Do you take one section at a time or do you need to take a shot at all 4 every time? I would rather take a section at a time…
Nevermind, I found it - one at a time…
I have a CPA license from NY state back in May 2008. CPA difficulty level is about 1/4 of CFA. It took me about 3-4 months to finish CPA all 4 parts. (one month for each exam) and There is no time pressure. If you fail, no big deal, do it next month.
IMHO the CPA exam has become a bit of a joke Way back in the old days when I took it, you usually had to sit for all parts that weren’t passed, you only got partial credit if you passed at least two sections, it was also only offerred twice a year in CFA exam-like settings. Oh… lest I forget - no calculators.
I agree with you all, CPA is kind of a joke compared to the CFA. Especially level 2.
The CPA exam may be a joke but becoming a CPA and getting your license certainly isn’t a joke. Here’s the key difference… You can practice in the securities industry as an analyst without becoming a Charterholder, but you cannot be an accountant, at least with any real credibility, without first being a CPA. CFA status is certainly prestigious, but it’s strength relies on the credibility of CFA Institute. In contrast, the CPA is a license issued by a governmental agency, recognized by the SEC.
Sorry Robert, I’m not understanding what you mean. Isn’t the Series 7 recognized by the SEC? Series 7 is still a joke.
I’m a CPA and took level 1 in June. I think the CFA is much harder only because all the material is on one test. The CPA is broken into 4 sections, Financial Accounting & Reporting, Regulation, Audit, and General Business. I studied a month for FAR, REG, and Audit, and only two weeks for the General Business and had no problems. If you fail, you can take the same test a month later. No waiting a whole year. It’s so much easier to focus all of your attention on one section…
You don’t become a CPA merely by passing the exam and getting some experience, passing ethics, etc. You have to maintain your license with ongoing CE and all other assorted matters. The CPA certificate is government issued and maintained. I guess you might say it’s more a career path than just a credential. I laugh when people say they want to “get their CPA.” TheLegend Wrote: ------------------------------------------------------- > Sorry Robert, I’m not understanding what you mean. > Isn’t the Series 7 recognized by the SEC? Series > 7 is still a joke.
Maintaining the license by doing CPE is not difficult at all. I’m still not getting your point. Just because it’s government issued and maintained doesn’t make it any harder to obtain. I passed all parts on the first try without breaking a sweat, it is not a hard certification to get. How hard can it be when you have taken all the courses in undergrad? CFA Level 2 on the other hand had me crying.
What I’m trying to explain is that it’s very different. First of all, if you apply for a job as a new CPA, it really won’t mean much to a prospective employer. What matters is your expertise and your area of focus. Are you a tax specialist? An expert in royalty audits? Or a forensic specialist? What matters as a CPA is what you’ve accomplished – the certification is step one on a 10 step ladder. Second, most states require approximately 40 hours of CE every year, including certain specific courses on ethics, fraud, etc. You don’t take those courses, and your license becomes inactive. Being a successful CPA is an evolving process – it’s a career, and if all you’ve got is the credential and no years of experience to back it up, it won’t mean much.
I’m also a CPA and passed L1 last December, and I tend to agree with you. The CPA certificate may be easier today than it was when I got licensed. Back then, you had to have a certain number of qualifying semester hours to sit for the exam, you had to have two years of qualifying audit experience, and you had to pass ethics. The exam was given every 6 months and it lasted 2-1/2 days. Some people could never get through the exam, while others couldn’t get their audit hours. The CFA exam, in contrast, is probably harder and more technical to pass, but that is truly the only real hurdle. Your college experience can be any kind and there’s no special experience requirement (other than four years in the investment field). lilbucky7 Wrote: ------------------------------------------------------- > I’m a CPA and took level 1 in June. I think the > CFA is much harder only because all the material > is on one test. The CPA is broken into 4 > sections, Financial Accounting & Reporting, > Regulation, Audit, and General Business. I > studied a month for FAR, REG, and Audit, and only > two weeks for the General Business and had no > problems. If you fail, you can take the same test > a month later. No waiting a whole year. It’s so > much easier to focus all of your attention on one > section…
Robert A Wrote: ------------------------------------------------------- > What I’m trying to explain is that it’s very > different. > > First of all, if you apply for a job as a new CPA, > it really won’t mean much to a prospective > employer. What matters is your expertise and your > area of focus. Are you a tax specialist? An > expert in royalty audits? Or a forensic > specialist? What matters as a CPA is what you’ve > accomplished – the certification is step one on a > 10 step ladder. > > Second, most states require approximately 40 hours > of CE every year, including certain specific > courses on ethics, fraud, etc. You don’t take > those courses, and your license becomes inactive. > > Being a successful CPA is an evolving process – > it’s a career, and if all you’ve got is the > credential and no years of experience to back it > up, it won’t mean much. This isn’t really any different than the CFA though. You can’t just get a CFA and automatically be a badass.
> This isn’t really any different than the CFA > though. You can’t just get a CFA and > automatically be a badass. I don’t think I was implying that a CPA would be anything more than having a little more on paper to help, it certainly cant hurt, and as I said originally, I’d be getting it as a requirement for a corp finance position
I am a CPA and sat for Level II last June. Difficult to argue which one is more difficult. Somebody might say that Taxes are a piece of cake and derivatives a nightmare. Others will take derivatives any day and ran away from taxes… So I think arguing about the level of difficulty of the material is not that useful. When it comes to the actual test, obviously taking the CPA is easier than the CFA due to the exam process. Being able to take each individual section whenever you want on (I think) 9 months a year makes things a lot easier than Level II each June… In addition, as others had said, that you need serious credit requirements in the subject matter really helps. If the CPA process and requirements were the same than the CFA, it could be a nightmare for many people… “Hi, I am a history major, right now is January, can I pass the 4 parts of the CPA next June 6th?” Probably no… But that is not how it really works, an individual would probably asked "I have 120 credits with a 2/3 in Accounting and business, if I study each section individually and take them each in separate months, can I pass all the sections? Probably… Long post, but some of the post above are comparing apples to oranges… And yes CPE are easy to get, but still a freaking pain in the a$$.
Alex: As a CPA contemplating L2 next June, how did you prepare given tax season? -Robert AlexP Wrote: ------------------------------------------------------- > I am a CPA and sat for Level II last June. > > Difficult to argue which one is more difficult. > Somebody might say that Taxes are a piece of cake > and derivatives a nightmare. Others will take > derivatives any day and ran away from taxes… So > I think arguing about the level of difficulty of > the material is not that useful. > > When it comes to the actual test, obviously taking > the CPA is easier than the CFA due to the exam > process. Being able to take each individual > section whenever you want on (I think) 9 months a > year makes things a lot easier than Level II each > June… > > In addition, as others had said, that you need > serious credit requirements in the subject matter > really helps. > > If the CPA process and requirements were the same > than the CFA, it could be a nightmare for many > people… “Hi, I am a history major, right now is > January, can I pass the 4 parts of the CPA next > June 6th?” Probably no… > > But that is not how it really works, an individual > would probably asked "I have 120 credits with a > 2/3 in Accounting and business, if I study each > section individually and take them each in > separate months, can I pass all the sections? > Probably… > > Long post, but some of the post above are > comparing apples to oranges… > > And yes CPE are easy to get, but still a freaking > pain in the a$$.
Of course not. What I’m trying to convey is that you “get” your CFA, you don’t “become” a CFA. In contrast, you become a CPA. The act of being a CPA is an ongoing process that entitles you to perform certain services, and achieve legal recognition within the accounting profession. In contrast, the CFA is an accomplishment, a high one, though it is, of academic achievement. TheLegend Wrote: > > This isn’t really any different than the CFA > though. You can’t just get a CFA and > automatically be a badass.
Robert A Wrote: ------------------------------------------------------- > Alex: > > As a CPA contemplating L2 next June, how did you > prepare given tax season? > > -Robert Actually I never did taxes… I spent 2 years doing audits and left for corporate finance. It was short after leaving public accounting that I started the CFA program. I am keeping my CPA license active, but to be honest my days as a true CPA are quite far now. Level II is a beast, I am fully confident that will be preparing for it again after 7/26…
Robert, does tax season remain hot and heavy past April 15th or does it peter out? My .02 would be if you got the material at least read through during tax season or prior, and hit the EOC’s qbank, etc really hard from Apr 15-Exam day you’d probably be ok…
Back on my public accounting days I was puting easily 70 hours a week during busy season (auditing) + I already had a family then. I cannot imagine trying to study for Level II during January through April, even light reading… A single person with no family commitments is a different story but of course extremely challenging.