[Anonymous]

Hello,

I’ve seen that some people have ‘Ethics’, along with a score, listed on their profiles. I never knew there was an ethics test, although I know about the ethics course requirements that were implemented in 2014. I took Accounting Ethics as part of my coursework. I sent in all my transcripts to the board of acctg. and I think they are going to tell me that I need to take more ethics courses. Sigh. Is Ethics the 5th part of the CPA exam? I guess it is. But, I’ve never talked to anyone who took it.

I am in the studying phase now. I’ve taken all the coursework required (except possibly for another course or two that would qualify as an Ethics-type course) and now am just trying to prepare. But, since the test is going to change in April 2017, probably before I’m done with all 4 parts (or 5?), I think I’m pretty well screwed because the whole test preparation program is going to change due to the entirely new way the CPA exam is going to be, with more simulations and less on the “rote memorization”. It is pretty disappointing, although I guess the AICPA has their own reasons for doing it. Perhaps they were licensing way too many CPAs who were incompetent or something. In fact I asked someone about that earlier today and they said “I don’t know anything about it but you’d better get all four parts done before they change it, or if not all 4, then as many as you can.” Another sigh.

At this point, I am actually considering abandoning my plans to become a CPA. I almost don’t think it’s worth it nowadays.

I currently work in a large and hugely profitable non-public company and I don’t think anyone in my department even has a CPA license. They’re all good at their jobs. But, my goal is actually to work in the financial industry doing internal-type auditing and compliance-related stuff. And, most auditors in that sector are not CPAs. They’re CIAs, and many don’t even have that! The CIA exam is, from what I hear, far easier to pass. I probably just said a bad word: ‘CIA’, in a ‘CPA’ environment! Please forgive me if I sound like a bitter pessimist, but it seems as though the AICPA just wants to thrash the crap out of everyone and will try to get them to give up before reaching the finish line. Lots of failed tests and re-taken tests…and for what? Do those candidates learn the accounting profession any better or do they just learn how to conquer the CPA exam? I dunno. Perhaps the profession is not what it once was – in fact, since Y2K, it’s all changed…I’ve talked to CPAs (including some of my course instructors) who were licensed in the 70s, 80s, and even 90s and they all said “The test was hard then, but do-able, I could never pass it nowadays.” It was also done on paper and not computerized. A number of people I have talked to have said, “TAKE THE CPA EXAM. GET IT OUT OF THE WAY.” But what does “get it out of the way” really mean? Get it out of the way for what, and to what end? Others say, “It’s not worth it, unless your career goal is Big 4 and doing either audit or taxation. If you’re not planning on doing those, or becoming a CFO or high-level financial VP in a company, then just skip the CPA track, you’ll be much happier and have less white hair by the time you’re 50.”

I’m in my late 30s, came from a totally different industry before going back to school 5 years ago to learn accounting. I love it! And I’m good at it. But….I worked in two totally different industries, and those jobs did not work out as long-term career paths. I graduated with BS degree (not in accounting) 15+ years ago. So, this is round three for me. I know there are people passing the CPA exam in their 40s or maybe even older. Why did I get into accounting? I went on a date in 2008 with a CPA who ended up becoming a good friend, and he suggested I do it. I ended up liking it, and also ended up taking all the course requirements and earning another degree. I did this part-time while still working 40+ hours a week. I should also add, I am not someone who is interested in earning 6 figures a year or owning 2 yachts and 4 homes and driving a Jaguar. “Success means worrying about everything except money,” my coworker recently told me. And, I plan to work til I drop. Retirement isn’t in my vocabulary. So, that’s my extremely unusual story. I wasn’t exactly a bum sleeping under a bridge who reformed himself and went back to school, or even a pastry chef at Panera making 10 bucks an hour who had an IQ of 180 and suddenly decided to pursue accounting. I was lucky to get hired in the job I’m in now. The interviewer even said, looking at my long resume of non-accounting-related work, “So, uh, you wanna get into more of an Accounting-type job environment, is that right?” I felt like such utter trash. I don’t know why. But, at least I get a paycheck every two weeks and am getting “Uh, Accounting experience” on my resume LOL.

Having said all this, any advice would be appreciated – and information about the Ethics exam (if there is one?) would be too.

Thankx,

Crazy Leon

[Missy]

Depends on your state, but the ethics exam is no biggie and not required in every state for licensing. Only you can decide what's best for you and your career, nothing wrong with taking a different path but I wouldn't let fear of the changes make that decision for you I don't think it's that big a deal. There was a reason you started this path and only you can decide whether it's no longer worthwhile.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

Thanks! I didn't know Ethics was a by-state thing. I knew about the 2014 changes in the requirements, but that had to do with coursework (and the addition of an Ethics exam, I guess) and not with the structural changes to the main 4 parts.

Regardless of whether or not I take the CPA Exam, I plan to study for it. I know how crazily weird that sounds. I'm studying all the stuff from old Roger and Becker books and my old textbooks. In other words, I want to “know” as much as one has to know in order to even think about taking the exam. If I feel like I want to take it, I will. Although as far as career path and jobs that require the CPA license…I don't think what I'm seeking demands that job applicants have the license. I have thought about teaching at the community college level because I also have teaching experience on my long and colorful resume of varied job experience. Even the community colleges usually only hire those with an MS or PhD, or if not one of those, then a CPA. Or, ‘C_ _' (CFE, CIA, CMA…Certified-Something-Or-Another). So, we'll see.

Thanks!

[Missy]

Most states do require it, I'm in MA and it wasn't a licensing requirement but is a CPE requirement. From what I understand though when it is required it's done from home online, open book, and you get three chances. Seems like it's more a hoop to jump through than a 5th exam (It's important but not the same commitment as the exams). I did the cpa in my early 40's and only because like you I already knew what job I wanted and what the typical credentials were. I was finishing my MS in accounting and so many people asked if that makes you a CPA LOL that I figured I may as well and I think it helped me land the job I intend to stick with until retirement. I remember when IFRS was added to the exams and people speculated that the pass rates would decline but they really didn't. It's just always evolving.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[Anonymous]

That's reassuring, about the evolution of the exam. Yeah, the whole IFRS debate…. I don't think it's ever gonna happen and I'm not alone in that opinion. As for it having a part of the exam, yeah, just another thing to add onto the list of things to study, so no big deal. Apparently the new exam will be 2 hours longer (total) because of the additional simulation questions. Actually, it might be good for me, if I do take it. I have noticed how much rote memorization/recall they require, and all the endless mnemonics required. I would not be good with memorizing tons of mnemonics which, ironically, are designed to HELP you memorize! I'd probably do better with simulations and evaluation-of-situation problems.
That is interesting how you ended up in your job. I feel like such a clown in a synagogue when I see and hear about all these 25 year old CPAs landing big jobs. At age 25, I had *not* grown up yet. I was so immature and unfocused. Thanks too for the info about the Ethics exam – open book is often harder than closed book but at least you can do it at home! I'm in California and I am sure they require it although I just haven't yet talked to anyone who had to do it, probably because most of who I know has been licensed for 10+ years.

[Author]

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