[pterpelu]

Hi,

I am considering trying to pass the CPA exam, but wanted to ask people two questions:

1. Is it worth it, given my situation (see below)?

2. What would be the best way to get one year of experience after passing the exam?

Here’s my background:

I am 44 and was laid off in July. I have a Finance MBA from a top 10 B-school and 8 years in corporate Finance (as a Financial Analyst for 2 years, then Director of Financial Planning & Analysis for 5 years). But I have no financial accounting experience (only management accounting).

My job search is going slowly. I am applying for Director of Finance Jobs, but all of them claim they want “accounting experience.” Since getting accounting experience at this very moment is impractical, I figure I can at least pass the CPA exam and then put that on my resume (if I’m still looking at that point). Then I would need one year of experience to get licensed, which could open additional doors. I have no desire to remain in the Accounting arena — rather, I’m trying to compensate for the lack of accounting experience — both on my resume and my actual abilities on the job. My longer term goals are either CFO or COO.

I am also applying for Senior Financial Analyst positions, to no avail (I may be overqualified). I would be a good fit for an FP&A position, but in this market (Sacramento), such jobs are very scarce.

So my plan (open to argument) is to sit for FAR and maybe AUD in February after a lot of studying.

Any thoughts on these two questions:

1. Is it worth trying to pass the CPA exam, given my situation?

2. What would be the best way to get one year of experience after passing the exam?

Thanks.

[sdgh1826]

You need to whole-heartedly (if that's even a word) commit to studying for the CPA exam. It takes a lot of sacrifice. This is a very demanding process, you won't know that until you've jumped on the bandwangon. You'll need more motivation aside from all the glitzy side of being a CPA to keep going. I've seen my co-workers take on these tests and finish it, it seems like they're doing some sort of obstacle course everyday. Expect to do more than you originally intended to. Studying for this has made me do things I've never thought I would.

Do it for the right reasons! If you think this is not what you want, and be just doing this to weather a tough job market, other certifications might work better for you. Why take the test when there seems to be no valid reason for you to do it? If you could think of one reason not to be a CPA, then don't do it. Just saving you the headache.

Becker 2012, NINJA notes

[musicamor]

@peterpelu…It sounds like you're looking for a quick fix since, by your comments, the job market in your area is not good right now. I believe you should look at this decision using a cost-benefit analysis. Will the cost to become a CPA yield the maximum, long-term benefit derived from such a designation. I am not familiar with the job market in Sacramento, CA, but in Dallas, I see very few FP&A jobs that require financial accounting experience, much less a CPA. I would question whether or not you will realize a generous ROI by putting in as much time as is required to become a CPA, only to continue down the road of FP&A.

I am in no way insinuating that you do not have a valid reason or your motives are all wrong. I am just asking you to calculate the cost versus who much benefit you will derive. That is all.

Best wishes to you and may you make the best decision!

Texas CPA - licensed in 2012!!!

[acamp]

You'll take a HUGE pay-cut, but putting in a year+ with a Big4 will get you your financial accounting experience and if you stay long enough you'll complete the requirements for the attest portion (1 year for general + 500 audit hours–California), but most firms won't sign off on those hours until you have done some “Senior'ing” on an engagement which you usually start when you enter your 3rd year–so you might want to consider the need of having the ability to sign off on financials.

Further, the education requirements are changing (not sure if this is just CA or elsewhere) so there is a possibility you'll need to take a more college classes, ie: 9 units in ethics! Further, do you have the 24 units in Accounting?

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

Becker Videos: [AUD - 82]

California CPA

[pterpelu]

Thanks for the feedback.

sdgh1826:

I realize passing the CPA exam will not be easy, but I have the time right now and have graduated from some tough universities, so I'm confident I can pass with enough study. Thanks for the warning regarding the time commitment. I've spent a ton of time preparing for interviews, so now the question is what to do with my spare time. I may never have this much time again the rest of my professional career, so I'm using it as an opportunity to address my biggest weakness, which is accounting. And maybe this is geeky, but I'm acutally enjoying the studying (though I know applying it on the job is different).

musicamor:

To clarify, my primary interest in the CPA designation is to be more qualified for local jobs. Director of Finance jobs (which “require” accounting experience) outnumber Director of FP&A jobs at least 10 to 1. Plus, if I want to move up to VP of Finance or CFO, it will help to have stronger accounting credentials. While I would prefer an FP&A position, there just aren't enough of them around here. I've only seen one in four months. And I can't relocate.

acamp:

I'm not interested in auditing, so I would only need one year of experience in CA, and with a BA, MA and MBA, I have enough total credits. As for accounting credits, I've enrolled in four online courses to get there quickly (one at LSU and three at University of North Alabama).

https://una.cpaexcel.com/papp/enroll.html

Regrading job experience, do you think a Big 4 or anyone else will hire me at this level, especially if they think I'll just take off after a year? And then how would I explain my career path after that (having taken a big cut in pay and title)? These are the exact questions I'm wrestling with, and I highly appreciate any insights or advice. I was also thinking of several other options besides Big 4.

1) A Financial Analyst role that involves applying GAAP and that a licensed CPA supervisor would sign off on (is that possible?).

2) A Controller position within a company that would take passing the CPA exam as a substitute for accounting experience. This job would also require a licensed CPA supervisor.

Thank you again for all your advice. This is a major career decision and also a question of what to do with this free time while I have it.

[Author]

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