CMA vs. CPA: Navigating Certification Requirements and Career Challenges with Kaden Cook
05/20/24 • 40 min
The finer details of this episode:
- Differences between CMA (Certified Management Accountant) and CPA (Certified Public Accountant) exams/certifications
- Applying knowledge from school, exams, and work experience in current role
- Challenges and loopholes in meeting the 150-hour rule
- Importance of practical work experience and technology in the industry
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.linkedin.com/in/kadencook/
Time Stamps:
Welcome to the Young CPA Success Show (00:00:01)
Introduction to the podcast and its purpose.
Kaden's Journey into Accounting and Certifications (00:00:23)
Kaden's background, choice of certifications, and the differences between CMA and CPA exams.
Discussion on School, Career Choices, and Future of Accounting (00:01:51)
Insights on the 150-credit hour requirement for the CPA exam, career choices, and the future of accounting.
Discovering Summit CFO through a Podcast (00:02:42)
Kaden's discovery of Summit CFO through a podcast and the topics discussed in the podcast.
Choosing CMA Over CPA and Its Benefits (00:07:12)
Reasons for choosing CMA over CPA, including the differences in exam requirements and the benefits of starting the CMA exam during college.
Comparing CMA and CPA Exams (00:13:19)
Kaden's experience with both CMA and CPA exams, including differences in exam structure, content, and difficulty.
Application of Knowledge from School, Exams, and Work Experience (00:18:30)
Discussion on how Kaden applies knowledge from school, exams, and work experience in his current role, and the importance of understanding the material thoroughly.
Understanding Financial Accounting (00:19:28)
Kaden discusses how his college education greatly contributed to his understanding of financial accounting.
Work Experience and CMA (00:19:49)
Kaden explains how his work experience and CMA studies went in tandem, providing practical application.
Challenges in Education (00:21:29)
Joey and Kaden discuss the shift in education focus from understanding to chasing grades.
Impact of 150-hour Rule (00:26:44)
The 150-hour rule for the CPA exam is discussed, and Kaden shares how he and others found loopholes.
Alternative Credit Acquisition (00:31:17)
Kaden shares a loophole to acquire credits for the 150-hour rule through online FEMA courses.
Debate on 150-hour Requirement (00:33:22)
The debate on the value and practicality of the 150-hour requirement for the CPA exam is discussed.
The Future of Accounting (00:37:09)
Kaden emphasizes the importance of technological proficiency for future success in accounting.
The importance of understanding AI (00:38:26)
Discussion on the necessity of understanding AI and its role in the advisory world.
Advising students to think beyond exams (00:39:28)
Encouraging students to focus on synthesizing information and putting pieces together for future success.
Appreciation and encouragement (00:40:01)
Expressing gratitude to the guest for sharing insights and encouraging audience engagement.
Opportunities for young CPAs (00:40:38)
Promotion of career development opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.
The finer details of this episode:
- Differences between CMA (Certified Management Accountant) and CPA (Certified Public Accountant) exams/certifications
- Applying knowledge from school, exams, and work experience in current role
- Challenges and loopholes in meeting the 150-hour rule
- Importance of practical work experience and technology in the industry
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.linkedin.com/in/kadencook/
Time Stamps:
Welcome to the Young CPA Success Show (00:00:01)
Introduction to the podcast and its purpose.
Kaden's Journey into Accounting and Certifications (00:00:23)
Kaden's background, choice of certifications, and the differences between CMA and CPA exams.
Discussion on School, Career Choices, and Future of Accounting (00:01:51)
Insights on the 150-credit hour requirement for the CPA exam, career choices, and the future of accounting.
Discovering Summit CFO through a Podcast (00:02:42)
Kaden's discovery of Summit CFO through a podcast and the topics discussed in the podcast.
Choosing CMA Over CPA and Its Benefits (00:07:12)
Reasons for choosing CMA over CPA, including the differences in exam requirements and the benefits of starting the CMA exam during college.
Comparing CMA and CPA Exams (00:13:19)
Kaden's experience with both CMA and CPA exams, including differences in exam structure, content, and difficulty.
Application of Knowledge from School, Exams, and Work Experience (00:18:30)
Discussion on how Kaden applies knowledge from school, exams, and work experience in his current role, and the importance of understanding the material thoroughly.
Understanding Financial Accounting (00:19:28)
Kaden discusses how his college education greatly contributed to his understanding of financial accounting.
Work Experience and CMA (00:19:49)
Kaden explains how his work experience and CMA studies went in tandem, providing practical application.
Challenges in Education (00:21:29)
Joey and Kaden discuss the shift in education focus from understanding to chasing grades.
Impact of 150-hour Rule (00:26:44)
The 150-hour rule for the CPA exam is discussed, and Kaden shares how he and others found loopholes.
Alternative Credit Acquisition (00:31:17)
Kaden shares a loophole to acquire credits for the 150-hour rule through online FEMA courses.
Debate on 150-hour Requirement (00:33:22)
The debate on the value and practicality of the 150-hour requirement for the CPA exam is discussed.
The Future of Accounting (00:37:09)
Kaden emphasizes the importance of technological proficiency for future success in accounting.
The importance of understanding AI (00:38:26)
Discussion on the necessity of understanding AI and its role in the advisory world.
Advising students to think beyond exams (00:39:28)
Encouraging students to focus on synthesizing information and putting pieces together for future success.
Appreciation and encouragement (00:40:01)
Expressing gratitude to the guest for sharing insights and encouraging audience engagement.
Opportunities for young CPAs (00:40:38)
Promotion of career development opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.
Previous Episode
Embracing Change and Innovation in the Accounting Industry with Jesse Rubenfeld and Tom Zehentner
The finer details of this episode:
- Evolution of accounting software and early career experiences
- Importance of embracing change and innovation in the industry
- Leveraging technology to streamline accounting processes
- Challenges and opportunities in early career development
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://www.finoptimal.com/
- https://www.linkedin.com/in/jesserubenfeld/
- https://www.linkedin.com/in/tom-zehentner-cpa-a0591b5b/
- If you love this conversation, don’t miss Hannah and Joey on the FinOptimal podcast, Another Not Another Accounting Podcast: https://podcasts.apple.com/us/podcast/ep-77-young-cpas/id1734624758?i=1000653170191
Timestamps:
The wild west of the internet (00:00:22)
Discussion about the early internet era, LimeWire, and the evolution of music downloading.
Evolution of internet and social media (00:03:03)
Recollection of early internet trends and social media references, including the YouTube evolution of dance video and internet games.
Initial experiences with computer games (00:04:08)
Nostalgic conversation about classic computer games like Civilization and Age of Empires.
Transition to accounting and QuickBooks (00:05:14)
Discussion about the unexpected transition to accounting over the internet and QuickBooks online.
Adapting to change in accounting (00:07:26)
Reflections on the need for a mindset of continuous improvement and embracing change in the accounting industry.
Challenges and rebellion in early career (00:09:18)
The defiance and challenges faced in early career stages and the development of confidence to pursue a better way.
Challenges in traditional accounting firms (00:10:07)
The limitations of traditional accounting firms in embracing new approaches and the unique situation of starting a career at a startup.
The role of an architect in accounting (00:13:25)
The discussion about the architectural role in making accounting more efficient and the rewarding nature of creative problem-solving.
Founding of FinOptimal (00:15:39)
The backstory and founding of FinOptimal, including the challenges and evolution of QuickBooks online.
Transition to QuickBooks online (00:16:39)
Discussion about the transition from QuickBooks desktop to QuickBooks online and the limitations faced in the past.
Software automation in accounting (00:17:06)
The secret to success being software that automates accounting processes and the decision to go with QuickBooks online.
Technology and Business Growth (00:17:28)
Discussion about the development of technology to improve efficiency and competitiveness in the accounting industry.
Challenges in Accounting Software (00:18:21)
Exploration of the challenges and changes in accounting software, including user-friendliness and adaptability to different generations.
Building Automation Tools (00:20:22)
The process of building automation tools and the importance of understanding accounting nuances for effective tool development.
Empowering Young Accountants (00:21:30)
Advice and experiences shared to empower young accountants to drive change and innovation in their roles.
Risk-taking and Entrepreneurial Spirit (00:23:45)
Discussion on the entrepreneurial mindset, risk-taking, and the need for experience in driving improvements and automation in accounting processes.
Generational Perspectives on Technology (00:27:56)
Exploration of generational perspectives on technology, feedback loops, and the impact of social media on business feedback.
Collaboration and Innovation (00:32:30)
The importance of collaboration between different generations and skill sets in driving innovation and experimentation in accounting technology.
Coding and College (00:35:35)
Discussion about coding and the value of learning it in high school and college.
Excel and Coding (00:37:37)
Comparison between accounting and coding, and the potential for accountants to transition into coding.
College Curriculu...
Next Episode
How Can Remote Work Revolutionize the Accounting Industry? with Cory Gayman
“People are not black and white; they are nuanced, with different needs and communication styles. I really try to teach my managers and leaders that you have to learn how to communicate, not just say what you want and then move on. This is especially important in a remote environment.” -Cory Gayman
The finer details of this episode:
- Challenges and benefits of remote work in the accounting industry
- Managing a hybrid setup
- Adapting services for virtual work
- Delegation and communication in remote work environments
- Focusing on outcomes rather than inputs
- Building trust in remote employees
- Impact of remote work on recruiting and retention
- Importance of flexibility and work-life balance
Episode resources:
- Summit Virtual CFO by Anders website: https://www.summitcpa.net/
- Email us with questions or if you’d like to be a guest on the show: [email protected]
- We’re hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities
- https://jcgcpafirm.com/
Time stamps:
Remote Work Challenges (00:00:24)
Discussion on the challenges and future implications of remote work, especially in rural areas.
Adapting Traditional Practices (00:01:02)
Converting and updating traditional CPA practices into virtual setups and the challenges encountered.
Transition to Virtual Processes (00:02:05)
The process of transitioning traditional practices to virtual processes, including the challenges faced and the need for education.
Employee Resistance to Change (00:04:23)
The mixed response of employees to change, particularly in terms of adapting to remote work and new systems.
Adapting Services for Virtual Work (00:06:12)
Tweaking accounting services to fit the virtual work environment, challenges faced, and the importance of educating clients.
Delegation and Team Growth (00:07:42)
The significance of delegation in a firm, the need for skill development, and the impact on team growth and efficiency.
Managing People and Communication (00:09:44)
The importance of managing people effectively, investing in people management skills, and the role of communication in remote work environments.
Trust and Communication in Remote Work (00:12:08)
The challenges and importance of trust and communication in remote work setups, including strategies for effective communication.
Balancing Remote Work Expectations (00:14:52)
Discussion on time budgets, trust, and the need to focus on project outcomes rather than monitoring employees' every move.
Remote Work Productivity and Trust (00:15:41)
Challenges related to trust, productivity, and the shift from traditional office-based work to remote work environments.
Maintaining Remote Work Culture (00:18:40)
The struggle of some CPA firms in implementing remote work culture and the potential loss of employees due to resistance to remote work.
The importance of remote relationships (00:18:57)
Emphasizing the benefits of remote relationships for clients and employees, promoting efficiency and convenience.
Leveraging remote culture for growth (00:20:06)
Discussing the use of remote culture to grow the workforce and retain employees, focusing on seasonal preparers and concerns about loyalty.
The value of human interaction (00:22:53)
Highlighting the importance of human interaction in a remote work environment, sharing personal experiences and the need for connections.
Promoting work-life balance (00:29:37)
Encouraging flexibility for working parents, promoting a family-first culture, and prioritizing work-life balance.
Transitioning to a stress-free environment (00:32:47)
Emphasizing the need for a project-driven approach over hours, promoting a 32-hour workweek, and reducing stress in the workplace.
The challenges of remote work (00:38:24)
Discussion on the potential negative impact of long working hours and the challenges faced by new CPAs.
Flexibility in work hours (00:40:09)
The importance of flexibility in work hours and the appeal it holds for young professionals and experienced CPAs.
Transitioning into retirement (00:42:52)
The challenges and adjustments faced by CPAs transitioning from high-stress work to retirement, and the value of part-time opportunities for retired professionals.
Reducing stress and extending careers (00:43:49)
The importance of reducing stress in the accounti...
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