User talk:Highcard

From TaxAlmanac

EA Exam

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1. Over what time period did you study 125 hours?

I am lucky to have a job that allows me a lot of down time (some days are DEAD) so I typically would spend 4 hours a day running through the sample test questions three days a week (my work from home days). I also studied at least two hours in the evenings while watching TV with my wife so she didn't feel abandoned (light study but much more relaxed). Saturdays and Sundays were study as much as I could days. I think I studied a little over a month and a half. Here's my exact study plan:

a- I did a baseline run of the test to see where I was strong and where I was weak...scored 70%+/-.

b- I did another run through the sample test questions, this time reading the explanations well.

c- I read the 185 note cards that contain the rules, phase outs, limits, etc.

d- I re-read the cards, highlighting the information I thought was important.

e- I then typed that information (some 20 pages) of information that I needed to know.

f- I then ran through the test two more times completely (475 questions in the material).

g- I did a final run (fifth time) through the test less than a week before the exam.

The two days before the exam were busy personally and time was limited. I pulled any questions from the test that I missed during the last two runs and worked them until I knew them by heart. I ran through the information I typed a couple times and that was it. I also created a cheat sheet if you will of all the phase outs, limits, and other very important numbers that I knew would be hard to remember and easy to confuse. I recreated that (10 times) until I knew it by heart and when I got to the exam, I recreated that information before I clicked the mouse so that I would have it. That ensured I had the information at hand and in the event I became frustrated by questions on the exam, I wouldn't let that frustration scramble the limits and phase outs which are easily confused.

2. Did you purchase an exam prep course? If so, which one?

I bought Phoenix tax system and I thought it was okay. I felt prepared completely, there was nothing on the test (except for maybe one or two questions) that wasn't discussed in some capacity. I felt that they did not adequately explain the IRA deductions for married individuals so I had to go find supplement elsewhere. Overall it was okay. Keep in mind that there is no magic to these review courses. They all use the same OLD test questions and none from the new format (along with some they might create themselves). The rest is just the rules. I liked the note cards Phoenix provided but don't confuse them with flash cards that have one or two bits of information on them. There are 185 or so packed full. Phoenix was the cheapest and it was complete and adequate...I don't know that Gleim would have anything magical at more than three times the cost.

3. How much study time should it take a person (me) budget to sit for Part 1 - I worked for HR Bloch for a couple of years about 8 years ago (I also have an undergrad degree in Acct w/CPA).

It depends on the person. If you worked for Block and remember it, a lot of it will be review. You either know IRA's or you don't. You either know what is income or you don't. You know what can be deducted or you don't. I have a terrible memory so I have to fundamentally understand something if it is to be retained so I studied my butt off to achieve that. Some people with a photographic memory may be able to study 1/2 the time I did. I would HIGHLY suggest that you extend the question or even make up some of your own questions that test the edges of the rules. I found that on many of the topics I knew the rules but wasn't solid enough when I was faced with a question on the test that left the black area and went into grey areas.

4. Do you recommend an exam prep course?

Definitely. You cannot read the IRS publications and pass this test very easily--the art is applying the rules to certain situations and that is not covered in the publications.

I have no idea if I aced it or if I just squeeked by. I did the exam so fast, I thought that surely I had missed something so I went back through it again. You will do fine, just put the time in. The rules are the rules and as long as you know them as matter of fact (not just be able to repeat them but KNOW them), you will do fine. It was MUCH easier than the CPA and there was no 6 month wait for the results--that was just painful and WRONG!

Michael