[kemcpa2011]

I had every intention of spending my summer studying at taking at least 2 parts of the CPA. I had a really rough summer (health issues, relationship issues, etc.), and I also didn’t get my NTS till mid August because of issues out of my control concerning my transcript release after graduation. All those factors has made it nearly impossible for me to focus on studying. I’m starting work in october at EY with a lot of people I interned with last summer. Most if not all have taken at least one section, and a large chunk have blown through all four.

I had every intention of taking FAR in early october before I started but I’m finding myself getting psyched out and overwhelmed at the material. I ended up paying the $35 penalty fee and rescheduling for Oct. 29th. I know the first day of work everyone is going to be talking about the CPA and what they’ve taken/passed and I will just feel stupid even if I really struggled with some other issues this summer.

Has anyone else been in a situation like this? Any advice/suggestion/confidence booster?

[mla1169]

Depends on what you are looking for advice on, whether to put it off or motivation to study. FWIW, and I don't mean to sound harsh but personal issues are always going to get in the way. Maybe not as severe as what you've gone through in the last few months, maybe more severe. Theres never ever going to be a “good” time to do this.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

I started at a big 4 firm in nyc at the end of Sept 2010 and I went in with nothing done. I had intentionally wanted to have a summer before I started full time and vacationed everywhere. I hadn't even looked into signing up for the exam or getting Becker so you are ahead of where I was last year.

You're right about a large chunk of people banging out all four parts before their start date. But there is a large chunk (like you and I) that had zip. Is it intimidating? Oh yes, it's actually nerve racking and makes you feel like you did the wrong thing by not getting it done but sometimes things don't go as planned or you just don't feel like doing it.

I signed up to get my NTS in October and planned on getting one part out at the end of Nov. Well, my NTS didn't come til 8am on Nov. 30th so I wound up taking my first in January. It is do-able. I've seen many of my peers pass the exam while working here. My team was very understanding that I had to study and I'm sure EY will be too, since they want you to pass.

My advice is to start studying for FAR now and take it in October. I think you did the right thing by pushing it back. Its a big test so the more time, the better. Next, I'd schedule AUD for the end of November. I'm not sure what you are in at EY but if you are an auditor that will be a good exam to take next. Even if you aren't, I would do it anyway since it is 5 chapters. If you think you can handle it, I'd schedule BEC for the first day of January. Study for it all of December. Its 5 chapters too. Then I'd take REG at the end of May since March will be the end of busy season and REG is a beast too. It sounds crazy but, as you start taking tests you feel better. The exam chatter at my office never stops. I had so much stress before sitting for my first exam because I felt like I was behind.

You can sit for exams at a big 4 firm, you may not have much of a life but the faster you get it done the better you will feel.

Oh and as a side note, there are people from my incoming class that have not sat for one part yet. I don't want to say “try not to stress too much” because I was a nutcase until about mid July.

Good Luck! You can do it 🙂

[labruin06]

What do new associates who come in having all 4 parts passed do when they are unassigned/downtime? Without the CPA to study for, do they study for the CFA?

[Anonymous]

If you aren't studying or going back to grad, you will be pulled onto an engagement.

Being unassigned isn't a good thing unless you have something to do like, well, study. There normally is no one unassigned in my sector from now until July.

During the summer months, tax is pretty busy so if you aren't on a job you'll get pulled into a second busy season. Which I've heard from those with experience, really sucks.

[labruin06]

@CPAe2011 – Does the firm support/pay for getting the CFA? Also, I'll be in audit. What kind of grad programs or other credentials does the firm support/encourage you to get if you've already passed the CPA? I didn't know people stayed busy all year. I didn't know the firm had engagements all year.

[Anonymous]

Oh ya, the firm will definately have different busy seasons. When I was working as an auditor I specilized in financial institutions that had a 12/31 year end, and school districts that had a 6/30 year end. So I was ALWAYS busy because you have alternating year ends, plus interim audits for your year-end clients in between.

Trust me, you do NOT want to be unassigned. Not being picked up for engagements does not reflect well, and managers will notice that you are unassigned alot and assume that it must be because you were not performing well so no one wanted you on their engagements. The staff that are outperforming everyone else will be picked up most often. Even if you are unassigned, walk around the office and offer to help everyone. You can get billable hours that way, and they will remember that you helped them.

[Anonymous]

Not sure about the firm supporting CFA, unless you are a part of Advisory but since you're a part of Audit, I'd have to say no.

They grad program they support will be to get your CPA license, from what I'm aware of. I believe my class was the last one coming into the firm with only a BS in Accounting. From now on they want 150 credits or an MBA in order to be hired.

As for staying busy, the firm always wants you busy. It depends on your sector on when you are super busy. My busy season can last from January until June. I have peers working until 10 tonight with audits ending in a week. It depends on your clients year end. Year ends can be at any month during the year.

[Author]

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