Presentation on theme: "The University of Toledo College of Business and Innovation Department of Accounting Amy A. French, MBA, CPA, CFE Lecturer Updated May 18, 2011."— Presentation transcript:
The University of Toledo College of Business and Innovation Department of Accounting Amy A. French, MBA, CPA, CFE Lecturer Updated May 18, 2011
Accounting Degrees Associate Degree in Accounting Technology 2 year Degree Bachelor of Business Administration (BBA) in Accounting 4 year degree Masters of Science in Accountancy (MSA) 30 semester hour program
University of Toledo’s Gamma Epsilon Chapter chartered in 1966 Founded in 1919 at the University of Illinois, Urbana. Premier professional business and financial information fraternity Recognizes academic excellence Provides interaction among students, faculty, and professionals Beta Alpha Psi
Becoming a CPA Education Accounting degree Exam Pass the 4 sections Experience Accounting experience Most requirements are determined by the state/jurisdiction in which you hope to practice. In general, this is a summary of the steps to CPA licensure.
Becoming a CPA Education requirements –A baccalaureate degree and 150 semester hours 30 semester hours in accounting 24 semester hours in business courses other than accounting Exam Requirement –Apply to sit based on state requirements –Pass all 4 parts with a 75% or higher Business, Audit, Regulation and Financial Experience Requirement –1-2 years under a CPA
CPA Exam Pass Rates According to the National Association of State Boards of Accountancy (NASBA) UT ranked in the top 10 nationally for pass rates in Audit
CPA Exam Pass Rates Candidates with Advanced degrees All candidates With degrees Across the United States: 38.21%32.93% Across Ohio: 43.08% 37.54% UT COBI students: 58.62%40.91% Comparing the percentage of college graduates who passed all four parts of the CPA exam reveals: 1 1 According to the recently released report (for 2009) from the National Association of State Boards of Accountancy (NASBA), The University of Toledo College of Business and Innovation (UT COBI) graduates passed the CPA exam at rates exceeding both state and national averages.
Where Accountants Work Public Practice Business/Industry Government Non-Profit Organizations Colleges/Universities
Careers in Accounting Audit Assurance Services (E-Commerce, risk assessment, IS assessment) Environmental Accounting Environmental compliance issues Forensic Accounting Searches for evidence of criminal conduct Information Technology Services International Accounting Consulting Services Personal Financial Planning Tax advisory Service Accounting Educators
The Hiring Environment By Robert Half Two similar candidates –Which additional skills most valuable 31% Personality or people skills 27% Software/technology 20% Industry specific experience 11% Certification or advanced degree 1 – 4% Multilingual, international, other http://www.roberthalffinance.com/FreeResources
Accounting is consistently one of the hottest jobs for new graduates, according to the National Association of Colleges and Employers. Figure 1: Top Jobs for the Class of 2009 Job FunctionStarting Salary Offer Teaching$35,496 Management Trainee$41,353 Financial/Treasury Analysis$52,043 Consulting$56,472 Sales$41,577 Accounting (Public)$49,437 Accounting (Private)$45,859 Software Design & Development$63,798 Registered Nursing$45,229 Project Engineering $58,570 according to the National Association of Colleges and Employers. Figure 1: Top Jobs for the Class of 2009 http://www.aicpa.org/Becoming+a+CPA/CPA+Candidates+and+Students/Career+Paths.htm
Accounting Salaries Accounting Salaries by Robert half Figure 2: Starting Accounting Salaries 2011 Job FunctionStarting Salary Offer Internal Auditor – Lrg Company$44,500 Internal Auditor – Med Company$42,500 IT auditor – Large Company$51,750 IT auditor – Medium Company$48,000 General Accountant – Lrg Co.$38,500 General Accountant – Med. Co.$36,500 General Accountant – Sm Co.$34,000 Cost Accountant – Lrg Company$40,500 Cost Accountant – Med company$39,000 Tax Accountant – Lrg. Co.$41,500 Tax Accountant – Med. Co.$40,250 Forensic Accountant – All sizes$61,250 http://www.roberthalffinance.com/FreeResources
Positions in Demand Positions in Demand By Robert Half International “The CPA designation remains the most in demand credential for accounting and finance, especially when paired with big 4 experience.” Business Analyst Maximize computer systems to improve efficiencies and profitability Financial Analyst Evaluate financial plans, forecasts, budgets and identifying ways to improve profitability Controllers Organizations are adding controllers and assistant controllers to help oversee accounting operations. Senior and Staff Accountants Accounting Clerks Billing/Collection staff http://www.roberthalffinance.com/FreeResources
Recent salary ranges in accounting are: Big 4 FirmOverall Typical Experience Entry Level$55,000$50,000 - 70,000First year Junior Staff Accountant$46,000 - 63,000$40,000 - 80,0001-2 years Senior Staff Accountant$65,000-95,000$70,0003-5 years Manager$65-140,000$85,0005-7 years Senior Manager$72-160,000$115,0007 years plus Partner$200,000 - 3,000,000$150,00010 years plus Recent salary ranges in accounting are: http://careers-in-accounting.com/acsal.htm