congrats to all those who passed the UFE!!!

[l/l/rX]

including my sister!!! its been a long ass 2 years living with my sister while she was completing her casb, nothing but moaning and bitching, but now today the news has arrived, that she passed the UFE!
now she just has to put in her hours and she becomes a CA! w00t.

congrats to all those who passed time to party it up hard tonight and better luck next time to those who didnt.

[rage2]

pics of sister as well as location of party. :rofl:

[Mibz]

Originally posted by rage2
pics of sister as well as location of party. :rofl: Accountants put out?

[Speed_69]

Originally posted by Mibz
Accountants put out?
haha that's what I was thinking lol

[DJ_NAV]

accountants work and party hard....

[Myrrinda]

I'm so happy for everyone that passed! Our office is covered in champagne!

[bashir26]

congrats!

[civiclvr]

Originally posted by Myrrinda
I'm so happy for everyone that passed! Our office is covered in champagne!

Champagne? You wouldn't happen to be with PWC?

[HybridTheory]

Originally posted by Mibz
Accountants put out?

Lol accountants are sexy :poosie:

[l/l/rX]

Originally posted by Myrrinda
I'm so happy for everyone that passed! Our office is covered in champagne!

im surprised there were people in the office. PWC got the day off, did the drinking out of that nasty ass boot ritual at silver dragon and are now heading to the peelers.

[Mckenzie]

Yeah it was great news this morning to see I passed...but kind of a bittersweet day as my GF and some really good friends did not.

Oh well- off to party in a bit here...still in rough shape fomr last night.

Congrats to everyone!

[DJ_NAV]

ppl heading to the peelers from here too.. champagne was served in the morning... open bar starts in the evening.

[l/l/rX]

Originally posted by Mckenzie
Yeah it was great news this morning to see I passed...but kind of a bittersweet day as my GF and some really good friends did not.

Oh well- off to party in a bit here...still in rough shape fomr last night.

Congrats to everyone!

i thought my sister didnt pass at first either, it was damn early in the morning and i was still sleeping, i thought she was crying, n she was half crying for her good friend who didnt pass. i was like whoo, thank god.

[badatusrnames]

For those of us that don't care much for bean counting, does anyone want to contextualize this thread?

I'm going to go out on a limb and assume it's a difficult exam? What are the repercussions of not passing?

[l/l/rX]

Originally posted by badatusrnames
For those of us that don't care much for bean counting, does anyone want to contextualize this thread?

I'm going to go out on a limb and assume it's a difficult exam? What are the repercussions of not passing?

2 years of doing casb (there are a bunch of modules), shitty-ish pay for 2 years for the amount of work you do, tons of stress.

i believe, you have to put up the cash up front for this course, then you get reimbursed if you pass from the company.

the UFE itself was a 3 day test 5 hours (er something) each day.

I don't really know what happens if you fail, you probably just have to re-write the test, someone correct me if im wrong.

Once you get your CA though your pay goes up a lot.

I only know rough details, I'm not an accounting person.

[DJ_NAV]

YEa.. basically it is a very very hard test.. costs almost 2 grand to write it and people take 2 months off from work to study for it. Taking two months off again and paying 2 G's for it is a huge pain in the ass. I think this year's passing rate was 71%. Passing rate for repeat writers was only 44%!!!

[Mckenzie]

Here is the rundown:

4 year bachelor degree in business

Typically written after ~2 years of brutal grunt work
articling at a public firm.

5 modules x 10 weeks each x 15-20 hrs a week = 850 hrs of course work while working 40-60 hrs a week.

Each module = 5 hr exam at end

Module 6 = 10 days x 8 hrs / day writing / debriefing cases + 3 day "mock" exam

Typically, 4-7 weeks of exam prep which consists of writing and debriefing cases for 8 hrs a day, 5 days a week. Exam prep starts in April and consists of full days / weekends of structured learning by professionals whose full time job is prepping people for the exam. Once the last module is over, it is full throttle everyday to perfect case writing and increase technical knowledge in tax, audit, performance measurement, finance, management decision making, organizational effectiveness, etc.

Burnout, despair, negativity, fear, are common themes for everyrone.


Final exam- 3 days, 5 hr, 4hr and 4hr. By far the most humbling exam I have ever written. All days involve cases. Day 1 is five hr case, day 2 and 3 have 3 cases each. The worst part is that you have to literally decide what the question is being asked and how to answer (cases have very little direction- it essentially tests the business acumen / judgment of writers).

Waiting time for results is just less than 3 months.

If you fail, you can re-write 2 more times (3 in eastern Can.). However, to know that you have put2,3,4 years into a company / profession only to be kicked out at the end adds mega pressure to the whole thing.

So yes- it is a very big deal. Each firm spends something like $30k on each student for the entire process in training / modules, etc.

[Mckenzie]

http://www.casb.com/index.php?catid=65

There is the passing profile.

[Mibz]

Christ. I thought spending $2k and a few months studying for a CCIE was bad.

[WWJAI]

Congratulations to everyone who passed. I have the utmost respect for individuals who decide to pursue a CA designation. They definitely work hard to get to where they are.

[badatusrnames]

Originally posted by Mckenzie

Burnout, despair, negativity, fear, are common themes for everyone.


Given you description, that I can see. I can empathize in a small way with this.

Congrats to all that passed!

[The_Rural_Juror]

congrats and good work!

[l/l/rX]

BUMP! that time of year again. Had some close friends pass and some who didnt :(

party time! hahaha :clap:

[max_boost]

Made a bunch of Accounting friends in the past while. Some are mid way through CASB, some are finished, it's definitely hard work so props to all the CA's out there! Work hard, party harder!

[Disoblige]

My god, I was reading this and I got stressed out reading the work required. Congrats to those who put in all that hard earned effort!

Mckenzie's post makes an Engineering degree seem like child's play.

[l/l/rX]

I know every CASB student does this... But I love meeting up with my friends and them telling me about their long week and that they calculated their pay by the hour... I've heard as low as $7.50/ hr HAHAHAHAHA soo depressing.

[Skyline_Addict]

congratulations. one of the hardest exams in the world!

[BrknFngrs]

Congrats to everyone who passed; I was incredibly relieved when I found out that I passed this morning :)

[l/l/rX]

Originally posted by BrknFngrs
Congrats to everyone who passed; I was incredibly relieved when I found out that I passed this morning :)

good going BrknFngrs... Im surprised you're not drunk yet. :confused:

[BrknFngrs]

Originally posted by l/l/rX


good going BrknFngrs... Im surprised you're not drunk yet. :confused:

You've got to pace yourself ha-ha going out again later.

[CivicDXR]

Congrats to all that passed! My brother texted me this morning when he found out he passed, he's pretty stoked! It was a rough wait for him...

[max_boost]

The pay definitely sucks while articling lol long hours and $40k seems to be the norm. But now it's all good lol hello pay raise!! Haha

[xxviet]

Originally posted by rage2
pics of sister as well as location of party. :rofl:


LMAO :clap: :rofl: :rofl:

[LongCity]

Could be totally off base here but given our rebuilding economy, aren't a lot of CGAs doing the work CAs would be doing (cause it's more cost effective to hire a CGA over a CA)? At the office there are a few CAs who work under a manager with a CGA designation so I was just wondering.

[Chandler_Racing]

Seems to be a good year, the passing rate moved quite a bit higher from where I expected it to be.

My three counselees all passed. Also, I believe the firm I use to work for had 36 of 39 writers pass which is pretty impressive in itself.

Congrats guys!

[KappaSigma]

I passed. Honestly, the UFE was pretty much 90% mental and preparing for 3 days of gruling work. Id say the CASB work was harder. Didnt find any days bad for the UFE. But now that I passed I am a UFE expert ahaha.

[KappaSigma]

Originally posted by LongCity
Could be totally off base here but given our rebuilding economy, aren't a lot of CGAs doing the work CAs would be doing (cause it's more cost effective to hire a CGA over a CA)? At the office there are a few CAs who work under a manager with a CGA designation so I was just wondering.

I would disagree. Maybe some work to work items but courses you do to get your CGA are pre-req.courses to even get into the CASB CA program.

[LongCity]

I thought you can be accepted into a training position for CASB when you apply for recruiting after finishing 3rd year? I have a friend who applied back during the recruiting period this year who found out about a month ago he got his position. He'll be graduating come spring (I think).

But schooling credentials aside, I was moreso referring to the real work world as opposed to what courses have been done in school.

On another note - are CFAs and CAs equivalents in their respected area?

[dandia89]

jeez my cousin just passed and i gave him a congrats and that was that. i didn't realize how intense it is!! and he's boosting my ego saying engineering must be so hard

[403ep3]

I can't wait to do this test!

Youre all scaring me haha

[KappaSigma]

Originally posted by LongCity

On another note - are CFAs and CAs equivalents in their respected area?

I wouldsay so. I am now in corporate finance (nor core 0audit, etc) and I work with CFAs and MBAs. MBA = blah. CFA is much harder from what they have said. Its a ton of material and self directed which is a huge reason its very tough.

[Markov7]

Originally posted by KappaSigma


I wouldsay so. I am now in corporate finance (nor core 0audit, etc) and I work with CFAs and MBAs. MBA = blah. CFA is much harder from what they have said. Its a ton of material and self directed which is a huge reason its very tough.

Can you give a reason why "MBA = blah", sorry but it something I want to get in the future.

[2002e46]

Originally posted by max_boost
The pay definitely sucks while articling lol long hours and $40k seems to be the norm. But now it's all good lol hello pay raise!! Haha

No pay raise until you hit the manager level. Most new CA's are still senior associates for the next few years stuck at 50-65k a year. More stress, way more hours and more responsibility. You only make the big money at sr. management and partner or if you go into corporate accounting.

[tenth]

Originally posted by LongCity
I thought you can be accepted into a training position for CASB when you apply for recruiting after finishing 3rd year? I have a friend who applied back during the recruiting period this year who found out about a month ago he got his position. He'll be graduating come spring (I think).

But schooling credentials aside, I was moreso referring to the real work world as opposed to what courses have been done in school.
The answer to your original question is no. There has been a sizable demand for CAs lately, much improved over this time last year. What designation you go hire is personal preference. The difference in pay for equivalent credentials and experience isn't going to be huge. A very good CGA at a given level is probably not going to be much cheaper (if at all) than an equivalent CA.

Congrats to the successful writers. Was a good party at the maid on Friday.


Originally posted by 2002e46


No pay raise until you hit the manager level. Most new CA's are still senior associates for the next few years stuck at 50-65k a year. More stress, way more hours and more responsibility. You only make the big money at sr. management and partner or if you go into corporate accounting.
60-90k range at the big firms for seniors. 60-75 or so for first year seniors. Not big money, but pretty reasonable.

[holden]

Originally posted by tenth

60-90k range at the big firms for seniors. 60-75 or so for first year seniors. Not big money, but pretty reasonable.

How much can a brand new CA (just passed the UFE) expect to make if they leave an accounting firm and go to work in industry for a big oil and gas company?

[Kari_310]

Soooooooo glad to be done!
Had so much fun partying at the maid with all the firms! Definitely the busiest day of the year for them

This is one of the largest grad classes the Alberta profession has ever seen, 16% increase. woot woot so glad i wrote this year and not next year with full ifrs

[2002e46]

probably not very much unless they had a major list of accomplishments. It takes time to learn the ins and outs of accounting and a fresh CA likely has around 3 years of work experience if they went straight through...i.e not nearly enough.

I guy i know got fired after getting his CA and is the controller of some small company..i think he makes in the 70-80k range.

I most people stick around until they are a manager for a few years, get experience and contacts in the private sector and then get head hunted to make 6 figures.

One of the biggest misconceptions is that all CA's make ridiculous money.



Originally posted by holden


How much can a brand new CA (just passed the UFE) expect to make if they leave an accounting firm and go to work in industry for a big oil and gas company?

[KappaSigma]

Originally posted by Markov7


Can you give a reason why "MBA = blah", sorry but it something I want to get in the future.

The way I see it as follows. MBA is all stuff you should learn during your articling experience for a better designation.

[KappaSigma]

Originally posted by 2002e46
probably not very much unless they had a major list of accomplishments. It takes time to learn the ins and outs of accounting and a fresh CA likely has around 3 years of work experience if they went straight through...i.e not nearly enough.

I guy i know got fired after getting his CA and is the controller of some small company..i think he makes in the 70-80k range.

I most people stick around until they are a manager for a few years, get experience and contacts in the private sector and then get head hunted to make 6 figures.

One of the biggest misconceptions is that all CA's make ridiculous money.




TOtally disgaree. I know people non manager, who passed last year and went into industry making 90-100K with no O&G experience.

[tenth]

Originally posted by 2002e46
probably not very much unless they had a major list of accomplishments. It takes time to learn the ins and outs of accounting and a fresh CA likely has around 3 years of work experience if they went straight through...i.e not nearly enough.

I guy i know got fired after getting his CA and is the controller of some small company..i think he makes in the 70-80k range.

I most people stick around until they are a manager for a few years, get experience and contacts in the private sector and then get head hunted to make 6 figures.

One of the biggest misconceptions is that all CA's make ridiculous money.
Disagree as well. 3 years is plenty of time when the on-the-job experience you get at a firm is learning with a bat (learn it or get beat down hard). If you want to jump right out to controller or manager of financial reporting, or better still a VP/executive position, than ya, stick around for sure and that leap will be an easy one if you're competent.

New CAs start at a low of 80k in industry (I don't know anyone that's left recently for less) and the range goes right up to 120 at the very extreme high. The typical range would be 80-95, while the 120 was someone who had distinction on every mod, honour rolled the UFE, and had a great working relationship with that company (former client), which led to a job offer that was outside what she would ordinarily be considered qualified for. So unusual, but if you're a superstar it's possible.

Whether it's a misconception is dependent on your definition of ridiculous money. For a lot of people making around six figures in their mid-late 20s is a pretty ridiculous amount of money, although if you're from Alberta you might not think so.

EDIT: You're in Edmonton, which is a little different of a story. The CA market in Calgary pays either the highest or second highest in the country.

[Chandler_Racing]

Originally posted by tenth

Disagree as well. 3 years is plenty of time when the on-the-job experience you get at a firm is learning with a bat (learn it or get beat down hard). If you want to jump right out to controller or manager of financial reporting, or better still a VP/executive position, than ya, stick around for sure and that leap will be an easy one if you're competent.


I'm with you on every point, except this one.

You do not need to have Manager level experience to obtain a Controller / Manager of Financial Reporting position.

[Cos]

Originally posted by l/l/rX


im surprised there were people in the office. PWC got the day off, did the drinking out of that nasty ass boot ritual at silver dragon and are now heading to the peelers.

Haha we were sitting there for lunch and we kept hearing peoples names being called. You guys got more drunk than riggers on 2nd day off.

[2002e46]

I guess if you hit the right company at the right time. But for someone planning their future I wouldn't bet money on a new CA fresh out of CASB gettting a senior level position making 6 figures. Then again I may be wrong, i AM a CASB drop-out. My former colleagues all passed this year and they owe time to PWC for paying their fees and none of them really feel that confident in their skills yet.

[tenth]

Originally posted by Chandler_Racing


I'm with you on every point, except this one.

You do not need to have Manager level experience to obtain a Controller / Manager of Financial Reporting position.
Was thinking bigger companies. There's always the exception for gong-shows, the brilliant superstars, and smaller companies, but ordinarily the mid-large companies in town aren't hiring seniors.


Originally posted by 2002e46
I guess if you hit the right company at the right time. But for someone planning their future I wouldn't bet money on a new CA fresh out of CASB gettting a senior level position making 6 figures. Then again I may be wrong, i AM a CASB drop-out. My former colleagues all passed this year and they owe time to PWC for paying their fees and none of them really feel that confident in their skills yet.
Tell them to negotiate those fees into their new job once they have an offer. Have done it twice. A couple grand in fees is nothing when the finder's fee for the recruiter is 30k.

[Chandler_Racing]

Originally posted by tenth
[B]
Was thinking bigger companies. There's always the exception for gong-shows, the brilliant superstars, and smaller companies, but ordinarily the mid-large companies in town aren't hiring seniors.


What would you consider to be a "bigger company"?

[SugeTek]

Originally posted by DJ_NAV
YEa.. basically it is a very very hard test.. costs almost 2 grand to write it and people take 2 months off from work to study for it. Taking two months off again and paying 2 G's for it is a huge pain in the ass. I think this year's passing rate was 71%. Passing rate for repeat writers was only 44%!!!

How/where did you get this info? I was trying to figure out this year's pass rate, but couldn't find published info.

Cheers!

AND I FUCKING PASSED THIS YEAR! IT'S OVER! And as a repeat writer, if that 44% is true, I feel even better!

[bunzofsteel]

CONGRATULATIONS TO ALL WHO PASSED!!!!!

UFE is definitely the exam of a lifetime. Pass or fail, pretty much determines what you will be in the next coming years.

CAs definitely deserve a pat on the back, not only is it hard work, but also requires a lot of professional judgement - and that is not an aspect that everyone possess.

[riceboi]

Originally posted by Disoblige
My god, I was reading this and I got stressed out reading the work required. Congrats to those who put in all that hard earned effort!

Mckenzie's post makes an Engineering degree seem like child's play.

Don't kid yourself ..Eng courses are hard. I took courses from both faculties so I know. Bcomm was like walk in the park. I never study that hard and still passed with high marks. I would fail if I do that with Engineering courses.

6 courses in a semester plus labs plus study time is not a child's play by any standards.

This is why Eng grads do well in MBA and Law Schools.

Congrats to all new CAs. You deserve the respect for all the hard work!!

[tenth]

McKenzie wasn't talking about a BComm, but the work required to get a CA AFTER the BComm. The BComm part is super easy.

[busdepot]

Mega bump.

Congrats to any 2014 writers who got it done this round.

[lasimmon]

My brother wrote in Edmonton and passed. He was pretty happy!

[busdepot]

It's a big day, congrats to him. As my former partner told me:

"Even though you passed, you're still at the bottom of the ladder. You're just on a way better ladder now!"

[The_Penguin]

Indeed. 9 people here passed this go-round.

[pf0sh0]

Bunch of people where I work passed today too. so hung over...

[triplep]

I was reading the posts and didn't realize they were from so long ago.


This year I think there was added pressure to a lot of candidates, as all the designations are now merging.


So basically, after this one, you only have 1 shot left at passing your CA exam, otherwise, you get put into the CPA program.

Congrats to everyone who passed today, won't lie, it feels good!