CPA exam

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

CPA exam

Post by ge1 »

Anybody here studying for the CPA exam? I passed BEC in February and just took FAR yesterday. I think it went ok, but it was a lot more material than BEC.

Regulation is next, probably in August!
MoneyTalks183
Posts: 26
Joined: Wed Oct 26, 2011 2:06 pm

Re: CPA exam

Post by MoneyTalks183 »

I am. Passed BEC and taking FAR on May 31st. Taking a break from studying as we speak.

To keep this personal finance related, study materials are not cheap! I have Becker paid for but I would recommend anyone who wants to take the test to look at the Wiley Test Bank which can be obtained for about $200 for all 4 parts with a discount code. It won't teach you the material but it will give you a treasure trove of problems to work on.
Juniormint
Posts: 175
Joined: Sat Jan 21, 2012 11:16 am

Re: CPA exam

Post by Juniormint »

Me too. Have taken FAR, REG, and AUD so far and passed all. Now working on BEC and for some reason, even though it's the shortest and seems to be easier, I hate the studying process for it. Maybe because I've literally haven't had a break ever since I started my CPA exams and I'm sick of not having a life, but we must preserver. We're almost there!

REG was my favorite so far, which was odd since I was convinced before starting the exams that I did not want to go into taxation for a career since I hated all my tax classes in school. Now, I re-thinking my future plans. I loved the REG exam, it was more client orientated where as everything in school was more focused on internal taxation of different entities (not bad) but missing the client aspect of it. Honestly, I fallen more in love with tax now that I find it more applicable to real life and real life situations. Being in school at 18 and never having done my own taxes, learning about taxes was horrible since I didn't have a proper point of reference. Now that it's more applicable, it's fun and it leaves me feeling good.

Good luck with all your exams everyone.
EagertoLearnMore
Posts: 773
Joined: Wed Jun 30, 2010 4:05 pm

Re: CPA exam

Post by EagertoLearnMore »

What would you suggest doing to study? There are courses offered by Becker as well as buying books and studying on your own.
Is one way better than the other? Are there online study guides for CPA exam as well?
Juniormint
Posts: 175
Joined: Sat Jan 21, 2012 11:16 am

Re: CPA exam

Post by Juniormint »

EagertoLearnMore wrote:What would you suggest doing to study? There are courses offered by Becker as well as buying books and studying on your own.
Is one way better than the other? Are there online study guides for CPA exam as well?
I took the live-class version of Becker and I definitely recommend taking them. It is expensive, there is no doubt about it, but I think Becker was essential to my success. First, the material you get in Becker is up to par, totally what you need to study for the exam. The sample questions, final exams, tests, and simulations look just like the CPA exams you take and so you're not shocked when you first take the test, that plus a lot of of the questions were similar if not exactly like that on your problems. Becker works tireslessy to update all your software, questions, materials and so you're up to date on all your materials.

I took the live-class version (Saturdays for eight hours) mainly for the motivational aspect. By taking the live classes, I was forced to keep up with the reading and do the homework before the class met again so I wasn't putting things off and I wasn't prolonging each test. Each class section is about a month long with fifteen days until the next section begins. That was the time I gave myself to study and take the exams and not get behind because it is extremely easy to get behind. The teachers are also spectacular, they're all CPAs out working in the field, they have great experience, and they know the material like the back of their hand. They tell you which areas to really focus on and explain things differently from the book which makes certain areas faster to grasp than if you read the books. They also show you how to approach the questions and not get distracted by the amount of information in the question. A lot of the CPA exams is learning just how to read the question and answering it without getting distracted by the numerous amount of information they put you in to trick you or get you distracted. Some people work better by themselves and don't need the live-class version and if you're disciplined and you know that you can study and keep up by yourself, you don't need the live-class version, since it is more personal preference than anything. What they teach you in class is exactly what you get in CD-version.

As far as how I personally approached the exams. For each section, I first read each chapter in it's entirety and answer the questions (not worrying if I can them wrong or right) just to get through the questions. This takes time, there are lots and lots of question and they take hours to answer. I do this for each class, staying a step ahead of the section we cover. Once the class is over, I then re-read the chapters again as boring as it is, then re-do all the questions. Then I start testing myself on the little quizzes until I get them right. After this, I just start doing the questions over and over again until I'm getting 100% on everything. I don't take the final exam until two-three days before actually sitting for the exam. I just work on all the problems other than those. I probably do the final exam about two times, three if I have the time then review what I'm not comfortable with and whether I'm ready or not, sit for the exam.

Each person is different to their study habits. I study 7 days a week with no break. Monday's through Fridays when I work, I study no less than 5 hours a day usually till midnight once I get home. Saturday are my eight hour classes and I just attend the class and take the rest of the evening off and Sundays, I study about 6-8 hours. It's hard, especially when you work, have class or a family, but there is no other option unless you give yourself more time. I doing each test in a month and half. You have to spend at least 30 hours a week studying minimum and when they tell you that you won't have a life, It's true.

If nothing else, read your material and do all the question over and over again. Good Luck.
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

EagertoLearnMore wrote:What would you suggest doing to study? There are courses offered by Becker as well as buying books and studying on your own.
Is one way better than the other? Are there online study guides for CPA exam as well?
I'm studying with the Becker material. As others have noted, it's expensive but over the course of your career, the 3-4k are in my view a great investment. I initially thought about attending some classes, however I do now everything in self study. With the Becker books I also got DVD's with lessons, however the guy literally reads the book and tells you what to highlight, which for me is a complete waste of time.

I have fairly demanding job (and a toddler at home), so I don't have that much study time. I do maybe 4-5 hours during the week and then another 4-5 on Saturday. In the 2-3 weeks before the exam I study more.

For BEC I studied 7 weeks and passed with 90. For FAR I gave myself more time (10 weeks) and took the exam last Friday. I was also able to study more at work. Pretty sure it went well. I'd rather pass the first time I take it rather than rushing it.

I'm surprised how many people start the process of taking 1 or more exam but never actually finish it (I've met several at work). It's certainly a commitment so good luck to all who are in the process of doing it!
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

MoneyTalks183 wrote:I am. Passed BEC and taking FAR on May 31st. Taking a break from studying as we speak.

To keep this personal finance related, study materials are not cheap! I have Becker paid for but I would recommend anyone who wants to take the test to look at the Wiley Test Bank which can be obtained for about $200 for all 4 parts with a discount code. It won't teach you the material but it will give you a treasure trove of problems to work on.
Good luck on the 31st!
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

Juniormint wrote:Me too. Have taken FAR, REG, and AUD so far and passed all. Now working on BEC and for some reason, even though it's the shortest and seems to be easier, I hate the studying process for it. Maybe because I've literally haven't had a break ever since I started my CPA exams and I'm sick of not having a life, but we must preserver. We're almost there!

REG was my favorite so far, which was odd since I was convinced before starting the exams that I did not want to go into taxation for a career since I hated all my tax classes in school. Now, I re-thinking my future plans. I loved the REG exam, it was more client orientated where as everything in school was more focused on internal taxation of different entities (not bad) but missing the client aspect of it. Honestly, I fallen more in love with tax now that I find it more applicable to real life and real life situations. Being in school at 18 and never having done my own taxes, learning about taxes was horrible since I didn't have a proper point of reference. Now that it's more applicable, it's fun and it leaves me feeling good.

Good luck with all your exams everyone.
Well done with passing the 3 exams. I found BEC fairly easy. FAR was much more material, but ultimately it covers a lot of topics I deal with at work, so it was interesting to study (with the exception of government accounting!). I'm pretty sure Audit will be the toughest part for me.
juventussoccr
Posts: 13
Joined: Sun Apr 24, 2011 8:05 pm

Re: CPA exam

Post by juventussoccr »

I used Yaeger self study DVD's and they worked great for me. As long as you set a plan on how much you're going to study each day, you'll be fine. I normally watched the DVD's throughout the week and then did a whole bunch of problems on the weekends.

Also, as a sidenote, I worked in a tax firm where we mainly do returns and no audits, and my best score was on auditing. Guess what my worse score was... REG! haha Anyway, I probably thought I knew everything in REG since I dealt with it on a daily basis so I didn't study as much. Good luck on everything!
User avatar
Tyr0ne
Posts: 64
Joined: Thu May 10, 2012 1:35 pm

Re: CPA exam

Post by Tyr0ne »

EagertoLearnMore wrote:What would you suggest doing to study? There are courses offered by Becker as well as buying books and studying on your own.
Is one way better than the other? Are there online study guides for CPA exam as well?
The general consensus at the CPA firm I work for is that materials are kind of secondary to individual effort. I used Roger CPA Review, which is half the price of Becker, and his materials were more than enough to pass all on the first go. I think Roger CPA may be local though, but the point is, I think you are fine with a cheaper alternative as long as you put in the hours.

Also, I would highly recommend CPAreviewforfree.com. It is 100% free and I used it as a supplement to my Roger CPA. All it is is hundreds of multiple choice questions in testlets of 20 that you can either do by topic or randomized. It's a nice change instead of doing your textbook material questions twice and still provides explanations for each answer
There are times when, at least for now, one must be content to love the questions themselves - Neil deGrasse Tyson
jared
Posts: 554
Joined: Sun Jul 06, 2008 11:57 pm

Re: CPA exam

Post by jared »

Congrats to those that have passed some or all sections! Good luck to those with upcoming exams!

I am just starting the CPA Exam preparation process. I've chosen the Northern Illinois University CPA Review (http://www.cpareview.niu.edu) "correspondence option" for my review program along with the Gleim Test Prep Software and Simulation to supplement. I hadn't heard of the program until I visited a CPA exam forum (another71.com). It's not as popular as some of the big names (Becker, Yaeger, Roger, etc.), but I've heard some very good things from people who've used it. I just received the materials Friday. I haven't opened them yet, so it's obviously too early for me to form an opinion either way.

I'm planning to take the exams in the following order: FAR, AUD, REG, BEC. I hope to take and pass all sections by the end of the year.
Last edited by jared on Mon May 21, 2012 9:40 pm, edited 1 time in total.
User avatar
ObliviousInvestor
Posts: 4212
Joined: Tue Mar 17, 2009 9:32 am
Contact:

Re: CPA exam

Post by ObliviousInvestor »

tycoryj wrote:Materials are kind of secondary to individual effort.
Agreed.

I went through the process last year and after all four sections (that is, at the point where it's no longer helpful) I decided that my favorite method was Becker textbook, followed up with Wiley for questions. But for FAR I used nothing but the Wiley textbook (~$40 if I remember correctly) and did just as well as I did on the other sections. FAR did take more study time, but that's probably due at least in part to the fact that FAR has more material (or, it did as of last year).

Good luck to everybody with exams coming up. :)
Mike Piper | Roth is a name, not an acronym. If you type ROTH, you're just yelling about retirement accounts.
MoneyTalks183
Posts: 26
Joined: Wed Oct 26, 2011 2:06 pm

Re: CPA exam

Post by MoneyTalks183 »

Thanks everyone for the support.

The most important thing in my opinion is simply the amount of time that you're willing to put in. I do the live classes on Sundays, which is about 8 hours and I study roughly 3-4 hours a day during the week. When I'm reviewing for the final it's pretty much studying non-stop.

As long as you have access to the basic material and a large multiple choice test bank, you have all the materials you need to pass.

I'm a big proponent of doing as many multiple choice questions as you possibly can. There's a huge difference between reading over the material and actually applying it. Also, I would recommend that people take their own notes. I have found it to be much more effective than just mindlessly staring at the professor/screen and highlighting.

Good luck to everyone!
billern
Posts: 1079
Joined: Fri Dec 07, 2007 3:08 pm

Re: CPA exam

Post by billern »

I'm happy to say that I passed the exams at the end of last year. Getting through the tests was a huge relief. For me, the trick was to just force myself to start by scheduling the tests. I'm a procrastinator so having 4 to 6 weeks of evenings to study (ie: not during busy season) was really as much time as I would use. I ended up paying to sit for a couple sections more than once but it got me through the process more quickly.

My S/O, on the other hand, needs more time to study and was unable to study enough with her commute. She is now studying full time and expects to get a good job closer to home after she passes her tests! The value of the license is worth much more than her lost wages while she studies.
TigerNest
Posts: 393
Joined: Mon May 10, 2010 12:58 pm

Re: CPA exam

Post by TigerNest »

I plan on taking REG/AUD in August. I'm only using Wiley. Keep us posted on how it goes!
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

MoneyTalks183 wrote:I am. Passed BEC and taking FAR on May 31st. Taking a break from studying as we speak.

To keep this personal finance related, study materials are not cheap! I have Becker paid for but I would recommend anyone who wants to take the test to look at the Wiley Test Bank which can be obtained for about $200 for all 4 parts with a discount code. It won't teach you the material but it will give you a treasure trove of problems to work on.
MoneyTalks - did you get your results yet?

Got it this morning and passed FAR with a 87, big relief!!!

Audit is next, any tips from people who passed Audit? Seems to be much less material than FAR.
dsmil
Posts: 773
Joined: Tue Sep 08, 2009 10:51 am

Re: CPA exam

Post by dsmil »

I used the Wiley cd-rom testbanks and Wiley books, and passed last fall. It was definitely an effective and cheaper way to do it since I'm not a good listener. You can only re-sell the testbanks on ebay and make decent money back. I'm an auditor in public accounting and my order from hardest to easiest was REG, FAR, AUD, BEC.
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

Studying for Audit now, exam in 4 weeks.

Have to say that the study material is extremely boring, no calculations, only concepts :twisted:

Hope my fellow CPA bogleheads are doing well in their studies!
Pacman
Posts: 193
Joined: Sun Feb 20, 2011 10:50 pm

Re: CPA exam

Post by Pacman »

Do you want outlines that I used to pass Audit?
MoneyTalks183
Posts: 26
Joined: Wed Oct 26, 2011 2:06 pm

Re: CPA exam

Post by MoneyTalks183 »

I'm happy to say that I passed FAR. Honestly, what's keeping me going for the last two sections is the thought of having to take FAR again. Ugh.

On to audit, I'm taking it this Friday! If you could send me the outline, that would be great. I would love to look it over as a final review.

With audit, I found that the hammering multiple choice questions is more important than BEC and FAR, at least when it comes to comprehending the material. I learned that there's a certain way that the test creators think, and its not always logical or seemingly justified. There are "rules" that they go by and the more questions you do, the more you'll be able to pick up on them. Let's hope I've picked up on enough by Friday!
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

MoneyTalks - how did the exam go?

Taking it next Saturday, will be glad when this one is over!
hlfo718
Posts: 808
Joined: Wed Dec 01, 2010 8:17 am
Location: NYC

Re: CPA exam

Post by hlfo718 »

Took the exams over ten years ago. It was a pain at the time since I studied after work and spend about 6-8 hours every sat and sun so I missed the football season. Looking back it was well worth the time.

Good luck to you all.
MoneyTalks183
Posts: 26
Joined: Wed Oct 26, 2011 2:06 pm

Re: CPA exam

Post by MoneyTalks183 »

Hey ge1,

Audit went... I'm not sure. Test comes back in a couple weeks but something about the test really threw me off.

Studying for REG now but I've had barely any time to look in over. Finding out that I passed Audit might give me the mental push I need to cross the finish line but right now I'm languishing. My schedule changed dramatically so now my only studying comes in very early mornings and on the weekends. Hoping I can just get it over with but I definitely don't have the ability to go through the all-encompassing study sessions like I did before.
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

MoneyTalks - did you get the results?

Thankfully I passed Audit. Actually had my highest score yet (94), which was odd as I didn't have a good feeling after the exam at all...

Started studying for my last section (Reg) today. Not motivated at all, but I'll give myself time and at least this is the last one!
deathb4disco
Posts: 117
Joined: Fri Feb 06, 2009 12:56 pm
Location: Atlanta

Re: CPA exam

Post by deathb4disco »

Good luck to you on the exam! I passed it almost twenty years ago. What a mind-crushing experience that was!
User avatar
abuss368
Posts: 27850
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: CPA exam

Post by abuss368 »

ge1 wrote:Anybody here studying for the CPA exam? I passed BEC in February and just took FAR yesterday. I think it went ok, but it was a lot more material than BEC.

Regulation is next, probably in August!

Many moons ago I passed the exam. No way would I ever go through that again!

Good luck and congrats!
John C. Bogle: “Simplicity is the master key to financial success."
User avatar
XtremeSki2001
Posts: 1733
Joined: Fri Mar 09, 2007 1:28 pm
Location: New York

Re: CPA exam

Post by XtremeSki2001 »

Taking classes so I can sit for the exam - should be interesting!
A box of rain will ease the pain and love will see you through
cheesepep
Posts: 1295
Joined: Wed Feb 17, 2010 9:58 pm

Re: CPA exam

Post by cheesepep »

Can anyone tell me or please post a link the steps needed to take (from the very beginning) of someone who wants to take the CPA exam? Assume that I have a non-accountancy degree and no accounting experience, but otherwise has a 4-year degree and wants to take it in CA.

I cannot find anything clear to me (maybe I'm just new to these things).

If I take "makeup" accounting classes at a university, how do I know which ones to take for the exam?
User avatar
XtremeSki2001
Posts: 1733
Joined: Fri Mar 09, 2007 1:28 pm
Location: New York

Re: CPA exam

Post by XtremeSki2001 »

cheesepep wrote:Can anyone tell me or please post a link the steps needed to take (from the very beginning) of someone who wants to take the CPA exam? Assume that I have a non-accountancy degree and no accounting experience, but otherwise has a 4-year degree and wants to take it in CA.

I cannot find anything clear to me (maybe I'm just new to these things).

If I take "makeup" accounting classes at a university, how do I know which ones to take for the exam?
FWIW, I'm in your boat. No undergrad degree in accounting and no accounting experience, but I have a 4-year degree.

http://www.dca.ca.gov/cba/ and http://www.cpa-exam.org

Basically, before 12/31/2013 the following requirements apply for the California CPA:

A bachelor’s degree;
24 semester units in accounting-related subjects;
24 semester units in business-related subjects (accounting courses beyond the 24 required units may apply toward the business units);
Passing the Uniform CPA Exam;
Two years of general accounting experience supervised by a CPA with an active license; and
Passing an ethics course.
A box of rain will ease the pain and love will see you through
User avatar
dziuniek
Posts: 1402
Joined: Mon Jul 23, 2012 2:54 pm

Re: CPA exam

Post by dziuniek »

I'll only be starting taking exams next year. Not looking forward to it.

I've heard your study materials don't mean nearly as much as individual effort, has that been the case for most?

Also, any tips? :)
Get rich or die tryin'
Cuzz35
Posts: 472
Joined: Mon Jun 28, 2010 11:14 pm
Location: Marietta, GA

Re: CPA exam

Post by Cuzz35 »

dziuniek wrote:I'll only be starting taking exams next year. Not looking forward to it.

I've heard your study materials don't mean nearly as much as individual effort, has that been the case for most?

Also, any tips? :)
I am right there with you. Planning on starting in May. I also start working full time in January so we'll see how that goes.
hillman
Posts: 189
Joined: Thu Jun 07, 2012 2:08 pm

Re: CPA exam

Post by hillman »

My advice for everyone taking the exam: respect it but don't fear it.
I finished the beast in 2010 (passed the first time on all parts, W00T W00T, sorry for boasting), and the number one stumbling block I saw among my classmates was letting the exam overwhelm them. There is a tremendous amount of information covered by the CPA exam so you have to figure out the best way to study for it, for you. Find a system and stick to it. I used the Becker Self-Study program and cannot praise it enough. The program is not cheap, $3000 I believe, but membership in some state CPA societies will get you a hefty discount, and you should be a member of your state's society anyway. Between the video lectures, workbooks, and study software you should be able to identify your weak spots and strengthen them. If you go the Becker route and find it doesn't explain things well enough, and their are some topics it glazes over, Wiley should be able to fill in the gaps (Wiley's FAR book was actually a text for one of my classes).
But back to my first point. The exam is completely doable. If you're sitting for the exam it means (in my state, at least) you've completed a significant portion of your college education and have been exposed to the material and you can do it! Also, it isn't a matter of being 'smart enough.' As is always the case, I was surrounded by people that were much more intelligent than me, but they allowed themselves to be psyched out by the exam. They allowed themselves to become overwhelmed by the volume of material and to forget they knew fundamentals. And they failed. You can do it and good luck!

Also, anything over a 75 is wasting points. :D
User avatar
dziuniek
Posts: 1402
Joined: Mon Jul 23, 2012 2:54 pm

Re: CPA exam

Post by dziuniek »

Thanks for the tip!

I'm easy-going by nature, probably too much so at times. :)
I guess I won't be overwhelmed.

Oh and congrats!
Get rich or die tryin'
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

Completely agree with hillman: I use the Becker material and the books and CDs with homework are excellent. They teach you exactly what will be asked at the exam. And I didn't even attend any classes or watched any of the lectures you get from Becker as well. Just a matter of being disciplined. I guess a good % of people taking the exam take a gamble and don't study entire chapters / topics for whatever reason.
Topic Author
ge1
Posts: 816
Joined: Sat Apr 28, 2012 8:15 pm

Re: CPA exam

Post by ge1 »

Sorry for resurrecting this old thread, but I finally got my license yesterday (yeah!) and good luck to everybody currently studying!
User avatar
ObliviousInvestor
Posts: 4212
Joined: Tue Mar 17, 2009 9:32 am
Contact:

Re: CPA exam

Post by ObliviousInvestor »

ge1 wrote:Sorry for resurrecting this old thread, but I finally got my license yesterday (yeah!) and good luck to everybody currently studying!
Wooo! Congratulations!! :sharebeer
Mike Piper | Roth is a name, not an acronym. If you type ROTH, you're just yelling about retirement accounts.
Dan999
Posts: 412
Joined: Mon May 24, 2010 1:23 pm

Re: CPA exam

Post by Dan999 »

Congrats.
That is a major accomplishment and be proud of yourself.
I got mine in the mid 70's and it was such a feeling of accomplishment.

Go celebrate and brag a little. Many take the exam year after year and never pass it.

Dan
Dan999
deathb4disco
Posts: 117
Joined: Fri Feb 06, 2009 12:56 pm
Location: Atlanta

Re: CPA exam

Post by deathb4disco »

Dan999 wrote:Congrats.
That is a major accomplishment and be proud of yourself.
Ditto.

I passed it about twenty years ago. It's great to get that behind you. Celebrate! :sharebeer
Cuzz35
Posts: 472
Joined: Mon Jun 28, 2010 11:14 pm
Location: Marietta, GA

Re: CPA exam

Post by Cuzz35 »

Congrats!

I just started studying for FAR. Taking it May 31.
MoneyTalks183
Posts: 26
Joined: Wed Oct 26, 2011 2:06 pm

Re: CPA exam

Post by MoneyTalks183 »

Ge1,

Congrats on your license! I passed all the last one a little while ago but I need a couple more months of work experience to get the actual license.

Bravo!
Post Reply