[Anonymous]

Quick background – graduated with a bachelors in acct’g 1 year ago, still need to get my 150 hours, finally started studying for FAR with CPAExcel about 5 weeks ago. I did really well in school and graduated with a 3.8 gpa.

I’m doing so poorly on review questions and flat out cannot grasp some of the concepts. I’m wondering if I’m not educated enough to attempt the CPA yet. At best, I’m scoring 40-50% on the CPAExcel review questions first time around and maybe bump those up to 50-60% second time through a few days later. I can’t understand DV LIFO to save my life and the Retail Inventory Method just kicked my butt (even after reviewing the solutions to the questions, I cannot walk through and solve the problems 10 minutes later). I feel really defeated, but my pragmatic side wonders if I’m not “fresh” enough having been out of school for a year, have lost all of my mental capacity by the time I get home from work, or maybe I’m just not cut out for the CPA?

Should I maybe work on a Master’s degree instead to refresh my memory? Has anyone else done this poorly or just been flat-out unable to learn some of these concepts?

[Anonymous]

I don't have a masters degree and I experienced struggles with MCQ when I started practicing. But if you keep practicing and don't get discouraged, I feel that you will get better and better. By all means pursue a masters, but I think the CPA exam primarily covers undergraduate-level accounting study (and leaves quite a few topics out, at that). So, I would say you have the tools now to pass the exam…it's just a matter of discipline and persistence. The practice questions will kick your ass over and over (I remember being fooled over and over again by the same questions), but sticking to it will pay off in the end.

As for DV-LIFO, it seems complicated but it's one of those topics where if you keep practicing it, there's a moment where it just clicks and you are able to get it after that. I think that goes for Retail Inventory Method as well.

Keep at it…good luck, man.

[Keely]

In my opinion, further schooling isn't really going to help you grasp the concepts more. I had the same problem in BEC and just did the questions a ton of times. Each time, I got a few more right than the time before. How much time are you putting toward it? I truly believe in my study plan, which is, watch the lecture, immediately do the MCQs to gauge what you've learned. Then hit the books. Take extensive notes, reread, etc. Then do the MCQs again. Then reread the book. Then do the MCQs again. If you're anything like me, you'll find it all starts falling into place after you do it long enough. I think you're throwing in the towel too soon. And don't get me wrong, I was miserable and thinking I was going to fail BEC, found out I passed, and now I'm miserable and thinking I'm going to fail AUD. Also, maybe switch your review material. Everyone learns differently, and you may find something else connects with you better.

BEC: (4/2012) 88
AUD: (5/2012) 91
REG: (8/2012) 82
FAR: (1/2013) 78 🙂

VA CPA #42010

[Sapper]

I think just about everyone has had that same feeling at some point during review. I know I have – actually with those same topics. I honestly feel like I never 100% got the hang of them. Just do your best, and remember that repetition is key.

I agree with Keely's suggestion. If you aren't retaining the information, try studying a different way.

FAR - Feb 2012 - 86
BEC - Apr 2012 - 85
AUD - Apr 2012 - 89
REG - May 2012 - 78
Review: CPAexcel + university review class + NinjaNotes (AUD&REG)

[Lisa_Jane]

There are a lot of people who start studying for the CPA exam who haven't been in school in decades. Everyone forgets this stuff. I have a friend who is a CPA with a prestigous job and I can't talk about my studies with her becuase she deosn't remember this technical stuff that is on the exam- it bugs her that she forgot it. My point is- don't stress. I would get a Wiley CPA review book. They explain everything really well. You might also want to get a used Intermediate accounting textbook and brush up on the topics you are having trouble with. Also, get the Wiley CPA test bank software and don't beat yourself up for not doing well when you are studying. You are learning and reviewing now- it is not the exam yet. Keep at it and don't give up. We have all been there. Good luck!

FAR Passed 5/28/14
AUD Passed 1/22/13
BEC Passed 7/12/13
REG Passed 5/9/14
Virginia CPA license issued July 2014

[Anonymous]

I just have a Bachelor's degree and have even been out of school for 11 years! College gives you the background you need to know the essentials, but getting down with the nitty gritty stuff like Dollar-Value LIFO just takes time and dedication. It's completely normal to get those percentages the first few times through. In fact, when I sat for FAR I was only averaging about 70% on practice exams.

Another thing to keep in mind is there are only 90 MCQ's and 6 SIMS on the exam and they can only ask but so many different things. The SIMS are going to cover the most important topics, so even if you saw something like Dollar Value LIFO in a SIM, it would most likely be grouped with other questions about calculating LIFO and FIFO. The goal of the exam is to make sure you know a little about a lot of different topics as opposed to the intricate details of one topic. Sure, it will help your score but I wouldn't stress over knowing how to do every single thing. At most, I bet you would see 1, maybe 2, MCQ's on the topics you mentioned.

[Author]

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