Albuquerque native rethinking CPA training
An Albuquerque native is trying to help accountants rethink how they study for the Certified Public Accounting exam — and maybe make the profession more appealing to younger people while he’s at it.
Joey Reeve, 32, is the CEO and co-founder of Universal CPA Review, which aims to break down the concepts needed to pass the CPA exam into bitesize, digestible formats, complete with graphics, animation and characters.
Reeve is a graduate of La Cueva High School and DePaul University. He moved to New York City after graduating from college and worked at several CPA firms while preparing for the exam. He tutored and taught live CPA review courses after he passed, and ultimately, five years ago, he launched Universal CPA Review.
“It’s basically trying to completely change the narrative of the dense, dry, text-heavy approach that’s been taught,” Reeve said in an interview.
The CPA is challenging and comprehensive. About half the people who take it don’t pass it on their first try, according to Becker CPA. It’s 16 hours over four exams and is considered one of the more challenging professional exams.
Reeve said a change in how people study for the test is needed, especially because the industry is aging.
The CPA Journal has reported that the average age of partners at CPA firms is around 53, and many firms have mandatory retirement ages around 65. Meanwhile, the American Institute of Certified Public Accountants found that from the 2012-2013 school year to the 2021-2022 school year, the number of accounting graduates declined 17%.
“Accounting, in general, is just dominated by large, generational companies that have been around and they’re not doing anything different to increase the pass rates,” Reeve said. “And that really resonated with me. And it kind of pushed me to take the plunge. I thought I could build something different.”
Reeve said he struggled with the exam and wasn’t impressed with the existing study guides.
“It’s extremely archaic,” he said. “There is nothing about a big block of text that helps students retain information.”
He said the technical language used on the test is akin to a different language.
“We wanted to show that with an animation and a cartoon, to really allow the student to see what’s happening,” Reeve said. “And then when they go and take the exam, they think back to an image or story within our course, and it takes them back to that experience when they were learning it. We’re seeing a lot of success with students increasing their scores.”
Universal CPA Review’s course materials use animations. The goal is to create characters and story lines that weave through the material.
“For example, we teach about data analytics, and how it’s a five-step process, and we compare that to baking a cake,” Reeve said. “We tie to that analogy as we dive into the concepts.”
Reeve isn’t the only Albuquerque connection to his company, which is based in New York City but has clients around the world.
Corinne Fox, Reeve’s classmate at La Cueva, does marketing for the company.
“Another thing that kind of sets us apart is we have little mini-video lectures after every multiple choice question, so you’re drilled with multiple choice questions,” she said.
As the company has grown in recent years, Fox said it’s been forming relationships with CPA professional groups and universities. Reeve said he would like to form similar relationships with New Mexico universities. He said that he’ll also offer a discount to New Mexico residents who want to purchase his curriculum. New Mexico residents who are interested can reach the company at askjoey@universalcpareview.com.