Experience the Future of Accounting

1. Experience the Future of Accounting

2. Accounting Counts Why take High School Accounting?

3. Accounting and Business Majors“by the numbers” • Four of the top ten most profitable college majors are business related Average Starting Salary • Accounting $46,000 • Economics/Finance $45,000 • Business Administration $39,000 • Marketing $35,000

4. Accounting and Business Majors“by the numbers” • 1 in 5 college students are business majors • 226,000 new jobs are expected over the next decade in Accounting • In 2010, CPA firms increased their hiring by 83%

5. Why the increased demand for Accountants? • Increasing number of new businesses • Changing financial laws • Corporate governance regulations • Sarbanes Oxley Act of 2002

6. “Ripped from the Headlines”Forensic Accounting Wesley Snipes Gets 3 Years for Not Filing Tax Returns The increased focus on and numbers of financial crimes such as tax evasion, embezzlement, bribery, and securities fraud has increased the demand for forensic accountants.

7. Did You Know? • Phil Knight, Founder and Chair of Nike, is a CPA. • Donald Trump majored in Economics. • Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons is a CPA.

8. So what does this have to do with taking high school Accounting? • Business majors are required to take at least one, usually two, college accounting courses. • Studies show that students who take high school accounting are more successful in college accounting. • Decide if you are interested in business, finance and accounting before college.

9. What will you learn and do in high school Accounting? • Understand the language of business • Analyze business transactions • Prepare and analyze financial documents • Research business topics on the Internet • Use spreadsheet software

10. What do you plan to do after high school? • Go on to a 4-year college • Go on to a 2-year college • Work • Undecided

11. What is Accounting? • Debits=Credits • Assets=Liabilities + Owner’s Equity • It’s much more than that! • It’s the language of business. • It’s universally accepted • GAAP (Generally Accepted Accounting Practices).

12. Analyze Financial Information Best Buy’s Fiscal Revenue Mix

13. Financial Information on a Spreadsheet

14. What if I am not going to be a business major? • Many colleges and universities are requiring non-business majors to take a course in managerial accounting: • Interior Design • Architecture • Engineering

15. Want to Own YourOwn Business? • All businesses need to keep accounting records. • Entrepreneurs must understand the business/profit motive. • Understanding accounting concepts help Entrepreneurs problem solve and make sound business decisions.

16. Why is high school Accounting for everyone? • Learn skills that employers need all employees to possess: • Problem solving • Critical thinking • Organization, accuracy, and integrity • Business ethics • Technology

17. Why is high school Accounting for everyone? • Personal Applications learned in Accounting • Budgeting • Payroll Concepts • Investments • Taxes • Banking

18. Skills needed for Accountants • Must be comfortable working with numbers • Must be able to analyze a situation • Must be detailed-oriented • Must be interested in working in a business setting • Must enjoy working with computers

19. What is your greatest skill? • Math • Writing • Working with Computers • Talking with people • Reading

20. What can you do with an Accounting degree? • Become an accountant, accounts payable specialist, accounts receivable specialist, payroll clerk, income tax preparer, office manager, and the list goes on • Work in a complimentary field as a banker, manager, customer service represetative, ??? • Own your own business Remember, because you do understand the language of business you can do great in any business-related field

21. Which job do you think you would like? • Accounts payable • Accountant • Tax preparer • Payroll Specialist • Business Owner

22. Job Outlook • According to the U.S. Department of Labor, employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. • An increase in the number of businesses, changing financial laws and regulations, and increased scrutiny of company finances will drive growth. • In addition to openings resulting from growth, the need to replace accountants and auditors who retire or transfer to other occupations will produce numerous job openings in this large occupation.

23. Current Jobs: From Wisconsin Dept. of Workforce Development • Treasurer/Finance Specialist for Village of Kronenwetter in Mosinee; $50,000-65,000 per year • Tax Accountant for Reynolds & Associates in Waukesha; $60,000-$75,000 per year • Cost Manager for HS Group in Green Bay; $75,000-$80,000 per year • Accountant/Office Manager for nonprofit organization in Eau Claire; $20/hour • Bookkeeper for Dell Staffing Group in Appleton; $16,640 per year (increase after training period)

24. Accounting Program at CVTC • 2 years in length • Accounting program courses use many business simulations/hands-on activities; final semester student is provided an opportunity to intern at a business • Can become an A.B.A. • Transfer possibilities

25. CVTC Website • Program requirements • Articulation agreements • Past job placements • Housing Information • Student Life • www.cvtc.edu

26. Bachelor's Degree • Four to five years in length • University or Private College • Can become a Certified Public Accountant • Must have 150 credits • Few more job options • External Auditing