Basic Accounting

I’ve heard it many times from accounting grads: I remember when my biggest concern was over the big final at the end of the semester; well, now as a graduate, my biggest head-scratcher is trying to navigate through the CPA process!

There are many components to this process (some of them very time-sensitive) that I wish I had known about from the get-go. When should I start thinking about the CPA exam? How do I schedule my first exam? What do I do to prepare? These questions, and many more, will be answered in this short tutorial. Let’s get started!

–> Step 1: Submit Your Application

First-time applicants must submit their transcripts to their state board along with the mandatory application fee and examination fee(s). An examination fee is the charge for each section of the CPA exam; for example, in Minnesota, the examination fees are as follows:

Auditing and Attestation (AUD) $209.33

Business Environment and Concepts (BEC) $161.63

Financial Accounting and Reporting (FAR) $197.40

Regulation (REG) $173.55

–> Step 2: Receive your Notice-to-Schedule (NTS)

After submitting your application with the necessary payments, expect anywhere from four to ten weeks before receiving what’s called a Notice-to-Schedule (NTS). This NTS will allow you to go online and register for a testing location as well as testing date (for more information, go to www.nasba.com or www.prometric.com).

**Note: Be aware that your NTS will expire within 6 months. Take this scenario for example: I submit my application, application fee, and payment for all four sections of the CPA exam in March. I then receive my NTS in April. This means that I have six months from April to sit for all four sections of the exam. If I don’t, I will have to apply again for the sections I don’t sit for and re-pay the application fee and examination fee for those sections I still need to take.

Before you submit your application and make any payments, ask yourself how many sections you think you will have the time and energy to prepare for within the next six months. If you think you can only sit for one section within the next six months, only pay for that section’s examination fee when you mail in your payment.

–> Step 3: Understand the Testing Windows

There is what’s known as “testing windows” in which you can schedule your exams. What this means is that for one month out of three, all testing locations will be closed and you will not be able to schedule your exam during that month. The “testing windows” are the eight months of the year in which you CAN take the exam. A summary is provided below, which the non-testing months are capitalized:

January February MARCH

April May JUNE

July August SEPTEMBER

October November DECEMBER

–> Final Thoughts

Congratulations! Now that you have a good understanding of this process, you’re already ahead of the game! You can better plan your time (as well as money!) so you can go through this process as painlessly as possible. Understanding the application process should be the least of your worries because you now have much bigger issues to deal with - like which review program is the best or how to get that accounting job you’ve always wanted! Stay tuned for my upcoming articles in which I walk you through step-by-step the to-do’s and not-to-do’s!

One last note: I’m always interested in readers’ feedback. If you wouldn’t mind taking one minute to send me an email to let me know what you thought of this article, I would greatly appreciate it! I personally read every email and will gladly respond to any questions or concerns you may have.

Here to help you succeed,
Lynne Arbor
lynne.arbor@gmail.com

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