rescheduling fees I paid – including dropping $95 to abort mission the night before my exam.
You can reschedule your exam as many times as you want, but there will be fees involved and a Notice to Schedule time limit to consider, so beware.
If your CPA Exam section is 30+ days away, the fee to reschedule is $0.
If your CPA Exam section is 5-29 days away, the fee to reschedule is $35.00
If your CPA Exam section is less than 5 days away, the fee to reschedule varies:
Auditing and Attestation (AUD): $111.60
Business Environment and Concepts (BEC): $62.00
Financial Accounting and Reporting (FAR): $99.20
Regulation (REG): $74.40
Technically, you are not allowed to reschedule an exam less than 24 hours prior to your exam.
However, I personally rescheduled less than 12 hours prior to one of my exams, but this tactic is very risky and I don’t recommend doing it.
The number for the Prometric Candidate Services Call Center is 800-580-9648.
You can also reach them online at www.prometric.com/cpa.
REMEMBER: Make sure your reschedule date is within the date limit of your CPA Exam Notice to Schedule (NTS).
Jeff@another71.com
If you have a question about the CPA Exam, feel free to post it on Another71’s Facebook page and your question may be featured.
Need immediate help? Join Club 75 for one penny and post it in Jeff’s Inbox.
28. Jul, 2010 0 Comments
What is your work/educational background?
Financial Controller, Offshore Finance. MBA & CMA.
How many CPA Exam sections have you passed?
None so far…working on it!
What CPA Review course(s) are you using?
Yaeger Home Study + Wiley Books
In general, how is everything going?
Haven’t started taking exams yet, just preparing with Yaegar and using this website on my own terms and will write in 2011 with the new content.
What is the most frustrating aspect of the CPA Exam?
Still new to this…not sure yet!
How do you balance family/friends while studying?
Due to my schedule, I’m only studying 1-3 days a week, but am not looking forward to the long days in 3-5 months.
What made you decide to take the CPA Exam?
I wanted exposure to US tax/regulation
What advice would you give to people who are struggling with the CPA Exam?
Yaeger seems to be working great, easy to swallow and combined with the Wiley books, it’s a great fit for me.
Anything else you would like to share?
The multiple choice emails Jeff sends out can make for a fun break from a daily routine. Glad he’s doing it.
Chad has been a Club 75 Member since May 2010.
Q: Jeff, I took Regulation this past week and did not complete my 2nd simulation. I didn’t do the research tab and only completed two of the three main tabs. I completed my first simulation and felt pretty good about it, as well as all the MCQs.
Will I be heavily penalized for not completing that second simulation?
-Quentin on Facebook
A: Quentin – you should be fine. Of all the tabs to leave blank, you did the right thing in skipping research. I didn’t finish my 2nd simulation on most of my passing CPA Exam sections.
For Financial Accounting and Reporting, I left 3 tabs plus the research blank for simulation #2 and I still passed.
Honestly, I couldn’t figure out what they wanted me to do on the simulation. I sat there for 15 minutes puzzled because – let’s just put it this way – the instructions on the questions left a lot to be desired.
I flat out knew the material, but the simulation was poorly written and I had no idea what they wanted me to enter into the blanks.
I botched Simulation #2 and I still passed.
You should be fine!
Jeff@another71.com
If you have a question about the CPA Exam, feel free to post it on Another71’s Facebook page and your question may be featured.
Need immediate help? Join Club 75 for one penny and post it in Jeff’s Inbox.
Jeff Elliott is a Licensed CPA and Active Member of the American Institute of Certified Public Accountants, The Kansas Society of CPAs, and Founder of Another71.com and Club 75.
20. Jul, 2010 0 Comments
I just wrote a new article over in the Club 75 Forum on how to add 15 hours a month to your CPA Exam study time without even noticing.
It’s pretty good I think…check it out by clicking the banner below.
18. Jul, 2010 1 Comment
What is your work/educational background?
I graduated from college in 1995 with a BBA in Accounting. I sat for the CPA exam twice after college, which was before we had the option of taking one section at a time.
I have worked in industry for 15 years, including small to medium size companies in various accounting roles.
Currently I work for a small family-owned company in Atlanta, GA.
How many CPA Exam sections have you passed?
I haven’t passed any yet, but stay tuned! I am hoping to have one passed after the July/August testing window.
What CPA Review course(s) are you using?
I am currently utilizing Wiley books for self study. I hope to invest in a review course in the next couple of months. Money is tight right now and my company is not helping financially with the exam.
In general, how is everything going?
There are good days and bad days. My choice of self-study is one that I continue to question. I am currently studying for BEC and hope that self-study is enough for this section.
I have been very diligent thus far in making sure that I study in some form every day, even if it’s just working questions.
What is the most frustrating aspect of the CPA Exam?
All of it! But more specifically the amount of material, even for just one section, it’s a LOT! I am still not sure how I managed to sit for all 4 sections in a two day period.
That was harrowing to say the least! It’s frustrating to me that despite having to absorb mass amounts of information, you may never see it on the test or even run across it in your professional career.
How do you balance family/friends while studying?
Well, I’m currently single, so I don’t have to worry too much about balancing family. I have had to explain to my friends that I may drop out of the social scene for a while.
Sacrifices have to be made, but it’s temporary! Sadly, I also had to give up a bit of sleep, so still working on balance there!
What made you decide to take the CPA Exam?
It’s long overdue and time that I tame this beast. It’s been hanging over my head for years. Enough already! I also feel that I will never get further in my accounting career without it.
I changed jobs two years ago because there was no room for growth at my former company. I made a lateral move because of the economy and a promise for more growth and opportunity at the new job.
The growth has not happened and I feel stuck because I think at this point if I tried to leave, it would only be to make another lateral move, which I’m just not willing to do. I feel the only way to advance in my accounting career is with a CPA license.
Plus, who doesn’t want those 3 little letters behind their signature?
What advice would you give to people who are struggling with the CPA Exam?
First, I totally understand! It is a struggle, but I know that the pay off will be totally worth it. Second, hang in there and don’t give up! You too can be a CPA!
Anything else you would like to share?
I admit I was skeptical before joining Club 75. Times are tough and I didn’t know if I could justify my membership. Little did I know!
The downloads, posts and support have been great! I have started downloading everything that I can and keeping it in a separate folder on my computer for easy reference. I have been emailing with other members for support and sharing.
Jeff really has a great idea with this website! And I can’t wait to tell everyone that I’ve passed the exam with help from this Club! Thanks so much!
Laura has been a Club 75 Member since May 2010.
14. Jul, 2010 0 Comments
What is your work/educational background?
I have a BS and an MBA from University of Arkansas. I worked for Wal-Mart for five years as a Financial Analyst and then as Finance Manager.
I also worked as a Senior Accountant for two years at Saks Fifth Avenue, and am currently working as a Property Accountant for Parkway Properties.
How many CPA Exam sections have you passed?
I have passed Regulation
What CPA Review course(s) are you using?
Becker and I just purchased the Yaeger HomeStudy.
In general, how is everything going?
This has definitely been one of the most stressful years of my life, but the studying is going well. I have been out of school for 10 years so I feel like I am starting over. I was glad to have passed Regulation the first time and I made a 72 on BEC. So I feel like things are going OK considering the length of time I have been out of college.
What is the most frustrating aspect of the CPA Exam?
I think just having to learn/memorize such a large volume of information is frustrating and the fact that you have to do this for four different tests.
I am also not big on writing so the written communication stresses me.
How do you balance family/friends while studying?
I am lucky to have a husband who is very understanding. We live in a town that is fairly new to us so there aren’t many family and friends to distract me on a daily basis. Having no kids at the moment is also a major help.
What made you decide to take the CPA Exam?
We had to relocate because of my husband’s job and I think my job search would have been easier had I had my CPA. So I am preparing myself now for the next time I will have to relocate.
What advice would you give to people who are struggling with the CPA Exam?
Write thorough notes…and then rewrite them again. Writing things down always helps me to retain the information.
Tonya has been a Club 75 Member since June 2010.
12. Jul, 2010 0 Comments
What is your work/educational background?
I work for a public accounting firm and have 2.5 years experience. I work predominately on audits (mostly governmental), but help with tax returns February-April 15.
I have a BBA in Accounting from WTAMU.
How many CPA Exam sections have you passed?
I have passed 2 sections of the exam, AUD and REG.
What CPA Review course(s) are you using?
I am using Becker and I’m enrolled in an online course with them.
In general, how is everything going?
Mostly good. While studying for BEC though, life got in the way, so I haven’t been able to put in the study time needed. I don’t feel near as confident for this exam as I did for the CPA Exam sections.
What is the most frustrating aspect of the CPA Exam?
Mostly the time required to get a passing score. It’s hard to cover everything and master everything in a reasonable amount of time.
How do you balance family/friends while studying?
I mostly do everything late at night. I’m a night owl, so it works for me. I work full time, am married, and have a two year old, so I try to spend as much time with them as I can. The week before an exam though, I lock myself in my room after dinner and get as much done as I can.
What made you decide to take the CPA Exam?
Professionally, it is such an asset to have your CPA license. There are so many opportunities for accountants, and having ‘CPA’ behind your name really opens doors.
What advice would you give to people who are struggling with the CPA Exam?
Keep with it! It will definitely pay off in the long run.
Anything else you would like to share?
What do you call the guy (or girl) who made a 75 on the exam? CPA.
Megan has been a Club 75 Member since April 2010.
02. Jul, 2010 0 Comments
Taking the CPA Exam in 2010 and finishing in 2011?
If you want to study for two CPA Exam sections in 2010 and two sections in 2011, but get the savings on buying a full CPA Review course at once, Yaeger CPA Review has a new NOW and THEN promotion with 2011 exam change protection.
If you fail one of the 2010 exams, they will update your 2010 materials for FREE.
21. Jun, 2010 7 Comments
I get asked “I can?t pass BEC! What should I do?” after every testing window.
You would think that I would get e-mailed about the FAR section of the CPA Exam the most, but that doesn’t seem to be the case.
There are several aspects of BEC that are in my opinion a “watered down” version of the CMA exam, which is why it is to your advantage to learn BEC from someone who is certified as both a CPA and CMA like Yaeger instructor Cindy Simpson.
To expand further:
14. Jun, 2010 2 Comments
The CPA Exam pass rates for the First Quarter of 2010 have been released.
Auditing and Attestation:
2009 Q1: 47.61%
2010 Q1: 46.86%
Business Environment and Concepts:
2009 Q1 46.23%
2010 Q1: 46.59%
Financial Accounting and Reporting:
2009 Q1 45.54%
2010 Q1: 44.95%
Regulation:
2009 Q1: 47.96%
2010 Q1: 49.00%
Analysis: Overall, Q1 pass rates are in line with where they were this time last year.
08. Jun, 2010 9 Comments
Update 2010: I consider this one of the best posts I’ve ever written. Two years ago, it captured what I was feeling when I was neck-deep in the CPA Exam and wondering if I would pass. I was trying to balance family, work, the CPA Exam, and trying to maintain some semblance of a “life”.
“Failure is an event, not a person” as Zig Ziglar says. So true.
I spent the last week on vacation with my family in the Rocky Mountains of Colorado. We only had one DVD with us (“Cars”) and my boys were sick of watching it at night, so we bought “Meet the Robinsons”. It’s a great movie as far as animated flicks go, but as I tuned in here and there, I came across a scene about failure and the theme of “Keep Moving Forward” that was derived out of a quote by Walt Disney long ago.
I immediately thought of the CPA exam, as I often do since it’s plagued my memory for the past 3 years and I found it very applicable to the process of studying for and taking the Exam. Then, I read about a CPA Exam candidate who had scored in the low 60’s and they were wondering if they should throw in the towel or if maybe there was still some hope for them.
My initial motivation for creating this site was because I was extremely frustrated with myself that I had failed BEC yet again and felt like venting. At the time, I felt like the dumbest person in the world. I was 30 and still hadn’t passed the stupid CPA Exam and I was wondering if I in fact was cut out for accounting.
I considered quitting the CPA Exam altogether. I was sick of the time. I was sick of sending NASBA money. I was sick of exam day anxiety. I was sick of the ridiculous 4 week minimum to get your results back. I was ready to move on. Surely I could get a job in…marketing?
Then, I thought about the future. I have 3 boys ages 5 and under. When times got tough for them…when life didn’t quite go their way, how could I look them in the eye and tell them not to quit and to get up and try again if I myself packed it up and quit the biggest challenge of my life? I don’t work in public accounting anymore and passing the CPA Exam is more of an aside on my resume because I don’t plan on using it in an official setting ever, so continuing with this exam is for 1. my pride 2. my boys and 3. my wife won’t think that all of those weekends where she kept the boys out of my hair so that Dad could study would be all for naught.
The purpose of this site quickly found an identity in that it exists to tell other candidates that hey – if you’re struggling with this exam, you’re not alone. The only stories you really ever hear are about your smart classmate or co-worker who aced the exam on their first try. You don’t really hear too many people admit that they didn’t pass the Exam the first…or second…or third try. I’ve been open about my failures on this exam so that maybe other people would be spurred on to keep fighting and would hopefully realize that they are not alone.
Which brings me back to struggling CPA Exam candidate…
If you have the intellectual wherewithal to qualify and meet the prerequisites to take the CPA Exam, then you can pass the CPA Exam. I believe that the Thomas Edison quote ?Success is 10 percent inspiration and 90 percent perspiration” is very relevant to the CPA Exam taking process. I have never found myself being too-dumb to pass the Exam. I’ve always left the testing center kicking myself for not working harder.
If you’re a bad test-taker…work on being a better test taker.
If you have 3 kids and work full time and don’t have the time or energy to study…change your schedule…stay up later and get up earlier…that’s no excuse (I’m preaching to myself here).
If you’re working your tail off, but are getting bad results on practice tests…either get new material or figure out where you’re going wrong.
The bottom line is: everyone who is studying for this exam can pass it.
There is no score that can’t be overcome and there are no character weaknesses that can’t be beaten. The point is – STICK WITH IT.
Forget your co-worker who looks down his nose at you for not passing (no one likes him and he never gets invited for beers after work anyway). Forget your uncle who passed the exam back when they had to walk uphill both ways through the snow to take the old paper and pencil edition (this version of the exam is much broader and you have to know more information…thank you SOX and BEC).
Finally, forget the fact that you didn’t pass REG or FAR or whatever the last time you took it. Your performance last time has zero bearing on your success this time around.
Whether you scored a 60, 71, or a 74 – KEEP MOVING FORWARD. Keep fighting. Keep making progress.
Sometime in the future, you will have 3 letters by your name and these temporary setbacks will all be a distant memory.
(If not…there’s always marketing).
07. Jun, 2010 6 Comments
“What CPA Exam sections should I take in 2010 before the 2011 changes?
I am seeing this question a lot lately. Candidates are confused about the 2011 changes, what exams are changing – what exams aren’t changing, etc.
Let me break it down for you.
02. Jun, 2010 2 Comments
Congratulations to the following Club 75 members who are celebrating CPA Exam success after the April/May 2010 Wave 1 score release:
My CPA exam experience actually started back in 2001 when I took the paper exam. I had to burn several days of vacation time and come out of pocket for hotel expenses and such to take the two day marathon that was the paper exam. The experience of the paper exam was awful.
Cold, rainy weather (with a quarter mile hike from parking to the building) combined with sitting in the arena floor of an event center with 300 or so other people at creaking tables in wobbly chairs made the whole thing almost unbearable. I also put in no study time as I was just planning on seeing what the exam was like and then taking it for real the next testing period. The experience was so awful and I already knew I wanted to work in private industry that I never went back again to mess with it.
I started in mid-October 2009 and did all four sections between then and the end of March 2010 while working full time. This exam completely consumed my life during that time. I was exhausted constantly, mentally burned out, and just plain cranky. I swore to co-workers that I failed or barely passed three of the four sections after taking.
I should not have driven myself home after REG or FAR as my driving was most definitely impaired by the test. I was very fortunate in my tests and passed each with grades that continue to amaze me today.
There are a couple of simple items that I would share with someone taking the CPA exam.
1. One Day At A Time. This has to be the mantra for anyone taking this exam. Thinking about the amount of work to be done to prepare for any one section will drive you mad. You have to break everything up into manageable chunks or it will overwhelm you and negatively impact your preparation. Knowing this and mentally accepting it are two different things. I struggled with it greatly in BEC & FAR. If I could wish one thing for others taking this test it would be the mental acceptance of this point.
2. You need support to survive this test. Friends and family might encourage you. I found the “You’re smart, you’ll do fine” comments to drive me nuts. They were meant well, but lacked an understanding of what was going on in my life. Only another CPA or someone going through the exam now can truly understand what this exam does to you. I found another71.com very early on and it was the single best thing that helped me through the rough spots. The people I’ve met there are amazing. The wealth of knowledge they have is only dwarfed by their endurance and moral support. I was fortunate in passing all my exams. The true heroes are those that have failed yet keep at it and encourage others to do the same. I wish I could say I’d be as noble in failure, but I doubt it.
3. You also need time for yourself. I learn much more in two 4-hour sessions than I ever could in two 10-hour sessions. While the long marathon study sessions are needed and beneficial from time to time, they should be few and far between. Keep some time for yourself. Without it you will burn out. I did well on not studying Friday nights. On the weekends I did 4-6 hours in the mornings and still have my evenings to spend with my wife. Without those pockets of free time I would never have made it through the exams and studying.
I would wish good luck to those still taking the exam. For those struggling, look to the people in the CPA exam community. You will not find a better group of people to help motivate you. Try to take a small bit of time in your studies to relax. Know that there are many people going through exactly the same thing you are. If you stick with it and put in the time you can get through this exam and move on with your life.
Thanks to everyone that helped, motivated, and supported me during my testing. The support carried me through the worst of times. Hopefully I was able to provide some small measure of support to others.
Thank you to Jeff for creating and maintaining the community. The shared experience we have is powerful.
I just wanted to thank you for all your motivation and support you give to all of us on Club 75. I passed REG on my very first try (yes, first try! Yay!!!).
Although my score was modest, I am just glad to get it out of the way with a score of 77. I studied for 12 weeks. I aImost sat in February just to make the 2nd window, but I decided to wait since I was not quite ready.
It paid off, and here I am! I also sat for BEC yesterday, and I feel pretty comfortable with how I did, although you never really know how things can go. I plan to sit for AUD in August, and FAR in November.
I took the AUD exam on 5-3-10. At the time I registered, I thought my NTS was good through late May. When I logged on, I had exactly 1 week left on my NTS, I hadn’t started studying yet, and the closest location with an open slot was 3 hours away from home. Crash-course cramming ensued.
I used the Wiley “pre-study” method, which consisted of doing every 4th question from the study modules, and any I got wrong involved re-studying and doing the “neighboring” questions from the book. This way with my limited time I covered all the material, skimmed areas where I was strong and concentrated on weak areas.
I memorized the standard audit report and which parts would be altered under various circumstances. I also assiduously memorized/learned the auditing standards, elements of internal control, relationship between audit risk and its components.
When taking the test, I wrote down all my acronyms on the audit standards, elements of internal control etc. and referred back to them REPEATEDLY and systematically for all affected questions.
On the simulations, I utilized the research tab to look up as many answers as possible directly from the standards. On the writing section I wrote four paragraphs including introduction, definitions (including citations from standards), examples, and summary.
I got a 92. I am now officially a Wiley convert!!!!!!! I wouldn’t recommend allowing this small amount of time for studying, as it was a ridiculous amount of stress. But the general study method I used definitely worked and I will utilize it for FAR in July, only with many more hours of study/review time!
Thanks to Jeff and Phil Yaeger I passed REG on the first try with an 80. I was using another review up until I became a Club 75 member.
Jeff encouraged me to use Yaeger to pass REG. I can honestly say he’s not just recommending them to drum up sales, but because Yaeger is a great product. Not to mention I enjoy listening to Phil on the DVDs because he is a funny guy. I also used Jeff’s notes from Club 75 along with motivation from other Club 75 members.
I’ve now passed 3 parts and am waiting on my score for FAR.
Deana passed BEC with a 75! Here is her LinkedIn Profile.
Matt used Yaeger CPA Review to pass BEC and FAR during the Wave 1 score releases. He is now DONE with the CPA Exam! Here is his LinkedIn Profile.
I passed my first section on the first try! I passed AUD with an 80. I studied about 150 hours, but it sure paid off.
Thanks for the community and support Jeff! Here is my LinkedIn Profile.
27. May, 2010 2 Comments
CPA Exam Study Groups are now forming in Club 75 for July 2010 exams. Students of a variety of CPA Review courses are taking FAR, BEC, REG, and AUD during July.
The target exam dates are as follows:
05. May, 2010 2 Comments
This book was written for candidates by someone who understands the ups and downs of navigating the computerized CPA Examination. There is a lot of advice floating around out there about the CPA Exam, but it is mostly written by people who have never actually taken the computerized version of the Exam. They simply apply their experience with the paper and pencil version of the exam and rely on second-hand accounts of what the computerized examination is actually like. I know and understand the frustrations and struggles that candidates go through on today’s CPA Exam because I have been there myself.
Since I started another71.com, I have conversed with thousands of candidates both through my site and e-mail. What I have found is that candidates have many questions surrounding different aspects of the CPA Exam that have gone unanswered. I know this because month after month and testing window after testing window, I see the same questions being asked over and over.
This book answers those questions. It is a collection of the most-asked questions that I see on a regular basis. I have also included some additional pieces of information that I think will benefit the people who read it.
It was my goal to put together a quality resource that will help keep candidates sane through an exam process that could be described as anything but transparent. I hope that I have succeeded in this and that this book helps you in your journey to becoming a Certified Public Accountant.
Jeff Elliott, CPA
Editor, Another71.com
Introduction
Study Strategy
Purchased book for family member studying for the CPA Exam
Score Reporting
Ethics Exam
Certification and Licensing
04. May, 2010 3 Comments
My name is Donna Harding and I passed the CPA Exam on my first attempt during the 4th quarter of 2009 and the 1st quarter of 2010.
Passing the CPA Exam feels just as great as you?d imagine. I want to help you enjoy this same feeling.
When Jeff invited me to guest blog on Another71.com, I considered the topics candidates worry about most. Lately, I?ve received many questions about simulations and understand the anxiety they can create.
Here is my method for simulation prep and my exam day strategy. I hope you find it helpful as you prepare for your next section of the CPA Exam.
SIMULATION INFO AND PREP
Under the current format, three sections of the CPA exam contain simulations (condensed case studies) and constructed response (writing sample), presented together in testlets, but graded independently.
The simulation portions are worth 20% of your exam score, while the constructed responses are worth 10%.
A maximum of 70 points are possible from the MCQs and candidates must earn points on the simulations and written responses in order to pass. Many students become anxious about these testlets, but this can be overcome with adequate preparation and strategy.
The specific topic on your exam will be anyone?s guess, so be sure to follow the content guidelines for the exam you?re taking. Anything you study for the multiple choice portions is fair game for a simulation or written response. The instructor for your prep course may indicate specific topics where a simulation is more or less likely, but candidates should be prepared for anything.
Simulations come in many formats: matching, fill-in-the-blank, categorizing, research? you name it!
Work as many practice simulations as possible, using your CPA Review prep software to become familiar with different format possibilities. If you know how to search with Google, you can handle the research tab. Focus your efforts on finding the magic keywords.
Do the simulation testlets included in your practice exams during your final review. It is important to know how much time YOU need to be successful in these sections before sitting for your next Exam section.
The constructed response requires specific preparation. Practice creating written responses within a 10-15 minute time limit, using proper business writing techniques and formats.
Practice in the same way you will be required to perform in the exam (don?t look up answers or submit an outline).
Read the information provided by the AICPA for requirements and scoring specifics here.
DONNA?S EXAM DAY STRATEGY:
Practice this approach during your final review and make adjustments to your personal strategy as you see fit.
Consider the fact that an outstanding performance on MCQ will relieve some pressure from performance on simulations.
If you have specific questions for me, feel free to ask them here, visit my personal blog, my formspring.me page, or follow me on Twitter.
Best wishes for success on your next CPA exam!
-Donna Harding
http://www.formspring.me/DH2bCPA
If you would like to be a guest blogger on another71.com, contact jeff@another71.com
Auditing scared me to death.
I?ve never done an audit in my life, nor did I know the slightest thing about auditing prior to passing that section of the CPA Exam.
However, I scored a 69 on my first try without really studying.
My NTS was running out and I had to take it or lose it, so I took Auditing the same day as another exam I had studied for (I ended up failing that one too).
The fact that I scored a 69 the first time still baffles me to this day, because I didn?t deserve a score that high.
I passed Auditing on my second try with a 79 through memorization. I memorized everything that I could ? the steps to an audit, management assertions, etc.
The questions on Auditing can be very subjective and you find yourself staring at two answers that both seem correct. You have to choose the ?most correct? answer.
I derived my answers by frantically writing down all of my mnemonics on my scratch paper prior to beginning my exam. With that said, keep in mind that if you take too long, your exam session will lock, so you must do this quickly ? i.e. within 3-4 minutes and then get started.
During the exam, I referred back to my mnemonics constantly and answered the questions accordingly.
There are also a number of topics such as internal control that you can only learn by doing countless multiple choice questions.
If you work enough questions, eventually you will build a base of knowledge about auditing on subjects like internal control where mnemonics don?t really work that well, and you will be able to successfully answer the questions on the exam.
28. Apr, 2010 6 Comments
Have a question relating to the CPA Exam? Submit it to jeff@another71.com.
Q:
My friend took the CPA Exam in late 2008 and always seemed to get her CPA Exam scores no later than 3.5 weeks after taking her exam.
Is it taking longer to score now than a year and a half ago, or was my friend just lucky and didn’t get any brand new simulations?
Jennifer
A:
This is an excellent question and unfortunately, I don’t have a clear answer. I get asked similar questions all of the time and ultimately, only the AICPA knows what is going on with their score release process.
In 2008 when I was taking the CPA Exam, a resource like another71.com that tracked CPA Exam results didn’t exist, which is why I started doing it.
The first breakthrough in the score release mystery came when the AICPA granted me an interview, which shed a little light on the process.
I will say this: the CPA Exam score release process seems more complicated and mysterious than it did even two years ago.
Is that just my imagination or have things really changed? I honestly don’t know.
The best you can do is keep plugging along in your cpa exam review course while you wait for results (and hope that you didn’t get a new simulation).
-Jeff
27. Apr, 2010 0 Comments
The Spring 2010 Uniform CPA Examination Alert was released today and is packed with some useful information. Most of the release emphasizes the 2011 CPA Exam changes.
Here is what CPA Review students need to know:
Financial Accounting and Reporting
“In FAR, questions on international standards are likely to focus on identifying and understanding the differences between financial statements prepared on the basis of U.S. GAAP and those prepared on the basis of IFRS. Another possible topic is first-time adoption of IFRS related to financial reporting, presentation and disclosures in general-purpose financial statements.”
Current FAR Structure:
CBT-e FAR Structure
Business Environment and Concepts
“In BEC, candidates may be asked to demonstrate their understanding of the impact of globalization on the business environment. They may also be asked to explain the underlying economic substance of transactions.”
Current BEC Structure:
CBT-e BEC Structure:
Auditing and Attestation
“In AUD, questions may cover the International Auditing and Assurance Board (IAASB), its role in establishing International Standards on Auditing (ISAs), and the differences between ISAs and U.S. Auditing Standards.
Also, the role of the International Ethics Standards Board for Accountants (IESBA) in establishing requirements for the Code of Ethics for Professional Accountants of the International Federation of Accountants (IFAC).
In addition, candidates may be asked to demonstrate their knowledge of the AICPA Codification of Statements on Auditing Standards, AU Appendix B, Analysis of International Standards on Auditing.”
Current AUD Structure:
CBT-e AUD Structure:
Regulation
“No questions on international standards are currently scheduled to be included in REG in view of the uncertainty of the U.S. tax ramifications of the potential use of IFRS by U.S. companies. However, the REG content specifications may be modified in the future to reflect international standards.
The inclusion of international standards on the CPA Examination is based on the determination that knowledge of IFRS is currently required of entry-level CPAs in many different practice settings. In other words, such knowledge has been found to be relevant and important to today?s workplace responsibilities of entry-level CPAs.
Tomorrow?s requirements are not likely to change, regardless of progress toward the convergence of IFRS and U.S. GAAP. In all probability, CPAs will need to be conversant with both U.S. and international standards for the foreseeable future.”
Current REG Structure:
CBT-e REG Structure:
New Research Task Format:
“The new authoritative literature release will require a new research task format. This means that on January 1, 2011, how candidates view authoritative literature on the examination and how they enter their responses to research questions in the AUD, FAR, and REG sections will change.
A description of the new format will be widely distributed and posted on the CPA Examination website in the summer of 2010. When the new tutorial and sample tests are subsequently made available, candidates will be able to see the new research format functionality in action.”
23. Apr, 2010 0 Comments
Have a question relating to the CPA Exam? Submit it to jeff@another71.com.
Q:
I sat for Regulation on the 1st of April in Ohio. When will I receive my score?
I am scheduled to take BEC before August, so now I’m anxious about both BEC and REG.
Should I forget about REG for now and concentrate on BEC instead?
Any tips or suggestions?
Thanks for helping me hold onto sanity during this ridiculous experience.
Gina
A:
Since you took Regulation on April 1, this makes you eligible for a Wave 1 CPA Exam results release.
However, if you had a brand new simulation on your exam, you will be in Wave 2 automatically per my Interview with the AICPA.
Let’s assume though that you didn’t have a new simulation and everything is copacetic (I always wanted to use that word in a sentence) on the REG front.
I think your score will be released by the AICPA on or around May 19.
Since Ohio is a NASBA State, your (passing) score should come out the following evening.
I would push Regulation out of your mind. Just assume that you passed and move on mentally to BEC.
Focusing 110% of your efforts into BEC would be a wise use of your time.
It is feasible that you could actually take BEC before you get your REG score if you really crank up your study regimen.
However, taking BEC at the end of May with REG score in hand – for better or worse, is the safer plan.
-Jeff
23. Apr, 2010 1 Comment
Have a question relating to the CPA Exam? Submit it to jeff@another71.com.
Q:
I have a question regarding studying for the FAR section of the CPA Exam using two different CPA Review courses.
I now have both the Yaeger course and another course, both are current. I scored a 73 using the other course and have switched to Yaeger.
I am planning on taking FAR again May 28. I was wondering what you would think the best approach is to studying for FAR using two courses?
Since you took Yaeger and passed I was hoping that you could shed some light on my situation (how to make the best of Yaeger while using the other course as a crutch or visa versa).
Thanks Jeff. I really appreciate you time and dedication to helping all of us hopefuls, it means a lot!
Mike
A:
There aren’t enough study hours to use two full CPA Review courses at the same time and finish in 6-8 weeks.
You have to pick one and then utilize some aspects of the other course, such as software practice problems, during the course of your final review week(s).
Since you made the switch, I would watch the Yaeger Financial Accounting and Reporting videos from start to finish and take tons and tons of notes.
Then, I would work the Yaeger-assigned MCQs in the book (again, do this after viewing all videos). I would also take notes over the MCQs.
Finally, I would re-write my notes and test yourself using the other course’s software package. I wouldn’t “study” with the two courses and move back and forth, but I would utilize their software to test yourself on the concepts you learned from the Yaeger HomeStudy.
Taking good notes and re-writing them takes time and will seem tedious, but you will ABSORB the info better, which is the whole point of taking them in the first place.
Re-writing your study notes isn’t a mainstream idea, but it’s something that I decided to do while I was studying and it paid off.
More and more people are doing this per this site’s recommendation and are PASSING, which reinforces my belief that this is the best approach to studying for the CPA Exam.
Thanks for writing,
Jeff
22. Apr, 2010 1 Comment
Have a question relating to the CPA Exam? Submit it to jeff@another71.com.
Q:
I sat for and passed all four parts of the CPA Exam in New Jersey. I am going to be working however, in either North or South Carolina.
Should I apply for my CPA license in New Jersey and then get the paperwork for reciprocity in North and South Carolina? Where do I get the paperwork to have my work experience signed off? I cannot seem to find it!
Thank you!
Lauren
A:
Licensing requirements and navigating reciprocity issues among states can be very tricky, especially since states change things on a regular basis.
The best resource that I know of that keeps track of all of the states and monitors them for changes to their forms and licensing rules is NASBATools.com.
NASBATools.com will have everything you need all in one place.
I wish you success as a CPA,
-Jeff
11. Apr, 2010 0 Comments
Club 75 was started in June 2009 as an alternative to CPA Review students who wanted something more than what a generic “free” site could offer.
What began as a quiet private Google Group quickly became the largest subscriber-based CPA Exam community on the internet.
When it became apparent that Club 75 had outgrown the Google Group, I hired a web development team and asked them to make it the best resource for CPA Exam candidates on the internet.
They have succeeded.
To celebrate the launch, I am offering a 30 day free trial for one week.
The window will expire at midnight Monday April 19, 2010.
Click Here to Start Your Risk-Free 30 Day Trial Now
05. Apr, 2010 2 Comments
Dearest CPA Exam,
While I know you have enjoyed our time during the past 35 or 36 months together, I have not.
You have sucked the life out of me for 3 years and I’m ready to purge you from my life and every day vocabulary.
Normal daily life should not include words like “Wave 1, Wave 2 and Wave 2.5″, or spend countless hours praying for a score to be online when I wake up and hit the refresh button or having that stomach-lurching feeling as the NASBA website loads, only to see “Error: Score Not Found”.
My credit card company loves you but I do not.
You have taken taken over $7,500 and spread it to the AICPA for 16 exams, Becker for 07/08 CPA Review material, Bisk for 2009 CPA Review material and finally, Yaeger CPA Review for 2010 material.
Some days I felt like I needed a speedy checkout that would auto-fill my credit card info when those nasty sub-75 numbers show up on NASBA’s site.
I have been studying for you the whole time that my husband and I have been together.
We have dated, got engaged, got married and built a house together.
He says it’s time for you to move out.
Sorry. He would like his wife back. No offense.
I would also like to thank you for the opportunity to meet a nice lady
named Jinx at the Prometric testing site. She now knows me by name,
sight and knows my vacation schedule along with every score you’ve
scarred blessed me with.
When I left the testing center last November thinking that could be my last test, she said “Well it’s been great knowing you but I hope I never have to see you again so it means you passed them all!”
When I returned in January because you gave me a 73 in Audit and caused me to lose BEC as well, she said “Oh honey it just broke my heart when I saw your name on today’s testing schedule”.
I also got to meet a great supportive group of people through Club 75. They are awesome but I’m sure they are tired of hearing me whine about my scores, studying all weekend, every weekend and that I just want the magic 75!
If you need me to sign a paper saying that I swear on my license that I will never be an auditor, I will certainly do so! After all, I’m a tax girl through and through.
Audit gives me the heibby jibbies (yes I know I spelled that wrong but even on the CPA Exam you give me spell check!)
Please remember to be nice to me when you are grading my late-April Auditing and Attestation exam.
Thank you.
Respectfully,
Jennifer A.
Have a story to tell? Become a Guest Blogger on Another71.com, by joining Club 75.
12. Jan, 2010 Comments Off
As a former CPA Exam candidate, I understand how hard it is to balance work, family life, and the CPA Exam.
I studied for the Exam with three kids.
In addition, I think I have a good feel for the amount of time it takes for each exam and how many weeks it takes to fit it all in.
I have developed a CPA Exam study plan that is customizable according to your schedule.
If you’re not a morning person, you can adjust the sheet and make up for it elsewhere. If weekends are not an option, you can change that too and the sheet will adjust.
I have also allocated one “night off” each weeknight into the plan.
These plans are realistic and represent what it truly takes to pass the Exam – BUT STILL HAVE A LIFE.
Also – if you only have 3 weeks to do a full study program for your section, you can adjust the plan.
It includes a morning, lunch, evening, and weekend study option.
If studying at lunch isn’t feasible, allocate those hours to the evening – or the weekends, wherever they will fit.
Also, each section comes with a topical checklist that allows you to chart your progress for each topic using the Video/Notes/MCQ methodology that I recommend.
This is the study method that I had success with.
Each section is $2.95, or you can buy the complete set for $7.95.
These CPA Exam study plans are now a Club 75 member benefit and people really like them.
To Your Success,
-Jeff
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The CPA Exam pass rates for Q4 2009 have been released and as predicted - the fourth quarter passing rates dropped 10% over Q3 2009.
What was not predicted however, was that the fourth quarter pass rates would be the worst of the year.
Typically, Q1 always has the lowest pass rate for the CPA Exam and hovers around 45-46% per section. This is attributed to “busy season” for tax and audit employees.
The lower-than-usual dip in Q4 pass rates could be a result of job stress/job hunting and the “holidays”.
The 2009 CPA Exam Pass Rates are as follows:
Here is the breakdown for 2009:
Auditing and Attestation:
Q1: 47.61%
Q2: 51.79%
Q3: 51.52%
Q4: 47.99%
Business Environment and Concepts:
Q1: 46.23%
Q2: 48.62%
Q3: 52.27%
Q4: 45.65%
Financial Accounting and Reporting:
Q1: 45.54%
Q2: 50.58%
Q3: 51.18%
Q4: 46.15%
Regulation:
Q1: 47.96%
Q2: 52.25%
Q3: 52.41%
Q4: 46.57%
Get the report from cpa-exam.org here.
01. Jan, 2010 Comments Off
Thanks again for all you do and please keep up the good work. For $19.95 a month EVERY candidate should join Club 75.
Mark G
1. Bigger CPA Review Discounts*:
In addition to the Discounts already offered on this site, Club 75 Members save an extra $100 on the Four-Part Yaeger CPA Review HomeStudy Course and $50 on a Single HomeStudy Course.
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2. Private Candidate Forum and Study Group
The Club 75 forum messages can be delivered via e-mail so you can talk to other CPA Exam candidates on the go.
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3. Access to archived CPA Review webinars done exclusively for Club 75.
Currently Archived:
“FAS 141(R)” with Dr. Phil Yaeger, CPA – Duration: approx. 60 minutes
“Last Minute FAR Tips” with Dr. Phil Yaeger, CPA – Duration: approx. 60 minutes
“REG and FAR #1″ with Dr. Phil Yaeger, CPA – Duration: approx. 60 minutes
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4. Access to future CPA Review Webinars
Currently Scheduled:
Note – These Live CRAMS are at half price and available only to Club 75 Members.
Yaeger CPA Review’s Live FAR CRAM – January 9-10, 2010 Cost: $99*
Yaeger CPA Review’s Live REG CRAM – January 16-17, 2010 Cost: $99*
Yaeger CPA Review’s Live BEC CRAM – January 23-24, 2010: $49*
Yaeger CPA Review’s Live AUD CRAM – January 30, 2010, 2010 Cost: $49*
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5. CPA Review Study Notes
Currently available: Financial Accounting and Reporting and Regulation*
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6. CPA Review Study Plan
This is a plan that you can follow regardless of what CPA Review course you are using.*
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7. Direct access to another71.com owner Jeff Elliott, CPA whenever you have a question regarding the CPA Exam.
I always strive to respond to e-mails within 24 hours.
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8. Get CPA Exam score release updates e-mailed to you.
You can focus on work and your family and not the internet. If something happens – I will e-mail you.
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* Note: You must be a paid subscriber to get this Club 75 benefit.
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Anyone who is serious about the CPA Exam.
Club 75 has a wide range of members – from Big 4 Auditors to recent college graduates getting ready to take the CPA Exam to 30-somethings to candidates in their 50’s.
Club 75 has benefited many CPA Exam candidates in various stages of their careers.
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Club 75 is $19.95 a month, which in the world of CPA Exam Review, makes it one of the best bargains out there.
With Club 75, you get the best CPA Review discounts anywhere, webinars to help you pass your exams, review notes, a community of like-minded candidates to interact with, and a trusted source to get your questions answered about the CPA Exam.
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Option 1:
Try Club 75 free for a week. If you don’t like it – cancel! I’m here to help you pass the CPA Exam, not waste your money. It’s 100% risk-free. Cancel at any time.
Your free trial will convert into a full subscription after a week and you will gain access to all Club 75 benefits at that time.
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Option 2:
Become a paid subscriber now.
Get immediate CPA Review discounts and access to all Club 75 benefits:
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Club 75 Member Testimonials:
Club 75 is SO worthwhile. I only wish I had joined sooner.
Joanna H
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I completed my final part (REG) – just under the wire as I almost lost BEC!!!! I want to thank you SOOOO very much for your Club 75 site, support, reassurance, guidance, etc!!!!! I was not about to give up, but I was very frustrated and discouraged.
You and others who utilize Another71.com and Club 75 gave me what I needed to get it done!
I took your advice after failing REG 3 times and purchased Yaeger CPA review and passed on the first try with an 82! I am forever grateful! I wish I could say or do more!
Thank you so very much.
Kind Regards,
Kristen L – Passed the CPA Exam in 2009
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Thanks again for the support and advice you provided during the last 11 months. I couldn’t have passed the exam without you and your site!! Thanks.
Brian – Big 4 Auditor
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I have recommended your site to a couple of people that have mentioned wanting to take the exam. I will make sure in the future to recommend that they join Club 75 as well.
Your site, forum, and Club 75 are wonderful tools that make the process less painful.
Amanda H – Passed in December 2009
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I haven’t been a part of Club 75 very long, but I have been a follower of the blog for a very long time now. I’ve seen it grow quite a bit. I think what you’re doing is fantastic. I’ve gained a lot of knowledge from your site. More importantly, I gained a lot of HOPE.
Another71.com is a great outlet for us CPA candidates, especially those of us who have struggled along the way. I have no doubt that this journey would have been a lot harder without a site like yours. Three and a half years and one lost AUD credit later, I am finally done with the CPA exam. THANK YOU!!!
Meghan B – Passed in December 2009
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Thank you Jeff & everyone at Club 75 & Phil Yaeger. I could not have done it without you guys.
Ye Shao
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“Thank you Jeff and Phil for the webcast today. I just watched it and am thankful that you guys put forth your effort in helping us out. We all really appreciate it.”
Cortnie
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“That lecture just boosted my confidence a ton! I know I’ve got plenty to studying between now & Wed but I knew something about everything he talked about. Whoo Hoo! Maybe I can be done with this beast finally! 2 1/2 years later!
Jaks
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“First, I obviously need to thank Jeff. I feel like I know the “backstage” of the exam because of you. The information you have given me I have been able to pay forward to quite a few other CPA candidates and I always, always recommend that they join Club 75 if they want to be able to discuss any of their trials and tribulations with SERIOUS CPA candidates and the CPA guru himself, Jeff Elliott.
If it weren’t for you Jeff (and Phil Yaeger), I would not have passed REG. I consider myself extremely fortunate that Becker worked for AUD, BEC, and FAR – but I can say for certain I would not have passed REG if Jeff wasn’t so insistent on using the Yaeger Home Study for REG, there is NO WAY I would have gone from a 65 to an 82 after 1 month of additional studying.”
Kara – Passed the CPA Exam in November 2009
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“Thanks Jeff, this is a wonderful site and resource. Better than the
regular blogs!!!”Lynn
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“Thank you Jeff for hosting this support site, it makes the whole process seem a little more human.”
Anne
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“The support and understanding in this group is amazing bar none.”
Lee
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“Jeff has really outdone himself with the notes, the e-book, radio show and now the webcast from Phil.. I hope you are half as pleased and impressed with this group as I have been.
…
You are a Godsend!!!!!!!!!!!!! … No one has helped me the way you have. Thank you so much! You don’t know how much I appreciate it.”
Kricket
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Your e-book and both forums are awesome and it’s so nice to be able to talk to people going through the process (since most friends/family have no idea what it’s like)
Cait
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“Jeff with all the freebies we already received, I almost feel like we are cheating you on the subscription. Thanks for everything.”
Daniel K – TN
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“I joined club 75 at the end of August as a desperate measure to get as
much help from Jeff before sitting for FAR (and only studying for 3
days… very very bad idea). With that being said, I never expected
to get as much out of this club as I do. The posts that everyone so
kindly share and respond to one another, the advice from Jeff, the
opportunities, compassion, the list goes on.”Shannon F – NH
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“I got my Audit results a few weeks ago (August 25th) and found out that I passed with an 80, an 8 point increase from my 72 that I received in June. I just wanted to thank you for all the help and support you gave me, and so many other people aspiring to complete the CPA Exam. I think you do the aspiring CPA community a great service. I listened to you and got the Yaeger Cram, sacrificed a lot, but in the end it was worth the 8 extra points I got. Once again thank you so much for your help, and good luck in the future.”
Kevin C – Passed the CPA Exam in 2009
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“Money well spent. Seriously.”
Mark P – KS
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Thanks so much Jeff, you really rock. I wouldn’t be sane without you and the group.
Angie
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“I am loving this website. i just signed up for Club 75. i mean i spent a couple of grand on study materials, what is $20 a month for great advise.
Thanks Jeff!
(2 passed, 2 to go, waiting on REG, taking AUD in July)”FL hopefull REG
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“Thank you so much! I’ve been enjoying reading everyones posts. So much help is given!”
Katelyn
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“Thank you, thank you, thank you for sending the e-mail updates. Friday and Yesterday I only got half the work done that I should have because I was constantly refreshing the page looking for an update, a tidbit, anything?.”
Nan
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“Why did I join Club 75? To help push myself into continuing with Audit retaking BEC before I goto REG then FAR. Hopefully this works?”
JSquared
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“Thanks for everything you do for future CPA?s!!!!”
Elizabeth P
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?Joining Club 75 was an easy decision to make. I want to finish these exams?can?t think of a better way to put me over the top! Thanks for all you do Jeff”
Andrew M. ? CA – Passed the CPA Exam in 2009
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“Your FAR notes are proving veryyy helpful thanks so much!”
Moira O – Passed FAR a month later
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Option 1:
Try Club 75 free for a week. If you don’t like it – cancel! I’m here to help you pass the CPA Exam, not waste your money. It’s 100% risk-free. Cancel at any time.
Your free trial will convert into a full subscription after a week and you will gain access to all Club 75 benefits at that time.
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Option 2:
Become a paid subscriber now.
Get immediate CPA Review discounts and access to all Club 75 benefits:
Yaeger CPA Review has extended an offer to Club 75 members to watch their live filming of their 2010 CPA Exam CRAM course at 50% off the normal cram price.
Yaeger CPA Review sells their CRAM course at the following prices:
Financial Accounting and Reporting CRAM (approx. 22 hours): $199
Regulation CRAM (approx. 18 hours): $199
Business Environment and Concepts CRAM (approx. 12 hours): $99
Auditing and Attestation CRAM (approx 7 hours): $99
The Live CRAM access will be available to Club 75 members at the following prices:
FAR – $99
REG – $99
BEC – $49
AUD – $49
The Live CRAM filming schedule (all are on weekends):
FAR – January 9-10, 2010
REG – January 16-17, 2010
BEC – January 23-24, 2010
AUD – January 30, 2010
The Yaeger CPA Review CRAM is hands-down the best CRAM product on the market and is taught by the best and most-credentialed group of instructors in CPA Review.
Join Club 75 and watch the live CRAM course at 50% off the normal cram price.
Note: Access to the live CRAM filming is open only to Club 75 members. You have to be a member of Club 75 to gain access to the webcast.
Sign up for a FREE 7 Day Free Trial:
Note: only paid subscriptions can gain access to the CRAM filming.
Read more about [Club 75].
Dr. Phil Yaeger, CPA will be filming a live CPA Exam webcast for Club 75 members on Thursday December 17, 2009 at 9:30pm Eastern.
The webcast will last approximately an hour and will be devoted exclusively to FAS 141(R) consolidation problems for the Financial Accounting and Reporting section of the CPA Exam.
Dr. Yaeger is one of the best CPA Review instructors in the industry and was instrumental in me passing the CPA Exam.
This webcast is for Club 75 members only, but you can view it for free by joining Club 75 and taking part in the free 7 day trial.
There are over 100 CPA Exam candidates in Club 75 and many of them are taking FAR in the January/February 2010 testing window.
If you are struggling with FAS 141(R) – don’t miss this webcast. You can be SURE it will be a major part of your next FAR exam and it’s a ripe topic for simulations because it’s only been tested for six months.
If you can’t attend the live filming, the webcast will be archived to view at your convenience.
You can view the webcast, as well as interact with others taking FAR by subscribing here:
Read more about [Club 75].
14. Dec, 2009 0 Comments
Ten random stupid things said to candidates while studying for the CPA Exam:
I found out that I had failed FAR by 1 point and BEC by 2 (double ugh!). My boss offered to let me go back down to part time for the next two months while I study and retake the exams.
A coworker was asking snidely what I planned to do and ‘was I going to go back to part time?’ I replied that I didn?t know and was going to think about it over the weekend.
His response was ‘I don?t know why you?d go back to part time, it?s not like it helped this last time.’
-Okaygang
My family and I were invited to a neighbor’s pool party in August. I was studying intensely for FAR, so I sent an email that said my family would come, but I was going to study. (A choice I made at the beginning of the process-I would have to skip all family functions if I was going to get this test done the first time.)
She had heard me say I was studying for months, and I don’t know if she knew I was taking different sections at the time. She sent me an email that said, ‘If you don’t know this sh*t by now, you are never going to know it.’
My mouth fell open and I didn’t know how to respond. Only someone who never took the exam would say that.
-MomofFive-NY
…after explaining to my mother in law that the pass rate is like 40%, she says, ‘why don’t they just let everyone pass?’
-kmcauliffe
It amazes me that the people who have accomplished the least usually give the best “advice”.
-zooyuka
You mention the bar exam…people get excited…you mention the CPA exam…’what’s that…is it hard???…so you can do my taxes!!!’
-NJ Devilz
When I first began studying for the exam, my boyfriend dumped me because I didn’t have time to go out during the week. He said ‘all you ever want to do is study…’
-kroyal0216
I came to visit my parents-in-law from BEC exam, being overwhelmed by how I didn’t study enough for IT.
So here goes my smart a$$ father-in- law (a doctor):
‘Well, what do you think you got wrong? Tell me’.I told him it had to do with IT and he is quickly showing off by telling me what I probably missed and says, ‘Hmm, maybe I should go take some exams, too.’
-Anna
I can’t stand when people say ‘oh you’ll be fine’ or when I say how I’m not sure if I passed, they say ‘oh, I’m sure you’re just exaggerating’ or ‘you are putting so much into it, of course you’ll pass.’
People seem to think the exam is just like another test in college where its easy to get an A if you study. This is different. I keep telling them that the majority of people who take this exam put just as much into it as me, but the pass rate is still generally under 50%.
Then they’re like ‘..yeah.’ I feel like they are either half listening. People just don’t get it.
-ktsullivan
I love the ‘you can be my tax guy!’ comments. Why does everyone thing that CPA is synonymous with just taxes? You just basically have to understate the whole ordeal when talking with those that obviously don’t get it.
I just tell people that it’s an infamously difficult exam and even if you study hard, there’s a very real possibility that you won’t pass all 4 parts on the first go around, because there is an element of luck involved as well.
-TD
This little old lady comes up to me, and she said ‘Your mom told me that you’re finishing the requirements to get your CPA…do you work with taxes?’ My answer, ‘yes.’ She says, ‘Oh, good. My mom passed away last April, and we have a mess in the probate court, and I’m going to need a good estate tax person, can you do that?’
I accidentally laughed at her.
-SwissBliss
If you have a funny/infuriating story or comment to share, post it at the [CPA Exam Forum].
30. Nov, 2009 15 Comments
The AICPA has released their final update on the makeup of the 2011 CPA Exam.
Auditing and Attestation (AUD)
Current Structure
? 3 Multiple-Choice Question (MCQ) testlets containing a total of 90 questions
? 2 Simulations in current (long) format
? 2 Written Communication tasks
? Current Testing Time: 4.5 hours
? Multiple Choice Questions Weight: 70%
? Simulations Weight: 20%
? Written Communications Weight: 10%
CBT-e Structure
? 3 Multiple-Choice Question (MCQ) testlets containing a total of 90 questions
? 1 Testlet containing 7 short Task-Based Simulations (TBS)
? CBT-e Testing Time: 4 hours
? Multiple Choice Questions Weight: 60%
? Simulations Weight: 40%
? Written Communications Weight: N/A
Business Environment and Concepts (BEC)
Current Structure
? 3 Multiple-Choice Question (MCQ) testlets containing a total of 90 questions
? No Written Communication tasks
? Current Testing Time: 2.5 hours
? Multiple Choice Questions Weight: 100%
? Simulations Weight: N/A
? Written Communications Weight: N/A
CBT-e Structure
? 3 Multiple-Choice Question (MCQ) testlets containing a total of 72 questions
? 3 Written Communication tasks on BEC topics
? CBT-e Testing Time: 3 hours
? Multiple Choice Questions Weight: 85%
? Simulations Weight: N/A
? Written Communications Weight: 15%
Financial Accounting and Reporting (FAR)
Current Structure
? 3 Multiple-Choice Question (MCQ) testlets consisting of a total of 90 questions
? 2 Simulations in current (long) format
? 2 Written Communication tasks
? Current Testing Time: 4 hours
? Multiple Choice Questions Weight: 70%
? Simulations Weight: 20%
? Written Communications Weight: 10%
CBT-e Structure
? 3 Multiple-Choice Question (MCQ) testlets consisting of a total of 90 questions
? 1 Testlet containing 7 short Task-Based Simulations (TBS)
? CBT-e Testing Time: 4 hours
? Multiple Choice Questions Weight: 60%
? Simulations Weight: 40%
? Written Communications Weight: N/A
Regulation (REG)
Current Structure
? 3 Multiple-Choice Question (MCQ) testlets consisting of 72 questions
? 2 Simulations in current (long) format
? 2 Written Communication tasks
? Current Testing Time: 3 hours
? Multiple Choice Questions Weight: 70%
? Simulations Weight: 20%
? Written Communications Weight: 10%
CBT-e Structure
? 3 Multiple-Choice Question (MCQ) testlets consisting of 72 questions
? 1 Testlet containing 7 short Task-Based Simulations (TBS)
? CBT-e Testing Time: 3 hours
? Multiple Choice Questions Weight: 60%
? Simulations Weight: 40%
? Written Communications Weight: N/A
The one-hour “Last Minute FAR Tips” webcast with Dr. Phil Yaeger, CPA of Yaeger CPA Review is now archived and available for viewing for FREE by joining Club 75 and participating in the 7 day free trial. This was filmed on Satuday November 21, 2009.
“Thank you Jeff and Phil for the webcast today. I just watched it and am thankful that you guys put forth your effort in helping us out. We all really appreciate it.”
Cortnie
“I knew most of what he went over, but it was a good review and helped
build some confidence if nothing else. Thanks!”Adam
“That lecture just boosted my confidence a ton! I know I’ve got plenty to studying between now & Wed but I knew something about everything he talked about. Whoo Hoo! Maybe I can be done with this beast finally! 2 1/2 years later!
Jaks
In addition to the “Last Minute FAR Tips” webcast, I will also give you access to previously filmed webcasts, which include:
November 4, 2009 – Podcast with Jeff Elliott, CPA and Dr. Phil Yaeger, CPA
Topic: REG and FAR
November 9, 2009 – Video webcast with Dr. Phil Yaeger, CPA
61 minutes total view time.
Order of topics:
1. REG – Like Kind Exchanges
2. FAR – 141R
3. REG – 1231,1245, 1250 assets
4. REG – Partnership Distributions
5. Wrap up: Final thoughts from Phil on FAR and REG preparation as you
exam nears.
These webcasts are excellent and I think you’ll find them very helpful as your exams get closer.
Upcoming Webcast to be announced soon…
Sign up and watch it for FREE with the 7 Day Free Trial:
UPCOMING: LIVE WEBCAST
Dr. Phil Yaeger of Yaeger CPA Review is doing a live webcast on Saturday November 21, 2009 for Club 75 members. It will steam live @ 12pm Eastern.
He will be covering “Last Minute FAR Tips” before you take your Financial Accounting and Reporting Exam.
This is for Club 75 Members only. The first week of Club 75 is free and you can cancel at anytime.
Join Club 75 and watch this webcast and others for FREE. I am confident that you will continue as a member.
There are some upcoming webcasts that are going to be very good.
Sign up and watch it for FREE with the 7 Day Free Trial:
Get more information on Club 75
Update: This webcast is now archived and available for viewing after joining Club 75
View time: Approx 61 minutes
Order of topics:
1. REG – Like Kind Exchanges
2. FAR – 141R
3. REG – 1231,1245, 1250 assets
4. REG – Partnership Distributions
5. Wrap up: Final thoughts from Phil on FAR and REG preparation as you
exam nears.
Original Post:
Dr. Phil Yaeger of Yaeger CPA Review will be hosting a live webcast Monday November 9, 2009 at 10 pm EST for Club 75 members.
He will cover four hot CPA Exam topics, three from Regulation and one from Financial Accounting and Reporting.
Regulation:
-1231, 1245, and 1250 Assets
-Like-kind exchanges – with and without a liability attached (…does your review course cover like-kind exchanges with a liability in-depth? It should.)
-Corporate and Partnership liquidating/non-liquidating distributions
Financial Accounting and Reporting:
-141R Consolidations
If you are taking either REG or FAR in the upcoming weeks, you don’t want to miss this event.
Improving your proficiency on these hot exam topics could very well give you the extra boost you need for your upcoming exam.
Join Club 75 and a link to the webcast will be provided.
Details:
-This webcast is for Club 75 members. [Go here to join Club 75]
-If you join, you can also take part in a [Wiley CPA Review 2010 beta test (worth approx $100)]
Update 11/25/09: This promotion has ended. Stay tuned for more offers from Wiley for Club 75 members.
Wiley CPA Review has a special offer for Club 75 members: Test drive their new 2010 Wiley CPA Exam Test Bank Online, tell them what you think about it, and get four months of access for free. This is approx. a $100 value.
The what: Beta test their new 2010 online 4-part Online CPA Exam Test Bank from mid-December to mid-January
The who: Club 75 members
The why: You basically get 5 months of access to 2010 CPA Exam questions for free (beta test month + four additional months).
Additional benefits of Club 75:
-Access to the private Club 75 CPA Exam community with over 70 paid members and 2,000+ postings
-Exclusive webcasts with the CPA Exam experts @ Yaeger CPA Review (next one is Monday, November 9th with Dr. Phil Yaeger who will go over 3 must-know FAR topics and three must-know REG topics)
-Complimentary FAR and REG notes as a bonus
Even if you only sign up for one month – you’re still getting approx $100 of software access for $19.95.
To sign up now: [Go to Paypal]
To read more: [Go to the Club 75 Page]
The CPA Exam pass rates for the third quarter of 2009 have been released and as usual, Q3 is the strongest quarter of the year.
This site was one of the first to start tracking CPA Exam pass rate rate statistics and as I wrote in March 2008, 41-45% of candidates were passing each section.
Now, 45-52% of candidates are passing each section of the exam.
Here is the breakdown for 2009:
Auditing and Attestation:
Q1: 47.61%
Q2: 51.79%
Q3: 51.52%
Business Environment and Concepts:
Q1: 46.23%
Q2: 48.62%
Q3: 52.27%
Financial Accounting and Reporting:
Q1: 45.54%
Q2: 50.58%
Q3: 51.18%
Regulation:
Q1: 47.96%
Q2: 52.25%
Q3: 52.41%
If the fourth quarter of 2009 follows the trend from Q4 2008, scores will dip approx. 9% on average.
Get the report from cpa-exam.org here.
Today’s CPA Exam Question of the Day from Yaeger CPA Review Instructor Cindy Simpson, CPA, CMA, CIA covers Governmental Accounting for the Financial and Accounting section of the Exam. Yaeger CPA Review provides these exclusively to the readers of another71.com.
2009 Wiley FAR, Module 19 (Governmental Accounting), MCQ 44, Page 894.
In December 2007, the general fund of Millard City received $25,000 from the state as an advance on the city’s portion of sales tax revenues, and it received $20,000 from property owners for property taxes to be levied in 2008. The advance payment of sales taxes represented the amount that the state collected in 2007 that would have been distributed to Millard in the early part of 2008.
Millard used the advance to pay for expenditures incurred by the general fund in 2007. The cash received from property owners for property taxes to be levied in 2008 will be used to pay for expenditures incurred in 2008.
In accordance with GASB 33, Accounting and Reporting for Nonexchange Transactions, what amount of revenue from these transactions should be reported by Millard’s general fund on the statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2007?
A. $25,000
B. $20,000
C. $0
D. $45,000
The Wiley answer on page 906 states that [A] is the correct answer because only the $25,000 received from the state as an advance of sales tax revenues meets the GASB 33 requirements for recognizing revenue under the modified accrual basis of accounting; the modified accrual basis requires that revenues be recognized when they are both measurable and available. Here is some additional explanation for why [A] is the BEST answer.
First of all, this is a question which involves the modified accrual basis of accounting. The two clues that indicate the modified accrual basis are:
(1) the general fund, which is one of the five governmental funds (the governmental funds use the modified accrual basis) and
(2) the statement of revenues, expenditures, and changes in fund balances (expenditures are used in the modified accrual basis).
Under the modified accrual basis, revenues are recognized when they are both:
(1) measurable: you can come up with a figure and
(2) available: you will collect the money by the end of the year (balance sheet date) or within a short time after the end of the year so that you can pay the bills for that year.
For example, for the money to be available in 2007, you have to be able to pay the bills for 2007 using that money. If you cannot use the money to pay the bills of 2007, then you cannot call it revenue in 2007. What makes this question so tricky is that they call the 2007 sales taxes received in 2007 an “advance” and they receive the 2008 property taxes in 2007.
Because the $25,000 of sales taxes received will be used to pay 2007 bills, you can recognize it as revenue in 2007. But, because the $20,000 of property taxes received will be used to pay 2008 bills, you cannot recognize it as revenue until 2008. Therefore, the best answer is $25,000; the answer is [A].
Some other notes: In this question, Millard City collected the money before December 31, 2007 (the balance sheet date), but that may not be the case in questions on the CPA exam. There are some tricky rules about how quickly you must collect the money after the balance sheet date in order for that money to be “available.” Specifically for property taxes, you must collect the money within 60 days of the balance sheet date; for other types of taxes, you must collect the money within a reasonable time after the balance sheet date, such as 180 days. But, don’t forget . . . you can only call it revenue in that year if you use the money to pay the bills for that year, regardless of how quickly you collect it. Also, under GASB 33, sales taxes are “derived” nonexchange revenues and property taxes are “imposed” nonexchange revenues.
***
Have questions? Need help? Take advantage of this opportunity from Yaeger CPA Review.
Here are the guidelines for submitting CPA Exam questions:
1) This is open to all current CPA Exam candidates
2) Questions submitted can only be from the 2009 Wiley CPA Review 4-volume textbooks
3) Questions can only be in multiple choice format, (no simulations)
4) Questions need to be emailed directly to Yaeger CPA Review at phil4help@aol.com
Get the complete Yaeger CPA Review FAR HomeStudy course for only $345
Get a good CPA Exam review course and pass the CPA Exam in 2010.
The CPA Exam is officially changing in January 2011. In addition to IFRS being tested, portions of all four Exam sections will change – some significantly. As discussed at the August 2009 meeting in New York City, the new Content Specification Outlines (CSOs) would be coming in September 2009 and it was just released.
You can read about the changes to the CPA Exam here.
The next CPA Exam Question of the Day is answered by Yaeger CPA Review Instructor Cindy Simpson, CPA, CMA, CIA. Yaeger CPA Review provides these exclusively to the readers of another71.com.
2009 Wiley BEC, Module 45 (Planning, Control, and Analysis), MCQ 14, Page 338.
In calculating the breakeven point for a multi-product company, which of the following assumptions are commonly made when variable costing is used?
I. Sales volume equals production volume.
II. Variable costs are constant per unit.
III. A given sales mix is maintained for all volume changes.
A. I and II.
B. I and III.
C. II and III.
D. I, II, and III.
The Wiley answer on pages 347–348 states that [C] is the correct answer. Wiley states that item [I] is false in variable costing because the breakeven point will be the same even if production does not equal sales. Here is some additional explanation for why [C] is the BEST answer.
This question can be a little tricky because it mixes two concepts: CVP analysis and variable costing. If you refer to page 320 in the Wiley BEC book, item 3, you can see under the Assumptions of CVP Analysis, that question item [I] corresponds to assumption item [g] Units produced = Units sold, question item [II] corresponds to assumption item [d] Variable costs per unit are constant, and question item [III] corresponds to assumption item [b] The sales mix remains constant. Therefore, [I], [II], and [III] are all assumptions of CVP analysis. Regarding question items [II] and [III], both assumptions apply to variable costing because they are important in calculating contribution margin in single- and multi-product firms, and contribution margin is used in the variable costing income statement found on page 321 (middle of the page). Contribution margin = sales price — variable costs.
But what makes this question tricky is that they also include variable costing in the question. The difference between variable costing and absorption costing is the treatment of fixed factory overhead. In variable costing, fixed factory overhead is treated as a PERIOD cost and the entire amount is always subtracted in calculating net income.
However, in absorption costing (which is the costing we use in GAAP), fixed factory overhead is treated as a PRODUCT cost and flows through the inventory accounts of work-in-process and finished goods inventory, and is eventually expensed as Cost of Goods Sold (COGS) when the product is sold. If we produce MORE than we sell, then finished goods inventory goes up (trapping the fixed factory overhead), COGS goes down, and net income is higher (as compared to net income under variable costing). If we produce LESS than we sell, then finished goods inventory goes down (releasing the fixed factory overhead), COGS goes up, and net income is lower (as compared to net income under variable costing). The thing is, as you can see in my examples of comparing absorption costing versus variable costing . . . there is no requirement in variable costing that Sales = Production, so question item [I] is FALSE. That makes the BEST answer as question items [II] and [III] because these assumptions apply to both CVP analysis and variable costing, which is answer [C].
One other note: There is no requirement that Sales = Production in absorption costing either; that’s why we have changes in ending inventory from one accounting period to the next.
***
Have questions? Need help? Take advantage of this opportunity from Yaeger CPA Review.
Here are the guidelines for submitting CPA Exam questions:
1) This is open to all current CPA Exam candidates
2) Questions submitted can only be from the 2009 Wiley CPA Review 4-volume textbooks
3) Questions can only be in multiple choice format, (no simulations)
4) Questions need to be emailed directly to Yaeger CPA Review at phil4help@aol.com
Get the complete Yaeger CPA Review BEC HomeStudy course for only $345
Yaeger CPA Review is offering CPA Exam candidates an opportunity to submit questions that they are struggling with from the Wiley CPA Exam Review books.
Here are the guidelines:
1) This is open to all current CPA Exam candidates
2) Questions submitted can only be from the 2009 Wiley CPA Review 4-volume textbooks
3) Questions can only be in multiple choice format, (no simulations)
4) Questions need to be emailed directly to Yaeger CPA Review at phil4help@aol.com
The first CPA Exam Question of the Day is answered by Yaeger CPA Review Instructor Cindy Simpson, CPA, CMA, CIA:
2009 Wiley BEC, Module 39 (Information Technology), MCQ 48, Pages 102-103.
Laptop computers provide automation outside of the normal office location. Which of the following would provide the least security for sensitive data stored on a laptop computer?
A. Encryption of data files on the laptop computer.
B. Setting up a password for the screensaver program on the laptop computer.
C. Using a laptop computer with a removable hard disk drive.
D. Using a locking device that can secure the laptop computer to an immovable object.
The Wiley answer on page 115 states that [B] is the correct answer because screensaver programs can be easily bypassed. Here is some additional explanation for why [B] is the BEST answer.
Obviously, answer [A] would provide the most security for sensitive data stored on the laptop, so it cannot be the BEST answer. But, if you look at answers [C] and [D], they are both related to hardware and answer [B] is related to software because it mentions a “program.” Therefore, I am inclined to choose the answer that is the most different of the three, which would be [B], because it is related to software.
Also, because the question states “outside of the normal office location,” bolting the laptop to a table (an example of [D]) is not something you would do with your laptop if you were using it at Starbucks . . . and I don’t think you would remove the hard drive and leave the computer either (an example of [C]). So, you could think of answers [C] and [D] as being “not applicable” as opposed to providing the least security.
Now, let’s discuss security in more general terms. The security for all the methods above could be circumvented in some manner. [A] could be circumvented by stealing the encryption keys and codes. [B] could be circumvented because users rarely use passwords that are difficult to guess unless they are forced to do so; also, it may take some time before the screensaver program activates, depending on how they programmed the settings. [C] relies on a user actually taking the hard drive out and locking it up (which then presents its own issues such as who else has access to the locked cabinet). [D] locks the computer to a desk or table, but assumes that the user turns the laptop off or locks the keyboard if they leave it turned on (which again presents the same issues regarding passwords that are difficult to guess).
One other note: if you misread the question as which provides the most security instead of least security, then you would have chosen answer . . . [A] (as I have stated so many times in our Yaeger HomeStudy program . . . the most often chosen wrong answer!).
10. Sep, 2009 2 Comments
Different people have their own opinions on which section of the CPA Exam they should take first. Some say to take the easiest section (i.e. whatever section best fits your background best) first so that you have a quick win under your belt.
I have a friend who is a Certified Management Accountant and a Certified Internal Auditor and he took Business Environment and Concepts first because it fit his background better than the other sections. He sat for BEC, then Auditing, Regulation, and finished with Financial Accounting and Reporting.
My personal advice is to take the hardest section first, which is generally regarded as Financial Accounting and Reporting. The reason behind this is the 18 month rule. You want your 18 month clock to start after you have passed the hardest exam.
If you put FAR off until the end, and struggle with a few sections along the way, you could potentially be putting yourself in a position where the 18 month clock is going to expire and you have one shot at passing FAR before you lose Auditing or whatever section it may be.
Its best to get FAR out of the way first, in my opinion.
My interview with the AICPA titled “CPA Exam Myths Debunked” is featured in the September 2009 issue of “The Asset” magazine, which is published by the Missouri Society of CPAs.
The staff at The Asset did a great job incorporating the article into the publication.
Read a PDF version of The Asset.
05. Aug, 2009 25 Comments
I attended a meeting with the AICPA examination team in New York City this morning where they discussed the changes to the CPA Exam in 2010. In attendance were representatives from all of the major CPA exam review courses along with myself and a few others.
Here is what I learned about what you can expect on the CPA Exam in 2010:
Very little will change on the CPA Exam – if anything, in 2010
I went to the meeting today fully expecting to hear about huge changes in regards to IFRS being tested or more about the new Content Specification Outline, but the AICPA played it pretty close to the vest.
Here is what I *did* learn that might be of interest to those taking the Exam in 2010 and beyond:
Here is a breakdown of how each section will ultimately be affected once these changes take place:
Overall, what did I learn? The 2010 CPA Exam will not change much – if at all. The public announcement in September will give a lot more details about the CSO changes.
How does this affect you as a candidate? You can buy your 2010 review courses with confidence and not worry about changes to the Exam in 2010 until the AICPA says otherwise.
Something that I?ve done somewhat under the radar is send people my extensive CPA Exam prep Financial Accounting and Reporting notes to people who have found themselves in ?do or die? situations and more recently, I?ve sent them to all Club 75 members who are studying for FAR.
Through the end of July 2009, anyone who joins Club 75 will get my FAR notes as an added bonus. There are currently 22 Club 75 subscribers and the Google Group is active with candidates serious about passing the CPA Exam and there have been some great discussions going on.
After 7/31, my FAR notes will be available for purchase on this site. More to come on that later.
These FAR notes are very good and will be a welcome resource to anyone who uses them. If you are taking FAR this window, these notes will significantly reduce your review time. It is a 23 page word document. Note: they are pre-141R and NFP accounting is missing.
I am currently re-doing them and they will feature 141R and NFP when they are available for purchase.
Through 7/31/09, join Club 75 and get them for free.
Get more details on Club 75 here.
The CPA Exam pass rates for the April/May 2009 window have been released. The percentage of passing CPA candidates was up across the board compared to the January/February 2009 window. The biggest movers were Financial Accounting and Reporting and Regulation, which jumped approximately 5% and 6%, respectively.
Get more information by clicking here.
Yaeger CPA Review released a Financial Accounting and Reporting video on consolidations in relation to SFAS 141R. More specifically, it deals with FIN 46R and its relevance to the CPA Exam.
Phil Yaeger, CPA and Cindy Simpson, CPA, CMA, CIA filmed the approximately 42 minute video and it’s free for all candidates to view.
07. Jun, 2009 29 Comments
The original FAS 141 is now a clunker
With the coming and going of the April/May 2009 testing window, Financial Accounting and Reporting (FAR) exam takers will now have to tackle SFAS 141(R) – Business Combinations and Consolidations starting on July 1, 2009. With FAS 141(R) many of the key terms have changed and it’s a completely new way of consolidating financial statements.
Your CPA review materials may or may not cover this in great deal, but know this: it’s very important that you understand the new consolidation method.
If your current CPA Exam study materials don’t cover this change in-depth (as in devote 2-3 hours to the topic), then you should consider buying Yaeger CPA Review’s recently released SFAS 141(R) lecture.
The 3.5 hour class comes on a USB thumb drive and includes a 56 page download of text, multiple choice questions, and explanations. It costs $50.
Current Yaeger students already have this lecture included in their 2009 FAR HomeStudy. Students of other courses may want to invest their time and money in this because if you skimp on studying SFAS 141(R) – it could spell disaster for you on exam day.
Phil Yaeger also discussed the change on the CPA Exam Insider podcast (don’t laugh…I’m still working out the kinks…I’m a bean counter, not a radio guy.)
FAS 141(R) will be ripe to be tested as a simulation. Make SURE you know it.
Oh – and one more thing: you will need to know BOTH consolidation methods until they get all of the SFAS 141 questions purged from their test bank that contains thousands of questions. I’m sure that the AICPA will do it’s best to get them removed, but don’t be surprised if you see one that tests the old method.
(Just what you wanted to hear).
Get the FAS 141(R) update here…
Photo courtesy of Flickr user Royal Broil under this Creative Commons license.
29. May, 2009 23 Comments
Failing the CPA Exam is normal, but frustrating.
Your heart races with anxiety as the score page from NASBA loads.
Nothing.
Well, nothing except Error: Score not found. Please verify Section ID Number and Date of Birth format and re-submit, which is the same thing it has said the past five times you?ve checked in the last hour.
A few minutes of casual internet browsing pass and you come back to the score page to check ?just one last time?.
Elliott, Jeffrey
71
Hours of preparation and sacrifice down the drain. Thoughts of vacation days wasted, and weekends absent from friends and family add insult to injury.
Here are some tips for dealing with failure on the CPA Exam:
1. Honest evaluation of yourself
It?s time to come clean ? at least to yourself. Did you give 110% or was it more like a 65% effort? While you were ?studying at the coffee shop? were you watching CPA review lectures or was it YouTube? The frantic typing on your laptop that could be heard from 2 tables away ? were those CPA Exam notes or where you commenting on pictures of your friend?s weekend indiscretions that were posted on Facebook? While your spouse was watching the kids ? did you turn up the heat and knock out a section of FAR or did you take a ?much deserved mental break? and watch tv episodes on Hulu? Just asking.
If you started to feel a little guilty reading this?you already know what needs to be done.
2. Honest evaluation of your review materials
Are you trying to study Auditing with 2007 books that you purchased off of eBay? Are you crazy? ? those were written in 2006 and you?re taking a 2009 exam. Did you go cheap when you bought your flatscreen tv? No ? you just had to have a 52 inch 1080 instead of a 46 inch 720. Yet, for some reason you?re sitting there studying for this beast of an exam using 3 year old study material?ironically with your expensive flatscreen blaring in the background.
Throw that garbage away and get NEW CPA Exam review materials. You?re studying outdated information that could very well be the difference between passing and a 74. Go cheap on that engagement ring ? NOT your CPA review materials. She?ll never know it?s a CZ anyway. Her friends won?t be able to get over how shiny and perfect it looks and you?ll be a hero?AND a genius because you passed the CPA Exam?which means you must be ?really good at math?.
3. Honest evaluation of your schedule
So, you work 45 (or 65+ during busy season) hours a week and try to get in a little study time between going to the gym, the TV shows you recorded on your DVR, and seeing family and friends.
Great ? at this pace you?ll be ready for FAR in 6 months. It?s time to get medieval on your study schedule.
If you?re not studying 20 hours a week?you?re not studying.
Wake up an hour and forty-five minutes earlier than normal?the first 30 minutes will be spent stumbling around, hating life, cursing the exam, and making coffee. The next 15 minutes will be spent checking e-mail and Twitter. You know you?re going to do it, so plan for it. This clears the way for a solid hour of studying.
1 extra hour a day Mon-Fri = 5 hours of studying a week
Bring your lunch to work?eat for 15 minutes?and study the next 45 minutes.
45 minutes at lunch Mon-Thurs (eat out with friends on Friday) = 3 hours of studying per week
Studying at Home:
If you?re single, your schedule is much more flexible and you could feasibly study 4 hours a night if you wanted to at home. If you have a significant other or a family ? the following applies to you:
If you have kids ? get them in bed by 8:30 (many times a laughable proposition with the repeated requests for drinks of water, needing one more hug, too hot/cold, and the sudden urge for them to declare their birthday wish list even though it’s still 10 months away – but still try for 8:30)?watch an hour of TV or whatever with your spouse?study from 9:30 to 11:00. This still puts you in a prime spot to get to sleep early enough that you can get up early as mentioned above.
1.5 hours studying Mon-Thurs (Friday is a night off of studying) = 6 hours of studying per week
Grand total for weekday studying: 14 hours
Saturday/Sunday:
You don?t have to kill your weekends in order to be a good CPA candidate. You also don?t have to be AWOL from your family and friends. Three hours a day each day on Saturday/Sunday is all you need to get 20 hours of CPA Exam study time per week.
If you have kids ? spend time with them in the morning?study during nap time (if applicable) and you have the rest of the evening with them as well.
That?s 20 hours a week of studying for the CPA Exam and you barely had to alter your schedule or lose out on time with family and friends.
Following this study plan, you could conceivably be ready for:
FAR in 6-7 weeks
REG in 5-6 weeks
AUD in 3-4 weeks
BEC in 3-4 weeks
It sounds simple ? and it is. It?s the schedule that I used to finally pass the CPA Exam and if you have failed a section and are looking for a new approach, I recommend that you give it a try.
Thanks for reading.
-Jeff
In my request for questions for the NASBA interview, I received a lot of good questions that were better suited for the AICPA. So, I submitted these questions to the AICPA via Rick Telberg at CPA Trendlines on April 10, 2009.
The AICPA has answered them and I hope that you find their answers helpful in answering some of your questions.
The Maryland Association of CPAs is featuring the article, as is their sister site CPA Success.
Thank you for your question submissions. Thank you also to the AICPA for the interview.
-Jeff
***
1. A Curve on the CPA Exam?
another71.com: A common myth that circulates among CPA exam candidates is that CPA exam scores are curved according to the performance of other candidates taking the same section. Is a candidate’s score entirely independent of the performance of other candidates? Does the AICPA employ any curving mechanism to keep pass rates at their historical levels of 45 to 50 percent on average per section?
AICPA: The CPA exam is not curved. And yes, every candidate’s score is entirely independent of other candidates’ examination results.
The CPA exam is a criterion-referenced examination, which means that it rests upon predetermined standards. Every candidate’s performance is measured against established standards to determine whether the candidate has demonstrated the level of knowledge and skills that is represented by the passing score. Every candidate is judged against the same standards, and every score is an independent result.
2. BEC – Why the wait?
another71.com: A widely held frustration among people who sit for BEC is that they don’t get their score right away. Since there are no subjective elements to BEC since it is 100 percent multiple choice (currently), why is a candidate not given at least a “preliminary” score with the caveat that it is subject to review?
AICPA: Scores — even preliminary ones — cannot be released without state board review and the application of standard quality control procedures. For these reasons, issuing scores at test centers is impractical and the possibility is not being considered.
3. Re-score: Worth the hassle (and time and money)?
another71.com: When candidates score a 74 on an exam, the inevitable question that they ask is, “Should I apply to get it rescored?” In 2008, approximately how many candidates submitted applications to have their exams regraded? What percentage of those applications had a score that changed due to the regrading process? How many candidates went from fail to pass due to submitting an application for a regrade?
AICPA: There is no such thing as a rescore or a regrade. The service available is “score review,” an automated score verification process. It involves making certain that the approved answer key was used in scoring and that it was correctly applied. In 2008, score review requests did not result in any score changes.
4. Grading Transparency
another71.com: A common complaint about both the grading process and score reporting process for the CPA exam is that they are not very transparent. Candidates feel very much left in the dark. What steps is the AICPA taking to improve the transparency of these processes and to keep candidates better informed?
AICPA: When it comes to scoring, “How is the CPA exam scored?” is a very successful AICPA effort to bring transparency to the process. It is a non-technical overview providing insight into scoring without the use of psychometric jargon. The technical aspects of scoring are, of course, much less accessible to the layman. However, for those who wish to tackle the technical, a wealth of information is readily available on the Internet about Item Response Theory (IRT), the psychometric model that is the basis of CPA exam scoring.
The current score reporting in two waves seems to be well understood by candidates but much more needs to be done to erase candidate misconceptions about why some scores are released earlier than others. For example, candidates need to know that those who are presented with simulations that have not been tested previously will receive their scores in the second wave, even if they test at the beginning of a testing window. A sufficient number of responses to new simulations must be available for psychometric analysis before scoring can begin. and it is impossible to predict who will receive new simulations as simulations are assigned at random.
5. Real-time scoring in the works?
another71.com: Currently, scores are released in two waves per testing window — commonly referred to as Wave 1 and Wave 2. A candidate who sits for an exam early in the testing window and does not get their score in Wave 1 has to wait for yet another month to get their score and oftentimes their study progress and motivation wanes because of it. Are there plans in the future for the AICPA to move to real-time score reporting to better serve the candidates?
AICPA: Faster and more frequent score release will be introduced after the implementation of CBT-e — a program of major CPA exam improvements. However, “real-time” score reporting is not a realistic option and is not being considered. (Refer to the response in question 2.)
6. Borderline Candidates?
another71.com: Another widely held sentiment about score releases is that if a candidate doesn’t receive their score in Wave 2 of a testing window, then they are “borderline” — i.e., 72-77. Would you say that in general, the most candidates who don’t receive their score by Wave 2 are “borderline?”
AICPA: There are several possible reasons why some scores are released faster than others. If psychometric analysis is required, for example, the scores of all candidates who took a articular examination version — whether passing, failing or on the brink — are held until the analysis is completed. For those who took AUD, FAR or REG, the “second reads”of written communication responses may also be a factor. “Second reads” are additional reviews of essays for candidates whose scores are close to passing.
7. Is a raw score possible?
another71.com: Another question that candidates have in regard to score reporting is the fact that they leave a testing center with little more than a ventured guess as to how they performed. Has the AICPA looked into a reporting format that gives a candidate their raw score on the exam prior to leaving the testing center or soon thereafter?
AICPA: As indicated previously, plans are in place to introduce faster and more frequent score reporting after CBT-e, the new CPA exam, is implemented. There are no plans, however, to provide candidates with raw scores — or any other kinds of scores — at the test center. (See response to question 2.)
8. 18 Month Rule
another71.com: In regard to the “18-month rule,” candidates often feel they are at a disadvantage due to a relatively slow score reporting process. For instance, if a candidate sits for FAR on Day 1 of the testing window and misses the cut for the Wave 1 score release in the second month, by the time they get their score in Wave 2 of the third month, nearly three months of their 18-month window has expired. If you count the fact that four of those 18 months are not testable months, they have even less time left. Has there been any discussion of expanding the arbitrary 18-month timeframe to 24 months?
AICPA: Perhaps the real issue here is the test-taking strategy. A better approach might be to take two sections in the first window, two in the next, and use the remaining four windows to retake any sections failed on the first attempt.
Photo courtesy of Flickr user moonjuice under this Creative Commons license.
27. Apr, 2009 10 Comments
William Parrott, Ph.D., an associate professor of accounting at the University of South Florida wrote a great article recently on the old “paper and pencil” version of the CPA Exam vs the new computer-based exam.
The article is titled “Passing the CPA Exam – Is It Easier or Harder Now?“
It compares the two exam formats in the follow areas:
If you have a boss who likes to tell “war stories” about the old exam format and remark that new candidates have it so “easy”, slip a copy of this under his/her door. Maybe at the end of the day we can all just agree that old school or new, the Uniform CPA Examination is one of the toughest professional examinations around.
Photo courtesy of Flickr user Esthr under this Creative Commons license.
The AICPA recently released their list of 2009 CPA Exam questions, which is something that they do on an annual basis. They release fifty questions or so per section, which is in addition to the questions that they license to the various CPA Review courses to use in their books.
Should candidates spend valuable study time going over them?
To answer this, I asked Phil Yaeger of Yaeger CPA Review.
His response is as follows:
“While I realize that there is some buzz about the 2009 AICPA Released Questions, I do not recommend that my students (or any other CPA candidates) spend time studying them. The reason for this is two-fold:
1. The questions that they released are old, retired questions that they have decided not to use on future exams. Candidates who spend time tryng to answer these questions are not only wasting their time on them, but also risk becoming frustrated because their review material hasn’t covered these topics. At a recent meeting with the AICPA they told us that these questions have been purged from their exam test bank and won’t be used in the future.
2. In our course we use the Wiley CPA Review textbooks and Practice software. There are several thousand good multiple choice questions and simulations to work on and study from. Within our DVD lectures, we go over close to a thousand questions and simulations. WHY go over Released Questions that you’ll never see again? There are more than enough good, worthwhile, questions to study from. We carefully choose questions that we believe best represent how to apply important concepts. We teach concepts and use questions to reinforce solid understanding.
I do not recommend that my students spend their time and energy on the 2009 AICPA Released Questions. Their time would be much better spent reviewing their notes or working the Yaeger-assigned questions in the Wiley books. The questions that we assign and review in our DVD lectures will appear on the CPA Exam, wheras the AICPA Released Questions will not be on the Exam.”
I’m always here to help,
Phil Yaeger, CPA, CFP, PhD
Yaeger CPA Review 1-800-824-2811
Photo courtesy of Flickr user Daniell Blue under this Creative Commons license.
12. Apr, 2009 14 Comments
There are many people who read this site who have already sat for at least one section of the CPA Exam. However, there are many people who are getting ready to sit for the first time and don’t know what to expect. This is a list of things that I learned over the course of my (long) journey to being a Certified Public Accountant. Hopefully you can gleam at least one useful bit of information from my experience.
-Jeff
CPA Exam Tips for Success – What to Expect on Exam Day:
1. You will find that the exam questions for the most part are not as “wordy” as the questions you have practiced and seem a little more straightforward. Chances are, the practice MCQs in your materials are a collection of the more-difficult questions that you can encounter on the CPA Exam. I’ve always left the testing center feeling like the actual exam is easier than the practice questions.
2. It will be the fastest 2.5 to 4.5 hours of your life.
3. You cannot be a perfectionist on your exam. If you get stumped and sit there stubbornly for 10 minutes trying to figure something out, that’s 8 minutes that you just cheated yourself on your second simulation.
4. If you’re stumped and can’t get any number to work out, choose B or C – you have a 30% chance of getting it right. A and D are correct 20% of the time.
5. Don’t take breaks. Exception: If you are extremely sleepy – take a break. Go into the bathroom and literally do jumping jacks. Grab a Starbucks “Frappachino” thing (store it in your locker or better yet – your coat pocket and grab it as you walk down the hall) that you get at a convenience store (cold, glass bottle) and slam it and get back in there.
6. Don’t forget your NTS and two IDs that are SIGNED. One needs to be a picture ID like a driver’s license and the other can simply be a signed credit card. Don’t make the mistake of having all of your credit cards say “see photo ID” like I did. It might be a good idea to make a copy of your NTS and stick it in your glove box. The worst than that can happen is if you arrive for check-in at the testing center and don’t have your NTS or IDs.
7. Once the facilitator at Prometric gets your computer up and running and you sit down – don’t assume that you have all day to start writing mnemonics on your scratch paper. One candidate who reads this site sent me an e-mail saying that he sat for BEC and decided to write out all of his formulas before beginning the exam. He found himself locked out due to time expiration (you get something like 10 minutes – READ THE SCREEN) and not only did he not get to sit for his exam that day – he forfeited his exam fee and he had to wait until the next testing window to take the exam. Talk about a nightmare exam experience.
8. When you get to the simulations – do the memo first ~ this is especially important on the 2nd simulation when time is scarce. The simulations combined are worth 30 points and the memos are 10 of those points. To put it another way – the memos are worth ten percent of your grade. Make them your number one priority on the simulations. If you have to skip something on the 2nd simulation because time is running out – skip the research tab. LEAVE NOTHING BLANK. If one minute is left on the exam and you have a tab with a bunch of blanks, fill in something – anything. A wrong answer and a blank answer give you the same number of points – zero. You may get lucky if there’s a drop-down menu for the answers and you’re guessing.
9. If you haven’t practiced the research function online at cpa-exam.org…DO IT. You will spend 10 minutes trying to figure it out on the exam if you don’t.
10. Get at least 6 hours of sleep the night before and if you’re a coffee drinker, drink your normal amount of coffee – but don’t pound a gallon 15 minutes prior to the exam. You will have to pee and you may be on question 15 of the 30 question testlet and you can’t leave until the testlet is complete.
11. Relax. People take this exam every day (or at least they do eight months out of the year…you know what I mean). Give it your best shot and to use a sports analogy … “leave it all out there on the field”. You may be tempted to get lazy and rush through your 3rd testlet because you’re bored to death or because you think you’re doing miserably. Don’t. There will be plenty of time to go drink a beer (or whatever) after the exam. Focus focus focus while you’re in there. Stay alert and work your tail off. The extra focus and extra attention to detail on the final 5-10 questions of testlet three could be the difference between you passing and having to re-take (and re-study) your exam section.
12. If you fail – congrats…you’re a normal candidate. It take an abnormally strong effort to pass the CPA Exam. The average candidate fails their exam (historical pass rate of around 45-50%). Your study prep and exam performance needs to be above average. You need to adjust something – and only you know what that is. Don’t make excuses…just identify it…change it (i.e. – starting LOST Season 1 on Netflix is not the right thing to do while you’re preparing for FAR)…and execute.
13. Good luck.
Clock photo courtesy of Flickr user Matt Callow under this Creative Commons license.
The Q1 2009 CPA Exam pass rates have been released. While BEC and FAR remained about the same comparatively to Q1 2008, AUD and REG’s pass rate jumped 2.95% and 2.30%, respectively. Q1 passing rates are historically the lowest of each year, so it will be interesting to see what the third quarter brings, when the pass rates are usually the highest.
Yaeger CPA Review is offering free clarification videos over Financial Accounting and Reporting (FAR) to all CPA Exam candidates online through the end of April May. The videos cover some of the more confusing elements of FAR, including investments, inventory, stockholders’ equity, pensions, as well as updates for FASB 160, 161 and 162.
You can watch them online here. The link expires 4/30/2009 5/31/2009.
02. Apr, 2009 0 Comments
The Spring 2009 Uniform CPA Exam Alert came out in March, but I was too busy tinkering with my site’s WordPress conversion to write about it. Basically, the new Alert is an update of their release that I wrote about 11 months ago.
In short, Ethics and Independence are moving from REG to AUD; Business Structures is moving from BEC to the Business Law section of REG; BEC is getting a new section called “Corporate Governance” with IT getting tweaked to be tested from a management perspective; and FAR is hosting that mysterious rocker known as IFRS.
Here’s a few things to consider:
- The jury is still out on the extent of IFRS that will be tested. They will release an update sometime in 2009 (my guess is that it will be on the Summer 2009 update in June).
-Yes, AUD is getting harder, but REG is getting easier. For REG, you’re swapping ethics and independence for business structures…a trade I would make any day.
-The implementation date is TBD and will be announced when they update everyone on IFRS testing. My guess (and this is JUST conjecture, so don’t take this to the bank) is that they will announce everything in the Summer 2009 update and give all of the CPA review companies the summer to change their materials prior to the filming and printing of their 2010 product, which will take place in the fall of this year. Expect implementation for the 2010 exams (again – just my opinion).
As I said in May of last year:
My Thoughts: Auditing will go from the easiest section to pass (?easiest? is a relative term?least difficult is more accurate, probably) to the second-hardest overnight. If I hadn?t passed AUD already, I would make passing it before the change a priority.
Here are the proposed CSOs (content specification outlines):
Auditing and Attestation (AUD)
Old: Area I Plan the Engagement (22-28%)
New: Auditing and Attestation: Engagement Acceptance and Understanding the Assignment (12-16%)
Old: Internal Control (12-18%)
New: Auditing and Attestation: Understanding the Entity and Its Environment (including Internal Control) (16-20%)
Old: Obtain and Document Information (32-38%)
New: Auditing and Attestation: Performing Audit Procedures and Evaluating Evidence (16-20%)
Old: Review and Evaluate Work Performed (8-12%)
New: Auditing and Attestation: Evaluating Audit Findings, Communications and Reporting (16-20%)
Old: Communications and Reporting (12-18%)
New: Accounting and Review Service Engagements (12-16%)
Old: N/A
New: Professional Responsibilities (including Ethics and Independence) (16-20%)
Note: the original CSO change proposal had “Auditing and Attestation: Engagement Acceptance and Understanding the Assignment” at 51-57% and they knocked it all the way down to 12-16% in the new proposal.
They also added two new sections since last year’s update: Accounting and Review Service Engagements (12-16%) and Professional Responsibilities (including Ethics and Independence) (16-20%)
Business Environment and Concepts (BEC)
Old: Business Structure (17-23%)
New: Corporate Governance (16-20%)
Old: Economic Concepts (8-12%)
New: Economic Concepts and Analysis (16-20%)
Old: Financial Management (17-23%)
New: Financial Management (19-23%)
Old: Information Technology (22-28%)
New: Information Systems & Communication (15-19%)
Old: Planning & Measurement (22-28%)
New: Strategic Planning (10-14%)
Old: N/A
New: Operations Management (12-16%)
Note: changes have been made since the original CSO change proposal in Spring 2008 to put more emphasis on Corporate Governance, Economics, and IT, and less emphasis on Strategic Planning and Ops Management
Financial Accounting and Reporting (FAR)
Old: Concepts & Standards for Financial Statements (17-23%)
New: Conceptual Framework, Standards, Standard Setting and Presentation of Financial Statements (13-17%)
Old: Typical Items in Financial Statements (27-33%)
New: Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation, and Disclosures (27-33%)
Old: Specific Types of Transactions (27-33%)
New: Specific Transactions, Events & Disclosures (27-33%)
Testing for Governmental and Not-for-Profit Accounting are not changed (8-12%)
Note: the current CSO is basically the same as the previous one
Regulation Content (REG)
Old: Ethics & Professional & Legal Responsibilities (15-20%)
New: Ethics, Professional & Legal Responsibilities (15-19%)
Old: Business Law (20-25%)
New: Business Law (17-21%) (Independence and Ethics removed, Business Structures added)
Old: Federal Tax Procedures & Accounting Issues (8-12%)
New: Federal Tax Process, Procedures, Accounting and Planning (11-15%)
Old: Federal Taxation of Property Transactions (8-12%)
New: Federal Taxation of Property Transactions (12-16%)
Old: Federal Taxation of Individuals (12-18%)
New: Federal Taxation of Individuals (13-19%)
Old: Federal Taxation of Entities (22-28%)
New: Federal Taxation of Entities (18-24%)
note: nothing changed much since the last update
In closing: How does this affect you in 2009? Not much.
However, if you want to make sure you pass at least ONE exam in 2009, I would make it AUD. Next in line would be FAR. These new CSOs won’t materially change your exam experience, but those who still have AUD on the horizon can take advantage of the current CSO before it changes in 2010 (again – my guess/opinion).
Thanks for reading.
Concert pic photo courtesy of Flickr user marfis75 under this Creative Commons license.
12. Mar, 2009 10 Comments
I receive e-mails with questions like these on a regular basis, so I’ll give my $.02 on the following topics:
1. “How many MCQs should I do…”
2. “What was your overall strategy for FAR and REG since you passed them most recently?”
3. “I’m seeing MCQs not specifically mentioned in my lectures, should I be worried?…”
***
Question 1: “How many MCQs should I do…”
In short, as many as you can…but you already knew that. I’ll get more specific in question 2.
***
Question 2: “What was your overall strategy for FAR and REG since you passed them most recently?”
I realize that not everyone who reads this site uses the same study materials that I did (but if you aren’t passing with your current materials – you need to buy Yaeger HomeStudy if you scored a 69 or below previously, or Yaeger’s Cram DVD for previous scores of 70-74 – use it, pass, and move on with your life…), but it’s what I used for my final attempts at FAR, REG, and BEC.
I passed BEC using the Yaeger Cram DVD, so for purposes of overall exam strategy from start to finish, I’ll use REG and FAR as an example since I used their HomeStudy course.
The material for FAR and REG are voluminous – especially FAR. The people who take the approach of just buying a book and studying without video lectures are crazy in my opinion, but more power to them. It’s like trying to find a downtown restaurant in a big city you’ve never visited before using a roadmap when GPS is readily available.
FAR has so much material that even whittled down to the stuff you “must know” – the Yaeger FAR video set is still 13 DVDs. So – make sure you are using great materials that are up to date.
Once you have your materials in place and you’re ready to go – this is what I would do (again, using Yaeger as an example)…
1. Watch the videos, but don’t read the book.
This probably doesn’t go for all review courses, but it does go for Yaeger: if you watch the DVD lectures – you don’t need to read the book. Do you need the book? Absolutely. You don’t have to read the book, but you do have to follow along with the instructor page by page and mentally absorb what they’re saying.
Personally – I hate reading textbooks – one of the reasons why Yaeger “clicked” with me.
2. Take INSANE notes
Highlighting in a book doesn’t work for me. For one – highlighting requires coming back to that particular page in the future in order for highlighting to do any good (and when your book is a monster like FAR ~ revisiting every page is a chore). Two – you’re highlighting text that is written in GAAP-ese…it means nothing to you. You need to take the particular fact sequence in question and make it your own so that you understand it and write it in such a way that you will understand it 5 weeks from now when you’re doing your final exam review.
Is it a chore? Yes.
Will you start to gag as you pull your third legal pad from the pack and you’re only on DVD 3 out of 13? Yes.
Will it pay off in the end? Yes.
An added benefit of doing this is that CPA review material, which is very boring by nature, will not seem as boring because you’re actively learning – you’re participating while you learn – you’re “doing” instead of mindlessly staring at the screen wishing you were watching something from Netflix instead of a CPA review course.
I was never a big note taker until I realized that it helps to pass the time much quicker. It makes you feel like you’re “happening” to the material instead of it happening to you while you furiously try to keep up with the lecturer. By the way – it’s ok to hit “pause”. I probably halved the useful life of my space bar by hitting it to pause the video as I took notes.
3. Save all MCQs until you’re finished with all of your lectures.
Take this one with a grain of salt. If you’re a Phil Yaeger student – this goes against what he teaches you to do. He’s an expert on the exam – and his way is the “best” way because the more MCQs you do over the course of studying – the better you will be. He tells you to work the assigned MCQs after each Module in Wiley. For me, it was a motivation thing. I felt that as long as I had a mountain of DVD lectures ahead of me, I lost motivation to study. SO ~ my solution was to charge ahead full steam and finish the DVDs as quickly as possible (but still take insane notes)
What worked for me was to wait until I had finished all 13 DVDs (using FAR as an example) and then work the MCQs starting from the first Module. For one, it’s the motivation thing as I mentioned and second, you’re going to have to do them again anyway after you finish the lectures, and I didn’t want to do them twice.
Again – Phil Yaeger is the guy with the CPA, PhD, etc. I’m the guy who sat for the exam 14 times…so take this with a grain of salt. Phil is the driver’s ed instructor telling you to keep your hands at “10 and 2″. I’m the stupid guy driving down the interstate going 80 mph eating a McDonald’s value meal, talking on the phone, and adjusting my iPod all the while steering with my knee. Both methods will get you there…but one is much riskier than the other.
4. Take INSANE notes over the MCQs
Yaeger has a list of “minimum” questions to do in the Wiley book and if you’re a Yaeger student – don’t even think about heading to the exam without doing all of them. They hand-picked this list that gives you your biggest bang for your buck. It’s an “if you do nothing else – do THESE” sort of thing.
As you work the Yaeger-assigned MCQs – take excellent notes over every question that you either miss (do the question and flip to the answer…or just tear out the answers and staple them together)…or think you might forget. This is key: it isn’t what you can answer in week one – it’s what you can answer in week 5,6,8…whatever week you sit for the exam.
If you think you might forget that financial capital maintenance concepts are GAAP, but physical capital maintenance concepts are not GAAP – WRITE IT DOWN.
After you work your assigned “minimum” MCQs, work mini twenty question testlets over each topic using your practice software. After you’re done, if you’re still not sure about which accounting changes are treated prospectively vs restatement, work a 20 question testlet over the topic doing random questions assigned by the software. Again – take notes.
5. Take a week and re-write your notes
It sounds crazy, and it does take a lot of time, but it WILL pay off. I did this for REG (92). I did not do this for FAR (76). You be the judge. Also – as you re-write your notes, there will be things that you wrote initially as you furiously scribbled away that you don’t find relevant for your final review, or is a redundant item. If you take the time to do this, the end result will be a comprehensive set of final review materials that are written in a way that you understand and are devoid of any excess or non-essentials. Also – you will absorb the material better by re-writing it than you would merely reading it again.
6. Review
I recommend spending the day before your exam doing nothing but reading your final exam review notes. I wouldn’t do questions…you’ve already done hundreds (thousands?) of them by now. Try to read through your notes at least three times. If you’ve done it right, you have an impressive stack of notes and the material is dense. It could take the better part of a day to do this, so consider taking the day off of work. I would also read through them one more time 1-2 hours before your exam on exam day.
7. PASS
***
Question 3: “I’m seeing MCQs not specifically mentioned in my lectures, should I be worried?…”
No, you should not be worried…just realize that working exam problems is part of your review course. Your instructors simply cannot cover every topic and every angle of a topic. Their goal is to cover the material in-depth enough to where you can score a 75.
No one knows exactly what will be on the exam, but your instructors should have a good idea of what will be on it and put you in a position to win with a combination of what they teach on the lectures and the questions that they assign.
The lectures give you the foundation. The questions give you the application. Another reason why I liked Yaeger so much was the hundreds of MCQs that they work as they lecture over a topic. They teach a concept for 3-4 minutes and then work three or four MCQs to reinforce what they just taught. It’s the best of both worlds.
Good luck everyone.
The Yaeger CPA Review HomeStudy is the course that I switched to in order to pass the CPA Exam.
I was so well-prepared for Regulation using the HomeStudy that I scored a 92.
My only regret is that I didn’t switch to Yaeger sooner.
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15. Jan, 2009 25 Comments
It is widely believed (and I held it to be true up until today) that only one simulation is graded on the CPA Exam.
This is not true.
Someone passed on to me some information from a contact at the AICPA in New York that both simulations are graded, but only one written communication is graded and the other communication is pre-test and doesn’t count.
This doesn’t really affect anything that you do on exam day – it just reinforces the fact that budgeting enough time for the 2nd simulation is very important.
Thanks for reading.
I’m not really sure why this is. I’m guessing that there’s a logical reason why the CPA Exam pass rate dropped almost 9% overall in the fourth quarter compared to the third (feel free to clue me in if you know…maybe it’s obvious and I just don’t see it). The average passing rate for 2008 was 48.6% overall, which means that in a given sitting for a single section, 48.6% of the candidates passed that particular exam.
Get the CPA Exam pass rates.
Given the fact that most of the scores from the recent testing window are out, I think that this post is timely. “The Traveler’s Gift” by Andy Andrews follows a man named David Ponder who finds himself downsized from a takeover after giving his heart and sole to a large corporation as an executive. He returns home after work via taxi (they made him turn in his company car) to ponder what to do next.
The book is about failure and keeping your perspective amidst the storms we find ourselves in.
Through several visits with key historical figures (Lincoln, Truman, King Solomon, Anne Frank, Christopher Columbus), the main character gets an education on enduring through struggles and overcoming the fires of life. If you found yourself frustrated after being on the wrong end of a 75 during this testing period, pick this book up.
It’s a quick read and it will you will gain a new perspective and move on after this temporary setback with the Exam.
The first six pages are available for free on amazon’s website and if you’re like me, you’ll be sucked in. I ordered the book this past summer and couldn’t put it down.
Click the book and when it takes you to the amazon site, click the “Look Inside” icon above the book’s picture for a preview.
04. Dec, 2008 28 Comments
Many candidates like myself who have spent hundreds of hours studying over the course of several months (or years) and finally passing don’t really know what to do with themselves or their newly found free time. Here are five suggestions to help pass the time:
5. Peruse the internet and treat yourself to an item costing around $350…which is the cost of the new NTS you’re used to paying for plus two rescheduling fees. Your bank account is used to not having it anyway.
4. Now that you have time do to such things, pour a cup of coffee and reflect upon the irony of the AICPA testing the concepts of timeliness and real time data processing.
3. While you don’t really want to do so, grab your Regulation book and spend a few hours reviewing it so that you can answer your relatives’ tax questions over Christmas. The prospect of free CPA advice will be enticing to them and this will be the last Christmas you remember anything about taxes.
2. Put off applying for your license until after you file your tax return. This is the last tax year that you can be liberal with your tax deductions without the professional consequences of doing so.
note – criminal charges may still apply. Consult your local CPA.
(…this is tongue-in-cheek for everyone out there with the IRS Tipline on speed dial…)
1. You’re going to need a new excuse for skipping family reunions and other gatherings you would rather miss. “Sorry, I have my exam in two weeks and I need to study” will not cut it anymore. It’s time to think of a new one.
02. Dec, 2008 9 Comments
This isn’t breaking news by any means…this is from the Fall 2008 Uniform CPA Examination Alert and I didn’t get around to posting it when it first came out.
The bulletin says that 46% of those who sat for all four parts passed it the first time, which seems high to me. I have always thought that the first time pass rate was around 15 percent. The 17-25% quit rate also seems high. Likewise, I thought that 85% of those who start the exam eventually passed it. I don’t remember where I got these figures from…maybe they’re urban legends.
This bulletin is more interesting than previous ones. The Elijah Watt Sells winners are listed.
You can get it here.
Correction – after reading it 3x, they’re saying that 46% of those who pass all four parts do so the first time. According to their figures, only 28% of those who sit for all four parts pass the first time.
13. Oct, 2008 11 Comments
There were two people who asked about this in the REG discussion for this month, and I found it worthy of a post. Time management on the CPA Exam is critical for REG and FAR. AUD and BEC? – not as much.
REG is probably the worst exam in terms of time management. They only give you 3 hours to cover 72 MCQs and two sims.
Ideally, you would have 50 minutes per sim, which only leaves you a little over a minute per MCQ. This is not reality.
In all likelihood, you’ll spend about 35 minutes per MCQ testlet, 50 on your first sim and about 25 on your second sim. It took me 4x to get through REG and I was consistently left with 15-25 minutes to finish the last sim and I never fully finished it. I got close this last time…I left one tab unanswered.
You can plan all you want, but you will encounter frustrating questions that leave you seeing red because you can’t get any of the answers to work out and before you know it – you’ve spent 5 minutes on ONE question. After you hit the 3 minute mark – you have to move on. Guess B or C and keep going. If you nit-pick every question, you’ll fail for sure.
Realistically for REG…
Testlet 1: 35 minutes
Testlet 2: 38 minutes
Testlet 3: 40 minutes
Simulation 1: 50 minutes
Simulation 2: 18 minutes
…is what you will encounter, give or take. You will probably fly through the 1st testlet…the 2nd will be harder because you’re doing well and the 3rd will take longer due to difficulty (if you’re doing well still) and fatigue. You will hit a wall somewhere in the early 3rd testlet and you have to “push” on through it so to speak.
They key is to move on physically and emotionally after encountering difficult questions. If you keep thinking “I didn’t know that last one…I’m going to fail” – you will have a self-fulfilling prophesy.
If you get into your 2nd simulation and discover that don’t have near enough time to finish it, you need to score your easy points. First, write the memo. It’s worth 5% of your overall grade (10% total between the two sims). Second, do the research tab. This should only take a few minutes and it’s a few easy points. Take it from someone who scored 74 twice on REG – those easy points could make a difference when it’s graded.
Finally, answer all of the tabs that you can. If there is a tab with some simple answers based on fact patterns that you know without reading the whole drawn out simulation case facts, answer them. If you’re down to 1 minute left on the exam – don’t leave anything blank. You get points for what you answer correctly – not what you got wrong.
The key is to be cool under pressure and remember: if you find your exam to be brutal – it’s probably because you’re doing well. Take a deep breath and work your way through it.
24. Sep, 2008 3 Comments
One of the advantages of a program like Yaeger that will work on any DVD player (home or computer) is that you can control how fast the DVD plays. In the case of Yaeger DVDs, I have found that I can watch the video, take notes, and work the questions with the instructor and cut out 1/3 of the time.
I haven’t gotten Windows Media Player to do this effectively for me yet, but my laptop comes with a program called WinDVD by InterVideo that has a time stretch function that allows you to choose how fast the DVDs play. I typically watch the videos at 1.3x to 1.5x, depending on how fast the instructor speaks naturally.
My method of watching the Yaeger DVDs is as follows:
1. Turn up the time stretch to 1.3x and get used to it.
2. Turn it up to 1.5x
3. Hit pause to take notes (I hit pause to take notes regardless of how fast the video is going so that I don’t miss anything).
4. When the instructor says to do MCQs ___, ___, and ____, I hit pause, work the problem and then hit play again to see if I was right, then hit pause again and work the next problem.
How much time does this save? About 14 minutes per lecture on 1.3x and 20 minutes per lecture on 1.5x. I don’t go any faster than 1.5x.
This method of viewing cuts down on time spending viewing the lectures, but I haven’t found any decrease in comprehension. I used this method for REG and it was effective. When Cindy lectures I cut it down to 1.3x because she’s a faster speaker than Michael (both are Yaeger instructors), who I watch at 1.5x.
Over the course of 13 FAR DVDs, this will save you 13-17 hours of viewing time. It’s something to consider if you can handle the faster conversation speed.
Important: If you try it and you don’t feel like you’re processing everything – drop the speed back down to 1.0 if you need to.
Everyone is different. Some people can comprehend everything at 1.75x, but that’s beyond my comfort zone. I will throw out the disclaimer that this is not for everyone, but since I am using this method and like it – and have had success with it, wanted to pass it along.
If your DVD player doesn’t have a time stretch feature, then WinDVD is $60. Like I said, I can’t get Windows Media Player to work properly with it because the audio doesn’t play – just the video.
For what that’s worth…
Thanks for reading.
22. Sep, 2008 22 Comments
Any score update info and all FAR comments regarding the Oct/Nov 2008 test window (studying as well as exam results) will take place here. This saves people the trouble of having to read multiple posts on the topic.
Please:
1. No posting of actual exam info (hints included)
2. For legal reasons, if you think that company X has horrible material and you failed miserably using them, please don’t mention them.
If your comment doesn’t follow these loose guidelines, I won’t be able to post it.
As always – thank you for reading.
22. Sep, 2008 20 Comments
Any score update info and all REG comments regarding the Oct/Nov 2008 test window (studying as well as exam results) will take place here. This saves people the trouble of having to read multiple posts on the topic.
Please:
1. No posting of actual exam info (hints included)
2. For legal reasons, if you think that company X has horrible material and you failed miserably using them, please don’t mention them.
If your comment doesn’t follow these loose guidelines, I won’t be able to post it.
As always – thank you for reading.
20. Sep, 2008 8 Comments
Studying for the CPA Exam is time consuming and it seems like it’s all one can do to just get through the material once and do the requisite MCQs prior to sitting for their exam. However, if you slow down and take notes while studying (in lieu of highlighting), I think it will pay big dividends.
When I highlight something, I rarely come back to it. For one, it requires flipping back through the book material, which I am not likely to do. Once I’m done with a section, I’m doing MCQs over the material and moving on to the next chapter. What I have found is that I am likely to forget what I learned, save for some nuggets that I pick up or remember/reinforce via multiple choice questions.
For Regulation, this go-around I ditched the Excel method of taking notes and went old schoool with a legal pad. I wrote down every little blurb and nuance that I thought I would forget 4 weeks from now when I was doing a final review. I did this for tax only (Yaeger has a great Law and Ethics handout that they give you…taking notes isn’t necessary for this part). Before I knew it, I had over fifty pages of notes.
A week prior to my exam, I re-wrote my notes and condensed them using sheets of graph paper with 2 columns on each page. I separated them by section (Indiv, Corp/S Corp/, Gift/Estate, Partnerships) and stapled each section together. They served as an excellent cram tool as well.
I took them with me to the testing center and read them one last time prior to walking in the door…it was very effective for short term memory purposes. Using Yaeger’s HomeStudy and taking notes in this manner was instrumental in scoring high on REG. I highly recommend it. This was the first time I had taken notes this way and will be doing it again for FAR.
If you’re trying to conquer a section that has thus far been a thorn in your side (BEC anyone?) or are taking a section for the first time, give this method a try. It’s a throw-back to college days, but I’m convinced that it works better than highlighting alone.
18. Sep, 2008 20 Comments
If you sat for FAR during the July/August window and want to share a success story or vent some frustration, please do so. Any thoughts or insights you share can be beneficial to current or future candidates.
Guidelines:
1. No disclosing or hints about actual exam content
2. For legal reasons if you failed with review company X and think they’re horrible, please don’t name them
Any comments that don’t follow these loose guidelines won’t be posted.
This may be a success…or may be stupid…if it helps people cope with the exam, I’m willing to try it.
Thanks everyone.
18. Sep, 2008 15 Comments
If you sat for REG during the July/August window and want to share a success story or vent some frustration, please do so. Any thoughts or insights you share can be beneficial to current or future candidates.
Guidelines:
1. No disclosing or hints about actual exam content
2. For legal reasons if you failed with review company X and think they’re horrible, please don’t name them
Any comments that don’t follow these loose guidelines won’t be posted.
This may be a success…or may be stupid…if it helps people cope with the exam, I’m willing to try it.
Thanks everyone.
16. Sep, 2008 24 Comments
I knew coming out of the exam that I had passed, but I didn’t expect this. I’m paranoid so I’m whiting out my info until I have my certificate in hand.
Thank you GOD.
Thank you Dr. Yaeger and everyone at Yaeger CPA Review!
Update: I got my paper confirmation on September 22 – a timely six days after my score appeared online.
12. Sep, 2008 20 Comments
I have received several e-mails today from frustrated people who failed BEC for the ___ time today. One person failed it on their 5th attempt and another on their 3rd. I’m no expert on BEC, but I do know a thing or two about repeatedly failing it, so I can relate.
I began this blog the morning that I received my 3rd failing BEC score.
Another Freaking 71.
I got mad and decided that I would never let this stupid exam get in the way of my CPA license. I decided that I wanted to get some audio lectures to listen to at work. I was having a hard time deciding between Yaeger audios and another company and as fate would have it, I went with Yaeger because I wanted them today and they were the only one that offered mp3 downloads.
I bought the audios…got the BEC cram after talking with John who is in charge of their student development…ordered the Wiley book online and the rest is history. I finally slayed that miserable dragon. Some people breeze through BEC and struggle with Auditing. I breezed through Auditing and struggled with BEC. Everyone is different.
If you got your result back from this testing window and you’re feeling like you’ve been kicked in the face, you have the right to be sad for a day, but tomorrow – get up, shake it off, purchase another NTS, get whatever resources you need to pass (I recommend the cram – do what you need to do), and keep on fighting.
If you’re mad because you failed BEC again – you’re not alone…there’s probably hundreds of candidates out there feeling the same way right now. I’ve been there. I’ll say this: I would rather re-take FAR than BEC. I consider FAR to be the most difficult, but BEC is the Twilight Zone of the CPA Exam. It’s just a weird exam.
Past posts on BEC you may find helpful:
BEC is the 2nd hardest section of the CPA Exam
BEC CRAM – the answer for struggling candidates?
…and the flagship post of my site: Keep Moving Forward
03. Aug, 2008 48 Comments
Update 2010: I consider this one of the best posts I’ve ever written. It captures what I was feeling when I was neck-deep in the CPA Exam and wondering if I would pass. I was trying to balance family, work, the CPA Exam, and trying to maintain some semblance of a “life”. “Failure is an event, it’s not a person” as Zig Ziglar says. So true.
I spent the last week on vacation with my family in the Rocky Mountains of Colorado. We only had one DVD with us (“Cars”) and my boys were sick of watching it at night, so we bought “Meet the Robinsons”. It’s a great movie as far as animated flicks go, but as I tuned in here and there, I came across a scene about failure and the theme of “Keep Moving Forward” that was derived out of a quote by Walt Disney long ago.
I immediately thought of the CPA exam, as I often do since it’s plagued my memory for the past 3 years and I found it very applicable to the process of studying for and taking the Exam. Then, I read about a CPA Exam candidate who had scored in the low 60’s and they were wondering if they should throw in the towel or if maybe there was still some hope for them.
My initial motivation for creating this site was because I was extremely frustrated with myself that I had failed BEC yet again and felt like venting. At the time, I felt like the dumbest person in the world. I was 30 and still hadn’t passed the stupid CPA Exam and I was wondering if I in fact was cut out for accounting.
I considered quitting the CPA Exam altogether. I was sick of the time. I was sick of sending NASBA money. I was sick of exam day anxiety. I was sick of the ridiculous 4 week minimum to get your results back. I was ready to move on. Surely I could get a job in…marketing?
Then, I thought about the future. I have 3 boys ages 5 and under. When times got tough for them…when life didn’t quite go their way, how could I look them in the eye and tell them not to quit and to get up and try again if I myself packed it up and quit the biggest challenge of my life? I don’t work in public accounting anymore and passing the CPA Exam is more of an aside on my resume because I don’t plan on using it in an official setting ever, so continuing with this exam is for 1. my pride 2. my boys and 3. my wife won’t think that all of those weekends where she kept the boys out of my hair so that Dad could study would be all for naught.
The purpose of this site quickly found an identity in that it exists to tell other candidates that hey – if you’re struggling with this exam, you’re not alone. The only stories you really ever hear are about your smart classmate or co-worker who aced the exam on their first try. You don’t really hear too many people admit that they didn’t pass the Exam the first…or second…or third try. I’ve been open about my failures on this exam so that maybe other people would be spurred on to keep fighting and would hopefully realize that they are not alone.
Which brings me back to struggling CPA Exam candidate…
If you have the intellectual wherewithal to qualify and meet the prerequisites to take the CPA Exam, then you can pass the CPA Exam. I believe that the Thomas Edison quote Success is 10 percent inspiration and 90 percent perspiration” is very relevant to the CPA Exam taking process. I have never found myself being too-dumb to pass the Exam. I’ve always left the testing center kicking myself for not working harder.
If you’re a bad test-taker…work on being a better test taker.
If you have 3 kids and work full time and don’t have the time or energy to study…change your schedule…stay up later and get up earlier…that’s no excuse (I’m preaching to myself here).
If you’re working your tail off, but are getting bad results on practice tests…either get new material or figure out where you’re going wrong.
The bottom line is: everyone who is studying for this exam can pass it.
There is no score that can’t be overcome and there are no character weaknesses that can’t be beaten. The point is – STICK WITH IT.
Forget your co-worker who looks down his nose at you for not passing (no one likes him and he never gets invited for beers after work anyway). Forget your uncle who passed the exam back when they had to walk uphill both ways through the snow to take the old paper and pencil edition (this version of the exam is much broader and you have to know more information…thank you SOX and BEC).
Finally, forget the fact that you didn’t pass REG or FAR or whatever the last time you took it. Your performance last time has zero bearing on your success this time around.
Whether you scored a 60, 71, or a 74 – KEEP MOVING FORWARD. Keep fighting. Keep making progress.
Sometime in the future, you will have 3 letters by your name and these temporary setbacks will all be a distant memory.
(If not…there’s always marketing).
16. Jul, 2008 0 Comments
They’re up from the first quarter of 2008. My guess is that tax season/year end audits for calendar year corps has something to do with it.
Get the pdf here.
15. Jul, 2008 5 Comments
This is off-topic somewhat, but still highly relevant to the CPA exam. I have been reading (actually an audio book) “Conspiracy of Fools” by Kurt Eichenwald, which gives readers an inside view of what exactly happened at Enron.
I’m halfway through the book (I listen to it at work when I have some spreadsheet maintenance or other brainless tasks to do) and even though I already know what happens and I’ve already seen the movie “Enron: The Smartest Guys in the Room“, I’m still shocked that Arthur Andersen and the Board of Directors didn’t stop Jeff Skilling or Andy Fastow from doing what they did.
For the uninitiated into Enron, the things that Enron CFO Andy Fastow did will blow your mind. In the era of Sarbanes-Oxley, it seems like fantasy to think that such a thing could happen, but the book takes you back to pre-Sarbanes where the term “post-Enron” doesn’t yet exist.
In short, Enron used mark-to-market accounting in their dealings which should have been a HUGE no-no. They also formed all sorts of limited partnerships and dumped debt out of Enron’s books in a string of countless transactions that weren’t at arm’s-length.
If you have a chance to pick up the book – it’s great. If you have never seen “Enron: The Smartest Guys in the Room”, you HAVE to watch it as a CPA candidate. It’s very interesting – and very sad (think of the tens of thousands of people who lost their 401(k) and their retirements at Enron).
If you are a Netflix subscriber, you can go online and watch the movie for free. Your local video store should have it too. I’ve seen it three times now and I still find myself baffled that such a thing was allowed to happen each time I watch it.
Note – this CPA Exam strategy tip is no longer valid. NASBA has since corrected this glitch. It adversely affected me at the time, but has since been corrected.
-Jeff
Note – someone left a comment that said that NASBA has fixed the glitch that won’t allow you to retake a section when you have other sections left on your NTS. I hope that this is the case.
As a jaded veteran of the CPA Exam process, I’ve learned a few quirks and tricks along the way and want to share them in hopes that people can learn from my mistakes.
Tip for Success: Don’t register for more than two sections on your initial NTS
I learned this one the hard way. It was Fall 2005 (3 years ago?…yeah, I know…insert excuse here_______) and I had just gotten back the word that I failed FAR – my first section, with a 70. I felt like the most worthless person in the world, but I was going to persevere and get right back on the horse and take FARE again in the next window, right? Wrong.
When I sent in my initial application and then my subsequent Notice to Schedule, I paid for all 4 parts because I was going to pass all four parts the first time obviously, so why go through the redundancy and hassle of getting more than one NTS?
Well, what they don’t tell you in the non-existent fine print and what will garner little more than an “oopsy” from the NASBA customer service rep is that once you get an NTS, you must sit for all parts on your NTS before you can re-take a failed section on that same NTS.
The NASBA rep explained that it’s a glitch in their software that causes this ridiculousness. “Is anyone going to get around to fixing it?” I asked. “uhhhh…I don’t think so,” she said.
Nice.
SO – if you pay for all four sections and don’t pass the first one, kiss your short term memory of the subject goodbye and we’ll see you in 6 months when you sit for it again.
Even if you’re going to knock the exam out in 1 attempt for each section (weren’t we all?), it still makes sense to get an NTS for a maximum of two sections at a time – that way you’re not chained to AUD, REG, BEC when all you want to do is re-study some cash flow statements and not for profits and go take FARE again.
26. Jun, 2008 3 Comments
Remember: starting in the July/August 2008 window, there is a new format for completing the research tab of the simulations.
Be sure to practice doing it at least once so that you’re reasonably proficient with the new format prior to entering the testing room. Failing to do so could cost you precious minutes as your exam clock winds down.
Link: Tutorial from the AICPA
I’m working my way through Yaeger CPA Review’s Regulation HomeStudy program and I’m finding that I need to make notes of rules/exceptions so that I won’t forget them when I take the Regulation Exam in a month.
This practice will work with any section of the CPA Exam, but is especially helpful I think with Regulation due to the nature of taxation and rules and exception to the rules.
As I watch the video and work my way through the book, instead of taking notes on a piece of paper or writing in the book, I pause the video and type the note in an Excel workbook and make a tab for each module.
If you don’t already have a system for taking notes, consider this as a helpful option.
***Update Post***
How I took notes for Regulation…
*******
Yaeger CPA Review is offering this site’s readers an exclusive discount on their materials. Click here for details.
For all of the NTS renewals I’ve done over the last couple of (gasp) years, I have yet to subscribe to the professional literature access offered by NASBA. I’ve paid enough $$ in exam fees that they should give me a lifetime subscription.
If you have a good study package, this is probably just a distraction, but it could interesting to mess around with and it’s yours free for six months if you have an NTS.
Get the subscription here from NASBA.
A description from cpa-exam.org:
“CPA exam candidates can get a free six-month subscription to professional literature used in the computerized CPA Examination. This online package includes AICPA Professional Standards, FASB Current Text, and FASB Original Pronouncements. Only candidates who have applied to take the CPA exam, and have been deemed eligible by state boards of accountancy, will receive access to this package of professional literature.”
18. May, 2008 6 Comments
BEC 46.94%
FAR 45.95%
REG 45.66%
AUD 44.66%
Get it here.
Surprisingly, AUD had the lowest passing rate. It is generally regarded as the least-difficult section of the CPA Exam, while FARE is the hardest. Opinions vary, obviously.
05. May, 2008 2 Comments
I was just given a heads-up from Yaeger CPA Review that the new sample tests were released by the AICPA minutes ago.
There was a pre-July 2008 and a post-July 2008 version released.
The purpose of this blog is to keep candidates informed and encouraged.
Thanks again to Yaeger for helping to keep candidates up to date with the latest information.
03. May, 2008 5 Comments
The AICPA recently released a document titled “Exposure Draft: Proposed Content and Skill Specifications for the Uniform CPA Examination“. The PDF is a long (45 pages) read and it’s crammed with information. Some sections will be changed substantially, while others (FARE) won’t be affected as much.
Keep in mind that these are only proposed alterations. With that said, if they went to such great lengths to put this together and publish it, I can’t imagine that they won’t implement these changes within the next year and half. My guess is that they’ll be affective for 2009 in order to be nice to the CPA Review companies who have their 2008 materials in circulation.
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Auditing and Attestation (AUD) Changes
-Ethics and Independence that were previously tested in Regulation will now be tested in AUD. Tax-related ethics and responsibilities will remain with REG.
-Internal Control for IT previously tested in BEC will be included in AUD.
Auditing and Attestation Content Weights:
Old: Plan the Engagement (22-28%)
New: Auditing Engagements (51-57%)
Old:Internal Control (12-18%)
New: Assurance & Attestation Engagements (8-12%)
Old: Obtain & Document Information (32-38%)
New: Accounting & Review Services Engagements (16-20%)
Old: Review & Evaluate Work Performed (8-12%)
New: Professional Responsibilities (now including Ethics & Independence) (16-20%)
Old: Communications & Reporting (12-18%)
New: N/A
My Thoughts: Auditing will go from the easiest section to pass (“easiest” is a relative term…least difficult is more accurate, probably) to the second-hardest overnight. If I hadn’t passed AUD already, I would make passing it before the change a priority.
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Financial Accounting and Reporting (FARE) Changes
-SEC and other regulatory reporting requirements added
-Other comprehensive bases of accounting (OCBOA) have been
expanded to include financial statements of employee benefit plans/trusts
-A sprinkling of International Financial Reporting Standards (IFRS)
Financial Accounting and Reporting Content Weights
Old: Concepts & Standards for Financial Statements (17-23%)
New: Conceptual Framework, Standard Setting & Regulatory Reporting Requirements for Financial Statements (13-17%)
Old: Typical Items in Financial Statements (27-33%)
New: Financial Statement Accounts (26-34%)
Old: Specific Types of Transactions (27-33%)
New: Unique Transactions, Events & Disclosures (31-39%)
Testing for Governmental and Not-for-Profit Accounting are not changed (8-12%)
My Thoughts: FARE is hard
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Regulation (REG) Changes
-Ethics and Independence are shifting to AUD (see above)
-Business Structures previously tested under BEC will now be included in the Regulation section of the Exam
-Tax-exempt entities and estates will be more heavily tested
Regulation Content Weights
Old: Ethics & Professional & Legal Responsibilities (15-20%)
New: Ethics & Professional & Legal Responsibilities (15-19%)
Old: Business Law (20-25%)
New: Business Law (17-21%) (Independence removed, Business Structures added)
Old: Federal Tax Procedures & Accounting Issues (8-12%)
New: Federal Tax Accounting, Procedures & Planning (11-15%)
Old: Federal Taxation of Property Transactions (8-12%)
New: Federal Taxation of Property Transactions (9-13%)
Old: Federal Taxation ? Individuals (12-18%)
New: Federal Taxation ? Individuals (16-22%)
Old: Federal Taxation of Entities (22-28%)
New: Federal Taxation of Entities (18-24%)
My Thoughts: The content shift out of REG to AUD and from BEC to REG makes perfect sense. It reduces the overlap/redundancy of the information. This is a good move by the AICPA.
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Business Environment and Concepts (BEC) Changes
-Internal control topics tested will be tested from the perspective of management instead of that of an auditor.
-10 to 20% of BEC will be focused on written communication, documentation, and supervision
Business Environment and Concepts Content Weight
Old: Business Structure (17-23%)
New: Corporate Governance (8-12%)
Old: Economic Concepts (8-12%)
New: Economic Concepts (12-16%)
Old: Financial Management (17-23%)
New: Financial Management (19-23%)
Old: Information Technology (22-28%)
New: Information Systems & Communication (13-17%)
Old: Planning & Measurement (22-28%)
New: Strategy & Planning (17-23%)
Old: N/A
New: Operations Management (17-23%)
My Thoughts: The proposed changes make sense regarding IT and Business Structures. The new writing sections could be a real wild card. They could ask you to write about anything ranging from audit to tax to supervision.
Making written communication upwards of 20% of your exam score will certainly be a weakness for candidates who are aren’t strong in writing or have English as a second language.
Again, these are proposed changes.
Source: AICPA
Starting in the 3rd quarter of 2008, there will be a new research format in the simulations. A tutorial will be available at cpaexam.org sometime in the 2nd quarter of 2008. Supposedly the new format will make it more simple to navigate. Personally, I don’t think it would take much to improve the current interface. It’s cumbersome and you have to hold your mouth just right and say a prayer to get your answers to transfer from the authoritative literature section.
I learned the hard way that you can’t transfer an answer unless you SPLIT THE SCREENS. Of course it says this in the instructions, but I have better things to do during the exam than read instructions.
Here is the link. It’s a Powerpoint presentation.
25. Mar, 2008 8 Comments
I had a question on which section to take first and wanted to address it. You’ll find different opinions on this subject and here is mine:
Take the hardest section first.
The reasoning for this is very simple. Once you pass a section, your 18 month window begins (from the date you sat for the exam, not the date that you received your results). You don’t want to pass the easiest section (Auditing) and then struggle with FARE 5x and lose AUD.
I say that Auditing is the easiest section, but “easiest” is a relative term. Each section of the exam is very hard, I just think AUD is the less-hard section of the CPA Exam. If you think Auditing is the hardest section because you’ve passed the others but have failed Auditing 3x, then I understand. I’m just speaking in general terms.
Ranking of CPA Exam sections from hardest to easiest:
(This is my opinion only)
1. FARE – There are so many topics to cover in this section that it is just a beast of an exam. Inventory, Bonds, Pensions, Cash Flows, Governmental, Not-For-Profit…etc. This section is very difficult. It took me 3x to pass it and when I finally did, I took a year off from studying to celebrate. I felt like I had passed the CPA Exam. In reality, I had only passed mile 6.5 of a Marathon.
2. BEC – I flat out hate the BEC Exam, though in some ways I love it because it has forced me to confront weaknesses in my skill set as an accountant – i.e. Financial Management. There are no sims on this exam and it only lasts 2.5 hours. It seems like a harmless little pop quiz compared to the others, but if you take it for granted, the BEC exam will humble you. Most people couldn’t care less about in-depth IT topics, haven’t given econ a second thought since early in their undergrad studies and would rather do ANYTHING but study holder in due course and commercial paper questions. Most people take this section more than once.
3. REG – When was the last time you studied up on Trusts or Estates? Agency? Accounting Ethics? Filled out an M-1? REG is tough, but if you put in the time and don’t cut corners, you should be rewarded for your efforts.
4. AUD – I saved AUD for last because I feared it the most. I have never done auditing and I didn’t want to learn it. As it turns out, if you learn auditing from the ground level up and built a solid knowledge foundation and understand the concepts, you can answer any question on the exam. I wrote previously about how I passed AUD on the first try. I’ve never left an exam positive that I had passed it before. I did with Auditing.
Everyone has their preference on Exam order and opinions on which section is most difficult, this is just my take. I hope it is helpful.
23. Mar, 2008 0 Comments
There was a pre-July 2008 and a post-July 2008 version released.
Link: NEW AICPA SAMPLE TESTS
Note: Read the computer configuration requirements. You may need to download some software to get the tutorial to work.
According to the AICPA, the third quarter of 2007 by far had the highest candidate passing rate. BEC was the only exception and it was lower than the 2nd quarter by less than 1%.
The worst time to take the exam? January/February.
The difference between the third quarter passing % and that of the 1st quarter is staggering.
AUD: 6.82% higher
BEC: 3.29% higher
FAR: 8.73% higher
REG: 8.27% higher
Combining this little nugget with a previous post, statistically, you are more likely to find success on the exam if you take two sections during the window of July/August.
This shouldn’t tangibly affect anyone’s exam prep or test scheduling, but it is somewhat interesting.
According to the Uniform CPA Examination Alert, students who took two sections in a testing window were more likely to pass one section of the CPA Exam than those who took just one.
Thought: Makes sense…
Students who took two sections were also more likely to pass both of them than pass just one.
Thought: Ok, finally something to chew on.
Students who took all FOUR sections in a window were more likely to pass all 4 than they were to pass 3, 2, or 1 section.
Thought: Weird.
According to the Uniform CPA Examination Alert, they are considering getting rid of the 6 writing sections on AUD/FAR/REG and moving 3 of them to BEC. The thinking surrounding this move is that they can adequately determine a CPA candidate’s written communication skills based on one exam alone.
16. Mar, 2008 0 Comments
According to the Uniform CPA Examination Alert the old format of two simulations will be replaced by 5 or 6 shorter Task-Based Simulations. Unlike the current two simulations, the new simulations will be independent of each other and each question will derive from a new set of information.
Once approved by the end of 2008, the new format could be implemented in early 2009.
16. Mar, 2008 1 Comment
I was perusing the Uniform CPA Exam’s official website – cpa-exam.org and found something that I didn’t know existed…archived webcasts.
According to these webcasts:
-41-45% of all candidates who sit for a section pass it.
Thought: This is interesting because the people taking these exams aren’t just people who casually went to the center, signed up, showed their 2 forms of signed ID and took the exam. These are people who went through the trouble to get their 150 hours…get their NTS…pay the exam fee…drop a grand or more on review materials and sacrifice valuable time preparing for the exam. Taking the CPA Exam isn’t something you just stumble into – it’s an intentional process and if you have an NTS in your hand, you haven’t taken it lightly.
AT BEST, 45% of these CPA candidates passed their exam section, leaving the other 55% wondering what went wrong.
Basically, if you fail a section…congrats: you’re an average CPA Exam candidate.
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