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    Home Unlabelled Accounting You know what day it’s about it be!!! This a guide on how to get it all week.

    Accounting You know what day it’s about it be!!! This a guide on how to get it all week.

    December 02, 2018

    Accounting You know what day it’s about it be!!! This a guide on how to get it all week.

    You know what day it’s about it be!!! This a guide on how to get it all week.

    Posted: 02 Dec 2018 11:40 AM PST

    1. Sleep like angel. Everyone knows that the best way to really get a good night sleep is to drink the FASB codification before bed so you can practice in your sleep. Once you wake up and take off your suit pajamas, it's time to get on the right outfit.

    2. Once you walk past your wall of accounting trophies (I actually just got the Silver Abacus of Accountancy) and walk into the closet and get ready to party. Pick something dope as shit. Find some sweet ass pants and a fresh belt with some shoes. Idk everyone here is an adult; you probably know how to dress yourself. Boiz gotta hit with the tie clip and gurlz need to get a power purse though for sure. Also, don't eat breakfast. You want that gallon of coffee you drink on the way to work to really hit you with the empty stomach. I think it makes it hit harder.

    3. Because it's Monday, when you get the office you wanna have some party poppers ready for when you open the door. It's the best damn day of the week. It will never be that Monday again so you gotta really live it up. As soon as you get to you desk, just start punching your keyboard until everything's perfect. Type at least 500 accountings per minute. Only bring tomato soup for lunch. You can drink it through a straw without hands so you don't have to stop working. Basically you gotta get in there and do the most accounting known to man. You gotta B & E these books and make entries. In and out. Bam accounting done.

    4. Go home and feast. You earned it. You're an accountant. The best thing ever invented. A tax god among men. Tomorrow's Monday. Get it.

    submitted by /u/Sneezis
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    How I passed the CPA exams in 68 days (long write-up)

    Posted: 02 Dec 2018 04:55 PM PST

    Foreword:

    I am finally posting this write-up having began this process almost a year ago. I am hoping that the information provided in this may bring information from multiple sources into a single article to help those bouncing between the various organizations involved in the exam.

    Do feel free to ask any questions you may have as it may jar my memory and allow me to clarify or improve areas that may need it.

    ​

    Background:

    · Began studying on January 2nd, 2018. Took my last exam on March 9th, 2018. Passed them all on the first attempt.

    · I was a fairly good student (mostly A's in accounting courses), also tutored accounting students in college. Good study habits definitely helped in this undertaking.

    · Went back to school and started taking accounting classes in my late 20's (was changing career paths). I was in my early 30's at the time of taking the exams.

    · Began exams after working a busy season in Audit (primarily NFP's).

    · Worked 35-40 hours a week during this period.

    · Was provided a financial incentive to complete exams within one year of hire by employer.

    · Personally I feel I have fairly strong reading skills which is of great benefit in understanding and dissecting the questions (especially AUD).

    · Used Roger CPA review as study course. I chose Roger over Becker purely on the basis of the videos. Roger's quirky behavior assisted in keeping me awake.

    · Began the exams knowing that following Q1 2018 the reporting period for exams would be delayed to the end of the period. In addition the upcoming changes to tax law I felt that hitting REG before any major changes occurred would create less uncertainty in the study process (and realistically the grading process for test reviewers).

    · I took the tests in the state of California

    ​

    The Proof:

    https://i.imgur.com/MG1J308.jpg

    ​

    Tips:

    · When you apply in the state of California apply for all four exams! You only pay a single fee to apply to sit for the exams with the California Board of Accountancy (however, to get your "notice to schedule" to set a date with Prometric you will have to pay separate fee for each exam to NASBA). I goofed up on my first go around and only applied to take FAR. ($50 bucks down the drain). I do not know if this procedure is the same for other states.

    · Roger recommends that you don't study very much the day before the exam. I second this notion. Realistically if you're trying to cram at that late of a juncture you're too late. Better to go in well rested and as comfortable as possible.

    · Take the allowed breaks! ALWAYS. ALWAYS. ALWAYS. And if you have to take an extra break to run to the restroom do it. I'd rather lose 2-4 minutes of testing time than my focus on the questions I'm answering and submitting because I'm debating/distracted whether to go to the restroom.

    · Get to Prometric early and have valid identification! They will not let you sit with expired identification information. I knew someone that had an expired driver's license and wasn't allowed to sit.

    · Prometric's process to get into the exam room is akin to getting into an airport (in the U.S. at least). You have to go through this process each time you enter or leave the testing room (relates to my bathroom tip above).

    · I always brought a snack for my break. A rumble in the belly in the middle of the test would have been an unwelcome distraction.

    · You know yourself best. You need to plan your study regime based off of your personal preferences. Example: I'm a creature of habit and feel I'm sharper in the morning. As a result I scheduled all of my exams in the morning. Also I made sure to keep my normal routines as much as possible (ie eating breakfast, commute time, etc.)

    · Have a plan in place for your study regime or follow someone else's. I simply modified an existing 3-month study plan from Roger's review course and used it to keep track of my progress.

    · Pick one review course and stick with it. When I hear someone jumping from Roger to Becker to Wiley or using multiple courses at once it drives me nuts. If you're uncertain which one to pick try a demo out.

    · Find any way necessary to focus during your study time. I would turn my phone off and leave it in my backpack so I couldn't even see it. I would also study at a local university rather than at home. I knew someone who would leave their phone in the car to even avoid thinking about it.

    · The only stimulant I used throughout the review process was caffeine. My coca cola intake (and blood sugar levels) skyrocketed through this period. You do you on this one.

    · Understand the test before you begin this process. All of the pertinent information is available via the AICPA's website. https://www.aicpa.org/becomeacpa/cpaexam.html

    Study/Exam Write-up:

    · My initial plan of attack for the exams were to tackle those that I deemed hardest based off of research and communication with other exam takers. The sequence I took was FAR, REG, AUD, BEC. FAR had the most material and seemed like if I could get that one out of the way the rest would be downhill.

    · I began primarily studying for the exams in the evenings after work. About 1/3 of the way through this process my brain began to crap out and felt like this was no longer working. I then adjusted my primary study time to the morning (although I would typically continue for another 1 to 2 hours after work at night).

    · During the week I was studying 4-8 hours a day and 10-14 hours each day on the weekends.

    · When watching the review videos, I would typically speed them up as much as I felt I could comfortably do without compromising my understanding of the material. When I felt I had missed something I wouldn't have any qualms about jumping back and re-watching material.

    · I continued to make additional adjustments to my study patterns as I felt necessary. After REG I felt like I was toast. Began to use something similar to the Pomodoro technique at this point.

    · Avoided TBS. Took too much time for my compressed schedule. Realistically did less than 5 for each exam (more for familiarity of the layout and process).

    · I didn't worry too much about the research questions honestly, but again I was relatively comfortable with my reading/comprehension skills to somewhat wing this section. There is also free access for a trial period to the material that you will see on the exam. https://www.aicpa.org/becomeacpa/cpaexam/forcandidates/howtoprepare/literature.html

    · Hit the multiple choice questions hard which worked out for me. The TBS in the review courses felt overly complicated and upon taking the actual exam each TBS just felt like 3-5 multiple choice questions that had a few interrelated facts and not necessarily one massive problem that was entirely dependent on previous answers.

    · I would go through the material once. Read through the chapter once, watch the videos once, and then typically answer as many questions as was deemed necessary based off the SmartPath feature on Roger CPA's website (SmartPath would indicate an adequate amount of questions to answer based off of the results of other test takes who had passed the exams using Roger's course).

    · Honestly as I began to get worn down I gradually began slipping on how many questions I had reviewed. If I had to gamble I would say for FAR I had probably answered 75% of the MC questions by the time of the exam but this had definitely slipped to less than 50% by the time I took BEC.

    · During my review of REG I felt that I simply didn't know the material enough. I pushed my test date back from a Friday to a Monday to allow the weekend for additional study. Probably the best decision I made throughout the exam process as I barely passed REG. (76 wooooo!)

    · Review course questions are definitely harder than actual exam questions.

    · I can only recall a single question over the four exams that I had no clue on due to the review course not covering the material.

    · Finished all exams in approximately 3 hours with the exception of BEC. I figured it best to blather on as much as possible for the written questions and took about 3:15 to complete.

    · Initial study method: read, watch videos, do questions. Rinse, wash repeat. Tried to cover all sections at least once even if I felt comfortable with the material.

    · Final study method (last few days leading up to the exam): I tied the focus of my final review to the weighting of the exam per the AICPA (see below for weighting and link with further info).

    ​

    Aftermath

    · It's not so much a matter of being the best accountant or the smartest person. Attack the test and cater your study habits to the weighting below and you should be fine.

    · I was definitely burned out after this. I should have taken a multiple week vacation to unwind. Neglecting most aspects of your life for 2-3 months at a time is not a recommendation I can make. Doing this placed a lot of stress on other aspects of my life (relationship, physical well-being, etc., although I think coca cola sales may have skyrocketed during this period).

    ​

    Weighting of the Exam (as of 2018)

    Link: https://www.aicpa.org/becomeacpa/cpaexam/examinationcontent.html

    Exam Sections

    Auditing and Attestation (AUD)

    I. Ethics, Professional Responsibilities and General Principles

    15–25%

    II. Assessing Risk and Developing a Planned Response

    20–30%

    III. Performing Further Procedures and Obtaining Evidence

    30–40%

    IV. Forming Conclusions and Reporting

    15–25%

    ​

    Business Environment and Concepts (BEC)

    I. Corporate Governance

    17–27%

    II. Economic Concepts and Analysis

    17–27%

    III. Financial Management

    11-21%

    IV. Information Technology

    15-25%

    V. Operations Management

    15-25%

    ​

    Financial Accounting and Reporting (FAR)

    I. Conceptual Framework, Standard-Setting and Financial Reporting

    25–35%

    II. Select Financial Statement Accounts

    30–40%

    III. Select Transactions

    20–30%

    IV. State and Local Governments

    5–15%

    ​

    Regulation (REG)

    I. Ethics, Professional Responsibilities and Federal Tax Procedures

    10–20%

    II. Business Law

    10–20%

    III. Federal Taxation of Property Transactions

    12–22%

    IV. Federal Taxation of Individuals

    15–25%

    V. Federal Taxation of Entities

    28–38%

    ​

    ​

    submitted by /u/CPA_in_68_days
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    Nice car

    Posted: 02 Dec 2018 05:32 PM PST

    Intermediate Accounting be like..

    Posted: 02 Dec 2018 03:23 PM PST

    Quick thank you to everybody

    Posted: 02 Dec 2018 03:33 PM PST

    After a year of struggling with depression and anxiety causing me to leave my big 4 position after 8 months, I'm finally starting a new job tomorrow within the government. Took people's advice and put my life ahead of a job and finally feel better again. Thank you everybody for the advice along the journey

    submitted by /u/thrwawayFL16
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    This feels relatable...

    Posted: 02 Dec 2018 01:29 PM PST

    Craigslist Ad: 5+ Years XP, Compensation $20-25 (DOE), CPA Required and B4 XP preferred

    Posted: 02 Dec 2018 01:06 AM PST

    The Pentagon’s Massive Accounting Fraud Exposed

    Posted: 02 Dec 2018 04:52 PM PST

    Quitting to travel

    Posted: 02 Dec 2018 08:11 AM PST

    Big 4 audit manager here. Early 30's. Single. Been on the grind for 5 years and completely burned out and confused. Drank too much kool-aid and let the firm dictate my life. Want to live a bit while I still can. Ready to turn in the two-weeks and just travel around. Live out of a backpack, find odd jobs along the way. Has anyone had a similar employment gap ~1 year? Curious what the difficulty would be finding employment after taking this kind of break as a CPA

    submitted by /u/Anon10133
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    When you thought you could just cram before each CPA exam and be fine

    Posted: 02 Dec 2018 10:28 AM PST

    KPMG thinks promising overtime and headaches will get you in the door

    Posted: 02 Dec 2018 07:14 PM PST

    Worried about tax exit opportunities

    Posted: 02 Dec 2018 08:47 PM PST

    I have been working a regional firm for a little bit over a year in the tax department.

    I am itching to leave and have been considering what I would like my next move to be.

    I have very recently come to the conclusion that I want to get away from tax. Despite having great reviews, I really want to try something new.

    I think I would enjoy something like a Financial Analyst role or a general accounting role in industry.

    I have started to worry myself because thinking of the work that I do now, I feel as if I would be clueless if I had to do anything else besides prepare tax returns.

    If I could turn back time, I would have chosen audit, but since I cant, I wanted to know if anyone has successfully broken out of tax? Will I be in for a rough time when I start applying for non-tax accounting roles?

    submitted by /u/throwaway1744747
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    [US] Transition to Big 4 from a smaller firm

    Posted: 02 Dec 2018 08:24 PM PST

    I was offered a position at EY. The base salary I was offered is right where I'm at now, however they mentioned time and a half for anything over 40 hours a week. Is this normal?

    submitted by /u/rattails
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    Seinfeld: it’s just a write off

    Posted: 02 Dec 2018 07:12 AM PST

    Trying to balance 3 ACA (UK) exams in one sitting.

    Posted: 02 Dec 2018 12:25 PM PST

    Thinking about a switch to accounting from current field, need guidance.

    Posted: 02 Dec 2018 05:44 PM PST

    I currently work for a hospital with the patient financial services department. Specifically, I work with the revenue cycle to ensure we have adequate information to bill insurance companies as quickly and efficiently as possible. I obtained a B.A. in Health Studies and graduated in 2014. I had originally planned to parlay that into a career in the health care field as a care provider, such as a nurse, but then came to the conclusion that wasn't a good fit for me. There is not a lot of room for advancement in my current career and accounting sounds like a very interesting field to me. I noticed in the Wiki that it is recommended for people who already have a Bachelors degree to pursue a Master's in Accounting rather than obtaining a second bachelors degree. I have questions about this.

    1) Why is this the recommended route? 2) If I were to pursue the Master's route, would the school offer any prerequisite courses since I do not have a background in accounting, or would I be better off taking some of those courses at a community college? 3) I have seen that it is best to go to a brick and mortar school rather than online program. However, I would really prefer to continue to work full time and attend school simultaneously if at all possible. Are there any good/great online programs that would still offer recruitment opportunities? Or would I really be doing a great disservice to myself to not attend a physical school?

    I'm sure I will think of other questions as I get responses from the community, but I welcome any kind of information. Thanks all!

    submitted by /u/manthaddles
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    I've been experimenting with using Python to extract accounting data from PDFs ...

    Posted: 02 Dec 2018 09:02 PM PST

    Thinking of leaving public tax - recommended career moves?

    Posted: 02 Dec 2018 03:00 PM PST

    I'm a CPA at a small accounting firm in southern California (about 30 ppl). I spent 1.5 yrs as an intern and 1.5 yrs as a staff/senior staff.

    The company environment has really tanked, and I'm looking to get out. I've only ever worked in public accounting/tax, and I'm not sure what a good career move would be for me. I'm guessing either another public job, or private? My only concern with private is it's probably going to be difficult to land with tax experience as opposed to audit. I do have accounting experience.

    Looking towards the future, I would like more work life balance as my fiance and I get older and start thinking about kids. I would also not like to decrease my salary too much (currently at $65k).

    Any suggestions on career moves is greatly appreciated. The longer I stay at my job, the more I resent everyone there.

    submitted by /u/Pooseycat
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    The eternal mid-life crisis question: What can you move on to after being freshly promoted to Assurance Manager in Big 4?

    Posted: 02 Dec 2018 12:00 PM PST

    Can someone explain the 2017(old) Charitable contribution rules to me.

    Posted: 02 Dec 2018 03:56 PM PST

    I'm studying for REG and i keep getting lost every time a new question pops up. Some say 30% of AGI and others say 50% of AGI.

    Also are the same rules followed for the charitable deduction for individuals and Corporations or do they follow different rules?

    submitted by /u/johnpenguin69
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    EY

    Posted: 02 Dec 2018 12:18 PM PST

    EY

    It's been 4 weeks since my superday at EY and I'm pretty sure I'm on some sort of waitlist because I havent heard back yet.

    Chances of getting off the waitlist??

    submitted by /u/nixy__
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    [CAN] Do co-op or summer students at Big 4 firms travel for client engagements

    Posted: 02 Dec 2018 09:58 PM PST

    Starting in Jan as a 4 month co-op with one of the firms in Calgary. Is it likely that I'll travel for a client engagement and if so to where and for how long?

    submitted by /u/forcemasterflex
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    How to Prepare for Your First Internship

    Posted: 02 Dec 2018 10:24 AM PST

    I'll be beginning an internship at a small firm in June and was wondering what are some things I can do to be well prepared for it. The program exposes interns to both tax and the full audit process. The firm specializes in services provided to mainly broker-dealers and hedge funds.

    Is there any reading material or anything else anyone recommends I brush up on before June?

    Also, if anyone has general advice about excelling at your first internship, I'd be grateful to hear it!

    submitted by /u/NiceGuyAbe
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    Should I apply for Business Honors Program at CSUN? Is it worth it?

    Posted: 02 Dec 2018 09:36 PM PST

    I am at an accounting internship in a mid sized firm but would like to work as a tax accountant when I graduate at a big 4.

    I was invited to apply for the Business Honors program to help with my chances of getting accepted into a big 4. Should I proceed with it?

    I don't know if it's better to have a higher GPA with no honors or lower GPA with honors.

    Thoughts?

    submitted by /u/jojelllybean
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