Wisconsin Institute of CPAs wicpa.org WICPA Accounting Careers

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Wisconsin Institute of CPAs wicpa.org About the WICPA Premier professional membership association in WI for CPAs, accounting/business professionals & students Nearly 7,700 members Serves as your go-to-resource to help you succeed in your career and stay connected to the profession No matter what stage you’re at in your education or career, the WICPA provides support and guidance every step of the way

Wisconsin Institute of CPAs wicpa.org WICPA Mission The WICPA serves the diverse needs of our members; enhances professional competency; promotes the value of members and the profession; advocates on behalf of the profession; and builds community among members.

Let’s Introduce Ourselves Wisconsin Institute of CPAs wicpa.org Your name Why are you interested in accounting? What do you plan to do with an accounting degree? Let’s Introduce Ourselves

Wisconsin Institute of CPAs wicpa.org Fact or Fiction You have to be a great math student to be an accountant. An accounting degree can lead you to a career in sports, music or entertainment. With an accounting job, you are stuck behind a desk all day counting beans. CPAs are crime fighters. CPAs either work for the IRS or prepare tax returns. Answers: Fiction – You need to be comfortable with numbers, computer programs really do all the “math” work for you. Tools such as Excel, Access, Quickbooks, Peachtree and specialized tax software do most of the “math”. It’s the input of information that accountants are concerned with. Fact – CPAs are needed in nearly every industry, including sports, music, and entertainment. You may not be the athlete on the field, but you could be the CPA who provides management with the information they need to determine the salaries of those athletes. You maybe the Accountant at a golf course in the Dells. Fiction – While Accountants generally work in an office environment, the stereotypical Accountant sitting in the corner working by themselves every day is complete fiction. Accountants are problem solvers in the organization and their input is needed in decision making. An Accountant’s day can be spent touring facilities, meeting with clients, bankers, or lawyers, or consulting with management on company issues. Fact – Due to an Accountant’s familiarity with the numbers of the company, they are perfectly positioned to detect potential fraud and notify the appropriate sources. CPAs are also hired by the FBI to investigate white collar crime. In our offices, we have a Certified Fraud Examiner on staff and we just recently started a Fraud Tip Hotline, where anyone can call to report fraud, waste, or abuse. Fiction – This is a stereotype. There are many different career paths and industries in which accountants work. We’ll talk about some of them next.

Who are CPAs? Certified Public Accountants = Professionals Wisconsin Institute of CPAs wicpa.org Certified Public Accountants = Professionals Trusted business advisors Technology specialists Project managers Analysts & decision makers Strategic thinkers Problem solvers Ethical Team oriented Educators Who are CPAs?

CPAs Licensed by a State Board of Accountancy Wisconsin Institute of CPAs wicpa.org CPAs Licensed by a State Board of Accountancy Governed by a Code of Professional Conduct Must adhere to technical standards Maintain a high level of independence, objectivity and integrity

How to Become a CPA Complete 150 semester units Wisconsin Institute of CPAs wicpa.org How to Become a CPA Complete 150 semester units Minimum degree bachelor Pass CPA Exam Professional work experience

Career Paths Public accounting Corporate/industry accounting Wisconsin Institute of CPAs wicpa.org Career Paths Public accounting Corporate/industry accounting Business entrepreneur Government Non-profit Education/teaching

Public Accounting On the Job What’s in it for You? Wisconsin Institute of CPAs wicpa.org Public Accounting On the Job Reviewing financial statements Assessing risk Testing systems Evaluating assets Tax planning Performance measurement Analyzing operations Financial planning Benchmarking Teaching/researching What’s in it for You? Internships Challenging & rewarding work Numerous career paths Broad industry exposure Global assignments Continuous learning Performance-based salary Competitive benefits Working with talented people Diverse workforce

Corporate/Industry Accounting Wisconsin Institute of CPAs wicpa.org Corporate/Industry Accounting Work for a company (Small to Large) Roles include: Prepare financial statements Manage company financing & investing activities Audit internal financial/operating systems Analyze & report on financial & non-financial data Identify ways to improve financial performance Assess tax requirements and alternatives Rise to top level management CEO or CFO Controller Director

Business Entrepreneur Wisconsin Institute of CPAs wicpa.org Business Entrepreneur Countless opportunities…what you make of it! High Risk = High Reward

Government Opportunities Wisconsin Institute of CPAs wicpa.org Government Opportunities Federal (FBI, IRS, Treasury, General Accounting Office) Investigating white-collar crime Conducting financial statement audits Performing analysis & research Dealing with tax legislation State & Local (School districts, DFI, DOR) Conduct audits Compile financial statements Deal with state tax legislation Audits at All Levels of Government (FDIC, OCC, SEC, Internal) Performance (evaluate an organization’s operations) Financial (examine financial statement) Compliance (id deviations from laws/regs) Investigative (investigate improper activities)

Wisconsin Institute of CPAs wicpa.org Nonprofit Perform cost benefit analysis – Are expenses exceeding revenues? Advise on budgeting & tax matters Prepare financial data to aid in raising & disbursing funds Setup internal control process Find fraud

Education Accounting Faculty Teach Conduct research Wisconsin Institute of CPAs wicpa.org Education Accounting Faculty Teach Conduct research Public articles/books Serve as business consultant/expert Typical Career Track Assistant (0-6 years) Associate (with tenure in 7th year) Full professor (10-12 years)

Which Path is Right for You Wisconsin Institute of CPAs wicpa.org Which Path is Right for You Think about what you want from a career Talk to family, friends, teachers, and accountants Get involved with school organizations Consider an internship and/or job shadow

CPAs in High Demand Job security and growth Wisconsin Institute of CPAs wicpa.org CPAs in High Demand Job security and growth 11% increase in demand projected through 2024 According to the AICPA, 75% of today’s CPAs will retire over the next 15 years

Benefits of Accounting Career Wisconsin Institute of CPAs wicpa.org Benefits of Accounting Career Demand is high Most desired business credential People oriented profession Highly respected Income potential Job satisfaction Always learning Unlimited opportunities

Preparation for Students Wisconsin Institute of CPAs wicpa.org Preparation for Students Choose relevant courses Accounting Computer Applications Economics Written Communications Oral Communications Research & apply to colleges Visit an accounting practice Speak to a WICPA member Participate in a job shadow program/internship

Get More Information WICPA – join membership in college AICPA Wisconsin Institute of CPAs wicpa.org Get More Information WICPA – join membership in college AICPA StartHereGoPlaces.com Career centers & fairs Accounting firms High school Colleges & universities State boards of accountancy

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