I left FAR feeling like I would definitely need to retake it. I got a lot of really difficult questions (ARO, derivatives, many governmental, weird reconciliations, etc.). I was very nervous and kind of depressed as I waited for my results for the next two weeks. When I got the score confirmation email my jaw nearly dropped to the floor. Somehow my feelings were totally wrong and I received a 97. It was my first exam and it really gave me a lot of confidence and insight about taking the remaining portions of the exam.
First, MC questions are definitely the best way to prepare for the exam. Do thousands of them. If you can do really well on the multiple choice section, you'll have all the fundamentals you need to do well on the simulations. I would certainly recommend that you give yourself AT LEAST 45 minutes per simulation. If I had followed my study program's advice and left just one hour to complete both simulations I would have been in big trouble.
Second, don't get discouraged by difficult questions on the exam. (From what I hear) the CPA exam is similar to the GMAT test in that it adapts to your level of knowledge testlet by testlet. If questions are getting harder and harder, you might just be doing better and better. However, I wouldn't stress out if you get a few really easy questions since there are many “practice exam” questions being tested, too.
Finally, don't spend too long studying. I know this may sound strange since we all want to do the best we can, but I believe that spending too much time (in terms of weeks and months, not hours) is detrimental. If you spread your studying out over two months, it will be difficult to remember the material you covered early in the review. I spent three weeks studying about 25-30 hours a week (and a few days of 8 hour crams right before the test) and still felt that the “older” material was pretty fresh.
I've been working 30 hours a week, balancing a wonderful relationship (though it's been hard), and trying to stay up-to-date with current events during my CPA studies. I know it sounds awful, but sometimes you have to wake up at 5:00 a.m. and study until 7:30 and then resume when you get back from work.
These are things that have worked for me. I'm sure that others have a different, equally successful study plan. Make a schedule for yourself and be sure to stick to it. We'll all be done soon enough (this Saturday for me, fingers crossed).
Good luck everyone. I hope this helps!
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