http://www.another71.com/cpa-exam-forum/forum/ethics-exam-certificates-work-experience-and-licensure Powered by Another71.com en-US Thu, 09 Feb 2012 14:00:39 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-146492 Wed, 08 Feb 2012 18:06:30 +0000 Mayo 146492@http://www.another71.com/cpa-exam-forum/ <p>Doing CPA and CFA exams concurrently. A few takeaways:</p> <p>1.) Because the CFA designation is focused on modern portfolio theory, financial theory, etc., its overall crossover with accounting careers is slim. </p> <p>Don't get me wrong; there is plenty of accounting in the CFA curriculum, but going from a public or industry accounting position to an equity research or security analyst role is an herculian task. For one, like someone mentioned, those jobs have dried up, and are EXTREMELY competitve. Think ivy league bachelor's or top 15 MBA for a good shot. </p> <p>2.) The CFA exam is a huge pain in the butt. Much more so than the CPA. Not trying to rehash the whole "which one is harder" question, but the reality is that one could conceivably finish the CPA exams in four months.</p> <p>Now trying to imagine studying for three years or more. It gets really discouraging really fast. Add that to the fact that a lot of the material is bachelor and graduate level finance stuff that you have to basically teach yourself, and you can see why many people simply get burned out and never finish.</p> <p>3.) However, if you pass all three exams there are certain careers that the CFA designation can help you with. </p> <p>For one, getting it gives you tons of kudos from people who are familiar with it. It not only shows you are dedicated enough to go through that 3+ year grind, but that you're not just some bean counter (the unfortunate and inaccurate stigma of staying in accounting too long).</p> <p>In terms of careers, a CFA/CPA combo can really help in business vauation. All the big 4 have this service line and other regional accounting firms are also getting into it. With fair value taking a more prominent role in accounting every year, this type of work will be in demand. Having the CFA is a huge leg up for this career.</p> <p>Finally, if your networking skills and reputation at work is good, you might be able to get your foot in the door in Asset Management or Wealth Management at some smaller or mid size firms. </p> <p>Also, although there is not a huge overlap, the CFA will give you some credibility if you are looking at corporate financial analyst roles. </p> <p>Obviously, the bigger the firm you work at, the more realistic any of these transitions will be.</p> <p>I'd suggest taking a look at the material, and only go for it if you can see yourself reading about that stuff for 200 or 300 hours for each exam. </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-146405 Wed, 08 Feb 2012 12:40:55 +0000 Mr.haha 146405@http://www.another71.com/cpa-exam-forum/ <p>@Minimorty</p> <p>yes i agree CFP's can definitely be tools and try to sell you stuff you dont need. but, lest us not forget that CFA's are the ones who failed to adjust to economic pressures and thus lost billions in 401ks, pensions and other portfolios.</p> <p>to me, as a consumer, i dont care if you are a tool or not. all i care about is DO NOT let me catch 100% of a recession which is exactly what happened to millions of people. </p> http://www.another71.com/cpa-exam-forum/topic/reference-letters#post-146266 Tue, 07 Feb 2012 22:14:20 +0000 mla1169 146266@http://www.another71.com/cpa-exam-forum/ <p>I am compiling the info for my application and need a letter from my employer as well as 3 character reference letters. What do you have them say? Plenty of people want to say I am a character, LOL.</p> <p>Just a short &amp; sweet " I have known MLA for 3 years and find her to be of good moral character". Does anybody have an example they'd like to share?</p> <p>I'm in MA and going for a non-reporting license, FWIW. </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-145666 Sun, 05 Feb 2012 21:31:06 +0000 RedRage00 145666@http://www.another71.com/cpa-exam-forum/ <p>It feels so good to be able to watch the Super Bowl and not worry about studying. lol</p> <p>I missed practically the entire 2011 season for college and NFL because I was studying. </p> http://www.another71.com/cpa-exam-forum/topic/new-jersey-experience-requirement-need-statement-of-exp-from-all-employers#post-145626 Sun, 05 Feb 2012 19:27:20 +0000 Scrittrice34 145626@http://www.another71.com/cpa-exam-forum/ <p>The NJCPA website says you need to have a signed statement of experience from all employers after obtaining your bachelors degree. (I graduated 3 years ago.)</p> <p>This seems a bit silly if I worked a temp job where the work I did was unrelated to becoming a CPA. I worked at a design firm before that, and my old manager is no longer with the company. I have a year and a half of experience under my current manager who is a CPA, so I don't get why I need any more than that.</p> <p>Does anyone have any personal experience with this? I don't even know how I would go about reaching out to employers I've long forgotten about and who I didn't stick around long enough to build a strong relationship with. And how would this work for people who graduated a long time ago?</p> <p>Thanks to anyone who can shed a bit of light! </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145509 Sun, 05 Feb 2012 12:45:47 +0000 cpastud 145509@http://www.another71.com/cpa-exam-forum/ <p>whoever wants to do both, certainly has no hesitation in torturing themselves! </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-145484 Sun, 05 Feb 2012 11:40:22 +0000 RedRage00 145484@http://www.another71.com/cpa-exam-forum/ <p>Thanks mini! </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145483 Sun, 05 Feb 2012 11:40:19 +0000 CPA Genie 145483@http://www.another71.com/cpa-exam-forum/ <p>The economy is so bad that there is nothing really gauranteed! Even my friend in the tax field told me that it is pretty competitive in the tax industry. I remembered that when I was still an accounting student, people feel sorry for me that I have a boring major. But now they all told me that I made the right decision. However, I still won't give up on my dream to learn more about investment since our saving doesn't mean much with the hyper inflation now days. After CPA, I will try to get my CFA study start just to keep the my study momentum going! I have been approached by couple CFP firms before and the reason I didn't go for that route is you have to go out there really find your clients. If you are a "people" person, you will do great in this industry. </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-145464 Sun, 05 Feb 2012 11:11:16 +0000 Minimorty 145464@http://www.another71.com/cpa-exam-forum/ <p>welcome RedRage, congrats on being done! </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145461 Sun, 05 Feb 2012 11:02:44 +0000 sacredtheory 145461@http://www.another71.com/cpa-exam-forum/ <p>Lol </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-145456 Sun, 05 Feb 2012 10:46:46 +0000 RedRage00 145456@http://www.another71.com/cpa-exam-forum/ <p>First post in the Alumni Lounge! :) </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145453 Sun, 05 Feb 2012 10:32:53 +0000 Minimorty 145453@http://www.another71.com/cpa-exam-forum/ <p>Most CFPs are tools and just try to sell you insurance that you don't need. </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145435 Sun, 05 Feb 2012 09:23:26 +0000 Mr.haha 145435@http://www.another71.com/cpa-exam-forum/ <p>@jjm</p> <p>unless rules have drastically changed, and i dont think that they have, anyone can hold a CFA designation and the title is held by the individual, not the firm. for example, i have a few friends that trade on their own ie SCH C on their return and are able to use their CFA designation freely.</p> <p>also, with regards to the 184k salary per year, is that an entry level salary? manager? director? Partner? those who are coming out of undergrad and have their cfa within 3 years usually start at around 75k which is really not that far off from a cpa who has 3 years experience. in fact i would guess they are the same. now perhaps a CFA with 25 years experience may make more than a CPA with 25 years experience but is just conjecture.</p> <p>pearhaps the ability to make more with a CFA is higher than a CPA, but in my opinion, and i have worked in trading and in taxes, i think a CPA translates more easily into other positions, rather than the highly specialized CFA designation. Jkey mentioned this and he/she is correct.</p> <p>Please note that i am no dissuading anyone from taking the CFA. BUT, if you decide to take it, then be prepared to work 10x harder for the CFA than the CPA. </p> <p>as mentioned, i am looking into the CFP designation and it actually looks more useful than the CFA. </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145428 Sun, 05 Feb 2012 06:51:23 +0000 jkey57 145428@http://www.another71.com/cpa-exam-forum/ <p>Mr.Haha is right! The CFA is tricky and you should spend some serious time on deciding whether it's worth your time. Let me explain:</p> <p>* You need 4 years of experience in finance, investment, etc. to sit for it. Most people with jobs in these fields already have undergraduate degrees in ACC/FIN (YOU DO NOT NEED TO BE A COLLEGE GRADUATE TO BE A CFA!!!) and prefer to go for MBA/MS programs because they carry more value if you decide to change careers. Outside of finance, the designation really doesn't carry the weight you think it would. </p> <p>* Considering the employment climate of the last 3 years (Loss of analyst/trading positions, fewer IB spots), there are a lot more CFA's looking for jobs and they all want to make big bucks. After I passed the first section (I traded derivatives at a commodity exchange for 9 years), I went to a CFA charter holders luncheon and it was nothing but very educated, unemployed people jockeying for jobs. It reminded me of a recruiting event where everyone was laughing too hard at their bad jokes. Yes, I'm generalizing here, but that's my experience.</p> <p>* I have a few friends who are CFAs and they DEFINITELY over-hype the whole thing, acting like they're the saving grace of finance/trading. We all know blackbox is where it's at; if you want to make a ton of money in asset management/trading, get a PHD in math and learn how to write code.</p> <p>* If you want to make a CFA mad, just ask them what the educational requirements are for the designation. When they answer, just say,"So, basically, you just need a GED to be a CFA?" ---- Sit back and watch how mad he/she gets :)</p> <p>Good Luck Everyone!!!! </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145422 Sun, 05 Feb 2012 00:51:17 +0000 jjm1181 145422@http://www.another71.com/cpa-exam-forum/ <p>And wow. I just read the average salary with the designation was around 184k. Damn. </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145421 Sun, 05 Feb 2012 00:46:57 +0000 jjm1181 145421@http://www.another71.com/cpa-exam-forum/ <p>I could also see myself going for this designation one day. The one thing I don't understand is since it's a "chartered" designation, does that mean the company I work for has to hold the license? What if I pass all 3 exams and complete the entire process, but don't work for an investment company. Do I still have the designation? Very confused on this. </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145405 Sat, 04 Feb 2012 22:45:31 +0000 Mr.haha 145405@http://www.another71.com/cpa-exam-forum/ <p>@cpa genie</p> <p>the cfa exam is extremely technical where parts 2 and 3 have heavy focus on financial derivatives such as complex options strategies and hedging. part 1 has some financial statement questions and i believe it was about 15% of the part 1 exam. those who passed far will have no issues with the accounting piece of the cfa.</p> <p>in general, the cfa designation starts in jobs such as portfolio management, research and at times trading. in general those hours are far less than what a CPA would work during an audit or tax season.</p> <p>in general i wouldnt say that CFA's make that much more than CPA's because of the current high unemployment rate in the financial services industry. trading and portfolio revenue is drastically down over the past few years even more so than audit and tax work.</p> <p>the cfa designation is cool to have but rarely does anyone ask me about it. i do taxes and alot of work is now coming in the forms of financial planning instead of immediate portfolio management. therefore my next step is a cfp. i only got the cfa because my former employer required it.</p> <p>for material, i used schweser and it was one of the best at the time. i have no clue what works now. hope that helps. </p> http://www.another71.com/cpa-exam-forum/topic/how-long-for-massachusetts-aecr-1#post-145394 Sat, 04 Feb 2012 21:38:11 +0000 mla1169 145394@http://www.another71.com/cpa-exam-forum/ <p>why did this double post? and can someone delete the extra? Maybe I had a trigger finger on the send post button? </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145393 Sat, 04 Feb 2012 21:35:50 +0000 Minimorty 145393@http://www.another71.com/cpa-exam-forum/ <p><a href="http://www.another71.com/cpa-exam-forum/topic/how-hard-is-the-cpa-compared-with-the-cfa-exam#post-50418" rel="nofollow">http://www.another71.com/cpa-exam-forum/topic/how-hard-is-the-cpa-compared-with-the-cfa-exam#post-50418</a></p> <p>Some more discussion... </p> http://www.another71.com/cpa-exam-forum/topic/how-long-for-massachusetts-aecr-1#post-145392 Sat, 04 Feb 2012 21:35:47 +0000 mla1169 145392@http://www.another71.com/cpa-exam-forum/ <p>So I FINALLY got my official transcripts and will be maiiling them off to nasba licensing services How long to hear back so I can send in my license APP? </p> http://www.another71.com/cpa-exam-forum/topic/how-long-for-massachusetts-aecr#post-145391 Sat, 04 Feb 2012 21:35:40 +0000 mla1169 145391@http://www.another71.com/cpa-exam-forum/ <p>please ignore.....is a duplicate of another post I made! </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145388 Sat, 04 Feb 2012 21:21:41 +0000 CPA Genie 145388@http://www.another71.com/cpa-exam-forum/ <p>@ aalkukhun &amp; Mr.haha,</p> <p>What's the best CFA pre-material out there? My friend told me that part 1 is easy to past. What makes the part 3 hard to pass? Does it require a lot of financial statement analysis? Do CFA have more work and life balance than CPA? </p> http://www.another71.com/cpa-exam-forum/topic/is-a-cfa-a-good-designation-to-get-after-the-cpa#post-145302 Sat, 04 Feb 2012 18:03:29 +0000 Mr.haha 145302@http://www.another71.com/cpa-exam-forum/ <p>the cfa exam is extremely more difficult than the cpa exam but the good thing about the cfa is that you essentially have eternity to take it. the cfa has 3 sections and you can only take the exams at certain times of the years. it took me 5 years to complete all 3 sections and i had to retake the 3rd section three times. </p> http://www.another71.com/cpa-exam-forum/topic/please-help-passed-cpa-exam-in-delaware-but-now-i-just-want-the-certificate#post-145078 Sat, 04 Feb 2012 10:24:00 +0000 bobkorz 145078@http://www.another71.com/cpa-exam-forum/ <p>If you get the 150 hours, you should be able get the certificate in a two-tier state. Again, you need to be in accordance with the state's requirement. </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-145056 Sat, 04 Feb 2012 08:57:52 +0000 katelyn 145056@http://www.another71.com/cpa-exam-forum/ <p>This is my first post in the Alumni Lounge! I'm going to start on my application paperwork on Monday. I am so pumped that I get to call myself a CPA in a couple months. (A couple months because the Louisiana State Board has its next regular meeting at the end of April, according to the online application I found.) </p> http://www.another71.com/cpa-exam-forum/topic/please-help-passed-cpa-exam-in-delaware-but-now-i-just-want-the-certificate#post-144808 Fri, 03 Feb 2012 16:22:38 +0000 Perzeph 144808@http://www.another71.com/cpa-exam-forum/ <p>If I obtain the 150 credit hours, is there anything that would cause a two tier state, such as Montana, to not allow me to get my certificate there with no work experience?</p> <p>Also, if I already have all of the business/accounting credit hours, can I take absolutely any other classes I want?</p> <p>Thanks for the help. </p> http://www.another71.com/cpa-exam-forum/topic/please-help-passed-cpa-exam-in-delaware-but-now-i-just-want-the-certificate#post-144751 Fri, 03 Feb 2012 14:25:31 +0000 bobkorz 144751@http://www.another71.com/cpa-exam-forum/ <p>Yes, you can transfer to another state, but you must meet that state's requirements.</p> <p>Illinois is a no-go, they are 150 hours. </p> http://www.another71.com/cpa-exam-forum/topic/the-lounge/page/12#post-144722 Fri, 03 Feb 2012 13:15:37 +0000 agniechaCPA2011 144722@http://www.another71.com/cpa-exam-forum/ <p>Five days after mailing out my CA application, I received yellow acknowledgement that CBA received my application and I will receive status letter within 30 days. More wait.<br /> Waiting for license and looking for job, it is so much stressful, not sure which one is better studying or my current wait and search for job. </p> http://www.another71.com/cpa-exam-forum/topic/anyone-get-their-cgma-yet#post-144667 Fri, 03 Feb 2012 10:51:30 +0000 HazeEastwood 144667@http://www.another71.com/cpa-exam-forum/ <p>hustlehard, I agree with you. I don't think the CMA has been marketed well. There are tons of people in the workforce that still don't know what it is. I was going to do a CMA and was advised by several recruiters to forget it and focus on the CPA. </p> http://www.another71.com/cpa-exam-forum/topic/anyone-get-their-cgma-yet#post-144666 Fri, 03 Feb 2012 10:49:19 +0000 HazeEastwood 144666@http://www.another71.com/cpa-exam-forum/ <p>It's my understanding that it will become exam based. Initially its only being offered to AICPA voting members but I think it's going to change. I think they only allowed this to drum up some interest because right now why would you do it if you're already a CPA unless they gave you an incentive. I think it will eventually gain some traction and you'll see more and more people willing to become a CGMA. </p>