I often wondered this
I'm a CPA but work in a totally unrelated field
I'm a CPA but work in a totally unrelated field
BOQ - No LMI
- Thread starter GreyGhost
- Start date
I believe for BOQ purposes, they will only accept CA or CPA.
I'm an accountant, so nothing wrong with my spending habits.
We have almost 90K in savings and some more in equity on existing IP.
We are on combined incomes in excess of 170K so saving or servicing is not an issue.
To address your point, looking to buy multiple properties in the coming 6-12mnths, including a PPR. So we wish to gear up the IP's as much as possible to leave sufficient enough deposit to purchase our PPR (which is not tax deductible)..
Prior to this my GF and I goals were not aligned so we postponed any joint purchases as our personal situations needed to align first.
Correct STG, Westpac etc will do 90% lends for accountants too.
To clarify:
BOQ will do 90% no LMI.
They will do the additional 5% to 95% on a second loan/split on 5yr P&I, interest rate was almost 9% though.
I guess if you have money in offset and pay down the additional 5% quickly you can negate the additional interest charges.
We have gone with the 90% no LMI @ 4.44% I/O for the time being
In other words they're essentially funding the last 5% via a personal loan, with some window dressing to make it look like a mortgage.
You'd be better off to simply stick with 90% no LMI if you have enough funds.
Like so many things in life, they're relying on the marketing phrase of "95% no LMI" to draw borrowers. I would hope that accountants can do the numbers well enough to realise what it really is.
Correct Peter, so we are going with 90%.
damn, I've only got a bachelor degree and work in the profession (no CPA or CA and the way things are going no plans of studying further)
My Chartered Accountant membership over the past 3 years has cost me 2400, about half the LMI I'm saving, so bout time it gave something back..
Just another piece of paper end of the day. I have met plenty of internal company accountants who are guns that are not qualified.
After I finished the Chartered Accountant program I was wondering what I had been doing with all my spare time after work for the past 2 years.
Something im glad I have done, but glad I will never have to go again...
Because law is less respected
Seriously because professional membership is recognised nationally and internationally and by employers themselves. Even Inst of Public Accountants etc is not really accepted. Best test is applying for a job. Some jobs are truly CA only. Most CPA or CA. Never seen an ad that says Institute of Public Accountants only should apply.
Difficult to find a job at a firm otherwise. Firms do not recognise you as a qualified accountant unless you have one of these accreditations.
Earning capacity increases also with this qualification.
Because law is less respected
Seriously because professional membership is recognised nationally and internationally and by employers themselves. Even Inst of Public Accountants etc is not really accepted. Best test is applying for a job. Some jobs are truly CA only. Most CPA or CA. Never seen an ad that says Institute of Public Accountants only should apply.
I know some good accountants who are IPA.
In general they are not looked upon with the same regard as CA or CPA.
Haha no I didn't do a 2 year course to become a CA just to obtain LMI waivers lol..
CA and CPA are much of a muchness really.
As a generalisation you will need CA to work top tier firms. Most Accounting based auditors are CA's.
CA course load is based on high end big business transactions and accounting systems. CPA are more suburb accounting type, SME business.
I myself work in a CPA firm currently, there is a 60/40 mix of CA or CPA.
The partners will request you do either qualification soon after starting.
If you do not, in most cases your career progression will be very handicapped.
As far as the course goes:
CA: 5 subjects over 4 months each
Each subject broken into 4 units
Each unit has a night class every fortnight
Mid semester assignment
Exam - Short and long answer
They have now changed it to 2 online tests every 4-5 weeks with an exam at the end.
Pass rate is 65-70% of applicants.
Requires about 3-4hrs study per night (not that I ever did)..
Notorious for having questions in exam with formats you have never seen before..
CPA is 5 or 6 subjects with an exam for each, multiple choice exams.
As a joke at Xmas time all the CA's bought the CPA's a box of crayons each and signed "Merry Xmas from the CA's" - inside joke I know
As far as salary goes, much the same. In business services (working on multiple clients) it is based on your productivity and earning power for the firm.
Typically I have worked out a formula whereby your salary package will be the fees you generate for the firm divided by 3.
So someone on 70K plus super of 9.25% = 76,475 X 3 = $229,425 in fees.
This is very rough but works out 1/3 for the accountant, 1/3 for overhead, 1/3 for the boss!
Speaking of which..... bout time I get a pay rise looking at this haha
Without being a smart *** the CPA doesn't take up much of your time
I only got average marks - credits mainly? But I never opened my study material more than a month before the exam
Just read the folder , do the practice q's on the net and you should be ok
I chose CPA because of the time thing - every one I spoke to who had done the CA had basically sold their soul for two years, or is it 3? I think it took me 3 years to do CPA
The only good IPA I've ever met was James Squires
True.
But the CA course subjects run back to back so you finish it before the CPA course which has breaks between the subjects
Like a band aid, get rid of it quickly!! Haha
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