How time should be spent...

For those you of you who have teken the test or for those of you who are going through FSA, how much time are are taking trying to memorize facts presented in readings 31 (Financial Reporting Standards) and 43 (International Standards Convergence). I always have a hard time witht he sections that are purely memorization and was wondering if I should try to remember EVEYTHING in those chapters or if it would be better to go by the 80 - 20 rule. I am not trying to cut corners, I just want to make sure I am spending my time studying the right things. Thanks for all of your help. TheChad

Especially the IFRS convergence is a new topic for 2008. This was not there in 2007 curriculum. Part of the internationalization. So it might make sense, right now early in your studies to create personal cheat sheets, flash cards, etc. which you look at multiple times, so as to keep these fresh in your minds. Also, look to QBank, and the CFAI practice exams (especially this) at the end to see how much of an emphasis is placed on these topics, and revise your preparation accordingly just close to the exam. CP

It helped me that I didn’t try to memorize everything on the first try. I tried to understand all concepts and then did lots of practice questions. Each topic is important but not at expense of other sections - principle of diminishing utility. Use that principle wisely.

Thanks guys, you bring up good ideas. I will try to keep these things in mind as I move forward.

Try to get the basics of Accounting, particularly preparation of Income & Financial Statements. Understanding the basics before going through FSA will make it lot easier.