Okay, this may sound strange for me to post this on a different forum but please read this carefully because I want to get the useful details that can help answer my questions. I am interested in pursuing my major accounting for a variety of reasons: the job market on the career is demanding, there are many career fields I can choose from bookkeeping to auditing, and it is a financial boon. What I care about is job stability and financial benefits so I decided accounting is my preferred major. My main goal is to earn a bachelor degree in accounting for four years, then move on to get my masters. I thought that was a solid plan. That is until I heard of an exam called the Certified Public Accounting Test (CPA). I heard that most fields you can’t work for the career until you are certified (before that I assumed you can’t work in the accounting field unless you gain two degrees bachelor’s and master’s then getting your certificate). I was really hoping for that a master’s is enough, but I guess if I want to get a good career, I have to be certified. But I keep worrying myself to death what is the test like? What are the rules in the test? What are ways to study? Do colleges provide CPA classes/sessions to help students study hard for the test? What is the hardest part of the test? Do people constantly fail because it’s the hardest test ever? Is it worth it? Will it be hard for me to find a job with just a masters and bachelors but not CPA certificate?
And please, don’t make up scary stories about the exam or terrible myths. I want to know the honest truth about the exam and no made up silly stories like “Oh man when I took the test it was one of the worst moments of my life” or “Better watch out for the exam. Study 9 hours a day. Don’t expect to get breaks because you need to study non-top.” I will worry myself to death if I keep hearing fallacies from the Internet. I want someone to tell me what they know, what they experienced, and what did they do to alleviate the anxiety. I’m barely a college freshman and I know this is really early for me to know, but I feel like I need to know this stuff and not act like a naive young man who is just taking classes to keep his academic reptuation strong.
I am a CPA as is my son. He passed the exam a few years ago. It is a good idea to strive to become a CPA as it is a well respected credential in the field. Much has changed in the exam and the administration of the exam since I have taken it so this is what I can tell you from my S’s experience. Comments are in no specific order:
– You can work as an accountant in private industry without having a CPA. You might find yourself at a disadvantage at times when competing against a CPA for a promotion or something, but it is certainly possible to have a solid career.
– The CPA exam has 4 parts Auditing & Attestation (AUD), Financial Accounting & Reporting (FAR), Regulation (REG) and Business Environment & Concepts (BEC). You take one part at a time at a designated computerized testing center. If I remember right you need to pass all four parts within 18 months or parts passed start to drop off and (not count as being passed) anymore.
–My S studied for and started taking the exam in the spring semester of his Masters year. He had secured full time employment before that and his company gave him the Becker CPA review course which he found extremely helpful in preparing for the exam. He worked diligently throughout the summer after he got his Masters degree and passed all four parts of the exam before he started work in the fall. But most people are still in the process of taking the exam when they start full time work.
–In order to become a CPA you need a years worth of work experience at a public firm or in many states working at a private company for a CPA doing financial statement work will count as experience towards becoming a CPA as well.
–There is a wealth of information online at the AICPA website and your state accounting board website.
I do think it is too early for you to be worried about the CPA exam. For now work hard, keep up a good GPA, and be sure that you enjoy the accounting courses enough to make it your career.
Is it hard? I know it’s too early to stress about this, but what do you recommend me to do if I plan to get my masters? Do master programs offer some degree of CPA
Yes, the exam is hard. But my S studied diligently and used the Becker CPA review course and passed it. No, masters programs do not offer a CPA. Again, it is too early to think about it – for now work hard in your courses and that good foundation will help you.
@Fred37196 Yes, there are plenty of people working in accounting who are not CPAs but you will have more quality career opportunities with the certification. The CPA is commonly a requirement for accounting leadership positions. When you near graduation or begin working in the field, study for the exam and get the certification. It is worth it.
Future career options for CPA are Accounting Manager, CFO, Treasurer, Comptroller, Controller, Auditor, Audit Manager, Partner,
You need to start working before you can become a CPA. As I noted in post #1 (1) most people are still taking the exam when they begin working and (2) a year of work experience is required before one can apply to become a CPA.
Long-time CPA here, indeed your career opportunities will be much better if you work on getting your CPA license. There are plenty of good degreed accountants (non-CPA) out there, but they have to go up against CPAs in the job market.
As far the CPA exam goes, sure it’s a formidable opponent, but lots of people pass it every year. No reason to be worried about the exam.
The reason I want to do accounting is because I like to deal with numbers. Ian’s I like to work in an office setting. You know, get the experience of working before I attain any advanced position. That’s why I want to earn a bachelors and masters (I know masters isn’t necessary but the higher my education is, the more opportunties I might see as I progress). As the yeazrs go by, I may want to start a private business. But in regards to business, would it be possible for me to set up a private business? I really am new to college since I am considered a first time freshman, but what can I do for right now? Research more things about being an accountants
Right now I am earning my assosciates of art in business so I can get a foundation of business (the degree plan requires me to take two accounting courses, a computer science business course, and business calculus) and transfer to my university to either earn a BBA or BS in accounting
To become a CPA one now needs 150 credits and a typical bachelors degree is 120 credits. So many CPA candidates do go on for a one year Masters in accounting.
Again, what you should be doing now is be focused on your coursework. It is important to get a solid foundation. Next year I would start talking to people in career services about internships etc.
Ditto Happy1. If you can get a masters, you are capable of passing the CPA exam. Yes it’s hard. Most people take a review class after their Master’s program and I found that was helpful for me as well. I’ve been a CPA for 20 years now.
The requirement for the CPA is 150 college credits with a certain amount in “accounting, tax, law” type courses. There is not a requirement for a masters degree per se. Many student earn 150 credits within the first four years by taking an extra class each semester or summer classes.
If you have the money, the the 5 year CPA plan offered by colleges is beneficial as you will have a Masters in Prof. Accounting when done.
The CPA exam in hard but very doable. Taking a review class will help and as long as you study you should be fine. I look at the test as a good thing. It allows you to set yourself apart from the crowd. Most higher paying professions have some type of testing or certification. Shoot, even plumbers must become a “master” for higher pay.
Ditto the others. If you can get the Master’s, you can pass the exam. I passed it 20 years ago and much has changed. I put in a lot of study time. I did Becker CPA review as well and highly recommend it. I worked for a CPA firm while I was taking it. I’d work from 8 am to 5:30, then twice a week had Review class from 6-10. The nights I didn’t have the Becker class, I’d do homework and study from 6-10. You can do it with a plan and effort.