When it comes to applying for the CPA Exam, it's easy to get confused with the number of organizations involved in the process. At the NJCPA, we field lots of calls. Remember, we’re not a regulatory board, and therefore, our insight is opinion-based only. But we can help answer general questions about the education or work experience requirements to become a CPA.

So, who are some key players and what are their roles?

• The National Association of the State Board of Accountancy (NASBA) governs the state boards of accountancy nationwide and determines whether a candidate meets the requirements to sit for the exam based on the requirements set by individual state boards. CPA Exam Services or CPAES, a division of NASBA, will evaluate a candidate's academic transcripts and issue the Notice to Schedule (NTS) once all requirements have been met. The first step in a candidate's journey to becoming a CPA should be to create an account at CPA Central, NASBA's exam portal. NASBA is also responsible for releasing CPA exam scores. Contact the NJ state coordinator at NASBA at 1-800-272-3926 or cpaes-nj@nasba.org for questions pertaining to:
  • Specific academic courses and whether or not they will count towards the 24-credit education requirement for business and accounting coursesAccreditation of a college or university
  • Notice to Schedule (NTS)
  • Changing your jurisdiction
  • Transferring passing exam scores from one state to another
  • The process for international candidates sitting for the exam
  International candidates should visit NASBA's International Evaluation Services for further instruction before submitting a first-time application.
• Prometric operates test centers. Once NASBA issues the Notice to Schedule (NTS), a candidate will need to schedule the first section of the CPA Exam. Exams are taken in-person at various Prometric testing centers, but the exams can be scheduled online. Prometric will send exams to the AICPA for scoring.

  Contact Prometric for questions about:

  • Scheduling your exam
  • Locating a nearby testing center
  • Arranging testing accommodations
  • What you can/cannot bring to the testing center
• The American Institute of Certified Public Accountants (AICPA) sets standards for the accounting profession as well as develops content found on the CPA Exam. While not directly involved in the evaluation of a candidate's first-time application, they will announce any changes affecting the content of the exam and are responsible for scoring the exams received by Prometric before results are released to NASBA. The AICPA publishes several helpful resources, including the CPA Exam Blueprints and mock exams, to help with exam preparation.
• New Jersey State Board of Accountancy is a regulatory board responsible for granting licensure and ensuring that licensed CPAs are practicing according to the law. Once a candidate passes all four sections of the exam, NASBA's CPA Exam Services will forward a candidate's file with exam scores to the NJ State Board of Accountancy, who will issue a congratulatory letter along with an application and further instructions for becoming a licensed CPA in New Jersey.

  Contact the New Jersey State Board of Accountancy at 973-504-6380 if you have questions about:

  • The status of your application for licensure
  • The one-year work experience requirement

Let us know if you need help with becoming a CPA. Find out more at NJCPA.

The COVID-19 pandemic subjugated the world in just a few months. This novel coronavirus altered the lives of people around the world and brought on many challenges for students and professors alike. Faculty who conducted traditional in-person classes were forced to change to asynchronous learning using a learning management system (LMS) such as Canvas or Blackboard (BB) or synchronous learning using a video technology such as Zoom. Regardless of their choice, faculty had to learn to deliver course content in a totally different way.

As COVID-19 started to spread rapidly across New Jersey, colleges started to close last March. Upon returning from spring break, I used Zoom to welcome back the students saying, we will get through this class together. Most importantly, I also prioritized their health over school by emphasizing patience and understanding of each other. I told the students to call, text or email if they had any questions.

Here are some strategies that helped me during the early days of the pandemic and could assist CPAs and others who are teaching classes now:

• Provide detailed chapter outlines.
• Reintroduce all the support associated with the course material.
• Use Zoom or other video conferencing software for office hours.
• Create a discussion board on Blackboard where students can post questions.
• Require students to read emails at least once a day.

Lessons Learned

Using Zoom was different then standing in a classroom. I could not see if students were engaged or if they were even viewing their monitors, so I created poll questions that were built into the Zoom program. To keep it interesting, I created a magic word, where students needed to listen and then upload the magic word. Both activities helped monitor student attendance and engagement.

With virtual teaching, it’s important to make sure students are engaged and learning the course content. However, I am confident that one day we will return to the classroom.

Just when you thought it was safe to proceed with applying for Paycheck Protection Program (PPP) loan forgiveness, the Small Business Administration (SBA) — which had been quiet since early August — changed the rules again. Specifically, the SBA issued another Interim Final Rule (IFR), effective as of Aug. 25, defining who is an owner-employee of a C corporation or S corporation, and whether certain non-payroll costs involving transactions with related parties are eligible for forgiveness.

These two areas have been of great concern to borrowers and their advisors, and we had hoped that guidance would be forthcoming sooner — especially since some borrowers may have already applied for forgiveness. Moreover, the new guidance may place some borrowers in jeopardy of not realizing full forgiveness of the loan since funds may have been used to pay for expenses now deemed to be ineligible for forgiveness. Finally, the new IFR has some internal inconsistency (discussed below).

Owner-Employee Determination

Previous guidance limited the amount of owner-employee compensation that can be included in payroll costs for determining the amount of PPP loan forgiveness. Unfortunately, that guidance never defined who is an owner-employee. The loan application defined owner to mean:

• a general partner;
• any limited partner owning 20 percent or more of the equity of a partnership; or
• any owner of 20 percent or more of a corporation or LLC. 

However, it was never clear if those definitions were applicable in the loan forgiveness computation.

The new guidance specifies that owner-employees with less than a 5-percent ownership stake in a C corporation or S corporation are exempt from the owner-employee compensation rules. The guidance says that such owner-employees have “no meaningful ability to influence decisions over how loan proceeds are allocated.”

Observation: The IFR is silent as to partners and members of LLCs. It would be inappropriate, given the guidance issued for corporations, to assume that the higher limits in the loan application should be used here. Until additional guidance is issued, ANY partner or member who is actively involved in the business of the partnership or LLC should be considered an owner-employee for purposes of the loan forgiveness calculation.

Nonpayroll Costs of Tenants, Subtenants or Home-Based Businesses

Certain costs incurred or paid during the covered period — rent, mortgage interest, utilities — are eligible for inclusion as forgivable expenses. The new guidance clarifies that, to the extent such costs are attributable to the occupancy of space by tenants or subtenants, a PPP borrower may not include them in its forgiveness application.

Even more limiting, a borrower who works out of his or her home may include only the share of covered expenses that were deductible on their 2019 tax return. A new business may use the amount expected to be deducted on their 2020 return.

Rent or Mortgage Payments to a Related Party

This has been a question of great concern to borrowers since the program was enacted over five months ago. Until now, the SBA and Treasury have been remarkably silent on the subject. 

Under the IFR, rent payments to a related party are eligible for loan forgiveness only if the lease and mortgage were entered into prior to Feb. 15, 2020, and only to the extent that the payment doesn’t exceed the amount of mortgage interest owed on the space being rented during the covered period. Furthermore, borrowers must provide lenders with mortgage interest documentation along with the loan forgiveness application.

Even more draconian, the IFR says that mortgage interest owed to a related party is not eligible for forgiveness on the theory that “PPP loans are intended to help businesses cover certain non-payroll obligations that are owed to third parties, not payments to a business’s owner that occur because of how the business is structured.”

The term “related party” is not defined in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or any previous SBA guidance. The IFR defines related party for this purpose as “[a]ny ownership in common between the business and the property owner…” This is clearly a much stricter standard than the ownership relationship for owner-employees of C and S corporations in the same IFR.

And, while the IFR mentions only real property, since PPP allows forgiveness for both rent and mortgage interest for real and personal property, it is reasonable to assume that these new limitations apply to both.

Observation: While commentators have been quick to criticize the related-party guidance, it is not clear that it will be reversed. Therefore, borrowers who have already submitted loan forgiveness applications should review them to see if they should be revised. Other affected borrowers may wish to use the 24-week covered period to ensure that they have sufficient payroll costs to offset a shortfall in nonpayroll costs in achieving 100-percent forgiveness.

Comment: The SBA and Treasury have been issuing guidance or making public pronouncements throughout the PPP program, often changing previously issued guidance to the detriment of PPP borrowers. This IFR goes beyond changing the rules in midstream as it is likely too late for many borrowers to change the way they use loan funds.

This article was reprinted with permission of Friedman LLP and originally published on Friedmanllp.com.

As business becomes more global and regulated, the amount and complexity of knowledge required of accountants continues to increase. A growing emphasis is being placed on advisory and assurance services, which represents yet another level of complexity involving critical thinking, analytics and problem solving. It’s helpful for accounting students to become aware of the essentials in our profession so they can see that there is a method to this madness of detail. In academia, the notion of “threshold concepts” has gained popularity. These are the key ideas central to mastery of any subject, the understanding essential to all further growth.

Here are the threshold concepts for accounting:

1. Balance Sheet. Liabilities + equity = assets. The balance sheet must always be “in balance” — if assets increase, then either liabilities or equity must also increase. This is an amazingly simple idea. Yet, insight into any business often starts here.
2. We Are a Rules-Driven Profession. Accountants are governed by laws, rules, policies and procedures established by both government and industry organizations. There are three main organizations in the U.S. that establish and coordinate these rules and standards: the Financial Accounting Standards Board (FASB), the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC).
3. Financial Statements. A complete set of financial statements includes an income statement, a statement of changes in equity, a balance sheet, a statement of cash flows and the notes to financial statements. The graduate accountant need not be an expert but should be conversant with each of these.
4. The Accounting Cycle. Financial information is prepared in a process called the accounting cycle. Various best practices, information systems and rules are employed in managing this process to identify key data, report and analyze documents, record accounting transactions and prepare financial statements.
5. Proper Measurement of Assets and Liabilities. Accounting for the true value of assets and liabilities involves judgment. Assets and liabilities are originally listed at the price paid (i.e., historical cost) and this value is often adjusted over time. These modifications are especially important for intangible assets like goodwill, exchange rate fluctuations if priced in foreign currency, or depreciation, the periodic write-off of fixed assets.
6. Other Essential Financial and Non-Financial Information. A sustainable business creates stakeholder value through the prudent management of interrelated forms of capital (financial, manufacturing, intellectual, human, social and natural). Some of this value is quantifiable, while for others it is intangible.
7. Legal Entities. Businesses must choose a legal structure to define the rights and responsibilities of business ownership, degree of control, legal liability and tax treatment. The four basic organizational legal structures are sole proprietorship, partnership, corporation and limited liability company. 
8. Governance, Risk and Compliance (GRC). Accounting graduates need at least basic knowledge of governance, risk management, compliance and internal controls. These interrelated areas of focus involve conformance to ethical and other established standards with a special focus on effective management of risks. The Committee of Sponsoring Organizations (COSO) developed a framework for risk management that is widely used in business.
9. Raising Money. Growing a business requires investment. There are three ways to finance a business (debt, equity and retained earnings) and each have pros and cons.
10. Information Systems. For accounting graduates, there is a need for a digital and data-driven mindset along with the use of analytics and data visualization to effectively convey information. This requires a solid knowledge of technology, data analytics and automation.
11. Setting Strategy. The purpose of a strategy is to help organizations set goals and plan for contingencies that could affect goal achievement. A sound strategy should be a living document that accounts for current market conditions, competitive environment, regulatory environment, and financial constraints and resources.
12. Ethics, Integrity and Professionalism. We cannot legislate ethics. In a healthy accounting culture, accounting professionals foster trust. In business, trust is the cornerstone of all relationships with customers, suppliers, employees, shareholders and the community.

If accounting graduates develop a firm foundation in the above concepts, they have a great chance to succeed in that first job. And once that critical threshold is crossed, mastery is just a matter of time. 

Last month, I hosted an IssuesWatch Live webcast on the short- and long-term impact of the coronavirus pandemic on the nation’s and New Jersey’s economies. The response to this broadcast was overwhelming, with many members asking us to report more on economic news (you can watch a recording of the broadcast at here).

During the webcast, I interviewed two prominent economists: Daniel Bachman from Deloitte, who addressed national economics, and Jim Hughes from Rutgers University, who spoke on New Jersey’s economy. Jim recently passed along to me a report that he and his colleagues released, Coronavirus Economic Pivot: Precipitous Fall to Recovery Crawl?, which focuses on both New Jersey and the nation. Here are a few highlights from this insightful report:

• The “Great Coronavirus-Driven Contraction,” which began in February, was our nation’s first deliberately induced recession.
• The “Cruelest Month” — April 2020 — has little or no historic parallel and saw a loss of 20.7 million jobs. The overall job loss from February through April wiped out 97 percent of the employment gains from the preceding 10 years!
• As parts of the economy began reopening in May, slightly more than 10 percent of the lost jobs were recovered.
• If the timeframe of the full employment recovery from the Great Recession is repeated for the aftermath of the Great Contraction, New Jersey would not fully recover its job losses until January 2029. That’s sobering! However, a mid-decade recovery of all job losses is certainly a possibility.

You can read the full report here.

Later this month I’m going to be hosting another IssuesWatch broadcast that I think you’ll find insightful and useful. It’s going to cover the dire impact of the coronavirus pandemic on the New Jersey’s fiscal condition and the budget hole of up to $10 billion that it’s caused. I’ll be interviewing Senator Steve Oroho, who is one of the most knowledgeable legislators on fiscal issues, and NJ Spotlight reporter John Reitmeyer, who is one of the most knowledgeable journalists on the issue. The broadcast will air on July 8, July 13 and July 17 and is free for NJCPA members.

The leap from being a college accounting student to a productive member of the workforce is a significant one; in fact, for most of us it is the moment we have been training for our whole lives. With this jump often comes a mixture of emotions such as the fear of the unknown and excitement for a new chapter of life (and of course a bigger paycheck!). Here are some basic tips I’ve learned to help make this leap’s landing as smooth as possible:

Ask Questions

Do not be afraid to ask questions. By asking questions, you show your managers that you care about increasing your knowledge base and better developing your skillset. Questions help to create conversations and discussions, which in turn allow you to learn from those with more experience and knowledge to share. If you ask a question and still feel lost after the response you received, ask for more clarification — we have all been there!

Communicate

Communicate, communicate, communicate! There is no greater skill than that of communication — especially as someone who is new to the workforce. Although it may sometimes feel uncomfortable, you will find that the majority of challenges or dilemmas you face could most likely have been avoided if there was more communication. By creating a habit of communicating realistic timelines and project updates, you are setting you and your team up for success.

Embrace Your New Environment/Workplace

Experience and appreciate all that your new workplace has to offer! Get to know your new colleagues, eat lunch in the kitchen, and go to firm/work sponsored events. The more you enjoy the work you do and the company you work for, the more productive a team member you will become.

Enjoy this new and exciting journey you are beginning and welcome all of the lessons and growing pains it has to offer. Before you know it, you will be the person new members of your team come to for direction and guidance.

The majority of businesses in New Jersey began their official work from home protocol the week of March 15. During that period, companies had to adapt quickly to a new and unstable daily environment. Now, approximately eight weeks later, what have we learned?

Here are some key lessons:

• Communication. One thing that has come to everyone’s attention is how easy it is to go dark. The breakdown in communication is the number-one problem most organizations have with working from home. Those who are succeeding right now are using communication tools such as Microsoft Teams, Slack, Zoom, Skype and app-based phone systems to keep employees, managers, owners and clients all within close contact. 
• Routines. Many people thrive on the structure that a typical 9-to-5 routine gives their lives. Our current work-from-home situation allows many people to fall out of those routines. Stories of people working in their pajamas or gaining the ‘Quarantine 15’ are becoming more and more common. Getting into a standard routine and treating your remote working situation similar to your office situation is essential to productivity. Creating and enforcing a schedule, regular eating habits and dedicated down time are all key to both productivity and mental health.
• Security. Getting thrown into a remote working environment has forced many workers, managers, businesses and customers into situations where time and convenience make security and privacy take a back seat. With such an increased usage of electronic tools to send and receive information, all users need to be well aware of how this information could be exposed and what the potential risk of that exposure is. Email, electronic signatures, secure portals, encryption and personally identifiable Information are all hot areas that all remote workers need to be concerned about.
• Separation. Now that you have figured out how to work, have you established how to turn it off? Many people are experiencing the effect of working even more hours and disrupting more personal and family time by always having access to their email and company resources through portable computers and mobile devices. This can put additional stress onto a working relationship and add additional burdens to an already difficult working environment. Setting dedicated out-of-office hours can help make working hours more productive and non-working hours more rewarding.

One thing to note is that this is an ever-evolving and changing business landscape. The rules that apply today may not apply tomorrow. And once our country begins to take steps to fully open up safely, the rules will change again. Our ability to adapt and pivot in real time will ensure our success not only as individuals, but as organizations and as a country.

Working mom! How many times have you heard this? You know you are a working mom when your mind seamlessly transitions from remembering to change a diaper on your way out the door to strategizing about tax savings for your multi-million dollar client as you are driving to work. As a senior certified public accountant at Cullari Carrico, LLC, I work on individual and business tax returns, compile financial statements, perform review services and serve as a member of the quality control committee. My day consists of juggling an active infant and a non-stop toddler, to managing endless deadlines, to remembering to reflect new regulations in my prepared financial statements. 

As a professional, you are passionate about your career by making sure you are on your A game during a meeting, but all of a sudden your watch buzzes with a call from daycare. You leave to answer and come back to a meeting that is wrapping up where someone else has shined and you sit back and nod in agreement to what they are saying. It feels like another missed opportunity because life as a working mom has gotten in the way.  

No matter what anyone says or what any “superwoman” portrays, being a working woman isn’t easy. No matter how advanced society has become, the majority of the time it’s women who are the “mental worriers.” Have you ever heard a dad talk about their kids’ bowel movement? 

As a mother, you want to do it all without feeling guilty. Feeling guilty because instead of baking, you sent in store-bought goodies during a school holiday party or you couldn’t do happy hour at work where new clients would be discussed.

You want to do it all and rightfully so...and with the right boundaries, work-life balance may be achievable!

It’s apparent that there is no one way to do it, but here are few things to keep in mind:

• Schedule out your week, day and hours. This forces you to stay on track with little room for distractions.
• Work with your employer for a mutual flex hour work schedule. It may be not be possible to reach the office during early hours, but hopping on remotely after kids’ bedtime may be more productive.
• Set scheduled times for check-ins. It’s impossible to turn off your mom brain at work, but instead of checking in with the caregiver at random times, this will help more.
• Disconnect. It’s difficult to disconnect from work even when you are home...but set boundaries to focus separately on family and work. This could be not spending more than a predetermined time on work at home.
• Ask for help!! It’s okay to say no to a project or hire help at home. Even superwomen need help to function sometimes!

If self-doubts, inaction, or the desire to put your social life at the forefront resonates with you and your progress towards becoming a CPA my story may be for you.

My journey towards becoming a CPA has spanned a third of my life, which means most of my adulthood was spent, in part, working towards this goal. This length of time is not representative of my attempts at taking the actual CPA Exam, rather it represents the time it took me to overcome the mental hurdles and self-doubt prior to sitting for one of our country’s hardest professional certification exams.

Over the length of my career thus far I have been surrounded with incredible mentors. They all shared the same sentiment: the longer I waited to take the CPA Exam the harder it would be as responsibilities at work and at home would grow. The first time I was on the receiving end of this insight I distinctly remember feeling a rush of misplaced pride that outright rejected their cautionary tale. In reality, the “pride” I felt was insecurity bubbling to the surface. Deep down, I knew they were right; however, I made the decision to ignore them. I decided, out of fear, to sacrifice future growth for current comfort and allowed self-doubt to root.

By 2013 I found myself interested in my work but remained uninspired to tackle the academic mountain which is the CPA Exam. In order to reinvigorate my passion for learning I enrolled in my alma mater’s Master of Accountancy program. I graduated December of 2014 with a refreshed outlook and revamped skillset to take on the exam. Before I dove head-first, I told myself, “I deserve a break before busy season.”

That was January of 2015.

Over the next four years, I transitioned into my current firm, WilkinGuttenplan; moved to an entirely new city; proposed to my girlfriend (now wife), Becky; and celebrated the awesome personal and professional milestones of my friends and family. Throughout all of that what remained absent was additional progress towards the CPA. I had positioned myself in a self-fulfilling prophecy of failure through inaction. I could hear my mentors, past and present, saying, “I told you so”.

By July 2018, after a series of meetings with my tax partner/coach the first section was scheduled. Passing this particular section wasn’t a high priority. What took precedent was the act of simply starting the process. I had to learn to face the fear and self-doubt I had let fester within and take my best shot.

What I learned throughout the following year’s successes and failures is simple; the CPA Exam is a war of mental attrition where the persistent and dedicated are rewarded. Paramount to my success was the support structure that built up my confidence to start the process and to hold me up through the setbacks. With the support of my wife, partner group, family and friends, exactly a year to the day of finding out I passed my first section, I had passed the final section at the ripe age of 32.

My final message to anyone procrastinating: Stop putting it off. You can do this!

For most new graduates, coming into a CPA firm is a great opportunity to start one’s career in accounting. At the same time, there are challenges a staff accountant will face that, without the proper guidance, can become overwhelming. However, with the proper mindset and the right leadership to offer direction, these challenges can be turned into opportunities. This is particularly true for new staff accountants.

Here are a few things to keep in mind:

• A new staff accountant is never expected to turn out a perfect tax return from start to finish. Bearing that in mind can alleviate a great deal of stress in the first few years in the accounting industry.
• Communicating with peers and reviewers in a professional manner will show the firm that you’re greatly committed to its success.
• Focusing on completing the basic tasks, such as assisting with extension preparation, basic workpaper preparation and keeping pace with your CPE classes, are all great ways to set yourself up for future accomplishments.
• Ask pointed questions about unclear subjects. Though it’s tempting to say you understand what’s going on, when in truth you’re unsure, it’s better for your development and your work product to ask the questions that will help you gain mastery of skillsets. Managers appreciate you asking for clarification before starting, as opposed to waiting until the deadline is right on top of you and finding out you’re lost. 
• Show managers your determination and drive to improve as an accountant. Even though working through a tax return can bring along its share of challenges, working as hard as you can to figure out the return is best.
• Realize this is your chance to show everyone that you are a go-getter and see if you can help the team out or go beyond the call of duty even though it may be easier to just wait for the work to land in your inbox.

In the long term, you’re much better served when you aim to distinguish yourself from your peers.  

Graduating from college and other advanced degree programs is a big deal — not just for the education obtained, but for the commitment of focusing oneself for four to five years on a goal. Here are my 10 pointers for young professionals:

1. Save 25 to 35 percent of your net pay. You never had the money before, so you will never miss it. Start building your war chest of savings now, because it will come in handy later.
2. If you have student loans, use every disposable dime (after saving per #1) to pay it off. I’m serious. Get rid of those loans.
3. Invest money in one or two custom-made suits, custom-made shirts, some high-quality shoes and a nice coat. It will cost some serious money, but if you are on the lookout for deals (i.e., finding a quality tailor, looking out for yearly deals from stores like Nordstrom, tagging along to a friends and family event at a luxury retailer, etc.), you will be amazed by the money that you can save.
4. Start developing a secondary source of income. Start off with a Stock Dividend Fund, a Municipal Bond or Treasuries. Then, consider investing in an investment or rental property. Invest in a business or restaurant. Whatever. The point is, you will do yourself a favor by growing a source of income that is NOT from your job. 
5. Sign up for match – as in your 401(k) match.  Since your income is expected to be relatively low, here’s a retirement savings trick that I would recommend – Contribute to your 401(k)/Roth 401(k) just enough to secure the company’s match (which is free money), stop contributing after that and max out a ROTH IRA. Many employer Retirement Savings Plans have mediocre investment options at best and are full of hidden fees.
6. Cash Rules EVERYTHING Around Me (CREAM).  If you can’t pay for it with cash (and I’m not referring to your savings), don’t buy it. Credit is not an extension of your income. It is BORROWED MONEY.  Nothing is sadder than seeing a young adult paying on a credit card balance for clothes that he/she bought a year ago, or for a trip that you took two summers ago.
7. Be pennywise… and I don’t mean that big-headed clown from It.  Live frugally. Notice that I did not say “cheap”. Being frugal is all about being an informed and vigilant consumer. You take the time to shop for the best deal possible.
8. Understand that all things that glitter, isn’t gold. You will have friends that have a new car, bought those $100+ jeans, partied last weekend in VIP at ‘the club’. They’re living this fabulous lifestyle. However, they have no assets, bank account is just above the minimum (if not constantly incurring overdraft fees), and they’re barely making ends meet. This is not a judgement – just an observation. 
9. Luxurious living costs you big time. Thinking about moving to the “hot urban areas” with the brand new apartment complexes? With one bedrooms costing nearly $2,000/month ($24,000/year), you say “what the heck… you only live once, right?” That may be true, but if you were able to find a studio a few miles away at $1.250/mo ($15,000/year), you can save $9,000 year which could go towards, savings, investments or retirement.
10. Speak to a professional. You may not necessarily be ready to work with a financial advisor year-round, but it doesn’t hurt to pay a few hundred dollars to meet with an accountant and a fee-only advisor to discuss tax, budgeting and investment strategies for the ensuing six to 12 months.

Also, you can utilize tools like Mint.com or Betterment.com if you feel comfortable and savvy enough to navigate through this with a little help.

This abridged article was reprinted with permission. It was originally posted on www.njcpablog.com.

The New Jersey Society of CPAs (NJCPA) awarded nearly $375,000 in scholarships to 70 students in April from the NJCPA Scholarship Fund. Scholarships are worth from $1,000 to $7,000 each, split between four-year, one-year, chapter, and minority awards. The fund has supported more than 1,700 students, with more than $4 million given out over the last six decades.

I am indeed thankful to be selected as one of the recipients of the NJCPA Scholarship Awards for the 2018/19 academic year and grateful to have had the chance to attend the 58^th Annual Scholarship Award Ceremony with my accounting professors. I can highlight several impacts on my education from receiving this award. These include:

• Opportunity: The award provides me an opportunity to pursue my accounting degree. Receiving this scholarship, I spend less time working to keep on top of my accumulated student loan and worrying about my university debt. I am able to spend more of my time enjoying my studies and have a greater opportunity to maximize my college experience.
• Motivation: This scholarship motivates me to continuously work hard at school. Receiving this award produces better outcomes for my academic endeavors. It also allows me to progress in continuing to achieve my goal to become a Certified Public Accountant (CPA).
• Inspiration: Investing in my education provides me with a solid base upon which I can build a career in accounting. The NJCPA Scholarship Fund offers monetary assistance to support students’ education. It further proves that the NJCPA is committed to its members and demonstrates their willingness to go above and beyond to ensure student members succeed. Their generosity has inspired me to contribute to scholarships and I look forward to being able to give back and invest in an education for future student members.  

Congratulations to other scholarship recipients (listed here) — our hard work now will help us succeed in the accounting profession.

During my undergraduate years, the NJCPA has also helped me develop my professional network at events such as NJCPA’s 2018 Annual Convention & Expo and its Career Night. I would like to thank NJCPA for continuing to support and provide the resources needed for student members to pursue an accounting education.

It’s crucial to view networking as building a friendship and possibly even a partnership instead of wondering what an individual in the profession could do for you. Networking is a two-way street, which would ideally result in expanding both parties’ contacts and professional relationships.

Below are a few tips that can help navigate the networking world:   

• Arrive on time. Showing up to a networking event early or on time will make it easier to find someone to talk to since most people won’t have conversation partners yet.
• Be approachable. Smile, make eye contact and listen to what people have to say.
• Keep the conversation casual. There is no need to start a conversation with a sales pitch. Remember to keep the conversation light and fun which will allow it to naturally progress to a deeper conversation. Do have a short elevator pitch ready on what you and your firm does if someone asks. The purpose is to connect with the person and try to find a mutual interest. People tend to do business with whom they get along. Asking general questions about the other person, weekend plans or favorite sports/teams are all great ways to further a conversation and will give you something to build on and to bring up in your next interaction.
• Share hobbies and interests. It should be relatively easy to find a personal connection with a networking prospect and truly expand on this common interest to form a lasting bond. Discussing hobbies or interest you are passionate about can help you find a common connection with someone. Even if this is not a common interest between the two parties, an interesting hobby will show you are well-rounded and have a personable side which will hopefully spark a lot of questions from the other party.
• Follow up. By following up, you are reinforcing the relationship with the person you met. If you collected a business card, shoot the person a quick email the next day simply saying that you enjoyed meeting them. Try to connect a discussion point from your conversation. You can also connect with your new contacts through LinkedIn, which will help you stay in their network.

Most importantly, remember that very few people are naturally comfortable with networking. It takes time to build the confidence to recognize other people are actually interested in what you have to say.