[morca87]

I’ve a got a quite a situation on my hands and would like some outside input. I’ve been studying for my exam since November 2012 (and passed audit in Feb/ 13) and was able to pass 3 parts. I took my last part in May 2014(FAR) and was only able to study 4 out of the 10 chapters using Becker and somehow got a 72…So I thought great, maybe FAR is not that hard. I’m using Becker, and felt 80% comfortable with chapters 1-4 and 7, the rest of the chapters I was about 50% comfortable (harder material…bonds, employee stock options, govt. cash flows) and I didn’t even get to the last chapter. I thought I was at least 3x more prepared compared to my previous exam but not fully prepared (about 60-70% but not was not very comfortable with bonds or government cash flows which I got as simulations…what are the odds), I got a 66 therefore, I just lost audit in August 2014. My next part that expires in April 2015 (Regulation) which gives me approximately 3x to take each exam. My issue is that Q4 gets quite busy at work, I have no time to study in Sept on the weekends, I’ve used up all my vacation days to study for the exam, I might to relocate 4-5 months to another city because my fiancé is looking for a new job and my fiancé is starting to get inpatient because we barely have time for each other.

Here’s what I was thinking… I have about 4 years of experience of public accounting and 1 year of experience within in the private sector, my previous employer (public accounting) stated they would take me back and would be able to relocate me in any city, and I have enough savings to survive for 7-8 months. With everything noted above, I was thinking of quitting my job and giving it my all to pass the CPA exam, hopefully in the next open window or by Feb. 2015. My only fear is that for whatever reason, I won’t pass both of the parts by February 2015. My only back up plan to this situation is that I would start looking for a new job in late Jan. 2015 or early Feb. 15 and state to my future employer (or go back into public accounting) that I quit my previous job due to a person/family matter…which would end up being a 5-6 month gap in my employment.

I think my biggest issue with FAR is that it takes 2-3 months to study it and I tend to forget majority of it when it comes to the test and there’s not enough time to review in between each chapter while working.

So based on all of that information, I think my best option is to quit and give my all to prevent from losing Regulation which was very difficult to pass. I’m a little nervous about this discussion and would love some feedback.

Much appreciated!

[mla1169]

Would not quit a job to study for this exam, ever. You were able to pass 3x while working, I assure you that it is possible to pass 2 more. (by the way if you only started studying in 11/13, I don't understand how you could have lost a part already, not possible. Is that a typo?)

Having more time available by no means guarantees a pass, so its a risk that is not worth taking. Besides, I'm always skeptical when people claim not to have time to study. If I was able to find the time, trust me ANYBODY can.

Unless you have a firm job offer in hand with a starting date, stay put. Sometimes a previous employer promises things they are not able to deliver when you are available.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

I just got my last passing score and passed every single section while working full time. I studied on my lunch, woke up early sometimes to study, and studied after work and on the weekends. Buy a planner, write out your plan for every single day, and stick to it. Use a study material that works and find a study method that works for you and don't waiver from it. It sounds like you lost credit for audit, not because you're not smart enough to pass, but because you didn't study well enough. FAR really isn't a section that you can skip chapters with.

Bottom line: you're going to have to explain a gap in employment history and if you say you quit to take the exam, they're going to assume you can't manage your time well. Plenty of people pass this test while working full time so that's not going to look good.

[Anonymous]

I have to agree with the posters so far. I do not recommend quitting your job for 2-3 months to try and knock out the exam.

“Having more time available by no means guarantees a pass, so its a risk that is not worth taking.” So true…I took 2 weeks off prior to my REG exam the first time and studied my brains out…got a 68. Next window, I simply changed the way I was studying and focused more on weak areas and passed. I didn't take any days off of work. I work full time for a Big4, I travel constantly throughout the year (which has been tough) but I still find the time to study. I suggest making a schedule and stay disciplined.

Keep working at it, you will get there!

[morca87]

Thanks everyone. mla1169 that was a typo, I started studying in Nov. 2012 and passed audit in Feb. 13.

[Anonymous]

So true- you can study all day, every day and if the material isn't absorbing, it's not worth it at all. I found that when I was forced to plan my day because of all the things I had going on at work and with studying, I actually focused better because I had to in order to understand the material.. Quality>Quantity

[mla1169]

That's what I thought. Still, I had such a busy schedule and fit in studying for the exam. I got about 2 hours per night from 10p-midnight, about 3 hours early Saturday morning and another 1-2 hours at night, then a good 4 hours somewhere on Sundays. I listened to audio at work, in the car and while I was falling asleep.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[morca87]

If I don't quit, do you recommend that I take FAR in Nov. '15 and Audit at the beg. of Jan. '16? I feel like it would be very difficult to pass FAR and Audit in one open window.

[mla1169]

I would definitely stick to one exam per window if you have a busy schedule. I tried taking 2 per window, and ended up failing one, passing one each time.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[klink24]

Took FAR and AUD in one window. Started studying for FAR 2/26 and sat on 4/19. Started studying for AUD 4/21 and sat 5/27. Full-time manager at Fortune 500 in billing, 2 kids, pregnant wife, and 2 night classes. You can do it in one window without quitting, trust me!

Sounds like you might be looking forward to not having to go to work, as would I if I had the option to not work, lol!

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[morca87]

Thank you everyone for your feedback. So I have one more follow question after really thinking this through. So, there’s at least a 60% chance that we are going to move overseas because we believe my fiancé will get this job. The reason I saw 60% is because she’s interviewing this week and the Company is pursuing her. If this works out, I’ll have to quit my job anyway because we are going to move out our apartment and into my parent’s house for a month or two which is in another city. Also, her possible future employer noted that they will assign me an individual to find me a new job when we officially move over seas.

So if I quit, I can take FAR in Oct. and Audit and Nov. 2014, and worst case, I can re-take one of both in Jan/Feb. After Feb, I will have to move overseas and would come back once quarter to take this exam if I don’t pass by Feb. 15. So I was thinking… why not…. worst case I’m unemployed for 5 months and if this doesn’t come through, I can start searching for a new job in Feb and tell my future employer that plans feel through and we decided to stay in the states. I know it will be harder to find a job but I feel like 5 months is not big of a gap and its reasonable explanation, and I have 4 years of public and 1 year of private. Worst case, if it’s takes another 1-3 months to find a job, my fiancé or my parents would support me or I go back to public accounting. Everyone needs a senior associate 🙂 in public accounting.

If I stay, that means I can only take 1 part in Q4, 2014, and will have to push audit back to Q1, 2015. Also, I feel like I had 2.5 months to study FAR and that was not enough time for me to grasp all of the information, so maybe I just need a little more time than everybody else?

I also, feel like this a rare opportunity that I can actually take a risk like this and consequences might not be as bad if doesn't work out. There are plenty of people that study for the exam before they start public accounting to get it out of the way and it seems to work for them.

Again, much appreciated for any final feed back. I'm still up in the air and won't make my decision until next week.

[Author]

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