I am in the home stretch now towards review for the FAR section of the CPA exam. I’ve put in nearly 10 weeks of full time study and am finding that I am scoring quite well on the practice tests. Unless a curve ball comes my way or something else I don’t expect, I believe that a passing grade is well within reach at this point.

I’ve got a full schedule for the next three days of focusing on weak points, solidifying the more complicated sections, etc.

I’m experiencing a marked degree of burnout right now. Its only natural. However, I purposely ordered these exams from hardest to easiest so that as I get increasingly burnt out, the tests get easier. Aren’t I smart?

Talk about a one track mind! I have shelved most every other aspect of my life in these final days. I did the same for the last exam and feel that sticking to a winning recipe is smart. Besides a run in a day or two, I am not leaving the house until exam day. When I finish, I’ll have a decent amount of catch up to do, along with seamlessly moving into preparation for the BEC section, which I plan to take on 11/30 – the last day of testing for this year.

Assuming I pass all sections on the first try, I ought to be done with this cycle by close of January 2010. It will take a few months for the state to send me my application. I figure by mid summer of 2010, I’ll be fully official – with the certificate hanging in my office, etc.

After the final exam, I need to figure my next move. The job market is fairly stale right now, even in the accounting industry – perhaps less than other industries, however. I am hoping for a quick turn around and to rejoin the workforce and start making respectable income again. However, I am expecting to face a degree of stagnancy out there. Finances are still in good shape and the lights will stay on for the foreseeable future, which relieves some pressure. But, once this CPA is done, my objective is going to shift to finding a way to make money – either in aviation, accounting, or both (the likely scenario).

I’ve been giving more thought to the logistics of running my own accounting practice and it excites me very much. There is a book out there that I am going to purchase that is written by a CPA regarding what it takes to begin and operate a business. Its on my list to get that book and start reading. However, like I stated before, I have a one track mind right now. When this test is done and I am an official CPA, I’ll look into the next step on this journey and start educating myself appropriately. “Do what you are doing, while you are doing it” is my motto.

Its the end of August already. Seems like just a few weeks ago that my professional life changed course. It was December 15th, 2008 when I left the regional airline I used to fly for. I began the CPA endeavor on Jan 5th, 2009 knowing that it would take me about 13-14 months to complete on a full time basis. Rounding out the end of eight full months shows me quite on target for completion around the end of January 2010.

Currently, I have one CPA exam (of 4) down with three left to go. As it stands, I am about 70% complete with the initial run through of all the material for the FAR section that I am taking next. My basic study plan is to expose myself to everything, get intimately familiar with the subject material on the first pass through, finish up about 2-3 weeks from the date of the test, then use that remaining time to review, work on the weak areas, and perform other miscellaneous test prep actions. I am well on target to sit for the exam on 10/8 (in fact, that might be too much time).

My very last class of the academic line up is underway. I purposely front loaded my academic work to the spring and summer, so that I would have more time available to study for these tests now. Accordingly, I am enrolled in a single class for the fall term, Cost Accounting II. I don’t really have my heart in school anymore – you could call it burnout. Sitting in an undergraduate class at damn near 28 years old just doesn’t feel right to me, but it is done all the time.

My primary objective is to study and pass these 3 remaining CPA exams over the next 5 months. Whatever work I do for the Cost II class will just be background noise to the larger picture.

I am still flying regularly. Its been a while since I’ve gone a weekend without flying and I hope to keep it this way from now on. One of my students just did his first solo cross country flight. The other student is progressing along as well, though we aren’t as far along in the training. On a weekly basis, I am averaging about 3-4 hours of flying. Much of it is simple, clear day, single screw, type stuff. But this is all I can get right now and am satisfied with it.

I am still trying to decide where to go after January when this CPA endeavor comes to an end. There is no way that I can plan everything to the letter. However, I am trying to piece together a general plan. I would have loved to have found success as an airline pilot. Flying is certainly more in line with my basic purpose in life. As I am getting older, having a child is coming closer and closer and being able to provide for (and be home to enjoy) my family is increasingly weighted in my thought process over merely going out and doing what I love above all costs.

But, did I really love airline flying? The answer is probably no. Much of it was VERY cool and much of it was not cool at all. Accounting likely falls in the same category. Absent the flying part of the job, it really was a crappy job. My current goal is to see if I can figure out a way to maximize the benefits of both of these career choices. I have more thinking to do along this line.

Either way, jobs will be VERY scarce for the next two or three years in the aviation world. Therefore, in the short term, I have two choices as I see it. The first is to go find a low paying flying gig (i.e. flight instructing, banner towing, parachute dropping, etc) and sort of park myself for a while and make just enough money to scrape by. In the end, this might work to bridge the gap between now and when material movement picks back up in the aviation world. However, the only thing I’ll have to show for it is more hours in my logbook. With my current 2,000 hours and just over 1,000 hours of turbine multi 121 experience, my bet is that I’d still be competitive in the airline world so long as I keep the hours trickling in at a reasonable rate in the interim to keep my recency up. The second option would be to go back to accounting armed with this newly acquired CPA credential, make considerable money (compared to starting flying jobs anyway), use said money to pay off my small student loan, rebuild wealth (one of the opportunity costs to this full time CPA endeavor is the lack of income I could have been making this whole time), and otherwise view my job as getting paid to build experience in my backup profession. My goal with accounting, should I choose to stay long term, is to run my own business in a hand full of years. I will need 3-4 years of good hard experience to build up what it takes to be able to offer something of value (and worth paying me for) to my clients. Even with the CPA cert in my hand, I will not be armed with enough “real world” experience to go out on my own.

Therefore, when you distill it all down, I can either do something I already know how to do (fly an airplane) while making little money, only to likely end up in a very similar position that I am currently in (IOW, basically possessing the same degree of marketability that I have now) or I can go back into accounting with my fresh CPA credential, make at least twice the money and capitalize my time into ultra valuable real world experience with which I can use to open my own business in a matter of several short years. Considering all aspects and that there is hardly any career progression going on right now in the aviation world, I believe the decision is a clear one. Imagining two parallel lives, one going one way and one going the other, I can either still be where I am now (still broke and trying to break into the airline world for “another” attempt at starting my pilot career) or I can have three plus years of experience as a CPA, armed with the knowledge gained, and actually possess a marketable skill that I didn’t possess before.

Even with this in mind, I do not know exactly how it will all shake down. But, as I pass month eight of the thirteen required for this CPA, I believe it is healthy to be thinking along these lines so that I can begin to ramp up a situation that I can be happy about when the time comes.

I’ve been against this “Cash for Clunkers” idea from the start. What a horrible idea and the whole thing went over like a fart in church. Sure, many people saved money on the purchase of the new vehicle. Those people would likely praise the program. But, from a macro economic viewpoint, this program did nothing of benefit and likely was nothing more than another EXPENSIVE gubment mistake.

I ran into this article published by Harvard Business Publishing that I found interesting.

Click Here

I am thrilled to report the good news. I studied my ass off for that test and feel very validated that it paid off. You could argue that I over studied by 22 points, but that is just my style. I call it insurance.

Considering the difficulty of the CPA exam, I am obviously on “cloud 9″ over having done this well. The pace is set and I am well underway now to wrapping this CPA cycle up and moving onto the next game.

I am currently just about half way through preparations for the FAR section of the exam and am planning to sit for that section on October 5th. I’ve got my work cut out for me between now and then. No rest for the weary. Obviously, the goal will be to pull of a repeat performance. However, anything above a 75 (minimum passing score) will find me smiling.

My wife deserves some kudos for this accomplishment as well. We work as a team. Her income and stability is what is allowing me the ability to pull this off. If I would have had to work full time while studying for this exam (many people do this), the grade likely would have been different. However, being able to wake up every morning well rested and study for this thing full time, take lots of breaks, etc has allowed me to maximize my preparation. I will take the credit for actually doing the deed that needed to be done, but she deserves her share.

WE scored a 97 and have three more beasts to tackle (and one more accounting class) before the fat lady sings and I can label myself Bryan Risley, CPA.

I am slowly learning the entire Bach Cello Suite #1 (6 movements). I posted the first movement here:
Click Here

Here is the second movement – Allemande. I am working on the third right now and hope to post it within a few weeks. I need to work on my fluidity. I am still wrapped up in merely executing the technical aspects, that the raw musical beauty seems to be hit and miss. As with all these Bach pieces, they have the power to bring tears to your eyes – not sure my rendition has the power….yet!

Enjoy!

WTF? Seriously.

Dealers who participate in the cash for clunkers program are required to “embalm” engines on the trade in cars and ship them off to be crushed. This requires, draining all the oil, pouring in a silicate solution that hardens with temperature, then redlining the engine until it permanently seizes up.

Examples:

I first thought this was just a few kids getting off on destroying stuff. But, this is required stuff. You trade in your vehicle, even if it runs just fine in order to take advantage of the program and this is the fate your vehicle will see.

Shelving my car loving sentimental feelings for a bit, this is just wasteful. “Eliminate government waste”. Here is a perfect example of spending MY (our) tax payer money to replace a vehicle that still runs in most cases. Look at that Volvo in the video above, its like a new car! If someone wants to sell their car and get a new one, that is fine. But, then someone else buys the old one and continues to get use from the asset. “Return on capital” is what it is called.

This is something fitting from the Glenn Beck show:

You want to talk about a disposable society? Here it is. Let me ask you, are you someone or do you know someone in this economy that could use a working car? Do you know somebody who’s fallen on hard times that can get their car repaired? Do you know somebody who’s driving something unsafe because they can’t afford something else? Do you know someone looking for a used car? Who will now find that prices are artificially higher because the government is inexplicably shredding a quarter of a million used cars that could be used on the market? Are you somebody who’s going into college that wants to buy a used car? Good luck. We have seen this destruction before. FDR did it. In May 1933 Franklin Delano Roosevelt, as part of the New Deal, he started the Agriculture Adjustment Administration. Business for farmers, not real good. Kind of like the car business. He wanted to artificially alter the farmers market. Sound familiar? Cotton prices he deemed too low. What to do, what to do. He created a nonexistent shortage. He destroyed 10 million acres of cotton.

Makes me want to go whisper sweet nothings at my Jeep.

Sickening!

The REG section of the CPA exam was honestly not that bad. However, these exams are often deceiving from what research I’ve done. Therefore, a pass is certainly NOT a given. It could honestly go either way. I just have to be patient for a month or so until the grades come out. If a pass, then I can pat myself on the back for having passed one of the most difficult sections of the CPA exam. If a fail, then I’ll pull out my book and try again. Such is life.

Under the assumption that a pass is on its way to me, it is time to move on. I spent the entire weekend relaxing. I tubed down Rainbow River in Dunnellon, FL with my wife. That was a lot of fun, but DAMN did I pay!!! Not financially, but in terms of being sunburned. I under estimated the length of the 5 hour trip and didn’t layer enough sun lotion on. My back had never been so burned before! I’ve since moved from the pain phase into the itching phase. I took Saturday off to relax. Sunday, I flew for three hours with my two students and had a fish fry in the evening with the in-laws. Today was logistics day. I washed both of my cars, changed the oil on one, and vacuumed them both out. Later, I need to clean my office, update Quicken, and plan out my study time line.

Starting tomorrow, I am going to hit the ground running on the FAR section of the CPA exam. I am aiming to take it 10/5/09. That is a doable goal, but will require a solid effort to attain. FAR is the toughest exam of all four sections. I’ve always been good at financial accounting, however, so do not foresee a problem.

I owe myself a big fat CAO cigar for having taken the REG section. However, I have decided to hold off until I get the score. Assuming a pass, THEN I’ll have something to celebrate.

After a fairly long journey, I have just closed the book on the REG section of the CPA exam. Showtime is tomorrow (7/23) at 12:30pm. I’ve honestly put everything I have into preparing. Likely, I’ve logged some 350 hours of prep on this exam if you consider that one of my classes in the spring semester covered a good chunk of this stuff. I’ve out studied my peers by a factor of 2x, at least. The average amount of time put into this section is just over 100 hours. Being unemployed at present gives me the asset of TIME. It is perhaps my greatest advantage right now.

As I flip through the materials, there is stuff I have forgotten already. But, I must draw the line somewhere. The shelf life of some of these details is a matter of 24 hours it seems. A good chunk is conceptual understanding, but much of it is outside of cognitive reasoning and just requires raw memory.

I’ve been using Gleim study materials and have an overall average of about 82%. However, all indications I have gotten indicate that Gleim prep is more difficult than the actual exam. Observation into actual metrics from those who have used Gleim (spoke to on internet boards) seem to indicate that the actual score comes in about 7-10 points higher than Gleim. By that token, I am potentially poised to pull in anything between an 82 and a 90. The minimum to pass is a 75.

No matter what happens tomorrow, I’ll be better off for having taken my first swing at this monstrosity of an exam. I remind myself that this is more of a marathon than a sprint. Even after all this studying and assuming I pass, I still have three more beefy sections all waiting for my brain to digest.

I’ve honestly put my ALL into prepping and all indications I have seem to indicate that I’ll find success tomorrow. But, if not, I’ll try again until its passed. Such is life and such is this game. It’ll make the goal that much sweeter.

For now, wish me luck. I am going to need it. Most people walk out of the exam feeling pretty roughed up. I will probably follow suit. However, 17 hours from now, I’ll be home and it’ll be over. My wife and I are going to have fun over the weekend and I am NOT going to think about accounting for a few days.

The FAR section is next up. I’ll begin tearing that one up Monday or Tuesday. Unfortunately, I will not get my REG grade until September in all likelihood. I’ll just have to be patient.

I’ll post a damage report next time I make it to the computer. For now, I just need to harness the power of the FORCE.

T-minus 8 days and counting…..

Tonight I took final exam #2 of 3 for my summer term classes. I have the last final on Thursday, at which point I’ll have 147 credit hours in the bag. I need 3 more to hit the magic 150 required for CPA licensing. Cost Accounting and Control II is the lucky class that gets to enjoy my presence during the fall.

I am prepping REALLY intensely for the REG section of the CPA exam right now. At this point, its like carrying that really big load of laundry from the dryer to the couch – just pick up the socks…oppps, there goes another one, let me pick up that underwear, DAMN, there goes a bra (NOT MINE!!!), etc. I’ve crammed so much information into my head that I occasionally run across a question that I forgot about only to look it up and sure enough, I’ve highlighted the information, underlined it, etc. I’ve been here before. I just cannot retain everything. During the last six days leading up to the exam, I am going to try to hit 50 hours of prep that way I’ll be maximally crammed for the following day – test day.

However, I am trying to plug the holes and build on my weak points. As it stands, I know where I am weak and know where I am strong. I am consistently scoring in the 80s (uncurved) on the practice exams. The actual exam requires a 75 (curved) to pass. All information seems to indicate that I’ll have success in 8 days, but I will not know until I walk out of the testing center (preliminary guess), with final certainty coming when the results come out (1-2 months later).

I am enjoying the challenge, but I cannot say I am having fun. Its like running through the pouring rain when your vehicle is on the far end of the lot. You just suck it up and keep going knowing eventually you’ll get there.

More later on…..

After over 3 months of molasses speed government processing, my official “OK” to schedule the first part of the CPA exam came this evening. I scheduled the REG section for 7/23 @ 12:30pm.

At present, I am very close to finished with prepping. Considering my demands to finish up the summer term coupled with my two flight students on the weekends, I think three weeks is just about right. Not too far away and not too close.

Things are shaping up. I took a practice test tonight and scored an 84%. I am happy with that score as the real exam is curved. That grade would likely reflect a 90% or so in reality.

I don’t post much as I am putting in 8-10 hours a day on studying. I slightly underestimated the breadth of this thing. But I am up to the challenge. In 3 weeks and a day, I’ll be 25% done with the exam.

Michael Jackson certainly had more than his share of demons, especially towards the end of his life. But, this guy will certainly be regarded as one of the most talented entertainers to have ever lived. I am in awe of him as an artist.

Godspeed!

This is a Bach piece I finally figured out. This one took a little while to get under my fingers. What should I learn next????

Life is sort of on a straight away right now. Not a lot of exciting day to day things going. Everyday is basically the same consisting of getting up, taking care of animals, eating breakfast, studying for 3-4 hours, taking a lunch break, studying for another 3-4 hours, the occasional class, dinner, guitar playing session, computer time, then bed. The next day is the same, but with the football just a bit further down the field than the day prior.

I have amended my projected date to sit for the regulation section (1 of 4) of the CPA exam to July 20th. I am still waiting for the molasses pace of the Florida Board of Accountancy to catch up with me regarding scheduling this thing. Hopefully, when I get the official GO, that date will be available. My hope is to sit for the FAR section (financial accounting) the first week in October.

I am flying a decent amount. More is always better, but I am not longing to fly on a daily basis, so appear to be satisfied with the frequency. Both of my active students are doing well and I look forward to flying with them every week and continuing down this road with them. I take as much away in the form of satisfaction as they do in terms of knowledge and new skill.

I am currently working on the Lute Suite in E minor on the guitar. I seem to be drawn more to the classical repertoire than most anything else. I will likely proceed down this road as my primary genre. I’ll be posting that Lute Suite in a few weeks once its fully under my fingers, so stay tuned!

I am always thinking ahead to what my next step is going to be post CPA. The next seven months are all accounted for with CPA prep. However, beyond that, I am not sure where the road will lead. As much as I would love to find happiness as an accountant (perhaps I can), I am just not sure if I can shelf this professional pilot thing. Flying is who I am. It is what I do. It is such a part of me that I am unsure if I can relegate it to a mere “hobby”. Flying comes easy for me. It always has. Accounting does seem to come fairly easy as well, but it doesn’t have the draw to me. Apples and oranges. I guess in large degree, it depends on the state of things at the beginning of 2010. I doubt the airlines will be hiring. I might throw some resumes out there (perhaps the CPA credential will make my resume stand out from the crowd), but will likely not see material hiring until 2012.

Its going to be tough not to go back. Sometimes the heart must be listened to, regardless of the rationale. Of course kids could change the whole equation too. Flying isn’t the only thing important to me.

Either way, its back to the books. My current game is “CPA or bust”!

I ferried a Cessna 172 up to Cape Cod, Mass from Florida last weekend for a client of mine. We lucked into some nice weather, by and large. My wife, Joanna, came along and we had a great time doing it.

The first leg!

The clouds were slowly building.

We lucked into a nice beach front room at Myrtle Beach for our first night. There was a wedding happening and some people had apparently canceled. So, we got their wedding group rate. At least that is what they told us – but the price was right either way.

North Carolina Coast

Just making sure the tail was still there.

Virginia

Over Chesapeake Bay

Near NYC. You can see central park in the back ground. There was a large TFR over NYC when we got there and so we couldn’t fly directly over LaGuardia like last time. But, we did our best to get good pictures of it.

Looking good on the home stretch!

Finally arrived in Hyannis on Cape Cod. After many hours of flying, we were ready to stay on the ground for a little while.

Here is another tune I’ve been working on. This is one of the most beautiful pieces ever written in my opinion. It’s beauty is most appreciated when played on the cello, as intended. This is not a guitar piece, but it sounds good none the less.

Here is how the piece should sound:

Here is my attempt at it: