Audit results, and a Question from Haily

Last week, I received my results for Audit in the mail.

86

I haven’t been blogging much because I started a new job.  And they have this thing called Tax Season.  Apparetnly, this ‘Tax Season’ is this complicatioed system  that exsists purely to give me a job.

In this economy, I don’t mind.

Anyway…

I took Reg last Monday.

After putting in 139 hours into Audit, I only put 65 hours of study time into Reg.  If there is a portion I really might not pass, its this.

However…

I’m DOING taxes all day.  Partnerships, S-Corps, 1040s, trusts, C-Corps, yeah.  I mean, you still have to study.  Knowing the details of Prosystems will NOT help you on the CPA exam.

So I just might pass this thing.   Wish me luck!  With that, I have a quesition from a reader.

Hailey:  Hi,  I’m considering taking audit and Reg together?  do you think it’s a good combination?  Or should I just focus on one exam.

I think you are out of your mind.  If I were you, I wouldn’t mix Regulation with ANYTHING.  Words mean different things in different parts.

For example: What is a capital asset?
It’s a very different answer in federal tax law than GAAP.
Furthermore, I don’t really think you should mix your studying.

Watch this video from Becker. It’s the best explanation of exam scheduling, even though I don’t endorse their products.
You should study for 1 part at a time.

I’m taking 2 parts during the first testing window.  Audit on 1/5/09, and Regulation on 2/23/09.  I’m taking a break through tax time, then taking Business in the beginning of June, and Financial at the end of August

If you want to pass all 4 parts in one testing block (2 months), do the following.

1.)    File the Notice To Schedule
2.)    Quit your job / school / romantic relationships
3.)    Schedule the first part on the first day of the testing block. (Blocks are Jan-Feb, Apr-May, Jul-Aug, Oct-Nov.) Lets say July 1st.  Your last part will be on the last day, Aug 31st.  The other two parts will be in three week intervals in between (July 21 and Aug 10)
4.)    Remember, the Notice to Schedule takes 5-8 weeks to process, so get your transcripts together, and wade through the paperwork.  Also, testing fees will run you $1,000.
5.)    Good luck.  You’ll be studying through June for the first part, July 1st.  You’ll have three weeks per part.  You will have to put in about 6-8 hours every day.  With breaks, that will gobble up your whole day.

Good luck!

Time:
Reg: 65 hours
Audit: 139 hours
Cost: $3546

Questions From Readers.

From Judie: What review materials are the best for the CPA Exam?

Judie, I wish I knew the answer.  Here is a short list.

I use Becker Review, but its quite expensive, ($2500).  You’ll see me complaining about them.  Actually, the software is outstanding, but there are aspects of the program that annoy me.  If I were to do it again, I’d pick something else, unless they improve some aspects of the experience.

Roger CPA offered me a section, so I’m going to have a friend of mine test it out and write a review coinciding with her study plan ($1,600)

I don’t know anything about the rest, except cost.  There’s Yager ($1,500)

Exam Matrix ($700)

And Kaplin ($1120)

I’d love it if you tried one out, and let me know how you like it.  You could write a review and post it here.  But whatever you do, sign up for something.  I can’t imagine anyone passing without one of these products.  So… take Exam Matrix, and tell me how you like it!

From Jeremy: How does the Becker software work on your Mac?

Umm… it doesn’t.  add this to my complaints about Becker, which has market domination in my area and costs about $2500.  I don’t know what is involved in making the review software compatible with Mac, but theirs isn’t.

It is possible to run Windows on a newer Mac (as long as it has a Pentium chip in it).

Here’s what I did
1.) Install OS X
Newer Macs have this already.

2.) Partition the hard drive and install Windows XP. (everyone says bad things about Vista.)

I’m not much of a techie.  Messing with the operating system on my computer is pushing the upper limit of my abilities.  The software works just fine on the Windows side of my computer?

Jarret:  How did you do on the test ( Audit)?

I have no idea.  Actually, I’m going to be really pissed if I didn’t pass it.  Its been 4 weeks, I should find out any day.  Wish me luck.

Which part should I take first?  Why did you take Audit first?

This is the most common question I get.  Look, I don’t think it matters.  I took Audit first because I was working in an Internal Audit department and I felt it was more acceptable to have my head in a book marked ‘Audit’ than something else.  I got a new job in the Tax Department at a public accounting firm.

So, since I’m in a lot of tax training for work, I may as well take Reg.  All tax, all the time.

FAR has the most material, but it is also most similar to my college studies, so I’m not all that worried about it.

You should take the part that you think will be the hardest.  That way, if you fail the first part, your 18 month window isn’t started yet.  If you still have no idea, take BUS, because you probably have the least exposure to the material so far.  But… it doesn’t really matter.

Sandy: Why don’t you blog more?

Well, I have the same pile of excuses as always.  Busy busy.  I have a new job working 6 days a week, and I’m taking Reg February 23rd.  I’m WAAAY behind on studying too.  I also taught my son how to ski.

-Must be a board meeting…

Study time:
Reg : 40 hours
Aud : 139 Hours

Cost:
$3546

How did I do on the test?

I took the Audit Exam on Monday.

Taking the Audit Exam feels somewhat like having a spoonful of your brains scooped out and spattered all over the screen. Its four and a half hours.

First the facts:
I was under the impression that the multiple choice questions and simulations were somehow separated. They aren’t.

Becker suggests 40 min per each of two simulations. NO WAY. You need at lead an hour. Actually, 4.5 hours seems like plenty of time to finish. But that’s just me.

They say it takes many weeks to get results. I’ll let you know how I did.

Second, the feelings:

Friend: How did you do?
Me: Terrible.
Friend: I’m sure you did fine. Everyone feels terrible after taking that test
Me: Thanks.
-
Becker claims that 80% + of the students who take their course pass the exam. No way. Not possible. I do not feel confident how I did. If someone offered me a coin flip, heads I pass, tails I fail, I would gladly flip the coin right now. Ugggggg.

I started Reg Class Monday night. I asked some other students how they did in audit. With answers like, “62” or “I didn’t actually take it” left me somewhat concerned.

Oh well, on to the next!

Time:
Reg: 4 hours
Audit: 139 Hours

Money: $3546

Confessions the night before the test

It’s the night before I take the first part of the CPA Exam.

Audit.

I don’t feel prepared.  I feel a little burnt.

I just took one of those ‘full exams’ from Becker.  The results are sobering and depressing.  I want two more weeks to study.  I want to refocus and redouble my efforts.

I want to not be doing this at all.

Alas, tomorrow night, I start my Regulation class.  I can’t delay Audit.  I can’t put it off.

I don’t feel I used all the tools provided me.

I don’t know all the mnumonics.
I don’t know all the flow charts.
I didn’t touch the ‘final review’ software.
I didn’t memorize all the flash cards.

I DID listen to all the lectures three times.  I DID take all of the multiple choice three times.  I DID look at most of the simulations.

Ugg… I’m nervous.

I put in 8 hours of studying today.  Its 4PM .  I’m not studying any more today.

In a minute, I’m going sledding with my kids.  After that, I’m having dinner, drinking a glass of wine, and going to bed early.

Tomorrow, the morning of the test, I’ll have eggs and toast for breakfast.  I’ll get to the testing center so early, they probably won’t even be open yet.  I’ll have overpriced coffee at Starbucks, and then sit for the test and do my best.

I’ll let you know how it goes…

If it doesn’t work out, I can always go back to lion taming

-

Time – 135 hours
Money – $3546

Time is ticking away…

It seems I haven’t posted in a month and a half.

 

Shame on me.  Let me update you on my studying for the CPA exam.

 

1.)I am running out of time for studying for AUD.  I take the exam the Morning of January 5^th.  As of my writing, that’s a little more than 3 weeks!  Yikes.  Time is ticking away.

 

 

 

 

 

I’ve spent a lot of time studying.  I re-watched Becker Review’s lectures and worked through the multiple choice questions again.  

 

The next post includes all of the items I’m forcing myself to memorize.

 

This weekend is reserved for Simulations (yay!).  I

 

2.)    A regional manager at Becker Review, Mike Brown, responded to by Becker Review Reviewed post.  I’m going to respond to his response in the coming days.  I invite anyone else to share their thoughts.

 

3.)    Becker Review also asked me to review their ‘Final Review Product’.  This is an additional $575 product ($675 if purchased af.  I will see how it is.  Disclosure:  They provided me this free of charge, probably because I have a blog and I complained about their product.  Call it a scholarship.  Just like movie reviewers get free tickets.  If anyone else wants to give me free stuff, please e-mail me or leave a comment.

 

4.)    Just to reiterate, I gave Becker a bad review.  Their software expires after 1 year which is completely ridiculous. I will not recommend their program to others until they change that policy.   

 

 

 

Time – 105 Hours

Money Spent -$3546

 

Becker Review, Reviewed!

So I started Becker classes last Monday.  I have some great things to say, and I have some bad things to say.  So here it is, Becker Review reviewed.  By the way…If you navigated here via the CSCPA website, I need to put in some fine print:

“The opinions of this blog represent the opinions of the author and are not subject to review prior to posting by the CSCPA or any of its affinity partners. The blog is one of several forums facilitated by the CSCPA to increase networking and sharing of information among young and new accounting professionals.”

 

I’ll put everything on a scale of 1-10.  1 being lousy, 10 being great. 

 

1.)    Cost  - 1

If you can convince someone else to pay for it, through a firm, company, or by committing credit-card fraud, GREAT!  Otherwise, its terrible.  Yes, I paid for it myself.  It was $2765.  I paid extra for the flash cards. 

Also, they constantly try to sell you extra stuff.  Flashcards, a ‘final review’ online classes.  On and on.

There should be 1 price.  Everything should come with it. 

But here is the big surprise.  The piece of information that I would have skipped Becker entirely.  All of their software expires after 1 year on your computer.  Since the testing window is 1.5 years, and it takes a while to get the NTS going, its possible to lose access to the software that you paid a **** load of money for right when you need it the most.

They should extend the life of their program to two years, or, quite frankly, indefinitely.  This is why I am down on Becker.

 

2.)    Live Classes – 5

So, you sit in a room and watch a video.  Actually, the video materials pretty good (described more below).  The instructor, who is pretty knowledgeable, stops the video from time to time, and talks for 5 min.  But somehow, with the classes being 4 hours long, I don’t feel that I can get much out of it for the last hour.  I like having a scheduled time and place to take classes

3.)    Software, and testing materials provided – 10

I have taken a lot of standardized training in my life.  I was in the Air Force, after all.  Becker sets the standard of how to teach a mountain of relatively dry material on your computer.  The video shows you what to highlight;  it shows you what to underline.  The video instructor brings a lot of energy to the lecture.  The tests are even sort of fun.  Most importantly, I’m understanding the material. 

Its easy to put in a lot of quality study time with this material.  Its not a typo to say I’ve put 26 hours of studying so far THIS WEEK.  I can see why Becker is so successful.

 

So there it is, a slightly bi-polar review.  I feel there s a lot of room for competition.  I’m suddenly very interested in what Becker’s competitors are doing.

If it was the only product out there, I would say you must get it.  However, its not. 

 

I hope people out there in cyber-land send in reviews of the other CPA Exam review software. 

 

Money Spent -$3,546 (I had to buy windows for my Mac to run the Becker software)

Time – 55 hours

 

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!

Recommendations

I haven’t’ posted in two weeks. I have no excuse. I haven’t been studying either. Ugg… Oh well…

I have some random recommendations today.
1.) Manager-Tools Podcast

I must confess: I am not a manager. No one reports to me. But, if you are a knowledge worker, you should find this site surprisingly refreshing and amazingly helpful.

If you are not a manager right now, listen to:
Building a network
or
Basics of Calendar Management.
Or

Your Resume Stinks!

If you ARE a manager or even a team leader, you need to listen to
The Single Most important management tool Part 1 and Part 2.

This stuff is fantastic. Listen to them all on your commute. I promise you, you will say “I wish my boss did this stuff.” You will not be disappointed.

2.) Getting things done.

Everyone who’s reading this is busy. This will reduce the stress in your life, I promise you. Everyone talks about time-management. Time, however, does not respond very well to being managed.

3.) Send your job interviews forward.

I got a call the other day for a job interview. I wasn’t interested. I told the guy “I’m sorry, I can’t come in, but… would you mind if I took your contact information? I know someone who might be perfect for a job.” I took down his information.
I knew three accounting students who might be interested. I called each one immediately. Within an hour, one of my friends had an interview. Before the week was out, she had a job offer.

This is what networking is all about. Jobs. Don’t waste opportunities when they come knocking. If you can’t use them, send it forward. I promise you, some day the friends you help will return the favor.
Now… 10 reasons I like being an accountant:

“The opinions of this blog represent the opinions of the author and are not subject to review prior to posting by the CSCPA or any of its affinity partners. The blog is one of several forums facilitated by the CSCPA to increase networking and sharing of information among young and new accounting professionals.”

Free CPA Review? Good resourse, but you get what you pay for

New Readers Click Here

Free CPA Review? Good Resource, But You Get What You Pay For

Less than a week after I shelled out some serious dough for a CPA review course, I read an article about a free CPA review course online.

Here is the website: Free CPA Review. Cpareviewforfree.com

So… did I waste 2700 bucks?

Not really. The Free CPA Review site is a great resource. But its essentially a question bank. You can quiz yourself on various sections

of the Exam.

Can you pass the exam after studying only the info on this site? I don’t know. They certainly claim that you can. I’d like to talk to someone who has. However, there is no specific preparation for the written portion on this site.

FreeCpaReview echoes a lot of other information I read about the Exam. If you put in the time and effort, you will pass. If you don’t, you probably wont.

I will add this site to my study resources.

Also, I’ve been studying about 2 hours each weekday for Audit. I will probably take it at the end of November. I still haven’t sent my NTS (I’m having trouble with the school and transcripts, which is a very long, boring story. Ugg….) I may as well start studying early, right?

So Far:

Money: $2775

Time: 8 hours (Audit)

“The opinions of this blog represent the opinions of the author and are not subject to review prior to posting by the CSCPA or any of its affinity partners. The blog is one of several forums facilitated by the CSCPA to increase networking and sharing of information among young and new accounting professionals.”

Now for the Joke of the Day: I’m going to apologize in advance for extreme corniness.

Why didn’t Sherlock Holmes pay any income tax?

Brilliant deductions.