CPA Review | CPA Exam Review | Another71.com

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.

Congratulations to the following Club 75 members who are celebrating CPA Exam success after the April/May 2010 Wave 1 score release:

Dale Sines

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.

Emmarie Jackson

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.

Erica Sivertson

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!

Chris Barron

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.

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.

Update: This webcast is now archived and available for viewing after joining Club 75

View time: Approx 61 minutes

5. Wrap up: Final thoughts from Phil on FAR and REG preparation as you
exam nears.

[Go here to join Club 75]
***

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)]