My FAR Experience

Old School Final Review

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Since I bought myself (literally) an extra 10 days to study, I've set the software aside and have been methodically going through the Wiley book and doing Yaeger‘s recommended questions per section. I work the problem and then read the answer. Instead of flipping back and forth from the questions to the answers, I have found it very helpful to tear out the answers and staple them together.

So that I don't lose my place and also to gauge my progress, at the start of each module I take Yaeger‘s list of recommended questions and write all of the question numbers down on a small piece of notebook paper and then write the answers down on the sheet instead of the book. This can be tedious and patience testing (yes, I get up and walk around after every 10-15 questions it seems), but I have found that it is very effective in learning the material.

When I get a question wrong, I write out the relevant facts that I missed or had forgotten in a Word Document and separate it by module. If you can spend a week doing something similar and then switch to the software a few days before your exam to test yourself on weak areas, I think you'll find that you have learned a lot. Doing this old school method of studying allows you to “work out the kinks” so to speak and before you know it, you will *know* the material. It can get boring and it takes time, but I am confident that it will pay off.

Currently, I've worked through Modules 7-10 in the Wiley book and hope to be done with them all (they go up to 20) by Friday night. My exam is Tuesday November 4th.

Thanks for reading.

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12 comments on “Old School Final Review”

  • Hey there! I just wanted to say that you are correct – you really should be using an updated book when studying for this material! I took a review class and the notes I am using have all the new information (even though I took the class last July) but my Wiley book was outdated…so I kept getting confused! I went out and bought the book today (even though my exam is on Monday, ha!). I figure I can sell it on amazon afterwards for an OK price. It’s worth it!

  • I sat for AUDIT last Friday. I can’t say that I feel I passed since I have flunked it twice already, but I can say I am going to enjoy the rest of this month before I start pacing for my score. Then it will either be back to studying or celebrating! I wish everyone luck!

  • Now that’s what I’m talking about Old School Baby! I added the Yaeger CD with the Wiley book after using the Wiley Book alone for the first round of exams (3 out of 4 passed with this method).

    Good luck with your test. I’m taking AUD for a 2nd time on Thursday. (The dreaded 74 last time, but I can’t complain given how much effort and dedication you have put in to the exam and raising kids at the same time).

  • My comment to mmt208, I ended up using 2006 and 2007 books for my review and they are just fine. I have at lease half a dozen associates that used 2 to 3 year old books and they did just fine. I had bought 2006 while my wife had bought the 2005 books and they were literally the same.

  • The first releases will start coming out Mid-November (BEC first…then REG…AUD…and FAR is last). Typically, candidates who sit in the first month of window through the first week of the second window (Oct 1 – Nov 8 in this case) get released in the first wave.

    This isn’t an exact science because my co-worker sat for REG on July 3 and didn’t get his score in the July/August window until the 20th or so of August.

    Some people sit early and still get their scores held back for whatever reason…it has nothing to do with passing or failing.

  • I took the CPA exam on October 6th…do you know when the scores are released? Isn’t there an early release if you take in the first month of the testing window?

  • You just have to know the SFAS 159 fair value stuff. It’s a new standard that is eligible for testing…not sure if they’ll touch on it much.

    Also – there’s no minimum pension liability anymore…if your 2007 material has this in it…it’s not valid for 2008. Basically – if you ever see Minimum Pension Liability going to OCI as an option on the exam – it’s not the right answer. They know that people use older material and will try to trick you.

    The Wiley book is $50 at a local bookstore…it can’t hurt. Either way, if you study hard you should do well.

  • I can?t help but notice that your exam is on election day! I am currently using the 2007 FAR wiley book but now you have scared me! Haha. I may invest in the 2008 addition for the new information. But I am using lecture notes from a CPA review course I attended in July 2007. My instructor told me I should be fine using my old notes. Actually, one of my coworkers just passed FAR using the same old notes so I am hoping I will be fine. My exam date is November 17.

    Good luck to you on election day!! Your studying methodology sounds very efficient; I will have to give it a try.

  • The REG book shouldn’t be a big deal – just look up the updated 179 numbers.

    For FAR – SFAS 159 (Fair Value) is a bigger deal…I would get a new FAR book.

    If you’re going to study, new materials is the only way to go in my book. You’re spending the time and the $$ on fees – don’t put yourself at a disadvantage over a $55 book.

  • Hello again,

    Question on Wiley…my FAR/REG books are the 2007 edition, are you aware of any substantial changes/concepts I should be aware of? I do plan to visit the CPA examination sites as well…

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