My EA Exam

[geekgirldany]

Thought I would start a thread on the progress of my EA Exam. Some might be interested

Today I took Part 1, Individuals for the second time and.... PASSED! Yeah!

I really studied hard for the exam after I failed the first time. Gleim is really excellent study materials. When I first tried taking it in June I had spent the whole month of May studying. I thought I was doing very well but found that I had really missed up when I sat for the exam. I concentrated more on the things I thought I did not know than looking at my Performance Results with Gleim. If I had went by that I would have seen the first time I did not do well with credits, IRA, some itemized deductions. I did do well on Estate Taxes and Gift Taxes. Something I knew nothing about until I started studying for the test.

It was quite a challenge to try and remember limits, phaseouts, percentages, and what is deductible. With the limits and phaseouts this time around I tried to remember people ages or something familar that would relate to the limitation. Like my friend is 45 so the Education Credit phases out at single $45,000. Things like that. It was extremely helpful this time around.

Another thing I did that I did not do before... .I took more time to study. Instead of taking a month I took 1 1/2 month to study. I studied as Gleim recommended (which I did the first time but something went wrong ) Seven days before the test I went back through each section I did not do well on the first time. I read the book and did the practice cd test. I also basically went back through the study book one more time highlighting sentences or phrases that directly related to questions.

I also did a sheet showing limits and phasesouts for credits and IRAs. I study this before the test... in the parking lot. The first thing I did when I sat down for the test was write all this information down. I had it memorized pretty good.

The test itself was different from last time. It seemed to cover more of the study material than before. The previous test it was like it focused in on one credit like child tax credit, estimated taxes, or alternative minimum tax. There was about 5 questions each on these areas on the first test. But this one the questions seemed more evened out.

I sat for the test starting at 12:30 and stopped at 2:30. So about 2 hours. I did not need the whole 4. Took the test on 4 hours of sleep So I hope this post makes sense.

Now it is time for part 2. Going to take a break for a couple of weeks and I will take it around December.

[DTS]

geekgirldany

Congratulations to you! Now, follow the same study procedure that worked for you and get the 2nd star

I like to highlight or write something down. I will remember things better that way. But the best way for me is to speak it to myself, like someone telling me. That helps me the most. Sounds stupid, but it works.

Also, when I go back through a book that I highlight, everything is in yellow. To me, everything is important, so everything is yellow! You'd think this kind of defeats the purpose, but I really can find the important sections. Don't know why, but I do.

Anyway, congratulations once again!

Dennis

[geekgirldany]

Thanks so much!

The highlighter helped me this time. I have never been keen on using it before but it is hard to find the important sections without it.

[Gary]

Congratulations

Let me also congratulate you. Now that you've got the feel, you will do well on the rest of the tests.

Gary

[Black Bart]

Good

for you, Dany.

[S T]

Congrats as well

Dany,
Congratulations as well, we all know that you have the knowledge, you just have to figure out how to pass the tests!

Keep using those highlighters!

Sandy

[Rocky]

!!!!!Congratulations!!!!

Good for you!
I believe I remember you saying that you had purchased the whole Gleim system. Which parts of that did you feel were the most useful? What part of it, if any, did you feel you could have done without?

I was thinking that the audio cd's might be good to listen to while driving, did you use these and were they helpful?

I'm contemplating using Gleim, but may be purchasing it in parts as I progress as I have no idea how long it will take me to do each part and I would hate for it to become outdated in the interim!
Any suggestions would be appreciated.

Once again, CONGRATULATIONS!!
Rocky
"Four wheels move the body; Two wheels move the soul."

[ChEAr$]

You see?

I KNEW you could do it.

[Lion]

Congrats

Congratulations, Dany! Keep up the good work. I love to highlight, and sometimes find that everything ends up yellow on new material. So, when I review a "yellow" topic, I re-highlight in orange or pink the parts that I now know I need to really highlight (as opposed to the things I really do know but highlighted in yellow my first time through).

[JAinNC]

Way to go

Keep going. I could have never passed without Gleim when I took all four parts in two days ..... in the days when IRS administered the exams.
That year, I started studying May 1 and spent at least 10 hours a week until Mid September. I also installed the Gleim CD to test myself - that was a great help.
Jeannie.

[geekgirldany]

Thank you all!

I really have alot of respect for those that took the tests in the two day period. That was quite a accomplishment. Since they have went with Thomson Prometric it has made it so much easier to get appointments to take the test. Plus you don't have to take them in one sitting.

Rocky it depends on how much time you can spend on studying each week. At the time I bought the whole package it was cheaper to do that. But now they have the test cd, audios, book, and gleim online in one package for each part of the exam. It is $225. You would save about $50 if you bought the whole system. I would say buy them one part at a time. If it was offered then I would have.

I think I could have done without the audios. They are a basic review of what is covered in the reading. The personal counselors are not really needed either. I called them several times while studying and they just basically backed up that I was studying correctly.

One thing Gleim did was backup their guarantee. Since I did not pass the first part on the first sitting they gave me unlimited access online to the study materials. So if needed they are available after May 2008.

[geekgirldany]

Since it was mentioned in another thread thought I would add on here.

I am going to take Part 2 of EA exam this Saturday. I have been studying since the end of September until the end of November. I then started the review in December. I seem to be doing well on many of the chapters except for Partnership Distributions. I just can not remember or do not remember correctly how to do a liquidation distribution of property to a partner when the adjusted basis is more or less than the Partners Basis. Also having problems with Business Credits. Just remembering the limits.

I have a good bit of confidence but a little doubt in the back of my mind. So I am crossing my fingers for Saturday I hope to have a good update next time I post.

[DTS]

Exam

Dany,

My fingers are crossed, as well. Let us know as soon as you pass!

Dennis

[fliszt]

Congratulations also!!!!!

When I took the test it also was monitered by the IRS and was a 2 day exam. FYI, I studied for three months, reading Pubs. my tax maual (at that time was Quicken), CCH materials, etc. There was sooooo much to learn. ST and Birdlegs were always there in my corner urging me on when I felt that it was too much to learn. But now that's history. You too will get thru it and feel good for what you accomplish!!!! It's a lot as you know and you should feel good about what you've done thus far. Just keep at it. You'll do great!!!
Larry

[wizbang30]

Is it harder than the CPA exam?

Or would it be good for me to take if I am a licensed CPA, maybe it would help me brush up my skills or does it give you additional clout by being an enrolled agent?