NJSCPA Exam Cram Blog

Up early on a Saturday morning.

I set the alarm for bright and early this morning in order to get in some hardcore studying. It has yet to begin...I'm such a procrastinator lately when it comes to this. I'd rather do anything else - this morning I've even considered mopping the kitchen floor (something I think I may have only done two other times in my life ha). If I don't do that...I might give my dog a bath, he stinks, and it's another task I typically avoid at all costs.

Last night I made some incredible limoncello - I got the recipe from my friend Anyah, it was in Gourmet magazine and you can find it here. It's a perfect drink to sip while studying out on the deck during a summer night :-) I'm always looking out for your best interest.

OK, that's all. Have an awesome weekend!

That was it?

It's been about two weeks since I took the Auditing section, and I'm not anticipating getting my scores for at least another two weeks or so since I took it so early in the testing window. So let me tell you about the test...

It FELT a lot easier than I had anticipated, but it was almost to the point of making me uncomfortable...because I feared that maybe I was making difficult questions too simple, and getting them drastically wrong. I went over all of my answers twice and still completed the exam in about 2 hours and 45 minutes (that left, like almost an hour and 45 minutes to spare). I would of felt better about this whole situation if it weren't the exam with the lowest passing rate for 2008 so far - it's 47.22%. Combine that with the fact that this was the exam I'd studied the least for yet, and it makes me really nervous. The simulations were once again a shot-in-the-dark on my part - easy subject matter, presented in really confusing formats, and seemingly unrealistic situations.

I guess I'll just have to wait and see.

Work's been INSANE lately. So busy, so many projects going on at once. Add to that the fact that I was assigned to jury duty this week, and it's been even crazier. Somehow I also managed to get roped into being in Merrill's intramural flag football and softball leagues...and now I'm just wondering how I'm going to fit it all in. If you REALLY want a good laugh, listen to this - not only am I playing flag football and softball (if you knew me - I'm pretty damn UNathletic), but I am the captain of our flag football team. How the heck did THAT happen!? Our team name? Hangin' Tough. The funny part is, I'm not totally sure if some of the older people on my team realize it's totally a New Kids on the Block song. Oops, and I don't plan on telling them anytime soon.

So, hang in there. We're all in the same boat. I'm getting closer to the finish line and hopefully you are too. The comments have been great, so keep them coming. For now...it's off to work (it's like 6:45 am!). Projects on my plate today? Alternative Investments Operations + Structured Products Origination + ML Personal Advisor = another day full of fun.

68, 70, 71 percent correct...I can deal with that.

I'll be going to sleep shortly, only to "anxiously" awake at 5:15 am for the Auditing exam. I'm taking it down in Deptford at 8:00 am...it's about an hour's drive + the chance of rush hour + the necessity of stopping at Starbucks for my Iced Venti Non-fat Light Ice Chai & an Eggs Florentine To-Go (obviously I'm that annoying person on line in front of you with the paragraph drink order that never ends). I still need to pick out something comfortable to wear too (am I the only one who plans to this level of detail?).

I've completed 3 practices tests today in the Becker Passmaster and Final Review software and I scored a 68, a 70, and a 71 (absolute percentage). I'm pretty comfortable with that. My scores were  higher going into Financial and Regulatory, but I'm just looking to pass. I don't need another 84 or 85...a 75 will be fine by me. I went through the flash cards x2 today and I also read the final review book one more time. I had completed the final review lectures quicker than expected on Sunday and Monday evening.

My plan before going to bed is to go through the final review book one more time and then run through the flash cards quickly in the morning (another reason I'm waking up at the unfortunate crack of dawn). Both should take about an hour each. Oh yeah, I should probabaly walk my dog too - there goes another 15 minutes.

I didn't really end up reviewing the simulations much at all - I hate those stupid things. I figured they were so off base with the last exam, I'll just take my chances knowing the multiple choice and hoping the knowledge carries over.

Overall I've dedicated a lot less time to this exam than the others and feel oddly confident, so here goes nothing...

Lolita's is Lovely

Auditing exam will shortly be over...in approximately 84 hours. I'd say I've got about 30 - 35 more hours of hardcore studying to do in that time frame if I want to walk out of the exam knowing I passed. I'm feeling slightly less confident at this point then I did for Reg, but based on the Reg score anyway, I'm hoping that should be OK. I took Tuesday off of work (the exam is Wednesday), and I'm thinking I may take Monday off too. Or since I brought my laptop home, I may even just try to work from home half the day Monday to force myself to get an early start on things and not kill a whole vacation day.

Out of all the exams, the Auditing material has been the driest and least interesting. It's also the one I think I get the least use out of the knowledge too - ironically enough. Already I've been able to use some of the info from the Regulation exam in my job - most specifically the 1940 Act and other security regulations. The Financial Accounting info has come in handy in more ways that I could name - I've participated in a lot of conversations concerning revenue recognition that I've felt confident asserting my opinion in. The Business exam material includes just such core knowledge that its integrated into almost everything I do at Merrill in one way or another. But Auditing? Not so far. The reporting standards and conventions are so nitpicky that if I did ever need them, I'd look in a reference guide. The auditing techniques seem useful - until you realize that every industry and every firm has their own conventions anyway. So Auditing exam so far = blah.

On a personal note, I did manage to get out one night this weekend so that I wouldn't go stir crazy studying. Ever heard of a place called Lolita's in Philly? It's incredible. It's just really really great Mexican food and margaritias - and even cooler, it's BYOT (Bring Your Own Tequila). If you need a place to celebrate passing your last exam or to relax before a weekend of intense studying , then I highly reccomend Lolita's. They don't take reservations but they will take your cell phone number when you put your name on the waiting list. A much better idea than the typical restuarant buzzers - we were able to head a few blocks away and hit up an Irish pub to pass the wait, without worrying about being out of reach and missing out on our table.

Tomorrow I've got a packed morning planned to get in all my weekend errands in one punch and then I'm dedicating the rest of the day to more studying. The morning's plans include pilates, going to the car wash, going to church, getting my hair trimmed (I never knew how high maintenance short hair was), and stopping off at the supermarket for some healthy snacks so that I can quit my recent ice cream addiction.

So not its not the most interesting of posts...but hopefully I'm keeping it real for you. Hanging in there. Getting through it. Pushing along. Can't wait for this to be over and done with. But the masachist I am - I've already got my sights set on what to do after the CPA. I'm looking into the CFA exam as well as possibly doing either law school or grad school part time. Am I crazy?? Anyway, I've loved hearing comments from all of you out there, so keep it coming.

Summer Sun and Halfway Done

I'll cut straight to the point - I passed Regulation! I found out last week. I passed with an 84, which was shocking in itself. I walked out of there thinking it's be a close one, a toss up. That made me feel really really good.

I postponed Auditing...3.5 weeks just wasn't enough to do a sufficient review. If I hadn't had to move Regulation, I would of been fine, but ah...the domino effect. So now Auditing is July 2 and Business is July 30. You guessed right - I'll be celebrating my little heart on Fourth of July after these past two months of studying Auditing.

I've actually been able to enjoy the summer a little bit, which has been wonderful. I'm on my way to Seafood Fest in Belmar with a few friends momentarily. I'm adjusting quickly to the humid 90-degree weather - I'm leaving for Jacksonville again bright and early Monday morning (like 3:30 am early). Gotta love the red-eye.