Going Concern

Have You Considered Becoming an Accounting Professor?

Adrienne Gonzalez
July 19, 2010

We already did a series on credentials for accountants if you’re looking for add letters to the end of your name but if you’re not looking to take that route or looking to get out of it after you’ve gotten some experience under your belt, you may want to look into a PhD in accounting. We’re serious.

The Accounting Doctoral Scholars program, a joint project by 70+ accounting firms, several state societies of CPAs and the AICPA, wants to help you. $15 million has gone into their efforts to fill a much-needed gap in accounting education and if you don’t quite fit in to the cube, you may be one of the chosen ones.

That means they have money to help you through school so get in touch with them if this sounds like you:

If you are someone who loves learning, generating new ideas, and setting your own agenda you may want to seriously consider pursuing a doctoral degree in accounting. While all academicians can make their mark in a field, those with a Ph.D. in accounting have the opportunity to influence both accounting education and public accounting practice.

The ADS Program will provide funding for selected individuals, with recent meaningful experience in public accounting in auditing and tax, to help them make a permanent transition to teaching and research at the university level. The funding will support application to doctoral programs in accounting and also provide a stipend of $30,000 per year for up to four years of enrollment to individuals committed to teaching and research in auditing and tax—the areas of greatest need—upon completion of their doctorates. The Program will support its third class of Accounting Doctoral Scholars for Fall 2011.

No one can tell you how far to take your education. We know CPAs with PhDs who love teaching and we know teachers who have their CPA and don’t realize they practice education. It is difficult enough to decide between a Masters in Accounting and an MBA (or so we hear), how many of you are really thinking of a PhD?

If just one of you are, hopefully this helps. We’d be curious to hear what career paths you plan to take if you are and always defer you to friend of Going Concern Professor David Albrecht if you want to talk to someone who does it for a living.

This does mean you’ll actually have to teach.

Last year, AccountingWEB identified 5 reasons why we’re so desperate for PhDs in Accounting including the lifestyle change required to pursue one and the economic cost of funding it.

The New York Society of CPAs’ CPA Journal gets into what is required and what to expect if you take this route here and you can check out earlier posts that GC did on the pros and cons of the career move into academia. Good luck!

KPMG

KPMG Acquires Grant Thornton’s Supply Chain Advisory Services Practice

Caleb Newquist
July 19, 2010

KPMG’s Advisory practice will take over Grant Thornton’s Supply Chain Advisory Services practice, the firm announced today, in a deal that closed on July 16th. The purchase includes “the addition of 23 highly-skilled, experienced professionals to KPMG” and the firm will also take over the existing projects “at select Fortune 500 companies.”

This is certainly appears to be a nice little boost for KPMG’s Advisory practiceclear whether this will be a big part of the advisory practice or an area for potential growth in jobs and revenues, TPTB seem pretty excited about it (see boilerplate after the jump).

But we think the more interesting aspect of this particular deal is the strategy of Grant Thornton. Back in January when Stephen Chipman gave his first firmwide call to the troops, he discussed many things including the not so subtle warning that some people would not be “joining us on the next stage of our journey.” That’s a pretty clear message but nowhere in the message to the firm was the slightest indication given that this, dare we say, firesale would be occurring.

This is the fifth major move that we have covered involving Grant Thornton just this year. We have reported on sales of GT’s Albuquerque, Honolulu offices as well as the closure of the Madison and Greensboro offices.

This is the first sale of a practice that we have covered and KPMG is the largest firm to be involved in one of these transactions. Moss Adams purchased GT’s Albuquerque office and partners in the Honolulu office purchased the practice to become an affiliate of PKF.

Perhaps this part of the journey was too sensitive to share with the troops or maybe it was communicated in code that could only be deciphered with a secret book with all the definitions OR maybe the majority of people at GT weren’t paying attention to anything SC said unless it included the words “compensation,” “promotion,” or “bonus.” We can’t really say.

That being said, we are still hearing rumors of other office sales by GT. Nothing we’re permitted to share with you now but if you are aware of any talk about a possible sale in your city, get in touch with us. And if you’ve got thoughts or knowledge on this particular deal – from the perspective of either firm – share below.

NEW YORK, July 19 /PRNewswire/ — KPMG LLP, the U.S. audit, tax and advisory firm, today announced it has expanded its restructuring capabilities through acquisition of the Supply Chain Advisory Services practice of Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd.

The acquisition strengthens KPMG’s existing restructuring services practice in the automotive, pharmaceuticals, aerospace and defense and other manufacturing industries by expanding current capabilities in financial and operational restructuring, supply chain advisory, supplier services, technology and performance improvement. The transaction also includes Grant Thornton LLP’s Vontik software system.

“As organizations continue to reinvigorate their focus on growth, they are facing unprecedented pressures to transform their finance and operations functions,” said John Veihmeyer, Chairman and Chief Executive Officer, KPMG LLP. “This acquisition will enhance KPMG’s ability to help businesses address the four key drivers of business transformation: people, process, risk and control, and technology.”

The transaction, which closed on July 16, includes the addition of 23 highly-skilled, experienced professionals to KPMG. KPMG will also take over existing Grant Thornton LLP projects at select Fortune 500 companies.

“As the already strong demand for large scale transformation and restructuring assistance continues to grow, this acquisition helps us provide the functional breadth and depth needed by large organizations across several key industry sectors,” said Mark A. Goodburn, Vice Chairman and Head of Advisory, for KPMG LLP. “It’s also consistent with our continuing strategy to build superior large-scale transformation capabilities to serve the world’s top organizations.”

“Adding these tactical, operational restructuring and supply chain skills to KPMG’s strategic market position is a great fit, at the right time,” added Drew Koecher, partner and head of restructuring for KPMG LLP. “With the addition of this group, we broaden and deepen our client base and add to our already extensive advisory capabilities to serve businesses as they transform their business models to be successful in this new economy.”

Accounting News Roundup: Sue Sachdeva to Plead Guilty for Koss Embezzlement; AIG Settles Accounting Fraud with Ohio for $725 Mil; Some PwCers Are Hanging Out the Shingle | 07.19.10

Caleb Newquist
July 19, 2010

Sachdeva to plead guilty to six felonies in Koss case [Milwaukee Journal Sentinel]
Late on Friday, it was reported that Sue Sachdeva will plead guilty to six felon embezzlement case that was discovered at the end of last year.

The agreement with prosecutors brought some new things to light including that the scam began in 1997 and she issue over 500 cashiers cheques, including $10 million to American Express but also to charitable groups.

Also: “From February 2008 to December 2009, she authorized 206 wire transfers totaling $16 million from Koss accounts to American Express to cover items she bought with the credit card.

From February 2008 to December 2009, she authorized 206 wire transfers totaling $16 million from Koss accounts to American Express to cover items she bought with the credit card.

•?Koss employees worked “in concert with Sachdeva or at her direction” to make fraudulent entries to the company’s books to conceal the embezzlement. “These entries would falsely overstate assets, understate liabilities, understate sales, overstate cost of sales, and overstate expenses,” the agreement said. The agreement notes that the false entries “concealed the actual receipts and profitability of Koss,” allowing the scheme to continue.

•?To keep auditors off her track, Sachdeva did not fraudulently take money from Koss accounts at Park Bank during the month of June, because transactions during that month were reviewed by outside accountants.”

A.I.G. to Pay $725 Million in Ohio Case [NYT]
“The American International Group, once the nation’s largest insurance group before it nearly collapsed in 2008, has agreed to pay $725 million to three Ohio pension funds to settle six-year-old claims of accounting fraud, stock manipulation and bid-rigging.

Taken together with earlier settlements, A.I.G. will ladle out more than $1 billion to Ohio investors, money that will go to firefighters, teachers, librarians and other pensioners. The state’s attorney general, Richard Cordray, said Friday, that it was the 10th largest securities class-action settlement in United States history.”

Goldman’s Grand Delusions Finally Hit Reality [Jonathan Weil/Bloomberg]
“Here’s the real beauty of the SEC’s settlement agreement [last week] with Goldman Sachs. The next time Goldman Chief Executive Officer Lloyd Blankfein goes on television and is asked by some reporter if Goldman committed securities fraud, as the SEC alleged, he won’t be allowed to say no.

He won’t be able to repeat any of the factually improbable denials Goldman issued just three months ago after the SEC sued it for ripping off a hapless German bank named IKB as part of a bond deal called Abacus 2007-AC1. He’ll just have to suck it up and take the hit. It’s “the right outcome for our firm, our shareholders and our clients,” as Goldman said in a press release after the settlement was disclosed.

More incredibly, the SEC even got Goldman to admit it made “a mistake,” which might be the strangest thing ever to happen on Wall Street. Next thing you know, Blankfein will grow wings for his trip to the heavens, and Goldman will surrender its charter as a bank-holding company to become a nonprofit center for religious studies.”

IMF Pulls Out of Hungary Loan Talks [WSJ]
“Negotiators for the International Monetary Fund and European Union walked away from talks with Hungary over the weekend, saying Budapest needs to do more to shrink its budget deficit before it can get any more bailout money.

The move is likely to alarm markets already suspicious of the new populist government’s pledges to cut spending.

After nearly two weeks of meetings with senior Hungarian officials, the IMF and EU teams on Saturday called an abrupt halt to the discussions. They said Hungary couldn’t have access—for now, at least—to the remaining funds in a 20 billion euro ($25.9 billion) loan package secured in late 2008 to rescue the country from a financial meltdown.”

PricewaterhouseCoopers accountants split to form new firm [Salt Lake City Tribune]
Three PwC “accountants” (presumably partners/directors), Gil Miller, David Bateman and John Curtis have left the Salt Lake City office to form their own firm, Rock Mountain Advisory, LLC. The newly formed company will specialize in ” bankruptcy/restructuring, dispute analysis/receiverships, forensic accounting/due diligence, turnaround and business valuation.”

According to the Mr Miller, the trio formed their own business primarily because so many clients were being turned away from PwC due to “conflicts of interest.”

KPMG

Attention KPMG Kampers – Phil Mickelson Needs Your Help!

Caleb Newquist
July 17, 2010

We’re dispensing with QOTD today to bring you an opportunity of a lifetime. Phil’s cozy little love nest in Santa Fe, CA is up for grabs and we think it’s a grand idea for a few Klynveldians to pool their resources together to take it off his hands. It’s been on the market for two years so obviously T Fly isn’t up for it an the freshly minted honchos.

So we leave it up to you, men and women of KPMG. Get some friends together and make the man an offer. It’s currently listed at just a shade under $9 mil so it’s completely unreasonable. What you do to celebrate your new home after the close is up to you. If you’ve got suggestions for theme parties, technical accounting trainings or simply a shrine to man himself, give your best shot in the comments. But of course take a gander first….

[caption id="attachment_14359" align="aligncenter" width="560" caption="Helicopter not included"][/caption]

[caption id="attachment_14362" align="aligncenter" width="560" caption="Come on in!"]

[/caption]

[caption id="attachment_14363" align="aligncenter" width="560" caption="When he gets sick of Five Guys (rare occurrence)"]

[/caption]

[caption id="attachment_14364" align="aligncenter" width="560" caption="The Phil is great room"]

[/caption]

[caption id="attachment_14370" align="aligncenter" width="560" caption="Where the magic happens"]

[/caption]

[caption id="attachment_14371" align="aligncenter" width="560" caption="Plenty of room for Tiger\'s friends"]

[/caption]

All photos: Redfin

Can Someone Give Wesley Snipes a Hug?

Caleb Newquist
July 17, 2010

Because the 11th Circuit Court of Appeals has ruined his day, “The district court acted well within its considerable discretion in sentencing Snipes to thirty-six months in prison.”

WS was looking for probation for his conviction of willful failure to file federal income tax returns.

wes snipes

[h/t White Collar Crime y TaxProf]

Dell, Man and Machine (Maker), Close to Settlement with SEC

Caleb Newquist
July 16, 2010

In SEC-settlements-that-don’t-involve-Goldman Sachs news, Dell put their annual shareholders meeting on a brief kibosh because the company and founder Michael Dell are thisclose to settling charges for omitting disclosures for dealings with Intel Corp.

Dell Inc proposed a settlement with U.S. financial regulators over a long-running investigation of the computer maker’s accounting, and adjourned its annual shareholders meeting on Friday.

Dell adjourned the meeting until August 12 to give shareholders time to consider the discussions related to the settlement, which was announced shortly after the meeting convened.

It said earlier that the company and Chief Executive Michael Dell submitted a settlement proposal, which was still subject to approval by the U.S. Securities and Exchange Commission as well as a U.S. District Court.

The probe into accounting matters began in 2005. Dell later acknowledged accounting errors and restated financial results from 2003-2007.

Nothing to get too worked up over probably since the company only set aside $100 mil but if the entertainment for the meeting had to cancel (e.g. Dallas Cowboys cheerleaders), there’s probably a lot of upset people down in Round Rock.

KPMG

KPMG’s Risk Management Ad Jumps, Climbs and Flies but Misses the Point

GoingConcern
July 16, 2010

Just as Washington is finally passing a bill that will reduce unnecessary risk-taking by financial institutions, here comes this commercial from KPMG in the UK doing the opposite. KPMG parties like it was 2005 and sub-prime was a bad cut of steaks. The commercial celebrates risk-taking in a manner that only a BP executive could rationalize deepwater offshore drilling.

Almost everything is wrong with this commercial:

Its heroes, a man and a woman, presumably KPMG employees, are living in a risky world. Risk is all around them, from the moment they get up. But don’t worry. These two nitwits know how to engage in risk management. Mostly in jingle and parkour, in fact.

Wikipedia tells us that Parkour “is where participants jump, vault, and climb over obstacles in a fluid manner. Skills such as jumping and climbing, or the more specific parkour moves are employed. The object of parkour is to get from one place to another using only the human body and the objects in the environment. The obstacles can be anything in one’s environment but parkour is often seen practiced in urban areas because of the many suitable public structures available such as buildings and rails.”

The two heroes run, jump, flip over and take maniacal risks along the way to the office. Along the way the tag line, “Turn Risk Into Advantage”, is reinforced by embedded messages, in case we did not get the main theme”: “Know Risk, Know Reward”, “Do You Have The Risk Appetite For Success?” “Always Be Ready For The Unexpected.”

I actually like the “Turn Risk Into Advantage.” It is clever, memorable, and summarizes nicely what corporations are seeking in risk management advice. Yet it is completely overshadowed by the flip execution and the manner that suggests that KPMG employees, and by extension KPMG, take risks haphazardly.

Besides being out of context and lacking a narrative, the commercial ends on a cheesy note: upon arriving into the KPMG office and performing obligatory back flips, the couple race up the stairs, looks over the rail, look at each other, smile, and decide not to jump and take the elevator instead. This is a sensible move, perhaps the first one in this commercial.

Risk management is an essential practice, and perhaps as this advertising suggests, more in need than ever. Yet, it is not clear to me why the issue cannot be addressed heads on and intelligently. The irrelevant “packaging” simply detracts from the appeal of the practice.

Avi Dan is President & CEO of Avidan Strategies, a New York based consultancy specialized in advising professional service companies on marketing and business development. Mr. Dan was previously a board member with two leading advertising agencies and managed another.

CFOs

Ernst & Young Report: Most CFOs Aren’t Interested in Becoming CEOs

GoingConcern
July 16, 2010

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

A surprising new report from Ernst & Young makes the bold claim that only 10 percent of CFOs actually want to become CEO. The report – entitled ‘DNA of the CFO’ – was based around a survey of 699 CFOs in Europe, Middle East, Africa and Asia and included in depth interviews with CFOs of leading companies such as Heineken, Dubai Aerospace Enterpriser.

The accepted wisdom is that in times of trouble, boards turn to CFOs to become CEOs. CFOs are seen as having a good handle on the numbers, attention to which is seen as the cure to the company’s problems.

While CFOs are generally seen as detail focused but not necessarily strategically focused, the survey shows that some 35 percent of all CFOs are intimately involved in the strategic side of the business. This is in addition to their day to day duties of keeping on top of the numbers.

While only 10 percent say that they want to be CEO, 73 percent say that they would like to remain in their role while taking on more strategic responsibility. This suggests that CFOs are put off by the unwelcome levels of scrutiny that CEOs face, which as CFOs they can largely avoid. And if CFOs can undertake much of the interesting strategic work which CEOs do but without the glare of publicity, that would appear to be a good bargain.

The survey also laid out CFOs’ professional failings, with a majority saying that their biggest lay in communication with external stakeholders, especially the media. Any financial journalist can attest that CFOs are difficult people to communicate with. They might possess the keys to the kingdom, in terms of the juiciest details about what’s actually going on in a company, but they are generally woeful at crafting a positive message. Those few that can are usually the ones who make it to the top.

Even so, the survey shows that not many CFOs actually want this. Rather what is revealed is that the CFO position is the destination itself, not the staging post to a role any higher. To that end, the report crafted a list of the competencies that finance professionals need to reach the role of CFO. These competencies are listed below, in order of priority.

• Extremely strong financial professionalism
• A strong commercial sensibility
• Deep understanding of the business
• Skill with people
• Ability to think strategically
• Excellent communication skills – the ability to translate complex issues in a simple, straightforward way
• Ability to manage conflict
• Inclination to solve rather than create problems
• International experience
• Language skills
• Experience of running major projects
• Business analytical skills
• Ability to manage stress and complexity under pressure
• Good health
• Operational experience
• Ability to adapt to change
• Experience of adversity
• Passion

Many of these are the normal, boilerplate nonsense that headhunters come up with: it is difficult to do any job if you are not in good health, or even if you lack passion for the job in hand. Others seem bland enough to apply to any high level job such as the ability to adapt to change. Others might seem mutually exclusive: experience running major projects can often conflict with the task of managing the finances around those projects.

International experience and excellent communication are also skills that can be acquired. More challenging, perhaps, is the need to be a problem solver and not a creator while at the same time being excellent with numbers. Financial results are obviously not a day at the beach. If you can master them and don’t feel the need to be an excellent communicator, then like 90 percent of the respondents, becoming CFO is the end itself, not a path to the other corner office.

Career Center

Job of the Day: Visa Needs a Senior Financial Analyst

GoingConcern
July 16, 2010

Visa is looking for an experienced professional to a Senior Financial Analyst role in its Foster City, CA location.

Responsibilities include applying U.S. GAAP to business activities and documenting analysis and conclusions in HR accounting, with an emphasis on compensation and pension accounting.

Qualifications include a CPA and strong technical accounting skills (FASB statements: 87, 88, 106, 112, 123R, 146, and 158). Big 4 experience and exposure to IFRS is preferred.

Company: Visa

Title: Sr. Financial Analyst

Location: Foster City, CA

Description: The Sr. Financial Analyst will apply U.S. GAAP to business activities and documenting analysis and conclusions in all areas of Human Resources accounting, with an emphasis on compensation (stock-based compensation, deferred compensation arrangements, executive compensation) and pension accounting.

Responsibilities: Technical accounting expertise and operational application of the following specific pre-Codification FASB statements: 87, 88, 106, 112, 123R, 146, and 158; Drafting and maintaining global accounting policies for Visa Inc. in accordance with GAAP and SEC guidance; Providing non-U.S. geographies with technical accounting guidance and assisting them in solving Human Resources-related accounting issues; Preparing and reviewing journal entries, complex general ledger account reconciliations, and analyses to support accounting estimates and adjustments.

Qualifications: CPA license (active status); Strong technical accounting skills and experience in handling complex U.S. GAAP accounting matters, as well as the demonstrated ability to perform technical accounting research and use technical accounting research tools; Direct experience with the following specific pre-Codification FASB statements: 87, 88, 106, 112, 123R, 146, and 158; Strong communication skills, especially in writing technical accounting position papers and explaining and presenting technical accounting matters and positions to auditors and management.

Preferred qualifications: Familiarity with International Financial Reporting Standards (IFRS), including the significant differences with U.S. GAAP, especially in the areas of stock-based compensation and pension; Expatriate accounting and tax experience; Big 4 and public company experience, including familiarity with Form 10-K and 10-Q disclosures and disclosure requirements; Operational experience in Human Resources accounting.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Add “Slapped with Tax Lien” to Lil Wayne’s Accomplishments While in Prison

Caleb Newquist
July 16, 2010

Robert Snell over at Tax Watchdog tell us about Lil Wayne’s latest problem. This time it’s a $1.1 million tax lien courtesy of the IRS via Dade County Florida.

It’s probably NBD for LW, as he’s dealt with the Service in the past, paying a $977k lien back in August of ’08.

What is interesting is that this particular legal snag is on top of several other accomplishments that Wayne-o has stacked up while in prison.

Last month, he pleaded guilty to a laundry list of drug charges – possession of a narcotic drug for sale, misconduct involving weapons, possession of drug paraphernalia, possession of dangerous drugs – related to a stop that occurred outside Yuma, AZ in 2008.

He [pleaded guilty] over a live video feed from Rikers, and will most likely get 36 months of probation in return (the official sentencing is scheduled for June 30). For those keeping track at home, the plea bargain follows sports blogging, life-saving, prison-rule flouting, and rapping as things Wayne has accomplished while in jail.

And now delinquent taxes. Very impressive.

Lil Wayne, big debt [Tax Watchdog]
Famously Hardworking Rapper Pleads Guilty to Drug Charges While Already in Prison [Vulture]

Video

Maybe the Fired Tyco Accountant Just Isn’t into Awesome Parties

Caleb Newquist
July 16, 2010

Fired Tyco Accountant (and no fan of mermaids or wenches) Jeff Wiest was on Neil Cavuto last night and he attempts to explain his story where he would not approve of some expenses for, what sounds to be, a pretty kick ass party that any one of you would love to attend. Regardless, it wasn’t Jeff’s job to judge the awesomeness of said party but merely to determine if the bash was for legitimate business purposes.

In his opinion, the mermaid greeters, wenches, tattoo artists, so on and so forth were simply too extravagant and no one at Tyco was going to convince him otherwise.

As you can see, Jeff manages to tell his story despite appearing pretty nervous and dealing with several Cavuto outbursts (he has no time for the delicate intricacies of expense approval, get to the mermaids!).

But in part deuce, Jeff gets all accountant-y, discussing intricate details of Sarbanes-Oxley and Cavuto will not stand for it. Neil finally levels with the guy saying that he goes to plenty of Fox Biz shindigs (awesome ones, at that) and it’s NBD. So what the hell man? Are you just not a fun guy?

Stingray feedings! Who wouldn’t want to feed a stingray? And of course Cavuto likes the mermaid greeters (which somehow gets a chuckle out of Jeff) but who doesn’t, amiright?

How a New Graduate Can Pass the CPA Exam (Almost) Before May 2011

Adrienne Gonzalez
July 16, 2010

This CPA exam candidate changes her name too often on Twitter to be linked to but asks us the following:

I am graduating this fall from [University of San Francisco] with an undergraduate degree in Accounting. My goal is to study and pass the test by May 2011.

I appreciate your input and advice.

First off, I love specific questions like this. If you have them you are, as always, welcome to send them in for future columns. If you have a particular goal (like passing before the 2011 changes or learning how to balance work, family and the exam), I feel better about wasting my time yelling at you because you’re much more likely to succeed. ROI, we all want one.

Anyway.

– Let’s start with the California Board of Accountancy. If you call their exam unit, they will tell you to expect a wait of 4 – 6 weeks for your application to be processed and you’ll get really excited when they cash the $100 application fee check three days after you mailed it. Don’t get excited, that’s the first thing they do (duh, it’s California). In reality, you can expect to wait about 8 weeks from the date you submit your application if you’re freshly graduated and applying with many other accounting grads in the state at the same time. Expect to wait 10 days for your payment coupon and 10 days for your Notice to Schedule once you get your ATT (Authorization to Test). So let’s say your school already posted your degree to your transcripts and you sent in your application today (7/16). You may not get approved until 9/16. Best case scenario they get you approved quickly and you get your ATT on 8/16 (don’t count on it).

Once you have that, it could be another 3 weeks until you are actually scheduling your exams. This year (since your goal is 2011, we’re assuming you’re starting as early as possible before new exam changes hit), the last window of the year will be especially hard to schedule. We’re just guessing on that since everyone seems afraid of CBT-e. It will be interesting to see the actual numbers once they are released.

Get the Hard Stuff Out of the Way – If you can get in one part this year, great. If you had to ask me which one you should take I’d usually say the one that will be hardest for you (since your rolling 18 month window doesn’t start until you actually sit for and pass that first one) but because of the 2011 changes I’m telling most candidates to take FAR. A lot of them are also trying to squeeze in BEC – I imagine they don’t like the idea of written communications and more economics but I could be wrong. Don’t take the easy route, you’ll regret it when you’re trying to pass that last really difficult section you put off and end up losing scores because 18 months came and went.

Don’t Be an Overachiever – I know the old timers will pipe in on this and say back in their day they didn’t have calculators and had to walk uphill both ways in the snow to get to the exam center twice a year to take all 4 parts over 19 1/2 hours but we humbly suggest sitting for no more than two parts per testing window. If you can get in for Q4 2010, you will have one exam done then take two more in Q1 2011 and the last one Q2 2011. So you may not exactly hit your May target but it’s OK to adjust your plans (don’t get mad at the Board of Accountancy but if you want a shortcut around their 8 week application time, get in touch with me) and you can still say you reached your goal.

The only other issue is getting those extra units to actually be licensed under Pathway 2 (the best idea for your own mobility) since you are an undergrad but you can get those in anything and have five years to meet the licensure requirements before you lose your exam scores.

Worry about that later. As for how to study, we’ve talked about CPA review courses, study strategies and things not to do in previous posts. Good luck!

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