Point C.1? – The CPA Exam

March 2024 marks what I hope will be the triumphant finale of my CPA journey. But before we delve into this latest chapter, let’s rewind a bit, back to where my last post left off in 2020. As I navigate through the twists and turns of the CPA exam, there’s one final milestone left to achieve: obtaining the “holy grail” of accounting, the Certified Public Accountant credentials.

The Beginning of the Journey

Cast your mind back to my earliest foray into the world of accounting at my local community college. The notion of pursuing a CPA seemed straightforward enough, perhaps a touch too easy, as I naively believed at the time.

The journey officially kicked off on December 30, 2012, when I mustered the courage to submit my first CPA exam application. The reality check hit hard when I received a dismal score of 37, courtesy of my trusty Wiley flipbook study guide.

Undeterred by the setback, I embarked on a rollercoaster ride of exam attempts, each accompanied by its own set of challenges and lessons learned. From investing in study programs to questioning my entire approach to learning accounting, the road to CPA-dom was paved with trials and tribulations.

During my university days, I’ll be the first to admit, I wasn’t exactly a top-tier student. It felt like something changed between the structured environment of high school and the more independent realm of college. Suddenly, hitting the books didn’t always translate into acing exams like it used to. Sure, I thrived in my community college classes, but when it came to tackling the CPA exams, I found myself grappling with a whole new set of challenges. It was a journey fraught with trial and error, a humbling reminder that success doesn’t always come easy. In the spirit of transparency, let me share a full breakdown of my scores, highlighting the ups and downs of this arduous process.

• 09/24/2013: AUD, 37
• 10/03/2014: AUD, 60
• 04/04/2015: REG, 52
• 07/24/2015: BEC, 69
• 11/21/2015: FAR, 62
• 02/13/2016: AUD, 65
• 08/27/2016: FAR, 63
• 11/12/2016: BEC, 69
• 02/11/2017: AUD, 64
• ??/??/2017: REG, expired

The First Turning Point

Allowing my REG application to lapse marked a pivotal moment in my CPA journey. I remember opting for Rogers study materials at the time, but I found myself less than impressed with their presentation. Determined not to shell out big bucks for Becker, I took matters into my own hands. WileyCPA’s guarantee caught my eye – you could hold onto the program until you passed, a more economical choice in my book, even if it meant sticking to online ebooks and lectures. Moreover, around this juncture, I made a job switch that brought me much closer to home (as detailed in Point C of my blog). Suddenly, fatigue from the daily commute was no longer a valid excuse. Plus, a glimmer of hope emerged when my boss mentioned passing AUD on his first attempt. If he could do it, why not me?

Continuing on the rest of my scores..

• 04/21/2018: FAR, 73
• 08/18/2018: AUD, 71
• 12/06/2018: REG, 64
• 04/13/2019: BEC, 72
• 08/21/2019: AUD, 75

BINGO! Finally, a win! Audit, after countless attempts, I finally clinched a pass! Sure, it was a close call, but hey, a pass is a pass! I struck gold when one of my Task-Based Simulations (TBS) revolved around a physical inventory count, something I was already familiar with from my job. With Audit under my belt, I now had 18 months to tackle the remaining three exams, a feat I was confident I could achieve. 18 months, that meant everything had to be wrapped up by February 2021. Easy peasy, right?

• 12/09/2019: FAR, 60

Okay, FAR is no joke. I distinctly remember dreading the cash flow statement (I can only handle it if it’s indirect, not direct), and one of my TBS was about some obscure bonds payable for a submarine. Lesson learned: dedicate more time to studying FAR next time, and it should be smooth sailing.

I was slated to take REG sometime in March/April 2020. However, COVID-19 was rapidly spreading across the globe, causing major disruptions. With uncertainty looming large, the CBA decided to postpone/cancel all exams indefinitely. Frustrated and not keen on wasting time studying for two uncertain exams, I made the tough call to drop REG and focus on my next scheduled exam.

• 06/20/2020: BEC, 76

My first exam during the COVID era. The testing center was extra cautious, with one seat left vacant between test-takers, and strict mask-wearing policies enforced. Despite passing, I was miffed to receive an email notifying me that someone had tested positive for COVID on the day of my exam.

• 08/15/2020: REG, 71

I was seething with anger at the CBA when they abruptly canceled my REG exam without prior notice. They offered no assistance until I fired off an angry email, highlighting that this situation was out of my control and requesting a year’s extension on my exam application. Instead, they granted me a mere six months. At that moment, I was tempted to throw in the towel. In my fury, I even contemplated letting both of my passing scores expire, opting to start afresh when my mindset was in a better place.

Another Turning Point

• 05/17/2021: FAR, 63
• 08/23/2021: REG, 72

It seemed my frustration still lingered, prompting me to reassess my study methods. Having already passed two exams, I knew these were the pivotal ones I MUST conquer, confident that I could tackle the remaining two.

• 03/28/2022: FAR, 75

I distinctly recall sacrificing my birthday for this exam. The heavy rain forced me to change testing sites abruptly as my usual one inexplicably shut down. Despite the challenges, I was elated to have triumphed over one of the toughest topics.

• 08/29/2022: REG, 84

Hold up, what? As much as I loathed FAR, my disdain for REG ran even deeper. I wasn’t thrilled about grappling with corporate taxes and business law, yet somehow, I secured an impressive score. (And it didn’t hurt that Trump had slashed corporate taxes to 20%, bidding farewell to the tiered system.)

• 01/14/2023: BEC, 80

Well, would you look at that? Three out of three. Just one more exam to go: Audit. The one that kickstarted this journey, and hopefully, the one that brings it to a close.

• 05/15/2023: AUD, 72

Three points shy? Okay, no need to panic. There’s still time; as long as I can nail it by September (before my FAR exam expires), I’ll be golden. Just another four months.

The End, and the Beginning

• 09/25/2023: AUD, 74

Believe it or not, I vividly recall scouring forums to pinpoint the exact moment California would release its scores. I even had a dream where the number 74 flashed before my eyes, only to awaken to the harsh reality: I hadn’t passed Audit, and I was facing the prospect of redoing everything due to the 18-month expiration window.

With a heavy heart, I printed out another application and wrote a check to schedule a new testing appointment. I entertained the idea of trying NinjaCPA for auditing, suspecting that perhaps Wiley’s material wasn’t up to date. However, after enduring several sleepless nights, on the morning of October 12, 2023, I made the gut-wrenching decision to abandon my pursuit of becoming a CPA.

Taking a few days to myself, I grappled with this decision before confiding in a few trusted individuals who had been with me throughout this arduous journey. One offered reassurance, suggesting that there’s always another path to reach my goals. Encouraged by this and bolstered by my strong performance in REG, I enrolled in an H&R Block Tax course, contemplating the route of becoming an Enrolled Agent (EA). Another voice chimed in, chastising me for giving up so close to the finish line (literally one point away). With their words echoing in my mind, I resolved that if I completed the H&R Block Tax course and still harbored the drive, I would give it one final push.

During this period of reflection, I stumbled upon information about the upcoming changes to the CPA exams, including the removal of BEC and the introduction of specialized exams. Additionally, I learned that scores expiring on December 31, 2023, would be extended to June 30, 2025. This revelation meant that I only needed to retake FAR and AUD, rather than all four exams.

Navigating through the H&R Block Tax course, I encountered moments of uncertainty, but ultimately passed with above-average marks. With renewed determination, I decided to forge ahead and restudy for the CPA exam. Opting to invest in Becker instead of returning to Wiley, I set my sights on starting my AUD preparations in January 2024.

December 6th, 2023, stands out vividly in my memory. Fresh off a town hall meeting, where we celebrated our achievements over the past year and looked forward to the new one, I couldn’t help but chuckle at the CEO’s remark about manifesting our desires for the upcoming year. Little did I know, I was about to manifest something extraordinary: my CPA license. After exchanging texts with a friend about a humorous meme, I noticed an unread email in my inbox with the subject line, “You Passed the CPA Exam!”

Initially dismissing it as spam, I embarked on a research spree to confirm its authenticity. To my astonishment, it was indeed genuine. As it turned out, my BEC and REG scores were extended to June 30th, 2025. What’s more, California had decided to extend credit for scores expiring between January 30, 2020, and December 21, 2023, until the same date. This meant that my initial AUD exam, along with my recently expired FAR score, were now valid. Consequently, I had passed my exams! 🙂 (And according to a live session that’s unfortunately no longer available, 75 individuals, myself included, became CPAs thanks to the extension of their expired scores.)

My final scores and dates are:

• 08/24/2019: AUD, 75
• 03/28/2022: FAR, 75
• 08/29/2022: REG, 84
• 01/14/2023: BEC, 80

What a whirlwind of emotions it has been, from the depths of giving up on my CPA aspirations, to convincing myself that tackling two exams wasn’t insurmountable, to finally conquering that monumental hurdle as if it were a mere bump in the road. Even now, I find myself in a state of disbelief, unable to fully comprehend that I’ve not only passed all four exams but am now on the path to becoming a CPA.

Next blog post, the application becoming a CPA.