CPA Hot Topics 11/23/11 – Encouragement for the Holidays

Garrett Gleim sends CPA candidates bimonthly emails concerning different aspects of the CPA exam. Candidates can see the most recent email and all the archives here on the CPA Candidate Forum.

Undoubtedly, right now is one of the hardest times of the year to study. With all of the holiday traveling, socializing, and relaxing on your plate, how can you possibly think about your looming CPA Exam?

If you have completed all of the sections you are going to take this year, congratulations. The remainder of November will be a well-deserved vacation from studying. But, if you are scheduled to take a section of the exam before November 30th, this weekend and early next week will still need to see you hitting the books.

We here at Gleim know how hard you work, and we know you are results-oriented. Now more than ever, you need to know that all of this effort is worth it! Therefore, we have pulled together some encouraging statistics that will help you see the light at the end of the tunnel.

In this kind of economy, you need to know that your dedication is going to help you find a job. Fear not – as seen in an article on the AICPA’s website, This Way to CPA, (http://www.thiswaytocpa.com/profession/salary-demand/cha-ching-cha-ching/): “The Department of Labor and Statistics predicts employment of accountants and auditors will grow faster than average for all occupations through the year 2016, mainly because accounting and auditing regulations are getting stricter and the economy will continue to expand around the globe.”

You may ask, but how do I know this forecast will actually come true? The Maryland Association of CPAs’ website, (http://www.macpa.org/Content/23206.aspx) gives the following assurance: “One of the profession’s most pressing needs is recruiting and training enough new CPAs to replace those reaching their retirement years. In the next 15 years, 75 percent of current AICPA members will reach or approach retirement age.”

And, from the mouths of the firms themselves (as reported at http://www.aicpa.org/Career/SalaryInfo/Pages/default.aspx): “Nearly 90% of all firms forecast the same or more hiring of new accounting graduates during 2011. Seventy-one percent of the largest firms anticipate an increase in hiring this year compared to the previous year, a good indicator of rebounding economic times.”

In addition, we all know that having a job is one thing, but being able to put food on the table is another. Accountants can also remain confident in this area. As quoted by This Way to CPA from CNN Money, “The average college graduate will earn 1.7% less than graduates of a year ago. However, accounting majors will earn .4% more.” But don’t forget that passing the CPA exam will lead you to even greater financial stability: “You’ll make 10-15% more than these numbers if you have your CPA license.” (from http://www.aicpa.org/Career/SalaryInfo/Pages/default.aspx)

So, enjoy some time with your family and friends during this Thanksgiving holiday. But don’t abandon your books completely; it will be well worth missing a social gathering or two to pass your CPA exam!

Do you have any questions or comments about this week’s Hot Topics article or the CPA Exam? Email me at hottopics@gleim.com. Gleim Personal Counselors are available to help you develop a manageable study schedule and help you pass the CPA exam. Contact them at 800.874.5346, ext 498 or personalcounselor@gleim.com. Take advantage of the opportunity to get help from our extraordinary team!

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