NJSCPA Exam Cram Blog

Use all of the Resources at your Disposal during the Exam

Hi Everyone,

   I just got back from taking my second section of the CPA Exam (Regulation) and I realize now just how much strategy is needed to do well on the CPA Exam.

What worked for me:
   Time it out
   Utilize your resources
   Take advantage of others experience

    I barely was able to finish the REG section in time but the one thing that really helped me was making sure I really used my time wisely. I know you only have 3 hours for the REG section so I tried to make sure I finished each 24 question multiple choice section in 35-40 minutes so that I would have an hour to an hour and 15 minutes left for the simulations. Each exam is a little different but my simulations for this section required more time than when I took FAR so I am happy I had just enough time to finish it. Another thing that really worked well for me was simply talking to people before I went into the testing room. I was able to gather strategies from people who had previously taken my session and here what they struggled with and how they did overall on the exam.

   The best piece taking this exam was utilizing the research tab on the simulations to help you answer any questions you may have. It may not answer every question or be the most efficent method but it saved me today. I wasn’t sure whether broker fees were deductable or usable in the computation for basis for stock and was able to search and find the rule. I always get to the exam center a little early so I can quick cram the vital formulas and facts one more time before the exam. Luckily everyone was in a chatty mood today and I was able to take some recommendations from them, do better on the exam and pass them on.

 

Kevin 

 

Accounting Job!

I am very excited to share news with all of you.  Earlier last week, I signed an offer letter accepting a position with a public accounting firm in Union, NJ. 

 

Of course, accepting a new position with another company means, ending a nine year long run at my current company.  (It is really two days short of what would be my nine year anniversary) but as they say, everything has an end.

 

As for my exam, I am thinking of pushing it until January instead of October.  I do not want to put more on my plate than I can handle at once.  Starting my new job and studying might be a little much for me.  I will continue to study but be more flexible until I can kick it back into gear. 

 

 

MRD

Just stick to the F.A.C.T.S. - 5 Tips to Pass the CPA Exam

Hello friends, 

A new exam candidate asked me the other day what I believed to be the best practices to successfully navigating the CPA exam and I told her, “Just stick to the F.A.C.T.S.”. 

Flashcards

Attack the multiple choice questions

Create a detailed plan

Time it out

Study every chance you get

Flashcards 

Buy them, make them, download them – anyway you can get them, get your hands on some flashcards. Flashcards help you keep the technical mumbo-jumbo fresh in your head so that when you move over to practicing MCQs and Simulations you can breeze through them with as little struggle as possible. 

Attack the multiple choice questions (MCQs) 

Every day/night sit down and move through the MCQs. Don’t sit around telling yourself, ‘I’ll get to them tomorrow’ – just do it! Also, don’t quit after only doing 10-15. Get through at least 30 in one sitting without any distractions. [You’re thinking: “Why 30, Jerry?] 30 is the optimal number of questions to get through because that’s the most number of questions you’ll be asked to complete on the exam in one testlet. So avoid your cell phone, blackberry, Facebook, twitter, foursquare, tumblr, linkedin, and myspace for 35-45 minutes at a time so you can just focus on completing and understanding what the MCQs are asking you for. 

Create a detailed plan

Any time you plan to take an exam, make a detailed plan. Set specific and attainable goals, whilst setting realistic expectations for yourself on a daily and weekly basis. Put it all in writing or on a calendar and print it out. Then post it somewhere that you will see it every day – next to your desk in your bedroom or home office, at your cubicle in the office, your refrigerator, etc.. Make sure you see it and stick to it. Your plan is only good as long as you follow it. Use this as your litmus test to ensure your working to pass the CPA exam.  

Time it out

As your creating your plan, time your studying and exam prep carefully. Do you know you’re heading into busy season at work? Do you have any larger time commitments coming up? Will you be taking a vacation during the period? You should run through any situation or variable that might arise between the time you start your exam prep and your ideal exam date. Then, if possible, add an additional week to the end of the schedule and schedule you exam. I personally wouldn’t recommend forcing all of your studying into one month (especially if you’re working) that’s emotional and mental suicide. Give yourself at least 6-8 weeks per exam. I thought BEC and AUD were very manageable in 6 weeks, but REG and FAR took a lot more time and energy for me to master so I gave them each 8 weeks. You know how you study, if you think you’ll need more time on any particular exam, give yourself that additional time. The most important fact to keep in mind is this: once you set this all up, make you plan and stick to it!

Study every chance you get

Do you take a daily lunch break? If so, try fitting in some flashcards or MCQs during your break. Do you take a train or bus to work daily? If so, use your commute time to flip through flashcards. Do you need to get your car inspected? Take your flashcards with you while you wait at DMV. Are you going for a day in the sun? Take your flashcards to the beach with you. There’s no excuse for you not to spend an adequate amount of time studying for this exam. There’s time in your day, you just need to choose to sacrifice some pleasure with some more work. I know the feeling of not being able to enjoy my nights or just hanging with friends, but having surpassed that point in my life, I’m so glad I sacrificed when I had the time! 

The quicker you stick to the FACTS, the quicker you’ll pass the CPA exam! 

Good luck everyone!

Jerry

Roger Malfunction!!

Monday evening, after work, I sat down to watch another FAR lecture with Roger CPA Exam Review course.  The video was about an hour long.  Just as Roger said his last sentence, a “Device Removal” error popped up on my screen.  The USB drive crashed, leaving me with bookwork the entire week.  I will continue my rant….

 

After playing phone tag with the people at Roger for two days, they agree the USB drive was bad and I need a replacement.  The tech support representative told me I would receive the package in one or two days.  I wanted to get the drive quickly, for obvious reasons.  Instead, I get an email from UPS informing me the item has been shipped and the estimated date of arrival is August 25.  Now, I have to wait eight days to get my replacement. 

 

I was writing a complaint email to them last night after I received the UPS notification, but ended up not sending it because the item has already been shipped.  Even if they wanted to, nothing can be done at this point.

 

Due to the CPA exam’s 18 month deadline, I really thought the people at Roger would be a little more mindful of their students’ needs.  Now, I am out of new study material for two weeks over a used USB drive.  (They re-use the drives, since they are rented.)

 

Well, enough of my rant!!  How is your studying going?

 

MRD

Tips and Tricks to help you pass BEC

Hey everyone, 

First of all, I want to welcome aboard the newest members of the crew – Christine, Michael, Elias, and Kevin. It’s great to see some new faces and with some very insightful perspectives already. I wish you all the best of luck on your exam preparations! 

I have been asked by a few friends and followers of the blog to discuss some of the pitfalls I found when studying for BEC, as well as any tips and tricks I used to overcome them. 

(1) Concentrate on memorizing AND understanding all of the formulas presented in the review materials. Unlike AUD, where most of the material is “textbook-type”, in BEC you are going to be asked to recollect any given formula and apply to a given fact pattern. It’s not as difficult as you may think, but it will require you to focus more. If you know the formula AND understand what the formula is doing, then you should have no problem adapting it to any set of facts. 

(2) Do not force yourself to know everything about COST accounting.Cost accounting is not the biggest portion of this exam, so stop letting former exam candidates scare you into thinking that you need to be a cost accountant to answer those questions correctly. With the 2011 changes, the percentage of cost accounting has decreased, so work hard to understand what the cost information means and you will do fine. 

(3) Don’t rush your way through the materials. BEC is an equal part of the CPA exam, regardless of what the overall perception of the exam is. When I walked into the exam I thought it would be a walk in the park because I had studied a lot of those materials in college and frankly it all appeared easy on paper. WRONG ASSUMPTION! BEC is a hodgepodge of material – 6 different topics each equally lengthy and equally important. Do not underestimate the sheer amount of material. Just because most of the review courses allot 5 “classes” to it, doesn’t mean that it contains 4 hours of material. A LOT of the material that you will need to know comes from understanding, not from pure memorization. 

(4) If you have been saving BEC for last, do not barrel through it. BEC was my final part, and by the time I reached the exam I was utterly exhausted. I had already started working full-time and coming home after a 12-hour day was torture. If there’s anything I could have done differently, maybe I would have extended my preparation time. For me, 5 weeks was certainly not enough given my particular fact pattern. 

Some final tips!

(1) Put all of the formulas you come across on flash cards and review, review, review. 

(2) Take your time through cost accounting. Even though it’s not a large part of the exam, it’s definitely a struggle; so take your time. 

(3) If you find yourself studying while working full-time, take time in the morning and/or afternoon to do a little studying. I found my commutes to/from NYC gave me ample time to review the “textbook” information so that when I got home I could just bang out some multiple choice questions and get to bed! 

I hope some of my insights help you with this section of the exam. Good luck with all of your studying! 

Jerry

 

Hello, NJSCPA Exam Cram Blog; the true meaning of CRAMMING!

Hi Everyone –

First and foremost, let me begin by saying that I am extremely excited and honored to be a part of the NJSCPA Exam Cram Blog! I hope that my time here is short, for the sake of passing the exam, but informative. Now, for a brief introduction… My name is Christine Chervenack, and I am a recent graduate from the Rutgers Business School, New Brunswick. I will begin work as an assurance associate with PwC in a little over a month, but I have been spending my summer in graduate school, also at Rutgers. I am currently enrolled in the Masters of Accountancy in Financial Accounting program, often referred to as the MAccy Program. Not to bore you with the details, but it is an accelerated program to help aspiring accounting professionals attain 30 credits, post-undergrad. Since July, I have completed 21 credits, with only 3 on-line classes left to fulfill my Masters degree and reach 150 credits. Needless to say, my summer has not been enjoyable.

And, what more? I have only 9 days left until I sit for FAR (and, not necessarily by choice)!

I got caught in a bind with registering for the exam -- for those of you who have not yet applied for your NTS, let this be a lesson! -- I did not thoroughly read the application process and applied for all 4 parts of the exam at once. My logic? I figured that since I had the extra money, why not purchase all 4 of the exams together and save myself the hassle of having to repeat the process 4 times, for each of the parts? Within hours, I realized my BIG mistake; that is, as most of you are probably aware of, once you receive your NTS for an exam, you have 6 months to complete that exam. So, having done this in July, I locked myself into taking all 4 parts of the exam between July and January, including 2 black-outs periods (September and December). I immediately called NASB to see if they could stop payment on my credit card, but of course, they could not.. So, I will be taking FAR on August 24^th (not to mention, I just started studying for it on August 7^th, after ending class on August 5^th). I will start work on September 19th, and take REG and AUD in October and then BEC in November. Talk about PRESSURE!

Moral of the story…READ the application process carefully!

Now, how is the CPA review process going, you wonder? So-So. I am using Becker Self-Study and today marks my half-way point. I have been studying for a minimum of 8 hours a day. Luckily a majority of FAR is a review from undergrad --yet another lesson, pay attention in Advanced Accounting senior year! -- I am watching the riveting, yes riveting, CD lectures and then working through the practice questions. For every question that I get wrong, and trust me, there are plenty of them, I make a note in a word document of the rules I incorrectly applied and/or couldn’t remember. I plan on reading this list the day before the exam as a final review.

So, with that, I will continue my studies, until next week!

-Christine

Update your study materials before you study , I learned this the hard way

Make sure you update your resources and Study material. The CPA exam is updated every few months and you need to make sure convergence or other GAAP changes don’t conflict with the rules you have been memorizing for the past few months. The AICPA has these updates posted on their website if you are willing to scroll through the website and find the updates. This does take a little while though and it is much easier (if you can afford it) to just use the updates of a review program. I currently use Becker and they have specific updates that you need to know and are more likely to get tested on the CPA exam (I’m sure the other review courses do something similar). These updates are posted on their website in a one or two page summary for each topic that help you quickly isolate major updates that you will need to know and bypass the items that are unlikely to be tested. These are updated every few months (during the blackout period when the exam is modified) to ensure that your materials don’t become obsolete and stale. To ensure you’re not memorizing material that is going to lose you points on the exam it is probably a good idea to check the updates before studying because there are some big updates that you will need to know especially for Reg and Fin. Trust me I learned the hard way.

- Kevin  

 

Motivational Story

Hello everyone,

The other night I came home from the gym and turned on ESPN to get my sports update for the day and I came across this inspirational story about an accounting student that was beat into coma resulting from a bar fight: http://sports.espn.go.com/espn/e60/news/story?id=4159463. The story goes on to show the student comes out of coma and goes on to take his CPA exam.

I thought I would share this with everyone as an additional motivation to pass the CPA exam. 

 

Scheduling & Roger vs. Wiley Software

My goal for this week is to start the application process to sit for FAR in the fall.  As you all know, my first step is to submit an application and a check to the board.  Then wait for my NTS.  I am starting to feel the pressure even more now, then before, but that is all part of the studying process.

 

The Roger CPA Exam Review course breaks down into sections.  Before moving on to the next section, I would like to master questions (both simulation and multiple choice) of the current section.  The software and the online test bank from Wiley do not use the same section titles as Roger.  So questions that we have not covered yet are being mixed in with current questions.  (Think: current and non current assets/liabilities – :-) )

 

Anyone else experience the same problem?

 

Other than that, it is another week of fun ahead! 

 

MRD

Too Much free time: (Becker helps you Plan)

Too much free time can be a bad thing if its causing you to be inefficient with the amount of hours you are logging studying for the exam. Sometimes too much flexibility made me less efficient, or less focused so I made sure that I set a time frame during which I was going to study and during which I made sure I focused as hard as I could.  I know that I work better when I am able to get into a routine and when I feel that there is even some form of deadline approaching. That’s why I tried to use the calendar I made before starting to studying to help me evaluate my progress each week and ensure that I was staying on pace with where I wanted to be.  If I ended the week behind I knew I had to kick it up a notch or if I was ahead I tried to edit my schedule to help myself be able to maintain the pace. Becker’s software has a really good calendar built into it and the software tells you where you should be on a daily and weekly basis. I use this regularly to help me stay on pace and it prevents me from potentially being inefficient and recalculating multiple times a month what stage I should be at.  I found it much easier to retain the material when I had a reward system in place for myself such as taking off a day or 2 a week. Rewarding a long days study by watching a tv show you like, going to the gym, or meeting up with a few buddies definitely helped me power through my first section. 

- Kevin