Category Archives: CPA Exam

CPA FAQ

My MPA friends and I at a recruiting event last week. With all this recruiting, the CPA exam is the last thing on our minds.

Hey everyone! A lot of my friends are starting to sit for the CPA exam and I realized that I probably don’t know enough about the exam or what it entails. There is so much online about the CPA exam and I will share some of my findings with you!

First, you have to qualify to sit for the exam. The AICPA does a great job at covering anything and everything you would want to know about qualifying for the exam in their Uniform CPA Candidate Bulletin.

Next, be sure to know the specific rules that your state requires. UT does a great job at helping MPAs to meet the Texas exam requirements. Some of which include: 150 semester hours and a BBA degree, 30 upper division accounting hours and 24 related business hours as well as a 3-hour ethics course. What is great about McCombs is that when we graduate we have met the educational requirements- even the ethics course!

As far as preparing for the exam, I haven’t started since I am just a third-year, but I know it takes a lot of disciplined studying. There are many different prep courses and I would definitely recommend talking to the 5th-year MPAs to see what they have used to study.

Lastly, there are 4 sections of the exam; Financial, Regulation, Audit, and Business. Since MPAs love acronyms and abbreviations, you’ve may have heard the sections referred to as FAR, REG, AUD, and BEC, respectively. FAR and AUD both contain 90 multiple choice questions and 7 task-based simulations. REG has 72 multiple choice questions and 6 task-based simulations. And finally, BEC has 72 multiple choice questions and three written tasks. It is quite a lengthy exam which is probably why each section is taken separately.

The CPA exam seems so far in my future, but it is good to be prepared before starting the process! Good luck, everyone!

Update: CPA Exam studying

http://blog.aicpa.org/

Hello everyone,

Just wanted to give a quick update on my process of studying for the CPA exam.  Last time I mentioned this, I was planning on taking the exam at the end of February.  Due to my lack of commitment to studying, I had to move my date and I am now taking it in two weeks.  This is my first section of the CPA exam and I will admit, I’m pretty nervous.

I spent most of my spring break studying for this exam so now if I don’t keep up with it, I keep reminding myself that I wasted my spring break then.  So far I am about half way studying with this section and definitely need to pick up the pace.

The problem I have been having is that now that classes are back in session, I tend to worry more about my homework than my CPA studying.  That is good because my classwork is “due” first, but then again, I cannot neglect my studying.  I also started a new class this half of the semester, which has added to my workload.  Nonetheless, I need to get back on track with my studying so that I don’t waste all the time I’ve studied by not being prepared.

My advice, then, is that when you start studying for the CPA exam, you need to be committed to it and follow a schedule. Otherwise, it will fall by the wayside and will seem to always be a concern on your shoulders.  I will keep you all updated on my studying and exam process as it continues.

On another topic other than CPA exam studying, the new class I started this half of the semester has been good so far.  It is called Studies in Auditing and since I will be going into auditing after graduation, I hope the class will be very useful.  So far (in the two classes we’ve had), I’ve definitely learned more about auditing and the profession.  I look forward to our discussions about technical topics as well as current issues in the auditing profession as it is all quite interesting to me.

Please leave comments or questions about the CPA exam, my new auditing class, or anything else you would like to know!

Last Semester Battle!

The Battle Continues...

In 74 days, 13 hours, 44 minutes, and 14 seconds (when I was writing this), I will be walking on stage in my cap and gown in front of a beaming crowd of MPAs and their celebrating proud families and friends. But before fast forwarding to that day of cameras and diplomas, let me paint a picture of what’s going on in my very last semester of MPA:

CPA Exam

It was 5:45 in the morning when I woke up. I was tired, yet I could not stay asleep any longer. I was ready to get it over with. It had been over a month since I started preparing for this test, and I was ready to fight the battle…

These were my thoughts two and a half hours before taking one of the CPA Exam sections. I was extremely nervous, regardless of the amount of time I had put in to study for the exam, I felt that I still was not prepared enough. There will always be a problem left to review or a formula left to memorize. I was panicking, yet I managed to calm myself down after eating a protein-loaded breakfast that would hopefully stimulate my brain. Continue reading Last Semester Battle!

While you were Meme-ing…

…I was studying with Becker. It seems that the relaxed semester is impossible under my terms and lifestyle. Nevertheless, it is what it is, and explains my hiatus from the blogging world for the past two weeks.

There is no shortage of stories though. Here is some recent Conversationalia from the past couple of weeks:

 

Texas to Host 2014 Menuhin Competition

The University of Texas will host the 2014 Menuhin Competition for violinists. It will be the first time the competition will be held in the North American continent. Read more about this in the Daily Texan’s article.

Yehudi Menuhin was born in America, but he spent most of his professional music career in the United Kingdom. He was a popular violinist during the 20th century, during which time recordings were available. My mom used to play a CD of Menuhin playing the Mozart violin concertos in the car. When you’re nine years’ old, you don’t particularly listen that closely. However, there was something about the last movement of Mozart’s fifth violin concerto that I just loved. I’m not sure if it was the sweet innocent opening theme or the somewhat raucous “Turkish” section in the middle, but this piece was my motivation for continuing to study the instrument throughout elementary school and high school, since it was only five Suzuki books away. (Otherwise, I’m not sure how much longer I would have lasted at the time…) Anyways, here’s Menuhin’s performance of that piece:

PitaLicious!

What I love about Austin is its entrepreneurial spirit. It’s awesome, and one of the great ways it’s exemplified is through the Trailer model. Here you save on fixed costs and experiment with your product in a small food trailer instead of a brick-and-mortar restaurant. One of my new favorites is PitaLicious on South Congress.

Why do I love it so much? Two reasons: the first is that the owner is Lebanese (where my great-grandparents emigrated from, thus earning extra points in my book) and serves kafta (which is a dish my siti loves to prepare for my brother and me when I visit El Paso). Second, and more substantially, is that the owner and his girlfriend have full-time jobs. (He’s an engineer, and she’s a nurse.)That’s right—they operate this food stand for fun. When talking to him, he told me that this was one of his passions and always wanted to do it. And that is what I love about Austin—the culture of doing things because you want to and taking some chances with life! PitaLicious is open on Thursday and Friday nights as well as the weekends. Follow your dreams.

Final Thoughts

Speaking of music, the University Orchestra—of which I have been a member of for my entire five years at Texas—is performing Beethoven’s Sixth Symphony, “Pastorale,” on Tuesday, February 28 at 7:30 p.m. The piece is awesome, invoking a lot of imagery of nature and minimalism. This is, to me, one of the best pieces ever written—a true work of art—and a great piece to listen to even if you are not a hardcore classical music person. This is simply a must-hear.

Back in the Swing

AICPA ThisWayToCPA logoHello everyone. I hope you all enjoyed your holiday season and are like me, getting back into the swing of things.  Today was the first day of classes and it seemed to go well for everyone.  This semester for me will be filled with classes, homework, and the all important  CPA exam preparation.

I signed up for an online course and plan to take my first section within the next 2 months.  I applied for the exam over break and am still waiting for approval to schedule my exam.  There are plenty of instructions and information on the CPA exam on the NASBA website as well as the AICPA website.  Please post comments if you have any question about the process.

The classes I’m taking this semester include ethics (which is a required course for the CPA exam in some states including Texas), business communication and corporate governance.  These are mostly electives that I have chosen because I feel they will best help me in my future, on the exam, and in my career.  I also am taking two accounting electives that are more audit focused.

Please post comments of any questions you may have about the CPA exam or courses you can take as an MPA, both core and elective courses.  Thanks!