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Time to study, hard to find time to study when you’re working 60+ hours a week
Not a staff or senior but have some insight here. My team members/mentees often complain that they don’t have enough time to study. They will develop a studying schedule and then something will happen on their engagements that throws a wrench in the plan. They feel bad speaking up and asking for flexibility knowing that we are short staffed. So they don’t pass the exam because they didn’t have time to prepare. Had to take an active role in helping my staff pass the exam and even push back on the client deadline so we can provide enough time for studying. So, more flexibility and time to study is a big one!
Do you have a counselor or career coach that can assist you in getting some flexibility? When I was a staff I had a similar situation like you. Only had to take 2 parts while working but boy that was rough. I would start working at 7:30 so I can leave at 5:30 to study but that was rarely happening. Ended up taking most of my vacation just to study. That’s when I told myself I would never put my junior team members in that position. It’s a part of our job to help them pass this exam.
time, even on “off season” you’re working more than 40+hours a week
TIME.
I’m going to use all of my PTO straight to study. That’s the bare minimum is to allow to use my 8 weeks of PTO.
Right. I tried doing a week and a half after busy season to cram but it was unsuccessful because I was already burnt out from the deadline.
So allowing to use more than 2 weeks PTO would be amazing to study full time. If the firm gives us an additional PTO to use the week before the deadline would be a amazing.
I need to get a year of work experience. That exam was cakeee
To understand the timing thing better - it takes about 20-30 hours (depends on the person) of studying over about a 2 month period. Imagine working 40-50 hours and putting another 25 hours on top. It's essentially busy season. It's exhausting. If you are aware that someones studying in oct-feb take them off any estimate or year end projects. Or staff that engagement with more people than necessary
I can’t pass REG. 73s out the wazoo
Another example is someone who has worked in tax for over 10 years since sophomore in college (intern through family friend) and never intended to stay in tax so they didn't major in accounting. Now they are top performing tax manager with no CPA.
Maybe they aren't sure they wanna stay in public accounting and hence don't see the benefit on putting in the time.
I’m exiting PA for IB and got just because I could. Not a bad use of extra time.
Rising Star
1. I have a CMA.
2. $2500 every time I pass an exam.
Rising Star
Certified management accountant.
Equivalent to a CPA but for operational/cost accounting. Not a lot of tax/audit.
Clarity: I'm saying that for $2500 per exam I pass, I would get a CPA too. But I don't intend to work in public so why should I?
Follow up... Accounting Today released results from a survey of their own. Just came across it and thought I'd share for anyone interested
https://www.accountingtoday.com/news/is-it-too-hard-to-become-a-cpa-practitioners-speak-out
IA 1 Agreed on difficulty but I feel like the education should just be 120 for that exact reason. You're not proving anything with the extra 30 other than you could pay the tuition for it.
I'd much rather keep a hard test that if nothing else proves you can do something others struggle with rather than require more credits.
I thought the recommendation in the article to potentially have different subcategories for each discipline was an interesting one. Test deeper understanding but only in the field you choose to certify in... showing more understanding rather than general breadth.