@ nosleep Just take the exams…finish it up…who cares how many times it takes you to pass as long as you pass? Employers won't care that it took you a couple tries, what will matter to them is that you completed it. Postponing taking FAR for fear that they would see you trying seems kind of backwards to me.
I work at a Big 4 and have run into partners who will tell you that they failed a section and had to retake back in the day. I think that how many times you took the exam does not matter. What matters if that you actually finished. And anyone who doesn't hire you because you failed a few times does not deserve to have you on their payroll if they truly know how hard this exam is. I was asked in my interview if I had taken any exams and I told them I had taken audit but did not pass and I was in the process of my retake.
That would be insane of them! How many people actually pass all four on their first try?! I just think they are happy with you passing and that's it. If the hiring practices were that strict, they would not be able to fill enough open positions.
“@NoraU I went through the business law section, writing notes on the minutia and understanding why and how. The important thing with REG is understanding the tax portion because the business law questions on the exam are very easy.
Those are easy points right there. I focused a lot on corporate taxation, partnerships and understanding basis for each. Understanding basis is extremely important.
In my opinion, focus heavily on the tax portion. Also, the SIMS on the exam for REG are not that bad, it's just you need to understand the material, so don't be freaked out.”
@ Nora – FAR is probably the hardest exam to prepare for, but in my experience, the actual exam was easy. This was my first test, so I thought I had failed because it was so easy. For FAR, I would definitely focus in on bonds, leases, deferred taxes and cash to accrual, or accrual to cash. Journal entries are very important in FAR and they help greatly when trying to figure some of the Bond, or deferred tax problems. Every time you work a MCQ, make sure you do the journal entry on a piece of paper, or notebook as this will help you better understand the concept, and more importantly help you remember the entry. Governmental and Non-profit questions on the exam are not that difficult compared to the test banks I used, they were actually very easy, but If I were you, I would probably read those chapters over a couple of times, since most people sitting for the exam don't have experience in that field. Also, make sure you know IFRS and the differences from GAAP.
Believe it or not, i had a phone interview about a month ago with a lady who was looking for an accountant (preferable CPA) to work in her tax office. Her first few questions were:How many parts did you passed? how many times it took you to pass each part? What was the passing score and what was your score for REG? How much time do I have to wait for a result once you pass the last exam? At some point I was so bored, I just told her “I am sorry, but i feel that those questions are kinda irrelevant”
she did say, and i kid you not, that the salary she offers is 10$/hour. PS: I live in NYC
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