[Anonymous]

Ok…just to add another perspective on the CBT for Audit. Don’t Panic.If you have taken any of the CBT’s in 2010 (for any of the other sections), it is not much different. Instead of Two Tabs of several simulations,there are seven short, self-contained simulations. That aside, I studied the Becker Course and Becker Final Review, and I felt that Becker covered the material very well. Having passed the three other sections recently, I found preparing for Audit challenging since I don’t have the traditional public accounting/audit background. My approach was to get the concepts right and memorize what was needed to get the concepts and nothing more. Not sure if my approach was correct, but there was nothing instisically difficult in terms of recall…but some difficulty in the conceptual sense. The First set of MCQ’s was relatively easy, the Second was more difficult, and the Third set of MCQ’s was very tricky conceptually. I would say I took an intelligent guess on many of the questions on the Third set of MCQ’s. Usually two possible answers were so out there, that they could clearly be eliminated. That left me with a better than a 50:50 chance if I was able to sort out the remaining two logically. I finished All the MCQ’s in 1.5 hrs and All the Simulations in 1.0 hr. with plenty of time to review all and take a 7 min. break for water and a snack. My speed in the MCQ’s was pretty much similar to the experience I had when I was practicing at home with Becker. …same for the Sims. I also had time to use the Research Tab to help answer some parts of the simulations that tripped-me up. In comparison, the Becker MCQ’s and Simulations were much, much harder than anything I saw in the exam. For those of you who are wondering, my highest score in the Becker Final Exams was 73%. I did ALL the Becker Problems, Exams, and Simulations. I bought the Wiley book, but didn’t have time to even open it. Overall, I put in about 20 hrs a week for one month studying (Yes, I work full time and have a 3 yr old child). In the Sims, anything related to FAR is minimal and not more in difficulty than basic accounting….don’t get me wrong, it is still easy to get it wrong, but not that difficult. So, just review basic entries and you should be ok. Overall, the Audit exam was challenging, but not impossible. I just pray I pass! 🙂

[Anonymous]

Four years of Qualifying work experience are now required for the CFA. One nice thing about the CFA is that you can take as much time between the exams as you need…unlike the CPA where there is an 18th mo. window. Most people finish in 3-5 yrs. Look at:

https://www.cfainstitute.org/about/membership/process/Pages/work_experience.aspx for “Qualifiying Experience” information.

I work in the treasury dept. of a very large MNC and work under both CPA's and CFA's. My work primarily involves supporting the FX and derivative desk for Singapore and Hong Kong. So, I am responsible for providing analysis and modeling activities in support of trade strategy and execution. I also support the SEC reporting team in providing them the work papers for reporting and disclosure on FX and derivatives…inclusive of FV, OCI entries,Equity RllFwd, CF impact, Hedge/Non-Hedge documentation, and Off-Market Swap accounting. So,unless you work on Wall Street, look for opportunities in Banks, Insurance Co's, REIT's, Mutual Fund Co's, State Pension Funds, Energy Trader, Large MNC's,etc. in order to get the qualifying experience.

Don't get me wrong, I am not knocking accounting. I just think that the profession is very underpaid in terms of the knowledge and work hours required…..the only upside in accounting is the limited and remote possibility of becoming partner “One Day,” for a Big4 firm which usually never comes for most people. I have done the practice first level CFA exams and they are about the same level of difficulty as what a recent MBA graduate should know coming out of a decent B-School program from 1st or 2nd Tier shcools. -in other words, not that difficult….but not a walk in the park either. 😉

My boss, a MBA CPA, CFA makes a nice base salary and about 4X base salary in a good year. During the recent recession, he still had time and money to go skiing in Switzerland every year, and spend time at his vacation home in the Bahamas. On the other hand, the poor hacks who manage the SEC reporting process (M.S Acct, CPA, Big 4 experience) earn something in the low 6-figures and never get a day of rest…..one small mistake in the work papers for a filing or a Draft 10K/10Q/8K document, and the person gets fired…it is just too brutal.

[Anonymous]

THanks for the info. NO ONE told me about the 4 year of work experience for the CFA.. so does that qualify to people who are in the middle of taking the exam?

[Account Ant]

Thank you so much for the valuable post. Looks like you did very good on the exam.

FAR 70,89
REG November 2014
BEC Didn't even look at it.
AUD 83

[Author]

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