Discussion:Qualified/Competent to take EA exam?
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Qualified/Competent to take EA exam?
Discussion Forum Index --> Tax Questions --> Qualified/Competent to take EA exam?
| 24 June 2008 | |
| Hi all, please excuse me if this has been answered elsewhere but I've tried searching and haven't run upon exactly what I'm looking for. I have undergraduate degrees in both Accounting & Finance and then went on to get my law degree, but am not currently licensed. I haven't taken any accounting/finance related courses in 5 years. Very recently though I have entered back into the accounting field and it seems to have taken me into the tax field. I plan on taking the CPA exam but would like to wait until I get some refresher work in accounting and therefore will probably wait until after the upcoming tax season.
I ran upon the EA examination and am thinking of studying for this exam as a way to refresh and obtain more knowledge pertaining tax law/practices, as well as get a certification under my belt in the process. My question is whether you think it is possible for someone who has not previously worked in the accounting field (fresh out of college/law school) and hasn't had a tax class since the basic income tax given in law school, would be able to pull this off by January? | |
| 24 June 2008 | |
| I won't answer your actual question as I'm not familiar with the EA examination. I would counsel you to take the CPA examination at the earliest point in time after you finish your coursework. Some refresher work in accounting is no substitute for not taking the exam when your coursework is fresh in your mind. I would also recommend a good review course such as Becker or, if available, one offered by the Accounting Department at your University just before taking the exam. | |
| 24 June 2008 | |
| You can go a long way in the tax field with solid bookkeeping skills, so that is not the big worry as far as tax per se. The problem is that even if you get the EA in January (I know nothing of the process itself), you are leaving very little time to get a job and could likely miss an entire tax season. Time is better spent looking for a tax related job now.
It will take about 2 seconds for a tax firm owner to know you have not done many returns, and this would apply to any tax credential without experience. I was naive enough to think you could learn this from a book alone, and it's fine until the first client walks in and nothing exactly matches the book. Just one of those Catch 22's of life. And don't forget, there's an evil genie of tax preparation that will make sure your first few clients are real humdingers. If you want to work next year with benefits, then try to get a job teaching highschool business classes, and you'll have next summer off! Seriously. Or, try for a beginning job at a state revenue department which can be very good experience. If you really want to do tax in private practice, try to get your foot in the door now at a tax/bookkeeping/accounting shop anywhere, doing anything, and study Gleim on the side for your edification and decide on the EA later. That way you will at least have a job during tax season. | |
Donniecastleman (talk|edits) said: | 24 June 2008 |
| You'd be a shoo-in for the EA exam if you're passionate about tax work, I tried to pass all 4 parts of the CPA exam in one "window" and finally gave up 20 grand into the process and took the EA exam and passed all 4 parts (was 4 back when I passed it) the first sitting. It's definitely a nice feather in your cap and you're able to provide way more services to your clients when it comes to clients who's returns you didn't prepare. I also took into consideration that even if I had passed the CPA exam in one window, I'd still have to go to work for cheap or for salary at a CPA firm, taking a 75% cut in what I make right now all in the quest to be a CPA, with my being middle-aged with a wife and 4 kids and a dual career in music and accounting it wouldn't have been possible. Anyway, I used Arthur Reed/Lambers to review for the EA exam which really helped, hope things work out for you whatever you decide, I keep thinking about Law school but I doubt that will ever see the light of day, I would have definitely done it if I was 10 years younger! Best wishes, DC | |
Donniecastleman (talk|edits) said: | 24 June 2008 |
| Sorry, didn't answer your question, definitely study like mad and pass the EA exam in January, I studied around 4 hours a day for 3 months to pass it. | |
| 24 June 2008 | |
| This is a repost from a discussion last month. Most posters appeared to suggest they like Gleim materials the best.
The National Association of Enrolled Agents (NAEA) has entered into a joint venture with Gleim to do an on-line SEE prep course that will have NAEA instructors to help the candidates as they proceed through the on-line sessions. It is my understanding this is scheduled to roll out on or about August 1. I do not know all the details but I might suggest that if anyone is interested in learning more about this, send an e-mail to Sam Matlick (NAEA's Director of Membership Services). She can be reached at smatlick@naea.org | |
| 24 June 2008 | |
| I also would encourage you to study for the EA exam, but echo Crow's sentiments that the credential alone is not as valuable until you have had some tax prep and client representation experience. Most people don't sit for the exam until they have had a few year's real-life experience in someone else's office or even in their own.
try doing a search in the yellow box using the term "EA exam" for more resources | |
| 24 June 2008 | |
| Having taken and passed both exams I would suggest studying and passing the EA as a way to brush up your tax "knowledge" but it is really tax "experience" that will help you most. An inexperienced EA will not help much. But you will learn a lot about tax law in the process. Passing the CPA exam is hard but you also need at least a year of experience and mastery of core competancies before you get your certificate. It is a much longer process. And just a small section of the exam is on tax. But there is no substitute for experience, even if it is working retail. | |
| 24 June 2008 | |
| I would also throw out a challenge to any tax professional who is NOT already a CPA or EA to sit for the EA exam and get some credentials!!! Prove to your clients and your potential clients that you ARE a tax expert. You will be far ahead of the pack when licensing of tax preparers comes. | |
| 25 June 2008 | |
| Thank you all so much for the information! I should have stated earlier that I am actually currently working in the tax area (have only been here a month though) so it's what lead me into considering the EA certification. I really appreciate all of the help and advice and if anyone has any more, please keep it coming. | |
