Archive

Archive for July, 2013

Notecards/ Sample Questions/ Forum

July 31st, 2013

Notecards have been uploaded to the website. There are cards for most (but not all) papers. Note that these cards are intended to be a starting point… you should supplement these with your own personal cards.

I will release a set of sample questions before the Live Seminar (late August). I will try to release another set closer to the exam (as well as a sample exam)

Finally, I’d encourage you all to participate in the TIA forum . I believe that answering the questions out there will help with your understanding of the material, which is critical with the move to Blooms style questions. Also, it is great practice for the exam, as you can get some feedback on your responses. I do monitor all threads.

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Odomirok 19/ Notecards

July 15th, 2013

The CAS has released updated errata for the Odomirok text, and there are some significant changes to Chapter 19.  I will be updating the manual to reflect these.

http://www.casact.org/library/studynotes/Odomirok-etal-Financial-Reporting-errata-713.pdf

Also, I have completed the notecards and they are currently being produced.

They should be released in the near future.

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Combined Manuals

July 12th, 2013

I have posted PDFs that combine all the manuals from each of the sections (for all sections except Section B, which should come out in the near future)

Note that these combined PDFs will not be updated to fix errata as regularly as the standalone manuals are updated. You will therefore need to monitor the list of errata.

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Regulation Manual Updates

July 9th, 2013

I updated some of the regulation manuals to do the following:

-add in the 2012 questions
-add in a few CAS exam questions (from earlier years) that had been omitted

I also created separate files containing just the questions that I added, for those of you who have already printed the manuals. The additional questions can be found in the “Additional Material” section of the website

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Regulation Section: Exam Videos

July 7th, 2013

I uploaded videos discussing a few of the regulation exam questions. I didn’t discuss that many questions, as there is not much to add to the solutions in the manual.

If you would like me to create a video about a particular question that I did not cover, send me an email.

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Comments about Live Seminar/ Examiners Report

July 4th, 2013

Happy 4th everyone

I posted some comments about my plan for the live seminar to the TIA Forum:

http://www.theinfiniteactuary.com/mb/viewtopic.php?f=712&t=5924

Also, most of you should know this by know, but I wanted to remind you about the importance of reading the Examiners Report when going over the 2012 exam questions. There is a lot of really good information from the graders about how they awarded credit (and took away credit) as well as other interesting comments. The report can be found with the solutions from the cas exam files.

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Odomirok 26/ Questions about Blog/ How to Study Accounting

July 1st, 2013

There will be NO manual covering Odomirok 26. I believe that most of the testable material from this chapter is covered in the Feldblum tax papers.

On an unrelated note, if you have any questions about any of the blogs, please send me an email (angelo@theinfiniteactuary.com) or post to the TIA forums. I don’t receive any notification when comments have been posted to the blog.

 

The following is from my 2011 blog on how to study the accounting. I have made some minor updates which are in UPPER CASE.

As you may have heard, Exam 6 is a beast. It has by far the most material of any of the CAS upper level exams. For those of you who have taken upper level exams before, I would recommend spending at least 30% more time preparing for this as what you would spend normally.

Due to the vast amount of material, it is vital to have a good approach to prepare for the exam efficiently. I recommend the following steps for preparing for the Accounting papers:

For each paper, in the order from the recommended reading schedule:
1. Read study manual/ watch video (you will most probably need to pause the video several times to catch up on reading, think about concepts, etc). Highlight important points. You’ll also need to take notes while watching the videos since some of the points are not mentioned in the manual.
2. Read the source material relatively quickly. Highlight the important points. Some of the papers are extremely important and highly tested (all the Feldblum papers, COPLFR, IRIS, etc); while others are quite tough to get through, and have been only lightly tested historically (eg SSAPs, etc). I KNOW MANY PEOPLE DO NOT READ THE SOURCE MATERIAL, BUT THIS IS BECOMING INCREASINGLY IMPORTANT: A. THE EXAM DOES OCCASIONALLY TEST SOME OBSCURE TOPICS WHICH MAY NOT BE COVERED IN THE MANUAL; B. THE PASS RATE HAS BEEN AS LOW AS 20%… WITH PASS RATES THIS LOW, YOU REALLY CAN’T AFFORD TO IGNORE THE AVAILABLE RESOURCES
3. Based on your highlights from step 2, supplement the study manual with your own notes (remember the manual is only an OUTLINE of the material. We have focused on areas that we believe to be more important/ testable, but it is possible that other sections will be tested). I like to write in the margins of my manual, but you may prefer something else.
4. Watch the video discussing the selected exam questions. You don’t HAVE to attempt them at this stage. Don’t worry about the remainder of questions for the time being – in my videos, I selected questions to provide a broad coverage of the material that has been tested, and so the remainder of questions are often testing the very same concepts
After performing these 4 steps for each paper, move on to the next paper, and repeat. You should at the very least aim to keep up with the recommended study schedule timing (if you can do this quicker, even better). Remember, you want to keep AS MUCH time as possible (at least a month) prior to the exam for just memorizing, thinking and attempting questions.

After you’ve covered all the material, you’ve most probably forgotten everything. So, now it’s time for a refresher. Again, paper by paper:
5. Read through the entire manual, including your handwritten notes. This should be much quicker than the original read, since you know should have a decent knowledge of the material, and also you can focus on the highlighted material. Watch the videos again for the papers that you find difficult
6. Attempt ALL exam questions (don’t cheat and just read the solutions no matter how similar the question looks. Not only will this build speed, but will hopefully give you experience in looking for tricks, finding shortcuts, etc).

By this stage, you should have a good understanding of all of the material, and hopefully you remember a lot as well. Now it’s time to memorize and build speed & accuracy.
7. Different people have different strategies to memorize. I know a lot of people like notecards. We will be publishing some notecards for the material. My notecards (covering the accounting) are not comprehensive (they focus on lists), so if you decide to go this route, you’ll need to supplement with your own cards. Personally, I never used notecards… I preferred to speed read through my manual and notes a couple of times. Again, it comes down to personal preference.
Only when you feel very comfortable (ie almost ready to sit the exam) with all of the material (this should be at least a month before the exam date), do the following:
8. Attempt the TIA additional questions. Note that a lot of these are tough, and also they are specifically designed to test areas that have not been heavily tested by the CAS historically.
9. Do at least 2 exams (eg 2010 & 2011) under exam conditions (lock yourself away from books and distractions for 4hrs). You should be aiming to score at least 80% (and higher if you have seen the questions before)… pass marks could be in the mid 70s, and you need a margin of safety as well.

After reading this, you’ll probably realize that you’re going to have to invest a lot of time into this exam. It’s worth it… you don’t want to have to retake it.

Finally, a lot of people are worried that they don’t have any prior accounting knowledge…. don’t be. Most of this material is going to be foreign to most students, so it really is a level playing field. Also, the material requires only minimal prior accounting knowledge (eg definition of an asset, liability, revenue & expense).

 

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