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What I did for the FAR exam was learn the concepts as best as possible. I paid extra attention to the non-profit and government accounting topics since these two sections MAY account for a large portion of the exam.
When it came to the actual exam…within the first 10 minutes prior to actually starting the exam, I would jot all my notes down onto the provided dry erase forms first.
Then I would start the exam giving 45 minutes on each testlet 1, 2, 3 and the remaining hour and 45 minutes to the sims.
I stuck strictly with the time frame. I would go through testlet 1 and answer all the short easy ones first while skipping over the longer more difficult ones (I would flag these). Then if I would go back to work on the flagged questions. I would watch the clock carefully making sure not to run over my 45 minutes. If need be, guess at the answers and then move on. You want to mark an answer within your 45 minutes. This way at least you have a fighting chance.
Then repeat for testlet 2 and 3.
Then you should have enough time to work on the sims. With the sims also, work on the easier ones first.
The logic is that 60% of your score is weighted towards the multiple choice. So missing several on the multiple choice (in actuality) really won't account for much towards your score. So don't spend TOO MUCH time on a particular question. Just move on. Time is key on the FAR exam.
Hope you gets some ideas from this. Good luck!!
I am done!!! I have to say this forum was a lot of help in getting through this process. I started studying for FAR back on February 2015 and took the exam in October 2015. I decided to tackle the “most difficult” section first to get it out of the way and so I took my time before taking the exam. I wanted to make sure I passed on the first try, which I did. Then, I tackled what I thought would be the second most difficult which was REG (since I work as an auditor). I studied for 3 months prior to taking the first attempt. Sure enough it took me 2 attempts. After REG, I tackled AUD in about 3 months, then BEC in about 3 months. I am 40 with 3 kids and a full time job as an auditor. My third child came into the world during my BEC study. I feel very accomplished with what I was able to do with everything going on in my life. Thanks to this forum for insight into the CPA exam.
My order of the sections were as follows:
I was in the same boat and passed the 2nd time around by booking the next available window right away. For the retake, I focused on tax only. The reason being… I don't think business law is tested in sims and the sims alone account for 40% of the exam score. Has anyone else seen business law as a sim? Both times I didn't.