Monthly archive: June, 2012

Guest Blogger KP Explains How to Pass the EA Exam

June 28, 2012, by No comments yet

 

Written By Guest Blogger KP.

Looking back, there were a few important things I did with my studying to help me pass the EA Exam. Since I work full-time and go to grad school, it worked best for me to find about 6 weeks to cram studying in, rather than studying a little here and there. That’s what I did originally, and studying went really slow for the first couple study units.  I found that my retention rate was about 5-6 weeks, and anything that I studied before that tended to get lost in my memory. Doing the review problems at the end of the study units was like seeing the information for the first time.

 

The Part 1 exam took me a bit longer than Part 3, which I had taken first.  I finished Part 3 in about an hour, and that included going back and reviewing all 100 questions to make sure I didn’t make any silly errors.  I finished Part 1 in a little under 2 hours.  Unfortunately, my thought process during the exam was almost self-defeating.  Before the exam, I spent a few hours cramming all of the little details . . . AGI limits, exact numbers for the EIC, all the credit and deductions amounts, etc.  I was a little disappointed to not get any of these in the first 20 or so questions!  If you have been following my blog posts, you know that I have mentioned a few times how important it is not to forget the easier, seemingly littler details.  Don’t glaze over the seemingly easier preparation and representation details mentioned in the study unit. I was second guessing myself on these questions because when studying, I thought there was no way I would forget this information.

 

That being said, I wish I didn’t stress as much about remembering all the exact income limits, credits, and deductions. There was a lot less of this information tested on the exam than I thought there would be, and Gleim definitely over-prepares you. If you are getting at least 80-85% on the software review questions, which I was, you should be good to go. My overall study plan with this exam was listening to the audios, then reading the outline, and then answering the study questions at the end of each study unit. Once I was done with the book, I moved on to the software questions and then the online multiple-choice and true-false questions. I plan to follow this same path for my final exam – Business!

 

 

 

 

Welcome CMA Exam Guest Blogger Jason S.!

June 28, 2012, by No comments yet

 

My name is Jason S.  and I am currently an Assistant Professor of Accounting at Ferrum College.  I have been a full-time professor for 4 years but have been teaching for about 11 years.  I hold a bachelor and a master’s degree from Michigan State University and graduated in May 2003.  After graduation, I worked as an auditor for a company called Plante Moran until 2008.  I am a CPA in the State of Michigan and also hold a CFE license.  I have taught many courses over the years including financial accounting, managerial accounting, cost accounting, intermediate accounting, governmental accounting, information systems, and auditing.  I pretty much teach everything but tax classes.  The majority of my teaching experience (and my passion) is in managerial accounting.  I was a teaching assistant and a graduate assistant at MSU for ACC 202 “Managerial Accounting”.  I was also an adjunct professor after I graduated for MSU, teaching “Managerial Accounting” during the summer months.

 

My primary reason for taking the CMA exam is to improve my teaching in my Managerial/Cost Accounting courses.  When I was a college student, I originally thought I would take the CMA exam instead of the CPA exam but ended up becoming a CPA when I became an auditor.  With the CMA license, I feel that my teaching would improve and that my students would get a little more for their money when taking my classes.  I also like to talk to my students about taking the different certification exams (i.e., CPA, CFE, and CMA).  I feel that having all three licenses (CPA, CFE, and CMA) would enhance my lectures on the different certifications and they would get much better insight and could make a more informed decision when deciding which path to take.  My whole professional career revolves around my teaching and making my classes worthwhile for my students.  I love to learn and I would like to pass this along to my current and future students!

 

Guest Blogger KP Passed the EA Exam!

June 26, 2012, by No comments yet

 

Written By Guest Blogger KP.

Good news! I passed the EA Exam! I was very relieved to find out that I passed this one. I scheduled it only a week in advance. I was feeling a bit rushed because I decided at the last minute that I wanted to pass Part 1 of the exam before I started my summer semester.  I now have two exams done (Part 1 and Part 3). The one I have left–the one I have been dreading– is Business.

During the exam, I marked/flagged the questions that I wasn’t 100% sure about. You can skip questions in the exam and come back to them later, and you can also flag questions for review.  Imagine my surprise when I got through the exam and had 60 (out of 100) non-flagged questions. These were questions that I knew I had answered correctly.  So I started thinking that I only need about a 70-75% to pass . . . maybe I am doing better than I thought!  I went back and reviewed all of these correct questions, and didn’t end up changing any of them. So I had more of my confidence back.  I then reviewed the flagged questions. I found that about 15-20 of the remaining 40 flagged questions were ones that I had read incorrectly or could answer after a second look, so I felt even better!  At this point, I felt like I had about a 80% chance of passing. I agonized over the remaining 20. I felt like I gave it my best shot.

Like the first exam, I had to take a survey about Prometric at the end. It’s a quick survey, but it feels like it takes forever because you are waiting for your exam score during this time.  I finished the survey….and then nothing!  After my first exam, the “Congratulations, you passed!” screen came up right away after the survey.  Instead, I got a message that read, “Thank you for taking the exam, your score will be provided to you on the way out of the exam center.”  I immediately freaked out about the word “score” – if you pass, you don’t get your score!  But if you fail, you get a numerical score. I was so bummed!  I walked up to the front desk with my head down to retrieve my items, but then the lady immediately said “congratulations!”  I was so relieved. All the hard work paid off.  I was even more relieved that I was able to fit this second exam in between my spring and summer school semesters.  I am off to campus now, but will provide some tips in my next post about what I specifically did to pass this one.

 

The Beginning of the End

June 26, 2012, by No comments yet

 

Written By Guest Blogger Anne R.

I am finally starting to study for my last section – FAR. I did NOT mean to wait this long before I started working through Study Unit 1. I found out my Audit score over a month ago (I passed!). I received my FAR materials about a week later . . . and did nothing with them until this week! It is so hard for me to start studying again after a long break, but I keep telling myself that it could all be over in a month. I want to take FAR in July. If I fail, I can take it again in August and pass the exam before I leave for Europe in the fall. My husband played professional basketball in Spain last year; now we are home in the USA during the off season, and we just found out we will be going to France in August! I’m very excited about France, but I want to spend my time discovering Europe, not studying for the CPA exam! This is why I MUST sit for the exam in July.

I’m very intimidated by FAR. In my mind, it is no question the most difficult exam. I think it contains the most information and the highest level of detail. I sat for FAR twice before, and failed both times. The first time, I did not finish studying. I never reached the study units on government and not-for-profit accounting, and I made a 73. If I had just reached those last study units …I signed up to take FAR again immediately, and I’m not sure what happened, but I made a lower score with a 71. That was almost 2 years ago. Now I am more focused, and this is my last part. I know I can do it – but I know it will take a lot of work!

Over the past week, I have managed to drag out Study Unit 1 for 5 days, but now I am focused and ready to study. Yesterday and today I worked on Study Unit 2, which I will complete tonight. I am working only part-time this summer, so I would like to finish five study units a week. If I can make this goal, then I can take the exam in mid-July. Two down and three to go for this week!

 

 

75% Done With Reviewing AUD!

June 25, 2012, by No comments yet

 

Written By Guest Blogger John E.

Hey everybody! I am 75% done reviewing my content for the AUD section of the CPA exam. Thankfully, I was able to catch up this week on the study units that I could not complete due to last week’s family vacation. I have one more week of leave, so I should have no problem meeting my goal of completing five study units this upcoming week. I will be done with reviewing all twenty study units from the Gleim AUD book by the end of this week. So, as of right now, I am right on target with my review timeline.

After I complete the twenty study units, I will spend two solid weeks reviewing everything learned in the past three and half weeks. Final review will consist of many multiple-choice questions. Study units to be reviewed during the weeks of final review will be handled in blocks of five study units per practice exam at thirty questions each. I will take and repeat practice exams in this format until I score at least a 75% or better. I will consult the Gleim AUD book for further clarification. If you have been following my previous posts, you will know that I have passed FAR using the review method described above. I stressed in earlier posts the importance of logging hours and putting in the time. I still make the same recommendation, but I want to note that the 15-20 hours a week minimum spent on one section (for example FAR) is not the same 15-20 hours of progress one would see in another section (for example AUD). What I am trying to say is that weekly progress can be gauged beyond just the hours you log. I am really gaining ground with the AUD material. For this section, I can measure my advancement by how many sections I can complete each week. For AUD, I have budgeted myself 5-6 weeks total. I am very happy with my progress. Happy studies!!!

 

CIA Exam: Assurance Engagements and Averaging a 95%!

June 25, 2012, by No comments yet

 

Written By Guest Blogger Chris.

Hello fellow students. I hope your studies are going well. It is never easy to become a Certified Internal Auditor unless you are 100% committed and have the right study material.

I am using the Test Preparation Software supplied by Gleim. It is really proving to be handy. The software provides explanations to all of the questions, which frequently quote relevant IIA standards and ethics. I have averaged 91% on all the review questions that I have done, and I am pleased with my marks.

Wow! I also just finished reading Study Unit 6, “Conducting Assurance Engagements,” and I did extremely well on the questions provided for this topic. My average mark was 95%. All I can say is that I am well equipped when it comes to conducting assurance engagements. I am now a better Internal Auditor.

I hope you are grasping everything that you are reading.

Until next time, ciao.

Here I Go: Beginning Studying For the EA Exam

June 25, 2012, by No comments yet

 

Written By Guest Blogger Chris V.

 

I received my materials this week for the EA Exam, Part 1. I am excited to start making a plan and get to studying. I really want to be able to feel comfortable enough with my knowledge level to take all three parts of the exam this summer. I have committed to spending up to 20 hours a week to study and I hope to be able to get through 3-4 study units a week. One of the main issues I will have is overcoming my need to get a 100% before I move on to the next study unit. I have always told clients that accounting is more about knowing how to find the right answer than having them all stored for use. It seems like the EA exam is counter to that belief!

I was able to use some of the online resources this week and it was a bit overwhelming. It seemed like there was so much material to look at, and I was not really sure where to start. I am going to look through the blogs this week and figure out a study plan and how to utilize the resources most effectively for my learning style. I have a hard time “learning” on the computer screen. I stare at a screen for so many hours a day already, and I just can’t seem to pick up new material when looking at it on the computer. I will definitely utilize the audio resources and take lots of multiple-choice tests. I seem to learn better by taking the exams and trying to figure out the ones I got wrong than by just studying the book or reading IRS publications.

I am off to finish Study Unit 2 and start on Study Unit 3 today. Good luck and happy studying!

 

 

Summer Distractions

June 21, 2012, by No comments yet

 

Written By Guest Blogger Amy W.

Last Monday, as I worked slowly through the Partnership material, I received an email from the woman I worked for last tax season. I admit that I do occasionally answer emails while I am studying. It provides a short but welcome break for my overtaxed (no pun intended) brain. She wanted to meet me for lunch to discuss some ideas. We set up a lunch date for Thursday.

We met and spent some time catching up before getting down to business. Her idea was that she would like me to do some bookkeeping work for a few of her clients. She mentioned a pay rate that was attractive. Frankly, since I probably won’t earn any money between now and next tax season, almost anything sounds attractive. The drawback, of course, is that it will take away time from studying for Part 2 of the EA Exam. I hesitated, wanting to help her, wanting a little cash for the summer, but afraid of committing to another demand on my time. Then I remembered how many of my fellow Gleim bloggers are working full-time jobs, going to school, raising kids and STILL managing to study. And what this woman was proposing was just a little part-time QuickBooks action, which is nothing compared to holding down a job or going to school.

So, inspired by all of you, I took a deep breath, told my fears to take a hike, and accepted her offer. Then I came home and redoubled my efforts to maser the taxation of Partnerships. It is interesting to note that life comes and finds us, even when we are determined to hide in our studies, hunched over our laptops!

 

 

The CMA Exam Turns 40!

June 21, 2012, by No comments yet

 

The CMA Exam Turns 40!

This June, Gleim will be in Las Vegas helping the IMA celebrate the 40th Anniversary of the CMA Exam at the IMA’s 93rd Annual Conference.

The conference provides the opportunity to network with business colleagues, gain valuable insight from a variety of talented speakers, and remain current with the latest professional standards and trends in management accounting.

This year’s event will be June 23-27, 2012, in Las Vegas. As an added bonus, Dr. Gleim will be in attendance.

Stop by the Gleim booth on Sunday, June 24 and Monday, June 25 to register for your chance to win a Gleim CMA Review System in honor of the 40th Anniversary celebration or a $150 Amazon Gift Card.

Dr. Gleim and the rest of the Gleim team looks forward to seeing you there!

 

I Got A CPA Exam Score Report and Panicked!

June 20, 2012, by No comments yet

 

Written by Guest Blogger Christine L.

This Tuesday morning I was taking a multiple-choice test prep session on the equity method (Financial Accounting and Reporting Study Unit 6: “Cash and Investments”) and my computer chimed to tell me I had an e-mail from “Score Reporting Service.” I flipped out. The address alone made it obvious what was inside that mail. All of a sudden I was sure it would be bad news, and I forgot everything I ever knew about the equity method.

My heart was racing and my hands were trembling as I opened the score report and slowly scrolled down to the results. It all seems kind of silly now. I passed. For the first few hours I could barely keep from jumping up and down with joy. (Well, maybe I did jump up and down, but just a little.)

All I can say is thank you to everyone who helped me to get this far. This is a group that includes friends, family, professors, employers and co-workers, fellow students, and of course all the people at Gleim. AUD, the part I passed, is just one of the four parts of the exam, and I’m not expecting the last three parts to be any less work. But hard work and long hours or not, it was all actually quite fun, and saying that seeing that word PASS was satisfying doesn’t begin to cover it. This is a new career for me, and taking steps toward becoming a CPA is a sign that I am going to succeed. I’m just hoping that by the time I get to my fourth part I’ll be able to spend a little less time worrying and a little more time having fun.

Thanks again to Dr. Gleim and the team. I’m looking forward to doing all over again!