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Topic: Is this crazy? Go for it or more classes? (

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dcschwartz
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Posted: 17 Jan 2011 at 23:59 \| IP Logged

This is my first post on the forum - I was go0gling and it had good information, so i decided to register. I haven't been able to get any useful information on recommended courses from any of my accounting professors.

I am a tax and estate planning lawyer and have been taking accounting and tax classes at UCLA extension in preparation for the CPA exam.

Since tax season is hell, I would only have the second half of the year to take a review course and take the exam. That means June - November (& January) 2011, 2012, or beyond.

I am unsure whether I should continue taking classes such as (auditing, internal auditing, nonprofit accounting, etc.) for the next year and a half until June 2012...

or whether I should just sign up for a review session this June after I take Intermediate Accting 3 & (maybe) Managerial accounting this spring quarter AND study my butt off in the review course.

I have taken these courses:

Statistics

Calculus 1

Business Law

Business for Lawyers

Counseling the Startup Company

Business Organizations

Partnerships & LLCs

International Business Transactions

Federal Income Taxation

Estate Planning (Gift/Estate Tax)

Business Enterprise Taxation

Principles of Accounting 1

Principles of Accounting 2

Intermediate Accounting 1

Intermediate Accounting 2

Fundamentals of Income Tax Prep.

Without sounding too much like an ass, I'm a fairly smart guy (top 20% in top 20 law school, passed bar exam) and a very hard worker. I have a lot of information under my belt but it may not all be relevant.

So, do I absolutely need to take the 2 auditing classes offered at UCLAX or the nonprofit accounting class or can I cram the review course material?

I have heard that advanced accounting is unnecessary and I learned consolidations in Business Enterprise Taxation.

I don't know econ, but i looked at some practice questions and I got most of them. Supply and demand doesn't seem too complex.

Am I crazy to skip these classes and rely on the review course? My experience with the bar exam was that the courses in law school were more likely to confuse than to help.

Thanks for the help!

Going_Concern
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Posted: 18 Jan 2011 at 21:03 \| IP Logged

You asked, we answered: http://goingconcern.com/2011/01/tax-lawyer-pursuing-cpa-need s-to-know-take-more-classes-or-cram-with-a-review-course/

The comments pretty much confirm what I already told you. Good luck! (I'm sure you'll be fine)

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Yes THAT Going Concern

dcschwartz
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Posted: 18 Jan 2011 at 22:54 \| IP Logged

Thank you for the very helpful post.

Just a follow up that wasn't addressed specifically -- and I ask only because I have heard that auditing is the section that gives people the most trouble -- is the review course material on auditing enough if you have never taken an auditing course? I can always retake after taking the classes at UCLAX, but I want to get some idea.

Thanks!

CeePeeAir
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Posted: 19 Jan 2011 at 13:44 \| IP Logged

I recently completed Intermediate Accounting 1,2, & 3 plus 10 other courses similar to yours in my Masters programe.

Taking Classes in Accounting and Taking the CPA exams respectively are distinct and should be approached distinctly. I for one just started to read for the FAR Exams. I am using Becker and After viewing the first lecture in the FAR review class by Becker . My mindset has changed and I am approaching my Studies differently.

All in All my advise to you is that you still take your additional classes only if you need them to obtain the CPA License. For the CPA, still go ahead and take CPA review Classes. They are worth it.

FYI...Auditing is not difficult as people make it. It is just too dry to read and people might find it tedious to study!

katkelly
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Posted: 22 Jan 2011 at 02:34 \| IP Logged

Definitely skip the classes and hit the exam review. I was a Biology major in college with zero biz/accounting experience. Between UCLA Extension and CC classes, I took the minimum amount of classes to fulfill the requirements to sit for the exam. I've never once regretted not taking a certain class. From my experience, only a very small portion (if any at all) of what you learn in any individual class will actually be tested on the exam. I actually think I could have passed these tests without a lot of the classes I had to take.

Also, as far as auditing goes, the key to passing is MEMORIZING. I crammed for 2 weeks and passed. The only auditing class I took was Internal Auditing with Sam Boutari at UCLAX. Internal Auditing is barely tested on the exam, so I definitely wouldn't recommend that class if you were considering it.

Bottom line: Just focus on learning the review material, and you should be able to pass the tests relatively easily. Good Luck!

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FAR 8/12/10 84
AUD 8/31/10 90
BEC 11/4/10 82
REG 1/27/11

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