It’s changed a lot over the years.

You can find that out by talking to any CPA in their 50’s.

They’ll go on an on about the olden days where Butch Cassidy and the sundance kid failed the exam, and you had to take all four sections in one day.

There used to be arcane rules like:

If you score below 50% on any one of the four exams, the other exams that you passed don’t count and you must retake them all.

Seriously.

If you scored:

• AUD 75
• FAR 75
• REG 75
• BEC 49

You failed and have to re-take them all….

If they re-institute that score, there may be an uprising worse than Hunger Games Catching Fire.

Luckily, the 2017 CPA exam changes are much tamer than that.

(excerpts from Roger CPA Review on 2017 CPA Exam Changes)

In fact, the only real section change that scares me is BEC.

It’s going from 85% multiple choice to 50%.

That used to be an easy section, now I’m not so sure.

In good news, in 2018, the current generic spreadsheets that candidates use to complete calculations will be replaced by Excel on the CPA Exam. The inclusion of Excel is due to profession’s input and the benefit to exam candidates because of the prevalence of excel use among newly licensed CPAs. This will also increase Exam Costs.

Actual excel!

There are other conceptual changes to the exam which if you are interested in learning about, I recommended you check out all the 2017 CPA exam changes.

The real question is, how do you prepare for this?

The best way is to stay informed and make sure you know which test you are taking and the exam dates when it changes.

TIMELINE THE NEXT CPA EXAM

• January 2014 – September 1, 2015 – Members of the following groups were interviewed, surveyed, invited to focus groups, and to comment. Information from this group was combined with the practice analysis.

  • Newly licensed CPAs
  • Direct and indirect supervisors of newly licensed CPAs
  • CPAs in business and industry
  • Academics
  • Standard setters
  • Regulators
  • Training directors
  • Boards of accountancy executive directors and members

• September 1, 2015 – Exposure Draft

  • The AICPA plans to distribute an exposure draft: a final proposal for the next version of the Exam for review by state boards of accountancy, standards setters, regulators, public accounting firms, academics, and state CPA societies.
  • The exposure draft is the final proposal for the next version of the CPA examination.
  • The exposure draft will be made available to the entire profession, with special distribution to the boards of accountancy, standard setters, regulators, public accounting firms, academics, and state CPA societies.
  • The exposure draft contains blueprints, structure, design, and administration of the next CPA Exam.
  • Comments from this final round of external review will be used to finish the design of the next version of the CPA examination before its announcement in 2016.

• September 1 – November 30, 2015 – Exposure Draft – Comments Period.

• Q2 2016 – Public Announcement – Next version of the CPA Exam will be announced.

• Q2 2017 – New version of the CPA Exam launched.

• 2018 – AICPA Proprietary Test Drive Launched (A new testing interface utilizing Excel, audio, and video to be launched in 2018).

Roger CPA Review has done a terrific job of detailing out the changes to the 2017 exam and will be updating their CPA review course in advance to make sure you are fully prepared for the next section.

Stay up to date by signing up at the bottom of this page for CPA exam changes.

The post The Upcoming 2017 CPA Exam Changes: What You Need To Know appeared first on The Bean Counter.

Let’s face the facts together. The CPA Exam is a very difficult exam process to go through. The 2014 CPA Exam Pass rate statistics and learned that on average, the pass rate is just under 50% according to the AICPA. That means that when you go into Prometrics and sit down, as your computer begins to load and the first testlet appears, guess what, there is a 50% chance you’re going to fail this exam. There goes $250 bucks and a Facebook status.

Now on to the good news. Though 50% of people are failing the exam, that means that there are 50% of people who are actually passing it (Glass half full thought process). For me, I was able to pass all 4 parts within 7 months (including a big FAIL on my last exam section of AUD). Before, during, and after the exam process, I was able to gather key tips and tricks that nobody seems to be sharing. Therefore, I have compiled a list of 10 little-known facts about passing the CPA Exam to share with you today. Hopefully, these tips and tricks will be the extra boost you need to get you passing the CPA exam and onto becoming a true CPA.

1. Take Your Easiest Exam First

This is probably the opposite of the advice you have been given by your peers/co-workers. Most people think that you should take the hardest exam first, the one with the longest sections or the test that will be the trickiest. I disagree. Unfortunately, there is a significant amount of buildup that goes on in your head before you take the exam. From peer pressure, to questioning your own intelligence as you forget what “Gross Profit” means, you need to start off this exam process with some confidence. Therefore, by taking your easiest exam first, you will walk in with a little boost of self-confidence as you know you have studied all of the material for this section and are ready to knock it out. For me, BEC was my easiest exam section as I just came off of taking a finance and IT class and enjoyed learning about managerial accounting. Since I felt like I knew the material, the added pressures of “Oh Man, I’m about to take the CPA Exam”, did not completely overwhelm me and I was able to come out with an 85 on my first try.

2. Write Out an Exam Timing Schedule And Follow It

This is probably one of the most helpful pieces of advice I was given during my exam process. Write out a schedule of how long each testlet should be taking you, from the moment you started the exam to the end. Figure out exactly how far along you should be and make sure you keep on track. This is very helpful as you have to remember to leave time for your simulations at the end of your testlet.

Here is an example of scheduling your time during the exam:

AUD (4 Hours – 3 Testlets and 7 Simulations)

By listing out your time, you are able to get an idea of where you are at during each point of the exam. Lets say you are on hour 1:45 and you haven’t even finished Testet #2, you know that you need to start hurrying up if you want to give yourself time for those simulations. Practice writing out your schedule and perform a Mock final exam on your CPA review course and see if the schedule helps you finish your exam on time.

3. Getting A Review Course Is 100% Required

As you probably have heard, taking on the CPA Exam alone, without any study material, is pretty much like putting on a blindfold, being turned around a couple of times, and then handed a dart to attempt to throw onto the board. Chances are, you’re going to miss the mark, big time. Therefore, you want to make sure you do ample research on which CPA Review material you would like to take on. I recommend to every Bean Counter fan I work with to use Roger CPA Review. Roger has incredible charisma that will keep you engage until the very last section! Before I started the exam, I thought I could just use the CPA books I needed in class to help me pass the exam. Boy was wrong.

I was unable to retain the information needed to pass the exam from just reading a book and doing the same multiple choice questions. I needed additional audio and visual learning simulations to help me pass this thing. Even though I failed once, I was able to walk out of 7 months of studying with “Pass” on all 4 parts.

4. Don’t Tell Anyone You’re Taking The CPA Exam, Not Even Your Mom

I met a girl going through the CPA Exam process who decided it was a good idea to have a CPA exam study group where everyone got together and attempted to study. The idea sounded great until she spent most of her time gossiping with her friends and less time actually learning the material needed to pass. As they were all in a study group together, everyone knew when each other was taking their exams. Then, come exam score time, the entire group found out that she was the only one that did not pass her exam. She was crushed.

Unfortunately, when you begin to tell others you are taking the CPA exam, your friends and family will want to become “involved”. Find out when your taking the exam, what part, how many sections you have passed, etc. Therefore, if you are up to explaining why you canceled your CPA Exam section or why a 74 is not considered a passing grade, go ahead and let everyone know. But, if you would prefer not to add the additional pressure of everyone wanting to know if you passed or failed the exam, you do not need to divulge this information. Keep it to yourself. That way, if you decide your not ready to taking AUD next week, its ok, you can change your mind. If you failed FAR twice, nobody needs to know this and you can continue on trying to pass the exam. You can also wait to let everyone know you took the CPA Exam until you have passed all four parts and celebrate like this Facebook status:

5. Multiple Choice Questions Will Destroy You

If you decide to take on a CPA Review study course, mostly likely you will be sifting through tons of multiple choice questions, finding yourself just guessing on 60-70% of those questions. This tactic will NOT help you come exam time. Instead, focus on trying to learn the actual material and topics being taught. Each exam has simulations provided at the end of the test. These simulation questions are basically a summary of all of the topics you have learned throughout your CPA Exam section studying. Therefore, in your review course, make sure to tackle ALL the sample simulation questions as well as perform the mock final exams as provided. These two tasks will stimulate your brain to really think about what is being taught, instead of memorizing what the multiple choice questions are. By taking on the sample simulations, you are figuring out a new way to process this material and in turn, when a difficult multiple choice question arrives, you can utilize the skills you learned in the simulation to help you answer the multiple choice question correctly on your actual exam.

6. Figure Out If You Are a Morning, Day or Night Person

This advice will be extremely helpful to you when you are planning the times to take your CPA Exam. For me, I have always been a morning person. Therefore, I would plan to take the test at 8:00am, right after a fresh cup of coffee and ready to attack the exam. Some of my colleagues would take the exam around 5:30pm, right after a long day of work or school classes and would be exhausted by the time they took their exam. However, others wanted to take the exam in the daytime, after they got over their morning hangover, and fit in a few more chapters of material before taking the exam. Whatever time is best for you, that is when you need to schedule your exam. Period.

7. Schedule Your Test…Last Minute

Again, this is probably something that you have not yet heard and unfortunately, I didn’t figure out this trick until midway through. Most people think the best thing to do is schedule your test as far out as possible. This way it forces you to study because you know you have an exam coming up, whether you like it or not. I recommend the opposite. Things in life come up, out of nowhere and most people just go into the exam, have not finished the material, and come out with a 74 or less on the exam. Instead of going down this path, have an overall goal of when you plan to take the exam in your head first and then schedule the exam when you are actually ready to take it.

For example, let’s say I have the goal to take AUD by May 20th. However, on May 11, I realize that I’m freaking out because I have only completed chapter 3 of the 6 chapters and I am not ready to take this exam. Then decide ok, I will push back my exam date and actually schedule it for May 28th. That way I have an extra week and by that time, I know I will be ready. This advice goes back to my first tip where you want to try and avoid adding additional pressures to yourself before you take your exam. Again, this exam process is difficult. Take your time through it and realize that you are in more of control of your exam then you may think.

Note: This tip will only work if you live in an area that has multiple Prometric testing centers. If you only have one testing center near you, then its more likely that your time slots will get filled up. However, if they do get filled, most of the time people wind up canceling their exam 5 days out and slots will open back up. Just keep checking the availability in your area to make sure you get your desired time and date.

8. Reward Yourself For The Little Triumphs

Lets face it. The more time you spend studying for the CPA Exam, the less time you have for everything and everyone else in your life. Therefore, squeeze in some time to actually breath and have a little fun. Use this time as a reward for when you complete milestones in your study material or even pass a part of the CPA Exam. If you are planning on knocking out 3 sections of the study material for BEC this week and by Saturday you are finished with the material, take Sunday off. Don’t look or even think about your study material and go out and enjoy your day. This will help you stay motivated to take on the next chapter or the next exam. You can even plan bigger rewards for when you pass a section of the exam, like take a short weekend trip to the beach, etc. It’s completely up to you but make sure you’re not just completely miserable and look like this when you come out of the whole exam process:

9. You Can Fail An Entire Testlet And Still PASS!

I know, sounds crazy right? But remember, the AICPA includes questions on your CPA Exam that act as “throw out” questions just to see how people are doing on them. Therefore, throughout your exam, you will be provide with multiple choice and simulations that will not count against your score if you get them right or wrong. There are also questions on the exam that are so difficult, that no one is really expected to actually get them right. Therefore, when you add up the amount of “throw out” questions, plus the questions that you aren’t ever going to pass anyways, you come to approximately 30 questions. Therefore, if things are not going your way in that exam, stop, breath and remember that you can fail the next 15-30 questions and you still have a shot at passing this thing.

10. And Finally, Remember The Clock Is Ticking

Once you passed your first CPA Exam, remember that your clock has started to count down. You have 18 more months from the time you pass your first exam to finish the remaining 3 parts. I know 18 months sounds like a long time but guess what, it will come sooner than you think. You have to remember that you have off months throughout the year where nobody is taking the exam. For example, if you pass your first exam in Jan 1, 2015, you have from Jan 2, 2015 – June 30, 2016 to pass the remaining three parts with 6 of those months that are “Black Out” months.

I am sure by now you have heard plenty of horror stories surrounding this topic of losing a CPA exam section because of timing. Most people think that 18 months is a long time, they start working full time and by the end of those 18 months, they have only passed two parts and are trying to balance work with passing the remaining sections before their deadline is up. And, you DO NOT want to lose a section. That is probably the worst feeling knowing that you passed it already and yet you have to take it again. So for the last little-known fact, keep an eye on your timing and make sure you knock out those CPA exam sections faster than the 18 months can go by!

Got any questions for me? Feel free to reach out to andrew@thebeancounter.com. I would love to hear from you!

P.S. Looking for more on the CPA exam? Check out my recent webinar, “How to Pass the CPA Exam in 6 Months or Less!”

The post 10 Facts About Passing The CPA Exam appeared first on The Bean Counter.

Hi Andrew,

I recently ran across your article “10 Facts About Passing the CPA Exam” and found it very interesting.

Here is my situation:

I have been contemplating taking the CPA exam but I have reservations.  I completed school a while ago, have a family to take care of, have a full time and part time job.  I have doubts about going this route due to cost, time involved and hearing the horror stories however I have over 20 years of accounting experience and feel I need to do something to move my career forward and make more money.

My dilemma is I don’t know where to start this process.  I feel though I have hands on experience I have been out of school for so long that I will have to take refresher courses before I can even get to where I need to be to start the gruesome studying needed to pass these exams.  I went looking for the book CPA exam for dummies yesterday in my local bookstores, but no luck as of yet.  Any feedback you can provide would be grateful as it would help me to make this final decision.

Thanks and looking forward to your response.

The important thing you remember is that the CPA Exam is the beast.

If you try to complete the exam, it’s no small task.

So how do you do it?

You take it seriously. If you aren’t able or willing to take it seriously, don’t do it.

What does taking it seriously entail?

Two things:

Investing in the tools to succeed. Searching the books store for a CPA exam for dummies is ironic. If you plan on passing the CPA exam without a full CPA review course, you might as well not even try. Even if you just graduated 2 months ago, I would recommend you buy Roger CPA Review. After not being in school for many years, it’s almost impossible to pass the CPA exam without a full CPA Review course.

Organizing your life to appropriately prepare. Once you have the right tools, now you need to use them. There are really two schools of thought about the amount of time it takes to pass:

1. Study a little for long periods of time
2. Study a ton for short periods of time

I am 100% behind option #2.

Fact: You going to fail at least 1 section if not multiple.

The good news about failing is that once you accept it, you can plan on it. Try to pass as quickly as possible, once you fail, it’s not a problem. You planned on this and built extra time into your “pass plan” to re-take one or more exams.

If you told you I was going to build an IT system for a company and we had zero time built into the budget for disasters or setbacks, I would certainly be setting myself up for failure. The CPA exam is no different.

Plan to fail, it won’t stress you out as much.

But the point of this article is that this is serious.

Take it seriously or don’t get started.

It will waste your time and destroy your life unless you take this bull by the horns!

The post Can I Pass with CPA Exam for Dummies? appeared first on The Bean Counter.

Hello Andrew,

I was googling information about tips and advice on passing the CPA exam.  I have not applied to take any section yet, but next month I will submit my application for Audit and BEC.  I think that this will be the best route for me because I feel that Audit is not so difficult.  I originally believed that I would take FAR and get it out of the way.  After beginning my study on FAR, I realized that it would take the most time to properly prepare to pass this section.  My strategy is to review one to two FAR chapters a month while I am studying for the other two sections.

I currently work at as an Internal Auditor for a private company.  I finished my Masters a few months ago.  Upon finishing, I had not really considered taking the four parts to the CPA exam. I was just really excited to finish my degree with distinction.

Needless to say, I really did not apply myself during these four sections.  Now I realize that I have obtained this degree and the benefits and differences that I could receive upon completion of the CPA requirements.

I always have figured myself to be a pretty smart person but lately I have begun doubting myself.

Can you do it?

What if you fail?

In addition, I have a co-worker that took 8 years to pass all parts of the exam.  I don’t know if that kind of burst my bubble because these “negative-nancy” thoughts have been in my mind every since he informed me of his struggle with the exam.

I read your 10 tips and I truly appreciate the advice.  Is there any other advice, signs of encouragement or some positive morsel of information that you can bestow upon me?

The truth is, I firmly believe this to be the #1 problem people have when passing the CPA Exam.

Self-Confidence.

If you have a top notch CPA Review Course like Roger CPA Review, the material isn’t THAT challenging.

It’s doable.

Yes, you have to study. A lot. And then some more.

But there is plenty of information in the lectures, multiple choice, and practice exams to prepare you for the CPA exam.

There are 2 things you need to ensure you will pass the CPA exam:

1. Have a clear and reasonable plan (see my two top posts on this – one and two)
2. Have a clear and confident mind

It’s a shame I haven’t spent more time on #2 but let’s do it now.

The first thing you have to realize is that the CPA exam doesn’t not define you.

Seriously.

There are incredible successful people who failed the CPA exam numerous times and now lead publicly traded companies.

I know because I’ve interviewed them!

Whether you not you become a CPA or how long it takes you to pass the CPA exam cannot be tied to your self-worth.

Self worth – “the sense of one’s own value as a person.”

When you start to define your self one these life goals, the pressure become immense!

If you go into the CPA exam and feel that if you fail…..

You aren’t smart.

You won’t be successful.

You won’t make more money one day.

You won’t get promoted.

Wow – talk about pressure.

You are so focused on not becoming a complete loser in your own mind that your not focusing on what it actually takes to pass the exam: hours of study and taking the exam as quickly as possible.

My biggest piece of advice is to tell yourself: the CPA exam doesn’t matter.

I will have a happy family without the CPA.

I will be professionally successful without the CPA.

People will believe in my without the CPA.

I believe in myself without the CPA.

The best part about all of those statements is that they are probably true.

Once you relieve yourself of the pressure to “have to pass“….

I think you will be surprised at how relaxing the experience can be.

Set up a plan, study your ass off, and take this as a time to learn more about something you chose to dedicate your life to – accounting!

You have some exciting months ahead.

I won’t lie.

I actually enjoyed studying for the CPA exam.

I felt I learned more studying for the CPA exam than I did in my entire undergraduate degree.

While titles can be important, knowledge trumps titles every day of the week.

Look at this as an incredible opportunity to enhance your professional skills and take the next step in your career.

But don’t play with something as precious as your self worth. You are worth much more than the CPA exam!

The post Overcoming Self-Doubt To Pass the CPA Exam appeared first on The Bean Counter.

When I took the exam, I was determined to pass in 6 months, it took me 7, and I failed one section, audit.

Funny enough, that was the type of work I went on to do, auditing. When I took the exam, I was working a full time 40-hour a week job, taking 12+ hours of masters level courses, homwork, and I had a girlfriend.

I was determined to pass in 6 months. Here is what I did.

Online vs. Live Classes

I spent one Saturday at in-person classes and it was terrible. It started at 8am and went to 5pm with a 30-minute lunch break.

I went back and looked at the online lectures for the sections we covered and I realized that if I would have taken the online lectures, I could have been done by 2:30pm. The in-person instructor got off track and was constantly on tangents. And all the other students asked question on topics I knew in and out.

I vote online, always. And I took every lecture for every exam and read every textbook, all from home, Starbucks, and Panera.

Multiple choice practice questions

I took every single multiple-choice question I could, and many twice. You need to make sure you know why you got answers wrong, but there is also a benefit in memorizing questions and answers.

Many of the questions on the actual exam are similar if not exactly the same.

Practice Exams

I never, not once, had a passing score on a practice exam. Passing score for the CPA exam is 75% and no joke, I never got that on any practice exam.

Yet I passed 3 out of 4 exams on the first try and here were my scores:

REG 85 | BEC 84 | FAR 81 | AUD 71, 91

Setting Study Hours

Even though I had a full-time job and class, I was determined to study.

Nights without class – study from 6-10pm

Nights with class – study from 9-11pm

Weekends – study from 9am-8pm

I would also occasionally sneak in some multiple choice on lunch breaks at work and at slow points during class.

This was perhaps the most important piece of the puzzle, I was hard-core disciplined about this regimen. I stuck with it and almost never compromised.

Setting The Exam Date

I always took the exam at 8am and I took most of my exams on a Monday.

I should I also not that while I lived in Florida, I registered the exam in Alaska. I still took my tests at Prometric centers in Florida, but I did this for a specific reason. Alaska allowed me to take the exam 6 months sooner than Florida. In Florida I needed to have business law II completed to sit for the exam, which would’ve taken me another semester.

As a result of registering in Alaska I completed the exam 6 months earlier than I otherwise could have.

How did I react to failing?

The night I found out I failed audit I was surprised. It was the last of the four scores I received and I thought I passed with flying colors. In fact, I had already went out celebrating. The audit exam only took me about 100 minutes. But I rushed it. I got a 71.

This is perhaps the biggest mistake people who fail make. If you’re close to a passing score, don’t spend weeks studying. DO NOT spend more than 3-5 days, and then re-take it.

I did and got a 91.

The story is that I probably bombed a simulation or got a string of multiple choice questions wrong. I just needed a new batch of questions and new simulations. I knew the material, I just needed another shot at the test.

My mentality

While my study regimen was perhaps the most important part of passing the exam, this is close second. I have never been a huge believer of any real value in exams. I see them for what they are, an attempt to measure ones ability to memorize concepts and answer questions. That’s it.

And I don’t want to wear a badge that says, “I’m a memorizing monkey”. It’s not something that cool to be good at memorization. But if you want to be a CPA, it’s necessary.

Memorize and pass you will pass. In the real world, most of the knowledge you learned while studying won’t be useful.

I see so many people judge themselves based on whether or not they pass, and they build up all this pressure. Don’t worry about it.

This test does not define you. And you’re certainly not defined by how many times you take it. Here’s a quote I heard back in the day and this pretty much sums up how I feel about the exam:

It’s just like a fraternity, in order to get in, they run you through a series of confusing steps and test you to the breaking point. Those that make it through are now in the club.

It’s just a silly hazing exercise. Not a life defining moment. Don’t let other people passing and posting on Facebook bother you. Don’t let you parents who keep asking you if you pass bother you. Don’t let your friends bother you about it.

All of those fears and doubt cloudy up your mind and prohibit you from achieving the objective. So here is my final advice, which I heard from the founding CFO of Apple Retail at the Institute of Management Accountant’s Student Leadership Conference in 2010:

KYFHD – Michael Kramer

(Keep your f*$#ing head down)

See the full video version of this post in recent Webinar: “Pass the CPA Exam in 7 Months And Fail At Least Once”

Did you use any of the methods I mentioned above? Do you have any questions on how you should take the exam?

Would love to hear about them in the comments down below!

The post How to Pass the CPA Exam in 7 months (and fail at least once) appeared first on The Bean Counter.

When he first threw the Assets = Liabilities + Equity, it all clicked, this was the business scorecard.

Throughout the years I learned about accounting through my intermediate courses, business law, audit, and tax. Then eventually I found out about the CPA license. Apparently, this thing was important. One professor told me that:

Becoming an accountant without a CPA is like becoming a lawyer and never passing the Bar exam.

I now see things differently as you can practice as an accountant without a CPA, I don’t believe you can with the Bar. Very few accountants actually use their CPA, most just have it as a mark of prestige and achievement, in reality, you may actually never use it.

Another professional one referred to the CPA as a hazing experience:

It’s just like a fraternity, in order to get in, they run you through a series of confusing steps and test you to the breaking point. Those that make it through, are now in the club.

However you choose to think about it, one thing is true. If you’re in accounting, this is the most respected symbol in the profession.

I didn’t start taking the exam until after I worked at PwC and they covered the cost of my review course, taking the exam, and a $5K bonus if I passed in the first year.

Note: Make sure you know what options you’re employers offers for the CPA exam before you accept an offer, the difference in paying for it yourself, and getting the costs covered with a bonus can be almost $20k.

Back to my story. I started studying sometime in late 2010 and passed all 4 sections and the ethics exam in 7 months. Here were my scores:

REG 85 | BEC 84 | FAR 81 | AUD 71, 91

Yes, I failed audit, which is ironic as that was the field I chose (and was actually pretty good at!). You might ask yourself, how did I get a 20 point bump. Easy, I didn’t do any additional studying and just took the exam right away. When you fail the test it doesn’t mean you weren’t ready, you may have just got a tough mix of questions or had a tough simulation. Rather than study for another two months, take your chances, take it again ASAP.

And believe it or not, while I went on to become a CPA in the State of Florida, I took the exam through Alaska. No I didn’t have to fly their for each exam. You’re allowed to register in a different state, and then transfer your scores to the state where you want to be licensed.

Why would you do that?

For me, If I wanted to sit for the exam in florida, I would have had to wait an additional 4 months to complete another round of University classes. In Florida, you have to have completed business law II in order to sit for your first exam, but in Alaska, you didn’t! Boom! I got a 4 month earlier start and only had to pay a $25 transfer fee to move my scored from Alaska to Florida.

So for you, where should you get started? Luckily people far smarter than I have mapped our every single step you need to pass and it doesn’t need to be the headache for you that is was for me. If I were in your shoes, I would check out the CPA exam checklist to the right and get started on your journey to pass the CPA exam today!

The post My CPA Exam Story appeared first on The Bean Counter.

But wait…

You still need a year of experience before you can call yourself a CPA? WHAT!

That’s right. Becoming a CPA usually involves:

1. Obtaining educational requirements
2. Passing the CPA Exam
3. Passing an ethics exam (depending on the state)
4. Gaining 1 year of work experience (length varies by state)

To determine the CPA requirements in your state, I recommend you spend some significant time making sure you know the in’s and outs.

But if you have passed the exam, but aren’t “officially” a CPA, companies don’t care. To them, you have passed! It’s over! Let’s hire you!

In the eyes of an employer, passing the exam is the most difficult part in the process. When they hire you, all you will need is to do your normal job. You won’t have to go home every night and weekend studying, coming in stressed out and it’s only Monday. Having already passed the exam can be a HUGE advantage as you will see for the woman I mention in the below video.

Therefore, it is important to display the fact that you have passed on your resume.

Listen to my full thoughts on how to display you’ve passed the CPA exam even though you aren’t a fully licensed CPA in this new video as part of #AskTBC.

#AskTBC is a new video blog series where YOU ask questions, and I’ll answer them! Ask me a question on twitter or email me at andrew@thebeancounter.com.

I mentioned in the above video how important it is to look at your resume as a whole. If you haven’t watched me critique an accounting resume, I suggest you grab some popcorn and make sure you aren’t making any of these obvious mistakes!

The post Can My Resume Show I Passed the CPA Exam, Before I am Licensed? [VIDEO] appeared first on The Bean Counter.

Hi, Andrew:

My 40 year old daughter took the REG test this morning. She has been passing and failing the CPA exam so many times.  If she passed this time she will have a year to complete the next two.  I don’t know what to say to her anymore if he failed.  Any suggestions would be appreciated.

Thank you,

Sherry

The CPA exam is the capstone of ritual hazing activities in the accounting profession. All the partners and CFO’s I talked to today readily admit they couldn’t pass it today if they tried. Succeeding in the CPA exam has very little to do with career growth and success. Last year I spoke with the Chief Accounting Officer of a publicly traded company who had been failing the CPA exam 5 times before he passed! Now he is a huge success in the profession!

Many of you have failed even more times than that.

What do you do to change the game?

What is it that is really holding you back?

Are you having trouble learning the materials?

Or is it the stress and pressure of passing the exam?

From what I have seen, it’s almost always the stress and pressure. All the CPA exam review courses out there cover the basic materials. They have questions given directly from the AICPA. They basically give you the answers before you pass.

You need to be brutally realistic when you answer this question:

“Where am I right now?”

In Good to Great, Jim Collins tells a story about  US military officer who was held captive for eight years during the Vietnam War and tortured regularly. Collins asked Stockdale which soldiers didn’t make it out. Stockdale answered:

“Oh, that’s easy. The optimists. They were the ones who said, “We’re going to be out by Christmas.” And Christmas would come, and Christmas would go. They’d say, “We’re going to be out by Easter.” And Easter would come, and Easter would go. And then Thanksgiving, and then it would be Christmas again. And they died of a broken heart.”

As Collins noted, this is a very important lesson. You must never confuse faith that you will prevail in the end—which you can never afford to lose—with the discipline to confront the most brutal facts of your current reality, whatever they might be.

I’m just a blogger on the internet. Some random guy. I can only help you as much as you are willing to honestly and with integrity, confront yourself and your shortcomings.

After you have assessed what the problem actual is, then you need to actually act!

CPA Review Courses

This is so basic I debated even putting in here. Do you have a CPA review provider like Roger CPA Review? Did you pay thousands of dollars for it? Okay, move onto step 3. If you think you can make it on your bachelors/masters classes and free resources, you are dead wrong.

Failing the CPA exam because of peer pressure?

One of the most challenging parts of taking the exam is living up to the expectations from friends, co-workers, and family. It is amazing how many people are so curious and inquisitive about you when you’re failing, and then disappear when you passed without even a congratulations. I remember this the most with my girlfriend at the time and now wife. Her uncle was reminding her, well you know, “Sara at the company has already passed two sections. She’s moving right along.”

Meanwhile my wife failed three sections in a row.

However, in the next 4 months she passed all four sections of the exam beating Sara and most of her friends that passed the first and second section before she did.

What changed?

She stopped:

• Studying with friends
• Giving family and friends updates on exam day
• Telling people what day she even took the exam

She went into hiding. That relieved most of what was holding her back: pressure from family and peers and the fear of letting them down.

Are you really committed?

I talk regularly about how I was working full-time and enrolled in 12 hours of Masters classes when I passed the CPA exam. But don’t mistake me, I put my time in.

Monday – Friday 

I studied every night at least 4 hours even on nights where I had class. I usually sat in the back and worked on multiple choice questions.

Saturday & Sunday

I studied from 10am to 9-11pm both days.

That’s putting in about 40 hours of studying a week. I only needed a few weeks before I was ready for each section. Are you studying that much? Not trolling Facebook or reading the Huffington Post but seriously studying? Did you watch all of the video lectures, read the entire book, and do EVERY SINGLE multiple choice question?

If you didn’t, come back to me when you do. It’s time to GET TO WORK!

The post I’m 40 Years Old and Still Failing the CPA Exam, What can I do? appeared first on The Bean Counter.

Seriously.

I mean, I had never:

• Worked in an office before,
• Dressed up in business casual every day,
• Met with clients,
• Been surrounded by so many smart people competing with me,
• Been expected to travel alone (with the company card)

It was one of the more stressful weeks of my life. Especially for someone like me who wants to succeed, wants to achieve, and wants to stand out.

It is so challenging making the transition because you don’t have a clue what you are doing. You want to stand out but, what is the appropriate behavior? What do people want and expect? Am I supposed to know how to audit cash and accounts payable? Because I have NO CLUE!

Many of you are graduating in a few weeks or starting your first internship over the summer. That’s why this week, I’m putting on this webinar.

While it was incredibly stressful for me, somehow I was able to succeed.

I received the full-time offer from PwC at the end of my internship. I went back to school, completed my masters and passed all four parts of the CPA exam. I started full time just over a year later.

After two years, I was promoted a year early to Senior Associate. In this upcoming webinar, I’ll share with you exactly what I did to make the transition from accounting student to professional not only smooth, but incredibly successful!

In my first two years I received a 1 rating on a 1-5 scale (only about 5% of people achieve that rating at the firm) and the pay, bonuses, and opportunities came with it.

If you are want to learn the keys to a successful transition from accounting student to professional, don’t miss this Webinar!

When:
Thu, Apr 16, 2015 2:00 PM – 3:00 PM EDT

Where:
Register below

The post How to Make the Transition from Accounting Student to Professional appeared first on The Bean Counter.

Half (or maybe more) of becoming a CPA has to do with just figuring out how to apply!

It is ridiculous!

You have state requirements, education requirements, exam scheduling, work requirements, choosing CPA exam review, and not to mention the actual exam!

It is a complete mess!

But honestly, this is the most organized and logically flowing explanation I have ever seen.

Enjoy!

Learn EVERYTHING About Passing the CPA Exam [VIDEO]

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