$508 million in revenues and 274 partners couldn't dig deep into their own pockets to find $1.2 million? Seems legit: Accounting firm CohnReznick, which has Glastonbury and Farmington offices, is going to consolidate its area operations in downtown Hartford's Metro Center with help from a $1.2 million state loan, Gov. Dannel P. Malloy said. The […]
Have a question on the CPA Exam? What section is easiest? How should I study for Regulation? Are pants mandatory at the testing site? Shoot us an email with your query.
Not only do you have a job (congrats!) but you have a job that is willing to pay for you to take the CPA exam. Awesome! But before you load up on review materials, be sure you know what your employer expects and understand that there are situations where you can be held liable for materials if you don’t live up to your employer’s expectations.
This is Business – First of all, though you can’t claim a deduction, reimbursement of your CPA exam expenses (education, exam fees, etc) is treated as a business expense, just like any other training. If you’re desperate to get someone to help out with review course or exam fees, try selling this point to your employer.
Make the Most of Time You Have Now – If you’re in the Big 4 or anywhere down to the middle, chances are your review course fees are covered and your performance on the exam might be rewarded with a bonus. Don’t blow this! It’s easier for you to study and pass exams before you are loaded down with responsibilities and managers are much more lenient with first years looking for time off than they are if you’re in your 4th consecutive year of failing FAR. Take this seriously and realize that your firm will probably only pay once; blow it and you’re going to have to come up with retake fees on your own.
This Isn’t 2006 – Several years ago, firms would happily pay $3,000 and up for overpriced review courses with all the bells and whistles but since belts have been tightened, some are reluctant to cough up a chunk of cash without a guaranteed return on their investment. Look at this subsidy not as a gift but as additional income. Would you blow $3,000 of your own income on something and then never use it?
Ask Your Firms Lots of Questions – If your firm does not already have an agreement with a review course but is willing to pay your fees, ask lots of questions upfront and find out if you can invoice for repeats or supplemental products if you need them. One of the larger firms has a “we’ll pay for anything once” rule meaning they will only cut one check, regardless of whether it’s for $2 or $2,000. Other firms have strict rules about what you can order and when you can start (think government agencies). Regardless of how your firm works, ask about what is covered and what is expected in return.
In this economy, you can’t afford to blow a free review course and discounted or all-expense-paid trips to Prometric.
“Swift and vigorous prosecution of those who have broken the law is at the heart of the agency’s efforts to restore investor confidence.”
– SEC Chair Mary Schapiro in testimony before a Senate appropriations subcommittee Wednesday defending the SEC’s request to be self-funded.