CPA Exam

Long time no post! Why? This past Thursday JP took the first part of the CPA exam. His study program, Becker, is on my computer because his computer is a netbook that it would not work well on. So, we traded computers for the week. I have no pics on his netbook and I don't really like doing much on it since it is so small. So anyway... I'm back!

I knew nothing about the CPA exam before JP started taking it, and I've found that most non-accounting people are just like me unless they have someone close to them that has taken it. I mean why would you know about it if you didn't have to take it?

There are 4 parts to the CPA exam:

You can choose which order you take them in and can retake them as many times as you need to pass. Of course you have to pay for each time you retake a part. You also have to pass all 4 parts within 18 months. If you don't you have to start retaking parts that you've already passed.

JP is taking them in this order:

• Regulation (the one he took on Thursday): 3.5 hour long test
• Financial (he will take at the end of January): 4 hour long test
• Auditing (he will take at the end of February): 4.5 hour long test
• Business (he will take in April): 2.5 hour long test and is the only one without simulation

Tests are only offered in January and February, April and May, July and August, & October and November. No tests are offered in March, June, September, and December because that is when the grading of the tests occurs.

Achieving the passing grade of 75 is not easy! The pass rate for CPA exam is actually less than than the pass rate for the BAR exam.

You can see that the pass rates are rarely above 50% and if they are above 50% it is not by much. Also only about 7% pass all four parts on the first try.

Studying for the CPA exam is a very time consuming and grueling process. It has actually been such a blessing that JP was laid off in September so that he has plenty of time to study. Most of the people who work and study for the exam find it very overwhelming... and the wives I've talked to say they never get to see their husbands. JP has been studying everyday... he even started studying for the Financial part the day he took the Regulation part! He has discovered some great studying places across Birmingham like O'Henry's, Whole Foods, and the Samford Law Library. I am so proud of him for all of the effort and time he is putting in to this!