Posts tagged: CPA Blogger

The CPA Exam: One Week Left

September 5, 2012, by No comments yet

 

Written By Guest Blogger Anne R.

I have not gotten much sleep the past week because I’ve been up late studying every night! I knew I was pushing my limits by trying to take the CPA exam in the amount of time I chose, so I’ve been working very hard to make it happen. I’ve been studying so much that I have given up on following a written schedule of study units to complete, my study plan is to study 24/7, finish a study unit and move on to the next one. I once heard a quote that said something like “Your misery while studying is directly related to your test score.” As in, the more miserable I am, the higher my score will be. I have missed out on a lot of fun events with my friends and family the past couple weeks, but I keep telling myself it will all be worth it. This is my last exam, so if I can work hard now, I will be done forever!

For me, the Gleim FAR book got easier as I went along. The more difficult information appeared first, then moved on to topics that I’ve studied before. In Study Units 3 through 10, I was really struggling with mathematical calculations and understanding concepts. However, Study Units 12 through 17 have been easier for me personally. I am finishing study unit 17 right now, with only 7 days to go until my exam. I wish I was already reviewing right now! I will try to do Study Units 18 and 19 tomorrow, and Study Unit 20 the next day along with beginning my review.
The questions I am most dreading for FAR are mathematical calculations involving interest rates, the time value of money, and debt and equity. I keep missing these questions on small errors like reading the dates wrong or not understanding what the question is asking. When I read the answer explanation, I understand…but I need to get to a point of understanding before I read the answer! In the next few days I will be answering a lot of these types of problems. One week from today my test will be over and I’ll be at the beach, so it’s worth it to do nothing but study right now!

 

Note:  This blog was written by Anne R. before the CPA Exam window closed.

 

John E Is Moving On To BEC

September 5, 2012, by No comments yet

 


Written By Guest Blogger John E.

Week one has come and gone in my studies of the BEC section. I just finished the AUD CPA exam less than two weeks ago and I have committed to plugging along to the next section. The clock is ticking and I have committed to taking exam after exam without breaking in between to wait for scores before moving on. I am now patiently awaiting my AUD score. Scores should post by week one according to when I tested within the window.

 

In the meantime I am keeping myself busy studying the next six weeks for BEC. My thoughts about BEC is that this thing is the kitchen sink of ugliness derived from a variety of topics, which include managerial accounting, corporate finance, cost accounting, economics, and IT. Although this exam will be shorter in duration and have zero simulations, it is not to be underestimated. I am truly finding challenges in the content. I am not a big fan of economics, such as the Microeconomics and Macroeconomics study units. Some of the study units have required me to use statistical methods. Now those are some topics I haven’t covered in years.

 

As before, my strategy is to memorize and rework multiple-choice problems via the Gleim test prep software and the book. I will work BEC just as I did for FAR and AUD. I will hit every study unit and take practice tests in each study unit until I score a 75% or better. Then I will move on to the next study unit. During my final review I will re-test on all questions from Study Units 1 through 20. I will have roughly two weeks for final review. And as before, I will budget 15-20 hours a week. Week two, here we come.

 

Note:  This blog was written by John E. before the CPA Exam window closed.

 

 

John E Passed AUD!

September 4, 2012, by No comments yet

 


Written By Guest Blogger John E.

Any weekend a passing score is posted equals a good weekend in my book. I managed to check NASBA late Saturday night to find that scores were posted. I was able to score an 86 on AUD. Whew…what a relief. I am currently preparing for BEC, and I cannot tell you how much I needed to see another passing score before heading into the next section. There’s nothing like jumping into the next section before you know where you stand with the exam you just took. I wasn’t completely surprised to see that I passed the AUD section, even though I remember leaving the testing center totally unnerved.

 

I knew deep down that I was doing well on the exam, yet after four hours you lose some sense of your assurance in a solid performance. To pass AUD, I used the same materials and study habits I used to pass FAR back in May. I logged 110 hours for a total of six and a half weeks. This equates to about 15-20 hours a week. I used the Gleim book when needed to clarify the material in the Gleim Test Prep software. I did not read the book cover to cover. The thing that works best for me is the repetition of answering test prep questions over and over again. Honestly, I keep reading to a minimum, unless the material is completely foreign to me. I take practice tests for each study unit until I score a minimum of 75%. A score of 75% or better allows me to move to the next study unit. My final review consists of all the study units I reviewed together in a practice test of twenty questions each. So far this has been my study regimen. It seems to work for me, but no one strategy works for everyone.

 

Note:  This blog was written by John E. before the CPA Exam window closed.

 

Gleim CPA Practice Exam

September 4, 2012, by No comments yet

 

Written By Guest Blogger KRR.

I took the CPA Exam Practice exam on Thursday and received a score of 85.27%. I was ecstatic about my results and feel confident that I have very little to review before my exam at the end of the month. Even though my score is in the mid-eighties, I am a little concerned about the results. My weakest area was in the Evidence section (Study Units 10 through 15) where I averaged a 71.00%. I thought the Evidence section was one of my strongest areas. On the other hand, I received a score of 90.00% in the Internal Control section and was completely shocked. I felt like this was a weak area for me, so I am a bit surprised about the score.

My plan for this week is to review the Evidence section, the Internal Control section, and the Engagement Responsibilities section in depth to ensure that I have a better understanding of the material. Even though my scores in these three sections were seventy percent, eighty eight percent, and ninety percent, I would like the scores to be a little higher. I also plan to complete the additional twenty simulations that I have not completed and to retake the simulations in the three areas listed above to try to achieve higher scores.

I have a busy week ahead of me. It will be a challenge to stay on schedule, but I must continue to put in the hours of studying to hopefully receive a passing CPA Exam score in September.

 

Note:  This blog was written by KRR before the CPA Exam window closed.

Waiting to Find Out if I Passed AUD

August 30, 2012, by No comments yet

 

Written By Guest Blogger David G.

Waiting on a score for the Audit exam is tough. I took the exam a couple of weeks ago. I understand that it will be a while before the scores are released, but it already seems to be taking forever. I have started checking to see if my score is available, even though I know it’s not. I’m not sure why I torture myself like that, but I do. I now have to focus on Regulation while I wait.

I received my REG book and have now started the studies for my second part of the exam. I took several months to study for the Audit portion of the exam, but this time I intend to take the REG part during the first few days of October. I would like to take it at that time so that I can get in the third part of the exam during the last week of November. So, I have eight weeks to study for REG and I will get eight weeks to study for the third part. I believe that I can do it. That’s my goal. I am ready to be done already.

I am at work right now and am studying. I never thought that I would be able to get paid for studying, but I guess with an internship, it’s hard to keep us busy at all times. They allow me to study for the CPA exam when there is no work available. It is great to spend this time being personally productive.

 

Stuck in the Middle with BEC

August 29, 2012, by No comments yet

 

Written By Guest Blogger John E.

 

Studying for BEC is such a blast. Forgive me if my tone is rather blah. I am tired and a bit crabby on a Sunday night as I sit here collecting my thoughts. I did not take a day off from studying this week. I am currently in Study Unit 12 of the Gleim book and Test Prep Software. I am now covering the Information Technology study units. Information Technology is mostly foreign to me. Unfortunately, it makes up a fair portion of the BEC exam. Do not skimp on these sections going into test day. Although there are no task-based-simulations in BEC, this section can be slippery.

 

I can speak from some experience. BEC was my first exam. When I first took it, I was a less-prepared candidate; one that was rather cavalier and naïve to the CPA exam. I wasn’t sure at the time how ready or serious I was about becoming a CPA. Needless to say, I failed to get back on that horse immediately after I botched BEC. Surprisingly, it wasn’t a total bomb of a score, considering the time and effort I neglected to put in. It took me a few years to think about what I wanted from my career. Two years later and here I am passing FAR in May.

 

I took AUD in July (crossing fingers for a good score). I am now ready to get beyond BEC once and for all. With the right attitude and discipline that I have honed while preparing for FAR and AUD, I know passing BEC this time around is within my grasp.

 

 

I Took FAR and I Actually Learned Some Things

August 27, 2012, by No comments yet

 

Written By Guest Blogger Christine L.

 

I took FAR this week. I think I had the last slot of the day. I got home late and ordered a pizza. During the exam, there were actually only a few things that started me grinding my teeth and gasping for breath. At one point, I was sure I hadn’t seen the topic discussed in the prep materials (I was wrong) so I guessed (correctly). At another point, I just couldn’t remember something (I guessed wrong). So now I know I didn’t get a perfect score.

The first testlet was easy. Well, not that easy, but nothing compared to all those Gleim quizzes. I actually reviewed all twenty questions and started the second testlet early. This was good because the second testlet took me way longer, and I finished five minutes late according to the schedule suggested in the Gleim time management system. Supposedly the hard testlet is a good sign—it means the program decided to give me more difficult questions. Fortunately, I finished the third testlet with just enough time to take a four-minute break and have ninety minutes for the simulation.

I think I passed. If I didn’t pass, it will be a result of frayed nerves and stupid mistakes. I was gifted with a talent for crunching numbers, less so with the talent for handling big, stress inducing productions.

Thanks for reading, all. I’ll let you know.

 

 

The CPA Exam: Time to Review!

August 27, 2012, by No comments yet

 

Written By Guest Blogger Anne R.

Earlier today I finally finished Study Unit 20! It was such a great feeling to finish the entire book. In the past, I have sat for parts of the CPA exam without having finished the book, and had definitely not spent any time reviewing. I think because of this past experience, when I finished the book, I got a feeling of relief knowing I will have time to review.

I wish I had more time to review, but I only have 3 days. Today I didn’t have to work, so I did nothing but study all day. I realized that I am going too slow. I am going too deep in depth on study units I already know pretty well. I started in order, and spent way too much time on Study Units 1 and 2. I know I am going to need more time tomorrow on the debt and equity study units. I am going to spend a lot of time practicing calculation questions because these are the ones that scare me the most.

The biggest key in my review process is to write down what I learn from the questions. I keep a notebook beside me, and whenever I answer a multiple-choice question incorrectly, I write something down. Earlier today I wrote down the phrase “TAX EFFECTS” in huge letters. I missed several questions today because I forgot to include the effects of income taxes in my calculations. When I review these notes right before the test, hopefully I will see this and remember! Another careless mistake I keep making is not noticing dates. I will calculate the answer for the wrong year sometimes. I think I am going to start writing down dates as I come across them to help me notice anything weird.

The last thing I am worried about on this exam is time. I have run out of time on almost every Gleim Online quiz. As I complete more practice quizzes in the next few days, I am going to try my best to practice time management. It will be difficult for me to skip a question that is taking too long on the test. However, I think it is better to read every question, answer the ones that I know well, and return to the ones I don’t know if I have time.

 

 

Is It Worth Earning More Than Just The CPA Designation?

August 24, 2012, by No comments yet

Written By Guest Blogger Mr. Dom Savini (Please see his bio)

Although the answer to this question depends on a host of matters that encompass personal and professional circumstances and aspirations, generally speaking the answer is most certainly, YES.

In a recent survey of 300 global CEO’s 76% agreed that current reporting systems are too focused on financial statements and 75% agreed that more emphasis is needed on communicating non-financial business value.[1]  Additionally, as governments face the current global economic climate they are reviewing ways to better report performance, cost accounting, and budget information to their citizenry.[2]  Lastly, standard-setters have initiated research projects that deal with improving commentary, disclosure and analysis about an organization’s financial health and operations.[3]

What does this mean to you?   Although the CPA designation has been and continues to be considered the “gold-standard”, its focus is primarily on public accounting and auditing.[4]  As such, although it is an outstanding and robust foundation and professional achievement, its current scope does not really focus on areas such as strategic cost management, governance, risk management, organizational theories and employee behavior. In fact, just read any business newspaper and you will see that these are the areas that are the root cause to many of the financial problems whether on Wall Street, Main Street, or City Hall.  Now, in order to gain this proficiency you can decide to either enter into a multi-year masters degree program paying thousands of dollars or consider taking The Gleim CMA or CIA review courses and becoming certified within a matter of months as opposed to years.

Other reasons to consider earning either the CIA or CMA designation include: securing greater advantages such as increased earnings & promotion potential, demonstrating increased level of proficiency & professionalism, meeting globalized demand for services, leveraging your existing skills across diverse disciplines, and most importantly, remaining a relevant professional in today’s highly competitive global environment.  The ball is in your court.

Footnotes:

[1] Rebooting Business: Valuing the Human Dimension,  January 2012.  AICPA and CIMA. http://www.cgma.org/Resources/Reports/Pages/rebooting-business.aspx

[2] FASAB Active Projects, Performance Reporting and Reporting of Budgetary Information in Financial Reports. http://www.fasab.gov/projects/active-projects/performance-reporting/

[3] FASB Not-for-Profit Advisory Committee Recommends Improvements to Financial Reporting, News Release 10/03/11 and IPSASB Active Project, Reporting Service Performance Information. http://www.ifac.org/public-sector/projects/reporting-service-performance-information

[4] The AICPA’s content specification outlines (CSOs) for the four sections of the Uniform CPA Exam include: Auditing & Attestation, Financial Accounting & Reporting, Regulation, and Business Environment & Concepts. http://www.aicpa.org/becomeacpa/cpaexam/examinationcontent/contentandskills/pages/default.aspx

Dreary Weather Not Helping With CPA Exam Studying

August 22, 2012, by No comments yet

 

Written By Guest Blogger KRR.

The weather here has been dreary, cloudy, and rainy every day since July. Since I am a sunshine person, the lack of it brings my energy levels down.

This week has been the worst week for studying. Each day I have had to talk myself into studying. Once I sat down to study, the study process was very slow. I just didn’t have the mental capacity to study this week, and learning and retaining information was a struggle.

I am currently behind one study unit (Study Unit 15 – Evidence Sampling) due to me receiving low scores on my first set of multiple-choice questions. Tomorrow will be a new day, and hopefully my brain cells will be ready to absorb the Gleim CPA material. This week will be a challenge because I need to complete six study units to be back on schedule with my study plan. There is no room for excuses or problems this week. I must stay focused and finish this week. No matter what happens, I will do my best to complete the study units by Sunday. As for now, my week and weekend seems to be filled with studying. I just have to keep telling myself that all my sacrifices will be worth it once I receive a passing score.

Hopefully I can pull myself together and have a strong finish. I am anxious to take the diagnostic quizzes and complete a practice test to see how much of the CPA study material I have retained.