Goal #2 Action Plan

While accountants are not required to be licensed as CPAs to have a fulfilling career, it is definitely an asset to have for expanding one's experience in the profession. According to NASBA, having a CPA license increases one's earning potential in the workplace, respect as a leader amongst colleagues, and an increased knowledge that can be applied to larger scale projects (Elkins, 2017). I definitely want to have a competitive edge, but I'm more interested in knowing all that I can to best serve my workplace community. In the case I shift gears, however, I've also expressed intrigue in obtaining a master's degree in management information systems or something similar to follow more data-driven analysis roles. 

The first step is to finish my degree programs in accounting and management information systems. This will grant me the 150 credit hours necessary to sit for the CPA exam and obtain licensure quickly in the case I pass. Second, I will be enrolling in a CPA Exam Prep Course online which are offered by a variety of programs (i.e., Becker, UWorld Roger CPA Review, etc). The goal here is to choose the one with the highest quality and the most reasonable cost. Once the degree and training are complete, I plan to enroll for the exam and take all the necessary portions (Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation) close together. If all is successful and I pass all sections on the first try, I could be eligible for a hiring bonus for my efforts! As for graduate school, I plan to work for at least two years and keeping in touch with three professors (two of which related to MIS) to apply to at least 6 public programs tot increase my chances of admission.

I plan to complete my degrees in accounting and MIS by May 2024 and pass the CPA by the end of the same year. This is to be efficient with time and ensure that I'm prepared earlier in my career. If I decide to change into a more MIS-focused career, I plan to apply to grad school by May 2026 and be admitted to at least one public program within that time frame. 

The primary barrier I'm facing is that the CPA exam is a very difficult and expensive exam. One source claims that the CPA exam pass rates amongst the four sections in 2022 range from 43.76-59.85%; passing is considered having a score of 75 or higher on a given section ("Learn more", 2022). These numbers are, admittedly, quite intimidating and are a testament to the rigor of the exam. In addition, paying for CPA Prep Courses and the exam itself could cost well over $1,000 for one try alone! As for graduate school relating to MIS, there are stringent admissions requirements involving GPA and test scores that can be hard to navigate through. It's also expensive to continue education past undergrad, especially with loans and interest to pay off. 

Thankfully, despite the barriers to higher education, I'm in a fortunate situation where finances are not a pressing concern. I've had the diligence to start a savings account to store extra money from work for long-term goals such as this. That way, regardless of whether I obtain a CPA or master's degree, it won't be as financially taxing. The CPA training programs are also highly rated and, with enough practice, can guarantee high performance on the exam.