CountingBean

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I’m an accountant… but I’m not a CPA (Certified Public Accountant)… yet…

I have tried three times to sit for the CPA exam, but that exam is HARD…

I’ve been in my industry for over 8 years, but the fact is, although experience is nice… those three little letters mean a HUGE difference. Historically, CPAs make 10% more than their non certified counterparts. Also, employers tend to favor applicants with this designation.

This is why I’m determined that the fourth time is the absolute charm My goal is to get my CPA before my 10 year anniversary. That would be in the fall of 2012.

Looking back, here are some lessons learned from my previous attempts:

Pace yourself before you wreck yourself

-My first attempt to pass the exam came right after college. I had started a new job and moved to a new apartment with roommates (having never lived with anyone other than my family before). Although I was disciplined throughout my college years, it was a lot different when you’re outside of the structure that school brings to the table. I never thought that a difference in living situation and starting a job were going to be enough of a hindrance to stop me from accomplishing this goal. But the fact is, although the time that I set aside looked feasible, I was so drained mentally by all the other experiences of dealing with my new job and the drama of having roommates, that I wasn’t really ready to deal with the complex nature of the exam.

Knowledge has an expiration date

-My second attempt came 4 years after my first one when I was living on my own and no more rowdy roommates. I then got into the serious business of studying for the exam. Since I was too cheap to pay for new materials, I used the ones I had. And although it may have been good enough if I was able to memorize 100% of the content, my brain wasn’t permeable enough to absorb all of the material. And the 80% it did absorb had incorrect information since accounting regulations change each year. It would have been wiser to invest in a new set of study materials. Also, having waited several years after I finished college to prepare for the exam, I found that I was having to re-learn a lot of the content from school. I took it for granted that I a lot of the information would come back more naturally, much like math or reading. But the fact of the matter is, unless you deal with the content on a day to day basis, you won’t remember a thing.

Know the reason why you’re doing this

-My third attempt was when my employer told me that they would pay for my prep courses to pass the exam. I was ecstatic over free tuition and thought to take advantage. Although I went through the motions of attending the classes and answering some homework questions, I didn’t fully apply myself to the full time commitment it would take to be a success. Which according to the average person who passed the exam, was around 20 hours each week. If I were a genius and can absorb accounting theory through osmosis, then I would have been okay… Sadly, since I’m not blessed with brain ninja genetics nor am I an alien being with super mental powers, this was not to be. The motivation to succeed has to come from within and not from external sources. My employer learned the same lesson. Since rolling it out, they’ve changed the reimbursement to AFTER you pass the exam, instead of BEFORE you take it… Ah lessons learned…

Find a community of people with like minded goals

-As the old saying goes… there’s strength in numbers. If the goal is hard, it would be easier to have a sense of community. This is why athletes train with others. At work, I can’t really talk to anyone about my struggles since there’s really no time for idle chit chat. Instead, I found my support group online. There are others out there with similar stories to mine. Another71 is a prime example of CPA Exam takers community. Also, my fellow Becker Conviser classmates share my misery during the long hard days of class. We share our stories when they release the herd to graze for breaks and lunch.

For all the other test takes out there, don’t lose the light at the end of the tunnel. I’ve got one part down and three to go… Here’s hoping to a smooth ride… Well… even if it’s bumpy… as long I get to my destination