mmp – I passed FAR, and now that I've been through it, I can tell you what helped me prepare for it. I used Becker too.
First, as you mentioned, the sheer volume of material for this section is overwhelming. So . . . it's very important that you know it well all at once on the exam day. The problem, I think, is budgeting time for a comprehensive review both as you go along and after working your way through all of the chapters. It's a challenge to keep a good grasp on all of the information all at the same time.
Here are some of my study tips:
For each exam section, purchase a large, 3-ring binder. Get some divider tabs for each chapter, i.e. for FAR, that would be 9 tabs (F1 – F9). Behind each tab, you should include the class notes, updates, and any homework/sim questions you choose to print out for the related chapter.
For each Becker chapter:
Print out Becker's class notes for the chapter as well as any updates. Review the updates, and make any text changes required. Punch the class notes and updates, and put them in your binder behind the related chapter tab.
Watch the video lecture for just one part of a chapter at a time, and read through the material as you go. You may need to pause the video after each page to make sure you've read everything on the page before moving on to the next page. Highlight and mark as the instructors say. Focus on the concepts and ideas so that no matter how a question might be asked, you'll have the skills to figure it out. Don't memorize in cases where understanding is essential. For example, it is much more helpful to understand the concepts/theory behind deferred taxes than to memorize the endless possible journal entry scenarios. If you understand the concepts, the journal entries are natural. It is worth your time to truly understand and be able to apply your knowledge with this exam.
Do the homework questions for the single part of the chapter you're working on. As you're going through the homework questions, print out a number of them, including a good sample that cover a variety of topics, as well as any that are tricky. Keep Becker's class notes handy, and add special notes to yourself as you see sticking points in the questions. For example, next to the “I” in “IDEA” mnemonic in Becker's class notes for F1, I wrote “operating and nonoperating” so I would remember that income from continuing operations includes both operating and nonoperating items. Take note of any updates that apply.
After the homework session and printouts are done, take some time to go over the questions you printed out. On the top of the printout, write a short description of the topic the question is about, i.e. LIFO Cost Retail Inventory Method. Below the question, write any notes you don't want to forget about this topic that pertain to the question, i.e. net markups and net markdowns are included in the cost to retail ratio. Use a three-hole punch, and insert these questions into your 3-ring-binder for later review before the exam.
The purpose of the printouts is to reinforce concepts by taking short notes on particular questions and concepts, but also, most importantly – to provide yourself with something to review FAST in the days before the exam. Remember, the goal is to know everything well and all at the same time! With FAR, this is an extreme challenge. The printouts and notes will allow you to review concepts MUCH FASTER than you can by using the PM software alone. You'll be able to flip through the pages and see everything you need at a glance. This is key in the days before the exam.
Continue on with each mini lesson within the chapter. The key is to take in the information in small bites – short, focused lessons, and by doing the homework questions on the mini sessions right away, you are reinforcing concepts at the right time.
After completing all of the mini lessons within the chapter, complete the supplemental questions for the chapter overall. Again, take some side notes by adding your own reminders to Becker's class notes, and print out any homework questions you'd like to have for a fast review later. Make notes about the topic and purpose of the question, as mentioned earlier. Include these in your binder.
Complete the sims for the chapter. You can print out sim solutions for future reference too and make some notes on them. Take note of any updates that apply.
Move on to the next Becker chapter, and repeat this process.
After completing all of the Becker chapters, review each one in this way:
Reread the entire chapter.
Read over the Becker class notes and your own notes.
Learn Becker's flashcards for the chapter.
Redo all of the Becker homework questions (no need to print anything out this time or take notes, as you've already done that).
Review your printouts of questions/sims in your binder.
In the final day before your exam, just spend some time looking through the binder, the text, and the flashcards, rather than going through endless PM software quizzes. You'll be amazed at how well it all comes together. By the time you sit for the exam, you'll feel much more confident.
Memorizing test bank questions and logging time alone will not get you a passing score. You absolutely need to understand the concepts and be able to apply them in a variety of situations. Focus on that – quality over quantity.
I think many candidates underestimate the time to bring everything together after completing the chapters. I would budget a good two to three weeks for the FAR section review, AFTER you have completed all of the chapters.
And, I believe that reading each chapter page-for-page, at least twice is very important too. You'd be surprised at how much you remember. Not every detail is tested by Becker's software, and the actual exam may have questions about those details. So you need to have read everything.
I know this post is getting super long. I work in education, and I wanted to share my strategy. I hope it's helpful to you and maybe others who are in the same FAR boat.
Speaking of boats, I hope you sail through the FAR exam! Don't give up!
Jan
FAR - 94 (7/10)
AUD - 99 (8/20)
REG - 99 (10/15)
BEC - 88 (11/20)
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