CPA LICENSURE, CIRCA 2014 Amber Se(er, MA, CPA, ACC
INTENTION SETTER: LEADERSHIP COACHING & CONSULTING
INTENTION FOR TODAY
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You must be present to win!
Learn how today’s exam is structured;
Understand what it takes to prepare and how to build an effective study plan;
Review current events related to the CPA exam;
Be provided with best practices to support exam candidates in your organization or, for candidates, what types of resources to look when considering employment opportunities.
PIECES OF THE CPA EXAM PUZZLE
AN INTERNATIONAL EXAM, GOVERNED BY 54 JURISDICTIONS
TO BECOME LICENSED
Educational requirements
+ Pass four sections of the CPA exam
+ Work experience (and additional educational?) requirements
+ Jump through state specific hoops
= CPA
WHO’S WHO
WHAT
WHO
Educational and requirements, hoops to jump through
•  Regulated by various jurisdictions, aka states
CPA Exam
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Wri(en by the AICPA
Administered by NASBA
Delivered by Prometric
Scores by it depends
You should apply to the state board within the state you plan to work in
TIMING OF THE APPLICATION PROCESS
BOARD OF ACCOUNTANCY!
3-6 WEEKS!
• SUBMIT APPLICATION!
• SUBMIT (FINAL?)
TRANSCRIPTS!
• RECEIVE ATT!
NASBA !
~ TWO WEEKS!
• SELECT EXAM SECTIONS!
• RECEIVE PAYMENT
NOTIFICATION!
• MAKE PAYMENT!
• RECEIVE NTS!
PROMETRIC!
IMMEDIATE*!
• SCHEDULE EXAM AT
TESTING CENTER!
• RECEIVE CONFIRMATION!
!
SCORE RELEASE AKA THE WAITING GAME
Q4 SCORE RELEASE “AICPA Score Release Timeline 201x”
TESTING WINDOWS
Source: Roger CPA Review, Retrieved August 4, 2014 from http://blog.rogercpareview.com/2012/12/testing-­‐‑window-­‐‑expansion-­‐‑for.html
BUILDING AN EFFECTIVE PLAN
TIME CONSIDERATIONS FOR AN INITIAL PLAN
1.  Graduation date
2.  Anticipated duration of application process 3.  If applicable, FT employment start date
4.  Testing windows and score release
5.  Recommended study hours per section
EXAMPLE: APPLICATION TIMELINE
Best Case Be]y Late May
Mid July
• Graduates •  Approved to • Apply to BoA
sit
• Starts •  Schedules studying exams
Early August
•  Takes 1st section
Late August
• Takes 2nd section
Slacker/Smart(?) Steve
Late May
• Graduates
• Sleeps in everyday ‘til noon
Mid July
•  Waits tables and saves some cash
Early August Late August
•  Backpacks • Thinks about through ordering CPA Europe
review materials
EXAM STRUCTURE
FAR BEC •  4 Hour Exam •  160 Prep Hours •  3 Hour Exam •  80 Prep Hours AUD REG •  4 Hour Exam •  100 Prep Hours •  3 Hour Exam •  110 Prep Hours Source: Susanne O Callaghan, Raymond J. Elson, John P. Walker, Arundhati Rao and Yigal Rechtman, “Help Staff Pass the CPA Exam: Following a Plan for Success” The CPA Journal (February 2010). PREP TIME IN WEEKS
BEC: 4 weeks
REG: 5 ½ weeks
FAR: 8 weeks
AUD: 5 weeks
Total*: 25 ½ weeks
*Only 10% of candidates pass all 4 sections on first a>empt.
EXAMPLE: STUDY TIMELINE
Not Working FT
December
• Studies for FAR, 40 hours per week for 4 weeks
Early Jan
•  Takes FAR
• Takes week off after
Jan
•  Studies for BEC, 40 hours per week for 2 weeks
Early Feb
• Takes BEC
Feb
•  Studies for BEC, 20 hours per week for 4 weeks
Late Feb
• Takes BEC
Working FT
December
• Studies for FAR, 20 hours per week for 8 weeks
Early Feb
•  Takes FAR
• Takes week off after
EXAM ORDERING
•  Which to take first....
EXAM CONTENT
FAR
• Conceptual Framework
• F/S Accounts
• Specific Transactions, Events & Disclosures
• Government
AUD
• Standards
• Planning & Evidence
• Internal Controls
• Reports
• Comp & Reviews
BEC
• Corp. Governance
• Economics
• Finan. Risk Mgmt
• Info Systems
• Strategic Planning, Ops Management
REG
• Ethics
• Professional & Legal Responsibilities
• Business Law
• Federal Taxation
Source: Roger CPA Review, Retrieved August 4, 2014 from hWp://www.rogercpareview.com/become-­‐‑a-­‐‑
cpa-­‐‑exam-­‐‑parts.cfm: STUDYING & WORKING
•  Target: 20 hours per week
–  Monday to Friday
•  Commit to study 4 days, one day off
•  2 to 3 hours
–  Weekend
•  Commit to 8 hours ORGANIZATIONAL SUPPORT
SUPPORT
1.
2.
3.
4.
Financial
Time
Accountability
Coaching
FINANCIAL SUPPORT
•  CPA Review Courses
•  Paying for exam fees
•  Bonuses for passing CPA LICENSURE COSTS
WHAT
Application Fee with Jurisdiction
ESTIMATED COSTS
$100
CPA Review Course
$1,800
FAR, REG, BEC, AUD
$1,000
Retaking a section-­‐‑ reapplication fee + exam fee
$225
Costs to jump through hoops-­‐‑ ethics, background check, etc. $250
TOTAL COSTS
$3,375
HIGHEST BONUSES
•  $5k for passing in year one
•  $3k for passing in year two
•  $1k for passing in year three??
WHO’S PAYING WHAT?
THEBEANCOUNTER.COM/ACCOUTING-­‐‑FIRMS
TIME
•  Consider giving paid time off for:
–  Hours spent at exam
–  Entire day of exam
•  Allowing paid time off for CPA exam studies
•  Don’t request for candidates to reschedule their exam due to shifts in work deadlines
ACCOUNTABILITY
1.  Frequent communication 2.  Monitor progression
3.  Talk about results
COACHING
•  Well suited for working professionals
•  A one-­‐‑on-­‐‑one relationship with continuous accountability
•  Unpack underlying issues that keep a person from passing:
–  Time management
–  Limiting beliefs COACHING TESTIMONIAL
FIFTH YEAR AUDIT SENIOR
“Early in my career, I had taken several exams and had successfully passed; however, I was unable to balance work, personal life and studying to the point of passing all four parts within the required timeframe...Amber’s approach to the remaining CPA exams included building a personalized and realistic schedule while also identifying and a(acking the root issue for me – time management. She started as a CPA coach and quickly became a life coach for me, encouraging me to fine tune my daily routine to help enhance the quality of my life.”
COACHING TESTIMONIAL
THIRD YEAR TAX SENIOR
“My sessions with Amber started when I was struggling with the exam. After 2+ years of studying and constantly failing, Amber approached me with the idea of coaching and how it could help guide me through the exam. At first I was a bit hesitant with the idea because I didn’t see how it could help me pass the exam, but I decided to give it a try. I must say I am extremely ecstatic that I gave it a try. After a few months of coaching, I passed 3 of my remaining exams. To this day, I believe Amber is one of the main reasons why I was able to complete the exam.”
INSPIRATIONAL READS
•  Amber Se(er:
–  “Love and the CPA Exam”, California CPA, h(p://www.calcpa.org/content/27141.aspx –  “Exclusive: Inside the Mind of an Elijah Wa( Sells Award Winner, Going Concern, h(p://goingconcern.com/post/exclusive-­‐‑
inside-­‐‑mind-­‐‑elijah-­‐‑wa(-­‐‑sells-­‐‑award-­‐‑winner •  Brian Kush: –  “Passing the CPA Exam: More Than Just a Test, AccountingWeb, h(p://www.accountingweb.com/topic/
education-­‐‑careers/passing-­‐‑cpa-­‐‑exam-­‐‑more-­‐‑
just-­‐‑test INTENTION FOR TODAY
Being present and winning!
•  Learn how today’s exam is structured;
•  Understand what it takes to prepare and how to build an effective study plan;
•  Review current events related to the CPA exam;
•  Be provided with best practices to support exam candidates in your organization or, for candidates, what types of resources to look when considering employment opportunities.
WHAT’S NEXT
•  Participate in my next webinars: –  Leadership Behavior: The Good, the Bad & the Ugly-­‐‑ September 18
–  Using Leadership Assessments to Drive Organizational Performance-­‐‑ October 23
•  Connect with me via www.IntentionSe(er.com
THANK YOU!
AMBER SETTER, MA, CPA, ACC amber@ intentionse]er.com
Amber Se(er is a CPA exam expert and has successfully coached struggling candidates who thought passing the exam was an impossible goal. Amber is a CPA and an ICF Associate Certified Coach. She holds a Masters in Leadership Studies from the University of San Diego, a Bachelors in Accounting from San Jose State University, and is a certified graduate of Accomplishment Coaching.