Category Archives: Academics

classes, degree planning, academic workshops, CPA exam planning and preparation

Academics, Austin, Events, Student Life, Xinmiao

Group Motivation!

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Our study sessions look like this.

Here at McCombs, we’re in the home stretch of the Spring semester, preparing ourselves for that one. last. exam (per course) before summer. Sigh, time passes so quickly.

Some Updates: Work at Greenlights is going well. I have been doing quite a bit of  data analytics using Excel (putting those concepts I learned in our Information Technology in Accounting class to work). I just completed a project that involved performing calculations of retention rates and general stats using our donor database. Now, I’m transitioning into a very (but not so) different project – grant writing! Also, next week I’m going to be attending a Board Essentials workshop, run by Greenlights, where I will be learning about the basics of putting together a strong nonprofit board and possible opportunities for me to be involved when I start working full-time at an accounting firm. CPAs are actually a real (desirable!) asset to any nonprofit board.

My internal audit team recently wrapped up a project with the City of Austin (Office of the City Auditor), where we performed a follow-up audit of the Controller’s Office regarding their hotel occupancy tax collection process in regards to Short Term Rental (think HomeAway and AirBnB). A report on that audit is now available to the public here. During the length of the project, my team communicated with the City Auditors as well as accountants at the Controller’s Office, interviewed Short Term Rental Owners, and got a first hand account of the hotel occupancy tax collection process. We wrote engagement letters and work papers and came up with a final deliverable report. Much was learned, I should say.

Ah, on the side, I’ve recently taken on the role of being an assistant editor at a literary journal and have been interviewing authors about their writing (authors that fall into the science-fiction and fantasy genre). Last night, I had a wonderful conversation with a sci-fi writer about her concept of “the alien.” And, while I’m being tangential, today in the parking lot of the Korean grocery store, I found a patch of mimosa ferns! I used to live in Hawaii and haven’t seen mimosa ferns since those days.

As for school work: What are we doing in this last stretch to motivate ourselves, you ask? Well, group study is at an all-time high! Otherwise, we find ways to enjoy our diminishing time here in Austin. The weather is temperate – Barton Springs is thriving again. We gather together to watch Game of Thrones on Sunday evenings and eat cupcakes with cadbury egg centers.

A fellow MPA delighting in a Cadbury Egg.

Signing off!!

Academics, CPA Exam, Melissa, Student Life

CPA FAQ

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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!

Academics, Career, Melissa, Recruiting

Getting the final rose: MPA edition

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some of my favorite MPAs.

Every time a new season of the Bachelor or Bachelorette comes on, I try to avoid it, however if I happen to watch the first episode, I’m hooked. Going through MPA recruiting is a lot like the Bachelor. I promise I’m not crazy- so I will explain.

1. You must dress and act to impress. The bachelor isn’t all about looks. I’d parallel this to the fact that MPA recruiting is not all about your resume. Sure, the Bachelor probably looks for a few characteristics in the women the first time they meet, just as firms are attracted to certain things on resumes such as teamwork, community service, extracurricular activities, and a good GPA. However, as recruiting continues, it is less about your resume and more about who you are.

2. There must be a mutually agreed fit. As in any relationship, there must be 2-sides of respect.  There should be trust from both sides and there must be a genuine interest in mutual success. Whenever you recruit with the firm where you are meant to work, this will become a reality for you.

3. You have to be genuine or it won’t work out. Here’s the thing about the Bachelor- sometimes these girls (Courtney for those of you who watched Ben’s season) act one way with the other girls, and another way with the Bachelor. When you act like something you aren’t to impress someone, it won’t work out in the end. This is probably why 90% of Bachelor relationships end up failing. As you recruit and try to find your perfect fit (#2), you have to be genuine. You must be real and true to yourself and your beliefs. If you are lucky, your internship will turn into a full-time offer, which turns into a career. This being said, it is important to begin the student-firm relationship with a true and authentic attitude and be sure that it is the real you that the firm knows.

HOWEVER, there is one huge difference between MPA recruiting and the Bachelor. There is more than one rose in recruiting!

When recruiting is over, I guarantee that everyone will receive “the final rose” from the firm that is perfect for them, as long as you are true to yourself throughout the process. Good luck!

Academics, Allison, CPA Exam

Update: CPA Exam studying

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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!

Academics, CPA Exam, Karen, Student Life

Last Semester Battle!

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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! →