Raise vs Paid Exam Fees/Study Course

  • Creator
    Topic
  • #1520101
    Anonymous
    Inactive

    Which would you choose?

    1. Employer pays up front (no reimbursement required) for all CPA exam application fees, testing, fees and up to $2000 in CPA Exam Course prep.

    2. Employer gives you a $1000 raise for each exam passed and $1000 additional raise after becoming licensed.

    Neither require you to commit to a contract with the firm.

Viewing 14 replies - 1 through 14 (of 14 total)
  • Author
    Replies
  • #1520104

    Depends if you are going to pass or not. If you're going to pass you'd be stupid to take cash up front. Might be nice to have the pressure/promise of a raise with passing too vs. feeling like you owe them a pass since they paid you up front.

    B - 88 (2/16)
    A - 84 (4/16)
    R - 73 (6/16), 82(7/16)
    F - 67 (1/16), 84(4/16)

    Ethics - 93

    Roger course & Ninja MCQ - HiYa!

    #1520121
    industryCPA
    Participant

    $5,000 raise for the year each year? It would depend on how long you plan to stay with the company I guess. If you only stayed one year you only get $5,000 with option 2. If you choose option 1 and fail multiple times and have to pay for multiple application/testing fees, it might be over $5,000 total with your study course and other fees.

    #1520125
    Trele6
    Participant

    Take the raises, that compounds if you get any merit increases or bonus's as well.

    First go at the CPA! Only using Becker
    Reg / Nov 2015 - 87
    Far / Apr 2016 - 79
    Bec / May 2016 - 80
    Aud / Aug 2016

    #1520230
    Anonymous
    Inactive

    I'm thinking the raise too. Thanks for the feedback.

    #1520454
    gigabyte2001
    Participant

    Thinking long term – the raise. In which case, buy a review system that guarantees access until you pass. Gleim is about $1200 for all 4 parts premium system with guarantee until you pass.

    B - 11/11/16
    A - 4/16/16 87!!
    R - 2/17/17
    F - 7/26/16 - Waiting for 8/23

    #1520644
    Anonymous
    Inactive

    Thanks! I liked Gleim when I looked at it because of all the SIMS. Everything I read says it is too difficult and goes beyond what you need…any feedback? I learn by reading so I need something that is well organized.

    #1520674
    gigabyte2001
    Participant

    It is very, very well organized. It's methodical and very thorough. It also uses what they call “Adaptive Learning Technology” which is that it pays attention to your answers and determines what your weakest areas are then it hits you in those weak areas over and over until you master them. It does break things up. Each exam is broken into 20 study units which are broken up into sub units. There's a study planner to keep you organized and on track. If you get behind in your planner, it will email you. There are personal counselors available to call. I called them ALOT for my first exam and they talked me off the ledge a few times.
    For each unit it wants you to:
    1. Answer 20 MCQ's on the subject – this is a diagnostic quiz
    2. Watch/Listen to the Video lecture or Powerpoint lecture or Audio lecture (not all 3)
    3. Do 30 True/False questions
    4. Read the text (books or online)
    5. Do 20 MCQ's
    6. Do 2 sets of 20 MCQ's
    7. Do 1 set of 7 Sims.

    I found I learned the most when I did the first 3 steps one day then read the book and answered the questions for that sub unit when I finished it, then did the remaining 3 steps. They seem to think it's about 14 hours per Unit or about 280 hours. Then there is a week of “final review” that starts with an exam rehearsal set up identical to the actual exam (so about 4 hrs.) It will provide you with feed back about your weak areas. From there, I did 20 question sets of MCQ's. You CAN turn off the adaptive learning in the MCQ's. I usually would do that 1 out of ever 5 quizzes during final review. If a particular chapter was hard on me, I'd reread it and work through examples of troublesome areas.

    Note that you're seeing the material in different ways: I used the Powerpoint lecture so I had that, plus the text, plus the MCQ's, plus the SIM's, plus the MCQ's in the text.

    I've passed both parts of the CMA and all 4 parts of the CPA exam using this system. For the CPA – I planned about 3 mo of study time per exam which included either a long weekend or a week off in the middle I planned to study 14 hours per week because I work full time and did not want to be studying 24/7. All together it took me 14 months to finish including 1 or 2 weeks OFF between exams. My process is a longer process than others but I was able to pass each part on the first try (same as CMA – no retakes.) If you can devote more hours per week to it, you can certainly finish faster but at over 45, with a FT job, a husband, and something of a life, this is what worked best for me.

    B - 11/11/16
    A - 4/16/16 87!!
    R - 2/17/17
    F - 7/26/16 - Waiting for 8/23

    #1520679
    gigabyte2001
    Participant

    I just realized if you work out the math: 13 weeks x 14 hrs per week it doesn't equal 280 hours (14 hrs/unit x 20 units.) A big reason for that is Gleim assumes 1.5 min per question in the quizzes so 30 min per quiz x 4 quizzes = 2 hrs plus review time. Instead I spent about 12 min per quiz plus review time. 🙂 Plus I read quickly so both my text reading & my SIMs took less time (I think they budget 1.5 hrs for 7 sims and I'd take about 45 min.)

    B - 11/11/16
    A - 4/16/16 87!!
    R - 2/17/17
    F - 7/26/16 - Waiting for 8/23

    #1520709
    Anonymous
    Inactive

    Thanks for the feedback on Gleim. I work full time and am a wife with three kids so time is obviously limited. I look back on my life now and say holy crap I had so much free time when I was on my own and working. Back then I thought I was so busy and my time was so limited…lol. Studying for this exam means completely giving up any free time I may have had before!

    #1520715
    gigabyte2001
    Participant

    I had tooooooo much going on to try and study over a short period for an exam. My system was more manageable for me. Might not work for others. I planned for 3 hrs/night twice a week and 8 hrs on a weekend whether split between Sat & Sun or all one day or the other. I tried to keep it flexible so I could spend time with my husband, or take care of a child or my mom for a couple of days or whatever.
    I could not stand the idea of having to study & test for the same exam more than once. Having 15 yrs of work experience didn't hurt me either – 5 yrs public doing tax and 10 yrs in Industry. Subjects that might be difficult for some are things I've experienced first hand – ie: Percent Completion Method for Long Term Contracts, S Corp & Partnership tax returns, etc.

    B - 11/11/16
    A - 4/16/16 87!!
    R - 2/17/17
    F - 7/26/16 - Waiting for 8/23

    #1520797
    Anonymous
    Inactive

    I was thinking about a similar study plan. I too have been in public for over 6 years with mainly tax (partnership, corp, and individual), but also a little bit of audit experience. I also have 3 years of industry so I am hoping that helps me in some areas.

    #1522032
    PubMaster
    Participant

    I'd take the raise and then buy Ninja products (best value imo) and knock them out asap. Best of luck!

    #1522221
    SeattleCPA
    Participant

    We do both of these things at our firm.

    I.e., we'll pay for the study stuff you need. And we give a bump for every section you pass. (I think the bump is quite a bit more than you reference, too, for what that's worth.)

    #1525431
    Anonymous
    Inactive

    I think using the time value of money that a raise today would be worth more than free exam materials later.

Viewing 14 replies - 1 through 14 (of 14 total)
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