The “Should I Wait” Debate

The most common question I get concerning the CPA Exam is “Should I take until later to take the CPA Exam?

 

The answer to this is simple and easy:  NO! 

TAKE IT AS SOON AS YOU CAN

 

 

As soon as you complete the educational requirements for the CPA Exam, you should begin taking it.  Why?  I’ll explain.

 

There are two major enemies to be defeated in taking the CPA Exam: TIME and MONEY.

 

We’ll tackle the smaller one first: MONEY

 

“Jim, if I wait until I get hired by a firm, they will pay for my CPA prep and the test itself.  Shouldn’t I wait until I get a good job?”

 

The formula is simple:

 

Earning potential Now < Earning Potential after the CPA Exam

 

Yes, many employers will pay for your certifications and education.  The reason they do this is because its WORTH IT for them.  You are more valuable having passed the CPA, and the sooner you pass it, the sooner you make more money.

 

“But Jim, I actually don’t have $3,000-$4,000 to spend on the CPA exam right now.”

 

Look, I don’t want to involve you in my personal finances,  but my situation is this.  I have some money saved up;  I am will ALL of it and a little more on grad-school and the CPA exam.  Why?  There is no better investment then investing in yourself.  I know, its cliché, but its true.  You should be able to manage your finances enough to save and borrow enough cash to do this; you are aspiring accountants, after all.  

 

There’s another psychological benefit for spending your own money on this:  you are more likely to succeed if you spent your on cash.  Additionally, if this puts you in debt, FAILURE IS NOT A OPTION.

 

I always run a little faster when there is a bulldog chasing me.  Just sayin’.

 

Now for the bigger beast :TIME

 

 

Yes, you are working full time.  And you are taking night classes.  Also, you have kids, and tax season is coming up in less than a year and you just don’t have the time to study.  

 

Right.

 

Look friends, you will NEVER have time.  Not now.  Not in a year.  The end of the quarter is always coming and your personal life will only get more complicated.  So do this:  Pull out your 2009 calendar.  Mark a date you will take the 1^st exam.  Send away for your transcripts today.  Get some review materials today  Set up a reminder in Outlook (CTRL+SHIFT+K) four months before that date to mail the Notice to Schedule.  And then force yourself to study.

 

 

 

I have a confession.  I haven’t been studying nearly enough.  And I just might push my Audit exam off from November till January.  Oh well…

 

If you want to take and pass the CPA Exam, do not wait.  Remember, this quest is not for everyone.  I’ve met extremely intelligent individuals who have worked for big 4 accounting firms who have never passed the CPA.  Their employer literally made them sit for it, and they didn’t pass.  Why?  Because the motivation to do this must come from within.  There has to be a fire inside you to get it done.  Some people have it.  Some people don’t.  

 

Have a nice day everyone!