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B E C O M I N G A Certified Public Accountant. W HAT A RE T HE S TEREOTYPES OF A CCOUNTANTS ? 1. Shredding is their #1 hobby! 2. Pocket protectors are.

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Presentation on theme: "B E C O M I N G A Certified Public Accountant. W HAT A RE T HE S TEREOTYPES OF A CCOUNTANTS ? 1. Shredding is their #1 hobby! 2. Pocket protectors are."— Presentation transcript:

1 B E C O M I N G A Certified Public Accountant

2 W HAT A RE T HE S TEREOTYPES OF A CCOUNTANTS ? 1. Shredding is their #1 hobby! 2. Pocket protectors are a fashion accessory. 3. They carry laptops because they think it makes them look cool. 4. They get psyched for business casual day. 5. Boring.

3 M YTHS VERSUS R EALITY Myth: It is all about math ! Reality: It is all about… Strategic and critical thinking Problem solving and decision making Effective use of technology Good communication Strong leadership and team building Attention to detail

4 W HAT IS ACCOUNTING ? A profession A business language A set of rules to record business transactions in a consistent manner The basis of business operations Constantly changing

5 J OB O PPORTUNITIES Public accounting firm Sole practitioner Corporate Not-for-profit Government Education

6 C AREER V ARIETY Law enforcement CFO Personal business manager Auditor

7 C AREER V ARIETY Treasurer Information technology Management consulting Banking

8 C AREER V ARIETY Environmental compliance Strategic resource manager Tax interpretation/preparation Forensics

9 C AREER V ARIETY ElderCare adviser International business Estate planning Litigation consulting

10 P UBLIC A CCOUNTING VERSUS P RIVATE I NDUSTRY Public Accounting Work for several different companies Provide a variety of services Top position is typically a partner in a firm Travel Private Industry Work for one company or organization Travel varies Top positions consist of Controllers, Chief Financial Officers, Presidents of company

11 S ERVICES PROVIDED BY PUBLIC A CCOUNTING F IRMS Assurance Services and Information Integrity Audit Services WebTrust SysTrust Performance View ElderCare Technology Services Management Consulting and Performance Management Forensic Accounting Valuation Services Financial Planning and Tax Services International Services

12 P RIVATE I NDUSTRY Industries Manufacturing Retail Insurance & banking Healthcare Not for profit Government/schools Individuals Information technology Job Types Cost accounting Internal audit Financial/corporate accounting Tax Bookkeeping Information technology Sarbanes-Oxley compliance

13 W HICH P ATH TO C HOOSE ? Pros More emphasis on training Develop broader range of skills More marketable Easier to obtain CPA license More responsibility Access to top levels of management Cons More travel Longer hours High turnover Many extras – recruiting, practice development Pros Less travel Specific industry focus May have shorter hours Concentrated skill development Cons Narrower range of skills Slower progression up the corporate ladder Public AccountingPrivate Accounting

14 S KILLS Y OU LL N EED Critical thinking Technology savvy Business sense Problem solving Ability to communicate clearly and concisely

15 S KILLS Y OU LL N EED Ability to work alone or as part of a team Client-oriented Strong ethics Adaptable

16 W HY THE FUSS IN THE NEWS ?

17 W HAT DOES IT MEAN FOR THE A CCOUNTING P ROFESSION ? Sarbanes-Oxley Act (signed into law on July 30, 2002) Sweeping legislative changes – Corporate and accounting reform – Requires improved financial disclosure – Enhanced penalties for securities fraud – Largest business reform legislation since the Great Depression! What does the act do: – Requires management to be more involved in financial processes – Increases demands on internal accounting functions – Increase the demands on external auditors – Requires Board members to be more financially competent What does that mean for your future in accounting…OPPORTUNITIES!

18 S ALARY P OTENTIAL $35K–$50K beginning $55K + with CPA license $150K + top positions

19 S ALARY COMPARISON IN THE PUBLIC SECTOR :

20 S ALARY COMPARISON IN THE PRIVATE SECTOR :

21 W HAT DO F IRMS L OOK FOR IN R ECRUITS ? Strong academically Solid technical accounting knowledge GPA is not the only requirement Involved in activities, well-rounded Professional drive & motivation Good communication skills Personable Detail oriented Overall business awareness Leaders High ethical standards

22 W HAT Y OU CAN DO N OW AND IN C OLLEGE Be proactive!!! Talk to accountants or people working in occupations you are considering Use your high school Guidance Center or college Career Center to help determine your likes/dislikes and what jobs fit you Shadow someone working in the profession in which you are interested Join accounting and/or business clubs Obtain internships

23 L ICENSING P ATHWAY A college degree 150 hours of college credit 36 semester hours in business- related subjects 36 semester hours in accounting-related subjects Passage of Uniform CPA Exam One year of general accounting experience supervised by a licensed CPA Passage of ethics course Evidence of good moral character

24 W ANT TO K NOW M ORE ? Read Start Here magazine Check out the CPA Association in the state you are attending college


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