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TIPS at bottom
So I’ve been here since about a year ago when I started studying for this exam. I just want to give my opinion of it, what I think of each section, my study programs and some tips for passing it. I bought Rogers Elite and got Becker for free from the firm I accepted an offer with. I would do Rogers ‘regular’ course and go chapter by chapter, always doing the mcqs & SIMS for each one. Once I was done with it I would then do Rogers ‘cram’ course and instead of Rogers questions I would find the corresponding section in Becker and do all the questions there. I always did questions until I had 100% for the section. I would do this all the way through the cram. I would then do mock exams and review AICPA released questions with any remaining time. I really liked Rogers lectures and thought both Becker and Roger has solid test banks. I also had flashcards from Rogers which was helpful while traveling.
REG – Studied about 4 months because I couldn’t sit until January (sitting early in WA). I thought this was the second easiest section due to tax being mostly a bunch of memorization. I thought the ethics questions were pretty simple but I was not a big fan of business law. Consider doing this one first, it’s the least overlapping with the other sections and is a big book so it’s a good one to knock out first.
BEC – Studied for less than 2 months and sat at the end of February. I thought this was the second most difficult section. Macro/micro econ, corporate governance, IT, cost accounting, finance – this book is just a handful of ‘extra’ topics they expect you to know, but this is why I think it’s difficult because there’s just no relationship between the sections. I thought corporate governance and econ was easy (econ minor), finance was alright but IT and cost accounting were miserable to me. Consider doing this section last, you’ll know how hard you need to study by then and it would be nice to finish with the smallest section. You’d also get the benefit of some overlap from AUD and FAR.
AUD – Studied for about 2 and a half months and sat in the last week of May – during finals! I found this to be the easiest section, relatively of course. I thought Roger gave great advice saying audit is all about the forest and not to get lost in all the trees. It truly is a big picture that makes a lot of logical sense when you put it all together. This was Roger’s best section I think. Consider doing this one third as it’s a breath of fresh air in the middle of your studies and will make even more sense if you do it right after FAR.
FAR – The big one, my most difficult section. This book intimidated me and overwhelmed me a bit even though I had 2 and a half months during summer vacation. It’s huge! There is a ton of information and it can really wear you out. I took this at the beginning of September and felt as prepared as I ever would have going in. I studied each and every section until I had a decent to solid grasp of each one. Don’t underestimate gov’t and not-for-profit, mostly just the concepts and JEs! Consider this one second, knocking the two biggest books out first would be a big weight off your shoulders early. It’s also a great book to take before AUD.
AICPA Ethics exam – Boring and long but if you take your time answering the questions on the exam and utilize your resources it’s not too bad.
WA Ethics exam – The worst thing ever, took me three tries.
TIPS:
– This exam challenges you on multiple fronts including: knowledge (obviously), time management, critical thinking, and ability to remain calm. You clearly have to have a decent grasp of the material to have any shot at passing, that’s a given. On top of that you need to manage your time during the exam. Know where you are and what you have left to complete. DO NOT get hung up on questions for too long. Assume every question you don’t know is pretest question and take your best guess. Moving along at a good pace through the testlets is huge. Use critical thinking skills on questions you aren’t totally sure how to answer. Analyze the information and just look for little points wherever you can get them. You’d be surprised how many easy points there are on SIMS just sitting there, but it sound like some get too flustered and miss them. This brings me to my last point about being calm, it’s nerve-racking but you have to just zone in for 4 solid hours. Don’t allow missed questions to get in your head, assume the next question will be easier until there are not questions left to answer. Assume you studied hard enough and have confidence you have what it takes to get enough of the points to pass.
– READ THE INSTRUCTIONS, know when to enter 0’s or leave squares blank.
– Practice DRS. It sounded like some people were surprised by these, make sure you know how to do them.
– Remember the goal is to get more points than X% of other candidates and not to get X% of the questions correct. You’re competing against other candidates, not the exam.
– If that makes sense then you could say the key to passing is just studying harder than the rest, the key is persistence!
– USE THE AL WITH SIMS. I got help on multiple SIMS in REG, a couple with AUD and one with FAR utilizing the AL. If you have time do not feel like you can’t check your work using the AL. Don’t get lost in it by any means but if it’s only helping you with the research questions than you’re doing something wrong.
I start work at the beginning of November so I’m going to brush up on my Excel skills and spend time with my wife (who starts school next week) and daughter! Man everything just keeps moving so fast. Best of luck to exam candidates. IF YOU STUDY, YOU WILL PASS!
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