NJSCPA Exam Cram Blog

The Downslope

I have about a month left of studying for FAR before I plan to take my exam. I haven't exactly scheduled it yet, you see.

There's an odd feeling that goes along with studying for your third test, when you've already passed two. It's a sort of calm...panic. The calm part is because you've already passed two parts, so you know you're capable. The panic part is because you've already passed two parts so you expect more out of yourself. You expect to pass the next two parts you take.

The panic part is also because you study until you can't focus on another word and yet you still wonder if it will be enough...if that amount of textbook reading and acronym memorizing will do the trick. So in the end, you do all you can and hope for the best.

That's what I do, anyway.

There's something I've learned over my test taking journey that I, ironically enough, did not trust before: go with your gut instinct. Go with that first milisecond when your eyes flash to a particular answer. If you can rationalize or explain your first instinct, even better. If you can't...well at least you have an instinct.

So many times did I have an instinct about an answer and not choose it. This was and has been a giant mistake and maybe even the reason for my almost, and yet not, passing grades. So in the future, unless I am 100% certain otherwise, I will be going with my gut. Hopefully it won't lead me astray.

New framework

Hey everyone!

 

A quick news posting today, as announced by the AICPA, a new framework of accounting for smaller businesses has been released today.  It may not affect most of the current test-takers, but at some point down the road if this framework becomes popular enough, it may create new areas to study for the CPA exam.  It would not happen for several years, but for anyone who is considering long term plans to take the CPA exam or is still in school now, remember this new set of standards because it will likely not be the last time that you hear about it.

 

The good news is that most of us who are reading this will not need to worry about this new set of standard as far as the exam goes.  But that doesn't mean you won't be seeing it at some point in your career!  For this reason it would be a smart idea to at the very least familiarize yourself with what this new framework means to the field of accounting.

 

http://www.aicpa.org/INTERESTAREAS/FRC/ACCOUNTINGFINANCIALREPORTING/PCFR/Pages/Financial-Reporting-Framework.aspx

Til next time...

Happy studying!

 

Taka

Study Schedule

Hi everyone!

 

Just a quick tip on preparing for the exam today.  I find that laying out my schedule from today until the exam date helps me invaluably.  Becker software actually provides a quick schedule using a range of time suitable to most people taking the exam.  

 

It's a very useful tool and will be beneficial to anyone trying to pass the exam as soon as possible!  (I hope that goes for everyone reading this!)  It's also a good idea to give yourself a few days of wiggle room to fit in some accounting detox time and in case you need to spend a bit more time on particular sections.

 

I hope this helps you and hope to hear about many good stories of people passing the exam!

 

Happy studying!

 

Taka

 

 

Licensing Requirements

As you all know, passing the CPA exam is not the only hurdle to licensing. Additional to completing the exams, most states require 150 credits with either a concentration in accounting or a certain number of accounting courses. I urge those who are pursuing a career within this profession to do their research on the college/program of their choice.

As a Business Management major, accounting was not a career which I planned on pursuing. I happened to enter the profession and found that I enjoyed it. I did some research on the CPA process and then decided to return to Saint Peter's College to obtain my Masters in Accountancy, which I believed would satisfy my licensing requirements in the event I completed the CPA exams. What I did not realize at the time was that my college of choice fell into the Middle States Accreditation tier, for which the NJ Board of Accountancy imposes higher requirements in accounting credits.

Being that I only had a handful of accounting courses at the undergraduate level, I now find myself to have a Masters in Accountancy, over 150 credits, CPA exams completed and six years of public experience, however I am short 3 accounting credits in order to be licensed.  Over the last few weeks I've unsuccessfully attempted to explore my options with the school and state board, and it's looking like I will need to return to school for one more class to get this process completed.

I find it hard to believe I could be the only non-Accounting major to end up pursuing a CPA. For anyone reading, please learn from my mistake and look into specific requirements for licensing, as well as your school's accreditation. Doing so can save you additional money and headache down the road.

 

Mike

The Small Things

Hello all!

 

I'd like to share a quick story to hopefully prevent any bad situations from coming up when you take a section of the exam.  I was scheduled to take the REG section of the exam this morning.  However, I had foolishly registered for a race that took place on Sunday.  So rather than being able to do a final review for the exam the day before, I spent most of it recovering from the tough physical workout.  Looking back on it, I wouldn't have suggested it to myself (even though I did it anyway) and I certainly wouldn't suggest it to anyone else. 

For the same reason that studying during tax season is not a smart idea, having a distractor such as a race so close to the exam date provides plenty of room for error.  Unfortunately, in preparing for taking the exam today, I forgot to make sure that I had everything that I needed to sit for the exam, which includes my driver's license.  Once arriving at the test site I realized that I had lost it and was unable to take the exam.

I hate to put up such a downer/horror story so quickly on this blog, but on the lighter side of things where glasses are always half full, the grass is uncomfortably green, and people are incessantly smiling, I'll have more time to study for this section so I can comfortably walk into the test center with license in hand.

Here's the takeaway: focus on the exam and only the exam in the days/week leading up to the exam so that your mind is fully focused towards it.  Your future self will be very thankful for it, I'm sure you'll agree!  And of course remember to bring your driver's license!

 

Happy studying!

 

Taka

Post Season

We're finally here!

 

After 3 long months of hard work and toiling between tax returns and audits, busy season has finally come to a close.  I'm going to reference an amazing movie so don't tease me for it: As in the circle of life that Simba learned of in the Lion King, with the end of one thing (busy season) another must begin (study season).  The nice benefit of this is that I can adjust my schedule to fit my life a bit better now.  But plenty of work still needs to be done!

I've registered for another shot at REG, which I failed with a 74 in January :/  But I'm confident that in the next few weeks, I'll feel comfortable with the material to get that one extra point and put me within just one exam and 5 months from a CPA!

 

I know that it's tough to ignore the wonderful weather and daylight that some of us have been missing the past few months, but it's important to get a good first step on studying so that when the weather becomes unbearably warm and comfortable, then we can relax a bit more. 

 

Wishing you all the best in your studies and hope to see you at the test center in a few weeks!

 

Taka

The final straight

Hello everyone!

 

Well here we are...the last 10 days of tax season are here!  Whether you're trying to cram in study sessions during a ridiculous workweek or are just choosing one of the two, the next 10 days leading up to the dealine are something akin to hell on earth.  Or hell in a cube if you happen to be a lowly entry level accountant like myself.  But in that same breath, it seems to be wonderful news because that means that we are almost done! 

The rigorous hours of working through the days and nights are finally within reach of being a part of the past, and if that's something that I can hold on to, then that's something I will hold on to.  Today's post is not about as much about passing the CPA exam or getting good evaluations at work.  It's more about the fact that we've made it through the past few months and can finally look forward to warm weather, short(er) hours, and happier times.  I hope that this does not dissuade anyone from becoming an accountant because I wouldn't prefer to be anywhere else right now if I knew that I would lose the rest of the year's experience.  Plus, the learning curve during tax season is unbelievable fast and will put you on the fast track to business genius.

Of course, none of this is an excuse not to keep our heads on straight and remain focused on the goal of becoming a CPA (coolest person alive).  I hope that anyone who might be reading this makes it through the next 10 days well and becomes just a little bit cooler.  Looking forward to seeing you on the other side.

 

Happy Studying!

 

Taka

Finish Line

Hey all!

 

I've given some tips in the past on the CPA exam itself, but I'd also like to talk about another portion of the requirement to become a CPA, experience.  In the state of NJ, one year of experience working with a public accounting firm will let you cross this requirement off the to do list.  If you've decided to start by working in the private or government sector you can still meet the experience requirement.  The only caveat is that you will need have a "sponsor" oversee your work experience to ensure that it meets the requirement.  More information on this requirement can be provided by the NJ Society.

 

What is also important about the 1 year requirement is that it's required!  In order to get through that one year, you'll need to get through some busy seasons, whether it is the year end in private accounting or tax season in public accounting, you will come to a point where you aren't sure how to get through all of the work on your desk in time.  There are plenty of different ways to manage one's time, and each person does it differently, but the ultimate tool is and always has been communication.  It may not always be the most comfortable conversation, but it's tremendously important to take the time to talk to a senior or manager about the progress you make with jobs and how well you think that you can adhere to given deadlines, both self assessed as well as externally required. 

 

Each situation at work can be different with a certain dynamic to learn from.  As long as you can make sure to keep yourself and your superior on the same page, you will find praise and increased confidence will soon follow.

 

I hope that everyone who might be reading this blog fights their way through the last few weeks of busy season and makes it through to the other side.  Feel free to ask any related or unrelated questions, I'm happy to offer any advice I can give!

 

Happy studying!

Exam Day Tips

Hello everyone!

 

Here are a few Friday morning tips for those taking the exam in the near future.  It's always best to arrive at the test facility a few minutes earlier than you're scheduled exam time.  Procedures may differ slightly from site to site, but in my experience (Clark location) it is first come first serve when you arrive so if you want to avoid waiting and any other possible issues, make sure to get there ahead of schedule.  If anything, you'll have a few minutes to go over some last second review notes before you head inside!

 

Another couple of items to note are that you cannot take anything with you in the testing room.  You can bring a few small items with you but you will need to place them in a provided locker once you arrive in the waiting room.  A link to see the list of prohibited items is below (pages 29-30) for your reference.  Make sure to bring the appointment email confirmation and the NTS form you received when applying to take the exam.

 

The links below also includes some other good tips, some of which I've already listed above. 

 

Happy studying!

 

Taka

 

http://www.nasba.org/wp-content/blogs.dir/1/files//1/2013/02/Candidate_Bulletin_Mar13.pdf

http://ipassthecpaexam.com/prometric-cpa/

 

Busy busy busy

Hey everyone!

 

Time for a few midseason tips!

Number one, study for the exam as much as possible before you start working.  Although I'm taking a break from studying during busy season at work, I also wouldn't want to imagine taking on that task right now.  It takes a tremendous amount of willpower to study day in and day out during this time of year when you work full time or even part time.  I have the utmost respect for anyone who can successfully study for a section like this, but would not suggest it for most people, including myself. 

 

It is for that very reason that I reiterate, study for the exam as soon as you can so that you won't have to worry about passing a section or missing the 18 month window.  It may seem like a bother to study during the summer or during your days off, but trust me it is worth it. 

 

As I've posted before, I have 2 more sections that I haven't been able to pass yet, Audit and Regulation.  It has come to my attention that the CPA exam will be changing its format and certain material, particularly Audit, that will take place in June.  That means that May is the last month that you will be able to take the exam in the format that we have been studying in.  It is for this reason that I plan on taking the 2 sections I still need in May so that I won't need to worry about new information to learn/review.

 

I hope that this is useful information for those of you who are currently studying and considering taking the exam soon.  Best of luck to all who are braving the busy season by studying and hope to see you pass soon!

Happy studying!

Taka