NJSCPA Exam Cram Blog

'Tis the Season!

Hi Y'all,

First of all, let me apologize for not posting a blog since Halloween. The month of November was a complete whirlwind. But, before I get into too much detail, let me step back and share with you the great news: I PASSED ALL 4 PARTS of the exam…I AM FINISHED!

Now, what has happened between October and today? Well, I took AUD on November 4th, received news that I passed REG that same day (just barely, with a 75…phew!), took BEC on November 28th, just days after receiving my AUD score (96…felt the need to redeem the previous score, it seems!), and, received my BEC score (86) last week. Having passed FAR in August, the November/December score release concluded the whole process!

Since August 10th, the first day I opened a Becker book, until November 28th, the day I took the last exam, felt like a lifetime, but looking back now, I'm pleased that I dedicated only 3 1/2 months to the exam, instead of dragging it out for months, if not years. However, I must preface that with the fact that it was much easier for me to do so, given that I studied for FAR without having to work. Once I began work, studying was significantly more strenuous and a downright daunting task. After working 10-12 hours a day, plus a 2 hour commute (on a good day), I struggled to muster up enough motivation to study.

I suspect that you are all wondering how I managed to achieve the CPA in less than 4 months, while working for 3 of those 4 months. Well, the truth (and I guarantee that you are not going to like this answer), I devoted my entire weekend, every single one of them, to studying at least 10 hours a day.

Now, in more detail and for each exam, I would first listen to the lecture, one at a time, and then read through the chapter pertaining to that lecture, underscoring and/or highlighting the major topics (most of which were touched upon during the lecture). Then I would complete the multiple choice homework on the Becker software, as if it was the actual exam; meaning, I would not use any resources or look at my notes. I did this to gauge how much of the material I retained just by listening to the lecture and reading through the material once. Becker would track my progress and I would also flag the questions I got wrong. So, once I finished the set, I would go back to those 'troubled' problems and re-read the material in the Becker book to determine where I went wrong. This is easier said than done, unfortunately, when you mix in work, family and friends. But, lastly, to conclude each of the four parts, I would redo all of the homework problems beginning two days before the exam. You'd be surprised how many similar (if not exact same) questions appear on the exam, especially for AUD.

I will leave you with those thoughts for now, but before I leave the NJSCPA Exam Cram Blog, I will post more about my journey, and give as much advice as possible. So, stay tuned…..

On a side note, I haven't even begun my holiday shopping, and work is in full swing (I can only imagine what busy season has in store for me….) but, I am finally beginning to 'connect the dots,' and work is actually (dare I say it) enjoyable. All of my engagement teams, thus far, have been so open and willing to coach me, and more importantly, I have been exposed to a variety of clients in various industries. It is rather mind-boggling.

Until next time….

My First Post

Hi everyone! My name is Alyssa and I'm excited to be the newest contributor to the Exam Cram Blog. A little background about myself: I just graduated from Richard Stockton College in August and joined WeiserMazars' NJ office in September. Believe it or not, I landed my job through networking at the NJSCPA Scholar's Institute. So, those of you who are debating applying for a scholarship or SI, get to it the deadline is coming up!!

Study wise I am currently dragging my way through Becker's BEC review (self-study). I am on lesson 1 =/ I find it always takes me about a week to get through that first lesson and then the rest go by much quicker. The information in BEC is also very different from the other parts. While studying for REG, I vaguely recalled almost everything from one college course or another. This is not true (atleast for me) of BEC. I'm finding that the content consists of many, many definitions and mnuemonics I am being told to memorize (oh the fun).

In more exciting news, I found out last Thursday that I passed REG with a 91! REG was my first exam. Needless to say, I left the testing center feeling queasy. While I didn't think I completely bombed the exam, I had this awful feeling I would be right on the verge of passing and be stricken with a 73 or 74. Luckily, as I have heard from many test takers and now believe myself, there is no way to rely on a gut feeling about the exam, you just never know until you receive the score report.

With the holidays coming up, I am beginning to plan so I can relax AND prepare for my January 6th BEC exam. It's going to be a little hectic, but totally worth it to still make that ugly sweater party this weekend! I hope everyone is doing the same. Make a detailed study plan so you can have your cake and eat it, too!

Cheers!
Alyssa

I just got to my Prometric Testing Center…now what should I expect?

So you’ve prepared for weeks for your first exam… you’ve got your flashcards all memorized… you’ve gone through all of the multiple choice questions several times… you’re ready! So what happens when you get into the Prometric testing center? What should you expect?

You can read all of the permissible items allowed in a testing center, but I can summarize it in one word: government-issued-photo-ID. The only item you will need to keep with you at all times is your government-issued-photo-ID (driver’s license or passport) because when you check in, it will be scanned and verified each time to enter and exit the testing room. Anything else you will need to take the exam (scratch paper and pencil) are all provided by the testing center. You will receive the scratch paper and pencil from a test coordinator immediately before walking into the testing room.

‘But what does walking into a testing center feel like? What do I do there?’

I have only ever tested at two locations in NJ – Fairlawn (my favorite) and Clark – but the policies and procedures are the same at any location around the country. You arrive in the waiting room and check-in with a receptionist. He/she will provide you with a locker key for you to lock up any items you may have brought with you (your NTS, purse, cell phone, car keys, etc.). The only thing you keep with you at all times is that locker key and your ID. Then you wait to be called into the screening room. In the screening room you will be asked to show your government ID to the facilitator, he/she will take your photo, and then have you sign in. Before leaving the screening room and walk into the testing room to begin your exam you will need to empty out all of your pockets to make sure you’re not hiding anything. Once you’re done with that, you’re escorted into the room and you may begin your exam.

Recommendations for testing day:

• Wear clothing that you’re comfortable in
• If it’s cold outside, try to wear something that will keep you warm keeping in mind the rooms are heated
• Try to wear shirts with solid colors – avoid shirts with writing on them to avoid any possibility of being “called out” for writing in violation of their policies
• If you don’t know where the testing center is, give yourself PLENTY of time to find it and decompress from the anxiety you’ll have. Always best to arrive extra early if you’re unfamiliar with the traffic patterns and location.

 

Good luck!

Jerry

New Score Release Timeline for CPA Exam Released

Happy Friday, friends!

In a recent blog posting on AICPA.org, Dr. Oliver Zhang – Operational Scoring and Analysis – provides CPA Exam candidates with a score release timeline that will be implemented beginning Q4 2011 (this quarter!).

The estimated scoring timeline is as follows:

Day in Testing Window (Records received by AICPA)*	Target Release Date Timeline	Target Q4'11 Score Release
Day 1 – 20	10 business days following day 20 of the testing window	November 3
Day 21 – 45	5 business days following day 45 of the testing window	November 21
Day 46 – Close of window	5 business days following the close of the testing window	December 7
After Close of Window	5 business days after receiving all scoring data for the testing window	TBA

Note: Some scores for the BEC section may be released in a subsequent release due to the written communication tasks.

 

Good luck studying everyone and have a terrific weekend!

Jerry

 

Time flies when you're having... (fun?)

Hi Everyone -

Like FAR, REG left me feeling utterly defeated. I walked out of the exam stunned at how little I knew, even after studying for over a month. My advice for those who haven't taken REG yet, is this:

Study the 'Ancillary Materials' that Becker provides, and please, take the time to memorize the minuet details/mnemonics. I can't stress enough, how important it is to know the minor details. Don't overlook anything! And again, (in my opinion), Becker doesn't adequately prepare you for the Simulations, so don't harp over working through the Sims, focus your time on knowing the 'ins' and 'outs' of the core concepts. Also, be sure to save at least an hour on the exam to complete the Sims - you will need as much time as possible!

On a more positive note, I am finally getting acclimated at PwC, and I am pleased to find how understanding the Firm is about working towards the CPA exam. Today marks my last day of 'training', as I start on my first engagement Monday. They say that 70% of learning occurs on the job, so I am excited, but also very nervous.

I am still struggling to get motivated to study AUD after working 8+ hours and commuting over 2 hours...any words of advice, tips or tricks, would be greatly appreciated. I can't even enjoy my birthday this weekend, as I only have 3 weekends left until the exam. Talk about 'crunch' time.

Until next time...

Failing to Pass: It’s not the end of the world as long as your desire to succeed is greater than your fear of failure

So I got my results back this week for my first section of the CPA exam that I took in July (FAR). I was uncertain how I did coming out of the exam but didn’t have the highest of hopes. So I wasn’t extremely surprised when I received my score of a 73 this past Tuesday. My first reaction was frustration that after all the effort I still came up short but then I tried to find a positive out of the failure and also find a way to set myself up better the next time around. 

After ever section of the exam I sit for I try to reflect on the questions, struggles, and challenges that I had during the exam. Immediately after taking it I try to write a few notes that I can utilize if I need to the next time around. In looking for my positive from this experience I went back to my notes and realized how flustered I was coming out of the exam and how poorly I thought I did. Then I though to myself, “well I only missed by two points”. I looked at all of the areas I knew I could have done better on and realized that I had substantial room for improvement. If I only missed by 2 here then hopefully I fared better in the REG section for which I had a better feeling after the exam. 

I’m trying to examine where I stand now and what I need to do to reach my goal of passing all 4 sections before year end. I got a little bit of a boost mentally when I realized it was still possible, and began to rework my schedule to make sure I pass.  After taking a couple days cool down and realize that most people don’t pass every part of the exam on the first time. I am trying to keep a positive mindset and stay focused on where I need to be each week to attain my goal at year end.  The 73 has helped me realize that I am within reach and just need to push a little further to receive that passing grade.

  On a final note I was skimming  for a quote that I thought might encompass the fear of feeling we are all sure to experience at some point and found the following quote by Bill Cosby:

“In order to succeed, your desire for success should be greater than your fear of failure. 
Bill Cosby 

 

Kevin 

 

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 

 

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

14K REG scores released today (& still more scores to come)

This afternoon, 14,473 REG scores were released by the AICPA to NASBA for the April/May 2011 testing window. 

 

Good luck! 

 

p.s. more BEC scores to come - not all were released on Monday. Keep checking back for more updates. 

More changes to CPA Exam – Effective July 1, 2011!!!!

I was reading up on developments of the exam and much to my surprise, the AICPA has updated the list of references that are used with in the Content-Specific-Outline (CSO)used effective Q3 2011!!* Here’s the breakdown:

AUD

• International Auditing Standards (ISAs)

BEC

• International Standards for the Professional Practice of Internal Auditing
• COBIT (The Control Objectives for Information and related Technology)

FAR

• Reglulation S-K of the Code of Federal Regulations
• Codification of Statements on Auditing Standards - AU Section 623, Special Report
• FASB Concept Statements
• GASB Concept Statements
• IFRS Framework

REG

• Public Law 86-272 (Exeption from Income Tax for Interstate Commerce regarding Solicitation of orders for sales of Tangible Pesonal Property)
• Uniform Division of Income Tax Purposes Act (UDITPA)
• Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

As developments are made, I’ll keep you posted. 

Have a great Memorial Day Weekend, friends!

Jerry

AICPA Announcement made here.

*June 3, 2011 Update: Like all good authors, you need to check, double-check and triple-check your facts and this time I must admit when I was incorrect. After speaking with the AICPA directly, I must clarify that the exam is NOT adding additonal content to the CPA exam, they are only updating the list of references that are used with in the Content-Specific-Outline (CSO) which includes some clarification to existing references, and the removal/update of obsolete references.