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b e c o m i n g a

b e c o m i n g a. Certified Public Accountant. What Are The Stereotypes of Accountants?. Shredding is their #1 hobby! Pocket protectors are a fashion accessory. They carry laptops because they think it makes them look cool. They get psyched for business casual day. Boring.

patricia-whitley
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b e c o m i n g a

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  1. b e c o m i n g a Certified Public Accountant

  2. What Are The Stereotypes of Accountants? • Shredding is their #1 hobby! • Pocket protectors are a fashion accessory. • They carry laptops because they think it makes them look cool. • They get psyched for business casual day. • Boring.

  3. Myths versus Reality • Myth: It is all about math! • Reality: It is all about… • Strategic and critical thinking • Problem solving and decision making • Effective use of technology • Good communication • Strong leadership and team building • Attention to detail

  4. What is accounting? • A profession • A business language • A set of rules to record business transactions in a consistent manner • The basis of business operations • Constantly changing

  5. Job Opportunities • Public accounting firm • Sole practitioner • Corporate • Not-for-profit • Government • Education

  6. Career Variety • Law enforcement • CFO • Personal business manager • Auditor

  7. Career Variety • Treasurer • Information technology • Management consulting • Banking

  8. Career Variety • Environmental compliance • Strategic resource manager • Tax interpretation/preparation • Forensics

  9. Career Variety • ElderCare adviser • International business • Estate planning • Litigation consulting

  10. Public Accounting versus Private Industry • Public Accounting • Work for several different companies • Provide a variety of services • Top position is typically a partner in a firm • Travel • Private Industry • Work for one company or organization • Travel varies • Top positions consist of Controllers, Chief Financial Officers, Presidents of company

  11. Services provided by public Accounting Firms • Assurance Services and Information Integrity • Audit Services • WebTrust • SysTrust • Performance View • ElderCare • Technology Services • Management Consulting and Performance Management • Forensic Accounting • Valuation Services • Financial Planning and Tax Services • International Services

  12. Private Industry Industries • Manufacturing • Retail • Insurance & banking • Healthcare • Not for profit • Government/schools • Individuals • Information technology Job Types • Cost accounting • Internal audit • Financial/corporate accounting • Tax • Bookkeeping • Information technology • Sarbanes-Oxley compliance

  13. Which Path to Choose? Public Accounting Private Accounting Pros • More emphasis on training • Develop broader range of skills • More marketable • Easier to obtain CPA license • More responsibility • Access to top levels of management Cons • More travel • Longer hours • High turnover • Many extras – recruiting, practice development Pros • Less travel • Specific industry focus • May have shorter hours • Concentrated skill development Cons • Narrower range of skills • Slower progression up the corporate ladder

  14. Skills You’ll Need • Critical thinking • Technology savvy • Business sense • Problem solving • Ability to communicate clearly and concisely

  15. Skills You’ll Need • Ability to work alone or as part of a team • Client-oriented • Strong ethics • Adaptable

  16. Why the fuss in the news?

  17. What does it mean for the Accounting Profession? Sarbanes-Oxley Act (signed into law on July 30, 2002) • Sweeping legislative changes • Corporate and accounting reform • Requires improved financial disclosure • Enhanced penalties for securities fraud • Largest business reform legislation since the Great Depression! • What does the act do: • Requires management to be more involved in financial processes • Increases demands on internal accounting functions • Increase the demands on external auditors • Requires Board members to be more financially competent • What does that mean for your future in accounting…OPPORTUNITIES!

  18. Salary Potential • $35K–$50K beginning • $55K + with CPA license • $150K + top positions

  19. Salary comparison in the public sector:

  20. Salary comparison in the private sector:

  21. What do Firms Look for in Recruits? • Strong academically • Solid technical accounting knowledge • GPA is not the only requirement • Involved in activities, well-rounded • Professional drive & motivation • Good communication skills • Personable • Detail oriented • Overall business awareness • Leaders • High ethical standards

  22. What You can do Now and in College • Be proactive!!! • Talk to accountants or people working in occupations you are considering • Use your high school Guidance Center or college Career Center to help determine your likes/dislikes and what jobs fit you • Shadow someone working in the profession in which you are interested • Join accounting and/or business clubs • Obtain internships

  23. Licensing Pathway • A college degree • 150 hours of college credit • 36 semester hours in business-related subjects • 36 semester hours in accounting-related subjects • Passage of Uniform CPA Exam • One year of general accounting experience supervised by alicensed CPA • Passage of ethics course • Evidence of good moral character

  24. Want to Know More? • Read Start Here magazine • www.startheregoplaces.com • www.scacpa.org • Check out the CPA Association in the state you are attending college

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