NJSCPA Exam Cram Blog

When that wonderful CPA license finally arrives in the mail.....

When that wonderful CPA license finally arrives in the mail, celebrate but read what the letter says.  You must take the NJ Law & Ethics course within six months and just as important as taking the course, you need to send a copy of the course certificate to the New Jersey State Board of Accountancy within 30 days of completing the course. 

We just heard from the NJ State Board of Accountancy that this isn't happening.  You have worked very hard to get to this point -- take this final step. And..of course I am going to recommend that you take it with us:  http://www.njscpa.org/education/ethics

 

NJ CPA Exam Performance Study for 2012

The NJSCPA just received the demographics for the candidates sitting for the CPA Exam in NJ in 2012.

The average age was 28.8 with 53.8% of the candidates being males. 

Below are the average scores and number of candidates sitting for the exam plus the % pass rate.

 

AUD        1,915 sitting            69.3 average score        39.4% pass rate

BEC        1,580 sitting            70.6 average score        45.8% pass rate

FAR        1,696 sitting            67.8 average score        41.3% pass rate

REG        1,741 sitting            68.9 average score        48.8% pass rate

 

My Final Thoughts and Well Wishes

Hello again friends,

This will be my last post in the blog. I have officially reached the end of my CPA license journey. I sat for the exam beginning in July 2010 and passed my final part in May 2011. Afterwards I took 15 months to complete the final requirements necessary to successfully complete my application for licensure and last week I officially submitted my completed application to the State Board!  

The journey to becoming a NJ CPA is long, but it can be done! I have spoken to many exam candidates over the past two years and I have learned that with a good plan, determination and a lot of hard work you can pass the CPA exam.  

Last year I wrote an article that summarizes my tips and tricks to successfully passing the exam (“Just stick to the F.A.C.T.S. - 5 Tips to Pass the CPA Exam”: http://bit.ly/mUZriD). Take a look at the article and try to incorporate those suggestions into your study plan. With the right balance and plan of action, you will be a CPA!

I’d like to thank all of those who followed my journey. To you all, I wish you the best of luck on your exam preparations and bid you all a fond farewell.

Warmly,

Jerry

The Glass is Half Full

As I sit and write my first entry to the NJSCPA Exam Cram Blog, I’m finding it difficult to know exactly where to begin. My name is Michael Lamela and I’m a staff accountant at FMRTL in Cranford, NJ. After graduating from Bayonne High School, I stayed local and attended Saint Peter’s College for the next four years where I graduated in 2007 with a concentration in Business Management.

When I entered college, I wasn’t yet sure what I wanted to do for a living. I only knew that I wanted to work in business and be successful. As I entered my final year at SPC, it came as a blessing in disguise when I took a part-time job at a small accounting firm in Jersey City. While I never imagined a career in accounting for myself, I found that I actually enjoyed the work. Once my first tax season came around, I even got to prepare my own tax return and I became very interested in the area of individual taxation.

I was offered a full-time job following my graduation from SPC and made the decision stay and become a full-time accounting nerd. This meant that I would now have to go back to school and obtain additional credits as well as a concentration in Accounting (I never considered remaining in the profession without the intentions of becoming a CPA). While going back to school right after graduating was not part of my initial plan, I accepted the opportunity and worked towards a Masters in Taxation.

So here I am, five years into my career as an accounting professional. I’ve completed the credit requirements to become a licensed CPA in the state of NJ, and I began the process of studying for the CPA exam about a year ago upon graduating from SPC with my Masters. I chose to do Becker’s self-study, as I could not imagine coming out of tax season and into a summer full of Saturday CPA review classes.

I started by taking the REG and BEC portions of the exam last summer, however I did not pass either on the initial attempt. Fortunately, I was able to focus and bounced back by passing both sections within the same testing window in November of 2011. Since then, I allowed myself to become a little too comfortable in my studying habits and after now failing the AUD portion twice this summer, I’m in need of some motivation. The pressure is on to finish this year, prior to the start of another tax season. And while the task may seem daunting, it’ll be well worth the time and effort I put in.

Throughout the remainder of my testing, I look forward to sharing my own personal experiences with those who have entered this struggle with me and those who are just beginning the process. Soon enough I hope to be spending less time with Tim Gearty and Peter Olinto (Becker’s Instructors for those are unfamiliar) and more time with my fiancé, family and friends. Happy Studying!

Mike

Some Post-CPA exam / Licensure insights

Hi everyone,

It seems like forever since my last post but I did want to jump in with some information surrounding the post-exam process which has kept me pretty busy for the past year.

As all of you know the exam is only one of the 3 E’s (Education, Exam, and Experience) necessary to attain your NJ CPA license. I was partially completed with both my education and experience requirements at the time I completed my CPA exam so after passing I needed to concentrate on completing both of those eligibility requirements ASAP.

To complete my education component I enrolled in the Masters of Science in Taxation (MST) program at Fairleigh Dickinson University in September 2011 and pushed myself for 9 months to attain the 12 credits I needed to get to my 150 total. For anyone in the tax field, I strongly recommend enrolling in a MST program. It’s incredible how much you will learn and the skills you will develop being back in the classroom setting.

For all those with credits remaining, before you enroll in your local community college and take nonsensical classes to get to the 150 credit total – take a moment to consider a Masters degree. Whether it be a MST, Masters of Public Accounting (MSPA), Masters of Accounting (MSA), or Masters of Business Administration (MBA) all are very worthwhile degrees and would look great on your professional resume.

I should mention that if you do not have 150 credits at the time you applied for your initial NTS, you must submit to NASBA Licensing Services a transcript of the remaining credits you earned before you can begin the licensure application process. Only after the exam and education components are complete will the NJ State Board of Accountancy send you a letter informing you how to apply for your license.

Finally, after working for nearly two years at Deloitte I knew that I had the necessary experience required for my license application, however it is important to keep one thing in mind for those of you who work in the tax area. Be sure that when you complete you application at least 25% of your public accounting experience is in the scope of auditing services. This can trip a lot of people up and hold many tax professionals from attaining licensure.  A former blogger and friend of mine, Kunal Mistry, wrote about his experience applying for the license as a tax professional: http://bit.ly/gxI5TG. For more on this you should also review the NJSCPA license page at: http://www.njscpa.org/index/students/cpa-exam/requirements.

-Jerry

Atlantic City, a Kennedy, and CPA-Envy

Last week, I had the privilege of attending the 2012 NJSCPA Convention in Atlantic City.
Although my invite was slightly last minute, I didn't have a problem throwing half my closet into a suitcase and heading down to A.C. on Wednesday morning (a girl can never have to many options!). While at the convention, I attended a variety of seminars, some more riveting than others. Most memorable of the bunch being Edie Wiener and Robert F. Kennedy, Jr. -- both of whom, I cannot decide, are either absolutely brilliant or completely off their rockers. Although, I think one has to be a little crazy in order to have big ideas like these two (Edie about the future and Mr. Kennedy about the environment).

Perhaps most important of the things I learned at the convention was about the honor that comes with having the designation "CPA." I know this because I do not yet have this designation, as you all know, and I couldn't help but think of how nice it would have been to not have had to explain, while networking, that I was not yet a CPA but studying. This feeling was definitely a kick in the pants for me as it forced me to come home Friday and diligently study for the entire weekend.

Over the past week, since I've last posted, the thought of being a CPA has definitely kept me going, study-wise, and I believe it will carry me through the summer. As more and more co-workers in my office pass, I find myself taking the exam more seriously than I probably ever had before. Who says a little competition isn't healthy? With that thought, I hope to begin chapter 5 this weekend, as my test is 23 short days away! Here's to keeping focused.

Happy studies!

Lauryn

Farewell, NJSCPA Exam Cram Blog

Hello, fellow NJSCPA Exam Cram Followers:

To start off, I would like to extend a warm welcome to all of the bloggers who have joined within the past few months! It's a long journey to becoming a CPA, and it's great to have support or at least an outlet for our rants and triumphs. Speaking of which, I have a multitude of successes, and a few struggles, to share with you since my last post. Please forgive me for the time lag.

In December I shared that I passed all 4 parts of the exam - so, you might think that life just got a lot easier, right? Well, in one respect, a huge burden was lifted, however; life-events coupled with work (i.e. busy season) replaced any relief that I was feeling. I unexpectedly found myself in the midst of purchasing a house! I wasn't actively searching for a house, but an opportunity arose that I couldn't let pass by. I was surprisingly approved for a mortgage and I closed on the house on January 17, 2012.

Wanting to enjoy every part of being a new home-owner was met with an equally opposing force: busy season. Going into my first busy season, I had some preconceived idea of the hours that I would be working and the deadlines that would be set, but never did I envision working 80+ hours per week with barely any time for friends, family or even sleep. Luckily, I can equate my busy season to a sprint, rather than a marathon. Although I faced some long hours, and weekend work, it was only for 4 weeks, as my client pushed to file their 10K in mid-February. To the PwC engagement team, this meant a week of r&r was to follow; and trust me, it was absolutely necessary!

Looking back on my experiences during busy season, I can whole-heartily say that I learned a tremendous amount; more than I ever thought possible. I learned the importance of teamwork, effective communication, and most importantly work-life balance. I was exposed to a number of audit areas and many different people. I am fully convinced that busy season has taught me more than any college course or CPA exam ever could; HOWEVER, having a strong foundation and background knowledge immensely helped me excel in the work that I performed.

Before I say my final goodbye, I would like to leave a few words of advice to those in the midst of studying or launching a career in accounting:

1. Make the most out of every opportunity you are given; whether it be placing dinner order for the team or tying out the 10K; every experience has the potential to be a learning experience. The relationships you establish throughout your career, even in your first year, will be a critical factor in your succession through work and through life.
2. As challenging as the CPA is, remember that it is vital in establishing a strong accounting background. It will set you apart from your peers and open many doors. Spend every free minute embracing your review material and set the exam as a high priority. It is easier to complete the exam early in your career, even if it means forgoing a weekend with friends in Atlantic City.
3. Find what studying routine works best for you and stick to it. I studied best in the morning, so I would force myself to wake up 2 or 3 hours before work and study. I also learned that I needed to listen to the Becker lecture first, read the chapter on my own second, and practice with the multiple choice questions last. I also learned that the simulations did not help me in preparing for the exam, so instead of wasting time working through them, I would re-read the chapter or re-work the multiple choice questions. 
4. Remember to keep your head up and if you don't succeed at first, try, try again. I know that this may sound silly, but it is the truth; especially for this exam.

With that said, I would like to say farewell to the NJSCPA Exam Cram Blog, good luck to those of you still on the CPA exam path, congratulations to those of you who have accomplished your goals, and thank you for allowing me to be a blogger for the past 8 months. This is a rather bitter-sweet feeling.

Ciao!

"Nothing worth gaining was ever gained without effort." -Theodore Roosevelt

And you are sitting for the CPA exam - exactly why???

Because firms are still hiring.  See the good news below.

 

http://www.fins.com/Finance/Articles/SBB0001424052970204301404577171413207752408/Accounting-Firms-Are-Hiring

Career Wisdom in 6 Words

When Smith magazine and consulting firm Mercer posed the question last year, "sum up in six words what you've learned so far about how to succeed in business", they received thousands of entries (see link below.)  This started me thinking (and that isn't always a good thing), about how individuals, who have passed some parts of the exam, could sum up in six words what they have learned so far.  Thoughts??

 

 http://management.fortune.cnn.com/2012/02/09/career-wisdom-in-just-6-words/?iid=SF_F_River

One down, three to go.

January is over!!!!  Which means we have two and a half more months to go until the end of my first tax season.

I must say, tax season has brought my studying to almost a full stop.  What is everyone doing to keep up with their studies!?  It has really become tough to study, work and keep a some-what healthy lifestyle.

Has anyone read January’s Accounting Today article titled, What's Up With Your Docs?  It talks about working in a paperless environment.  I lead the way to a paperless work place at my last employer.  It caught on rather quickly.  We kept a shared drive with the typical directory tree structure.  The firm I am with now, went paperless a year before my arrival.  We utilize CCH Document in addition to the shared drive storage.  I find Document to be very unreliable.  After months of pushing Document, I have went back to the shared drive.  It is dependable.  A few times I have searched for a PDF that was uploaded (or scanned) into Document, and came up empty.  (and I know, for a fact, it was sent to Document)

I've tried to go paperless at home a few years ago.  A few months into it, my hard drive crashed before I was able to implement a back up schedule, resulting with me reverting back to the old fashion way of keep personal records.  To be honest, I have thought about cutting back on the amount of papers I keep.  I have always kept receipts for all credit card purchases and every paycheck stub.  But I find it tough to answer the question WHY?!  Most of the information, if needed, can be downloaded from the internet. 

Is your office paperless?  How do you keep your personal finances?

MRD