Anyone studying CPA???

[Rooboy 34]

Is anyone currently studying or just completed their CPA. We have a young guy here at work who is about to start and he has some questions that I can't answer. We don't want the scripted response from the CPA - but some real answers by those in the know.

1) How many hours a week of study is required during the modules???
2) Are the organised study groups worthwhile???
3) It appears that he can only do 2 subjects a year (assuming that he does them 1 at a time) - is this correct???
4) What level of support is it reasonable for an employer to offer???

Any help would be appreciated.

Tk
RB34...

 

[Showbag]

Is anyone currently studying or just completed their CPA. We have a young guy here at work who is about to start and he has some questions that I can't answer. We don't want the scripted response from the CPA - but some real answers by those in the know.

1) How many hours a week of study is required during the modules???
2) Are the organised study groups worthwhile???
3) It appears that he can only do 2 subjects a year (assuming that he does them 1 at a time) - is this correct???
4) What level of support is it reasonable for an employer to offer???

Any help would be appreciated.

Tk
RB34...

1) I study probably 2 hours a day, probably close to 4-5 hours a day for the last couple of weeks. However, I have mates that have got by studying a lot less than that and cramming in the last few days. I am not really a natural at accounting (spent 5 years as a HR Manager), so I really have to work hard at the subjects.

2) The organised study groups are a waste of time in my opinion. Yes, the Young CPAs do a great job of organising the groups and it is worth going to at least one of their information nights, but I have been a part of 3-4 different groups with different subjects. Each time, I think I might get lucky with some quality people, most of the time I have been disappointed, I did have a great group doing Financial Disclosure, though.

Most groups break up within the first few months and you are often left with 2-3 regulars. It helps considerably if you are from a non-English speaking background as most of the groups are comprised of people with English as their 2nd language. In short, with most subjects, I got more from it doing it on my own.

3) You can do up to 3 subjects per semester (6 per year). Working full time, it is not recommended that you do more than 1 per semester (2 per year). I was glad to do only 1 per semester, it is deceiving how much time it actually takes. I have seen a few friends attempt 2 subjects per semester, even 3, but amongst them, they averaged at least 1 fail per semester.

4) My employer has paid for all subjects I have passed, So far so good, passed them all. I am lucky enough to get 2 study days and the day of the exam off each time. Employers should note the Mentor program that runs along with the CPA program, which requires the student to develop proficiencies in certain accounting related areas.

Let me know if you need any further assistance, happy to help.

 

[setlikejelly]

1) How many hours a week of study is required during the modules???
Bit here and there, but not much until the last couple of weeks before the exam. Probably 30-40 or so hours all up, but I have always been able to get away with minimal study (not bragging, just saying it how it is). They say it should be about 150 hours per unit, but that is rubbish.

2) Are the organised study groups worthwhile???
Wouldn't know, never bothered with them

3) It appears that he can only do 2 subjects a year (assuming that he does them 1 at a time) - is this correct???
Can do 3, b ut would not recommend while working full-time, as it is hard enough to find time for 1. Mentor program takes 3 years anyway, so no use finishing units and not being able to graduate...

4) What level of support is it reasonable for an employer to offer???
I have always got 1 study day, plus exam day (plus of course they pay for it).

Hopefully in 6 months it will all be in the past, awaiting 5th unit result and then 1 to go...

 

[Bman23]

Thanks for that guys, I am also about to start studying my CPA. I have a few more questions:

1. Are the workshops worthwhile?

2. What are the assessments like? Any Group assignments? Weekly stuff?

Thanks

 

[Showbag]

Thanks for that guys, I am also about to start studying my CPA. I have a few more questions:

1. Are the workshops worthwhile?

2. What are the assessments like? Any Group assignments? Weekly stuff?

Thanks

1. I am not really the type to learn by sitting in lectures, I am more likely to learn through self-directed learning and working through problems myself. I found the face-to-face workshops were not a good fit with my learning style. However, I found the online workshops a very valuable tool. These are offered for free and are basically the same as the face-to-face ones but are presented on the internet. I could learn at my own pace and stop and start where I needed to. The problem is, not all subjects offer the free version of the workshops. I would say around 50% of workshops are offered free online.

2. Assessment is all exams. All electives are multiple choice. The three compulsory subjects have a mixture of both multiple choice and long answer questions. There are no assignments. You are basically sent a folder a week or two before the semester starts and then have to turn up for the exam with all the knowledge crammed into your cranium!

 

[Rooboy 34]

Thanks for your replies Showbag & setlikejelly - they are really appreciated.

Just out of curiosity, why did you choose the CPA over the CA Program??? Did you have a choice or was it a case of do the CPA or work somewhere else???

 

[Showbag]

Thanks for your replies Showbag & setlikejelly - they are really appreciated.

Just out of curiosity, why did you choose the CPA over the CA Program??? Did you have a choice or was it a case of do the CPA or work somewhere else???

CA is only offered in supported chartered accounting firms, whereas CPA can be completed in industry and also accounting profession. I have always worked in industry, so the CA was never really an option.

 

[Rooboy 34]

CA is only offered in supported chartered accounting firms, whereas CPA can be completed in industry and also accounting profession. I have always worked in industry, so the CA was never really an option.

Fair enough. I completed my CA 5 years ago when I was working with a Chartered Firm, but have since moved into industry. We have offered my assistant the choice of either CA or CPA, but was just curious as to what people would choose & why if they had a choice...

 

[setlikejelly]

CA is only offered in supported chartered accounting firms, whereas CPA can be completed in industry and also accounting profession. I have always worked in industry, so the CA was never really an option.

I am pretty much the same, have always wanted to get into industry. Plus, CPA is a lot less time consuming....
The focus sessions with CA did not appeal to me at all, I would rather go at my own pace, which CPA allows you to do.

 

[kenrosewall]

Definately go CA.

 

[setlikejelly]

Definately go CA.

Depends what career path you are looking at. If intending to work in public practice (no thanks), CA would be more beneficial, but CPA is just as useful for indutry.

 

[kenrosewall]

Depends what career path you are looking at. If intending to work in public practice (no thanks), CA would be more beneficial, but CPA is just as useful for indutry.

Grow some balls setlikejelly. CPA is for people who are soft.

 

[setlikejelly]

Grow some balls setlikejelly. CPA is for people who are soft.

I am sorry that I would rather spend more time doing things I enjoy than studying for accounting. I guess I must be soft because I have taken the easier way out, even though in my line of work it will earn me just as much money.

I work to live, not live to work...

 

[kenrosewall]

I am sorry that I would rather spend more time doing things I enjoy than studying for accounting. I guess I must be soft because I have taken the easier way out, even though in my line of work it will earn me just as much money.

I work to live, not live to work...

As do I, but the chicks dig the initial CA!

 

[frantelle]

im a 2nd year commerce student (looking to major in financial accounting and coporate finance)

am i able to do a CA at say a mining firm like bhp or fortescue? or can u only do ur CA at a CA certified accounting firm?
also how long does a CA and a CPA take to complete?

 

[doppo]

I am sorry that I would rather spend more time doing things I enjoy than studying for accounting. I guess I must be soft because I have taken the easier way out, even though in my line of work it will earn me just as much money.

I work to live, not live to work...

The whole attitude CA's have over CPA's is such a joke. Yeah it's harder/better/whatever but who really gives a toss. Unless you want to work in public practice, it doesn't make a difference, so why bother?

 

[do you know george?]

Sorry to go slightly off-track here but...

Is it absolutely necessary to go for the CPA/CA if you're planning on doing a Commerce (Accounting major) degree... or can you get a normal to decent job in accounting without the CPA/CA?

 

[kenrosewall]

Sorry to go slightly off-track here but...

Is it absolutely necessary to go for the CPA/CA if you're planning on doing a Commerce (Accounting major) degree... or can you get a normal to decent job in accounting without the CPA/CA?

Depends how much you want to get paid, and what your future aspirations are. You will eventually need to be qualified as either a CA or CPA in order to practice yourself.

 

[kenrosewall]

im a 2nd year commerce student (looking to major in financial accounting and coporate finance)

am i able to do a CA at say a mining firm like bhp or fortescue? or can u only do ur CA at a CA certified accounting firm?
also how long does a CA and a CPA take to complete?

You can do your CA no matter where you work, you just need to get a qualified CA to be your sponsor. They don't really need to do much, just sign a few things and give you advice from time to time.

I can't speak for the CPA, but when I did the CA a couple of years ago it took about 18-24 months (given you had to work full-time for 6 months before you could start the 2nd subject), although having spoken to a few of the young blokes at the firm I work for, it sounds like it has changed a bit.

 

[kenrosewall]

The whole attitude CA's have over CPA's is such a joke. Yeah it's harder/better/whatever but who really gives a toss. Unless you want to work in public practice, it doesn't make a difference, so why bother?

Typical comment of a CPA

 

[Cousin Jed]

Typical comment of a CPA

For the other guy you can do your CA in what amounts to close to 18 months. I started my first subject last February, and provided I pass my most recent exam I can move on to the last subject next month. You can do 3 subjects in a year if you pass them all. I waited until after I had completed my first year of work to start though, instead of just the 6 months.

I have no idea about CPA.

 

[ben_cats_fan]

The whole attitude CA's have over CPA's is such a joke. Yeah it's harder/better/whatever but who really gives a toss. Unless you want to work in public practice, it doesn't make a difference, so why bother?

It's like getting your automatic licence instead of a manual. You can only drive the automatic, but with a manual licence, you can drive both. CA ftw.

 

[doppo]

Typical comment of a CPA

Ahah Typical comment of a CA.

Nah sorry mate, I worked about 12 months in a CA firm before giving accounting the flick. Buggered if I was going to be working 8-9 hours a day in a job I didn't like to then go and study 2-3 hours a night for the CA when I didn't even need it.

What I noticed was, there are plenty of CA's who aren't even good, and have no people skills whatsoever. They're just the sort of people that don't mind spending their whole life dedicated to studying for a couple of years.

To be fair, I've also met a few CA's who are fantastic at their job and great people.

But one thing that was consistent was this "we're far superior to you" attitude CA's have toward CPA's, just because the CA is harder. It's as if there's something inferior with people that decide the CA isn't for them.

Well here's a newsflash, regular people just think you're a nerd with a calculator. Get over yourself.

 

[bullish23]

My take on CA/CPA coming from someone who is CA.

There is no doubt CA's regard themselves superior mainly due to the harder content throughout the course. I always got the impression that if eventually you wanted to end up a partner at PwC or CFO of BHP etc, that CA was the only way to go. This is not necessarily the case though. While CA's would dominate at the higher end of town, there is still plenty of CPA's in those sorts of positions.

I currently work in London for one of the world's largest Financial Institutions. However initially upon meeting with recruiters it seemed it didn't really matter whether I was CA or CPA. So from an international destination perspective, it doesn't seem to matter which way you go (which I admit did surpise me).

I wouldn't hold your breath for a merger anytime soon though. CA members just do not want it.

 

[frantelle]

My take on CA/CPA coming from someone who is CA.

There is no doubt CA's regard themselves superior mainly due to the harder content throughout the course. I always got the impression that if eventually you wanted to end up a partner at PwC or CFO of BHP etc, that CA was the only way to go. This is not necessarily the case though. While CA's would dominate at the higher end of town, there is still plenty of CPA's in those sorts of positions.

I currently work in London for one of the world's largest Financial Institutions. However initially upon meeting with recruiters it seemed it didn't really matter whether I was CA or CPA. So from an international destination perspective, it doesn't seem to matter which way you go (which I admit did surpise me).

I wouldn't hold your breath for a merger anytime soon though. CA members just do not want it.

is that just ur firm that is like that or is it consistent throughout london? is it consistentn throughout other international countries? because i do plan to live/work in at least one of london, singapore hong kong dubai and new york and some stage in my life.
what about the pay difference? is there any difference initially (once obtaining a CA/CPA)? is there any difference as you climb your way up the corporate ladder?
does it just mean i cant become a partner of a big firm with a cpa? or less likely anyway