The Gleim Blog: Helping You Pass Your Exam on the First Try!

Here you will find helpful tips for the CPA, CIA, CMA, EA, and RTRP exams. We'll post exam updates, helpful hints, CPE information, and the study habits of fellow exam candidates. If you'd like to write about your studies for the Gleim blog, please email us at gleimblog@gleim.com.

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EA Review Questions

November 13, 2012, by No comments yet

 

Written By Guest Blogger Shelley C.
I hope all of you are finding success in your studying. I feel I should be further along in my progress than I am and this week I did some analysis of my studies. I found that there are some sections that need more time than others. I can’t write down that I will complete a section every other day. One of those sections might need more review for me to internalize the concept. I am finding that to be true for Sec. 152, which covers the Qualifying Child and the Qualifying Dependent. Although I have been doing taxes for over 13 years, I know my clients and what their filing status is and why.

 

The EA Review questions bring up many different scenarios that I would not likely come across in my practice. Although my client’s situations change, if their filing status requires me to look up the law and review it, I have that option during tax season. Now I am required to memorize the law and apply the law in a variety of situations.

 

I personally find this part of the code to be confusing. In my review, I realized that, although I had read it in the book and listened to it on my mp3 player, I still was not able to digest the law so that I could apply it in a variety of filing situations. I have written note cards diagramming the two different areas, the qualifying child and the qualifying dependent. Then I have gone over each of the review questions in the EA Exam book. This allowed me to write additional notes in the margins of the book and write in my own words covering why each of the situations would apply. I was also able to write down why each of the situations would not apply. Yes the book does a great job doing this for me, but I learn better if it is in my own words. I would then go to my note cards and be sure I had all of the information written down. Good luck with this concept. I’m glad I can review it again as my clients’ situations change.

 

John E. Battling with REG Tax Computations

November 13, 2012, by No comments yet

 

Written By Guest Blogger John E.

I am three weeks into my review of the REG section, and I see why candidates say this is second to FAR in required effort. The content itself is not difficult to comprehend, but there are many topics that one should be knowledgeable of before going into the exam. I don’t know if there will be an “easy” study unit in REG for me. If there was one, maybe I passed it and just didn’t realize it. This past week I began working on the study units on taxation, and there just seems to be so much volume. The IRC system is just loaded. On average, I am taking practice tests in the Gleim Test Prep five times for each study unit before scoring well and moving to the next study unit. I take as many practice tests as possible until I score a 75% or better.

I will credit most of my success in passing the three CPA examination sections with completing as many multiple-choice questions as possible. I have also found that it is important to review every question afterward, whether you answered correctly or incorrectly, so that you can reinforce your understanding behind your decision. Personally, I have found that reading the book cover to cover doesn’t help as much as doing numerous practice questions. I retain about ten percent of whatever I read, so I figure that my time would be best allocated doing and re-doing questions using Gleim’s Test Prep. Repetition beats reading for me. I really have to say that I cannot wait until I get past the last seven study units, so I can revisit some of the tougher areas during my final review. I only have a few weeks to go; I am so glad my journey is almost over.

 

CMA: Practice Exam v. Actual Exam Results

November 13, 2012, by No comments yet

Gleim recently released a Practice Exam for CMA Candidates, which is complimentary with the purchase of the CMA Review System.

The Gleim Practice Exam is 4 hours (240 minutes) long and contains 100 multiple-choice questions and two essay scenarios, just like the actual CMA exam. The purpose of the Practice Exam is to test you on both the content you have studied and on the question-answering and time-management skills you have acquired.

It provides you with the experience of answering one hundred multiple-choice questions in three hours and two essay scenarios in one hour, under exam conditions (in other words, no breaks, no researching answers, etc.). This step is really important in helping to identify the areas that you need to focus on during your final review. It also provides you with the experience you need to see what it will be like to answer that many questions in the time allotted.

For the most realistic exam experience, we suggest that you complete the entire exam in one sitting, just as you would for the actual exam. Once you have completed a Practice Exam and receive your grade, you will be provided with a Review Session that shows you which questions were answered incorrectly. Additionally, you will be able to study answer explanations to assist you in learning the topics.

Remember, the CMA exam is non-disclosed. The ICMA also has many different forms of the exam, which vary in levels of difficulty. The Gleim Practice Exam looks and feels like the actual exam, and its primary purpose is to serve as an overview that will help you gain experience in an exam-like setting and to identify your weak areas.

We have found that our clients who score around a 75% on the Practice Exam are proficient enough to pass the actual exam. However, if you score lower lower than 75%, don’t be alarmed. You should still have a week or so to review those weaker areas and to increase your proficiency. The score you receive once you complete the Practice Exam is a percentage and has not been converted to the CMA Exam’s scaled scoring system.

 

Behind With EA Study Plan

November 12, 2012, by No comments yet

 

Written By Guest Blogger Danielle C.

I don’t mind being behind in my study plan. I’d rather know and understand the EA exam material thoroughly than rush through it. This week was not a good week for studying. Work was demanding, and I still had to keep up with my graduate degree classes on top of my number one priority, my children. I’ve been able to make time for studying up until this week, and I tried to make every minute count. However, most of my free time this week has been late at night and I usually fall asleep before I get through reading a couple of pages or answering a few questions. I am hoping that this week will be calmer and that I will be able to make better use of my time. I still plan to sit and pass all three parts by the end of the year, but I will really need to kick it up a notch.

This week, I found the material to be a little more challenging. I am finishing up Study Unit 6: Tax Credits, Other Taxes, and Payments. The tax credits I was fine with; it was the other taxes, such as AMT, that got to me. I ended up changing my study plan a little. Usually, when I go into study mode, I just answer the questions as best as I can and learn from my answers. However, this past week I felt that that wasn’t enough. So for the first few study sessions of this week, I kept it “open book” and worked through the problems and questions step by step. After a while, the material made more sense to me. It’s all the little things that keep throwing me off. All the little things count though. If I miss the little details, then my answers will be wrong. One such detail, for example, is “a person is considered 65 the day before their 65th birthday,” which means that if a person’s birthday lands on January 1st, then they are still considered 65 before the end of the year. This is an important consideration for the Credit for the Elderly or Disabled, but only applies to this credit (so far in my studies). After I understood the big picture, I focused on the little details. I really like this strategy and will continue with this, as I am under the impression that there are going to be more specific facts, formulas, and such to remember in upcoming study units.

This week, I have to finish Study Unit 6 and test myself. I also plan to complete Study Unit 7 in my EA Exam studies. I am hoping that I will be able to get to more study units and get caught up. I have tests this week for my classes, so I am not going to get my hopes up like I have been doing. I am confident though that after my tests, I will be able to get caught up rather quickly. I wish you all the best!

 

 

 

Beginning AUD – First Time With The CBT-e Exam

November 12, 2012, by No comments yet

 

Written By Guest Blogger Jaime C.

I ordered the Gleim Audit study materials last Monday anticipating another week of freedom before my studying would begin. The materials arrived Wednesday! I cracked open the book, read most of the first study unit, set up my online access and downloaded the software to my laptop.

The first time I took Audit (and passed) in 2006, I had just graduated from college and was very familiar with all the relationships between GAAS, ASB, FASB, SASs, etc. Now, a good portion of the first study unit seemed completely foreign. However, I am confident that other sections of the material will be easier to understand now that I have been on both sides of an audit, as the auditor and as the client. Taking the exam right out of college has its advantages, but since I can’t turn back the clock, I am expecting my work experience to complement the reading material to make this a successful CPA exam section.

Monday will be my official start to tackling Audit on a full-time basis. Since football season is in full swing, I can knock out some great studying on the weekends while my husband is watching all of the games and monitoring his fantasy teams. I grew up going to high school and college football games, but didn’t learn what a first and ten was until I was a sophomore in college. The sounds of the games filling our house on Saturdays and Sundays will be the background noise to my studying. I’m hoping it is just like the light music and conversation in a coffee shop (my favorite place to study) only cheaper and easier on the calories!

Speaking of watching calories, I plan to continue my commitment to fitness, rather than succumb to unhealthy comfort foods while studying. Fine tuning a balance between a full-time job, exercise, studying, and household chores will be another key to my success. I’ll keep you posted on my progress during this football season. I sure do like all the pink the players are sporting for Breast Cancer Awareness Month!

 

Beginning CIA Part 3!

November 12, 2012, by No comments yet

 

Written By Guest Blogger Chris.

Hi, folks. I hope I find you well. Let us carry on with the journey until we come out victorious. The CIA journey is never meant for the faint hearted. It requires hard work and dedication. You also need to have the right study material, which can only be supplied by Gleim. All those who aspire to be Certified Internal Auditors, I urge you to go for the Gleim study material as it is tried and tested. I myself have used the material.

I am still on Study Unit 1, Business Processes. Statistics play a dominant role in this study unit. I dread math, but it plays a crucial role in the CIA course. I have come to the realization that as an internal auditor, one should have an appreciation of Statistics. I urge you all to hone your skills on Statistics.

You should be able to understand the information shown on various types of diagrams. Interpretation of the information is the most important thing for the internal auditor. The diagrams play an important role in the CIA examination as one is expected to interpret the information shown on the pie charts, histograms, bar graphs, etc.

I have also realized that I should be able to perform some mathematical calculations and be able to plot graphs. I have engaged myself in some extra lessons in order to understand what regression and correlation is all about.

Total quality management is also covered under this study unit. As internal auditors, we have to ensure that quality is attained in every aspect of the organization. This gives the firm the much needed competitive advantage over its competitors.

Until, next time. Ciao!

 

Welcome New Guest Blogger Amia M.

November 9, 2012, by No comments yet

 

Written By Guest Blogger Amia M.

I graduated in 2008 with my undergraduate degree in Business Administration with a concentration in Accounting. I was a nontraditional student. I worked full-time and completed my classes in the evenings and on-line. I graduated this May with my Master’s of Accountancy while still working full-time. I always knew I wanted to get my CPA designation, I just didn’t know if I would ever be able to. This February I started researching my state requirements to sit for the exam and for licensure. I was thrilled when I was approved by my state board to sit for the exam, and I learned that I met the requirements to license as well. That is, once I pass all four sections of the exam! That should be the easy part right? At least that’s what I thought. I started studying for the Auditing portion of the exam in February, preparing to sit in April. Did I mention I was taking my last two Master’s classes and working full-time as a Accounting Analyst? I prepared the best I could and, unfortunately, I came up short. I made a 63 with another review system. I was disappointed but not distraught. I decided to continue to press forward.

 

So after I graduated on May 14th, I started studying for BEC with a test date of July 9th. I was able to focus more because CPA Exam preparation was at the forefront of my mind and not which assignment did I forget to turn in to my professors. The hard work paid off because I passed BEC with an 80. I took FAR at the end of August and I made a 67. So here I am today. Passing 1 out of 3 is not what I wanted, but I will definitely take it. I am preparing for a rematch with FAR and planning to tackle REG in November. My goal at the beginning of 2012 was to have all four sections passed by the end of the year. After going on this journey all year long, I will not beat myself up if I only pass 3 out of 4 exams. I have learned so much on this journey so far. Two of the most important things to know are that you are not alone and that these exams are passable. Even with my two fails, I realized that I could pass and that I will pass. We will pass. Proper preparation and a great review program are essential to passing and succeeding. Until next time. Happy studying!


Jobs, School and EA Exam Studying

November 8, 2012, by No comments yet

 

Written By Guest Blogger KP.

I have a little bit of good news and bad news, but the good news definitely outweighs the bad! As I blogged about before, the past few weeks or so have been busy with work, school, and interviewing for jobs with which to use my MBA (I graduate in May). This past week, I received a verbal offer from one of the Big Four public accounting firms to start in their international tax division in January. The details are still being hashed out, but I am very excited about this opportunity, not only because I feel the job will best utilize my combination of experience and education, but it’s nice to see some rewards come out of the past couple years of craziness. I was even quizzed during the interviews on some of the concepts that I have learned about in my EA exam studying, and like I had mentioned before, the two Big Four firms that I interviewed with were very glad to hear that I had pursued this exam. I have a bit more of a unique background than most of the people who probably take this exam. I do not have much experience in the tax field, but instead I took the exam to determine whether I really enjoyed studying tax. It was a great conversational piece too in my interviews. I am so appreciative of the Gleim system for providing easy learning tools; otherwise, I am sure I would have ran far away from this exam earlier this year when I first was interested in taking it.

 

That being said, my studying this past week has definitely been neglected. Now that the job search part of my life seems to be calming down some, I cracked open the book again and almost felt like I had lost everything I learned. So I decided to start making up my “notes” sheet now (rather than wait until the end of the exam like I did for Exams 1 and 3). This will help me with the concepts I learned about in sole proprietorships and partnerships, and to give myself more confidence going into the study units for corporations. I am hoping to make it through one study unit of corporations by the end of the week, so I can ease myself back into this process. If I do end up accepting this job offer, I definitely want to have the EA exam done before I start. Wish me luck!

Live CMA Reviews!

November 8, 2012, by No comments yet

 

Did you know that in just one year you could be on your way to earning on average $22,000 more than your peers? Gleim, the #1 trusted name in CMA Review materials, has collaborated with numerous instructors and schools to help you pass the CMA exam before 2014. If your goal is to pass the CMA exam but you need the added advantage of a live instructor, the Gleim Professor-Led CMA Review Course can help.

Are you in the Dallas, Palo Alto, or Phoenix area? If so, there are Gleim Professor-Led CMA Review Courses starting in your area this month. Click here to see a list of the CMA Live Reviews we currently have available.

 

The Clarity Standards Impact Content Tested on the Auditing and Attestation Section (AUD) of the CPA Exam in 2013

November 6, 2012, by No comments yet

 

Quote startThe Gleim CPA Review System Includes
18-months Of Product Updates So You Have
The Most Up-to-Date Materials!Quote end

The Auditing and Attestation section of the CPA exam will undergo major changes in the content tested beginning in the third quarter of 2013. The Auditing Standards Board’s (ASB) clarified auditing standards are effective for periods beginning after December 15, 2012. Thus, the clarified standards are eligible to be tested on the 2013 CPA Exam beginning in July, which is the third window of 2013 testing.

According to Dr. Bill Hillison, Professor Emeritus of Accounting at Florida State University and co-author of Gleim CPA Review Auditing materials, “The AICPA’s Auditing Standards Board redrafted its standards into a new Codification of Statements on Auditing Standards to make U.S. Generally Accepted Auditing Standards (GAAS) easier to read, understand, and apply. A goal of the ASB was to converge the standards with the International Standards of Auditing (ISA) and to eliminate the duplication that existed in the current standards.”

The scope of these changes is leaving CPA candidates wondering where to begin in understanding the differences between the old and new standards. Reed Daines, a recent graduate from the Fisher School of Accounting at the University of Florida who is currently studying for the CPA exam, states, “I’m taking the Auditing section of the CPA Exam next Fall. I’m concerned because I just studied all of the SASs in my Auditing class last Spring. I need to know if I have to go back and study them all over again.”

“It’s not as bad as it looks,” says Dr. Hillison. “While there are some areas that dramatically changed, many of the standards remain basically the same conceptually.”

Dr. Hillison continues, “The biggest change is to the auditor’s report. The new report will have headings for each section and will be more explicit in defining the responsibilities for the financial statements and for the audit. Additionally, the term ‘unqualified opinion’ will be replaced with the term ‘unmodified opinion.’ In another change, a new standard on ‘group audits and component auditors’ replaces the existing standard on the use of ‘other auditors.’ The term ‘explanatory paragraph,’ which is currently used to draw attention to special items, is replaced with either an ‘emphasis-of-matter’ or ‘other-matter’ paragraph. No longer will the standards refer to ‘special reports.’ These are subsumed into various other standards on reporting responsibilities.”

Dr. Gleim, CEO of Gleim Publications, Inc and expert on CPA test preparation, suggests that candidates plan to take the Auditing and Attestation section by the end of the January/February window in 2013 to avoid having to study the new codification for the exam (This provides a buffer of the next window if the candidate needs to retake the part). “Of course,” he concedes, “not everyone will be able to plan their schedule in this manner.” To address the concerns of those candidates who must take the exam in the third testing window or later, Dr. Gleim and Dr. Hillison have created a special edition of the CPA Review Auditing materials to be released in the spring of 2013.

The Gleim CPA Review System includes 18-months of product replacement and updates so you always have the most current materials. Candidates should continue to take their exams without worrying about materials changing. Gleim will provide the new AUD edition as soon as it’s available to candidates who have purchased a complete Review System or Review System part (BEC, AUD, FAR, or REG).

If you would like to read more about the changes in the content of the standards, visit thegleimblog’s Academic Corner and read the post titled “Clarity Standards” by guest blogger Dom Savini. CPA candidates should contact the experts at Gleim Publications for more information or advice on how to study for and pass the exam before the new standards are testable.

You can try a complimentary demo of the Gleim CPA Review System here. All you have to do to begin is create an account.

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