WantMyLifeBack, you are absolutely correct. I've encountered many CPA's who were horrible accountants. Whether they passed the old exam or new is not an indication of their true accounting/analytical/problem solving abilities. I've also had an individual who had a Theater degree work for me who was a better accountant than most people I've worked with in this profession.
Now, I presume that all of you who are responding to me are relatively new to the profession (note: I said presume). If so, you have a great deal to learn in the real world. It is different than what you are reading in your text books. If you really want to challenge my view, do so when you become a Controller in 3 years, develop a shared service for more than 15 financial operations--in excess of $100MM, save your company more than $200K in an audit, implement multiple ERP systems, save your company over $30K in a sales tax audit, or fix the errors of your newly hired accountants--explain to them why we are doing a reversing JE.
Some of you will turn out to be great in the profession and many of you will turn out to be adequate at best. Some of you already see this amongst your colleagues. As you progress in your career, you too may see the frustration I see with the "new" testing.
Unlike your mother told you, you are not all winners.
So you can quote your Brad Paisley, or your Britney Spears, but let's compare resumes before you respond.