I am a guest poster over on the accounting/audit industry blog re: The Auditors, which is authored by Francine McKenna. Ms. McKenna covers the ongoings of the Big 4 and has twenty-plus years of experience in the professional services environment, including tenure both in the US and abroad at PwC, KPMG/BearingPoint, JP Morgan and Jefferson Wells/Manpower. She leads McKenna Partners LLC, a specialized consultancy, advising other professional services firms, especially those with interests in Latin America.
Someone left this link in a comment to another post and I found it highly relevant today (and perhaps even more so given the current state of the job market) even though it was written mid-2008. Accounting graduates are flooding the streets according to CFO magazine (a subscription to the mag is free, by the way and is an easy way to pique the curiosity of your brown-nosing co-worker who will throw anyone under the bus if they feel it will make them look good to management… “what? he's reading CFO magazine? why don't I get CFO magazine? does he think he's going to be CFO or what??? grrrrrr…did the company pay for the subscription? I bet they did. why didn't I get one? that's it – I'm done with this place…no one appreciates ME!!!” ) I know I'm preaching to the choir here, but being a CPA will set
Here are my predictions for the January/February 2008 Wave 1 (NASBA) release. Keep in mind that approximately 75% of all eligible Wave 1 scores (exams taken January 2 – February 7) will get released in Wave 1. The rest will wait until Wave 2. If you don't get your score in Wave 1 and you should have, don't read too much into it. For those new to this little waiting game, the Illinois Board of Examiners site is the best place to go to see what is going on with score releases. Typically, IL, CA, and VA release their scores on their own state websites and NASBA follows suit with their score release one to two days later. By no means is this a perfect science, but the margin of error on any given prediction should be no more than two days. With that said, sometimes they switch AUD and
It is widely believed (and I held it to be true up until today) that only one simulation is graded on the CPA Exam. This is not true. Someone passed on to me some information from a contact at the AICPA in New York that both simulations are graded, but only one written communication is graded and the other communication is pre-test and doesn't count. This doesn't really affect anything that you do on exam day – it just reinforces the fact that budgeting enough time for the 2nd simulation is very important. Thanks for reading.
I got a nice little packet in the mail last Saturday containing my four passing scores and their respective dates along with info about getting certified/licensed etc. The packet was from my state board of accountancy, but the scoring letter was from NASBA. NASBA apparently sends your state BOA the letter with your scores and then your state BOA sends it onto you in their “welcome to the club – sort of” packet. After I got my passing score online for FAR, I bought the ethics course from the AICPA, passed it, and submitted my paperwork to my state BOA before ever receiving any *official* confirmation from my state BOA. My state BOA had my certificate paperwork ($25 check for the certificate + a signed oath that I believe in the US Constitution and witnessed by another CPA who has to write down their certificate # along with their signature)
I'm not really sure why this is. I'm guessing that there's a logical reason why the CPA Exam pass rate dropped almost 9% overall in the fourth quarter compared to the third (feel free to clue me in if you know…maybe it's obvious and I just don't see it). The average passing rate for 2008 was 48.6% overall, which means that in a given sitting for a single section, 48.6% of the candidates passed that particular exam. Get the CPA Exam pass rates.