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    Accounting Uhhhh

    December 02, 2019

    Accounting Uhhhh

    Uhhhh

    Posted: 02 Dec 2019 05:14 PM PST

    Interns are like babies

    Posted: 02 Dec 2019 05:39 AM PST

    .

    Posted: 02 Dec 2019 04:43 PM PST

    When your company's cash flows is hitting critical and the CFO tells you to cancel all Automatic ACHs in the bank except payroll.

    Posted: 02 Dec 2019 08:17 AM PST

    Just Put It On The Corporate Card

    Posted: 02 Dec 2019 04:37 PM PST

    Why I will NEVER change my company to "name & Associates"

    Posted: 02 Dec 2019 04:19 PM PST

    My CPA Exam Study Experience

    Posted: 02 Dec 2019 01:23 PM PST

    My CPA Exam Study Experience

    Hi r/accounting -- Long time lurker (this is actually my first post on reddit).

    I utilized info from this sub during my time studying and a ton of it was helpful, so I wanted to share my experience with studying for the CPA exam.

    I recorded data while studying for each section with Becker. At first this was for my own tracking purposes, but I realized it may be helpful to others as well so I tried to add as many details as possible.

    Background and timeline:

    I'm currently a staff 2 at a B4 in NYC working in assurance with a year and 3 months experience.

    I began studying on June 5th, 2017 (summer in between my senior and grad year) and finished my last section on October 10th, 2018 (one month into my job for B4 Assurance) for a total of 492 days in elapsed time. Of those 492 days, I studied on 256 of them (or about 52% - mainly due to waiting for scores).

    My first goal was to knock out BEC and AUD the summer before grad school while umpiring baseball games as income (pretty solid gig if you have thick skin -- flexible and lucrative).

    1. BEC (7/15/17) - Since it was my first exam and I was spending a boatload of money on test materials/fees, I took it very seriously and my studying was very focused. I walked into the exam with confidence and walked out with absolutely no idea how I did. 86.
    2. AUD (8/30/17 -- attempt 1) - I slacked on study hours mainly because my Becker average score floated around 78% (same as BEC). I figured that would be enough. However, I was really just memorizing answers to Mcq's and not actually learning the concepts. You need to understand audit conceptually to pass the exam. 73.
    3. AUD (10/24/17 -- attempt 2) - Studying while beginning grad school and working 40ish hours/week... not fun. Becker Mcq % was 87%... I'm sure being familiar with the questions inflated this #. I really worked hard on the conceptual aspect this time around. Walked out of this exam mind fucked yet again. 76. At this point I realize this whole process is a crap shoot. I was significantly more prepared than exam #1, yet scored only 3 points higher.
    4. REG (2/14/18) - Test was scheduled for my second semester of grad school as I went home for the Holiday Break. At this point, my plan was to knock that out and enjoy the rest of my time up at school. Then I could pass FAR in the summer before starting work and I was money. 59 days, 133 study hours later, I had completed over 4k MCQ's, the most of any section. I walked out of REG thinking I got a 60, yet somehow I got a 75. Tax really isn't my thing... I mean I have another CPA do my taxes...
    5. FAR (8/12/18 -- 1) - By far the longest study span of any particular section (68 days), which turned out to be a mistake. By working my entire grad year, I afforded myself the ability to not work in the summer before I started full-time. This resulted in a LOT of rounds of golf. My studying was significantly less focused than my BEC attempt. Walked out of the exam feeling the exact same way I did with REG... the result? 61.
    6. FAR (10/10/18 -- 2) - I found out I failed my first section of FAR while at my initial staff 1 job training. That absolutely blew. I thought studying while in grad school was bad... try studying FAR your first month on the job with no prior internship experience... woof. I powered through, getting into the office around 6am and studying before work for the day. I did what I could after but I was already working 45-50 hour weeks off the bat. I knew I had to knock it out or I wouldn't be able to retake before busy season. Not to mention I was due to lose a part if I failed. 86 and I was done.

    ​

    The feeling getting that final score back was incredible. 574 hours (24 full days) of hard work over 16 months had finally paid off. If you're mid-grind during the holidays, make sure to set yourself a schedule to allow you some family/friend time. Need that to keep your sanity during this process.

    ​

    To anyone in grad school who intends to get their CPA but has not yet started: the sooner the better. I wouldn't wish studying while working upon my worst enemies. Well maybe a few, but that's not the point. Happy Holiday to all and thank you to anyone who may have helped along the way.

    Edit: added graphic

    https://preview.redd.it/1fu70ft2fa241.png?width=1127&format=png&auto=webp&s=57c5acf40eca3de130cc951337a147ce77e8d7b5

    submitted by /u/GolfCPA
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    Any Advice for an Overwhelmed, Stupid-Feeling First Year in Big 4 Audit?

    Posted: 02 Dec 2019 08:29 PM PST

    So I'm a first year and started on my first client halfway through October. It has very diverse subsidiaries that are consolidated, and I think I have a decent understanding of the company at this point, but there is still sooooooooooooo much that I don't know. I started out with easy fun stuff, like flux analyses and a couple rollforwards and memos for Q3 that I was walked through and basically taught how to do. Now I've been given the task of trying to close a bunch of review notes for D&I of controls that I didn't prepare or even walkthrough and long memos that I didn't prepare. Some of them are easy fixes, but others are more conceptual questions from management, and I have no direction. I feel basically completely lost and overwhelmed without someone walking me through the thought process to close review notes for work that I haven't prepared. When the manager leaves a review note asking if something is necessary, wtf does that mean? How should I know if it's necessary? Does that just imply that it's not necessary and that I should remove it?

    This is what I've been working on for basically the last 3-4 weeks, as they're trying to finish all the Q3 work already, but I feel like I'm wasting so much time staring at review notes and thinking as hard as I can for how to answer them, but not having a clue how to attack them or where to even look. I ask the senior assistant sometimes and he either figures it out without explaining it or treats me like an idiot, and when I ask the senior in charge he's not too helpful either as he's always busy. My manager is great and explains things well, but she's only there half the time. So I go down rabbit holes asking for more workpapers that I think could help me answer the question, but it turns into a never ending chase and I still have 30 more review notes to try to clear.

    I know my senior and the senior assistant sometimes keep workpapers with open notes in their file for them to get around to later and start on the higher priority stuff, but any time I ask for higher priority stuff to work on, they just point me back to closing the review notes that I have no idea how to close. Then today our project manager sent out the weekly email and I realized I had 18 work papers I'm supposed to start in the next two weeks, while all the other staff only had 2-3 assigned to them. I'm guessing this is because these are workpapers I was supposed to start before, when my senior had me "working on review notes"? I asked him and he said not to worry about it, but I'm still starting to worry about it. I know I'm not turning out to be the high performer I thought I could have been, and I actually just feel like a complete idiot. Should I just start bs'ing my responses to review notes so I can get something out the door? How should I be tackling these?

    submitted by /u/collegestudent5568
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    Extremely excited to announce I’m leaving my job at B4!!

    Posted: 02 Dec 2019 08:12 PM PST

    I'm terribly excited and humbled to announce that, effective immediately, I am leaving my job at B4 Firm!

    I'm so grateful to Bob Smith, Sara Jones and Marty McFly for making my life a living hell! Working with them sucked, and it was my honor to be in the office until midnight doing their jobs for them!

    I'm humbled to have worked at such a prestigious firm, upholding the company's great name while padding my resume and awaiting the glorious exit opportunities. Thank you to everyone who has made this possible, I look forward to not working at this job ever again.

    Wait...this isn't LinkedIn.

    submitted by /u/jescrow99
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    What's your biggest career regret?

    Posted: 02 Dec 2019 10:45 AM PST

    I actually genuinely enjoyed the challenge of audit in Big 4 and felt proud about the projects I was part of, especially when I became Senior. I loved constantly studying and having to update my technical knowledge. Building rapport with clients. Camaderie between colleagues regardless of rank.

    I quit because I couldn't sepparate life problems from work. I quit without having something lined up. Also realized most people were aware of my problems, including partners, and I was never going to make it past Senior and I was fine with that.

    Fast forward almost two years, recently got a job in my former biggest audit client, "senior accountant" position. Very likely to never make it past that because I still bring life problems to work, have to excuse myself from time to time. Can't complain though, I no longer care about hoarding money or "ranking up" and I am 25. I do miss challenges a lot.

    My job hasn't required me to study IFRS/etc at least 1/10th compared to being in public. I feel like an overpaid code monkey. But that's way better than being jobless.

    submitted by /u/labradf0rd
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    Masters

    Posted: 02 Dec 2019 09:57 PM PST

    Does it matter which Masters program you take? Is there still asscb or whatever the accreditation is? Does that matter? I know it does for undergrad. My undergrad college has a pretty good online Masters program but it's expensive. So I was looking at some lesser known ones that are cheaper.

    Any recommendations/advice?

    submitted by /u/GaniB
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    AMA -> big 4 audit to BB banking full time

    Posted: 02 Dec 2019 08:03 AM PST

    Hey everyone,

    I want to give back to my favorite subreddit! Anyone who is interested in finance or anything finance related at an investment bank or TAS or financial advisory at an accounting firm can ask me questions about how to jump and what to do !

    Ask away

    submitted by /u/accofinathrowaway202
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    What’s a good office chair for tax season?

    Posted: 02 Dec 2019 08:13 PM PST

    I have Hank Hill syndrome and figure I'd need a really good chair for those 60+ hour workweeks

    submitted by /u/PunMuffin909
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    International Tax Las Vegas

    Posted: 02 Dec 2019 08:12 PM PST

    Hello, I was wondering if anyone knows if Deloitte Las Vegas has international tax as I cannot seem to find any postings online. I did see that EY has multiple postings regarding it. Any insight would be much appreciated!

    submitted by /u/Blue_178
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    [US] IRS Criminal Investigator Special Agent - Job Announcement

    Posted: 02 Dec 2019 03:05 PM PST

    For anyone interested, the IRS just put up an announcement for Criminal Investigator Special Agents. It is a continuous announcement for the next 12 months and is for all posts of duty.

    Job pay level is GS7 or GS9 depending on experience/degree, and salary is dependent on location.

    More details on the job announcement is below.

    https://www.usajobs.gov/GetJob/ViewDetails/552620000#

    submitted by /u/damnthiskoolaidisgr8
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    how to use DB function in excel with examples_financial function-02

    Posted: 02 Dec 2019 10:23 PM PST

    Which items were reported in this Form 8-K? (refer to Exhibit 16.3). Why do each of these apply to the situation referenced in the filing?

    Posted: 02 Dec 2019 10:14 PM PST

    The document I'm told to use: On January 28, 2019 TCF Bank filed a Form 8- with the SEC providing updated information on a situation of potential significance to investors.

    The question I'm working on: Which items were reported in this Form 8-K? (refer to Exhibit 16.3). Why do each of these apply to the situation referenced in the filing?

    The link attached is the Form 8-K I've been looking at. Did the question incorrectly refer to Exhibit 16.3 or am I looking at the wrong document? Because I'm not seeing Exhibit 16.3.

    submitted by /u/IKill4Food21
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    Relevant here

    Posted: 02 Dec 2019 10:07 PM PST

    Is it bad to tell the interviewer that I'm not studying for the CPA?

    Posted: 02 Dec 2019 03:32 PM PST

    I graduated months ago but I still need to pay off my student loans and the CPA study materials and exam fees cost way too much. I'm working a retail job for income so I'm making the bare minimum. Is this a valid excuse if the interviewer (for public firms) asks me if I'm looking to get my CPA?

    submitted by /u/2point9AIDSBOW
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    What are the main concepts covered in the first half of Intermediate 1?

    Posted: 02 Dec 2019 09:10 PM PST

    I have some free time between now and Jan 10, and I want to get ahead so I get an A. Can anyone let me know what type of material Intermediate covers/any good resources to learn from before my textbook arrives?

    submitted by /u/whoisthefather
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    You ever just...

    Posted: 02 Dec 2019 08:55 PM PST

    Look at a spreadsheet and just think "yep, an accountant made that"

    submitted by /u/knilnaht
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    Assurance PEP Exam

    Posted: 02 Dec 2019 08:43 PM PST

    Hi,

    I am currently in Assurance elective and writing the upcoming exam in December, so I have started my studying process and wondering if anyone has any tips to study most efficiently and effectively? Study guide of what is most important, etc...

    Just going through ebook and weekly cases?

    And for the exam, what can I expect? 2 cases: RAMP and 2-3 F/R Issues + Procedures?

    Any help would be greatly appreciated. Stressing a little bit lol

    submitted by /u/masterpiece1010
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    How likely is it to climb staying in the same company?

    Posted: 02 Dec 2019 08:38 PM PST

    I am currently in an entry level industry position (first job out of college) doing relatively simple tasks and the pay isn't good. What is the likelihood of me staying in this company and growing? From what I see most accountants in this subreddit tend to switch jobs every 2-3 years based on the salary increases that are posted. I really would like to stay and grow in the same company but I don't know if that's possible. Should I be asking for more workload to get promoted?

    submitted by /u/Guzi25
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    After being tricked into working at Big 4

    Posted: 02 Dec 2019 08:11 PM PST
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