This is Wasim; please find my strategy to prepare for CPA-FAR exam given below.
– Don’t try to learn FAR like remembering theory, understand the concepts.
– Finishing FAR in 3 months if possible, I finished it in 3 months. You need to study for 2 days of the week-ends and daily for at least 3 hours which is minimum (For working candidates).
– Give 4 mini-tests per week for the modules you already completed (33 MCQs plus 1 or 2 sims).
– Prepare notes for each chapter. This will be useful for the revision.
– Prepare a one-line summary of each major concept of all the topics; one chapter shall be a maximum of one page. It means you have summarized the entire FAR in about 6 pages (I did it in 6 pages). Review once a week.
– Prepare separate summaries for formulas (good will amortization, impairment, partnership share allocation, etc.) this will be less than 10 pages for the entire FAR.
– Prepare a summary of limits (amortization of pension in 15/20 years, amortization of gain/ loss of pension subject to 10%, etc) this will take 2 pages for the entire FAR.
– Prepare a summary of mnemonics; this will take up to 2 pages for the entire FAR.
– Watch all sims videos.
– Do the tests again and again.
– Most important, be honest and committed to studying.
Remember, you are writing the notes not only for the final revision, but it is a process during which you get clarity on accounting concepts, and your brain is registering the concepts during this process!
Hope this helps you!
Regards,
Wasim
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