AA and FR Exam Advice Needed
Hello everyone, I hope you’re all doing well!
I’m new to this subreddit and seeking some guidance. I’ve recently passed all my applied knowledge exams (BT, MA, and FA) and will be starting my first two applied skills modules—FR and AA—this March. However, I’m feeling quite anxious after seeing that the pass rate for AA is only 44%. I expected AA to be easier compared to FR, especially since the ACA pass rate is 75%!
I’m reaching out to see if anyone has tips for studying for AA. I’ve come across some older posts suggesting that memorization is vital, which happens to be one of my strengths. However, I’m unsure about what specifically I should focus on memorizing. If anyone has old notes or resources they could share, I would greatly appreciate it. Alternatively, any advice on key concepts to remember would be incredibly helpful!
I’m starting college for this module on Monday and have already reviewed all the content, but I can’t shake off the stress—especially with FR looming over me! While this post is mainly about AA, I’d be grateful for any FR tips as well.
Thank you in advance for any help or advice you can offer!
One response
Hi there! First off, congratulations on passing your applied knowledge exams—what an achievement! It’s totally normal to feel stressed, especially when you see pass rates that are lower than expected. Just remember that with the right strategy and mindset, you can definitely tackle both AA and FR.
For AA, here are some study tips that might help you:
Understand Key Concepts: While memorization is important, ensure you truly understand fundamental concepts like Audit risk, internal controls, and the Audit process itself. This will help you apply the knowledge rather than just recall it.
Practice Past Papers: Familiarize yourself with the exam format and types of questions. Working through past papers and sample questions will help you get comfortable with the exam style.
Focus on Exam Technique: Pay attention to how marks are allocated in the questions—this can guide you on how to structure your answers effectively. Highlighting keywords in questions will help you stay focused on what is being asked.
Use Mnemonics for Key Standards: There are a lot of auditing standards that you need to remember. Creating mnemonics or acronyms can help you memorize key points.
Join Study Groups: If possible, find peers who are also preparing for AA. Exchanging ideas, discussing concepts, and quizzing each other can reinforce your learning.
Summarize Notes: After each study session, try to summarize what you’ve learned in your own words. This can help reinforce your understanding and make it easier to revise later.
Time Management: Make a study plan leading up to your exam. Break down topics and allocate time to each one, allowing for revision closer to the exam date.
As for FR, similar strategies apply, but make sure to focus on understanding financial statements, ratios, and the interpretation of financial information since these are critical for answering the exam questions.
Lastly, remember to take breaks and manage your stress. A good balance will keep your mind fresh and ready to absorb all the material. Best of luck with your studies—you’ve got this!