I don't have a ton advice, being that it took me 4 tries to pass. I was always pretty close to passing, but I think mostly because I am a pretty good test taker and have about 5 yrs experience in public accounting.
I will say it is important to know the “advanced accounting” portion and the Govt/NFP portion. I spent extra time studying those areas the last two times I took it. I also spent time making sure I could calculate Depreciation for all methods, and LIFO/FIFO/Weighted Average. Also, I memorized the relevance/reliability definitions.
So before the last time I took FAR, I reviewed Consolidations/Combinations/Mergers and Equity method, and then reviewed the NFP/GOVT portion and did a quick review on the other account specific items I mentioned above.
Sometimes I find it more important to read the lessons (or watch the lectures, depending on your material), rather than spending a ton of time on calculations. I've never had a ton of calculation MCQ's during FAR, so I hate to spend my time with all the calculations. I just make sure I do a couple and understand it well. If I am struggling, I move on and go back to it for a review the next day. I guess I'm just trying to say that I feel like you give yourself a better chance at answering more questions correctly if you read through the lessons versus worrying about doing a million MCQ.
As far as Sims, I have never studied sims. I feel that if I know the material somewhat well, I will be able to do the sims. Now there have been a couple sims that have thrown me for a loop, but I've never felt terrible about more than 1 or 2 sims, and they were very hard or very vague. With the new format, I was actually able to finish early for the first time. I think this is because there was no writing portion, which I always tend to do above average, but it takes me a while to write and respond well.
Summary: If you have taken the test before, review your old notes and focus on the areas that your score report told you that you performed poorly. But in the end, you know that the exam will be completely different and just as difficult as the last time you took it. Try your best and keep plugging away.
AUD - 84
BEC - 80
REG - 75
FAR - 80
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