Accountant's Musings: CPA Exam & Life Beyond

Praise be to God in highest! What can I say? This is one of the many blessings I have received in my life, and especially in the past couple of weeks. I hope I will share them all some day. For the time being, let me share one: I have passed the remaining section of the CPA exams, Regulation (REG), with a score of 89. It feels good to be done with the endless studying. Now I can spend a day to study Ethics and get that out of the way. To all who encouraged me, supported me, and prayed for me, I thank you from the bottom of my heart. To those who are still studying, or are still waiting or did not pass, I wish you good luck! [To those who are wondering what State I took the exams in, so that you can check your results as well, it is Illinois - you may see that in the clipped screenshot below.]

REG results for cpastories

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

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How should people around those who have failed the exam act? Is there anything they can do to help? In trying to answer this question, I am going to ask the question to CPA candidates or other people who have failed certification exam to share how they felt the people around them should behave or help out or stay away! I will put the links here once people start responding. This post is for people who have loved ones who have failed the exam and they are wondering what they can do or say to help. I suspect that we will get as many different answers as they are people. Without knowing the personalities of those who will contribute, it may be hard to synthesize the information and see how applicable it is to the particular person.

What is my opinion? Well, I would say, it is best to reflect on how the person who has failed the exam generally handles unpleasant things or news. In my case, I swing between wanting to discuss and go over stuff, to wanting some space so that I can think about it all myself, or even just block it out of my mind! Not helpful, is it?! But, regardless of how I feel or whether I want to talk or not, I am sure I like encouragement. I am not sure I want to be asked when I am going to take the exam next – a few minutes after learning that I failed. It is tricky. Nobody is perfect. You cannot do it right. In some ways, it is easier to deal with it myself, than have other people try to help me deal with it. Again, people are different, so we will see what we get.

Here is the forum topic at another71.com

Here is the forum topic at CPAnet.com

If you are a CPA candidate, I previously, I wrote about how I thought those who have failed the CPA exam should handle failure. A few days later, I learnt that I had failed my last exam. So, you are not alone! You are in good company!

Thanks for reading, I hope you found that helpful.

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A few days ago, I wrote about how to handle failure on a CPA exam section. The gist of the article was that one should not beat oneself up, and I provided some tips on how to look at the situation in a positive light. The post became timely and handy when I learnt that I failed the REG section by one point, (yesterday). I didn’t actually read it, because … I had written it and I knew what its contents were. I also needed some time to just let it sink in. I think one of the things that I left out in that post, is that “grieving” for the lost time, dashed hopes, delayed plans, etc – is okay up to a point. So, I did that yesterday. I had bought some wine months ago to celebrate my finishing, I went ahead and drank a bit of it! I let the people who matter to me that I was a little bit down, and they were supportive, and then I did something that I have been wanting to do, and having been doing in bits and pieces, teaching myself HTML and CSS. I visited a few accounting blogs to encourage people to keep studying, and I congratulated a bunch of people who have passed a section or all four sections. For the most part, I did a lot better than I expected. I think it will be a little hard to tell people at work tomorrow that I am not done taking the exams. Everybody thought it was a done deal. Not yet!

Okay, now a day has passed (or a week, depending on how long you find necessary to feel sorry for yourself and the situation), and you have been down, and you have picked yourself up… you have fought the worry demons by proving to yourself that you are not alone, you have looked on the positive side of life, you have focused on things that cheer you up, you have forgotten yourself and focused on other things or other people. Point number 5 in the post is moving on. How do you move on? Why should you move on?

Why move on after failing a CPA exam section?
Two basic reasons. First, the goal of passing the section and progress towards becoming a CPA has not been met yet. Thus, one has to move on, towards that goal. Second, it is hard to move on when you let your past hold you back. So, the idea/goal/reason is to let go of the past [you cannot change it], embrace the present [it is what it is, and you have some control over it], and look to the future with hope [you can control what happens in the future by the steps you take now.]

How to move on after failing a CPA exam section
Now that you have your reasons for moving on. How do you move on? What is the point of moving on if you will do what you did before and you will experience the same result and be in the same situation? So, the logic behind moving on with hope is that we can do something now, that will result in a different situation or result in the future. For that to happen, somebody has to change, and/or something has to change.

Somebody has to change. I have to search within myself and see if there are things that I did that I should not have done, or things that I did not do that I should have done. How was my preparation in totality and in specific places. For example, was studying for about 2-3 weeks (that is, cramming) good enough? Apparently it was not. Was studying intensely while not exercising (that is, working out) good for my body/brain?  Was doing simulations only the night/morning of the exam a good idea? Was going into the exam with just a familiarity, (not knowledge), of the core concepts in tax a good idea? Was I overconfident after passing the first three sections? How were my notes? Did I take a shortcut by not using the Gleim Testprep CD because it had too many multiple choice questions compared to Wiley? Why did I watch just one DVD of the Yaeger lectures? What did I do on the sections that I passed that I did not do in the section I have failed? What was my target score? Did I do enough to attain that score? From these questions and answers to them, I can learn about myself, and what I need to change so that I can be successful next time around. Similarly, I think others who have failed, may gain some insight from asking questions that are applicable to them. Some people may have done everything right, but other things outside themselves affected their performance. Thus, the next section may be relevant.

Something has to change. How did you like the material you were using? [I believe that all the main CPA Review vendors have quality material, you just have to put in the effort. However, if you were using old material, then you may have done something right, but still failed.] How was your “support group”? What time did you study, eat, relax, etc? Were those things, or times, optimal? You will notice that when addressing this question, the person is in control of most of these items. For example, one may not be able to change how long one works, but s/he can change how long s/he relaxes after getting home, or how long s/he goes without relaxing. Again, situations are different for individuals, so everyone will come up with unique or different sets of questions applicable to his or her situation. Honest answers to those questions and the correcting action taken may be the difference between passing the section next time around, and failing again.

Plans going forward. I like to have things in writing. It is like signing a contract with myself. [My current self with my future self]. So, here are my goals, and my dreams going forward.

- Apply to retake the CPA exam section (REG) as soon as possible. I already did this yesterday about an hour after I found out that I had not passed. I am just waiting to hear back from the Board, and then pay the NASBA to get the NTS, and thereafter schedule with Prometric.

- Set a score-goal for the CPA exam section. I set this at 100 (I hope the highest you can get is not 99! Whatever it is, I will go for the highest possible score.). I think it can be done. The times that I have studied well, paced myself, took time to understand things, I have done well in school. I don’t think the CPA exam is any different. In addition, aiming for a perfect score means that if you fall short, you will probably not be a point short of the passing grade!

- Set a time table to study and stick to it.

- Pray daily for courage, faith, and determination to pursue excellence in all that I do, especially the CPA exam.

- Blog about (or keep track of) my preparation and study progress.

- Exercise daily, even if it is for 5 minutes.

- Read my positive thinking note daily.

- Use a reward system for accomplishing my daily and weekly goals. (I will decide what this should be. For now, I think it will be blogging and getting on the Internet. If I don’t study enough, I will not blog or get on the Internet.)

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

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I just found out I have failed Regulation. I got 74. How does it feel to miss passing by 1 point on your very last exam? Well, now I know.

My goal is to get 100% when I retake it. I will register to retake, and then head out to the library.

Regulation - Fail 74 - Only 1 point short from being a CPA!

Update: I retook REG on 11/29/09 and passed with a score of 89. I took the Ethics exam on 12/20/09 and passed with a score of 95. So, I am done with the CPA exams

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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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