[Anonymous]

After I found out that I passed the CPA exam, I told everyone in the office. Everyone congratulated me. But, this one person (he is a CPA), he congratulated me and said, “Hahaha, the CPA exam is nothing, you learn nothing from this test, now it comes the real world. The real world is totally different from the exam.” So, I just wanted to know your opinion. Why do you need a CPA license? What are the advantages of being a CPA? What makes you (a CPA, little experience) different from other people who have way more experience (without a CPA license)? I have been having this thought in my mind and it keeps bugging me til now.

[Anonymous]

cpareally –

Your CPA friend is somewhat right. I'm in audit and not everything is by the book.

You need your license if you ever want to move up in a firm. Usually they won't let you go passed senior associate. Advantages are that you have more job opportunities which equals higher pay.

If you are a CPA with little experience as opposed to someone who has way more experience w/out a license, well you don't have to stress about studying! Just focus on learning at work and asking a million questions! =) Besides you might climb up in the ranks faster if those people never get certified and you might be their boss one day =)

[Anonymous]

There is no substiting for experience! Passing the CPA exam means that you only know what was specfically covered in the exam. Thats only a limited about of very specifc and generic what-if scenarios and transactions. That's why there is an experiance requirement before licensure.

[Anonymous]

I too think your friend is right –

I just passed as well and looking back on the process, I believe that the exam is less about being able to take what you memorized into the real world, and more about testing your ability to problem solve, apply analysis, etc. If you can pass the CPA, likely you will be able to figure out the complex issues that come across your plate.

More importantly, what I find is that I don't necessarily remember every little detail from the exam, but when a situation comes up, something in the back of my head reminds me that there is some special rule, etc. involved – and then I know to go research. Especially true in the tax side of things.

[tulip]

I can't think of anything that prepping for the CPA exam did to improve my skill set as an accountant.

After recently passing my last part, I can honestly say that I am the same accountant that I was before. The difference is only in how people who do not know my work perceive me.

BEC - 10/18/2010 - 79
FAR - 10/28/2010 - 82
AUD - 11/04/2010 - 73; 02/18/2011 - 86 - IT'S OVER!!!!!!
REG - 11/21/2010 - 83

[FARbehind]

I hated to have to study for the cpa exam but in all fairness to this exam: I THINK THIS IS A VERY PRACTICAL EXAM.

I cannot think of any other exams or studies I've taken more connected to the real life. I work in external reporting and FAR, REG and AUD are relevant to me. I can give some examples: AUD (we issue representation letters, receive comfort letters from auditors and legal letters, audit and review reports in pretty much the manner explained in the book; we help internal auditors, trace and tickmark and perform other audit procedures); REG (we issue debt: long-term and commercial paper and have to file prospectuses on a regular basis, we do SEC shelves, we issue securities…) and of course FAR (pretty much everything including swaps and other derivatives, we issue bond and now when I get the term sheets for the bonds I know how to read it and how to calculate the amortization, so many many things I can think of).

I think people who majored in accounting already knew a lot about accounting and might not have benefited from the cpa exam too much. But I had different majors and even though I took a lot of accounting classes it was nice to have all the basics summarized. The cpa exam definitely helped me to be a better accountant. I am not sure if i am good accountant but definitely a better one compared to before.

aud,bec,reg-passed
far-->75 Done!!!!!
ethics-100

[Author]

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