Don't have to take CPA exam for another year

  • Creator
    Topic
  • #195076
    thebigguy1992
    Participant

    I’m in a weird situation. I interned at a big4 this past busy season, got an offer to start full time next fall. I have to do a year of masters in accounting next year, thats why there is a gap between the years.

    I am already thinking about preparing for studying for the CPA exam (hence being on this forum already), and want to see what I can do to get a couple steps ahead. I don’t want to start using Becker now, because my firm only gives it to us for 18 months for free, because I don’t intend to take an exam until next July. What is there anything I can do to get a head start this summer, so I go into next summer with a solid understanding of how things work? I’m willing to put in 30 or so hours a week this summer, I’m just worried i will forget stuff when i have to start out for real next summer. Do you guys recommend just using the free NINJA material on here to get ready? Also, in an ideal world, do people usually take FAR first because its the hardest? Whats the path like for most people, taking hardest exam first, then chronologically going down in easiness?

    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 83
Viewing 7 replies - 1 through 7 (of 7 total)
  • Author
    Replies
  • #675582
    GotCPA
    Participant

    there is no such thing as hardest part. It all depends on individuals. However, as for passing rate, FAR, and REG are the lowest, followed by AUD, then BEC. Also if you don't plan on taking the exam till next year, don't even bother studying this summer. You will 100% forget everything you studied by next summer.

    #675583
    Anonymous
    Inactive

    Agree with gotcpa. You want to study and take the test right away.

    #675584
    Anonymous
    Inactive

    I wouldn't start studying for an exam itself until you are ready to devote the energy to start sitting. Studying too far out would probably not be very beneficial. With that said, I was in similar shoes when I was preparing for the CPA exam. I did something I wouldn't necessarily recommend but that I'm glad I did, which is study for the CPA on top of my Masters courses (yes, I was a full-time student, working full-time and married).

    What benefited me by taking CPA exams while working on my Masters is that I was able to take Masters level courses directly related to my CPA exam studies. For example, one semester I took an Accounting Theory and Research course which covered just about every single section of FAR plus included research assignments using the FASB ASC (which is part of the FAR exam). Another example, last semester (my last!), while studying for BEC since I thought it would be “light” (wrong) I took a BLaw and Corp. Tax course to help get me in gear and familiar with REG topics. Now while preparing to take REG in July, while it is much more inclusive than either of my courses I at least had a good grasp on business formations, professional responsibilities, property transactions, processes and etc.

    It was very stressful but if you are devoted to your studies and manage your time properly it is not impossible. Also, you would need to check with your state board to see if you meet the hour requirements to take the exams, sometimes you can take the exams without having the full educational requirements necessary for licensing.

    Also, for the order of testing I would say **IMO** the most optimal order to test would be – FAR, AUD, BEC, REG. My reasoning – FAR has the largest volume of material so it can be exhausting (so get it done) – I have seen little things I studied in FAR on every other topic – AUD & BEC while not easy or should be underestimated have the least volume of material so you can rest up a little for REG.

    Good luck!

    #675585
    WaivingMyHands_ALOT
    Participant

    I would start taking the exam as soon as possible. Different States have different requirements, so it may depend on what college courses you've taken. You get an 18 month window from your first passing score, so hopefully you will be able to pass the sections before your Becker expires.

    As far as test sequence, I would recommend the following order: FAR, AUD, REG, BEC.

    Obviously different people will have different recommendations, but I think that order makes the most sense for several reasons.

    1) you get the hardest part (which most people would agree is FAR) out of the way.

    2) There is some overlap between the material covered on each sections (i.e., some of what you learn in FAR will carry to AUD/REG, and vice versa). I think this order allows you to take the most advantage of this overlap.

    3) FAR and REG test the most material. So by alternating, you kind of give yourself a break from material overload (at least as much is possible when on the CPA grind).

    4) Personally I thought BEC was the easiest exam (others will disagree). Saving it for last when you're so drained from the marathon of test taking might be worth it.

    AUD 99
    BEC 96
    FAR 94
    REG 96

    #675586
    Anonymous
    Inactive

    Honestly, if you don't plan to take the exam until July of next year, there's not much you can do to start preparing now. Generally you don't want to start studying until you're ready to commit to the exam. Then you start devoting your life to the exam and start studying intently. Generally speaking you'll be spending 8 to 12 weeks per section (unscientific average of people studying). So you'd want to start studying in May or June 2016 to take your first portion in July.

    Just my thoughts.

    #675587
    okcpa2015
    Participant

    First, @thebigguy1992, congrats on the full time offer. Sounds like you're already off to a great start with your accounting career.

    I agree with most about waiting to start preparing for the exam. It's not like studying for a college course where you can get a hour here and there. It's more of a “this is what I'm doing when I wake up, at lunch, and in the evening after dinner” type of studying.

    However, because you're smart, you already jumped on this forum. Stick around, read what people suggest, struggle with, complain about, and get excited about when it comes to the exam.

    When it comes times to finally prepare for the exam you'll already feel like you're in the club and it will be nothing new to you.

    Enjoy your summer, you've earned it!

    FAR - 91
    REG - 88
    AUD - 98
    BEC - 88

    #675588
    nyli9
    Member

    @thebigguy1992, I was in the exact situation last year. Interned and got a full time offer to start Fall 2015, because I needed to finish my masters. In my state, candidates can sit for a CPA exam before they earn 150 credits, so I decided to start earlier. Took AUD at the end of August 2014 after my internship, BEC in November 2014 while also taking 4 graduate classes and REG in January 2015. I got my masters in May and I am currently studying for FAR which I am taking next week. Company also moved my start date to the end of July, so if I pass FAR this testing window, I would be all set and ahead of everybody. I can't imagine working full time and studying for the exam especially during busy season.

    AUD - Passed
    BEC - Passed
    REG - Passed
    FAR - July 2nd, 2015

Viewing 7 replies - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.