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Any CPA's Out There?
I'm considering taking the CPA exam, but am curious of others experience with it. For example, how much studying a week should I be committed to? Will the Becker review cover topics in enough detail that I have not had formal education in, like tax for instance? How many tests should I expect to pass on the first time? Is 3 unrealistic?
Here's some background on me that might help. I have a undergrad in Business with an Accounting minor and an MBA, all of which I graduated with honors. I'm a pretty good test taker, but am concerned that I haven't taken all of the usual accounting classes in school. I have worked in accounting/finance area for the past 6 years so I have definitely learned quite a bit on the job. If I move forward with this, I will be taking the face-to-face Becker review (2 evenings a week for 4 hours each). I have read that you need to spend 30 hours a week studying, but I'm not sure I can realistically commit to that. I could do 26 hours (4 hours M-Th and 5 Sa-Su), but is that enough?
Re: Any CPA's Out There?
How many hours/week you need to study really depends on you. I did the Becker classes, but switched to just watching the CDs, because actual classes don't necessarily help me. I need to study on my own to learn things. I don't think I spent 30 hours a week, but that doesn't mean someone else might not need that. I was working and just generally don't like studying so I just did the bare minimum (I didn't really have a specific # of hours/week) and my results showed that. I got mostly 76s, which is just a couple of points above the pass score.
I think your background is fine. The 4 sections are all different (auditing, business/economics, financial accounting/reporting and regulation). I do think the Becker course will cover enough information. My undergrad was in economics and masters in accounting, but I didn't take the CPA until 3.5 yrs later, so I had forgotten most things I didn't use, like taxes.
You take one part at a time, though you can obviously schedule to take more than one part on the same day. But it's not like you have to take all 4 parts at one time (as they did a number of years ago). If you'll pass your first time depends on you. No one can give you an answer to that.
Hope this helps!
This is so encouraging! Thanks for your advice.
I really would like to get my CPA, but I was just worried that it wouldn't be possible to pass. So I'm trying to make sure it is possible and that I'm willing to commit to it 100% before I take the dive.
Thanks again!
I pass the CPA exam and I am pretty sure I didn't study 30 hours a week. Becker suggests you watch the classes and do all the homework, and I didn't really spend a lot of time on the homework.I recommend spacing out the exams, though, in order to concentrate on one section at a time. You have a year and a half to complete and pass all four.
Also, my brother in law recently studied and passed for the CPA exam without much of a formal accounting background. He majored in finance and then did an MBA, so he took the basic accounting classes. Somehow, he was able to meet all the requirements for the exam. Just by using Becker he was able to pass all four sections on the first try, so it's possible. He definitely studied more than I did for each section, but some of the stuff he was learning for the first time (like the tax sections and heavy financial accounting).
Hope that helps!
Don't let anyone fool you, you have to study HARD for the exam and learn how to take the exam because questions are set up to trick you. That is where the Becker course really comes in handy, they should help you learn how to answer the questions correctly.
26 hours a week should be enough, but it depends on how you study. Plan to spend as much time as you can, because it really sucks if you make an effort, but don't pass by a few points because you didn't study enough.
Of course, I passed when it was not a computerized test, so I think all of you have it SO easy because we couldn't take one part at a time.
The exams are much harder now, and cover more detailed simulations than the old exam (and more regulations on international standards starting in jan 2011), I wish I could have taken that one! I used becker and studied for each section for about a month at 15-20 hours a week, I passed all of them within 4 months. Just be prepared to wait, the last one I took July 3 of this year, I didn't get my score back until last Friday! ugghhhh, also, plan on spending extra time on the BEC exam, it is only multiple choice and you have to memorize a million formulas, so it is harder than the ones where you get points for researching and writing up memos/doing tax forms.
http://www.ascpa.org/Content/38248.aspx
The article linked talks about the 2 formats. I don't know if one is harder than the other but understand where aplugg is coming from. Having to take all sections during the 2 days in either November or May must have been exhausting, just based on the fact that one had to study for all sections at once.
This is not true. Each exam format has/had it's pro's and con's. What was difficult for me in the original format was that I had to study for all 4 parts and sit for all 4 parts for the first 2 to count. Once I passed the first 2, studying for one or two sections at a time was much easier. I would have loved to be able to schedule time to take the exam when I was ready and not have only 2 times per year to sit for it.
And also, it's not like the original exam didn't get updated for changes.
New material is always added if new FASB's or tax regulations changed and/or were added. If the old format was still being used, the material would still be updated and changed for IFRS.
Take Becker, do what they tell you to do. Go to the classes, work the practice exams, use the flashcards (I LOVED those flashcards!!) and take the practice exams. To be honest, I didn't think the exam was that hard because I was extremely prepared. I studied for the exam while working in public accounting on a public client - I truly did not have much of a life but I was rewarded by passing the first time with high 90s on all of my exams - I took the pencil and paper exam.
My husband, on the other hand, did not study at all. He took Becker...well, he enrolled in it, he didn't really do much and passed the first time...75...75...75...75. He, by the way, studied and took the exam while in law school. Sigh.
It is a hard exam because it tests at an extremely detailed level but if you do what Becker tells you, you will pass.