1. Welcome March 24, 2017

2. Alabama Society of CPAs

3. Manager, Tax Advisory Services
Today’s speakers
Chris Taylor, CPA, CVA
Manager, Tax Advisory Services
Anglin Reichmann Snellgrove & Armstrong, P.C.
Diane Christy
VP Communications, ASCPA

4. My Story of becoming a CPA
How I got here
My Story of becoming a
CPA

5. The Journey The early years High school – teachers and subjects
College – deciding on a major
Influencers/mentors
That first big job
Surprises in the “real world”
Career path so far
Plans for the future
Choosing other certifications or education
Why was accounting the right choice for me?

6. BUT accountants are BORING! Why would I want to do that??
But WHY?
BUT accountants are BORING! Why would I want to do that??

7. Supply & Demand U.S. Bureau of Labor Statistics says:
Employment of accountants and auditors to grow faster through 2020 than for any other occupation.
Best prospects are for those, “who have a college degree and professional certification, especially a CPA.”
According to the AICPA, 75 percent of today’s CPAs will retire over the next 15 years, leading to more openings for today’s graduates.
Even in a weak job market, the demand for accountants, and CPAs in particular, remains healthy.
Research conducted by the U.S. Bureau of Labor Statistics projects that employment of accountants and auditors to expected to grow by 16% through 2020, faster than for any other occupation. The report goes on to state that the outlook is best for those “who have a college degree and professional certification, especially a CPA.”
What’s more, as the boomers move toward retirement, the gap between available positions and qualified individuals is expected to grow, In fact, according to the AICPA, 75 percent of today’s CPAs will retire over the next 15 years.
Being in a profession that is in demand puts you in the driver’s seat. With more demand, comes more flexibility, greater job security and increased opportunity.

8. Accounting Opportunities

9. Why Accounting? Turn any random interest into a career
Experience high demand and pay growth
Apply your problem solving skills

10. Accounting: Skills & Talents
Accounting offers superb opportunities in many different contexts.
The field is normally divided into three broad areas: auditing, financial/tax and management accounting.
The skills required in these areas differ as follows:
People skills
Sales skills
Analytical skills
Ability to synthesize
Creative ability
Initiative

11. ACCOUNTING OPPORTUNITIES

12. Careers in Accounting Public Accounting Governmental Accounting
Nonprofit Accounting
Accounting Educators
Forensic Accounting
Information Technology
International Accounting
Management Accountants
Tax & Financial Planning
Valuation Services

13. Audit and attest functions
Public Accounting
A public accountant may be tasked with protecting the interest of anyone and everyone…from small family-owned businesses to large publicly owned companies.
Skills include:
Audit and attest functions
Tax consulting
Financial planning
Business evaluations

14. Business & Industry Start up & Small Business Fortune 500 Companies
Service Industry
Technology
Retail
Entertainment
Athletics
Healthcare

15. Who Are We? Controllers Tax Specialists Financial Analysts
Chief Financial Officers
Chief Executive Officers
Internal Auditors and Accountants

16. Government FBI Securities and Exchange Commission
Department of Treasury
Department of Transportation
State Agencies
State Examiners
Municipalities
Local and State School Boards
Government Contractors
IRS

17. Did You Know?
Nearly 1,400 of the FBI’s special agents are accountants.
In fact, former FBI Deputy Director Thomas Pickard is a CPA.

18. Not for Profit Work for a Cause that is Meaningful to You
Emphasis on Strict Financial Balance

19. Who are We? Chief Financial Officers Controllers
Program management officers – At large non-profits, this position may involve maintaining the records and the budgets for certain programs. It may also involve direct management over the program itself.
Chief Financial Officers
Controllers
Program Management Officers
Outside Consultants
Fundraisers

20. Educators
Many CPAs have the opportunity to give back or hand down everything they know to students in business and accounting programs.
Subjects include:
Accounting
Audit
Tax
Information Technology
Ethics
Business Law
Business Applications

21. Who Are We? Professors Expert witnesses in litigation
Experts in information analysis
Authors of professional publications
Expert witnesses

22. Cpa Specialties Forensic Accounting
A professional with a combination of financial expertise and investigative prowess.
The Association of Certified Fraud Examiners estimates losses of $ trillion due to fraud annually (5% of revenues)
….no wonder forensic accounting is one of the fastest growing business sectors.
Example Engagements:
Calculating damages from Breach of Contract
Bankruptcy
Securities fraud
Marital and Family law

23. CPA Specialties Information Technology
A CPA who uses technology to provide information management expertise and/or assist financial auditors in assessing financial data.
They are often looked to as consultants when evaluating new technology internally or for clients.

24. CPA Specialties Personal Financial Planning
CPA financial planners use their technical skills, objectivity and integrity to help clients plan their financial futures:
Retirement funds
Debt management
College funds
Developing financial goals

25. Cpa-hood The Exam Designations Alabama Work Requirements
The E’s of CPA-hood
Salaries
Supply and Demand

26. The Exam Financial Accounting and Reporting (FAR) 4 hours
12/24/2017
The Exam
Financial Accounting and Reporting (FAR)
4 hours
Auditing and Attestation (AUD)
4 hours
Regulation (REG)
4 hours
Business Environment and Concepts (BEC)
4 hours
There are four sections of the exam. Each section is independent and can be taken in any order.
Financial is 4 hours in length. This section covers material learned in Intermediate Accounting I and II, Advanced Accounting Topics, and Governmental and NFP Accounting.
Audit is also 4 hours and covers the entire audit process. This section covers material learned in Business Processes & Internal Controls and Auditing and Assurance Services.
Regulation is a 3 hour exam and covers Federal tax and business law and ethics. This section covers material learned in Income Tax I and II and Advanced Business Law.
Business is a 3 hour exam and covers a wide range of material which can make it challenging. This section covers material learned in Cost Accounting, Accounting Information Systems, Corporate Governance, Principles of Finance, Economics, Strategic Management, etc.
Next, we will look at the structure of the exam.
The Financial and Audit sections have a similar structure.
There are 3 test lets or groups of questions. Each test let will have 30 questions and together they will comprise 60% of the exam score.
Within a test let you can work the questions in any order or go back and change an answer. However, once you complete a test let and are ready to move on the next one, you will not be able to revisit a previous test let.
Also on the financial and audit exams are 7 task based simulations which are case studies designed to mimic real world scenarios – they are like word problems that require you to apply your knowledge of the subject. The task based simulations will make up 40% of the exam score.
On the Regulation exam, there will be 3 test lets comprised of 24 multiple choice questions. These test lets will make up 60% of the exam score. The fourth test let will be comprised of 6 task based simulations for 40% of the exam score.
Finally, the Business exam will have 3 test lets comprised of 24 multiple choice questions. But here, the multiple choice test lets will make up 85% of the exam score. The remaining 15% is allocated to the 4th test let which is comprised of 3 written communication tasks.
Within each test let are pretest questions. These are questions that the AICPA is developing for future examinations; they are NOT used in computing examination scores.
FAR & AUD: 15 MCQs and 1 TBS are pretest questions
REG: 12 MCQs and 1 TBS are pretest questions
BEC: 12 MCQs and 1 written communication task are pretest questions
Passing score is 75 on a 0-99 scale
18 months to pass all four parts
It can be taken in any state or jurisdiction
Administered at Prometric Testing Centers

27. 2017 CPA Exam Changes
AICPA is launching a new version of the exam on April 1, According to the AICPA, in addition to essential technical skills it is critical that newly-licensed CPAs also be competent in:
Recognizing issues
Identifying errors
Challenging assumptions
Applying both professional judgement and skepticism
In order to test these competencies, the CPA Exam will have an increased emphasis on testing higher order skills. More task-based simulations will be used and the length of the CPA Exam will increase from 14 to 16 hours - four sections of four hours each. The exam will also be slightly more expensive. If you qualify to sit prior to the 2017 changes, we encourage you to do so.

28. Just remember…

29. Designations CPA, MBA, MAC, MST
Earning a masters degree (with a CPA certification added in) is usually not required, but it opens doors and helps negotiate a higher salary.
In Public Accounting, the CPA is considered the most valuable certification for staff to obtain.
Salary
CPA
Accountant
Years
Even in a weak job market, the demand for accountants, and CPAs in particular, remains healthy.
Research conducted by the U.S. Bureau of Labor Statistics projects that employment of accountants and auditors to expected to grow by 16% through 2020, faster than for any other occupation. The report goes on to state that the outlook is best for those “who have a college degree and professional certification, especially a CPA.”
What’s more, as the boomers move toward retirement, the gap between available positions and qualified individuals is expected to grow, In fact, according to the AICPA, 75 percent of today’s CPAs will retire over the next 15 years.
Being in a profession that is in demand puts you in the driver’s seat. With more demand, comes more flexibility, greater job security and increased opportunity.

30. Alabama Work Requirements
Exam Sitting Requirements
120 hours, BSBA, including 33 hours of upper-level accounting courses
MUST complete education requirement prior to sitting for exam
Work Experience Requirements
1 year in public accounting
2 years in industry, business, government, or college teaching
Ethics Requirements
Ethics is covered in each of the four parts of the current exam.
If licensed before the current exam then CPAs had to meet the AICPA ethics requirement before licensure.

31. The e’s of cpahood
When a CPA passes the exam, a certificate will be issued.
However, a license/permit to practice will be issued when the experience requirement is completed.

32. ascpA Student Membership
Join the ASCPA today! $25 one-time fee.
Must be at least a junior with a declared major in accounting.
Over 6,500 CPAs are our members; over 800 of them are student members… chances are your future employer is our member too!
Apply for one of our Educational Foundation Scholarships.
One general scholarship per university, plus 5 at-large for diversity in accounting and 2 at-large for financial need. $2500 – can be used for ANY of your expenses.
Receive discounts on exam review courses.
Stay in the know with CONNECTIONS magazine, #ALCPASuccess weekly digital newsletter and local chapter networking events.

33. Resources ascpa.org aicpa.org thiswaytocpa.com startheregoplaces.com
feedthepig.org
cgma.org
Pillars of Success
Profile – Chair Jamey Carroll