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Your Future, Right Now!

Your Future, Right Now!. A Review of the CPA and CMA Exams by Dr. Monte Swain. AICPA. States. NASBA. Schools. Exam Prep Providers. Employers. Candidates. CPA Stakeholders. CPA Requirements???. National Association of State Boards of Accountancy www.nasba.org

stephen-david
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Your Future, Right Now!

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  1. Your Future, Right Now! A Review of the CPA and CMA Exams by Dr. Monte Swain

  2. AICPA States NASBA Schools Exam Prep Providers Employers Candidates CPA Stakeholders

  3. CPA Requirements??? National Association of State Boards of Accountancy www.nasba.org • Jurisdiction map, State Board contact information, publications, and even a Wall Certificate Service to help you display that you are a Certified Public Accountant • The information is all there, you are responsible for your future!

  4. A Sampling

  5. CPA License • Exam controlled by the AICPA; administered by the NASBA • Licensed by the States • To Sit for the Exam • Education—varies by state • Work Experience—varies by state • Membership maintenance by AICPA—national level • To Maintain • CPE (Continuing Professional Education) • 80 hours every 2 years • Ethics

  6. CPA Exam—Content and Structure

  7. CPA Preparation Exam Prep Providers (the “biggies”) • Becker (a lecture/coaching service) • $865 per part, plus $95 registration fee. If you register for all four parts, discounted to a total of $2,690 • Gleim (a guided self-study service) • complete set for $989.95 • Swain’s Recommendation • Costs • Cost—N/A for many, but not all • Time—watch your labor efficiency variance • Flexibility • Benefits • Pass rate— remember that 75% = C grade • Coaching vs. Self-study • The X Factor • Your accounting aptitude level • Your level of self discipline • Your test-taking skills

  8. Nobody Cares About the Score! Remember: It’s a Pass/Fail Exam!!

  9. How to Become a CPA! • Do the following: • Complete your education requirement (depends on the state) • Become a member of the AICPA • Pass all four parts of the exam • Satisfy the experience requirement (depends on the state) • Comply with the Standards of Ethical Conduct • To Retain Certification: • Continuing education—80 hours every 2years • Maintain membership • Comply with the Standards of Ethical Conduct

  10. A Question for the Ages • Why CPA? • The Ability to audit, do taxes, and prepare SEC reports • A License to KILL! … er, Audit an SEC public company • Validation of your public accounting expertise • Signal to the market place • Increase earnings potential • Increase career opportunities • Why CMA? • The Ability to manage using finance, economics, budgeting, analysis and decision making tools • No license involved • Validation of your management accounting expertise • Signal to the market place (Different from CPA!) • Increase earnings potential • Increase career opportunities (Different from CPA?)

  11. AICPA States NASBA Schools Exam Prep Providers Employers Candidates CPA Stakeholders

  12. IMA Schools Exam Prep Providers Employers Candidates CMA Stakeholders

  13. CMA Requirements??? • Education: Bachelor’s degree • Experience: Two continuous years of professional experience in management accounting or financial management. This may be completed prior to application or within seven years of passing the examination

  14. CMA Exam—Content and Structure *Note that Part 1 is waived if CPA exam is passed!

  15. How to Become a CMA! • Do the following: • Complete your education requirement (BS degree) • Become a member of the IMA • Pass all four parts of the exam (skip one part if CPA) • Satisfy the experience requirement (two years) • Comply with the Standards of Ethical Conduct • To Retain Certification: • Continuing education—30 hours per year • Maintain membership • Comply with the Standards of Ethical Conduct

  16. The Certification Calendar *Visit www.prometric.com/cpa for CPA Exam Testing Information and Testing Centers *Visit www.prometric.com/icma for CMA Exam Testing Information and Testing Centers

  17. Swain’s Challenge Commit to a date, and get it done it fast! A Student Email received August 22, 2008 (used with permission) Thank you for encouraging us to take the CPA exam quickly after we graduated. I took 2 parts in May, and the other 2 sections in July (June was a blackout month). I passed all four parts, and now I don't have to worry about them when I start work. I definitely agree with your recommendation to finish all four parts in a short window. You and the other professors at BYU prepared us well for the exam and our professions. A Sample Schedule

  18. Your future is in your hands! (With some help from others)

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