[TexasGrad]

Hi I’m 22 years old and am about to graduate college with an undergrad in accounting. I am putting alot of pressure on myself to get my CPA license as early as I can since I already know people younger than me who are in the process of taking it. Unfortunately I only have 124 hours and in Minnesota (where I want to move) I only need 120 hours to sit for the exam but 150 hours to actually receive my certification. I am very torn between how I should approach taking the exam and getting the extra hours I need. I have changed my mind many times and am at the point past the phase of exhaustion and panic. Could anyone offer any advice if you have had a similar scenario and what was your approach to enter graduate school either before sitting for the exam or after. You all have so many inspiring stories I hope to have any bit of help from any of you!

[Minimorty]

@TxGrad – Congrats on your upcoming graduation. Take a deep breath and remember that this is not a life or death decision. Let's start with a couple of questions:

1. Why do you want to take the CPA exam?

2. What do you want to do for a living? (its ok if you dont know)

3. How do you plan on paying for grad school and living expenses?

4. Do you have any other commitments (wife, kids, etc.)?

5. What are the experience requirements in Minnesota and have you met them?

[Elaine]

Heya, I'm 22 too, and I graduated college last year. I'm in CA and I need several more classes to be able to sit for the exam within pathway 2. Why don't you start studying for the exams since you have the minimum requirements to sit, and take classes at the same time?

[TexasGrad]

@Minimorty thanks for the reply! I want to get my CPA license because when I met with the chair of the MAcc program I wanted to enter he said most of the people he admits already are CPA certified, so that right there crushed my chances of getting in. I am a decent student but definitely have nothing to brag about grade wise. I always wanted to do public accounting but the more I learn about it and the more I meet people who are in it I think that maybe working for a smaller firm or private industry would be best. I have an accounting job now which I love where I do a bit of everything and have a CPA as a direct mentor but the pay is laughable. I have no ties except for my very supportive boyfriend in Minnesota (which is why I want to move) who would pay for my living expenses. As for paying for graduate school I will most likely have to take out loans (MAcc in Minn = $30,000….MAcc in Texas = $12,000). So no matter what I choose I will have no choice but to add to my $20,000 undergrad student loans. The money terrifies me so I am debating to stay in Texas and work throughout the summer and fall semester and enter a MAcc program in Spring 2013 (which would set me further behind) or just accumulate more debt and jump into grad school. All the debt is very scary but everyone says that by obtaining my CPA it would be worth it and I would hopefully eventually get a good job to start paying it off slowly. I know this is entirely my decision but opinions are very helpful, expecially from people who have gone through what I'm going through.

Sorry long post! 🙂

[TexasGrad]

@Elaine I was thinking of doing that but I'm pretty sure that would mean I would not be able to have a job and will solely have to live off of loans for personal expenses. That's a thought but I would hope to work either while I was in grad school or while I was studying for the exam.

[TexasGrad]

BTW the MAcc program where most students are CPA certified is in Minnesota where you only need 120 hours to sit, in Texas it is a mandatory 150 hours so grad school in Texas is my only option in order to sit at all.

[Minimorty]

@TxGrad – Interesting stuff. Ok, so I am pretty much going to spit out what came to mind while reading your post. here goes:

It seems from your post like you want to have a MAacc more than you want to have the CPA license. A lot of people on this forum will say that getting both would be redundant and that most people get the MAcc in order to obtain enough credits to sit for the CPA exam. Remember, the CPA license will be WAY more valuable than your MAcc degree ever will be. So if you want to have a career in accounting (it sounds like you do), you may want to change your priorities from the MAcc to the CPA exam.

Since you are already $20,000 in debt, there is little justification for spending another $30,000 by going to school in Minnesota. Even the $12,000 for going to school in Texas seems a little high. You said that grad school in Texas is your only option if you want to sit in Texas. This is not true. You just need to accumulate the units, right? I truly believe you would be better off just getting the units you need from a local community college. If you had a scholarship, or parents were paying for grad school, then it might (might!) be different. Since you would need to borrow the money to go to school, I strongly suggest you reconsider.

Okay, jumping around now. Are you from Texas? You'll want to make sure you are getting licensed in the state you will be living and working. You are only 22 years old and you are considering moving to a new state to be with your boyfriend who you said would “pay for your living expenses.” You certainly didnt ask for personal advice, but I like to give it anyway. Just be careful. You are still really young and people change a lot. Just make sure you are not putting yourself in a position where you feel stuck. You would hate to be enrolled in a school in Minnesota (incurring $30k in debt) and then break up with your boyfriend and end up wanting to move back home (to Texas?). Having to rely on someone to support you is risky as best.

That is good that you have a job. Even though the pay is bad, you are building experience. Experience is good for future job advancement (whether it is within the same firm or moving to another firm). I suggest you keep working. Dont feel like you are “getting further behind” by not knocking out all these goals at 22 years old. You still have a lot of time. You will be better served by doing it RIGHT, than by doing it FAST.

Summary:

1. Keep working

2. Take community college classes when not working

3. Get 150 units

4. Sit for CPA exam in TX

5. Dont move to Minnesota

6. Dont get MAcc

[Elaine]

My extension classes are offered once a week in evenings, after work hours. If you want to work and take classes at the same time, you should see if your local universities offer extension classes so you can do both!

[TexasGrad]

such great advice thank you! I had never even thought of community college….figured you needed graduate level courses to make up the 150 hours. Unfortunately I pay for everything on my own so my parents cannot help pay for anything. The more I ask around and research the less getting a masters in accountancy looks appealing. I am from Texas and so enrolling in school here would be much easier than in Minnesota. Ugh…I love accounting but sometimes I wished I wanted to be a sociology professor or something! Ha!

[Anonymous]

A Macc is completely useless if you plan on getting your CPA license.

Having “Passed all four parts of the CPA exam” on your resume will mean a lot on your resume, so if it was me, I would work while sitting for the CPA exam. There is no point in taking classes now just to get the CPA license later, if you havent even passed the CPA exam first. Step 1: get 120 units to sit for the exam. Step 2: pass the exam, Step 3: complete additional units for licensure.

When you are looking for a job, having that you've passed even one or two sections of the CPA exam looks better on a resume than taking additional classes will. And telling a future employer that you've already passed the CPA exam and are just taking a few community college courses to get 150 units for the license, the employer will think you're basically a done deal in getting your CPA, and will take that into consideration when hiring you.

Also, you can move to Minnesota with your boyfriend, work and sit for the exams, and god forbid it doesnt work out with him, you can always go back to texas and take classes later after you've passed the exams. So there is no being “stuck” like Mini said.

[Witchkizzle]

@ TexasGrad

You need to check to see which classes at community colleges will be accepted by the Texas state board.

The following is from code section 511

e) The following types of introductory courses do not meet the accounting course definition in subsection (c) of this section:

(1) elementary accounting;

(2) principles of accounting;

(3) financial and managerial accounting;

(4) introductory accounting courses; and

(5) accounting software courses.

These classes can not make up the additional 30 hours needed beyond the 120 hours you took to receive your bachelor's degree.

I don't know what all sort of higher level accounting they offer at the community colleges, but just check before you enroll that it will count. You don't want to assume it will count and then have taken classes the board won't accept.

It might not be an issue at all, but just a heads up! Good Luck!!

Texas CPA
Licensed 03/12

[MChro12]

As a Minnesotan I want to warn you that winters are horrible in this state and you might want to reconsider.

Reg 77 (Aug 11)
Aud 80 (Nov 11)
BEC 79 (Jan 12)
FAR 80 (April 12)

[Witchkizzle]

Also I am going to second mini on the moving to a different state to rely on your boyfriend at 22 years old. Tread carefully in that area…

Texas CPA
Licensed 03/12

[TexasGrad]

so if in Minnesota I only need 120 hours to sit and 150 to receive my certification, I can begin to study and sit for the exams and if I pass them I can later then take the extra 26 hours I need once I pass the sections? I think there is a window on how long I have to meet the educational requirements. I have been trying to get into contact with a representative from the Minnesota State Board of Accountancy but they're never available when I'm not in class or working 🙁 I'm sorry for all the question just so confused and stressed.

[TexasGrad]

my main concern unfortunately is the cost wise. if I stay in Texas and sit for the exam here I will more than likely have to get my masters since I need 150 hours and at least in Minnesota I do not necessarily have to do that. I know my reasons for wanting to take it in Minn are “interesting” but as someone who must pay for all of her expenses it would really suck to add another $15k to my student loans!

[Minimorty]

Don't forget there will be far more job opportunities in Texas. Make sure you are considering the long-term implications of your decision.

[Author]

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