Category: Blog

  • Reddit CPA: The Good, The Bad, and What You Should Know

    The Reddit CPA community is a thriving platform where accountants, finance professionals, and aspiring CPAs converge to discuss topics like the CPA exam, accounting, taxation, and auditing. Whether you’re a student just beginning your journey or a seasoned professional, this subreddit has something for everyone.

    Moderated by a team of volunteers, the community maintains productive and respectful discussions while offering a wealth of resources and insights. To join, simply search for “CPA Reddit” on Reddit or visit this link and click the “Join” button. Joining CPA Reddit is easy and free with a Reddit account.

    Reddit CPA
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    Benefits of Joining the Reddit CPA Community

    The CPA Reddit community offers a range of benefits that can significantly aid those preparing for the CPA exam or advancing their career in accounting. Here are some of the most notable advantages:

    1. Access to Study Resources
      • Study Guides and Exam Prep: One of the primary benefits of joining the CPA Reddit community is access to valuable study materials. Members often share their study guides, exam review courses, and practice exams, which can be instrumental in your preparation for the CPA exam. Whether you’re looking for comprehensive resources or quick tips on specific exam sections, the subreddit provides a variety of materials that can suit your needs.
      • Exam Success Tips: The subreddit is filled with tips and advice for each section of the CPA exam. Members often share their experiences of what worked best for them in preparing for the exam, providing real-world, peer-tested advice that can make a big difference in your own study routine.
      • It’s important to find the resources that work best for you and dedicate sufficient time to studying to improve your chances of passing the CPA exam.
    2. Supportive Network
      • Emotional Support: Studying for the CPA exam can be a stressful and isolating experience. The subreddit offers a supportive community where candidates can ask questions, vent frustrations, and receive encouragement from others who are going through the same thing. Many members share their own struggles and successes, which can be a great way to stay motivated.
      • Peer-to-Peer Learning: The subreddit fosters a collaborative environment where members share insights and ask questions. Whether you’re confused about a certain accounting concept or need help finding the right study resource, the community can provide valuable input and alternative perspectives.
    3. Invaluable Insights
      • Real-World Advice: One of the biggest advantages of participating in the CPA Reddit community is the exposure to real-world, practical advice from experienced professionals. Many members share their experiences with various firms, clients, and accounting challenges. This can provide a realistic picture of what to expect in your career after obtaining your CPA license.
      • Up-to-Date Information: The community provides valuable information about exam scores and the latest industry trends. Members often share articles, discussions, and news updates about the accounting field, ensuring you’re always in the loop.

    The Bad: Challenges and Drawbacks

    While the Reddit CPA community offers tremendous value, it’s not without its challenges. It’s important to be aware of some potential drawbacks before diving into the discussions. Here are a few common challenges members face:

    • Information Overload
      • Too Much Content: With a large number of active members, the CPA Reddit community generates a constant flow of new posts and discussions. While this can be great for those seeking information, it can also be overwhelming for newcomers. It might be difficult to find the exact information you’re looking for amid the sheer volume of posts, and some threads can quickly get buried by newer discussions.
      • Difficulty Navigating Resources: Because resources and advice are shared so frequently, it can sometimes be hard to distinguish between outdated information and the latest tips. To make the most of the community, it’s important to be discerning and seek out reliable sources.
    • Misinformation
      • Inaccurate Advice: As with any open forum, the CPA Reddit community is not immune to misinformation. While many members are experienced professionals, some posts may offer advice that is incorrect, misleading, or based on outdated information. It’s important to verify anything you read with trusted sources, such as the AICPA or official CPA exam websites, before taking any advice at face value.
      • Varied Expertise: The community comprises individuals at varying levels of experience, so it’s important to assess the credibility of advice given. A post from a first-time CPA candidate might not always have the same weight as advice from someone with 20 years of experience in the industry.
    • Strict Rules and Enforcement
      • Moderation: The moderators of the CPA Reddit community work hard to maintain a respectful and productive environment. While this is a positive feature, it can sometimes feel restrictive. Members who violate the rules might face warnings, temporary bans, or even permanent removal from the subreddit. To avoid this, it’s crucial to follow the community’s guidelines and respect the opinions of others.

    One thing we would add about the disadvantages: Things can get spicy. Make sure you have thick skin, as Redditors can be brutally honest at times. Disagreements, strong opinions, and sometimes blunt responses can arise in heated discussions, so being prepared for direct feedback is key.

    • Technical Issues
      • Occasionally, users encounter problems such as network blocks or the need for a developer token to access the subreddit. If you’re blocked by network security, you might need to file a ticket or use a developer token to resolve the issue.
    Start Your CPA Journey Here

    Managing Your Reddit Account as a CPA

    To get the most out of your participation in the CPA Reddit community, it’s important to manage your Reddit account effectively. Here are some tips for maximizing your experience:

    • Set Goals
      • Before diving into discussions, set specific goals for your time on Reddit. Are you looking for study tips? Career advice? A place to vent about the challenges of the CPA exam? Knowing your goals will help you engage in the discussions that are most relevant to you and prevent you from getting distracted by unrelated posts.
    • Leverage Search Tools
      • Reddit’s search function is a powerful tool to help you find relevant discussions, study resources, and advice. Instead of scrolling endlessly through the feed, you can search for specific topics like “study tips for FAR” or “best CPA exam review courses” to find the information you need more efficiently.
    • Stay Professional
      • While Reddit is often informal, it’s important to remain professional and respectful when engaging with others. Avoid personal attacks, and remember that the goal is to create a supportive, constructive environment. A well-worded question or response will earn more respect and attention than a rude comment.
    • Follow Guidelines
      • Be sure to read and follow the subreddit’s rules and guidelines. Violating the rules can lead to warnings or even a ban, which could limit your ability to participate in valuable discussions.

    Career Development and Job Opportunities

    Beyond exam prep, the Reddit CPA community is an excellent resource for career development.

    • Job Postings
      • Many members share job opportunities in the accounting field, offering opportunities for those looking to start or advance their careers. Whether you’re looking for entry-level positions, internships, or higher-level accounting jobs, you can often find job postings that match your qualifications and goals.
    • Networking
      • The community provides a valuable opportunity for networking with professionals at various stages of their careers. Many members are open to offering mentorship, sharing advice on job hunting, or discussing career paths in the accounting industry. You can also find links to LinkedIn and other social media platforms for networking.
    • Career Trends
      • Members frequently discuss trends in the accounting industry, such as the rise of technology in accounting, changes in tax law, and new areas of specialization. This is a great way to stay ahead of the curve and ensure your career development aligns with industry changes.

    Conclusion

    In summary, the Reddit CPA community is a dynamic hub for accounting professionals and students. From exam preparation to career advice, it offers invaluable support and resources.

    While challenges like misinformation and strict moderation exist, the benefits far outweigh the drawbacks. By staying professional, managing your participation effectively, and tapping into the vast knowledge available, you can maximize your experience and drive your career forward.

    Join the community today and start connecting with passionate, like-minded professionals in the field of accounting!

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  • CPA Exam Grading Error

    Max says, “I’ve heard that you can request the AICPA to review your CPA Exam test to see if there was some sort of grading error in the system. Is this true? If so, is it true for the California State Board of Accountancy?”

    The California State Board determines whether or not you can take the exam and they also determine whether or not you can get your license. The California State Board of Accountancy, or whatever it’s called there, the CBA I think, they determine whether or not you’re eligible to sit for the exam and also your licensing and certificate after you pass.

    Listen On

    The exam itself is given by the AICPA, and NASBA, and Prometric. Any issues would go through them.

    It’s independent of the California State Board.

    For instance, if the power goes off during your testing, what’s going to happen, and this is what happened during my exam.

    I had some issues. I’m like, “Hey, I had this issue.” What happens is they will look into your exam.

    Then they come back to you and say either, “You know what? We looked into it. There wasn’t an issue. Sorry,” or they’ll say…

    “Yes, there definitely was an issue. You have two options: You can take the exam again on us, but you’ll never see your score or you can accept your results as they stand now.“

    I think that’s what you’re going to find.

    That was my experience. I think you’re probably better off just rolling with it.

    Really, it’s a $200 or $300 bet because if you get your exam scores, and if you passed, you’re done.

    If for some reason … If it were me, I would rather just roll with it, get my CPA exam score, and then pay the fee again.

    The carrot of a free exam, and not getting my exam score, that wouldn’t work for me. I hope that’s helpful.

  • Considering a Career Change as a CPA

    Considering a Career Change as a CPA? A CPA Exam Review is Critical to Your Success

    Whether you’re looking for a new career or have been obligated to find one, a career as a CPA can be fulfilling and lucrative. Whatever your reason for interest in becoming a CPA, you’ve made a great decision that can lead you down one of many different career paths. CPAs are vital to both businesses and individuals, and there are a number of specialties to satisfy many different interests.

    On average, a new CPA earns 10% more than a non-CPA accounting professional in a financial role. There are a few other things to consider however, if you’re interested in becoming a CPA.

    Education

    Most states require CPA candidates to have a minimum of 120 hours of education and up to 150 hours with a specific amount of credits in certain accounting topics. This generally equates to a Master’s degree. If you don’t have the education required, you may want to look into programs that offer a degree in accounting. If you don’t have the necessary educational credits, you will not be allowed to sit for the CPA Exam. Be sure to verify all requirements with your individual state board of accountancy.

    The Uniform CPA Exam

    The CPA Exam is one of the toughest professional examinations in the world. There are four sections during any single testing period. Most sections have a passing rate averaging at about 50%. Studying for the CPA Exam is no joke either. It is highly suggested that candidates spend at least 500 hours studying for the CPA Exam. In addition, you’ll want to choose the right CPA Exam course review provider to ensure you’re prepared for it.

    There are a number of CPA Exam Review course providers. Ensure you pick the one that offers the resources you need in the format that works best for you.

    Experience

    Some states also require work experience before they will grant you a CPA license. You may be able to gain the experience during college, or after you graduate while working for a CPA firm and studying for the CPA Exam. Again, contact your state board of accountancy for specific requirements.

    CPE Requirements

    Once you have earned your CPA license, your education is far from over. Most states require a specific amount of continuing professional education credits (CPE) over your license renewal period. This ensures that you stay up to date on the latest laws and changes in processes such as taxation, which can change frequently over time.

    There is certainly a lot to consider and prepare for in order to become a CPA. But it is well worth it. The long-term benefits are plentiful and can result is a happy and lucrative life. Preparation will be key, however, passing the CPA Exam will prove a challenging task. Choosing the right CPA Exam Review course provider will be vital in your path to becoming a CPA.

  • Applying for the CPA Exam and Licensure

    CPA Exam and Licensure

    Now that you’re ready to pursue licensure for the highly respected Certified Public Accountant credential, there are two key components that you must complete: apply for and pass the CPA exam and apply for CPA licensure. Some mistakenly assume that these are one and the same, however applying to take the exam and applying for licensure are two distinct processes that are governed independently.

    What Organizations Are Involved in the CPA Exam and Licensure?

    Navigating through the steps required to sit for the CPA exam and apply for CPA licensure in 2015 can be complicated, so it’s helpful to first acquaint yourself with the various boards, agencies, and organizations involved in the process.

    • American Institute of Certified Public Accountants (AICPA): developed the CPA exam and is responsible for its content and scoring.
    • National Association of State Boards of Accountancy (NASBA): the membership association of boards of accountancy. For the Uniform CPA Examination, NASBA acts as the central clearinghouse in the CPA exam process.
    • State Boards of Accountancy: each of the 55 US jurisdictions, which include the 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, and the Commonwealth of Northern Mariana Islands, has its own board of accountancy. Each board sets its own exam and licensure eligibility requirements, required forms, deadlines, and fees for each jurisdiction and has the statutory authority to grant CPA licensure.
    • Prometric: handles exam registration, scheduling, administration of the exam itself and runs all authorized testing centers. Are not responsible for the dispersion of the license.

    Applying to Take the CPA Exam

    In order to apply to take the Uniform CPA Examination, candidates must meet all CPA Exam eligibility requirements established by the applicable board of accountancy in their jurisdiction.

    Once your jurisdiction determines you are eligible to take the exam, they will send your information to NASBA, which in turn will send you a payment coupon with your exam fee(s). Once you pay the exam fees, NASBA will send you a Notice to Schedule (NTS). This is a critical component, as you will not be admitted to the testing center without an NTS. The NTS must also list your information accurately. Contact your board of accountancy as soon as possible if any information on the NTS is incorrect. After you receive your NTS, you can then contact Prometric to schedule your exam.

    Applying for CPA Licensure

    Passing the CPA exam is only one of the requirements you must satisfy before applying for CPA licensure. Known as the “Three E’s”, examination, education, and experience constitute the main requirements to apply for CPA licensure. Although all jurisdictions require candidates to pass the CPA exam, there is no national licensure process in the US. Each jurisdiction’s board of accountancy sets their own education and experience requirements and some also have additional requirements, such as ethical standards. As a result, passing the CPA exam is not sufficient by itself to qualify for licensure in any jurisdiction, though it may be the most difficult.

    Since each board of accountancy has the statutory authority to grant CPA licensure, all licensure applications must be submitted to the appropriate board and all communication to the candidate will come from the board. Once you pass all four sections of the CPA exam, most boards of accountancy require candidates to submit specific forms demonstrating that they meet the remaining requirements for licensure. For jurisdictions that require an ethics exam, you should plan to take the exam before applying for licensure. Once the board verifies that you have satisfied all testing, experience, educational, and other requirements, the board will most likely grant you a CPA license. Keep in mind that boards may have deadlines in which you must apply for licensure once you pass your CPA exam. Though we make it a point to provide up to date and accurate information, it is suggested candidates consult their board of accountancy for specific information on deadlines and fees.

    Steps to Apply for the CPA Exam and Licensure

    To review, below are the steps required to apply for both the CPA Exam and CPA licensure. Remember that the CPA Exam is only one of the requirements for licensure and that deadlines, fees, and specific eligibility requirements are set by each jurisdiction’s board of accountancy.

    • Determine CPA exam eligibility requirements for your board of accountancy.
    • Apply to take the CPA exam with your board of accountancy.
    • Once your exam application has been approved, pay your exam fee to NASBA, obtain your NTS, and schedule your exam with Prometric.
    • Once you pass all four sections of the CPA Exam, verify CPA licensing eligibility requirements with your board of accountancy.
    • Satisfy any remaining requirements, such as ethics courses, and apply for CPA licensure with your board of accountancy.
    • Congratulations! Your board of accountancy will grant you a CPA license.

    If you are beginning your research and planning on applying for the CPA exam on your journey to becoming a CPA, we can help ensure that you satisfy your state’s individual CPA Exam requirements.

    Readers of this article also read: CPA Exam Blackout Dates; Biggest Mistakes to Make on the CPA Exam;  Best Test Taking Strategies for the CPA Exam;  What Order Should I Take the CPA Exams

  • How to Become a CPA

    How to Become a CPA

    Interested in learning how to become a Certified Public Accountant (CPA)? You are in the right place.

    Privately held companies, multinational corporations and non-profit organizations alike depend on the skills of certified public accountants. CPAs help businesses stay strong and competitive, and ensure financial integrity through account analysis, strategic tax planning, risk management and investment consulting. As the global business environment becomes more complex by the day, so does the demand and salary ranges for CPAs.

    Though becoming a CPA can be tough, knowing the requirements and steps involved can make the process seem simple. This is where we come in. Here you will find job descriptions, areas of specialization, salary information, requirements for qualifying for the exam, and thesteps involved in applying for licensure.

    Did you know that today’s CPAs have more career options than ever before? Whether your interests lie in serving corporate America, saving the environment, investigating securities fraud or any number of challenging possibilities, passing the rigorous CPA exam can be your first step to a rewarding CPA career.

    CPA Job Description

    CPAs help individuals, for-profit businesses, government agencies and non-profit entities remain financially secure by keeping accurate records, assisting with tax preparation and properly filing required documents. In general, these professionals add value to their clients or employers by preparing and analyzing financials, planning tax strategies in alignment with company goals, and providing investment advice.

    CPAs can choose to work in public accounting for one of the “Big Four” firms, for government agencies, non-profits, privately owned companies or publicly traded corporations.

    CPA Areas of Specialization

    Becoming a CPA means you’ll have a wide variety of career choices, in two general areas: public accounting, or corporate and business accounting. From there, the options are many and include:

    • Internal auditing:Internal auditors verify the efficiency and effectiveness of a company’s internal controls, the accuracy of its financial data, and check for waste, mismanagement and fraud.
    • Forensic accounting:These specialists look for evidence of securities fraud, money laundering, embezzlement and tax evasion.
    • Managerial accounting: Consulting to and preparing financial documents for a company’s management team to help them make good business decisions. Preparing budgets and strategizing for the future are important aspects of the job.
    • Information Technology: Combining IT and accounting, this specialization includes activities such as testing systems to ensure security, accuracy and compliance with regulations.
    • Environmental accounting: Involves monitoring green initiatives, taking care of compliance audits, and managing disputes.
    • Tax: Guiding companies in effective tax strategies to avoid unnecessary costs. Tax accounting involves staying on top of complex and changing tax laws.

    Before the CPA Exam: Earning Your Degree

    The CPA exam is rigorous and demanding, and requires a CPA exam review course to increase your chances of passing. Plus, there are additional requirements you’ll need to meet before you sit for the exam in 2015. Regulations vary by state, but most require 150 semester hours of instruction – which is 30 hours beyond the typical four-year bachelor’s degree. In addition, some states will require a minimum number of semester hours of accounting instruction, and a minimum number of hours of business instruction. For example, certain states require 30 hours of accounting and 25 hours of business, while others require 35 hours of accounting, but have no minimum for business instruction. Be sure to check the CPA Exam requirements for the jurisdiction in which you’ll be taking the CPA exam.

    Many CPAs hold bachelor’s degrees in accounting; others earn business degrees, and then go on to an MBA with a concentration in accounting program. Some colleges offer accelerated master’s degree programs for working professionals. Many students opt to complete the 150-hour requirement while pursuing their bachelor’s degrees, while an accelerated five-year accounting program works best for others.

    The Best Accounting Colleges

    Perhaps one of the following universities, named “Best Accounting Colleges” by U.S. News & World Report, is the right choice for you to pursue your accounting degree:

    1. University of Texas – Austin
    2. University of Illinois – Urbana-Chicago
    3. Brigham Young University
    4. University of Pennsylvania
    5. University of Michigan
    6. University of Southern California – Los Angeles
    7. Indiana University
    8. University of Notre Dame
    9. New York University
    10. University of North Carolina – Chapel Hill

    Why is the CPA Exam Required

    Earning an accounting degree, being employed as an accountant (Non-CPA), and becoming a CPA are 3 different activities altogether. A CPA can be an accountant, but an accountant cannot claim they are a CPA without establishing licensure via passing the CPA Exam and applying for licensure. The CPA exam is necessary because CPAs have access to the sensitive financial information of countless businesses and individuals. In the wrong hands, finances could be used in a harmful manner. Certification is a means to ensure the public that CPAs possess the high-level technical skills, advanced knowledge and ethical standards to instill a sense of trust.

    The Four Sections of the CPA Exam

    The CPA exam consists of four separate exams, which are taken one at a time. Candidates may take the exams in any order; but once you pass the first exam, you must pass the other three within 18 months.

    1. Audit and Attestation (AUD): This is the longest section, at 4.0 hours. It covers topics like performing audits, evaluating evidence, professional responsibilities, ethics and communicating audit findings.
    2. Financial Accounting and Reporting (FAR): This section is 4.0 hours, and topics such as covers typical financial statements, specific transactions, governmental accounting and non-profit accounting.
    3. Regulation (REG): This section is 3.0 hours long, and tests candidates on tax ethics, business law, federal tax procedures, and more.
    4. Business Environment and Concepts (BEC): This section also at 3.0 hours, is still tough, covering things like corporate governance, information systems and strategic planning.

    Candidates may sit for the CPA exam during the first two months of every quarter: January/February, April/May, July/August, October/November. Months when the exam is not offered are referred to as black out dates. The exam is usually offered on several days during the month; check within your local jurisdiction for specific dates and times.

    CPA Exam Preparation and Review

    Passing the CPA exam requires preparation. Through the second quarter of 2012, the collective pass rate of any section of the exam is less than 50% for first time test takers! When you’re ready to sit for the CPA exam, you’ll want every advantage to increase your chances of passing – so you can move on and start your career.