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How To Study For Far
The Financial Accounting and Reporting section of the CPA Exam is one of the more robust exams in terms of content, and having a few tricks up your sleeves to maximize your study time will give you the advantage you need to pass. Check out these 6 FAR study tips you can utilize today to increase your chances of passing the FAR section of the CPA Exam on the first try.
1. Consider Taking FAR Soon After Finishing Your Degree
Of the four sections of the CPA Exam, FAR has the most content in general, and it has the most content related to your accounting degree. A bachelor’s of accounting typically contains two intro to accounting classes and two intermediate accounting classes. These classes all relate to the content in FAR. Many of your accounting electives, such as classes related to International Financial Reporting Standards, government, or non-profit reporting will be seen on the FAR section of the CPA Exam as well. By taking FAR soon after you finish either your Bachelor’s or Master’s degree, you can leverage that fresh college knowledge to your advantage.
The breadth and depth of the information you need to learn on FAR will also give you advantages when you take other exams. Some of the information you see on the FAR exam will be presented on one of the other three exams as well. If you take FAR first, you’ll already have a good grasp of these concepts on other exams.
FAR also takes the longest to study for. Surgent’s average number of study hours for FAR is 54. This is significantly below the average recommendation of 80-100 hours, which means you’ll pass the exam in less time, but is the highest in terms of Surgent’s study hours to pass the other three exams (AUD – 43 hours, BEC – 42 hours, and REG – 45 hours). Your 18 month window to pass all four parts of the CPA Exam begins when you pass your first exam. If you spend 54 hours studying for FAR before that window starts, you’ll have knocked out the largest chunk of your study hours and won’t have to use those hours within your window.
2. Consistently Review Previous Topics You Have Trouble With
Since there is so much content on the FAR Exam, it’s important to consistently go back and review topics you’re having trouble with. It’s easy to get several weeks into your review and forget what you learned in the first week if you aren’t reviewing older topics as much as possible. We know it isn’t easy to review while also studying new material, and we know it isn’t easy to decide which topics you’re doing really well on as opposed to topics you’re struggling with. Surgent’s A.S.A.P. Technology™ was specifically created with these hurdles in mind, and helps CPA Exam candidates consistently practice their weak areas and review older topics as a part of their every day study. Your Daily Surge will recommend specific study material in a variety of formats to fill in your knowledge gaps and keep you consistently improving in all content areas.
You can also review your ReadySCORE™ which gives you a relative idea of what your exam score would be if you were to sit for the exam that day. Your ReadySCORE also conveniently tracks your performance in each content area, and these content areas are weighted based on the AICPA’s blueprints. This makes it easy to see where you’re doing well and where you’re struggling. All you have to do is show up to your scheduled study sessions and work through the materials provided.
3. Give Practice SIMS Your Best Efforts
50% of your score on the FAR Exam comes from the 8 Task-Based Simulations. Gone are the days of focusing mostly on multiple choice questions – you’ll need to do well on the SIMS to pass the entire exam. It’s easy when you’re studying to simply look at the answers to simulations instead of trying to work through them as best you can before looking at answers. But if you really want to pass the FAR Exam, you’ll need to put your best foot forward when studying for SIMS. It’s also a good idea to get familiar with the simulation formatting, and the best way to do that is to practice.
Surgent’s FAR CPA Review Course introduces SIMS after you’ve had some time to work through several multiple choice sections so you’re prepared before you try your first simulation. Each SIM also includes extensive explanations (for after you’ve given the SIMs your best shot) so you can really dig into any missed questions. It also simulates how SIMs will be on the actual exam so you’ll be completely prepared come test day.
4. Practice Multiple Choice Strategies on Practice Exams
There is more to passing the FAR Exam than just learning all of the content and being able to apply it (although that’s a huge part). Learning how to strategize and get through all 66 of the multiple choice questions and all 8 of the SIMs during the 4 hour exam will also help you have the best chance of passing. For multiple choice questions, you’ll need to learn when to answer a question, when to skip it and come back to it later, and when to guess. You also need to learn that you should always answer a question as opposed to leaving it blank to maximize your score. Again, FAR covers an extensive number of topics, so there may be several questions you don’t know the answer to. Always remember, that’s okay. If you studied with Surgent and your ReadySCORE shows you’re ready to pass, you can feel confident guessing on a few questions.
5. Keep An Eye On Your Performance In Heavily Weighted Topics
The FAR Exam consists of four content areas with related percentages: Conceptual Framework, Standard-Setting, and Financial Reporting (25-35%), Select Financial Statement Accounts (30-40%), Select Transactions (20-30%), State and Local Governments (5-15%). Since topics areas one and two take up most of the weighting, you’ll want to make sure you have a strong showing in these topics. CPA Candidates studying with Surgent can use their broken down ReadySCORE to evaluate which areas they are doing well in and which need more work. Surgent’s algorithm does most of this work for you, presenting topics and concepts you’re weak in as you study to help you improve. But it doesn’t hurt to know how you’re doing based on topic weighting so you can ensure you’re spending more time on those areas.
6. Find A Review Course With Data to Back It Up
Lastly, you should always look for a CPA Review Course that has good statistics, as well as data to back up those statistics. FAR is a difficult exam, and you’ll want a review course that helps you walk into Prometric on exam day feeling confident and ready to pass. You’ll need the right resources and the right data to show you you’re ready to sit for the exam and earn that magical 75.
Luckily, you can rest easy knowing candidates who study with Surgent have an 85% pass rate on FAR compared to the national pass rate of 48%. That’s with significantly fewer hours of study (52 hours for FAR as opposed to the recommended range of 80-100 hours). Your ReadySCORE when you study with Surgent is also 99% accurate. So if your ReadySCORE says you’ll earn a passing score if you sit that day, you’re ready to sit and pass the FAR Exam. The data backing up Surgent’s courses speaks for itself, and it can give you confidence you need to dive into studying for the FAR Exam.
Using these 6 tips to study for the FAR Exam, you can give yourself a greater chance of passing the exam on the first try and getting on your way to earning your CPA License.
far study plan
A realistic CPA Exam study plan is essential to CPA Exam success, and making one before scheduling your testing appointment is a smart way to start your exam journey.
Establishing a CPA Exam study plan before you select your test day allows you to do the following:
See all of the exam content.
The CPA Exam covers an extensive amount of material. Just one look at the CPA Exam blueprints confirms that there is much to know. Furthermore, total testing time for each exam section is 4 hours, and each exam section contains dozens of questions.
Therefore, it’s very likely that you will see a lot of the exam content during your test, and that prospect should compel you to review all of the content beforehand. The more content you study, the better you’ll do when you sit for the CPA Exam.
An adaptive CPA review course, like Gleim’s SmartAdapt™ system, can really help with this step. While you do want to make sure you see all of the content, there will be some you are more familiar with and some you will need to spend more time reviewing. An adaptive course can do the work of identifying these areas and adjusting your study times accordingly, leaving more of your precious time for studying!
If you choose your exam date before you’ve developed a CPA Exam study plan, you may not give yourself enough time to see all of the exam content.
Become familiar with all of the exam content.
Consistent study is key to passing the CPA Exam. If you don’t study often enough or well enough, you won’t be familiar enough with the exam content to demonstrate the depth of knowledge at which the CPA Exam will test you.
The CPA Exam requires candidates to achieve a greater comprehension of accounting topics by presenting questions that assess you for high levels of knowledge and skill. The exam questions may ask you to remember, understand, apply, analyze, and evaluate accounting information, so you must develop these skills during your studies.
Accumulating plenty of quality review sessions requires an adequate number of hours per day and days per week, which your CPA Exam study plan will provide. The consequences of being unprepared for exam day range from a CPA Exam section fail to CPA Exam fees for rescheduling.
Get comfortable with the exam environment.
Before you take the CPA Exam, you need to learn not only the exam content, but also the workings of the exam environment.
Feeling comfortable with the format and functionality of the CPA Exam contributes just as much to your exam-day confidence as knowing the material.
There are several ways to acclimate to the exam environment:
- Study with an exam-emulating CPA review course
- Practice answering CPA Exam questions
- Visit your testing center for a Prometric Test DriveOpens in new window
Tapping into these resources takes time and, since practice CPA Exams should be taken under exam conditions, you will benefit from the advanced notice. Making a CPA Exam study plan before you schedule your exam date will allow you to schedule time to use these valuable tools.
Select the optimal test day.
It’s better for your mental well-being if you don’t have to reschedule an exam section. The sooner you get certified, the sooner you can enjoy all the benefits of becoming a CPA, but you won’t do yourself any favors by setting an unrealistic goal. You want to pick a target that will keep you on task and get you certified quickly, but it needs to be attainable without (too much) lost sleep.
Calculate how long it will take to prepare, and then choose the best day to take the test after that time period. Build yourself a small buffer, perhaps a week or two, but don’t delay too much. Scheduling your exam early allows you to secure the exam date you really want.
Waiting to schedule your exam until you finish studying lets other candidates reserve all the best exam days and forces you to settle. Keep in mind: if you are forced to reschedule, the later you wait, the more you will end up paying in rescheduling fees.
Steps to Making a CPA Exam Study Plan
Your NTS is only valid for a specific period of time, so you need to make your testing appointment shortly after receiving it. Follow these steps to making your CPA Exam study plan so you can identify your ideal test day.
Determine how fast you want to pass.
You know you want to take the CPA Exam because you want to earn the CPA certification, but how long do you want the CPA Exam journey to take? How much of your life do you want to invest in the process of passing the CPA Exam?
Your goal is to pass each section of the CPA Exam the first time you sit, but depending on your life stage, your work schedule, and your current familiarity with the exam content, you may need a more intense or a more flexible CPA Exam study plan to accomplish this.
No two candidates are alike, so you need to develop an approach that best suits your needs and individual preferences. You can use one of these two sample exam schedules (aggressive or moderate) as a foundation for your own CPA Exam study plan.
Aggressive study plan:
This exam schedule is typically for candidates who are recent graduates and proficient with the accounting knowledge covered on the CPA Exam. In this approach, candidates aim to pass all four sections in just 6 months (which is generally how long your NTS is valid). To do so, take one section at the beginning and another section near the end of 2 consecutive calendar quarters, budgeting approximately 6-7 weeks of study per section (e.g., exam dates of 1/2, 2/14, 4/1, and 5/15). If you follow this exam schedule, you will not only finish well before the 18-month deadline, but you can also save money by scheduling two exams per NTS.
Moderate study plan:
This exam schedule is for candidates who have been out of school for some time and need a refresher on a good number of topics. These candidates need to budget approximately 10-12 weeks per section. If you take this approach, you should aim to take one section per calendar quarter and pass all four sections comfortably within a year.
Use an interactive study planner.
You can make the process of generating a CPA Exam study plan much easier by using an interactive study planner. A truly interactive study planner suits your lifestyle and streamlines your study plan in the midst of it.
Gleim CPA Review includes an interactive study planner that delineates the due dates for each study unit as well as the timeline for your final review. After you input your study start date, your exam date, your personal blackout dates, and the amount of time you can study each day, our study planner provides your customized agenda and continues to adjust the study unit due dates if you make changes, such as adding or removing a blackout date.
If you miss a study session and don’t make it up within 3 days, the study planner will send you an email or text alert that you’ve fallen behind. With modifiable due dates and helpful reminders, our interactive study planner keeps you on track for CPA Exam success.
Evaluate your current schedule.
There are 168 hours in a week. How do you currently spend each of them? Write up a general timeline of your week to classify all of the activities to which you contribute your time. Account for how many hours a week you work, attend classes, sleep, eat, exercise, clean, relax, etc.
Tally up the total number of hours for each activity and adjust your agenda to accommodate your CPA Exam studies. After you’ve examined your habits on a daily and weekly basis, check your calendar for any important dates you have coming up in the next 6 months to a year. Include all of your major commitments in your study schedule, as these will affect the amount of time you can study on the respective dates and potentially on the surrounding days as well.
Find time that you can allot to study sessions.
Once you have a map of your daily, weekly, and monthly life laid out, pinpoint and add up any spare hours or time periods that you can repurpose. You can easily fill an hour or two between engagements with study time. You can even dedicate your lunch hour to reading a section of your CPA review book or your commute to listening to an audio review. Dedicating this time to your studies is not as difficult as carving review sessions out of your social events or free time, but you may need to do both in order to pass all four sections of the CPA Exam within the 18-month window.
A CPA Exam study plan is evidence of your commitment to pass. It is also intended to give you a definitive beginning to your exam studies and a visible finish line on which to focus your study efforts.
To make a CPA Exam study plan, you must be willing to make some sacrifices now so that you can reap the rewards of passing later. Remind yourself this is only temporary, and the reward of returning to whatever you gave up will be that much more fulfilling once you pass!
That being said, you should have realistic expectations for yourself and give yourself time to unwind between study sessions. Don’t give up all social outings, quality family time, and other important life events. Schedule them sparingly, but do schedule them.
Allocate 1-2 hours each day to studying.
You should aim for 1-2 hours of study per day for a total of 150-170 hours of preparation time per exam section. Because every CPA Exam candidate is different, give yourself a bit more time than you think you’ll need in case your study plan gets interrupted or you come across a challenging topic.
Incorporating CPA Exam review into your daily routine will help you stay in study mode until your exam date and will prevent you from struggling to get back in it if you skip a day or two. Checking off short blocks of study time every day is more manageable than trudging through one or two large blocks of study time every week.
When searching for hours you can reuse, don’t forget to consider the time of day in which you are most awake and capable of retaining what you’ve learned. Let your body’s natural rhythm help dictate the times that will be best for studying.