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Message
re: CPA Exam - FAR
Posted on 5/3/12 at 9:18 am to ladytiger118
Posted on 5/3/12 at 9:18 am to ladytiger118
I studied over the summer while I was finishing my MS, but not working. I basically studied every day except Sunday (hungover) for as long as I could possibly do each day. Sometimes that was 4 hours, sometimes it was 15. FAR took me a month and a week, REG 4 weeks, AUD 3 weeks, and BEC I started on a Monday and took it on a Saturday. I also grew a giant grizzly beard because you can't do that once you start working.
1
Posted on 5/3/12 at 3:49 pm to kfizzle85
at the beard. Wait so you only studied BEC 5 days and passed on the 1st try?
Posted on 5/3/12 at 7:14 pm to ladytiger118
quote:
Wait so you only studied BEC 5 days and passed on the 1st try?
I'd say if you aren't working, 2-3 weeks should be enough for BEC.
4-6 for REG and FAR, depending on how many hours you put in.
Posted on 5/3/12 at 7:15 pm to pnut53088
Do you suggest taking the harder sections (REG and FAR) first and then take AUD and BEC?
Posted on 5/3/12 at 7:21 pm to ladytiger118
Yes, I didn't think BEC was hard at all. I took the harder parts first just because I knew I would be at peak motivation and time, but that's totally up to you.
Posted on 5/3/12 at 7:24 pm to kfizzle85
Agree. I took BEC first but only because I wanted to fit it in before the window closed.
If I could go back I would probably take FAR-REG-AUD/BEC-BEC/AUD.
If I could go back I would probably take FAR-REG-AUD/BEC-BEC/AUD.
Posted on 5/3/12 at 11:17 pm to pnut53088
/kind of drunk, this is tl;dr territory for sure, but if you read the MB, you know its prone to these sorts of posts, and I write 200+ page reports for a living, so this is pretty nonchalant for me, and I just like to try and give people advice being in/not that far removed from that position in life. Read if you please.
That's how I did it: FAR REG AUD BEC. I appreciate that I understand taxes more than your average bear, but I only really care about financial accounting, so I started with that because 1) its the largest amount of material and 2) it was what was most interesting to me, personally. I think the best method is just to pick what you find the most interesting just to get the ball rolling. Although my current position requires knowing tax, it doesn't require knowing personal tax on a CPA level since I'm not preparing anyone's taxes, so I honestly was not really very driven to re-memorize that stuff. eta: But I can still drop knowledge on MDs about internal financials from S-Corps because I know tax and have dealt with those things = value added as a bumfrick analyst.
Although I would say the caliber of professor/teacher at LSU is higher than UNO in general, Manry and Reid are really bright guys, and if you engage them in conversation (about accounting or otherwise, but in the context of this thread, about accounting) they will talk to you about whatever for however long, they are just very nonchalant. I had a several conversations with Manry about fair value and the difference between perception, reality, and practice when I was there. It was 2009 and the financial crisis was at its peak and clowns were freaking out left and right about fair value "causing the financial crisis" (look no further than ad infinitum threads on this very forum). Honestly I think that's just the kind of people you get when you're in NOLA. At the risk of stating the obvious, people don't move there for jobs, they move there because its a cool place to live (save the omgcrimeissobad shite for the OT pls) and work is not priority number one for the vast majority of people there (and pls believe I mean this in the most positive way possible, but that is another tl;dr post in and of itself).
If you're doing tax, do REG first, internal audit, do AUD, consulting probably BEC, just whatever gets you motivated to attack it and pass the first part and give yourself some confidence as it is certainly intimidating at that point in your life. The test is all about motivation, dedication, and confidence (life axiom in its own right really). Whether you graduate from LSU or UNO, undergrad or grad at either school, they're going to teach you everything you need to know for the test, its just up to you to use Becker/etc as a review. I feel like that's important to stress too in terms of not trying to freak out about it too much. You're going in equipped, there's nothing you haven't seen. Just buckle down and handle business and commit and you will be fine. Commitment is the key, and its much easier (IMO and having watched countless other people do it/not do it) to commit for 3 months than it is for 18. Having taken that and now taking the CFA and not having the option but to space it out over (at least) 3 years, its really a no brainer, if it wasn't before. It is so much harder to once you start working, both from a time and motivation perspective, its really just not even describable. I seriously do not know how much I can stress this. Once its done its done, just don't commit a felony and they can't take it away from you and depending on your career path, you don't ever have to take another test again.
What's funny about the Tulane comparison is, while it is a great educational institution in its own right, they don't gear their accounting grads to be CPAs, they gear them for more industry/finance jobs. I'm not saying that's a bad thing at all, which is why I said it depends on what you want to do with your degree, but they are definitely less prepared for the CPA exam itself than your state school kids, simply because the state schools train you to work in PA and by proxy, to take that test. Where Tulane really sets itself apart besides its alumni base is that they have developed a specialty in an area (energy) in both finance and accounting. LSU and UNO could both easily do the same, and if they did so, they would really, really help their graduates out a lot given the corporate base in the area/region. Different subject, just a base comment, and certainly you can do it on your own if you've got the drive (there are posters here that have done so and have my immense respect for doing so), its just harder. Hope this diatribe is helpful to someone.
That's how I did it: FAR REG AUD BEC. I appreciate that I understand taxes more than your average bear, but I only really care about financial accounting, so I started with that because 1) its the largest amount of material and 2) it was what was most interesting to me, personally. I think the best method is just to pick what you find the most interesting just to get the ball rolling. Although my current position requires knowing tax, it doesn't require knowing personal tax on a CPA level since I'm not preparing anyone's taxes, so I honestly was not really very driven to re-memorize that stuff. eta: But I can still drop knowledge on MDs about internal financials from S-Corps because I know tax and have dealt with those things = value added as a bumfrick analyst.
Although I would say the caliber of professor/teacher at LSU is higher than UNO in general, Manry and Reid are really bright guys, and if you engage them in conversation (about accounting or otherwise, but in the context of this thread, about accounting) they will talk to you about whatever for however long, they are just very nonchalant. I had a several conversations with Manry about fair value and the difference between perception, reality, and practice when I was there. It was 2009 and the financial crisis was at its peak and clowns were freaking out left and right about fair value "causing the financial crisis" (look no further than ad infinitum threads on this very forum). Honestly I think that's just the kind of people you get when you're in NOLA. At the risk of stating the obvious, people don't move there for jobs, they move there because its a cool place to live (save the omgcrimeissobad shite for the OT pls) and work is not priority number one for the vast majority of people there (and pls believe I mean this in the most positive way possible, but that is another tl;dr post in and of itself).
If you're doing tax, do REG first, internal audit, do AUD, consulting probably BEC, just whatever gets you motivated to attack it and pass the first part and give yourself some confidence as it is certainly intimidating at that point in your life. The test is all about motivation, dedication, and confidence (life axiom in its own right really). Whether you graduate from LSU or UNO, undergrad or grad at either school, they're going to teach you everything you need to know for the test, its just up to you to use Becker/etc as a review. I feel like that's important to stress too in terms of not trying to freak out about it too much. You're going in equipped, there's nothing you haven't seen. Just buckle down and handle business and commit and you will be fine. Commitment is the key, and its much easier (IMO and having watched countless other people do it/not do it) to commit for 3 months than it is for 18. Having taken that and now taking the CFA and not having the option but to space it out over (at least) 3 years, its really a no brainer, if it wasn't before. It is so much harder to once you start working, both from a time and motivation perspective, its really just not even describable. I seriously do not know how much I can stress this. Once its done its done, just don't commit a felony and they can't take it away from you and depending on your career path, you don't ever have to take another test again.
What's funny about the Tulane comparison is, while it is a great educational institution in its own right, they don't gear their accounting grads to be CPAs, they gear them for more industry/finance jobs. I'm not saying that's a bad thing at all, which is why I said it depends on what you want to do with your degree, but they are definitely less prepared for the CPA exam itself than your state school kids, simply because the state schools train you to work in PA and by proxy, to take that test. Where Tulane really sets itself apart besides its alumni base is that they have developed a specialty in an area (energy) in both finance and accounting. LSU and UNO could both easily do the same, and if they did so, they would really, really help their graduates out a lot given the corporate base in the area/region. Different subject, just a base comment, and certainly you can do it on your own if you've got the drive (there are posters here that have done so and have my immense respect for doing so), its just harder. Hope this diatribe is helpful to someone.
This post was edited on 5/3/12 at 11:20 pm
Posted on 5/4/12 at 12:33 am to kfizzle85
Your posts have really helped me a lot kfizzle. 
. The posters on this thread have told me/given me much more valuable advice than an LSU advisor or professor.
I'm surprised at Tulane students (being the "brightest") aren't as prepared as LSU or UNO kids for the CPA, but that does make sense (since LSU and UNO are both state run schools).
I would say the LSU Accounting department (with state budget cuts over the past 3 years) have lost quite a few professors and are therefore making their current ones take a bigger class load and are delegating more PhD students to teach classes. I feel like the Department Chair doesn't do much in terms of interacting with students in the program or marketing the program in general (considering his cushy position and salary) ...But a lot of academics are weird and don't have regular people skills/social skills that people outside of academia have. Plus he recently took his "favorite PhD student" (a female) on a trip to China on the school's dole (which irritated a lot of people 'in the know'). I'm trying to not name any names because for all I know they could be reading Tigerdroppings.
I don't know much about UNO's Accounting BS or MS programs but I'd say the majority of CPA's I know who got their MS at UNO went to LSU for Undergrad. My cousin got his MS their, my cousin's step daughter went to LSU for her BS and UNO for her MS in Tax.
Oh that's my other question....What's the difference between an MS in Tax vs. an MS in Accounting? And is one easier/harder than the other and does the Tax program have all the classes needed for CPA eligibility?? And which program is better to go with? TIA.
. The posters on this thread have told me/given me much more valuable advice than an LSU advisor or professor. I'm surprised at Tulane students (being the "brightest") aren't as prepared as LSU or UNO kids for the CPA, but that does make sense (since LSU and UNO are both state run schools).
I would say the LSU Accounting department (with state budget cuts over the past 3 years) have lost quite a few professors and are therefore making their current ones take a bigger class load and are delegating more PhD students to teach classes. I feel like the Department Chair doesn't do much in terms of interacting with students in the program or marketing the program in general (considering his cushy position and salary) ...But a lot of academics are weird and don't have regular people skills/social skills that people outside of academia have. Plus he recently took his "favorite PhD student" (a female) on a trip to China on the school's dole (which irritated a lot of people 'in the know'). I'm trying to not name any names because for all I know they could be reading Tigerdroppings
. I don't know much about UNO's Accounting BS or MS programs but I'd say the majority of CPA's I know who got their MS at UNO went to LSU for Undergrad. My cousin got his MS their, my cousin's step daughter went to LSU for her BS and UNO for her MS in Tax.
Oh that's my other question....What's the difference between an MS in Tax vs. an MS in Accounting? And is one easier/harder than the other and does the Tax program have all the classes needed for CPA eligibility?? And which program is better to go with? TIA.
This post was edited on 5/4/12 at 12:35 am
Posted on 5/4/12 at 12:35 am to CalcuttaTigah
quote:No. It differs by person/experience/likes
Is it safe to say this is the most difficult section of the test?
quote:There is, but is obviously doable. Just look at everyone who passed (like me).
I feel like there is a ton of material on there
quote:You will need to have plenty of quality study time then. By quality, I mean you need to be learning every minute you are studying. No going through the motions.
I am hoping to take it at the beginning of July a few days before I start.
quote:Yes, if you get enough quality study time, and do practice questions over and over till you know the answer as soon as it pops up.
If I had the entire month of June to prepare without work/school, would that be enough time?
Posted on 5/4/12 at 12:38 am to ladytiger118
quote:I suggest taking (what you think) the hardest test first. Followed by the easiest test. That way you either:
Do you suggest taking the harder sections (REG and FAR) first and then take AUD and BEC?
1)Pass a really hard test, most likely pass easier test = half-way home
2)Don't pass hard test, but pass easier test = Momentum and learning experience
3)Pass hard test and lose it due to 18 month window = if you don't want to lose your passed hard test, then having a ticking clock on it may be good motivation for the rest of your exams.
Good Luck.
Posted on 5/4/12 at 12:45 am to ladytiger118
quote:
Oh that's my other question....What's the difference between an MS in Tax vs. an MS in Accounting? And is one easier/harder than the other and does the Tax program have all the classes needed for CPA eligibility?? And which program is better to go with? TIA.
First off, I did not go to LSU or UNO (but my brother wen to UNO)
But back to your question - the biggest difference between Tax vs Accounting Masters is the career you want to be recruited for. So if you like Tax and can see yourself doing taxes (corporate/public auditing/private), then go that route. At recruiting time, you will have an edge over all accounting majors as you will have a specialty in tax.
As for the accounting Masters(we call it a MAcc in Arkansas)- we are more marketed for the auditing or corporate accounting roles.
So the whole Masters programs are generally a good filter into the career you want to be hired for, as those programs will make you more marketable for a specific accounting skill. Just my opinion.
Posted on 5/4/12 at 7:56 am to GoHoGsGo06
I disagree with people suggesting to take the "hardest" exam first - take whatever you think will be your easiest exam. This is an experience unlike any experience you have had to date. Take the "easiest" test. You will definitely have nerves - this will give you some margin of error.
Posted on 5/4/12 at 9:21 am to ladytiger118
No I would say give ourself 5-6 weeks for the FAR/REG and about 4 for the other 2. I used Becker, but I'm not completely sold on it. My theory is that beckers pass rate is so high, because that is the service that people that are serious about the exam use. In other words, people that are willing to spend the money and put in the time to pass the first time. FYI my company reimburse nearly all my Becker/CPA fees. I will say that some companies you may have to sign with before they pay for it though.
Rest assured, if you put in the time you will pass. The issue isn't that the test is hard, it's just a lot of information you need to be familiar with. I will echo the mile wide/inch deep obaervation, with the caveat that the test can throw some serious curveballs. The key is to not be phased by these during the test and keep plowing through. There is no reason to let one question get you down bc it may not count.
Good luck
Rest assured, if you put in the time you will pass. The issue isn't that the test is hard, it's just a lot of information you need to be familiar with. I will echo the mile wide/inch deep obaervation, with the caveat that the test can throw some serious curveballs. The key is to not be phased by these during the test and keep plowing through. There is no reason to let one question get you down bc it may not count.
Good luck
Posted on 5/4/12 at 11:23 am to OceanMan
Thanks . I appreciate everyone's advice on this board.
. I appreciate everyone's advice on this board.Posted on 5/4/12 at 1:28 pm to ladytiger118
quote:
How do you sign up/where is the testing center in the New Orleans area
Prometric to take the CPA is in the Metairie Centre on the I-10 service road between Causeway & Clearview.....idk where Becker does classes if you're asking for that.
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