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Careers in Accounting Dr. Al Taccone

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Presentation on theme: "Careers in Accounting Dr. Al Taccone"— Presentation transcript:

1 Careers in Accounting Dr. Al Taccone
Dean, School of Career and Technical Education Instructor, Accounting

2 Accounting Activities
Identifying Business Activities Recording Business Activities Communicating Business Activities Not all transactions entered into by a business entity are capable of being recorded. Our first task as accountants is to identify those transactions that may be recorded in the accounting system. In recording business transactions, we must follow the rules of double-entry bookkeeping. We will spend a significant amount of time early in the course discussing in detail the rules of the accounting process. Next, we should follow standard formatting when reporting information to users outside the organization. External users include stockholders of the company, lenders, various governmental agencies, and others.

3 Opportunities in Accounting
Financial Preparation Analysis Auditing Regulatory Consulting Planning Criminal investigation Managerial General accounting Cost accounting Budgeting Internal auditing Consulting Controller Treasurer Strategy Taxation Preparation Planning Regulatory Investigations Consulting Enforcement Legal services Estate plans Accounting-related Lenders Consultants Analysts Traders Directors Underwriters Planners Appraisers FBI investigators Market researchers Systems designers Merger services Business valuation Fraud investigation Litigation support Entrepreneurs Careers in accounting can follow many paths. There is great demand for financial accountants in the preparation of financial statements, dealing with regulatory agencies like the Internal Revenue Service, and consulting. Management accountants help track product costs, prepare budgets and serve as a consultant to managers. The field of taxation includes everything from the preparation of tax returns to consulting with clients about estate and gift planning. Individuals with accounting backgrounds may move into other areas of importance within an organization. Individuals with accounting training often become business owners and managers. They are in high demand in all financial and investigative fields.

4 Certifications Certified Public Accountants (CPA)
Certificate in Management Accounting (CMA) Certified Internal Auditor (CIA) Certified Bookkeeper (CB) Accounting specialists are highly regarded. Their professional standing often is denoted by a certificate. Certified public accountants must meet education and experience requirements, pass an examination, and exhibit ethical character. Many accounting specialists hold certificates in addition to or instead of the CPA. Some of the other certifications are certificate in management accounting, certified internal auditor, certified fraud examiner, certified bookkeeper, certified payroll specialist, and personal financial specialist. Certified Fraud Examiner (CFE) Certified Payroll Specialist (CPS) Personal Financial Specialist (PFS)

5 Accounting Jobs by Area
About twenty-five percent of accountants work in public accounting. Public accounting firms offer accounting, tax, and consulting services to a wide variety of clients. About sixty percent of accountants work for businesses/corporations, and fifteen percent work for governmental, not-for-profit, and educational organizations.

6 Preparing for a Career in Accounting
Education and training. Most accountant and auditor positions require at least a bachelor's degree in accounting or a related field. Some employers prefer applicants with a master's degree in accounting, or with a master's degree in business administration with a concentration in accounting. Some graduates of junior colleges can obtain junior accounting positions and advance to accountant positions by demonstrating their accounting skills on the job. Most beginning accountants and auditors may work under supervision or closely with an experienced accountant or auditor before gaining more independence and responsibility.

7 Licensure and certification
Licensure and certification. Any accountant filing a report with the Securities and Exchange Commission (SEC) is required by law to be a Certified Public Accountant (CPA). CPAs are licensed by their State Board of Accountancy. Any accountant who passes a national exam and meets the other requirements of the State where they practice can become a CPA. The vast majority of States require CPA candidates to be college graduates. All States use the four-part Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA). The CPA examination is rigorous, and less than one-half of those who take it each year pass every part they attempt on the first try. Candidates are not required to pass all four parts at once, but most States require candidates to pass all four sections within 18 months of passing their first section. Nearly all States require CPAs and other public accountants to complete a certain number of hours of continuing professional education before their licenses can be renewed. The professional associations representing accountants sponsor numerous courses, seminars, group study programs, and other forms of continuing education.

8 Where will you be 5 years from now?
CalCPA: “Bring it On – CPA Careers

9 Thank you and have a great career!
Contact Information: Al Taccone, Ph.D. Dean, School of Career and Technical Education Instructor, Accounting (760)

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