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CPA Exam Changes

The AICPA recently released a document titled “Exposure Draft: Proposed Content and Skill Specifications for the Uniform CPA Examination“. The PDF is a long (45 pages) read and it's crammed with information. Some sections will be changed substantially, while others (FARE) won't be affected as much. Keep in mind that these are only proposed alterations. With that said, if they went to such great lengths to put this together and publish it, I can't imagine that they won't implement these changes within the next year and half. My guess is that they'll be affective for 2009 in order to be nice to the CPA Review companies who have their 2008 materials in circulation. ******* Auditing and Attestation (AUD) Changes -Ethics and Independence that were previously tested in Regulation will now be tested in AUD. Tax-related ethics and responsibilities will remain with REG. -Internal Control for IT previously tested in BEC

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My REG Experience

After sleeping on it (and thinking about it all evening), I'm thinking/hoping that I was getting tripped up on test questions (i.e. fake questions that don't count – the AICPA just uses them to gauge whether or not they'll use them in the future as “real” questions). I felt like I knew the material pretty well. I studied a lot harder for this exam than the one that I scored a 74 on, but it felt like I was getting question after question on my weak areas. Plus, the dude next to me was doing that phlegm-clearing throat hack that you hear people do in public and you think to yourself “wow – he just really doesn't care, does he.” It was loud and I despite the fact that I had those ear-blockers on, every time he did it, it sounded like we were being carpet-bombed and I had to

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My REG Experience

I took REG this afternoon and it was an absolute MONSTER. It goes down as the most mind-blowingly frustrating exam experience I've had. Every tax question was hard. Complex question after question. It sucked so bad that I looked forward to the next business law question. I didn't finish one tab of my last sim. I made sure to score easy points on the essay and research tab, though. Either I'm an idiot or I was doing well and the difficulty of the problems were kicked up a notch (for the uninitiated, the better you do, the harder the questions get – but are worth more points). Probably a little bit of both. I came out of the Exam humbled and feeling like a moron. On the other hand, whenever I have left and exam thinking “hey, that wasn't so bad after all…” – I failed. Who knows. I'm just

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My BEC Experience

I took BEC this morning. It took me about 40 minutes of waiting to get checked in, but oh well. I think I smoked the exam…we'll see. I felt this way with AUD and that turned out OK. You never really know, though. Financial Management has always been my weak area. I've never wanted to study it so I've always ignored it. THANKFULLY I did just about every question on Yaeger‘s list of “minimum” questions to do. That prepared me. I also followed their advice and did every single IT question in the Wiley book and that paid dividends as well. The exam followed the content weights released by the AICPA, so no surprises really. One thing about BEC is that memorizing terms won't cut it. They want you to actually apply the knowledge. Odd. REG is in 2.5 hours…

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My BEC Experience

BEC is up first thing in the morning. I can roll out of bed and score a 71 on BEC, so to end my streak, I've been hitting areas that I've always ignored (Financial Management…I hate studying for it, so I go into the Exam and try to fake it). I did 307 IT questions today. I could write a book about the “Joys of Electronic Data Interchange”. In the past, I've also tried to limp my way through Econ. I did a ton of problems on elasticity calculations. One regret is that I have spent a disproportionate amount of time on BEC rather than REG. I hit Corporations pretty hard (my week part when I scored a 74 last time) and I have a 5 hour break in-between exams, so I'll come back and gorge myself on individual tax, estates/trusts and whatever else. I was tempted to give it

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My REG Experience

I began Wiley module 35 – Partnership Taxation this morning. I worked an hour and a half holed-up in a conference room during lunch, and then another two hours after work. I was proficient at some aspects of partnerships, but after watching Yaeger‘s cram DVD section over it and working through the Wiley book with Dr. Yaeger, I have it nailed down. I did 32 multiple choice questions that Dr. Yaeger lists as an assignment and I scored a 94%. One of the the things that I like about Dr. Yaeger is that when he goes over a multiple choice question, he not only discusses the relevant facts about the question, but also gives examples of what would happen given an opposite fact pattern or an exception. This method of learning and reinforcement suits me perfectly. My areas of weakness easily identified while working through the lecture: 1. Items not

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CPA Exam Review