I used Becker Self-Study CDs and worked as many hours as it took to view and understand all the lectures, and to work all the MCQs and simulations to the 93%+ correct level.  Then I sat for the exams.

Also, since I've been out of school for a while, I started with the section I had been away from the longest to get a good foundation.  Since I work for a government contractor, that meant I needed to start by refamiliarizing myself with GAAP accounting.  I took FAR first.

Nan-thanks for the lesson!  I remember in college the instructor would always tell us the Fed does not control the interest rate...he would literally yell that at us.  The Fed reserve reacts to the changes in the economy. (I think that was his point)

nacol wrote: Nan-thanks for the lesson!  I remember in college the instructor would always tell us the Fed does not control the interest rate...he would literally yell that at us.  The Fed reserve reacts to the changes in the economy. (I think that was his point)

Oh really?  The Fed doesn't control the interest rate?  Ummmm, yes, it does.

The Fed SETS the prime rate.  Every quarter (sometimes more often) they sit down and decide whether to raise or lower the prime rate.  Then you hear a report broadcast across all the news media: "The Fed this morning announced it decided to rase/lower/leave unchanged the prime rate."

The Fed doesn't act arbitrarily, of course, just like my dad didn't act arbitrarily when he decided whether or not I was entitled to use the car.  At least, it's not supposed to.  The Fed does look at the economy and key indicators first.  The background and biases of the chairman of the Fed play a role too; is he a governmental interventionist like John Keynes, or does he subscribe to the ideas of Milton Friedman?  Politics has an influence as well, sometimes (like now) a big influence.  The president and the democrats running congress decided they wanted a massive expansion of M1, and if the Fed raised interest rates (which tightens the money supply) it would be acting in opposition to that aim.

Your instructor needs to have a little discussion with Alan Greenspan or his successor.  Theatrics on his part don't change reality.