I tried learning the material thoroughly before starting the multiple choice for reg the first time I took it. I read the wiley book in self study mode and I started doing all the questions in wiley and I was getting fifty percents on the questions, sometimes 100 percent, sometimes 50 percent, averaging to 75 percent when I took the exam….two years ago…
But it failed me because this exam is about answering questions, and for me, I learn by experience and exposure to what I'm being tested on. This test seems to me to be 20 percent material, and 80 percent test/trickery/oddyseus like cunning in attempting to trick the examiner…for example….this isn't a question on the exam but the wording is from a wiley cpa review simulation question…..you must know that capital gains are included in the income statement even if they are offset by losses right? They are offset later after they are included…
If you don't get the lingo or the nuances then you could be a theoretical expert but get every question wrong….sometimes reading the question is not enough. You could read the question perfectly, have an iq of 140 and not know what the question is asking because it isn't written in proper English. I've seen numerous questions like that in the Becker review….well a few to be exact…
So doing the questions helps. I remember in physics, I broke the curve and passed the AP witha 5, you would write down all your variables and given information in algebraic form….this would make the answer nearly dance itself on paper….not so with the CPA….I haven't passed any parts because I have only taken reg, and reg is pretty much something i've learned entirely on my own, none of it is review….I didn't even know what an adjusted basis was when I first started studying….
So from someone who is 100 percent self taught, and will eventually pass, as I'm making serious breakthroughs now, I can tell you that the most painful thing to do is to go straight into the multiple choice after skimming the chapter, and if you were trying to be the best at doing taxes, that would be a no no, but since we are trying to pass regulation, and regulation is a test testing on itself….not actually taxation (to a degree) then doing multiple choice until you puke, as others have suggested to me, is really the only way to pass…
That being said, there are times where I've read that others do go back and learn some theory to really get a handle on the root of the question……but doing the questions exposes you to the 1,000's of nuances I've seen in review questions so far…
this is how I learn it, not the only way to pass…just to make things clear….reading accounting doesn't help me learn it if the reading is from an outline, and watching the slides gives you the key points to remember, the broad generalities, and maybe motivation, even if you hate the instructor because you want to be just as good as him or her, and if you like the instructor then its a good way to learn while daydreaming a little, and getting things into your mind by sound…