[Ne’O]

Hardest: getting past the CPA exams
Hard: getting Florida DBPR to accept 150 of my hours as satisfactory for their various hurdles. I had around 177 hours after a postbacc and Masters in Accountancy.
Laborious but not hard: Masters in Accountancy

As per the DBPR reference, I am in Florida though I did my Masters with SUNY.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

“Can CPA open doors to other fields (banking)? Time is ticking and i'm not sure what I should do.”

Yes–.
As ex-hedge fund manager of 15 years and 8 years of PM before that, I would hire a CPA over an MBA. A lot of slower money such as a pension fund or some of the other entities is going to want a CPA over an MBA. The CPA alone won't do it for you, as it is a personality test where several attributes sought would include non academic things like an athletic or gaming mind.

Warning to you in that a CPA takes a lot more work than it did >= 15 years ago. A lot more.
15 years ago people would want an MBA or CFA over a CPA. My personal opinion is that this has shifted much.
It would have been easier to bang out an MBA. I could have nearly done it in my sleep. The CPA required a lot more time and drilling.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Congrats to each and every one of you.
While not the hardest thing I have ever done, it was quite the dementor riddled soul and time suck where I lived at the public library as much as at home.

Have some chocolate, or whatever works for you, and enjoy the endorphin wave. It was a big one for me, and I am still riding it 18+ months later.

Ne'O

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Class of 2017 checking in here too.

Ne'O

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

I largely agree with Aaronmo, Missy, and Tim.
You can basically buy an MBA – you're going to work for a CPA.
These days in many states you need complete half an MBA to become a CPA.

I started the CPA pursuit with about 15 years of finance & trading operations experience, plus a half dozen NASD (FINRA) licenses. I nightschooled an exec MBA program while my wife was getting MBA. Still, as a former science major, I was forced to take years of undergrad accounting, statistics, law courses, and complete a masters. Even with my science background and most of an MBA complete, I was required to take one more CS course before they'd let me sit for the exams. With over 200 college hours, they still dismissed enough of my science college work that it was a little touch and go at the state level to meet all their required ticklist when getting the CPA.

Over 25 years, Times change: collectively an undergrad Ivy league education, Ivy league MBA, CFA, and CPA- the CPA was the longest grind. As someone said, in the end you are basically super cramming for several final exams to be taken in a 4 or 5 hour exam. Then you will do it at least 3 more times.

The MBA and CFA are somewhat in decline, having seen their top pre Great Recession. No, not even a top Ivy MBA is that special anymore. George W. Bush had one, but I wouldn't hire him for my company's needs. Historically the CPA is least respected, as it was much easier to get pre govt regulation and there are still many pre Sarbanes ones around. When we hire an auditor, first thing I check is whether the auditor got their license pre or post Sarbanes. It tells me much about the level of competence to expect. But those will be your seniors for another decade or two.
I can say with confidence that there will be a shortage of CPAs in the long run. Govt regulation requires them on so many levels, in the USA, Canada, and internationally. It will take a decade before people don't think of CPAs as primarily people who do taxes.

When push comes to shove, I'd rather hire a CPA.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Korean isn't the easiest language to hear and mimic the pronunciation.
Still, even speaking a little impresses the snot out of most Koreans. The Alphabet which looks so daunting, is actually one of the easiest to learn. Beats Russian.

There are good resources such as Talk To Me in Korean online,
and the Korean dramas/TV are some of the best in the world [unlike Japanese, Chinese, Spanish, etc].
Frankly, it is painful to watch most American TV after you see what the small country of Korea can produce.
They make for great entertainment and listening comprehension.

The grammar and verbs are a lot more relaxed than some other languages, so I would recommend giving it a try.
It is one of two languages that I am studying now.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Written Communication is cornerstone to passing this one.
It is easy to rack up points in various ways.

Opening salutation getting name, position, etc. correct.
Acknowledgement of key points.
Closing, with politeness. Signify how they can best contact you for follow up…
Don't get too fancy. Just rack up all the cheap points you can, and then go for a few more if time allows.

***Go to library. Grab any decent book on business correspondence writing. Speed read it 2 or 3 times while in the tub, on the toilet, or waiting for a bus/train.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Bookkeepers and accountants will be consolidated by technology. Increasingly called Assistants to CPAs, they will not see much wage growth.
Those with considerable computer n programming skills will fair best.

From a regulatory point of view, many many companies will want or need a CPA on staff. Whether as CFO, COO, or other depends on the company.
Basically, you are the human that signs off on everything. My godfather sold out of the regional firm that still has his name on it. He amuses himself in
retirement as being a CFO for hire by small to mid firms in the area. As long as supply remains as controlled as it has been the last 10-15 years, there
will be demand for CPAs until Congress says that everybody can take the robots word for it.

Ne'O

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Like Missy, I'm not in public practice.
I've been a senior trader / portfolio manager for decades. I've been taking over more of the CFO's role, though may totally leave in a year or two.
Yes, much of the FAR and BEC tax related stuff is relevant.

-Missy, for the record, I've often appreciated your continued participation in this forum.
Now a CPA myself, I will try and follow your example.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Aaron and Skynet: +1

As an older one greatly benefiting from current suicidal government policy, the lesson learned from the 2003-2004 suicidal policy was to jump ship within 4 years. While Yellen was responsible for a reckless dose of adrenaline to the heart pre Trump, the last two Congressional chest taps of methamphetamine have those of us managing financial firms- financial funds more than a little concerned. That much drug should take it high as a kite until the heart explodes.
–Enjoy the ride for a few years. Have a good parachute. You will probably need it. 2008-2009 may look like minor league practice. Goal is to be retired by 202. We're still debating whether to be out of the country by then, though US govt now greatly limits our ability to move assets. Currency hedges will most likely be the best thing we can do.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

CoachEmUp,

Thank you for this write-up guide of your experience.
I am in the middle of a similar experience, and I could never find a good answer.

In my case, we expected to move to Massachusetts (MA). Therefore I began the process for being licensed in Massachusetts.
During the 18 months of studying and exams, our family there passed away and our friends there moved to Hong Kong for significant work promotion and life quality improvements for both. Then MA also did away with the non-attestation license. Just to make sure that we totally gave up the intent to move to MA, right after passing the 4th exam the Dec 2017 Tax Reform cleared Congress. With our business' financial structure, moving from Florida (FL) to MA would have resulted in nearly twice the taxation.

Thus after taking the tests to be licensed in MA, I am applying in Florida.
In the MA to FL switch, I qualify in both states via the hours requirements. FL is not yet with NASBA (https://nasba.org/) like MA, but NASBA does have an online ability to request the scores be transferred. FL does require some physical paperwork to do this, but it can be submitted either electronically or via snailmail to NASBA and they will process it.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

What is the status for you two?

How did you send in your applications? Online or via mail?
How do you check updates?

I have not submitted yet, and am wondering how long it will take.
Mitigating factors are: I am waiting on the final Congratualtions letter, then transferring scores from the state where we thought we would be moving when I began this process 2 years ago. As all 4 of our reasons for moving there got crossed off, we decided we are quite fine where we are at here in Florida.

Your advice and insight would be greatly appreciated, as the process influences how I block out the next 5 months of our company and possible 2019 full privatization of our General Partnership.

Ne'O in Sarasota

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

PonyUP,

It is good you have CPAs around you. That will help.

I'm surprised Wiley lectures and servers are failing you. Over 18 months of studying, there were a number of annoying issues- but I only think I ran into “down server” once.

Color coding did help me. Usually the first pass through the books, I stuck to yellow highlighter and black finepoint pen for notes.
After doing some quizzes and short exams, the second pass through books would have me using different red or blue inks to add to the layer of notes.
Items I discovered from the quizzes to be particularly important might get further highlighted with pink. I tabbed up my Wiley FAR book, and photocopied some of the better Becker parts to tape into the Wiley.
Do whatever works for your learning style. Both my Audit and Far books are someone dog-earred and marked up fiercely.
Just early on try to develop a hierarchy as to how you mark up the books. Yellow highlighting 1/3rd of every page defeats the purpose. Also using 5 or 6 highlighters just turns your book into a bowl of Fruit Loops between 2 covers.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Calvinus-

Not knowing what text you are using, I would say that Wiley was fairly good for REG and BEC. Especially with Wiley's test banks.

I couldn't recommend Wiley for AUD, and definitely NOT FOR FAR.
The phonebook that Wiley produces for FAR should be used perhaps after Becker?/Rogers? as a back up reference while doing exams or quizzes.
My opinion is that it shouldn't be the backbone.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Ne’O]

Maverick87,

You've been around the same forums I have for quite some time. It is great to see you, mtaylo, and a 2 or 3 other long term GI Joes and Janes finally get up and over the Wall.

I'm with Ana in being one of the two bosses in my work. It isn't financial gain for us, but certainly going to help long term in the operation of our companies and partnership.
It will probably be at least 2 months before I get my CPA paper and can put it next to my other 2 qualifications. It probably the last one I will ever get, and was the toughest of the three.

If our office, I'm going to be sure the CPA goes over the CFA.

-Yes it's Ne'O.

AUD:  72, 89

FAR:  71, 80

BEC:  83

REG: 82

Newbie CPA Candidate

[Author]

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