Financial Accounting Workshops

Financial Accounting Workshops follows CFA Institute Prep Provider Guidelines.  The workshops are developed to complement the CFA Program curriculum and to facilitate the learning process.  The workshops are not to be used as a substitute for study of the core curriculum.  CFA Institute does not endorse, promote, or warrant the accuracy or quality of products or services offered by Financial Accounting Workshops.  CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Professional Accounting Education

General Tips

Set up a specific time for uninterrupted study and devote yourself to a six-day study week.  Take off one day each week to avoid burnout.

Key definitions, formulas, lists, and concepts should be written on note cards for quick review.  Take a stack of note cards with you wherever you go.  They are a very efficient review tool.

Always work practice questions under exam conditions.  Time management is critical to your success on the exam.  Develop this skill early. 

When working practice questions, circle the questions you guessed at, even if you guessed correctly.  We all suffer from the "I knew that" philosophy which comes from just reading the answers.  Don't cheat yourself.  If you guessed at a question, circle it.  Tomorrow, go back and rework all circled questions.  Continue this process until you can answer all questions correctly. 

Take several practice exams under exam conditions.  A practice exam should include two uninterrupted 3-hour exams with a 120 minute lunch break. 

Make a practice run to the exam site before the day of the exam.

Do not study the night before the exam.  No exceptions!

On exam day, get to the site early. 

After the morning exam, eat lunch alone and relax.  Don't work yourself into a frenzy by commiserating with other candidates.

Don't be distracted when other candidates leave early.  Stay to the end; give yourself every opportunity to score points.


Multiple Choice

Start with the section of the exam with which you are most comfortable and build your confidence.

Jot down your estimated completion time at the beginning of each section.  DO NOT exceed your estimated  completion time unless time remains at the end of the exam. 

Read each answer completely.  Eliminate the answers that are obviously incorrect. 

Make an educated guess on each question.  If an answer is completely foreign to you, there is probably a good reason.  Eliminate it.

Properly label all computations.  A well labeled answer takes practice.  Develop this skill early.

Mark the correct answer in the question booklet and bubble in your answer sheet immediately.  Do not wait until the end of the exam.


Problems and Essays

Jot down your estimated completion time at the beginning of each question.  DO NOT exceed your estimated completion time unless time remains at the end of the exam.

Quickly skim each question and rank from easiest to hardest.  Build your confidence by working the easiest questions first.  CAUTION: Some answers may build on previous questions, so be careful.

Use a key word outline to develop your answer.  Your key word outline might include buzz words, concepts, formulas, definitions, lists, etc.

Avoid spelling errors, sloppy writing, and poor grammar.  Use bullet points when possible. 

You cannot leave any answer blank and expect to receive partial credit.  You must write something.

Properly label all computations.  A well labeled answer takes practice.  Develop this skill early.