[Anonymous]

I think I want to jump in and start preparing for the exam but I wanted to ask for some advice. I don’t quite have the 27 hours required to apply to sit for the CPA exam in Colorado so I think I may sit in another state and transfer my scores once I get the addl credits. The ony problem is that tax is about the only core course I haven’t taken.

As for academic background, I have an MBA, an MA Economics, and I have taken the GMAT, GRE, and Series 7 exams that are all CBT format test and I have always scored pretty well on these exams. I’ve gotten As and Bs in my accounting coursework that I have taken to get the credits necessary..

Instead of taking a tax class this semester, I am thinking of trying to start studying and getting familiar with both REG and FAR. When I say studying, I am more talking about getting familiar with the material conceptually and starting to drill down a bit. I will probably really start hard core drilling down later this year and I will probably try to tackle FAR first.

Am I crazy for trying to get myself acquanted with two sections at once? For a few months this year, I plan to try to get familiar with both sections but once I start getting serious about FAR, I will put REG aside until I am done with FAR. I just don’t want to worry about the 18 month thing and I don’t want to go into REG completely cold. Once my clock starts I want to be warm and rolling into REG pretty quickly.

I am thinking I may take FAR in January and REG in late FEB. I could take Far in November, though.

Am I crazy to skip my tax class and is it stupid for me to try to get familiar with both of these tests over the next couple of months?

[mla1169]

I wouldn't try to study two at once. There's a lot more information than you're imagining right now.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

Should I skip the tax class this semester and start studying for the exam full time? Will the REG material prepare me adequately?

I realize that it could potentially be valuable but I also don't want to waste my time–I can always get more tax training after the exam. I just don't want to be kicking myself for not taking the class when my 18 months is ticking.

[Anonymous]

Go to a nearby library and see if they have the Wiley books there (hopefully recent ones). Borrow them and do some “light reading”.

[joshuahuskers]

It's hard to do two at once, and those might not be the best two to do at once, anyway. Might get the tax and GAAP stuff confused, especially if you've had no exposure to tax in the past.

AUD - 99 (7/31/12)
FAR - 90 (8/29/12)
REG - 10/2012
BEC - 10-11/2012

[Anonymous]

If I can get between 85 and 90 all MCQs on the practice material without memorizing is that pretty much a guarantee to pass the real exam?

[mla1169]

If the tax class is required for the state you choose to sit in, take REG immediately after the class since that is the section related to tax.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Minimorty]

No

[CPA Hopeful]

There are no guarantees when it comes to passing the exam. The only guarantee is that if you put in the time and effort needed you will give yourself a chance…

FAR - 81
REG - 75
AUD - 85
BEC - 79

Thank goodness it's over... Now on to the next step...

[Anonymous]

There are no guarantees but there must be an objective measure you can use to know you are “ready” to attempt the exam section. Would the average score on you MCQs be that metric?

[joshuahuskers]

No one knows what a 75 really means, so it's impossible to tell. All you can do is your best.

AUD - 99 (7/31/12)
FAR - 90 (8/29/12)
REG - 10/2012
BEC - 10-11/2012

[mla1169]

You need to realize that a score of 75 does not mean you got 75% correct. The way the exam is scored is a guarded secret of some sort. That said many people end up failing when they blew the practice questions out of the water and many people pass who were scoring less than 75's on their practice questions. This is very different than anything you've ever experienced and it's impossible to apply logic to.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

That seems crazy that the people who make all these prep courses and CBT trainings don't have some kind of idea on how their scoring correlates to the actual test material.

How ironic is it that the exam is a black box where nobody understands how it is scored yet it test future CPAs on financial disclosure and auditing!

[Anonymous]

Is missing my tax class going to impact me? Don't a lot of people start studying for the CPA exam after they have long forgotten anything they previously learned?

[Minimorty]

Your tax class would help, but isn't absolutely necessary. Have you had any exposure to the tax rules? GAAP and tax actually aren't that different. There are only a handful of items that differ between the two.

If you are scoring 80%-90% on your practice questions, you should be fine.

[Author]

Replies