Discussion:EA exam part II

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Discussion Forum Index --> Business Growth Community --> EA exam part II


Brock And Associates (talk|edits) said:

21 August 2009
Yikes.....I am getting my butt kicked by this prep.


Previously, I went first through the test to get a baseline and then went through the notecards and typed up everything I felt I needed to know. I would end up with perhaps 15-18 pages of typed notes to review several times and I would then go through the test at least 4-5 times more until I scored close to 100%.


This time, I went through the cards first (I think I may be up to about 40-60 pages). I have zero experience with C's, S's, Estates, or Trusts. I haven't even touched the test yet...


I am starting to get somewhat worried about this exam. I have it scheduled for September 24th....I want to put this to bed badly!


Michael

CinSee (talk|edits) said:

August 21, 2009
First off....stop and take a breath. The worst thing you can do is panic.

Some items are fairly basic and common sense. The ones you have the most trouble with, spend some extra time reading up on them. I'm not extremely confident in my knowledge on estates or trusts but I can prepare one.

Take this one day, one topic, one issue at a time and DON'T PANIC!!!

Kevinh5 (talk|edits) said:

21 August 2009
what can I say? If the exam were easy then everybody could be an EA! Part 2 is by far the hardest part in my opinion. Purposely. But it is not impossible with adequate preparation. You can't become an expert by only reading Pub 17 and Pub 334.

Brock And Associates (talk|edits) said:

21 August 2009
No doubt, it would just be nice to have some experience to frame the information with.


I hope that once I get through with these note cards, which is just information overload dump...I will feel better. Once I start the test questions, it will be better.


By far, this is the hardest part. Has this part of the test ever been broken up in two parts?


Michael

Kevinh5 (talk|edits) said:

21 August 2009
when I took the exam, you had to take all parts within 2 days. You folks have it easy now!

Brock And Associates (talk|edits) said:

21 August 2009
Well, it could be worse then! :D


Michael

PeteEA (talk|edits) said:

21 August 2009
I think once you get into the questions you will be pleasantly surpised. I bet you score 50% on your first try based on the knowledge you got from the note catds. Then it's onwards and upwards from there.

Good luck!

Pete

NMexEA (talk|edits) said:

21 August 2009
Part 2 assumes a certain knowledge of basic business organization, finance, and accounting. If you feel that you don't have a sufficient grasp of how business organizations actually work, one of those "Retirement Investing for the Fiscally Challenged" books might be worth a read-through.

It took me a couple of hours to understand "sales against the box". Fortunately, I don't think that's on the exam. Is it Kevin? Or did I just get lucky?

LM 35EA (talk|edits) said:

21 August 2009
If I can remember, knowing the fundamentals of basis is very important. Like kind exchanges, dates for filing partnerhips, c-corps, s-corps,LLCs. A little on Estates and Trusts. Plus retirement plans from the employer point of view. You might have to get a study guide from Wiseguide or Gliem. The NATP store has a nice study guide.

Kevinh5 (talk|edits) said:

21 August 2009
It isn't supposed to be a test of the esoteric, although some oddball questions might be there. It is supposed to be a test of what an individual should know at the 'new' EA level. Therefore the stuff you can't know until you are already an EA shouldn't be on the test either. But, given that an EA (even a new EA) is held out to be a tax expert, the knowledge level is expected to be vast.

I would also say that taking a class or two in the preparation of 1041's or 1120-S' is not the best way to study for the exam. Conversely, studying and passing the exam doesn't teach you how to prepare those returns.

CrowJD (talk|edits) said:

21 August 2009
Michael, I got the Seargent McCoy book on preparing S, Part., and LLC's, I think it was. Of course, that is a bit repetitive, but that was pretty good.

But, I never really understood S's until I got the Quickfinder book on Bookkeeping, of all things. I highly recommend this book. "Accounting & Bookkeeping Quickfinder Handbook".

Of course, some would say that I still don't understand it, and they are likely right.

Kevinh5 (talk|edits) said:

21 August 2009
And the money kept rolling out in all directions

To the poor to the weak to the destitute of all complexions

Now cynics claim a little of the cash has gone astray

But that's not the point my friends

When the money keeps rolling out you don't keep books

You can tell you've done well by the happy grateful looks

Accountants only slow things down, figures get in the way

Never been a lady loved as much as Eva Peron

Kevinh5 (talk|edits) said:

21 August 2009
I forgot to tell you that there is a trick question in there where you have to recognize a Broadway tune about accounting. Extra credit if it is from The Producers. LOL.

NMexEA (talk|edits) said:

22 August 2009
There, PeteEA! You see?

"...EA (even a new EA) is held out to be a tax expert, the knowledge level is expected to be vast."-Kevinh5

"Vast". Okay? "VAST". "Expert." Read that again. "EXPERT".

Told you so! Now get out there and start representing taxpayers!

GoalieEd (talk|edits) said:

22 August 2009
I had no experience with those topics until I started preparing for the test. I will say the Gleim study system helped me out a lot, as it organized things in a systematic way.

Brock And Associates (talk|edits) said:

22 August 2009
Back and feel a little better. Went white water rafting on the Nanatahala in NC (okay, light white water) and feel better. I think I was just burnt out and facing vapor lock due to all of the information I was trying to memorize.


I certainly understand much about the business organizations, etc. but also humbled by how much I didn't know. Most I know topically but not enough to repeat it verbatim. I would know...say if an S Corp client showed up....to ask the right questions.


Onward and upward.


Michael

Kirthe (talk|edits) said:

23 August 2009
I don't know if you can still get the past three years Q&A's from the IRS as in the past, but that was a great guideline...not to memorize the 'answers' but to become familiar with the types of questions and subject matter frequently referenced.

Sjpaccounting (talk|edits) said:

23 August 2009
Michael-

I was feeling the same way...all the way up to the night before the exam. The test was NOT as hard as the study guides I was using. I used Gleim for all three parts. Just relax and you will do fine. Plus, you don't take the exam for almost another month! You will be fine!

Sasha

Brock And Associates (talk|edits) said:

21 September 2009
Thanks Sasha....


I am heading into my final few days of prep.....I have been through the test four times now. I started out at 63% then 75% then hit 91%. However, I seem to have hit a wall and went backwards to 88%.


In my defense, I had a fishing buddy (45 years old) and a good friend from work (51 years old) pass away unexpectedly within 2 days of each other. One funeral Friday and another Saturday. Oh yeah and Saturday was my 17th wedding anniversary.....


I can't tell if I am tired, have hit mental mush, or am simply distracted. However I can tell you that on some of the questions, it was if I had never studied them before. I don't think I could have told you the rule behind the question at gunpoint.


I can highly suggest that other people purchase the software for studying old questions. I find that when studying, the questions or at least the topic are often repeats so you get a false score. Completing one question and reading the answer SHOULD help you answer the next couple identical questions. It would be a great asset to mix the questions up as they will be on the test instead of grouping similar questions.


I have Tuesday and Wednesday off to study...I just need to find somewhere that no one can find me. It seems that the more people I tell "I am unavailable until Thursday of next week", the more people who come demanding my time. Perhaps the middle of the Appalachian trail might work! :D


Michael

Andrewz (talk|edits) said:

21 September 2009
Sounds to me like you'll pass with flying colors.

NMexEA (talk|edits) said:

21 September 2009
Someone once described the Prometric scoring system as "Either you pass or it's a bullet to the brain." There won't be any bullets for you, B&A.

One suggestion? When you are absolutely sure you are failing badly, finish the exam and vent your grief on the customer satisfaction survey. Get it all out so that when the screen pops up saying "Congratulations!" (which I would bet real money it will) you can restrain your shouts of joy and amazement. I couldn't; I got some pretty dirty looks from other examinees. Anyway, try to keep it to a silent dance of triumph. Less distracting to others that way.

Another suggestion? Fill out Form 23, write your check, and address and stamp the envelope the night before so that you can drop the application into the nearest mailbox upon dancing out of the Prometric office.

Brock And Associates (talk|edits) said:

21 September 2009
I hope you guys are right....I have put the time and effort in to pass. Much more than the other parts combined.


I think I am going to spend some time condensing my study notes to a couple pages this morning and then start back through the parts I had trouble with. Maybe now that I have no distractions to cloud the brain, I will do better and be able to recall the pertinent facts that I had down last week before all this happened.


I sure hope that you guys are right. I am excited to see the family again! :D


I feel you NMexEA, I just about jumped out of my seat and spiked an imaginary football the least two times. To know the past few months of studying paid off will be sweet relief. There's no telling what I might do this time around.


My wife reminded me last night about the last time I took the CPA exam. I held credit on Audit and Law and had missed an exam due to work conflicts. So I was down to my last go round on the exam and had my Father-in-law and two grandmothers pass away 2 weeks before the exam and within 5 days of each other. Totally messed my study push up.


Michael

Riki EA (talk|edits) said:

21 September 2009
Good luck, Michael. The great thing with the EA exam is that you get immediate results following the test. I also found Part 2 to be more difficult, since I had more experience with individual than business returns, but did pass on my first try (early 2008). I finally put my old Gleim study materials up on eBay this weekend for another poor soul to use. Seems like I never have any time any more-- I'm glad I got the EA stuff done back in 2007-08! Best wishes - Riki

CrowJD (talk|edits) said:

22 September 2009
I've wondered for years why they warn kids about the older drug dealers that hang around the playgroud because the kids in our youth group down at the church are always trying to sell ME something. So, it's the adults that need to be careful, and not the children.

Anyway, if your children or any of the neighbors' children take something called Ritalin...I can't say more. But IF some of that was to fall close to your blender, and IF you was to mix it in with a little orange juice* and ice cubes and blend it, I hear that that is a great study aid.

.*Vodka is optional, but highly recommended, I hear. **Remember, it's a child's dose prescribed on the bottle, so it will probably take more than one tablet. I'd start with 5 only because you can count it off with one hand and operate the blender with the other. If the orange juice starts boiling, back off a little on the pills.

NoVATaxes (talk|edits) said:

22 September 2009
Michael, good luck on your exam. Remember basis, basis, basis...

Brock And Associates (talk|edits) said:

22 September 2009
Got it, I am back.


I must have been sailing through some bad mojo because I just completed the exam materials and ran a 97%. As long as my test sticks to similar questions, I should be fine unless I have a brain fart on test day.


Michael

Jonathan101 (talk|edits) said:

23 November 2009
hello all. I have recently passed parts 1 and 3 (11/19/09) and hope to pass part 2 soon. The problem is that I have very little business tax background and fear that I will have to study forever just to squeak by (if im lucky). I have the prometric study guideline and the basic 1120/1065 pubs. Also, I have EA review software. I was hopeing someone out there would want to try to form a study group of some kind.......

EasternPA (talk|edits) said:

24 November 2009
I read through SouthWestern Federal Taxation Books (Individual and Business volumes)to get the broader background. The accompanying study guides had a succinct outline which also helped to keep things organized. I think for Part II it's about having a conceptual framework to stick the myriad of factlets.

Jonathan101 (talk|edits) said:

24 November 2009
Thanx EasternPA. I will look into that. I have a feeling I will rely heavily upon my study guide though......:(

Kevinh5 (talk|edits) said:

24 November 2009
Jonathan, to improve your chances at passing (and to better understand the actual material - which will help you in real life with clients), you really need to read all of those IRS publications listed on the Prometric site from which the test questions are derived, and not just the study guide by an educational organization.

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