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How I Passed FAR...
Posted by CPA Exam Club member Debanjana Banerjee
For all you guys who are disappointed with the result, please know that planning is the key for passing this exam. I had taken FAR for 1st time and passed. My approach was to keep studying hard from day 1. I stuck to 1 book (Becker), instead of looking at too many sources and not mastering any. In case of doubt, I would look at Wiley. Also, I glanced Wiley for any new point which Becker did not cover. I made my own notes for complex concepts and they really helped me retain those concepts till the end. And most of them were tested on the exam day!! I practiced sims from Wiley only. Also, the AICPA released questions helped a lot.
Last but not the least, I kept following this forum to learn from people`s experiences and their weaknesses in FAR concepts and mastered them myself. All of this yielded me a score of 88. (though not a great score, I think it is decent). So strategy and planning is what I would stress and we all know that there is no substitute to hard work.
Also, since I had allotted 3 months to myself, I had to prioritize because that is really not a long time to have for FAR. Hence, I did not have time for flashcards, instead, I felt it was important to allot time for revising everything and make own notes (in simple language) for certain key concepts only. I read everything from Becker text (inclu, ancillary material) and solved all MCQs from each topic in their passmaster. I had made notes of all the questions I got wrong and read the reasons for wrong answer choices. My approach was to solve the previous module`s MCQs while studying the next. This way, retention of key concepts improved.
Studying 2 modules a week for the entire syllabus seemed too ambitious to me and hence, for the tougher topics I took as much time needed to understand the material thoroughly and marched quickly with the ones I understood easily. Hence, that kind of balanced out.
Mnemonics do help specially in pensions, bonds and govt. I had written all the mnemonics at one place and kept looking at them periodically.
DO NOT IGNORE ANY PART OF THE SYLLABUS!! I could never think that they would test such simple concepts but they were tested!! So don`t overlook anything thinking it is too simple to be tested.
Study well and stay positive! Good luck guys!