Monthly archive: July, 2012

This Ends Tomorrow at 4pm EST! IMA Special Offer for the CMA Exam: Save $435!

July 30, 2012, by No comments yet

This offer is available to non-IMA members who purchase the Gleim CMA Review System. You will receive a special code that exempts you from the IMA Membership Fee (first year) and the ICMA Entrance Fee. This is a savings of up to $435!

To place your order immediately, visit http://www.gleim.com/IMAFeeSpecialOffer.

If you are already an IMA member or already a CMA, congratulations! Please help us expand the IMA and CMA program with this special initiative. Tell your friends and colleagues who are not already IMA members about this limited-time offer and help them jump-start their accounting careers.

If you are already certified or not a management accountant, perhaps you have friends, colleagues, or students who might be interested in pursuing the CMA. This special offer will help them pass the CMA exam quickly and save money in the process.

This offer will only be available for those who purchase the CMA Review System for both parts together by 4:00 p.m. EST on July 31. The code must be used by midnight on July 31. The agreement between Gleim and the IMA does not permit any extensions to this deadline.

Coming To The End Of Far Studying

July 27, 2012, by No comments yet

 

Written By Guest Blogger Christine L.

Late last night I finished Study Unit 20 of Financial Accounting and Reporting. It turned out to be a lot of work, considerably more than the Auditing section I went through. I hadn’t expected this because I really like financial accounting and had done well in all my courses. But financial accounting is complex, and the rules seem less intuitive than those in Auditing, at least to me. So I’m still working out some of the qualitative information and practicing with the more quantitative problems.

I’m now in the review phase. My scores on practice quizzes are marginally passing. I want to be sure of passing before I go into the exam room, so I’m going to keep reviewing and taking quizzes until my average scores go up. As much as I’d like to keep grinding through the material until my scores hover around 100%, I care more about passing and getting through the last two sections before September 1 so that I can finish school and go to work. That means I’ve got one, maybe two, weeks to study until I take the exam, pass, and move on to BEC.

Strange as it sounds, I’m having fun. It felt awesome to be finished with the last study unit, and the material was actually pretty interesting. Some of it was material I already knew. Some of it was new but similar to things I already knew. It was still a lot of work, and many times I wished I had the luxury of doing something really fun like making a pizza and getting back to the CPA exam later. It’s a lot of sacrifice, but I try to keep it in perspective. I have to balance that against my wish to finish all four sections and move onto the next step in becoming a CPA—getting work experience. So for now? Back to work.

 

 

Setting My Date With Prometric for the EA Exam!

July 27, 2012, by No comments yet

 

Written By Guest Blogger Amy W.

I have set my date with Prometrics to take the EA Exam: July 28, 2012!  It sounded like a lot of time when I first set the date, but there are other considerations: I have a party to throw to celebrate my son’s 21st birthday, out-of-town guests coming to visit, and work projects to complete. It will be challenging to free up study time each day.

I’ve drawn up a review plan that covers all twenty study units in three weeks. This review plan will make sure I’m up to speed on concepts. In addition, I am creating a list of items that simply have to be memorized. I don’t enjoy hardcore memorization (seems unnecessary in this day and age of instant information), so I like to find ways to help the memorization process. For example, the list of items that can make up an S-Corp distribution are, in order, the Accumulated Adjustment Account, Previously Taxed Income, Earnings and Profit, and Other Adjustment Account. After that, distributions are Return of Capital and then Capital Gain. So that’s A P E O R C, which I remember as Ape-Orc. (I told this to a fellow tax person recently who asked, “What’s an Orc?” Really?

Today I’m working on memorizing the General Business Credits in order of their percentages. So that’s Rehab of Buildings (10% and 20%), Research (20%), Child Care (25%), Insurance (35%), Workforce (40%), Disability Access (50%) and Pension Costs (50%): R R C I W D P. I’m still looking for a good mnemonic for this one.

I’m a woman with a mission, a test date, and a battle plan. Three weeks and counting!

 

 

Taking My First Section of the CPA Exam

July 26, 2012, by No comments yet

 

Written by Guest Blogger David G.

I am less than a week away from taking the first portion of the CPA exam. I have been through the Gleim CPA Review book two times. Now I am studying and testing with the CPA Test Prep software, which has tons of questions that can be randomized to simulate the way the questions will appear on the CPA exam. I have been using study mode mostly, but sometimes I use test mode. The difference is that in study mode I see the answers immediately. and in test mode I have to wait until I finish the test before I see which questions I missed. Reading the explanations to the answers is really helping me learn the material even more. There is a lot of information provided to you after you take the test or use study mode. It gives you scores and pinpoints the areas that you are getting right and the areas that you are missing.

 

I absolutely recommend that you view the questions in random order and keep the number of questions at 20. With that number of questions, I don’t feel overwhelmed and it keeps my attention. I am studying between four and eight hours each day this week to prepare me for the exam. I hope that it is enough for me to learn what I need to pass the exam. I do not want to have to take it again, but I will if I have to. Knowing that around half the people who take the exam will fail it on the first try is not comforting. Oh well, if it were easy, everyone would take it and the CPA designation would not be that important. Time to get back to studying now.

 

A Few Days to Spare: Final Review for AUD

July 25, 2012, by No comments yet

Written by Guest Blogger John E.

Hello again, fellow CPA candidates. I am almost finished with week two of my final review for the AUD section of the CPA exam. In less than three days, I will be sitting at Prometric. I hope this is the last post from me for this section. I can definitely say that I have enjoyed the review process for AUD much better than FAR. For those of you studying for FAR, you know that it is the mother-load of kitchen-sink exams. Anything and everything about financial accounting is packed into that exam. I can’t say I miss it at all.

In regard to my progress with the AUD section, as of Sunday evening, I have logged 105.5 hours. This equates to an average of 17.5 hours a week. I have completed a total of 1,680 questions in the Test Prep Software. I will squeeze in a few more test sessions before test day. I will also review a standard audit report and management rep letter to nail down the language as I know I will see it on the exam. My scores for the final review have been ranging from 70-95%. Study units 11-15 are my weakest. This is where the 70% mentioned in the range of scores above appears. I am giving these study units extra care over these next few nights of study. My time management per question is on par as well. I believe I should do fine come exam day. However, I am a tad anxious and tense. I guess I will always have this until I am done with this CPA journey. Come Monday and Tuesday I will put in 2.5-3 hours per night, but I insist on getting a good night’s rest on the night before. This is imperative. Also, I make it my ritual to eat a light meal and intake adequate caffeine.

Happy testing!

Studying Five Sections A Week For AUD

July 25, 2012, by No comments yet

 

Written By Guest Blogger Cameron W.

I’ve been reading the Gleim blog and thought it would be fun to share with those who know exactly what kind of pressure I’m under. I’m currently a Masters In Accounting student at Valdosta State University. I am trying to finish all the CPA sections to help my chances of getting hired by the time I graduate in December. In the spring, for my Advanced Auditing course, we used Gleim for our tests and final, so I decided to use the Gleim software full-time. My goal is to take two sections every window (I’ll be done by November) and PASS ON THE 1st TRY!

 

I’ve been studying five sections a week for AUD and had two weeks scheduled for review. I reviewed last week after taking the practice exam, which I failed miserably (nowhere close to the 70 range). I noticed that my problems were that I either didn’t know the information, didn’t read every single answer choice available, or couldn’t remember that particular subject. When I went back to focus on my weak areas, I found out that by reading the study unit and taking the quizzes, everything came back, which showed me that I had to figure out a way to retain the material. Needless to say, my confidence was shaken.

 

This week, my counselor reset all my quizzes to 0 and told me to approach it, not from the perspective of “I remember looking at this question, but I can’t remember how to work it!” but from the perspective of “Hey, you know this stuff and have put in the time.” That advice really helped. As I began to take the individual sections, I could feel my confidence rising. This worked best for me because it showed me that I do know some things, and I just needed to refresh my mind on some concepts. I know that Internal Control is my main weak area, but I feel like everything else can be fine tuned enough for me to do well on Friday as long as I review (which I will). I’ve been studying all day and now have the confidence I need to pass. I will definitely let you guys know how it goes and thanks for all the study tips and encouragement!

 

CMA Exam – Places to Study

July 24, 2012, by No comments yet

 

Written By Guest Blogger Jason S.

Greetings –

One of the key items to being successful on a big exam is having great places to study. I’m thinking everyone has their own opinion on where to study, but it’s important to have the right environment to study effectively. I have three main places I love to study. Right now, I am back at my parents’ house (in Michigan) and my main place (and my favorite place) to study is at the MSU Law Library. One of the reasons I like the Law Library is because it’s probably the quietest place I know. It’s also very motivating for me to be in an environment where everyone is studying and trying to further their education. It always gives me a little more incentive to work harder and study longer. The MSU Law Library also brings back good memories for me since I was a student at MSU almost 10 years ago, and I can’t tell you how many long nights I put in studying for various exams.

Another place I love to study is at a coffee shop. I normally go to a coffee shop if it’s a low-key study day. If I’m cramming for the exam or need total peace and quiet, I will opt for the library or my office. Coffee shops have always been one of my favorite spots because I love coffee drinks and it provides a good atmosphere that feels somewhat academic to me. There are definitely more distractions at the coffee shops but I have always been able to get quite a bit done. I probably did most of my CPA/CFE exam studying in various coffee shops, so I have good memories of studying and it has worked for me in the past.

I almost never study at my apartment or wherever I’m living because to me there are too many distractions. Some will find home a great place to study, but I have never been very productive and would find myself doing anything but studying (and making a lot more excuses). The key is finding a place where you can be most productive because you want to maximize your time studying and make significant progress toward your end goal. If something has worked in the past for you, I would not change it.

In my next blog, I will update everyone on how my CMA studying is going and discuss the biggest struggle I have had so far.

 

 

One week of AUD Studying To Go

July 24, 2012, by 1 comment

Written By Guest Blogger John E.

Happy July, CPA candidates. I have almost completed week one of my final review of the AUD section of the CPA exam. I went ahead and booked my sitting, and I don’t really have much time left. The day that I scheduled my appointment at the Prometric center, I was adamant about giving myself exactly two weeks to perform a full review of everything I have covered over the past four weeks. I have been very specific about my time slot, too. I want to be fully energized coming into the exam. I also gave myself a two week window for my FAR final review. I think two weeks is adequate.

The good news for me is that it took me four weeks to cover all twenty study units using the Gleim AUD materials. I believe the quicker you learn the material, the more relevant it is in your mind by the time final review commences and exam day rolls around. I think the longer you drag your studies out the more “rusty” you will be. As far as my approach to a comprehensive review, I am breaking the twenty study units in the Gleim materials into five study units at twenty questions per practice exam. During my final week of review, I will bump up my practice test to thirty questions to ensure that I can get my time management nailed down.

 My studying routine is to take each practice test using Gleim’s test prep until I score a 75% or better. And let’s say I take three practice tests back to back and only score a 70% on each. Then what? I will take another practice test until I hit 75%. No less. I know it sounds kind of grueling, but I prefer a stringent routine with a settle-for-nothing-less attitude over an exam re-take any day. I used the same method for FAR. Anyhow, I am pleased with my overall progress and my scores into week one of final review, but I still have a little more than a week left to get some of the kinks out and improve. Happy reviewing!

Back on track with EA Exam Studying

July 23, 2012, by 1 comment

 

Written By Guest Blogger Chris V.

 

This has been a much better week in my study plan: my scores are improving and I do not feel as discouraged with my effort. I think I can get back on track and be prepared to take the Individuals section of the EA exam in the next month or so. I am finally getting used to the questions in the Gleim study banks and have slowed down my test taking to make sure I am reading the whole question and not answering too soon. I have seen a significant increase in my scores and feel much more confident. I have gotten into a groove and figured out how to utilize the Gleim materials to fit my learning style. I need to spend more time listening to the audio presentations than spending time in the book. I have found that if I listen to the audio several times a day, I understand and remember the material better.

 

I am really grateful for the support of the owner of the company I work for. She has allowed me to spend most of my day studying the Gleim materials. She utilized Gleim to pass the EA exam years ago, so she is a good resource to bounce questions off and get feedback on what to expect on the exam. I can also tell she is excited to have me become an EA so that she can take more time off and not be responsible for my work! I look forward to that challenge and the increased responsibility that becoming an Enrolled Agent will bring to my career.

 

I have another busy weekend planned, so it will be critical to carve out a few hours a day to get some studying done. Like I mentioned earlier, the Gleim audios will really help me spend time studying when I might not otherwise have the time. I can sync the files to my portable devices and have them anywhere I go during the weekend.

 

Good luck and happy studying!

 

CPA Studying & Numerous Distractions

July 22, 2012, by No comments yet

 

Written By Guest Blogger KRR.

This week of studying has brought about many distractions. A simple oil change and tire rotation and balance became a week’s project. In addition to these issues, I had numerous business issues I had to resolve. Needless to say, my studying was at a slow crawl this week.

As of today, I have completed nine study units, and I need to review Study Unit 2, “Professional Responsibilities” and Study Unit 6, “Internal Control – Sales-Receivables-Cash Receipts Cycle” due to low scores. I did not review Study Units 2 and 6 immediately after receiving the low scores because I like to return to the weaker sections later to see if I retained knowledge after reviewing the questions I missed. If my scores are still unacceptable, then I know I need to repeat the entire study unit.

On Saturday I started using the Gleim Test Prep Software for the CPA exam, and I think the Test Prep Software questions are easier compared to the questions in the CPA Review course. I will use the next couple of days to answer questions from Study Units 1 through 7. Then, midweek, I will begin Study Unit 10 “Evidence – Objectives and Nature” and complete the questions in the Test Prep Software immediately after completing the study unit.

My study plan for this week is to complete Study Units 10 through 15 with scores of 85% or better.