50+ Years Old – In The Game - Page 3

I am aware that many people have written in this forum about their experiences in order to motivate others. I don’t think the forum needs one more motivational story from me. However, I would like to speak with you about the mindset during my preparation, perhaps some people might find it beneficial.

WARNING! This writing may reference religious phrases; thus, for those that this is not their cup of tea, please exit.

I am over 50 years of age and English Language is not my first language. I went to the wrong schools (i.e., not the BIG 4 Schools, rather to a Community College and a Third Tier State University). But I was a good student, nonetheless. My experience with Intermediate Account Classes was during summers, while I was doing my MBA in 2001 & 2002. Two summers, each consisting of 8 weeks –Intermediate I, and II plus other required classes.

I did not learn anything significantly important during these summers; I was going through the motion just to get the credit. I never thought I would ever sit for a CPA exam; therefore, I was not interested in learning the ropes of accounting. In fact, I was never taught JE in the States Universities, nor did I ever learn JE in my University years. I knew the simple equation of A = L + E, but I could not tell you the reason this equation exited. In short, I could not tell you how some items in the Income Statements affected the Balance Sheet. Put it simply, I was an educated idiot.

By 2013, I was already married and had two kids, and no stable job since I graduated from college.

Then I was appointed to be a treasurer of a nonprofit organization because of my degree. This was not a paid position. I found out quickly that I would be doing everything that was accounting and/or reporting. It became abundantly clear in a short period of time that the rest of the Board Members did not understand the requirements governing the nonprofit activities; they depended on me to guide them. At this point, it hit me hard that I had to learn something very quickly, otherwise the nonprofit would collapse. I started by reading the basic principles of Bookkeeping, while at the same time guiding the Board on management matters. Once I understood the concept of double entry bookkeeping, I bought a QuickBooks desktop version for the NonProfit organizations. I read everything that I could get my hands on about how to use Qbk. I became semi-literate using the software. Finally, we had software to track donations and manage the donors’ relation. Next, I had to learn to file the Forms that would allow IRS to issue a “Determination Letter”. This Form is called 1023. This was by far my greatest achievement at the time. While doing all of these, I was also preparing payroll for 15 fulltime and part time staff, on a monthly basis, and filing the quarterly Form 941 as well. Initially, I did not have any clue about what to do, or how to do them, but with the help of internet, I was able to learn fast.

With all the trouble that I went through and came out alive without making a fool of myself; I started thinking that perhaps I should crank this adventure up a little more. Then the crazy idea came to me…that perhaps I could sit for the CPA exam.

I researched all the available CPA review courses in the market and I decided to choose Yeager’s FAR course. The reason for purchasing this course was not to study and sit for the CPA Exam, but rather to actually learn the Immediate Accounting that I did not learn earlier during my school years. It took me 1.5 years to study the materials cover to cover.

After learning this material, I was still between jobs in my own personal life, but working very hard at the nonprofit; so at some point, I took time off from studying. When I was ready to get back into the game, this time as a CPA candidate, I bought the Gleim course premium package, “access until you pass”. Someone with my background would need this type of insurance policy.

I studied FAR with Gleim for about one year, then sat for the exam and I passed with a 76. The countdown to finish the exam without losing a credit was now in effect. Next, because I did not have that much of a background in Audit (I only had an Audit course in the same Community College during a summer when I was taking the Intermediate Accounting and doing my MBA), so I knew I had to devote a significant amount of time studying Audit material for the CPA exam. I studied for it for 6 months, and I came out with a 75 score.

Next, I prepped for REG, and I tried to beat the time table before AICPA switched to the 50/50 format. I studied for it for about 5 months. I failed it with a score of 72. In fact, it was a blessing that I failed it because the second time around, I really understood the material and I could speak on the subject with some intelligent.

Next, I set aside REG and studied for BEC for 5 months, and I got 78 score. I came back to REG which I had failed. At this point, FAR was due to expire on January 31st of 2018. I studied for this behemoth called REG from August 6th 2017 until January 22nd of 2018. The result came out on March 8th and I had a score of 85.

WHAT I LEARNED ON THIS JOURNEY
1) We are each blessed one way or another in our lives. Some people are blessed that they went to the right schools. Some were blessed that they had a mentor in their life. Some people were blessed with brain power. Some people were blessed with a great family. And, some people were blessed to get the right type of questions in their CPA exams (very few people I might say). Therefore, becoming a CPA or any other professional license is a blessing in a way. We have to accept the fact that we cannot all be Doctors, and neither can we all be CPAs. We have to look into our lives and appreciate those things with which we were blessed.

2) For the MAJORITY of the CPA candidates, this exam process will be gruesome , sickening, and revolting. The journey is grueling. Therefore, when someone posts a comment on this forum that seems to indicate he/she finished the 4 parts exams in 6 months, good for them. But do not compare yourself to them. They probably went to the right schools, or they probably were blessed with brain power that allowed them to understand these materials better and faster than the average Joe. Do not fall for the concept of studying 150 hrs and then believed you were prepared. You have to be honest with yourself about your ability. Compare yourself to yourself, and not to someone else. Ask yourself, am I making any progress? Evaluate yourself to determine if you are constantly learning new material that you did not understand before. If you answer YES to these questions, then you have been blessed, and you could be a CPA. You just need to give the CPA Process the RESPECTS that it deserved….i.e., working the Process harder than anything that you have ever done in your life.

3) I also believe that if you work very hard, God will not let you down. For the majority of the candidates this is an accurate statement. If you studied very hard, and you were able to comprehend and internalized the material, God will not let you down. But be warned!! Do not try to take a shortcut. Do not talk to yourself and convince yourself that you are studying harder, by comparing yourself to someone else who studied only for 3 weeks and passed. And, do not believe that the 3 weeks of studying by someone else should be a standard that is applicable to you too. Now, if you did everything correctly, and you still did not pass a single section, I believe that your blessings lie somewhere else and not in a CPA. It is possible that other blessings in your life are much more rewarding than being a CPA, which you have not yet reflected upon. I myself wanted to be a Computer Science Major. But I could never understand Visual Basics. I failed this class many times. I gave it everything that I got, but I could not understand it, so I moved on to Business Courses.

4) You must appeal to a higher power greater than you, if you are a believer. To me, I appealed to Allah. I supplicated to Him a lot. I sought for His guidance and strength. I understood that if I were blessed and be amongst those to be titled as a CPA, that this favor given to me was a covenant or trust between He and I. I prayed to Him to guide me, so I could handle the covenant in a manner that was pleasing to Him. I understood that I could never appear arrogance and look down upon others for they were never given this precious gift. And, I must be humble when wearing my new title. But most importantly, I must use this blessing, trust, or gift for a good cause also…such as giving back to the community.
Peace!!