For most students, walking in the graduation ceremony is the accumulation of years of hard work. But for many accounting students, the graduation ceremony is simply the next step.
“The hardest part of my education hasn’t really happened yet,” Elizabeth Kaiser, a senior accounting major, said.
Kaiser is like many other accounting students anxiously awaiting their time to sit for the Certified Public Accountant (CPA) exam.
“All of my classes are easier than the exam,” Kaiser said. “And I think that’s a very intimidating thing to conceptualize because a lot of my classes aren’t easy.”
The CPA exam is broken into four different sections: auditing and attestation; business environment and concepts; financial accounting and reporting; and regulation. Each section is broken into four-hour time frames, but candidates can take each section of the exam at different points throughout the year or years they are attempting to complete it.
“Ever since I’ve been taking accounting classes fall of my freshman year, so throughout my college experience, I’ve been getting the content necessary,” senior accounting major Anastasia Greene said. “The entire accounting concentration covers most of the content that’s on the CPA, so I’ve been slowly learning all of it throughout my four years.”
According to the American Institute of Certified Public Accountants, there is a 45-55% pass rate for first-time attempts.
“You take this class, you take these units, it takes this amount of time,” Kaiser said. “But [passing the exam] could take however long.”
Analise Asaro, a senior accounting major, began studying at the beginning of winter quarter, and is preparing to take the first portion of the exam at the end of March, following her early graduation.
Asaro said she “loaded up” her fall quarter with 21 units so that she could graduate a quarter early to study and take the second part of the exam during the spring quarter. To be considered a full-time student, one must take 12 units, according to Cal Poly’s website.
“I really have to give myself incentives, stick to a really tight schedule and have stuff to look forward to,” Asaro said.
Asaro spent four hours a day studying for the exam this past quarter, but is planning to spend six hours a day studying in the spring. She studies in two hour blocks with breaks in between, which are often spent hanging out with friends and going to the gym.
“I think it’s really important to give yourself those breaks, and stick to a schedule where you’re able to workout and hang out with your friends and not just hole up the entire day,” Asaro said. “Realistically, if you’re sitting from nine to five, you’re gonna get way less done than if you’re studying in two-hour blocks, because you’re able to still have fun and rest your brain between them.”
The CPA exam is crucial for those hoping to pursue a career in accounting. Passing the exam allows you to become a certified public accountant where you are eligible to sign off on audits for financial statements and prepare tax returns.
The Cal Poly Accounting Club serves as a resource for many accounting students to gather more information about the exam. Asaro, who sits on the board for the club, accredits a lot of her success and preparedness to being a part of the club.
“Every single firm that comes in is like, if you can get your CPA, or at least knock out a test or two before you start, you’re already gonna be so ahead of the game,” Asaro said.
Greene is also a member of the club.
“Even though it’s a long and grueling process, at the end of it you’re kind of set up for success for the rest of your career,” Greene said.
In order to qualify for the CPA exam, students need to have completed 225 units, according to the club’s website. However, at Cal Poly, students only need to complete 180 units for your degree. This leads many accounting students to pick up minors or take other courses to meet that unit requirement. Even with the increased unit requirements, many students come in with Advanced Placement test units from high school and are able to graduate on time.
“You are learning everything that you need to know about an entire profession in a span of 10 months, and then getting tested on it,” Greene said.
She also said it’s rare for professions to require getting a certification right after your degree.
Cal Poly offers peer advising specific to those who are planning to take the exam after graduation. Emma James is a junior accounting student who serves as the CPA licensing advisor. Students meet with James when they declare their accounting concentration, which usually happens in the winter and spring quarters of their sophomore year to map out their path to become eligible for the exam.
“It’s kinda ambiguous of what kind of coursework you need to take and you do have to plan it out pretty well,” James said.
James helps students go through their plan to become eligible, go through how to apply and go through the financial responsibility aspect associated with the cost of the exam.
Once students are in their senior year, they meet with James once again to ensure that they are meeting all of the requirements.
Students who are not accounting majors are able to take the CPA but are held to the same eligibility requirements as those in the major. Many who did not pursue accounting in their undergraduate degree will take a master’s program to meet the requirements.
Following Asaro’s completion of the first portion of her CPA exam journey, she is set to spend spring break in Miami with her friends as a way to relax and unwind.