I take FAR on May 27th and am almost done with F1 on Becker. Does anyone have any advice on how to pass with all this material? I am considering buying NINJA notes or Audio as a supplement because I really would like to pass on the first attempt..
Reading the summary of each chapter (with Gleim called “core concepts”) and getting the big picture really helped. I read those 1st for each chapter to get the main concepts in my head as a framework, then studied the mountain of material and did a bunch of practice problems to ‘fill-in' the rest.
Using the summaries helps remind you of the “WHY” or the purpose of why all of this material was created. When you know the root of all the material, the main elements, you'll start to make your own connections throughout the material and retain more.
FAR is very overwhelming. It is the only test that I felt completely unprepared for going in, but somehow I made my highest first attempt score on it. I did 150 MCQ per day for about 7 or 8 weeks and still felt like there was a lot of stuff that I just didn't know. Like everyone says, be sure to know your Governmental and NFP, you are sure to see a lot of MCQ on those subjects.
FAR is the one that the average person has to take twice or more. There is way, way, way too much material for it – there's as much in FAR as there is in AUD and REG combined, I think.
Repetition is the key. Work all the MCQs and SIMs in the areas you're weak on, over and over again. That's about all you can really do. And pray that you don't get a batch of mind-bending questions on the test.
I'm with you @Sally – I am studying and am through F1 and F2 using Becker. I have one shot to pass FAR or I lose BEC. To say I am freaking out, would be an understatement. I am dedicated to 3 chapters every two weeks.
I am using Becker as my study material but it just feels like so much material to get through. I have struggled a lot with my other exams (3 attempts for both Reg and Aud) but now with everything at stake, I am trying to put my best foot forward.
Thanks for the advice guys and CPA the Third,that is a really tough situation to be in but you'll get it! Does anyone recommend Ninja Audio or MCQ in addition to Becker? I used Ninja MCQ for Becker and it seemed to work..
I do recommend Ninja MCQ. I used it for all of the sections, and the MCQ was a key component. For FAR in particular, I thought the Ninja MCQ were more difficult then what I experienced on exam day. Material wise, knowing your journal entries will make questions easier. So, practice that alongside Govt, NFP, Bonds etc.
Battle it topic by topic. Realize at some level, it is all interconnected. And remember that the ultimate reason for most of FAR is to provide information to investors and creditors so they can allocate capital to its most productive use. Always keep that in mind, and you will see that it's geared towards that goal.
The AICPA knows that you can't know everything. So on somethings you will have to take a gamble and realize that a certain topic will only get a cursory look, and some you devote a bit more time to.
It really isn't as hard as people make it out to be…I swear to ya! Good luck studying.
@SallyCPA – You aren't alone. I passed FAR on the first try w/ Becker a couple weeks ago. When I first tried to study using Becker, F2 was too much and I quit. 16 months later (2 months to expiration) I gave it another attempt. F2 is a beast and I spent way too much time on it. My best advice is if you don't understand a topic (you've wasted hours and still can't seem to grasp it), write down the section in bold ink on the inside cover of your textbook, make note cards, write it down in your notebook and move on. In a week or so try to give it another go, keep reviewing until you have it down. I had to do this with non-monetary exchanges lacking commercial substance, goodwill impairment, foreign currency consolidations, etc. Eventually I went over those topics enough that I still have the flow charts memorized. Memorize the pass keys, there were just as many questions regarding IFRS on my test as there were GAAP. Give a lot of time for Gov/NFP. I don't know why they introduce this entire topic at the very end, but I honestly can't think of any other area where it would be appropriately introduced. Half of my MCQ and 1 Sim were Gov. I skipped the majority of the Gov lectures and only did the skills practice and MCQs because I ran out of time. Enough must have stuck because I passed with a 79. Best of luck!
@SallyCPA
I like the NINJA notes and audios. I added them and I did some MCQs for like a week but used the notes and audio often.
My last FAR retake – I got at least two questions right (possibly more but two really stand out) because of the NINJA Audio. One of the questions was just about verbatim from the audio LOL.
@SallyCPA – I'm a very aural learner. To the point where I am deficient in other learning styles. So for me, definitely the Audios.
If there was one page of data that you needed to memorize, how would you memorize it best?
Having somebody read it to you 3x
Re-Writing it 3x
Reading it 3x
If you don't pick having it read to you 3x then maybe go for the notes?
@SallyCPA, the one thing I thought Becker lacked was audio lectures that I could use during my commute and while running. Also, Becker tends to repeat MCQs – but their MCQs and the explanations are thorough. I did not purchase any supplements to Becker, it felt like too much and I would have become overwhelmed if I added anything else to my to-do list. I don't think the Ninjaaudio would hurt. I'm considering it for AUD.
@Drumstick and @krstnam I would say that I am a mixture of all the learning types. I used Ninja MCQ for REG and BEC and loved the adaptive learning function that Becker does not have. Additionally, I would use NINJA MCQ to keep specific topics fresh. I am concerned with FAR that I will forget most of the information in the previous lectures. I haven't used the audio yet for any section but I think that it would be necessary with FAR?
.