[Maddie P]

So I’m in a frustrating predicament.

I work in the industry as an accountant. I have little desire to work in public. After finishing my MBA in 2012 I figured I’d go for my CPA. Mostly because I like staying busy and to stay competitive. This is something I have wanted to do since I took my first accounting class in high school.

From April 2013-February 2014 I passed 3 sections of the CPA exam. Only FAR was outstanding. From February 2014-November I studied for FAR and failed. Twice. The last time I failed FAR with a 74 and I lost credit for BEC. Being so close, and losing credit for a past section completely ruined my holidays.

I retook FAR in January (am waiting on my score) but I don’t feel super confident. Definitely marginally passing or failing. I am studying to retake BEC, which shouldn’t be too bad. If I don’t pass both FAR and BEC by February 2015, I lose credit for REG. This would put me almost back at square one (well I would have one section I have credit for).

TL;DR When should you just throw in the towel and move on? I’m not in public so my job isn’t depending on it. I am so discouraged right now and sick of having to put so many things in my life on the backburner for the past 2 years.

B-passed! (4/2013). Lost Credit. Passed again (3/2015)
A-passed! (2/2014)
R-passed! (8/2013). Lost Credit. Passed again (6/2015)
F-Passed! (4/2015)

The Great Lakes State
Using Wiley/CPAExcel

[Anonymous]

same position. have the others passed and have taken FAR 3 times (see below). Took it again earlier this month and if I fail I lose 1 section Feb 28 and 1 section April 11 (both within busy season). Given that i wont be able to study during busy season, I am looking at only having credit for 1 test come april 15. that would be towel throwing time for me.

[Anonymous]

Never.

[Anonymous]

You must start speaking your final passing score into existence instead of “If I don't” mentality. Develop a stubborn attitude that you will not let this exam defeat what you have been working your rear off for. It took a total of 13 exams before I finally conquered this beast.

[Anonymous]

if you quit now, quitting and giving up is just going to be a habit throughout your life. remember this will open so many opportunities in your life. think about why/who you are doing this for and remember there are thousands of people out there who are going through similar struggles as you. even though the cpa exams are a tough task to conquer, there are harder things in life. if you cant beat this, how do you expect to beat other obstacles in the future

[ThisBetterBeIt]

Don't quit… it will be over soon enough and you'll be glad you didn't give up.

I'm also in industry and have no desire to ever go into the public accounting world. However, I can say that my lack of CPA has been a hindrance in job searches. I'll possess all of the skills, but not all of the qualifications simply because I didn't have those three letters behind my name. Now I'm happy to say that I won't have to deal with that anymore… so CPA is of value in the world of industry. It may not be that big of a deal earlier on or in private, but when the higher you go with a publicly held company the more problematic it is if you don't have it.

[Anonymous]

I work in the private sector too. Have for 9 years now. I am still pursuing my CPA. Why? Because it opens more doors. It gets you more interviews and opportunities for career growth. It's not about wanting to be in public, it's about not wanting to be a staff accountant or entry financial analyst all your career.

My dad told me a story about when he was in college. He had to pay his own way though school, because he had to move out at 18. He did 3.5 years of college for electrical engineering. When it came time for his final semester, they told him how much he would be making once he graduated (which was less than he was making at the time) and that he'd have to move over 2,000 miles away from Michigan to California. He quit before completing the semester and told me he's been kicking himself since. He could have had a better/less physically taxing position with better benefits had his shortsightedness not gotten the better of him. Not to say that my dad hasn't done well for himself, but he's blue collar and it's starting to wear on him now in his older years.

Listen, I know where you're coming from. I've been working on it for 3 years and running. I lost REG, and if I don't pass REG now, I lose FAR. I've thought of quitting multiple times too, especially if I have to take FAR again. But you can't let yourself get discouraged. You've just got to put your head down and keep pushing and taking until you finish it, because you're going to regret it down the road if you quit now. You'll wonder where you would be had you finished it. Grit your teeth and finish the marathon, because once you're done, you won't have to worry about it again.

[Maddie P]

This has got to be a bad joke! I received my second 74. This means I lose credit for REG. Y'all did such a good job motivating me before but now I feel so discouraged. I don't want to lose another summer of my life studying.

B-passed! (4/2013). Lost Credit. Passed again (3/2015)
A-passed! (2/2014)
R-passed! (8/2013). Lost Credit. Passed again (6/2015)
F-Passed! (4/2015)

The Great Lakes State
Using Wiley/CPAExcel

[Maddie P]

That's cool, I didn't need that $500 that I will be spending on exam fees. It's not like I was going to take a vacation with it anyway. I already spent $2,250 out of my own pocket, what's another $500

B-passed! (4/2013). Lost Credit. Passed again (3/2015)
A-passed! (2/2014)
R-passed! (8/2013). Lost Credit. Passed again (6/2015)
F-Passed! (4/2015)

The Great Lakes State
Using Wiley/CPAExcel

[Anonymous]

I could throw out a bunch of cliches that I am so sick of hearing from my family but I'm really just too tired. If you want to pass the exam then keep pushing forward. Look at my FAR scores. I know what it's like to barely miss. If you put in the time (however much that is for you) you will pass. Period.

[Anonymous]

@Maddie P Funny thing is CPA credentials aren't just for public, it's preferred in industry, whether you have experience in public or not. Go look at Robert Half Finance website and look how many jobs say “MBA and/or CPA” preferred and they have NOTHING to do with public. I just applied for an internal position with my industry employer that asked for 5 years of experience as a minimum and said “MBA and CPA a plus”

You should never give up! I am so inspired by the people who test 13 times before they pass. First I thought, “they're crazy, clearly accounting isn't their calling, and they should move on.” But then I realized how brave they are, and once they've passed WHO CARES how many failures they experienced (and the money they spent… Lord, the money).

So you just hang in there, and we'll get this done together 🙂

[Author]

Replies