study tips for far

The first time I opened the Financial Accounting and Reporting textbook, I closed it.

The volume is the point. This isn't an intelligence test. It's a test of project management and discipline. You're not trying to become an expert on everything; you're trying to learn just enough about a whole lot of things to pass a four-hour test. It's a war of attrition. You versus the book.

Your biggest enemy isn't consolidations or governmental accounting. It's the calendar.

The Volume Is the Villain

Most people who fail FAR don't fail because they can't understand the concepts. They fail because they run out of time. They underestimate the 120-150 hours of study needed and get buried.

You have to break the exam into smaller pieces. Don’t look at the whole mountain, just the next stone. Today's goal isn't to "study FAR." It's to get through your section on leases, do 30 multiple-choice questions, and figure out why you missed the ones you did. That's it. Use a planner or a habit tracker to schedule these small blocks of time and stick to the plan. Tracking your daily progress is non-negotiable.

Live in the Multiple-Choice Questions

The fastest way to learn this stuff is by testing yourself. All the time. The practice MCQs are where the learning happens. Reading a chapter is passive; answering a question forces your brain to retrieve information and use it.

I remember one Tuesday around 4:17 PM, sitting in my 2011 Honda Civic in a grocery store parking lot, trying to get through 10 more MCQs on governmental accounting before I had to go buy milk. That’s what it takes. It’s not glamorous. It’s about finding pockets of time and hammering questions until the patterns just click.

And when you get one wrong, don't just look at the right answer. Figure out why you got it wrong. Did you misread the question? Did you forget a rule? Was there a concept you thought you knew but actually didn't? That's the whole process.

Don't Fear the "Hard" Topics

Everyone panics about Governmental and Not-for-Profit accounting. It's different, sure. Modified accrual, weird terminology. But it's learnable. Same goes for bonds, leases, and pensions. They're hard because they're based on memorizing rules, formulas, and journal entries. Don't treat them any differently. Just put in the time, do the questions, and move on.

Just don't get bogged down. If you spend three days trying to master business combinations, you’re falling behind on ten other topics. Good enough is good enough.

Sims Are Just Big MCQs

Sims look intimidating, but they’re just a bunch of MCQs strung together. Don't save them all for the end. Work them in as you go so you get comfortable with the format and the clock. You have four hours for 50 MCQs and 7 simulations, and practicing is the only way to figure out how to budget that time.

Don't spin your wheels on a sim for 30 minutes on exam day. If you get stuck, make your best guess, get the points you can, and move on. Partial credit is your friend.

The Final Two Weeks

The final two weeks are where you pass the exam. This is when you stop learning new material and just focus on recall. Hammer cumulative quizzes with questions from every chapter. Take at least two full-length, timed practice exams that feel like the real thing. It builds stamina and shows you where you're still weak.

Spend your final days drilling those weak spots. If you're shaky on cash flow statements, that's what you live and breathe. Then trust the work you put in.