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
Note – this CPA Exam strategy tip is no longer valid.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
NASBA issued a draft in June titled “Education and Licensure Requirements for Certified Public Accountants: A Discussion Regarding Degreed Candidates Sitting for the Uniform CPA Examination with a Minimum of 120 Credit Hours (120-Hour Candidate) and Becoming Eligible for Licensure with a Minimum of 150 Credit Hours (150-Hour Candidate)”. They stress that the discussion isn't about whether the 150 hour rule for licensing should stick, but rather is the 150 hour rule for sitting for the CPA Exam still relevant? According to the draft, the answer is NO. In the summary, it states: “We have found no evidence of detriment to the public interest in those states allowing candidates to sit for the CPA examination at less than 150 hours of education and later fulfilling the 150 hours.” So…let me get this straight: A candidate meets the “minimum requirements for serving the public interest” after 1. passing the Uniform CPA
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
It has been tough to drudge up the motivation to jump back into REG and my goal of taking the REG exam 7/7 might be a bit optimistic now. However, I am into disc 2 of Yaeger‘s 9 disc REG set and am soaking up Module 33 – Individual Income Tax and am strengthening what were previously weak areas. As I follow Phil and take notes in the margins, highlight lines, and flip back and forth between the text and questions, my marked-up, torn-up Wiley book will likely resemble gang violence come mid-July. I am still targeting 7/7, will not schedule my exam until I know that I will be ready on exam day. My modest study goal is 2.5 hours a day on the weekdays and 4 hours on Sat/Sunday. Thanks for reading.
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