I figured that we could all share things, tips…tricks…mnemonics that are especially helpful (for all sections of the exam), etc. that might help others.
Here’s one of my best for BEC (especially helpful for those taking other sections first):
Get some notecards and skim through your BEC materials. Make note cards of all the formulas….ratios, costs of capital formulas, cost accounting formulas/computations, etc. Review these twice daily, even when studying other sections. By the time you get to BEC, a great portion of the exam (and the hardest part, IMHO) will be second nature.
REG: Take notes, re write notes. REG is a lot of nitty detail. Purchase a separate test bank. Read ancillary (in Becker) several times. If you do not have Becker for review materials use the below link:
FAR: Don't let the amount of material scare you away with this one. Once you break down all the tiny topics, she's not so bad and can be slayed! My recommendation, take notes, but only on all the “major topics” emphasized by your review material. ie: Pensions, bonds, leases, gov & non profit, CASH FLOWS, journal entries, equity & cost method, etc. Re write those notes. Watch your review lecture, take notes on those major topics, then read the chapter and work the chapter questions, don't move on to the next chapter until you've completed the previous chapter. Treat every chapter like a “project,” finish one project before you start the next. After every 3 chapters, give yourself a progress test to help keep the material fresh. At night before bed, skim over just what you've highlighted in the material on chapters you've already completed. This will help reinforce your memory on what you've already learned. As with REG, purchase a separate test bank for FAR, it can only benefit you, and it's less than $100.
BEC: In my opinion, notes were not necessary as in REG & FAR. I did, write down ALL of the formulas as I was watching the lectures. It was only a couple of pages of notes. What I recommend NOT doing while studying BEC; When you get to a calculation question, don't take notes on that specific question and how to do it. You're not helping yourself, you're merely memorizing how to do that particular question/calculation. If you take notes on the big picture, the actual calculation, when you get to the question you will know what you're doing. Again, repetition is key with BEC, purchasing an additional test bank will only help you. BEC is the AICPA's dumping ground, a million little topics an inch deep. Pound those questions hard.
AUD: I have not successfully completed AUD. However, round 1 of AUD, I just did a bizzillionmilllion questions. I took intense notes, and never went back to the book because my notes “were so good” <<< That's what helped me pass REG–thought I could do it for AUD. WRONG!!!!!!! Scored a 59.
ROUND 2 AUD; I am taking a completely different approach than the last attempt. I watched the Becker lecture, NO NOTES, read the chapter (by section) then did the corresponding questions for that section. Moved through all 5 chapters this way. Then… Went back and did it ALL AGAIN!! Minus the lectures. I re read all the chapters, and re did every single Becker question (yes the 120 supplemental in A4 as wel) ALL of them. I successfully completed Becker twice. Then, as I've suggested for every other exam, I bought an additional test bank. Now I am working through all of these questions once. I will have time to take a million progress tests before the actual exam!
This is what worked for me. We all learn differently. Take everything with a grain of salt. Good luck!
@Peanut So for FAR, the 2 different Test Banks you used were the Becker one & which other one? There are test banks from Wiley software, from Wiley textbooks, from others as well like CPA review for free. Which test banks are your favorite?
Although, the Rules of the CPA exam thread is great, it has more general rules on test taking. I think the OP wanted specific tips relating to how to study for each part. Each exam is approached differently in terms of studying. I think most people would agree that the way they studied for one section, might be different to how they study for a different section.
Here's a good rule for REG that a friend of mine gave me: If you're totally clueless on a tax question, choose the answer that results in the highest revenue for the IRS. It's often the right answer.
For AUD/BEC: If memory fails you, choose the longest answer. Again, very often the correct answer.
Yeah, I just thought the idea of pre-writing the BEC formulas and studying them for an extended time would be a great idea. I shared it with all of the people at work who are on other sections and they thought it was a great idea.
I figured that others would have little things like this (outside of general section strategy) that would be helpful…..I guess like my music stand idea. I'm still loving that one….and my rear end thanks me! 😀
@KasiaS- Let me add to that AUD/BEC tip. If you ever see answers that are too strong, especially when they contain the words MUST, ALWAYS, and NEVER, the chances are, those are the wrong answers. CPA questions like to throw in those strong words because those words can take a right answer and turn it into a wrong answer.
@CPApending I'm planning on taking BEC first. It is mainly because I wanted to study for one of the shorter ones while still in school. Is that a terrible idea? Any advice?
Zaya….well I don't know honestly. The last time I took this exam, it was Auditing, BEC (which was business law), REG and FAR. I think that the ratios and capital budgeting were in the FAR section, which is why I failed it. Capital budgeting can bite me on my weighted average BUTT.
Now that the BEC has the capital budgeting, heavy ratios and cost accounting, it seems much harder to me. I am convinced that each section has its own flair for the difficult and the dramatic. I haven't reached the new REG or FAR. Although, having passed business law and being a Tax Accountant, I feel the REG favors me a little. FAR will be a best but I can do it.
If I can get through this BEC exam, I think I will be home free. It will give me confidence and I'll be back to where I started.
I chose A B R F in that order because I wanted to pass the two sections I previously held credit on (figured they would be the easiest, time will tell). Then I figured I would have added confidence along with the thought that “I can't stop now, I'm half way through”.
All that said, I don't know that it matters. I think they are all hard and that they depend completely on your work ethic, dedication, and a little luck on the SIMS. Of course, what happens when you are dedicated and just can't pack any more information in? I just know that I am looking forward to a break after 2/27 when I take BEC. I'll either have a nice long break until after tax season or a shorter break when I begin restudying BEC on 3/10 when I expect my grades. If I fail, I will retake it in early April.
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