Posted: 18 Nov 2009 at 19:27 | IP Logged
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A number of people have asked me how I scored as high as I have and for study tips. I thought I'd put some general tips in one place, with links to more exam-specific information I've posted here and there. Feel free to ask any questions; I'm happy to help. I have greatly benefited from these forums. I went through a very long process as a career changer whose CPA journey began over 3 years ago with going back to school to satisfy education requirements.
The short story is that I studied a lot.
Please note, though, that I am a single person with no family, which makes things easier for me than it is for those of you with family responsibilities. I admire those of you who juggle family responsibilities with studying. I don't think I could ever do that!
My overall strategy was to make sure I knew all the material in the review materials very well. I read and did all the MCQs and sims in my main review book (Bisk) at least twice, once when I first started studying for a section, and then another time after I have worked through other materials. I went through a few particularly troublesome areas three times. As I did each practice problem, I tried to make sure I understood why the correct choice was correct and why the others were wrong. I reviewed any area that I felt at all shaky on. It is important to do as many MCQs as possible, and practice sims to a lesser extent. Practice makes perfect.
I used multiple sources to make sure I covered as much material as reasonably possible, as well as to see topics presented in different ways. My main material was Bisk 2009-2010 edition, but I also have 2006 Becker textbooks, MCQs and flashcards, as well as free Wiley software I got from http://www.wiley.com/college/uopcpa thanks to someone else on this board who posted about this.
This free Wiley software has a few hundred practice problems for each section, as well as excerpts from the Wiley study books. It is version 13, 1 version older than the current section, but a great, free supplement, especially for BEC. There are some mistakes and outdated numbers for REG, and it does not have the SFAS 141(R) for FAR.
I also used http://www.cpareviewforfree.com/ which has practice problems worth doing, although they are not as worthwhile as Becker Passmaster problems and Wiley, but still a good supplement if you have time.
I took the free Gleim diagnostic quiz, sample study units, and practice final exam: http://www.gleim.com/accounting/cpa/diagnosticquiz.php http://www.gleim.com/accounting/cpa/practice_exam.php Gleim's exam interface is very close to the real thing. You can get pretty good answers and explanations for the diagnostic quiz, but they don't give you the answers to the practice exam. They only email you a score.
Here is a free Kaplan booklet you can order. It has some useful general exam tips and a few good practice problems and explanations for each section: http://www.schweser.com/cpa/resources/exam_book.php
CPAexcel periodically gives a few free practice problems here http://www.cpaexcel.com/popquiz/cpaexcel_popquiz.html
Occasionally, I would look up in my old textbooks certain topics that I felt were inadequately explained by the review materials. My old textbooks were up-to-date because I had just completed my accounting coursework in mid-December of 2008. Because I work in tax at a CPA firm, I was also able to look a few topics up in RIA Checkpoint for clarification for REG.
It is also important to be in the right mental state. Your mind needs to be 100% focused on studying when you are studying, with minimal distraction, or you won't be studying efficiently. The CPA exam was my main mission in life for most of this year. For me, in order to avoid eating away my time and distracting me from my focus, this meant no social life (except chatting with people like you folks who are also studying for the CPA exam, and keeping in occasional email and phone contact with a couple of close, supportive friends), and trying not to do anything besides working and studying and other unavoidable life necessities (eating, sleeping, running - yes, running is a necessary activity for me!). If I go out and socialize, it's hard to get back into study mode when I come back. After the exam, there will always be more opportunities for fun than I'll ever have time for, especially since I am in New York, so fun can wait. Oh, and try not to be discouraged if people around you are not supportive. Most people who are not studying for the exam or who have not take the exam in recent years have no idea how much dedication this exam takes.
I studied very thoroughly, but I did encounter a few questions on all the exams that I did not know that well. Some of my FAR sims were on topics that I had never seen before. But you don't need to be perfect to pass, so have faith in your preparation and don't panic if you encounter topics you are not familiar with. Between the experimental questions and sometimes generous grading for FAR, AUD and REG, you don't even need to be perfect to get perfect scores. From my experience and that of many other people, I think BEC is graded most harshly, but I was still able to pass by a wide margin.
Below are links to section-specific tips I've posted, and my experiences (for some of them you'll have to search for kj_nyc to get to my posts)
My BEC Study Tips http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=28154&am p;PN=1 My BEC experience http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=25839&am p;PN=1&TPN=7
My Audit study tips http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=22180&am p;PN=1&TPN=7 http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=22180&am p;PN=1&TPN=8
My REG study tips http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=22181&am p;PN=1&TPN=4 My REG experience http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=24483&am p;PN=1&TPN=3
My FAR experience http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=24187
Finally, I'll say this quote describes my philosophy:
"I'm not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I'm going to die. It's really that simple. I'm not going to be outworked." - Will Smith
__________________ KJ, CPA licensed in New York
AUD - May 2009 - 99
FAR - July 2009 - 99
REG - Aug 2009 - 99
BEC - Oct 2009 - 93
License applied for Nov 2009, received Jan 2010
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