Accountant's Musings: CPA Exam & Life Beyond

I just finished my Ethics exam a few minutes ago [scored 95], so I am now completely done with the CPA exams. It feels great to be done with that last part.

I had ordered the CD version of the exam. It was misdelivered about a week ago, and I contacted the AICPA. They were gracious in their reply and they issued a replacement order, which arrived yesterday after I found out that REG was in the bag. I could not start working on it yesterday for all sorts of reasons. The major one was that my personal laptop’s disk drive doesn’t work, so I planned to go to work Sunday to use my work laptop, and also to be in a study mode/mood.

I went to church and from there drove straight to work, 5 minutes away. Got lunch, and started going through the 145 pages of the CD study parket. At around page 25, I lost patience and decided to start working on the test and read as I go. That was around 1pm or thereabout. Since there are 40 questions, each question is worth 2.5 points, so if you miss more than 4 you would have to “retake” the test. I didn’t want to do that, so I took my time, verifying things. I had read somewhere, (I think it was on cpanet.com forum or another71.com forum that) even if you order the CD version, it is best to print the exam and mark off your answers even if you plan to take the exam online. Printing did not work for me because for some reason, the printers on the network were not connecting to my computer or vice versa. Lucky enough, we have Adobe Acrobat (Standard), and I could use that to mark/highlight/make notes on the PDF version of the exam. I preferred doing that to using the AICPA’s Multiple Choice Answer Sheet that came in the mail.

Anyway, so, after about 7 hours, I was ready to register online to take the exam. It was so nice to just click through as I had already marked off the answers. Of course, I verified the first few questions and a few other random ones to make sure the order was the same!

A couple of minutes later, it was 8:30pm and I got my 95. I will print my certificate tomorrow and I will send it via USPS certified mail.

I guess in the next couple of days I will start reflecting on my journey and the insights – (more like thoughts and reflections) – of this journey. I decided to take sit for the CPA exam sometime in January this year. I am showing that Yaeger CPA Review shipped my order on 1/30/2009. I paid NASBA for the four exams on 2/26/2009. I received the NTS on 2/27/2009. I scheduled all my exams with Prometric on 3/9/2009. I spaced them about 6 – 8 weeks apart.  My first exam was Financial Accounting and Reporting (FAR) scheduled to be taken on 4/20/2009. I supplemented Yaeger with Gleim Testprep CDs and my first CD order was on 3/15/2009. It has been an intense year – school, working insane 60+ hour-weeks at times, and a few other interesting things. About 11 months later, it is nice to be done with all the CPA exams.

To God be all the glory, forever and ever, Amen!

Thanks for reading, and I hope you found that helpful.

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Celebrating success! Your plans?

I was wondering what people want after they have passed the CPA exam. Is there something you want your family, friends, significant other, workmates, etc to do with you or for you? You can put you wish list in the comments. I have posed a similar question at these two forums:

CPAnet forum – people’s celebration plans after passing the CPA exam.

Another71 forum – people’s celebration plans after passing the CPA exam.

After I pass, I would like to finish the bottle of wine that I bought months ago… there is about half a small glass remaining! (I hope I will continue resisting the temptation til the end of the year!). I would like my girlfriend to repeat what she said after I passed the first three exams… “You are much smarter than I thought you were!” Really? What a compliment! She then had to make sure I didn’t take that wrongly by saying, “don’t get me wrong. I knew you were smart, but this is something else!” Oh , well. Thanks, babe! Sometimes I wonder how she rated me before all that! Anyway, let’s stick to the celebrations… I would like to remember to fall down on my knees and thank God for everything! I would love to go to lunch with my workmates, and not discuss the CPA exam! I would also like to hear what people will say. You think they will say something, but until they say it, you never really know! I think one other celebration will come some day. I don’t know how or why, but I just know that sometimes you do something, and you look back and you see that that was a turning point. When I realize that the CPA exam was such a thing, I will celebrate in some way!

My reward for passing… if one other person will be inspired to go ahead and accomplish whatever goal he or she has set because of me, that will be reward enough!

Thanks for reading, and I hope you found that helpful.

Image source: http://news.bbc.co.uk/sport2/hi/football/europe/7413647.stm

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Here are some information resources to frequently asked questions regarding the CPA exam

From the AICPA website:

Steps to becoming a CPA.

You can:

Learn About the CPA exam:

General Information – Info about the exam, why it is administered, for whom, component parts or sections, subject matter/content specification outline, requirements, costs, links to NASBA, Candidate Bulletin, etc.

Examination Content, Structure and Delivery – The sections on the exam, the content covered, how long each exam is, the type of questions (multiple choice and/or simulations), the percentage composition, whether the exam will change in the future, etc.

Examination Software – Computer skills needed to take the exam, plus info on the software used

tutorial and sample tests – here you can practice multiple choice questions and simulations in an “environment” similar to that on the exam.

Scoring the exam – here you may find some information on score ranges, pretest questions, scoring adjustments, Item Response Theory (IRT), automation of scoring/grading, etc

Further information on how the exam is scored. (This link was added to this article on 10/24/09)

More frequently asked questions, including those above: – In addition to information given above, you will find information about the application process, Eligibility Requirements, Diagnostic Reports, Score Review and Appeal processes, Test Centers, Transitioning and Credit, etc.

Information about the written part of the Simulation – Organization, Development, and Expression

Free online access to professional literature

International Applicants information – including IQEX and agreements with CICA, IMCP, ICAI, ICAA, and CPA Australia

How to prepare – among other things, study, study, study!

The AICPA administers the examinations, and are thus the premier authority on what you need to do, how you can get information (if they cannot directly give it to you), etc. So, that is the first stopping point. If you cannot find what you are looking for there, you can check with your state board of accountancy or NASBA. Below are a few more links.

NASBA – National Association of State Boards of Accountancy

Jurisdiction map – you can select your State and you will get the info you need from there.

CPA Examination Service – phone number

Links – to AICPA, Prometric, etc

http://www.icpas.org/uploadedFiles/Students/CPAExamFAQ.pdf This document from the IL Society of CPAs answers 35 frequently asked questions. For example, the cost to apply and take the CPA exam; requirements to take the CPA exam; how long a credit lasts; how many times you can take a section you have failed; the range of scores; rules at the Prometric center; Areas to study in order to pass the CPA exam; etc. (As you may see, most of the information is available at the AICPA website (even though you may have had to dig around to locate it.)

Here is a similar resource geared towards MO candidates. Most of the questions and answers are similar/applicable to other States. http://www.leap-forward.com/exam.html

Links to Various/Individual State Boards of Accountancy:

(1) AICPA website links/directory of individual State Boards of Accountancy

(2) I have a similar list in this blog in the exam results page. (Just in case).

(3) myACCOUNTINGSCHOOL.com has a listing of the State Boards of Accountancy contact info – each one’s address, phone number, website, etc – in case that is quicker for what you are looking for, or the links in (1) and (2) above are “broken”.

Do you feel like discussing things with other CPA candidates, learn about their experiences, thoughts, insights, questions, frustrations, etc? You may want to visit some forums. The ones that I have frequented are:

CPAnet.com forum and

Another71 forum

Are you looking for motivational stories, study tips, positive thoughts, and food-for-thought? You may want to visit:

CPAstories.com!

Disclaimer. Like everything else on this blog, absolutely no warranties or guarantees whatsoever. I found the information useful (to me), and I thought that if somebody else had the information and I did not, I would have appreciated it if they shared it with me. It would probably have saved me some research time.

Thanks for reading, and I hope you found that helpful.

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This post is to offer a shoulder to lean on to those who have failed the CPA exam. [The exams have started coming out. I saw a twit from Jeff[another71] that the AICPA had released BEC. [Shout out to Jeff: Good work, man! Keep up the good work!]]

First of all, to those who have passed any section, I would like to say Congratulations! It is a big achievement to pass any section of the CPA exam. I wish you lots of success and happiness!

To those who have failed. Sorry for not passing.  Here is how I would go about handling or thinking about the situation. Actually, I have already thought about how I am going to handle it if I fail REG which will come out in the next day or so. It was in yesterday’s post: CPA exam results: How to Handle the Waiting. Okay, here we go:

1 – You are not alone. What do you understand from that sentence? I would suggest that you read it over, and even say it out loud a couple of times. “I am not alone.” “I am not alone.” “I am not alone.” “I am not alone.” “I am not alone.” “I am not alone.” Now that you have said it at least 5 times, I ask you again, What do you understand from that sentence? It is important to answer that question. My personal answer is long, but I can give a brief version here. First, from a spiritual point of view, I believe I am not alone. The Bible tells me so. This poem tells me so:

Footprints in the Sand (image credit)

One night I dreamed I was walking along the beach with the Lord. Many scenes from my life flashed across the sky.

In each scene I noticed footprints in the sand. Sometimes there were two sets of footprints, other times there was one only.

Footprints in the sand - You are not alone!

This bothered me because I noticed that during the low periods of my life, when I was suffering from anguish, sorrow or defeat, I could see only one set of footprints, so I said to the Lord,

“You promised me Lord,
that if I followed you, you would walk with me always. But I have noticed that during the most trying periods of my life there has only been one set of footprints in the sand. Why, when I needed you most, have you not been there for me?”

The Lord replied, “The years when you have seen only one set of footprints, my child, is when I carried you.”

Mary Stevenson, 1936

Another way to look at it (it = that you are not alone), is that about half of the people who take the exam do not pass it. Please see below.

About 50% of CPA candidates pass (or fail) the CPA exam

Source: http://www.illinois-cpa-exam.com/files/scorerelease.pdf

So, spiritually, and “CPA-ally” , you are not alone! Knowing that I am not alone when I suffer gives me comfort. I will not explain how or why. May be in another post I will. I hope this knowledge gives comfort to those who have failed.

2 – Look on the positive side of life. Count your blessings. Even during the times that one thinks he or she has hit rock bottom, there is a silver lining. Let us count some of the ways. You are still alive. If you think your life is not worth it, those who love you or who depend on you for their happiness think your life is worth living. They could give anything to make sure you are still alive. Be thankful for life. You are healthy. You can read. You have access to this information. You may have a wonderful son, daughter, father, mother, wife, husband, friend, teacher, etc. You have food. You have transportation. You have money. You have a brain that is functioning properly. You are safe. You are in the top 30% of the most educated people in the USA (I am assuming that may be the level has gone up 4 points since 2003; I am assuming that you already have your Bachelors – i.e. condition for being allowed to take the exam – if not conditional-):

If this was 2003!! You would be in the top 26% of the most educated people in the USA

source: http://www.census.gov/acs/www/Products/Ranking/2003/R02T040.htm

3 - Focus on things that cheer you up. A baby’s smile, a funny movie, loved ones, times when you achieved something, the compliments you have received in your life time. I would suggest that if you are alone and you do not have people who can cheer up, you write down all the compliments you have received in your life. If you don’t have pen and paper, you may type it up in the computer you are using! If you cannot do that, please find pen and paper! If not, think about it for 5-10 minutes. I think about the times I won Chess tournaments. I think about the many times I have been told I am cute I think about my girlfriend and her laughter! I think about the times I said something that was really funny and everybody cracked up – even though I cannot remember the specifics. Now I can think about all the good people out there, that I have not met, but are either linking to this blog, reading this blog, commenting on this blog, or just laughing at me for what I am writing! There are a lot of things I can do to feel better, only if I give myself a chance.

4 – Forget myself and focus on other people or other things. Self-absorption is one of the major causes of anxiety, unhappiness, low self-esteem,… (disclaimer: I am not a qualified psychologist, [I am serious!] think, I am also taking the CPA exams Anyway, on a serious note, I have found that when I am so busy or so involved in something, I have no time to think about myself. The other side of it is, when I think about myself so much, I have no time to think about other people or other things, and life passes me by.

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It appears the world is in agreement that wave 2 of the exams will start coming out this week. I have a page/tab up to your top left – with some info on when to expect the exam to come out. Other blogs, for example, another71.com, have predictions on when the exams will come out with specific dates for specific sections. If you look around on twitter and CPAnet.com and other discussion platforms/media, you will see that people are talking about the exams A LOT!

As much as we know or are almost sure that the CPA exam results will come out this week, we are not certain about the specifics. We may go as far as to say, we are not certain of the order in which the exams will be released. We don’t even know if all the results will be released at the same time! (I know wave 2 has always meant everybody’s results will come out, but …).

What are the things that make the waiting unbearable?

There could be as many reasons as there are people? In some cases, it is because the people are just impatient by nature. In other cases, it is because people at work or school, or a significant other, keep asking whether the exams are out – and whether you have passed! It could be that you have plans to do other things, but you cannot go ahead until you know whether you have passed or not. It could be that coming out of the exam, you were not sure how you did, or you were sure, but you just need confirmation. It could be that you have taken the exam one time too many, and you hope this is the last time you have taken it. Should I continue with the reasons or try to give some suggestions on the waiting?! [Sorry!]

How am I handling the waiting? [I am waiting for REG, and I didn't study well, and I didn't feel like I did well on the exam. Talk about positive thinking!] Well, for REG, I have told myself that if I pass, great. I felt like I failed the other three exams, but I ended up passing even though AUD was very close, so I would not be surprised if I have passed REG. If I have failed, I know the possible reasons. My studying was a mess. I know I will pass it the next time around. No knocking on wood! You just have to believe in your potential and abilities to change what you can and alter your results. So, I am at peace with whatever comes. I will be upset if I fail, but I am not anxious to know. Even if I am upset, I will not let it linger for too long. I will just move on. Apply to retake. Start studying again. Take the exam. Prove myself right. One other thing that is to my benefit, that other people may not have, is that I have passed three exams already, so I have a foundation to base my confidence on. Enough about me. But for people in similar circumstances to mine, there is a way to handle the waiting.

It is so hard to wait, and to see all the people talking about failing and passing, and seeing other people who have passed your section saying the section you are waiting for was their easiest etc. There were times when I would tell myself to stay away from the computer… and I would stay away by walking to the kitchen, grab something, and then come back to check! So much about staying away! But I think the best thing to do is to stay away. Give yourself some bearable time, 1 hour, or 3 hours or 6 hours. I recommend that it be in hours. Stick to your schedule for checking. Thing is, when the exams are released by the AICPA, the Boards have to do their part for you to get your score. Knowing that the AICPA has released the exam, and your board is not releasing the exam soon enough, just shifts “blame” from the AICPA to the State Board! [Candidates seem to want to blame somebody for delaying their getting the results back!]

Okay, let’s say the exam is out right now and it is available right now – [don't leave yet, it is not out, I am just assuming! I might as well throw in the humor while we are waiting for the exam ] – what do you do? You check, you find out the results, then what? I mean, think about it. Whatever you are going to do after that, is it worth the pain or hussle of checking every second? Refresh page F5, refresh page F5, refresh page F5! I don’t think so.

Okay – here are the possible suggestions to handle the wait without worrying or checking every second:

1 - Like me, reach a point whereby whatever comes, you will accept it with grace. You accept failure either because you didn’t prepare to the best of your ability, or you just didn’t do as well as the AICPA wanted you to do even though you prepared very hard. Once you reach that resolution, your mind should be at peace, and you will not be in a hurry to find out how you did. It is not because you don’t care, but it is because you know it is out of your control, and you will accept whatever comes and move on from there.

2 - Stay away from the computer. I don’t know how you will do it, but being so close to information makes it harder for you to resist the temptation to check the exam results. Get engaged in something totally unrelated to exams. I have been writing for a couple of minutes and I didn’t check the exam page – albeit I am talking about it. If, say, you go to sleep, or you play games with your friends or child(ren), or you go for a walk with your GF, BF, SO, W, H, or BFF or dog, then you won’t be checking or thinking about the exams all the time.

3 - Hang out with people who are [not] waiting for the exam. There are two points here. One is to hang out with people who are also waiting for the exam, that way you go through the the (e)motions together. This may or may not be a good support group depending on what the people are saying versus what you want or wish them to say. The second point is to hang out with people who have nothing to do with the the exam. Chances are that these people will talk about something else, and they will suggest activities that have nothing to do with the CPA exam. Thus your mind/thoughts/feelings will be away from the exam results.

4 - If you are preparing to take another section of the CPA exam this coming window, may be you should focus on that section. One way to look at it is this. Let’s assume that if you don’t study today and/or tomorrow or all week because you are waiting for the results from last exam window, you are going to fail the next section! No reasons. Let’s just take that as a fact. Would you study today and tomorrow and the rest of the week, or would you continue waiting for the exam that has not come out yet? Iwould study. Now, don’t you think that missing a day or two days or a week of study could have a significant impact on your CPA results? I think it could. Well, you may be wasting an hour, a day, several days or a week right now!

5 - What control do you have over the exam results or when they are released or when you get notified? Whatever your answer is, that is the amount of focus, attention, or worry you should dedicate to waiting for the CPA exam results!

6 - If you did your best in preparing for the exam and taking it, that is all anybody could ask of you. Take courage in the work you did. Take whatever results come, no regrets.

7 - Pray or Meditate for peace of mind. I prefer prayer because… let’s just say it is how I was brought up and how I have chosen to live my life. Prayer means that you accept that you are not in control of everything. That you need help dealing with something. That God or whoever you pray to, has the power to affect how you look at things, how you handle things, how the results come to you, and what the results were/are. In some ways, you also say that whatever comes, is what is best for you. It may suck. You may not like it. But in the grand scheme of things, in ways that you may not understand, you believe whatever has happened is for the best. This is different from the “logical and practical” things presented above, but for me and others, prayer is just as logical and practical as the other things. May be even more. One effective way to pray, is forget about yourself, and pray for other people. For example, you could pray for all other CPA candidates that you know they are going through the same feelings and fears and anxiety that you are going through. That they need peace of mind. That other need success more than you do. That others have taken the exam more times than you have. That they may have worked harder than you did. That they may have guessed less than you did. That others do not have access to the information that you have. May they have peace of mind. May they get success. May they have faith that they can do it. May they believe that they are not alone. There other people going through the same emotions. There is One who is more powerful than anything out there, and that One cares so much about them. Pass or fail, your value in the eyes of God does not change. God is the only one who matters. If He cares that much about you, then that should give you comfort as you wait for the exam.

I had to save the best for last.

Good luck, and I hope you found that helpful.

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From the excerpt below, it is fair to expect wave 2 of the exam results to come out the week of 9/13 – 9/19. It appears the exam results have previously been released in the following order: BEC, REG, AUD and FAR. There have been a few times when the order has been switched around, so I would not get too tied up on the specific dates or order. That’s the best I can do from the info below:

 http://www.illinois-cpa-exam.com/files/brochure.pdf [ILBOA on page 4 of the document:] 

“The anticipated score release dates for some exams taken in the first month of the testing window will be during the seventh week of the window. The remaining exams from the first month and all from the second month will be released two to three weeks after the end of the window. The Illinois Board of Examiners will release scores continuously once the AICPA and NASBA release them. The Board does not control the timing of the release of scores to our office from the AICPA and NASBA. Candidates are now able to view their unofficial advisory scores on-line on the IBOE web site after establishing a login ID and password.”

Jeff at another71.com has excellent predictions. He is almost always accurate on when the exams will come out. If he is off, he is the first to know and inform everybody that the exams are out. Jeff’s exam release predictions.

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