[Dog pounder1977]

Hey I am finishing up my BA in Accounting in August and was thinking to myself after seeing another guy post his recent passing scores for February, what the heck why not start studying for the CPA exam to take it next year while my memory is still fresh on the topics and get my MAcc shortly afterwards or even while I am studying and taking the CPA exams. I don’t know why it just dawned on me that I could possibly do this. I researched ND state requirements and it looks like you can do it you just won’t get licensed until the 150 cr req is fulfilled. However, I think the biggest thing holding me up is the fact that I don’t have any money for CPA materials right now. What do you guys think? I am about to be 24 with about 15k in debt. My birthday is this Friday the 20th, the same day as the Solar Eclipse and the same day as my last day in the military. Not that I believe in it or anything but Astrology says that when your birthday falls on these type of eclipses to be very cautious with life and the decisions you make around this time even though that rule applies to everyday life.

One day I will face that exam.

[Allergic2CPA]

@OP

So you have an undergrad in Accounting, $15k in debt, no money to pursue the CPA and while you don't believe in astrology for some reason you had to mention how it suggests to be cautious? So you want to know what I think?

Get an MBA instead of MAcc since MAcc is a waste of time in your case and presumably has similar costs as an MBA.

Get relevant exp. to pay down debt and get money to pursue CPA.

Lastly, it is quite retarded to base your life based on movements of celestial bodies on your bday that are devoid of any consciousness. It is as if deciding what career to pursue based on the direction of the wind on the day of your HS graduation. No I'm not trolling you…this is RETARDED! I highly recommend that you cure yourself of such notions.

FAR 46*, 77
AUD 70, 79
BEC 67, 82
REG 75

Texas License July 2013

Used Yaeger lectures based on Wiley textbooks

*Studied less than two weeks, forgot I had purchased NTS.

[Anonymous]

That's literally what I'm doing. I'm also broke, soon be in a ton of debt thanks to grad school so I've been self-studying with the Wiley books. They're (relatively) cheap, but they also require a lot of dedication. If you're planning to do school and the CPA exam at the same time, it just kind of depends on how much you can juggle. But people do pass while they have full-time jobs + families, so it can be done.

[nika_cpa]

amiryana: how did you manage to get 91 on BEC? can you share your tips?? I am currently studying for this beast and I hate it!!!

Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

AUD - PASSED!
FAR - PASSED!
REG - PASSED!
BEC - PASSED!

[Anonymous]

Study materials can and IMHO should be cheaper than the exam itself. I used Wiley materials and my total materials cost was less than 2 of the exams, just barely more than 1. From what I've heard, the NINJA materials are now the best “bang for the buck”, but I haven't used them so can't attest to their value myself.

If you don't have a job lined up when you graduate, I'd say definitely study the CPA exams rather than just being idle. If a job opportunity comes up, pursue it and then join the working-and-studying crowd, but if no job opportunities arise, then knock these exams out.

Generally I advise against debt, but in this case, if you're graduating with $15k in debt and then planning to go on to grad school which I assume will be mostly debt-funded, you might consider checking with your financial aid department to see if you can get some additional loans to cover the cost of one time through the exams. Don't go loan-crazy and go buy Becker using loan money – it's not needed and loans are bad. However, if you're using loans to finance your education already and planning to get more, then the loans taken out for the CPA exam fees are probably more worthwhile than the others. If your $15k of debt was spread pretty evenly over your undergrad studies, then you should have enough Stafford loan eligibility remaining to be able to get additional loans for this semester and use them for the exam fees.

[rugger246]

Why did you major in accounting to begin with? What were your intentions in doing so?

Instead of wandering around aimlessly, why not develop a plan and strategy to get where it is you want to be. Stephen Covey always said and I am paraphrasing “that you must begin with the end in mind”. I guess it seems to me you have yet to decide what it is you want to be when you grow up. I think I will do this, then this, then this, but only if the stars align….sounds like a waste of time to me…unless you have an end goal.

What is your ultimate goal? What will getting a Macc or CPA do to bring you closer to your ultimate goal?

I think the CPA is the gold standard in accounting certifications!!! If you want to be good at your craft you should pursue the most well known and respected certification in that field.

AUD - Passed
BEC - Passed
FAR - Passed (Perfect Score of 75 to finish it off)
REG - Passed

[jbarwick]

I would try to get some experience in accounting or at least reach out and try to shadow someone in accounting before committing to the CPA or a MAcc. The reason I say this is that you are military and they seem to be more active than a desk job accountant. Also, someone mentioned getting an MBA instead of a CPA or MAcc. To this I caution getting an MBA from any old school because “an MBA is an MBA”. That may be true but there are still a lot of people that judge the MBA based on the school you attend.

You are only 24 so get some experience first before diving into spending more money. Debt can be a burden which keeps people doing things they may not like. Hate that desk job but it is paying your loans? A lot of people are in this boat. Hate that desk job but you paid off your loans early and can explore other opportunities? People will envy your position.

Journey Started - January 2015
FAR - 4/2015 - Passed
AUD - 7/2015 - Passed
BEC - 8/2015 - Passed
REG - 11/12/2015 - Passed

[y_u_no_pass]

Also many jobs will pay for your review materials, so if you can't afford them it may be better to wait.

Florida CPA!
Took final exam 2/25/15.
Sent in Application 3/12/15.
Issued License 3/20/15.
Used CPA Excel solely for all exams.

[trish_1234]

@lilperk09 congratulations on the BA, happy birthday and thank you for serving our Country.

The decisions you are making on or around your birthday are productive so I would not worry about the warning for Astrology.

The CPA can be an expensive path to take especially since it is not common to fail numerous times before passing (you will pass if you do not give up). Definitely do not spend thousands on the study material, there are many reasonably priced materials that will provide the information necessary to pass the exam (in my opinion, buy MCQ and SIMS to practice do not rely only on books).

Only you can decide if you can afford to take the exam at this time and only you can know how much debt you can handle, I can advice try not to destroy your credit in the process because that will make it harder for you to find a job.

FInally, you can do anything your heart desires, if you want to get your CPA and go to MAcc you can do it. The trick to success is not to give up no matter how many times you fall.

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[NebCPA]

I’ll add my $0.02 to this conversation. I took all sections of the CPA during the year I was completing my MaCC and 150 CR hours after my BA. I’ll pass on the advice that my father, a CPA, passed onto me, which is: “The CPA exam is an academic exam and you should sit it as quickly and as soon as you can after or during school.” I currently work in public, and the reality is that work experience is great for building a career, getting real world application, and making money and it is the end goal, but it will not help you on the CPA Exam. An individual just does not see enough of a diversity of work in their daily life to maintain the knowledge required to pass the CPA exam. Take the exam as quickly as you can after or during academics while the knowledge is still there because every day out of academics you will lose the knowledge.

Two more notes based on your above comments. No one likes debt (me included), but $15K in debt is not even close to bad. On top of that, you are too vague to know what type of debt it is. If it is a car loan, then you’re fine. If it is credit card debt, I would be concerned. If it is student loan debt, I wouldn’t worry. The standard is that an individual should not have any more in student loan debt then the first year salary they will make after graduating. You should be able to score a job for $15K a year. On top of that, debt is only a major issue (and there are differing opinions on this) if you can’t afford it. Like a company, if you have the cash flow to afford the debt and the interest rate is right, the debt may not be an issue. Just be aware you are leveraged and taking on additional risk. You said you’re military, which is why I question whether your debt is education debt.

If you’re military and are separating, I assume you will have your GI Bill (my assumption is that you’re not an officer since you are just now completing your BA and that you are active enlisted and that you have not used all of your GI Bill yet), which means you won’t have to pay for your graduate degree. Further, the GI Bill will pay for your CPA cert (https://www.benefits.va.gov/gibill/licensing_certification.asp). The GI Bill paid for mine and they’ll pay whether you pass or fail. Just be aware it eats into your total benefit. This means you will only need study materials. I only used Wiley test bank and supplemented with textbooks and free online resources. With a strong academic knowledge, you don’t need a ton of materials to pass, but I would recommend getting a test bank to familiarize yourself with the question structure. Wiley use to have a free trial you can sign up to see if you like it. I have never used Ninja but the price point is good and the questions shouldn't vary much so that might be your best bet, plus the reviews seem to speak for themselves.

Good Luck

[trish_1234]

Great post NEBCPA!

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[waffle_house]

Mow some yards and wash cars till you have enough for ninja mcq. Study for a year then take the tests. Problem solved.

AUD - 80
BEC - 75
FAR - 84
REG - 76

Exams started Sep 2014 -Exams done Mar 2017

Texas CPA

I put in work, it was evident

[Dog pounder1977]

Thanks to all for your insight.

@Allergic2CPA: The reason I mentioned the astrology part is because everyone has been talking about it at work, the news, etc and I decided to look it up and I just thought it was odd that my birthday and my last day in the military fell on the same day.

@amiryana: Thanks I believe I should be able to do so but I do not like being debt. It really sucks. I look at bills in the mail as no different from having people knock on your door with their hand out asking for their money.

@Lilla: I have a job lined up as an Admin Assistant working with A/P, A/R, and Payroll. It only pays 14.75 with no benefits and no room for growth. It is essentially a dead end job. I want to start studying because I want to get my CPA of course and work for a decent firm or if possible one of the Big 4.

@rugger246: Hey hey whoa whoa hey! I have absolutely everything in my life planned out perfectly from now until 2018. I have 3 peripheral sources of income and getting out the navy and will be flying drones for the Air Guard with a top secret clearance and a 20k sign on bonus. Accounting is something I want to do as a career and is one of the easiest professions to get into in my opinion. I wouldn't be surprised if I were to ace the exam with minimal study. I memorized my college books literally from start to finish and am getting straight A's in all my classes except for Cost which I got a B in. I was close to being debt free, paid off 20k last year and was down to 3k then my wife started acting up now I am getting rid of her and this stupid attorney is charging over 10k for an uncontested divorce with no assets or debt together which is absolutely ridiculous which only increased my debt once again. But anyway the only thing I was concerned about is when I should take the CPA exam. Whether I was selling myself short believing I would need to wait until I finished the MAcc or if I should just take it right after my BA is complete.

@jbarwick: Thanks for your feedback. I am getting experience now and have some related experience for my time in the military working in the Admin dept. I may be only 24 but I am very driven want things now rather than waiting until I am older. I believe the CPA may be challenging but is not difficult if you truly know what you are doing and put in the study time.

@y_u_no_pass: Thanks! I did not know that I thought they only paid for your graduate degree.

@trish_1234: Thanks I really appreciate your feedback.I think I will go for the CPA shortly after my BA is complete.

@NebCPA: My debt is $500 in credit cards, $1950 car note, and the remainder is on a ridiculously overpriced divorce attorney. Before anyone says shop around, I have already with 8 different attorneys. This one was the only one that was willing to represent me due to the difficulty in UCCJEA jurisdiction issues and me being in the military. I knew the GI Bill could somehow pay for my CPA I just could not find anyone resourceful to help me with it. No one I have met in my four years in the military within my age group has any ambition to be anything in life not even getting a college degree. My best friend I met while serving is a 50 yr old guy finishing his Phd in Finance who has taught me a lot about investments, jobs overseas, and economics. So that tells you a lot about the type of ‘crowd' I associate myself with. My credit score is a 729 right now which I consider to be very low but it is because my credit history is short due to my age.

I would use my GI Bill but I only have 25 months remaining as of today which is just enough for me to complete my BA and about 80% coverage of my graduate degree. I was using it while on active duty because I was sick of other military folks holding me back telling me when I could and could not go to school and not approving my Tuition Assistance when they themselves weren't even in school. I am trying my best to avoid student loans because I don't want to “ask” anybody for money. And yes, I am honorably separating from the Navy and already have a full time job in addition to everything lined up for an Intel job with the Air Guard just have to wait 24 hrs after my Navy contract officially ends before proceeding with everything else. I will defintely go for the CPA after my BA is complete. I don't see why I shouldn't. I just wanted some honest tips and feedback from you guys before proceeding.

One day I will face that exam.

[Anonymous]

Yes, go for it.

You have nothing to lose.

Get some inexpensive prep materials, like ninja.

Register for the tests only after you are sure you know the stuff.

[Allergic2CPA]

@jbarwick

It's true many rate the school you got your MBA from but guess what? That's true for your undergrad as well so I fail to see why “extra caution” is required for an MBA vs. undergrad assuming similar costs for either Masters.

If someone has an undergrad in Accounting and will pursue CPA as is the case of the OP, then the MAcc is much less valuable vs an MBA. It's my understanding that not even Big4 care if u have a MAcc. I also don't see any job postings desiring Macc but will sometimes see MBA.

Quite frankly I think some Accounting professors do a disservice telling undergrads to pursue the MAcc. While I appreciate that it's job security for them and get evaluated on graduation rates, the reality as far I can tell is that employers prefer the MBA vs. MAcc. That's why forums like A71 are at times crucial due to “real world” advice.

FAR 46*, 77
AUD 70, 79
BEC 67, 82
REG 75

Texas License July 2013

Used Yaeger lectures based on Wiley textbooks

*Studied less than two weeks, forgot I had purchased NTS.

[Allergic2CPA]

@lilperk09

I guess the whole astrology thing was more of curious thing for you vs. something to seriously consider…at least that's my impression from your response.

The best of luck in your endeavors!

FAR 46*, 77
AUD 70, 79
BEC 67, 82
REG 75

Texas License July 2013

Used Yaeger lectures based on Wiley textbooks

*Studied less than two weeks, forgot I had purchased NTS.

[Author]

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