[Anonymous]

Hi All, I am an experience banker with CFP designation making about $100000 as Investment Adviser leaning towards adding CPA besides my name. I know if is not exactly related to my field but I am hoping to achieve an edge as a comprehensive advisor with competencies in financial planning, taxation for both individuals and small businesses. Anyone on the same/similar boats here?

Its going to e a long road as I have to complete a few prep modules but I am very fascinated by the idea. One major discouraging factor is as a 35 year old mom to two, I feel too old to go back to school or studies. My thought is if there is anything I need to accomplish academically, the time is now or never. Hoping to cut down on my work hours (ofcourse paycheque as well) to balance studies and complete the program in fast track mode.

Any kind of advice from pros will be much appreciated.

[Crunchtime]

I always feel more credentials and education are never a waste, regardless of whether there relevant to your position or not. I value knowledge over everything else and learning about a different aspect of business can give you an edge in multiple ways. So, if you think it might help or you want to do it then you should. I am thinking of getting my CFP after my CPA I believe it will give me a competitive advantage and possibly different avenues if I wanted to explore them. How is the CFP test? how much time you allocated to studying? How long did it take you to pass?

AUD-77
BEC-70,73,68,74 SH##!!!!!, 80
REG-73,76
FAR -74,82

Ethics here I come!!

[Anonymous]

Hi Crunchtime, Thanks for your valuable opinion. With your CPA completed, you will have to write FPSC 1 exam, complete Capstone course and meet experience requirement in planner or advisor's capacity and finally challenge the national CFP exam (held twice a year) I dont know how it compares to CPA but not at all a piece of cake. Needs thorough preparation. However if you are sincerely preparing part time, You can complete the process in about a year. There are a lot of preparation resources online. CFP has very high earning potential (as a part of this industry,I can confidently add that).However I refer so many clients to CPA's and Lawyers and I see that with my CPA I can offer them more under one roof which is great from business and relationship point of view. It will be a much longer road for me though as CPA wont allow any exemptions and I'll have to complete PREP courses. How do you feel about time frame required to complete the whole thing? I am hoping to dedicate 3 days/week (20 hrs) to studies. Thanks again!

[Monkey Wrench]

Most of us study between 20-30 hours a week broken into 5-6 days, for between 4-8 weeks per exam, and most of us do not pass all of them on one go. Don't forget that along with education requirements you are required in most states to work for a CPA for a year or longer to receive your letters.

[Matthew G]

@Anabelle, I just finished my last CPA exam and am also a CFP Professional. From my perspective, obtaining the CPA adds to your credibility and sets you apart from many advisers out there. My educational background was in economics and therefore needed to take many accounting courses in order to sit for the exam. Overall, the entire process took me approximately 2.5 years (accounting courses and taking exams). I would say that obtaining the CPA can be done, but takes alot of effort. I am very happy that I went down this path and hope you choose to as well. Feel free to reach out with additional questions.

AUD - 1/9/15: 78
FAR - 2/19/15: 90
REG - 2/26/15: 85
BEC - 4/17/15: 77

[jhd7]

Those that completed the CFP exam,

How long did it take you to do the actual exam prep? Not all the pre-req classes. I will have about 2 months, after I complete my capstone course, before the July/August exam. I'm wondering if this is enough time. I have my CPA and also a masters degree in taxation so I would have to do little review for the tax/estate sections.

AUD- 78
BEC- 79
REG- 91
FAR- 83

Licensed NJ CPA

DONE

[Anonymous]

Hi Matthew, Thanks so much for sharing your inputs. I had been confused and demotivated repeatedly when people question why CPA after CFP because its usually done other way around and its much easier and faster when you do it that way. However I am glad to find someone else in same shoes. Is ther a wai I can reach out to you directly. My biggest question is as an active Investment Advisor or Financial Planner how your work experience is credited towards CPA designation requirement?

[Author]

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