Presentation on theme: "UT Accounting Program and Careers Department of Accounting College of Business and Innovation As of February 2015."— Presentation transcript:
UT Accounting Program and Careers Department of Accounting College of Business and Innovation As of February 2015
Overview 1.What is Accounting (myth vs. reality)? 2.What are the Accounting Degree options at UT? 3.What is a CPA? Are there other certifications? 4.How do I become an Accountant? 5.What are the job prospects in Accounting? 6.What are typical Accounting salaries? 7.Where do UT Accounting grads (really) get jobs?
Myth #1: Accounting = Bookkeeping Not true!!!!!! Bookkeepers typically perform data entry tasks Typically do not have a college degree; might have an Associate Degree Accountants take over where bookkeepers leave off Spend most of their time in a decision-making capacity Assist company management to understand financial impact of business decisions Typically have at least a 4 year degree; are often CPA’s ACCOUNTING IS THE LANGUAGE OF BUSINESS
Myth #2: Accounting is boring Not True!!! Would you consider the following careers boring? 1.An FBI agent who tracks down drug smugglers. Accounting is one of only five entry programs through which you can become an FBI special agent. Analyze financial statements or decipher complicated money-laundering transactions. Maybe even go undercover. Who brought down Al Capone? 2.A financial advisor to famous people such as movie stars and professional athletes. Make as much as 5% of your client’s annual salary. 3.A corporate entertainment accountant. Work for a studio, production company or a record company. Oversee production costs, budgets for movies, concerts, tours, etc. Watch the credits at the end of a movie. 4.A world traveler. An accountant with an global CPA Firm or Multinational Corporation that has offices all over the world.
Myth #2: Accounting is boring Not True!!! Would you consider the following careers boring? (cont.) 5.A Forensic Accountant. Love to solve mysteries? Could be called in on legal investigations involving finances or financial crimes. 6.A Chief Financial Officer (CFO) for a Fortune 500 company like Wal-Mart, Ford Motor, Microsoft, Procter & Gamble, Owens-Corning, etc. 7.A Tax Accountant. Work in public accounting, industry, or government (IRS). 8.An IT Auditor. The high-tech sleuth. Blend of accounting and technology - in high demand. Ensure that a company's cyber security is reliable. 9.A Plant Controller. Determine how much it really costs to make a product. 10.Government Accountant. Work for federal, state, or local government in various roles. (SEC, GAO, State Auditor, etc.) 11.Finance Director for a not-for-profit entity.
Accounting Degree options at UT Bachelor of Business Administration (BBA) in Accounting 4 year degree (126 semester credit hours) A Minor in Accounting is also available 9 semester credit hour program for Business majors Master of Science in Accountancy (MSA) 30 semester credit hour program Curriculum is continuously being updated to keep up with the profession Accounting Advisory Board – made up of representatives from the Big 4 accounting firms, regional accounting firms, and major corporations in the region
Accounting Degree options at UT Partial listing of junior/senior ACCT courses 3110/3120/4130: External Reporting I, II, and III 3210: Individual Taxation 3310: Accounting Information Systems 3320: Internal Reporting 4250: Taxation of Business Entities 4410: Governmental & Not-for-Profit Accounting 4420: Auditing
Accounting Degree options at UT Partial listing of MSA courses 6150: International Accounting 6190: Contemporary Accounting Problems 6210: Research in Accounting and Taxation 6310: Advanced Managerial Accounting 6430: Business Valuation and Analysis 6440: Advanced Auditing 6450: Fraud and Forensic Accounting
What is a CPA? Certified Public Accountant Highest professional designation in accounting 1)Education requirement (Ohio and most other states) A baccalaureate degree and 150 semester hours 2)CPA Exam Requirement Apply to sit based on state requirements Pass all 4 exam sections with a 75% or higher Auditing, Business Environment, Financial Accounting/Reporting, Regulation 3)Experience Requirement 1-2 years under the supervision of a CPA
Are there other certifications? Certified Management Accountant (CMA) Certified Internal Auditor (CIA) Chartered Global Management Accountant (CGMA) Certified Financial Manager (CFM) Certified Fraud Examiner (CFE) Certified Government Financial Manager (CGFM) Certified Financial Planner (CFP)
How do I become an Accountant? Not an easy degree; if it was easy, everyone would do it! Will have to work hard and a lot will be expected of you What do you get in return if you major in accounting? Enhanced critical thinking, problem-solving, and research skills Thorough knowledge of correct accounting procedures Financial expertise and experience A job in accounting!! Top jobs are competitive Will need good grades, extracurricular activities and probably an Internship (employers prefer to hire from intern pool)
What is the present outlook for accounting graduates? Graduating accounting majors have the highest percentage of job offers, followed by economics, computer science and engineering Report based on responses from over 10,000 bachelor’s degree seniors from the class of % heading into the workforce 23% going on to graduate school 17% unsure or taking time off Source: National Association of Colleges and Employers’ Class of 2014 Student Survey Report
What are the future prospects for accounting graduates? Occupation (Bachelor’s Degree)Total Job Openings Elementary school teachers597,000 Accountants and auditors498,000 Secondary school teachers412,000 Middle school teachers251,000 Computer systems analysts223,000 Computer software engineers, applications218,000 Network systems & data communications analysts208,000 Computer software engineers, systems software153,000 Construction managers138,000 Market research analysts137,000 Source: https://bigfuture.collegeboard.org/explore-careers/careers/hottest-careers-for-college-graduates#bachelorshttps://bigfuture.collegeboard.org/explore-careers/careers/hottest-careers-for-college-graduates#bachelors
Who are the world’s top employers for new grads? 1.Google 2.EY (Ernst & Young) 3.Goldman Sachs 4.PricewaterhouseCoopers (PWC) 5.Microsoft 6.Apple 7.Deloitte 8.KPMG 9.Coca-Cola 10.Procter & Gamble Source:
What are typical accounting salaries? According to the Robert Half 2015 Salary Guide (for Accounting and Finance), Corporate Accounting and Public Accounting Firm entry-level salaries range from $45,750 to $75,500 available at: According to ‘Start Here-Go Places’, entry-level accounting salaries range from $37,000 to $74,250 (10-15% more if a CPA) available at:
Seriously, where do UT Accounting grads really get jobs?* 1.PricewaterhouseCoopers 2.Ernst & Young 3.Plante & Moran 4.Mosley, Pfundt & Glick, Inc. 5.Gilmore Jasion Mahler 6.CliftonLarsonAllen 7.Weber O'Brien Ltd 8.William Vaughan Co. 9.James H. Miles 10.Marathon Petroleum * and many others 11.Owens-Illinois 12.Dana 13.Nestlé 14.HCR ManorCare 15.GE Aviation 16.Scotts Miracle-Gro Co. 17.Sofo Foods 18.The Andersons 19.Health Care REIT 20.Owens Corning 21.INTERalliance 22.Northwestern Mutual 23.BMW 24.Edward Jones 25.Digital Media 26.Demarco Inc. 27.Petroci (Ivory Coast) 28.Toledo Public Schools 29.Lucas County Port Authority 30.Raceway Park Based on a 2013/2014 University of Toledo accounting student survey
Questions? Contact Information: Dr. Hassan HassabElnaby Department of Accounting, Chair