Friday, August 24, 2012

CPA Failure - throwing in the towel

Wow, where do I begin.  I have taken a long and expensive journey ($2,500) on the road to become a CPA.  I just took the FAR test today.  I spent about 1 1/2 hours taking the 4 hour exam.  Besides being ill prepared, I sat there wondering why am I doing this.  It had been a goal of mine to be a CPA since my first accounting class in high school.  That goal has come to an end.  After experiencing the exam, and studying for it...I've come to realize that I will never be committed enough to complete it.

The website owner of another71 took the test 16 times before he was finished.  He had 3 kids had been working in the accounting field for 7 years and took him 3 years to finally pass the exam.  I have many similarity with the exception of the 7 years experience in accounting.  I do have experience with tax, but the auditing and financial accounting would require extensive time learning, and memorizing areas that do not interest me.  Plus the fact that the accounting field is going through a change in standards from U.S. GAAP to possibably international...you have to know both.  I just don't need this stress and time waste anymore.  It would cost me another $1000+ to pass the exam, and countless hours studying.  It is time to move on.  I'll probably start studying for some work related tests that needs to be completed.

For those who may want to obtain their CPA...take the FAR exam first.  If you use Wiley you really need to get 90% on all multiple choice questions.  Simulations that I took had lots of calcuations at least 3 of them where calcuations/journal entries.  If you can pass FAR, the rest of the exams aren't too hard especially if you work in auditing.  You must know your stuff...you cannot pass without knowing everything really well and studying 25+ hours each week for 2 or 3 months.

2 comments:

  1. You can't??? I did! I felt like I knew almost nothing on FAR and passed. Are you going to re-evaluate giving up if you passed this one?

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  2. If I passed...which I am 99% positive I did not pass, then I would continue studying. I think I might go for the Enrolled Agent. It's cheaper and easier, and will accomplish what I wanted to do anyways.

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