The below is the Preparation strategy I followed section wise:
- Since FAR is the lengthiest among all the sections, I made a study plan to cover at least one module per day and to cover its MCQ’s along with the simulations.
- During weekends, we have to make the best use of time and to cover maximum possible and to make sure that we cover the pending simulations of the previous week if any.
- Since it is a vast subject, we have to make sure that we revise the modules which we passed one month old, as there are high chances that we may fail to recall the points, so I advise to at least skim the modules which are read past one month.
- While reading from the book, try to highlight the points which you consider important, so that during revision it will help you to grab these points easily.
- While solving MCQs, first read the CALL OF THE QUESTION and then read the question in full.
- While solving MCQs, mark the MCQs which you have attempted wrong and also mark those MCQs which you feel are important, so that while doing revision, you may at least go through these MCQs if not all the MCQs.
- While solving simulations, listen to all the skill practice videos even if you have got the correct answers because skill practice videos show the way to answer the simulations also shows the best way of solving the Simulation, so never miss the skill practice videos.
- Note the critical simulation number (which you feel are important or which you have almost attempted wrong) in the handbook, so that before the exam, you can go through the Simulation and check where you were wrong.
- There will be multiple exhibits in the simulations, don’t try to open and read all the exhibits at a time, first read the call of the question and then open individual exhibits and correlate it to the question asked for.
- If you find an exhibit which says “Memorandum” or “Policy document” or “Accounting policy” or “Circular” or “Email Correspondence”, then we have to open this exhibit first, because there are pretty high chances that this exhibit will correlate to the entire question and also to the other exhibits.
- Never miss Mock exams; it will boost your confidence and show the areas where you lack so that we can appropriately revise the weaker areas.
- As far as ‘Research Simulation’ is concerned, always go through the Skill practice videos even if you have answered it correctly, because there are multiple ways to approach the Research simulation and if you have stuck in the exam, then you may at least adopt different methods to get the right answer for the research simulation.
- While solving the Simulation, always remember to put NEGATIVE SIGNS before putting the amounts for Expenditures and Losses unless the question specifically asked to put Positive numbers, so reading the call of the question is important.
- Same with the Cash Outflows, which should be with NEGATIVE SIGNS before putting the amounts.
- Revision is important, specifically the point which I mentioned above about the lapse of one month, which our memory starts disremembering. So, I advise skimming the modules when you are exhausted, because, at this time, our brain will not accept new things but will revise the things already read.
- Same points above, except specifically during the audit exam, read the question at least twice because the language of the question will be very tricky even though the length of the question will be smaller. Audit exam questions will have tricky words like “Most likely”, “Least likely”, “Except for”, “which of the option is NOT correct”, “Which is NOT False” and “Which is NOT true”, so reading the question twice will help you to understand the call of the question.
- Audit exam questions will have tricky words like “Most likely”, “Least likely”, “Except for”, “which of the option is NOT correct”, “Which is NOT False” and “Which is NOT true”, so reading the question twice will really help you to understand the call of the question.
- While solving the MCQs, even if you find the first or second option to be the correct answer, even then read the third and fourth option, because, in this exam, we should select the best possible answer.
- Always try to note whether we have to answer based on the ISSUER COMPANY (public companies) or Non-Issuer company (private company). Note: Unless otherwise the question specifically mentions that it is for the ISSUER/PUBLIC Company, we have to assume by default that the question is for the Private company
- Usually, the MCQs during the Audit exam will not be lengthy, so never be in a hurry; we can have sufficient time to solve the MCQs of the Audit.
- Same points covered in the FAR, except the below additional points.
- Again, with the BEC, the length of the question will be small, so ready the CALL OF THE QUESTION and read the question at least twice.
- While solving the Written Communication Simulation, try to use the language of the book.
- BEC questions can be tricky when it comes to Economics and IT, so we need to select the best possible option.
- Regulation is also one of the toughest sections. However, I would say that the examiner will have less scope to confuse you because it is IRC code and the provisions of the IRC, so if we are prepared with the provision, then there are high chances that the examiner can trick you.
- Chapters which cover the BASIS of partnership, Corporation, S Corporation are really important and we should be able to distinguish their basis.
- During revision, we should give more concentration on the BASIS differences because there are high chances that we may get confused between Partnership, S Corp and C Corp.
- It is said that the BUSINESS LAW consists of around 10-20% weightage, so don’t take it for granted, most of the business law chapters are easy to understand which are very generalized, so try to cover it to the fullest.
ALL THE BEST
Simandhar Education is India’s No.1 training provider for US CPA, US CMA, Enrolled Agent IFRS and HRCI professional courses.