The CPA FAR exam is one of the toughest exams among the 4 sections in the Uniform CPA examination. In fact, the passing rate is only 48.5%, second lowest among the 4 tests. The questions for you is: why is FAR so difficult, and what is the best way to tackle the beast? Here are 3 suggestions based on my personal experience.
1. Manage Your Time During Your CPA FAR Exam Study
Time management is critical for CPA FAR exam given the huge amount of volume you will need to study and review for this particular section. While it depends on your knowledge in the financial accounting concepts, I generally recommend at least 3 months to prepare for this exam. Most people with some knowledge in accounting (which you should with all the education requirements) can finish the coursework within 6-8 weeks. This would leave enough time for you to catch up, or better yet, to devote the last month in working intensely on the practice tests.
2. Seek Help In Scheduling Your FAR Coursework
The FAR exam is like Lake Superior of one-inch deep: while the amount of materials looks overwhelming, the exam neither gets too difficult nor goes into too much details.
This is excellent news because it means that candidates usually can pass the exam if they have ample time to study and prepare for it. This also means that a CPA exam review course is especially helpful for FAR because the guided review makes sure you cover all the grounds. Please take the time to pick the best (not the most expensive, but the most suitable) CPA exam review course for you - it could very well be the ticket to pass the CPA exam on your first attempt!
3. Manage Your Time During Your CPA FAR Exam
You may not realize, but how you manage your time during the CPA exam is also very important for your passing success. Many candidates struggle to finish FAR, which could be one of the main reasons why this section has a relatively low pass rate.
You can overcome this potential issue by a conscious effort to allocate your time for each sub-section: the testlets and the simulations.
There are 4 hours for this exam, which means that in general, you can allocate 45 minutes for each testlet (i.e. 2 hours and 15 minutes for the entire multiple choice questions), leaving 1 hour and 45 minutes for the two simulations. You can either allocate 45 minutes for each with 15 minutes to spare, or maximize the time by giving approximately 50 minutes for each simulation.
Rather than blindly following this schedule, a much better way for you is customization based on your own relative strength / weakness in each area. Please take the time to complete an entire CPA FAR mock exam and see how long it takes to finish the multiple choice questions vs simulations.
CPA FAR Exam - 3 Must-Read Study Tactics Check For The New Release in Health, Fitness & Dieting Category of Books NOW!
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More Study Tactics
I have outlined my tips to pass FAR in the CPA FAR exam study tactics, where I detail which topics are heavily tested, which subjects the CPA candidates are most scared of, and how we can tackle them. Remember: FAR is the longest but not the most difficult exam. Prepare well and you will pass. Best of luck!
Stephanie shares how she managed to plan, study and pass the CPA exam on her first attempt in her CPA exam preparation site: IPassTheCPAExam.com.
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