[Anonymous]

So I have passed 3 parts of the exam so far and I start work at a Big 4 on October 2. Therefore, I have an opportunity to take the last part on October 1 but I want to be eligible to receive the very hefty bonus for passing the exam. I just want to double check, anyone else who worked at a Big 4, in order to receive the bonus you had to take the fourth part AFTER your first day of employment, is this correct? I’d really love to have it done before I start unless I have to take it afterwards in order to receive the bonus. Please let me know from your experience! Thanks!

[barelystayingsane]

No, that is not correct. You can still receive the bonus even if you have passed the exam before you start working. The reason I heard for the bonus (not sure if this is true or not) is that the firm can bill clients more if you have the CPA designation, so they want you to get it as soon as possible. So passing the exams before you start would only help.

[Anonymous]

At the Big 4 I'm going to you get the full bonus if you pass within one year after your start date, which includes passing all 4 parts before you start working. So yeah, you wouldn't have to wait till after October 2. I'm assuming all four firms are the same.

[Anonymous]

Oh really?? Well that is great news because I definitely want to take it before starting work then. Thanks for your input!

[Anonymous]

Just curious, what is the dollar range of the bonus for passing the CPA at a big four firm?

[Anonymous]

at my firm its $5,000.. which is why I am determined to make sure I am eligible for it, definitely nothing to scoff at haha

[Anonymous]

Anyone of you smart accountants know what the bonus is taxed at/if taxes are withheld from it? I would guess 25% but its not like I just took REG or anything…

[Anonymous]

Double Post

[kperrucci]

At my firm. If you pass before you start working or within your first year you get $5,000. Within two years you get $3,000. Within 3 years, you get $1,000. They will also reimburse you for the fees of your first round of tests regardless of when (or if :-/) you pass (approx $1,000).

I passed the exam a year before starting work and i received the bonus and the reimbursement once I started full-time. So yeah, take it Oct 1st!!!

FAR 4/9/2011: 88 (Becker)
AUD 5/16/2011: 88 (Becker)
REG 7/1/2011: 82 (Becker)
BEC 8/3/2011: 91 (Becker and Ninja)

[Anonymous]

@AccountingTerp I would assume that the rate it's taxed at would vary based on your withholding exemptions etc…and of course on your return it will be taxed just like any other employment income. But if you're trying to figure up how much you'll actually take home, on our accounting system, if I figure a $5000 gross check for someone claiming Single with 0 exemptions, it comes up:

FICA 310

Medicare 72.50

Federal 1330.86

State (KY) 290.85

Local (1%) 50.00

Net: 2945.79

So that might give you a ballpark figure.

[Anonymous]

@kperrucci, thanks so much for the tip, it seems I was mistaken so I plan on taking it October 1!

[acamp]

Consider this, if you get the bonus this year and you don't have a ton of other income, you'll get most of the fed/state taxes back 🙂

Ninja + Wiley Test Bank: [FAR - 81] [REG - 76] [BEC - 88] [AUD - 73](doh!)

Becker Videos: [AUD - 82]

California CPA

[thegrinch]

You have until October 1, 2014, to pass your fourth part so that you can get your fat $5K bonus. However, I would advise you get it over with now so that you get it out of the way.

[Author]

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