June 22, 2018

How Do I Prioritize Taking the CPA Exam, Finishing a Masters in Accounting and Getting a Job?

If you have a career related question that also involves the CPA exam (like “should I take it before I try to get this awesome job at x firm?” or “Will I still get hired if I have a CPA and therefore scare the crap out of recruiters who want me to be as moldable to their whims as possible?”), please email me directly. Emailing [email protected] will just mean you getting trapped in Caleb’s inbox for weeks.

Now then, today’s reader question comes from a finance world immigrant looking to elbow his way into public accounting:

I graduated in 2005 with a Finance degree, I spent one year as a Staff Accountant then moved onto to become a Corporate Financial Analyst for the past 4 years. I am interested in making the change to public accounting and began the MSA program last year to get the requisite hours, I’ll be eligible for the CPA at the end of the Spring Semester but won’t quite be finished with the MSA program. There is the background…

…now my question is would I be better off staying in my current position and finishing the master’s program before I take the CPA and find a new job? Or would it be more beneficial for me to attempt to find a lower level job at a firm during the spring semester to start getting some experience, then attempting to take the CPA next fall? I’m eager for a change, but I would like to know what the best course of action might be and if it’s realistic to think I could find a CPA firm job before I have finished the master’s program or taken the CPA exam. Thanks for your help.

Here’s the obvious disclaimer: I am heavily biased towards the CPA designation for many reasons.

Firstly, having one obviously makes you more employable because it shows a level of dedication that employers salivate over. Forget all that junk about a CPA showing that you know your stuff, getting one shows that you have the ability to grind through months or even years of studying your ass off, which employers are into because it means that you might just show the same sort of dedication to ticking and tying.

Secondly, having a CPA allows access to a professional network that cannot quite be accessed from the fringes (read: unlicensed fringes) and puts you in a different caliber. For someone trying to break into public accounting, having a CPA (or being darn close minus the work experience) right off the bat can put you on the fast track to career advancement that might otherwise be out of reach were you to both come from another industry and lack a CPA. Just my 2¢.

All that being said (possibly in more words than were necessary), yes you can find a job with a CPA firm before you have passed the exam but the best avenue to take is always to tackle the exam as early as you can before you get involved in life, work, family… you know, all that stuff that will turn into excuses for not having time to study later. Even your best-laid plans don’t always turn out as well as they appeared on paper, so that low level gig at a firm (if you can get one) might turn into a longer-term position that you can’t or won’t walk away from. Ask anyone who has studied for the CPA exam while grinding out their first year in public accounting if you need more clarification on just how large a pain in the ass that plan can be. You know, if you’re planning on having a life.

My suggestion: take the CPA exam as soon as possible and put your feelers out in the job market. Don’t bank on a CPA firm position landing in your lap but if you find one, it will be best to have as much of the exam done as you can get before you actually start. Good luck!

If you have a career related question that also involves the CPA exam (like “should I take it before I try to get this awesome job at x firm?” or “Will I still get hired if I have a CPA and therefore scare the crap out of recruiters who want me to be as moldable to their whims as possible?”), please email me directly. Emailing [email protected] will just mean you getting trapped in Caleb’s inbox for weeks.

Now then, today’s reader question comes from a finance world immigrant looking to elbow his way into public accounting:

I graduated in 2005 with a Finance degree, I spent one year as a Staff Accountant then moved onto to become a Corporate Financial Analyst for the past 4 years. I am interested in making the change to public accounting and began the MSA program last year to get the requisite hours, I’ll be eligible for the CPA at the end of the Spring Semester but won’t quite be finished with the MSA program. There is the background…

…now my question is would I be better off staying in my current position and finishing the master’s program before I take the CPA and find a new job? Or would it be more beneficial for me to attempt to find a lower level job at a firm during the spring semester to start getting some experience, then attempting to take the CPA next fall? I’m eager for a change, but I would like to know what the best course of action might be and if it’s realistic to think I could find a CPA firm job before I have finished the master’s program or taken the CPA exam. Thanks for your help.

Here’s the obvious disclaimer: I am heavily biased towards the CPA designation for many reasons.

Firstly, having one obviously makes you more employable because it shows a level of dedication that employers salivate over. Forget all that junk about a CPA showing that you know your stuff, getting one shows that you have the ability to grind through months or even years of studying your ass off, which employers are into because it means that you might just show the same sort of dedication to ticking and tying.

Secondly, having a CPA allows access to a professional network that cannot quite be accessed from the fringes (read: unlicensed fringes) and puts you in a different caliber. For someone trying to break into public accounting, having a CPA (or being darn close minus the work experience) right off the bat can put you on the fast track to career advancement that might otherwise be out of reach were you to both come from another industry and lack a CPA. Just my 2¢.

All that being said (possibly in more words than were necessary), yes you can find a job with a CPA firm before you have passed the exam but the best avenue to take is always to tackle the exam as early as you can before you get involved in life, work, family… you know, all that stuff that will turn into excuses for not having time to study later. Even your best-laid plans don’t always turn out as well as they appeared on paper, so that low level gig at a firm (if you can get one) might turn into a longer-term position that you can’t or won’t walk away from. Ask anyone who has studied for the CPA exam while grinding out their first year in public accounting if you need more clarification on just how large a pain in the ass that plan can be. You know, if you’re planning on having a life.

My suggestion: take the CPA exam as soon as possible and put your feelers out in the job market. Don’t bank on a CPA firm position landing in your lap but if you find one, it will be best to have as much of the exam done as you can get before you actually start. Good luck!

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Elijah Watt Sells Award Recipients Make the Rest of Us Want to Puke

The AICPA announced the winners of the Elijah Watt Sells awards yesterday. For you mere mortals, this is an award for the 10 highest cumulative scorers on the CPA exam.
Glancing over the recipients we notice that two Big 4 firms (KPMG and Deloitte) enslave employ five of the recipients. A couple of recipients work in industry and a few more work for smaller, local firms.
This leads to the obvious question of why the hell P. Dubya and E&Y were totally shut out? Grant Thornton and BDO were also blanked. Are the honchos at the Radio Station and Big D giving the worker bees more time to study? Are P. Dubs, E&Y, et al. cutting out the bonuses for passing and thus destroying anyone’s motivation for passing? Are those of you looking to pass already choosing between eating and sleeping (and maybe sex) so studying just isn’t happening? Sells was a Big D founder so maybe the whole thing is rigged? Thoughts anyone?
Oh and congratulate the recipients while you’re at it (without vomiting on them).
AICPA-HONORS-TOP-CPA-EXAMINATION-PERFORMERS.pdf

We’re Here to Listen to Your CPA Exam Stories Because We’re Solid Like That

Cpa_exam.jpgOkay, so the purpose of the Elijah Watt Sells post was not to make any of you feel like you’re lesser accountants. We just figured that a good portion of you were hung over today and the story of 10 individuals that got vomit-worthy scores on the CPA exam would get you past the nausea and running to the bathroom to lose that 3 am breakfast.
Now that you’re feeling better, we want to appeal to the rest of you. We want your CPA exam horror stories. Not because we want you to send you running back into the bathroom to sob in the stall. Not because some people we know passed all four sections in one sitting and don’t have any good stories. No, no. We want your stories because we here to listen to you. Besides, they’re probably funny now anyway. Aren’t they? Even if you’re still mortified or pissed off, this your opportunity to vent about it.
Sooooo, did you run out of gas on the way to the exam site? Did your computer crash with 10 minutes to go and you had to re-take the entire exam? We’re you caught cheating?!? Or watching porn? Impress us…