May 2001

An Alternative to Buy the Course, Take the Course, Check off the Credit

The challenge set out in the January 2001 Publisher’s Column, “Education is a wonderful thing—so why isn’t it better?” motivated several readers to share alternatives and opinions on CPE.

I agree wholeheartedly that current CPE offerings are top-heavy with education for CPAs in public practice. Moreover, I believe that what is available for CPAs in public practice as well as industry is driven by the CPA’s need to comply with state requirements—a routine of “buy the course, take the course, check off the credit.” And this routine is heavily influenced by the CPE calculation: Take the number of months left to the reporting deadline; allow for the number of credits needed for the reporting period; and settle for the self-study course that gives the most credits for the least effort, including travel. If the course content happens to fit what the CPA does professionally, that’s a bonus.

Concerning the shortcoming that “not enough education is customized to the specific needs of [an] industry,” the following solution works for me: When I began working for a community savings and loan, I joined the Financial Managers Society, a Chicago-based association for financial management executives from financial institutions (www.fmsinc.org). Affiliate membership is available to individuals from national and regional CPA firms and those offering B2B services to banks. In addition to publications, chapter programs, and conferences, FMS offers telephone seminars on a multitude of topics. For the price of one registration, members can listen to a two-hour program. With a speakerphone, the seminar is available to as many staff as have access to the audio.

These seminars represent the ideal CPE for me for a number of reasons:

  • They offer a timely look at subjects that have a direct impact on my job and on the job of staff who attend.
  • Because of the direct relationship, my company foots the bill for membership and seminars.
  • The presenters are leaders in the banking and regulatory field.
  • The seminars involve no travel; therefore no lodging and meals expense.
  • Course announcements and materials are delivered via e-mail and .pdf attachments.
  • It’s the most cost-effective two-hour CPE I’ve ever experienced.

    I agree with your comment that this shortcoming of not enough customized CPE is “also an opportunity.” I’ve highly recommended this telephone seminar format to my state society and to federal regulators who oversee my industry. The CPE provider that recognizes this opportunity and partners with professional industry groups, state societies, and others will surely benefit themselves and the CPAs who depend on them.

    Janet Flatley
    Assistant Vice President-Controller
    First Federal Savings & Loan Association
    Port Angeles, Wa.

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