Hi, just wondering, how r the FAR simulations for 2011? Comparing to REG simulations, is FAR harder, more detailed? or anything in particular that I need to be aware of in the simulations section for FAR?
I've taken both REG and FAR this year, and I wouldn't say simulations for FAR harder or easier, just different topics. Pretty much the same difficulty, some stuff I was confident in, some stuff I've never touched. I honestly feel like there is no good way to “study” simulations, just practice doing them so you get the feel of what they look like and how long they can take.
I think it really depends on the questions you receive on the exam. When I took FAR I thought the simulation were really difficult. I used every minute to try and answer them. I just took REG yesterday and I felt the simulation were a lot easier then the ones on FAR. I finished the REG questions with enough time to check every question and use the IRC to double check any answers I wasn't sure about. I really believe it depends on how luck you are on the exam day.
For the simulations on FAR, I would say know the journal entries for everything. That is the only way you can really prepare for those questions. When I took it I had 5 simulations with multiple journal entries, 1 that was a fill in table, and the last one was the research question.
NYCPA is right. If you know journal entries, you will do well not only in the sims but potentially in the multiple choice as well. They're a great tool for figuring out questions that sound intimidating.
Hey JiM, what was FAR like yesterday? what was the ratio of calculations to theory? Did you finish on time?
Was it hard?
Hey kerwin–I had 2 hours and 5 minutes going into my simulations, but the simulations were HARD and I definitely needed the time.
Honestly a lot of it has become kind of like a repressed memory to me at this point–I think it was hard, but the multiple choice weren't impossible. The things I probably missed were things I had studied but didn't study well enough to have a firm handle on them–something that's bound to happen when there are nine chapters.
Calculation and theory are equally important, I think. While theory questions obviously don't ask you for calculation, sometimes a calculation question can be a lot easier when you know the underlying theory. There's my vague answer that doesn't violate any disclosure rules for you 🙂
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