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Your go-to source for expert insights, industry updates, and exclusive CalCPA content. Stay ahead with practical guidance, pro tips, and must-know trends—all designed to fuel your success.

Stay ahead with essential CPA resources

Advancing Accounting’s Future Through Federal Advocacy

CalCPA is working alongside the AICPA in Washington to strengthen the accounting pipeline, secure STEM recognition and advance fiscal transparency—efforts critical to the profession’s future.

The Forces Reshaping the Profession

Trust, talent, technology and transformation are reshaping the future of CPAs—and a new CalCPA report reveals how the profession can turn disruption into opportunity.

High Liability 

California is expanding the reach of personal liability—and cannabis tax is at the center of it. Here’s what practitioners need to know as they face familiar, but evolving, compliance challenges.

From Classroom to Career

The path to an accounting career now includes more than technical knowledge. Instructors are evolving their teaching to prepare students for the realities of recruiting and professional expectations.

Golden State wisdom straight from the experts

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Looking for an old article or a past issue from California CPA magazine? You're in the right spot!

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CPAs: Making Sense of What Comes Next campaign

As the accounting profession continues to evolve, CalCPA, in coordination with the AICPA, is actively engaging at the federal level to support sound policymaking, particularly to support the pipeline of accounting professionals and reinforce the profession’s role in public trust. Recent advocacy efforts have focused on three key areas: recognition of accounting as a STEM field, advancing fiscal transparency through federal legislation and ensuring accounting is appropriately recognized as a professional degree within federal education policy.

Strengthening the Pipeline Through STEM Recognition

Attracting and developing the next generation of CPAs had been a priority for profession stakeholder. CalCPA has supported federal efforts to recognize accounting as a STEM-designated field, reflecting the profession’s increasing reliance on data analytics, technology and complex systems. STEM designation would help expand access to federal education resources; increase awareness of accounting as a modern, technology-driven career; and better align academic pathways with the skills required in today’s marketplace.

In coordination with AICPA and other national stakeholders, this effort is part of a broader strategy to modernize how accounting is perceived and accessed—ensuring that students see the profession not just as traditional bookkeeping, but as a critical, forward-looking discipline at the intersection of finance, technology, and decision-making. 

Earlier this year, Senators Susan Collins (R-ME) and Jacky Rosen (D-NV) introduced the Accounting STEM Pursuit Act (S. 3784), which joins identical legislation introduced in the House (H.R. 2911) last spring by Representatives Young Kim (R-CA) and Haley Stevens (D-MI). CalCPA members have encouraged the California congressional delegation to sign on to support these critical bills.

Promoting Fiscal Transparency: The Fiscal State of the Nation Act

advocating for improved federal financial transparency

 through support of H.R. 7026, the Fiscal State of the Nation Act. This legislation would require an annual joint hearing of the House and Senate Budget Committees to receive a presentation from the U.S. Comptroller General on the audited financial statements of the federal government.

The objective is straightforward: ensure policymakers have access to clear, objective and reliable financial information when making long-term fiscal decisions. As outlined in CalCPA’s advocacy, this approach would provide Congress with fact-based insights into the nation’s fiscal health, including key financial and sustainability measures, while also improving understanding of audit findings and risks.  

At a time of increasing fiscal complexity, CalCPA and the broader CPA profession view this as a critical step toward strengthening accountability, transparency, and informed decision-making at the federal level.

Ensuring Recognition in Federal Education Policy

CalCPA has engaged with the U.S. Department of Education on proposed rules that would define which academic programs qualify as “professional degrees” for purposes of federal student loan eligibility. As currently drafted, the proposal excludes accounting—potentially limiting access to graduate-level financing for students pursuing CPA licensure.

comments submitted to the Department of Education

, CalCPA emphasized that accounting is a licensed and regulated profession with rigorous education, examination, ethics and competency requirements. The organization urged the Department to either explicitly include accounting in the definition or maintain a flexible definition that encompasses accounting programs.  

This issue has real implications for the CPA pipeline. Limiting access to financing creates barriers for students and risks undermining efforts to attract diverse talent into the profession. Ensuring equitable access to education is not only a workforce issue—it is a public interest issue.

A Unified Effort to Advance the Profession

Across these efforts, a common theme emerges: the need to align federal policy with the realities of a modern, evolving profession. Whether through expanding access to education, improving fiscal transparency or reinforcing the profession’s role in public trust, CalCPA’s advocacy—alongside AICPA and other partners—is focused on ensuring that the CPA profession remains strong, relevant and accessible.

These efforts are not just about the profession—they are about supporting informed decision-making, economic stability and public confidence in the systems that underpin our financial world.

California's economic landscape is shifting—and CPAs are on the front lines. In a conversation during the recent CalCPA Council meeting, California Treasurer and CalCPA member Fiona Ma shared her thoughts with CalCPA Chair Jillian Phan on the state's finances, business climate, workforce development and what financial professionals should keep an eye on.

Q: As you walk the halls of the Capitol, what are you hearing about the current state of California’s economy—and what should CPAs take away from that?

 “We are doing better than expected in terms of revenues, mostly from personal income tax and corporation taxes,” Ma said, while also noting that sales tax revenues remain relatively flat. For CPAs, that mix matters. California’s heavy reliance on high earners, stock options and corporate performance means revenue volatility remains a constant risk factor for both state budgeting and client planning.

Ma added that consumer behavior is shifting. “People are just not that comfortable,” she said, pointing to rising costs of living, uncertainty around tariffs and insurance availability, and reduced discretionary spending. 

For CPAs advising businesses and households alike, this signals continued caution—especially in forecasting, cash flow planning and investment decisions.

Q: California is often described as unfriendly to business. How accurate is that—and how should CPAs frame this conversation with clients?

“I think it’s business friendly. It’s just expensive and difficult with the bureaucracies,” Ma acknowledged. Time delays, particularly around permitting, are a recurring concern as “it’ll take nine months to get a permit in Texas. It’ll take two and a half years here. And time is money.”

For CPAs and firm leaders, this reality reinforces the importance of proactive advisory services. Clients weighing expansion, relocation or capital investments need clear modeling of regulatory timelines, carrying costs and opportunity costs. 

Acknowledging the friction points, Ma also discussed outmigration as businesses and high-net-worth individuals are evaluating their options—and CPAs have a unique seat at the table. 

Her message to financial professionals: the anecdotal data you gather every tax season — who's restructuring, who's relocating, which clients are thinking about leaving — is the kind of ground-level intelligence that policymakers need to hear. "You need to let them know," she said.

Q: What role can CPAs play in shaping better outcomes at the policy level?

Ma encouraged CPAs to communicate directly with legislators about what they see on the ground. “Don’t assume that they know what is going on in the field,” she said.

From tax migration to delayed permits to client frustration with government responsiveness, CPAs are often the first to see trends emerge. Sharing that intelligence—clearly and consistently—can influence policy discussions and improve long-term business conditions.

Q: How does California balance regulation, innovation and economic growth?

“We’re highly dependent on personal income tax, corporation tax and sales tax—that’s 90 percent of our general fund,” Ma said. At the same time, housing affordability and workforce challenges continue to strain the system.

Ma emphasized the growing divide between high earners and minimum-wage workers, warning that “we’re losing the middle class if we don’t start thinking and figuring it out.” For CPAs, this creates both challenge and opportunity: advising employers on compensation strategies, helping individuals navigate housing and tax credits, and guiding firms through compliance without stifling growth.

Q: What advice do you have for students and early-career professionals trying to build a future in California?

 “Try not to go into high student loan debt,” Ma advised, stressing the importance of savings and early career planning. She highlighted the value of paid internships and programs aligned with CPA licensure requirements, noting how those choices helped her start a business and buy property early.

For firms facing talent shortages, this message reinforces the value of internships, mentorship and early engagement with future CPAs—investments that benefit both the profession and the state’s economy.

Ma also called out what she sees as a structural gap between academia and the private sector. "Business is doing their thing. Academia is doing their thing. They would love to help each other—they just don't know how. No one is creating those formal relationships and partnerships," she said.

Q: As a CPA who went into public service, what role does your license play today?

"Once you let your CPA license lapse, it is too hard to get it back. This is like gold to me,” she said. “I think people value CPAs. They don't understand how many hours we do—like doctors or pilots. Yet we are held to a higher standard."

Ma said she still completes her 80 hours of CPE every two years to maintain her license and emphasized the value of the license professionally and politically.

She noted that her CPA license gave her credibility at every level of government where she has served—on the Board of Equalization and as State Treasurer—and as a data-focused voice in a policy world that often prioritizes narrative over numbers. "I always want to see the data. Sometimes policy people don't want to hear that. But you've got to know how much it costs," she said.

Economic Shifts in California: Insights for CPAs

California’s economy is shifting fast. Read what CalCPA member and California Treasurer Fiona Ma says CPAs should be watching right now.


On June 30, 2022, Gov. Gavin Newsom approved 

, which added new sections to the California Revenue and Taxation Code, including Sec. 34015.2 that imposes personal liability for unpaid cannabis tax.

Any California tax practitioner who reads Sec. 34015.2 may feel déjà vu. The wording of the statute largely mirrors another personal liability law which has been around for decades, namely Revenue and Taxation Code Sec. 6829. Both statutes allow the state of California to collect the unpaid tax a business still owes the state after it terminates. 

The question becomes: from whom can the state collect this unpaid tax? 

Sec. 6829 imposes personal liability on certain responsible persons for the unpaid sales or use taxes, plus penalties and interest, of a closed business for which they willfully failed to pay or cause to be paid for the business [Cal. Rev. & Tax Code Sec. 6829(a)]. Effective Feb. 8, 1997, the state adopted Regulation Sec. 1702.5, which provided guidance on the proper interpretation of Sec. 6829. 

After the legalization of non-medicinal cannabis in 2018, and the subsequent spread of retail cannabis businesses, a personal liability law for cannabis tax became necessary. That is where Sec. 34015.2 came into the picture. Sec. 34015.2 imposes personal liability on certain responsible persons for the unpaid cannabis taxes, interest and penalties, of a closed business which they willfully failed to pay or cause to be paid for the business [Cal. Rev. & Tax Code Sec. 34015.2(a)]. 

Sec. 6829 is the personal liability statute for sales and use tax, Sec. 34015.2 is the personal liability statute for cannabis tax.

Operative on April 1, 2025, California Department of Tax and Fee Administration (CDTFA) adopted 

 which provides guidance on the proper interpretation of Sec. 34015.2. In other words, Regulation Sec. 3820 will play the same role for Sec. 34015.2 that Regulation Sec. 1702.5 plays for Sec. 6829. The real meat about the elements of these personal liability rules and how they work is outlined in these regulations. 

Regulation Sec. 1702.5 and Regulation Sec. 3820 are worded similarly, but the small differences between them will lead to significant differences in how these laws will be implemented. 

At the end of both Regulations Secs. 1702.5 and 3820, there is a subsection establishing the burden of proof and standard of proof to determine the individuals responsible for unpaid tax. Both state that the CDTFA has the burden to prove the requirements of personal liability “under the preponderance of the evidence standard of proof” [Cal. Code Regs. tit. 18, Sec. 1702.5(d); Sec. 3820(d)]. After this phrase, Regulation Sec. 3820 ends. Regulation Sec. 1702.5, however, has one final subsection following it:

“(e) Presumption. If the person is not an officer or member or a partner or a manager with an ownership interest in the entity, the person is presumed to not be personally liable under subdivision (a), unless the Board rebuts this presumption with clear and convincing evidence.” [Cal. Code Regs. tit. 18, 1702.5(e)] 

This presumption is noticeably absent from Regulation Sec. 3820. What does this mean in real life?  First, recall that the clear and convincing evidence standard is a greater burden of proof than the preponderance of the evidence standard [Black’s Law Dictionary, Third Pocket Edition 256 (3d ed. 2006)]. For either kind of tax, the standard to establish personal responsibility for a business officer, partner, member or manager with ownership interest, is the preponderance of the evidence. For a normal employee, however, the state will need less evidence to establish personal responsibility for unpaid cannabis excise tax than for unpaid sales and use tax.

Here are a few hypothetical examples to illustrate the difference:

 from a closed retail store called Rob’s Sporting Goods. The State is investigating Martha as a potentially responsible person because she was the CFO of the corporation operating Rob’s during the liability period. Since Martha was a corporate officer, the State will just need to meet the 

 to prove that she fulfills the elements of personal responsibility. 

 from a closed retail store called Rob’s Sporting Goods. The State is also investigating an employee named Bob as a potentially responsible person. Bob was working as a cashier during the liability period. He was not a corporate officer, member, partner or manager with ownership interest in Rob’s Sporting Goods. Thus, pursuant to Regulation Sec. 1702.5(e), there is a presumption that Bob is not personally liable. The State would have to provide 

 to rebut that presumption and establish Bob’s personal responsibility. 

 from a closed dispensary called Four Twenteez. The State is investigating an employee named Mary Jane as a potentially responsible person. Mary Jane was working as a cashier during the liability period. She was not a corporate officer, member, partner or manager with ownership interest in Four Twenteez. Here, there is no presumption that Mary Jane is not responsible, so there is no need for clear and convincing evidence to rebut such a presumption. Thus, the State will just need to meet the 

 to prove that Mary Jane fulfills the elements of personal responsibility. The same would be true if Mary Jane was the CFO. 

Another difference between the regulations is the definition of who is a responsible person. Regulation Sec. 1702.5(b)(1) and Regulation Sec. 3820(b)(1) define responsible person with mostly identical language. Regulation Sec. 1702.5(b)(1), however, contains the following sentence, which is absent in Regulation Sec. 3820(b)(1):

“The term ‘responsible person’ does not include any person who would otherwise qualify but is serving in that capacity as an unpaid volunteer for a non-profit organization.” [Cal. Code Regs. tit. 18, Sec. 1702.5(b)(1)]

Here is another instance where the collection of unpaid cannabis tax will have less restriction than the collection of unpaid sales and use tax. The drafters likely left out this sentence from Regulation Sec. 3820 knowing that many cannabis retailers are structured as nonprofit organizations. Medicinal cannabis businesses formed before 2018 were organized as nonprofit cooperatives or collectives, based on 

California Department of Justice guidelines

. Today, many cannabis businesses are structured as nonprofit mutual benefit corporations, so much so that the California Secretary of 

State’s cannabis forms and fees webpage

 provides quick links to forms for such entities to convert to stock corporations or LLCs. Even an unpaid volunteer at a nonprofit cannabis business may possibly be a responsible person for unpaid cannabis tax, if he or she meets the elements of personal liability. This is not the case for an unpaid volunteer at a nonprofit with unpaid sales or use tax. 

Revenue and Taxation Code Sec. 6829 imposes personal liability for sales taxes actually collected by the business entity.  Revenue and Taxation Code Sec. 34015.2 imposes personal liability for cannabis taxes owed by the business entity, regardless of whether the taxes were actually collected by the business entity.  

The new Regulation Sec. 3820 imposes personal liability if CDTFA establishes that while the person was a responsible person, the business “was required to collect the cannabis excise tax imposed pursuant to Revenue and Taxation Code section 34011.2 and failed to remit such tax when due” [Cal. Code Regs. tit. 18, Sec. 3820(a)]. 

On the other hand, the older Regulation Sec. 1702.5 imposes personal liability if CDTFA establishes that while the person was a responsible person, the business either: 

“1. sold tangible personal property in the conduct of its business and collected sales tax reimbursement on the selling price (whether separately itemized or included in the selling price) and failed to remit such tax when due; or

2. consumed tangible personal property and failed to pay the applicable tax to the seller or the Board; or

3. issued a receipt for use tax and failed to report and pay the tax.” [Cal. Code Regs. tit. 18, Sec. 1702.5(a)] 

There is a subtle but significant difference between the two regulations. For responsible person liability in a sales tax case, there is a requirement that the business actually collected sales tax reimbursement from customers and failed to remit it. For responsible person liability in a cannabis tax case, the CDTFA does not need to establish that the business collected cannabis excise tax—only that the business was legally required to do so and failed to remit it. This is another instance that arguably gives the State a less stringent standard to establish personal responsibility for unpaid cannabis tax than for unpaid sales tax.

The statutes that create sales tax liability and cannabis tax liability are worded differently.  Revenue and Taxation Code Sec. 35(b) imposes sales tax liability on the seller “For the privilege of selling tangible personal property at retail …” Revenue and Taxation Code Sec. 34011(a) imposes the cannabis tax on the purchaser of cannabis, not on the seller. It states, “… a cannabis excise tax shall be imposed upon purchasers of cannabis or cannabis products sold in this state …” This is another subtle but significant difference between the two taxes.

California law requires the seller to collect both the cannabis excise tax and the sales tax; however, when the seller collects sales tax, it is collecting a tax that it (the seller) owes.  In contrast, when a seller of cannabis collects the cannabis excise tax, it is collecting and holding the tax (in trust) on behalf of the buyer. This is similar to when an employer collects and holds the employees’ portion of payroll taxes.  The taxes collected on behalf of the employees are held in trust.  Similarly, cannabis excise taxes collected from buyers are held in trust by the seller. This distinction in the mechanics of how these two taxes are assessed and collected leads to very different results in bankruptcy cases.  

Pursuant to 11 U.S.C. Sec. 507(a)(8)(C), trust fund taxes are never dischargeable in bankruptcy. Therefore, California cannabis taxes are never dischargeable in bankruptcy. California sales taxes, on the other hand, may be discharged in bankruptcy since they are not trust fund taxes. See 

), 172 B.R. 933 (9th Cir. BAP 1994), and 

), 651 F.3d 1049, 1052 (9th Cir. 2011).  

Also, cannabis businesses generally cannot get relief in bankruptcy court because they are engaged in an activity that is illegal under federal law.  Bankruptcy courts routinely dismiss cases filed by cannabis businesses “for cause” pursuant to 11 U.S.C. Sec. 707(a) because of their violation of “non-bankruptcy law,” specifically the federal Controlled Substances Act, 21 U.S.C. Sec. 801 et seq.  See 

) 535 B.R. 845 (10th Cir. BAP 2015).  While the cannabis business entity is generally precluded from receiving bankruptcy relief, the responsible person may be able get relief in federal bankruptcy court. This issue has not yet been developed in the bankruptcy court case law.

While the new Regulation Sec. 3820 and the existing Regulation Sec. 1702.5 are similar, the subtle differences in wording cause significant difference in their real-life implementation. 

It seems obvious that California is serious about collecting unpaid cannabis excise tax. A good way to achieve this objective is by extending the umbrella of potentially responsible persons, by creating a lower barrier to establish personal responsibility. Tax practitioners should take note of the important differences new Regulation Sec. 3820 creates, compared with previously existing sales tax personal responsibility cases. 

This article was previously published in the California Tax Lawyer's 2025 issue.  The California Tax Lawyer is an annual publication from the California Lawyer's Association Taxation Section.

At a time of rapid technological change, evolving market expectations and growing competition for talent, the profession is facing meaningful challenges and remarkable opportunity.

Leading Through Change: The Forces Shaping the Future of CPAs

, distills insights from CalCPA’s Leadership Forum, where managing partners, profession leaders, academics and innovators gathered to explore the future of the profession. The report identifies four forces reshaping the future of CPAs—Trust, Talent, Technology and Transformation—and outlines how the profession can seize the opportunity ahead.

Trust Is the Profession’s Most Valuable Asset—And It’s Under Pressure

If there is one constant in the report, it is this: in a world flooded with AI-generated content and competing sources of financial guidance, the CPA’s commitment to ethics, independence and accountability has never been more important.

The report warns that trust is actively being eroded on two fronts. First, AI tools are raising questions about who—or what—is producing financial reporting, and whether adequate human oversight is in place. Second, the rise of “on-demand” credentials and unlicensed competitors means clients increasingly have the option to “opinion-shop,” seeking guidance from professionals without the rigorous training and ethical obligations that define the CPA.

The profession’s response, the report argues, must be proactive: clearer standards around AI oversight and conflicts of interest, greater visibility into the work CPAs do, and a renewed commitment to promoting the unique value of the CPA license—including through transparency dashboards and digital verification tools.

Accounting programs have faced challenges, while many prospective professionals pursue faster-entry paths in fields like data science, finance and technology. At the same time, outdated perceptions persist that accounting is a narrow or static career. As the report notes, “The profession becomes less attractive to new talent if it is seen as a dated or legacy profession.”

Addressing this challenge is not simply about recruiting more students—it’s about reframing what the CPA profession represents. Today’s CPAs are strategic advisers, data storytellers, team leaders and ethical stewards of emerging technologies. That message must reach students in high school and college, as they begin considering career paths.

Equally important is investing in the professionals already in the field. As technology and client expectations evolve, CPAs will need to continuously expand their capabilities. The report emphasizes the need for a culture of ongoing learning—equipping both early-career and experienced professionals with skills in areas such as AI literacy, data analytics, stakeholder communication and cross-disciplinary collaboration. Building these capabilities will help ensure CPAs remain trusted leaders in an increasingly complex and technology-driven business environment.

Technology is Reshaping Work—and Opportunity

It’s no secret that AI, cloud-based automation and continuous monitoring tools are rapidly changing the nature of accounting work. Tasks that once defined the profession, like data entry, financial recording and routine reporting, are increasingly automated. This is not a threat. It is an opening.

As the report describes it, CPAs are shifting from “spreadsheet compiler” to “data storyteller”—providing the context, interpretation and judgment that technology alone cannot deliver. AI enables continuous monitoring and predictive forecasting, potentially transforming the traditional “busy season” model into one of year-round, “always-on” assurance. Firms that embrace this shift can offer more dynamic, tailored service models that go far beyond conventional compliance work.

But the report is clear that technology requires careful stewardship. There must always be a “human in the loop”—a professional who validates outputs, identifies bias and takes accountability for results. CPAs are increasingly positioned to serve as in-house “data ethicists,” ensuring that the tools used in financial work are applied responsibly, accurately, and with full transparency.

New Markets Opening—and CPAs Should Lead Them

Perhaps the most significant finding in the report is the scope of new opportunities available to the profession. Areas once considered well outside the CPA’s traditional domain, such as ESG reporting, AI governance, cybersecurity assurance, cryptocurrency and supply chain management, are fast becoming the next wave of core services.

Forum participants were emphatic: If CPAs do not move into these markets, other professions will. “Other providers will fill the need in the market if we don’t,” one participant warned. The profession’s credibility, its analytical rigor and its ethical foundation make it uniquely equipped to bring integrity and assurance to these rapidly maturing fields.

This transformation also changes client relationships. CPAs are increasingly expected to serve as year-round strategic advisers—anticipating risks, identifying opportunities and providing guidance across a far broader range of business issues than ever before. Subscription-based advisory models, multidisciplinary teams and global service delivery are no longer aspirational concepts. They are the emerging norm.

The accounting profession stands at an important moment.

Its reputation for trust remains strong, as the expectations placed on the profession are expanding rapidly. Meeting those expectations will require investing in talent, embracing new technologies, modernizing standards and leading in emerging markets.

The opportunity is not simply to adapt to change. It is to shape it.

CalCPA is committed to supporting members in that effort through thought leadership, education and community. The conversations that began at the Leadership Forum represent a starting point for ongoing collaboration as the profession evolves.

In a world that increasingly depends on reliable information and responsible leadership, the role of the CPA has never been more important.

The path to CPA licensure is a challenging and rewarding journey, and at CalCPA’s recent Candidate Town Hall, three young accounting professionals pulled back the curtain on what the journey entails, what it feels like in the trenches and how to make smarter decisions along the way. 

Whether you're a student eyeing your first exam section, a candidate in the middle of the process or a seasoned CPA who remembers what it took, their conversation offered something for everyone in the profession.

David Lo, CalCPA’s Senior Manager of Workforce Pipeline and Engagement, opened the session by walking candidates through the framework that governs CPA licensure—Education, Exam and Experience—and the financial investment each carries.

From exam fees to application fees to review course and other costs, candidates can expect to spend between $3,000-$5,000 to complete their licensure journey. And depending on the firm, employers may pay for some or all those expenses to help candidates along. 

Justin Hsu, a recent USC graduate working in deal advisory at KPMG, described the experience of a campus hire at a Big Four firm. As a campus recruit who had already begun the exam process before graduation, he received full access to Becker review materials from day one.

"In terms of Big Four reimbursement and coverage, they will cover exam fees, application fees and provide a bonus upon passing, he said. “The terms might differ slightly, but in terms of coverage, they are all there."

Hsu did note an important distinction candidates should understand: the policies and bonus structures for “campus hires” typically differ from those for “experienced hires” — those who have worked elsewhere before joining a Big Four firm. Reading the fine print before signing matters.

Monica Wysocki, a supervisor at Rogers, Anderson, Melody & Scott (RAMS) and a licensed CPA, took a different road. When faced with two job offers—one from a larger firm that offered to cover her Becker course and one from RAMS—she chose RAMS and paid for her own prep materials out of pocket. Her reasoning was deliberate.

"I am spending this money, but I'm going to make it 10 times more—a thousand times more—over the progress of my career,” she explained. “I saw it as an investment in myself."

Wysocki said that while the larger firm's benefit was generous, she completed all four sections in 10 months while managing a more sustainable workload at RAMS—and earned both a passing score and a promotion for her efforts.

All three panelists agreed that the sticker price of CPA prep doesn't have to be the final price if candidates are strategic. Several approaches came up repeatedly throughout the conversation.

Taking advantage of free trial periods is a top recommendation. Most major review providers offer 14- to 15-day free trials for each section, giving candidates a chance to evaluate teaching styles and course formats before committing. As Wysocki pointed out, learning style is personal and what works for one candidate may not click for another.

Supplementing paid materials with free resources is another way to stretch the budget. Wysocki turned to YouTube channel I-75, whose straightforward explanations helped revenue recognition finally click after formal lectures hadn't. Hsu suggested reaching out to recently licensed CPAs for used physical textbooks or asking current Becker users to share PDF supplements outlining content changes—avoiding the need to repurchase entire packages.

Also, scholarships are more accessible than many candidates realize. Campus ambassadors for review course providers can offer discount codes or connect candidates with scholarship opportunities. CalCPA itself offers scholarships and is active on many California campuses. School advisory committees sometimes facilitate local firm sponsorships for students as well. Hsu even mentioned that CalCPA's annual Mt. SAC Accounting Conference typically features scholarship giveaways from review course providers.

And for candidates at firms without formal reimbursement programs, his advice was direct: ask anyway.

"Talk to your supervisor, talk to a partner. They do value your hard work,” he said. “Maybe they say, 'Even though we don't have this policy, we're willing to make an exception.' That definitely happens, especially in private and local firms."

One audience question cut to the heart of a dilemma many candidates face: what if you're working somewhere that offers flexibility for studying, but there's no licensed CPA to sign off on your experience hours? Lo offered measured advice: pass the exam first, then worry about the experience requirement when applying for licensure. Passing all four sections without the experience requirement in place still makes a candidate highly competitive in the job market.

Wysocki offered a cautionary counterpoint, however. She described knowing professionals who passed all four sections but had risen so high in non-CPA-supervised roles that they couldn't easily move to a position where someone could sign off on their experience, leaving them stuck just short of licensure.

"Don't get in that position. Internships count,” she said. “As soon as you can, get into a position where you have that experience under a CPA."

The Emotional Reality: Endurance Over Intelligence

Perhaps the most resonant part of the conversation was the one least covered in any exam prep guide: the mental and emotional toll of the CPA journey.

Claudia Sanchez, who spent more than three years at EY before stepping back to focus on exam prep full time, spoke openly about the isolation of retaking sections, the difficulty of returning to the material after a setback and the way social media's highlight reel of passing scores can make the journey feel lonelier than it is.

"It's a mental drain. It just drains you,” she said. “No one really talks about how lonely it can get while you're going through your exams. You feel like people don't really understand you."

Lo added that even among partners at major firms, first-try passage rates are often around 50 percent. Yet the exam is not a measure of intelligence or professional competence—a point Wysocki reinforced.

"The CPA exam is not a linear journey. It's a rollercoaster,” she said. “And it's not a measure of intelligence—it's a mental endurance exam."

The group pointed to community as a critical support mechanism. Online forums help connect candidates across the country who understand the grind in a way that friends and family often can't. And communities like CalCPA exist precisely to offer support at every stage of the journey.

There's no disputing the time, money and energy that's invested during the CPA licensure journey, yet the panelists agreed it is worth it as the CPA license can change career trajectories and pays dividends for decades.

Surviving and Thriving on the CPA Path

At our recent CalCPA Candidate Town Hall, three rising professionals shared what it takes to navigate the CPA path—and how to make smarter moves along the way.

Stay ahead with essential CPA resources

Golden State wisdom straight from the experts

Advancing Accounting’s Future Through Federal Advocacy

The Forces Reshaping the Profession

High Liability

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