ACCOUNTING

1. ACCOUNTING Fisher College of Business Undergraduate Specialization Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

2. Overview • What is Accounting? • Preparation • Accounting at The Fisher College of Business • Sample Job Titles and Descriptions • Internships • Professional Certifications • Accounting Salaries and Outlook • Student and Professional Organizations • Study Abroad • Accounting Department Contact Information Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

3. What is Accounting? • The design and implementation of financial and cost accounting systems, both budget and actual • Monitoring of operations through assembling, analyzing, and interpreting the essential dollars and cents information of the organization • The maintenance and analysis of records, to provide the planning, control and evaluation necessary to improve financial operations Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

4. Preparation • Success in accounting requires keen analytical abilities and a willingness to stick with a problem until a solution is found • An accountant should like detail and working with figures, but does not need an extensive background in mathematics • Training and/or experience with computers and computer programming are needed • The internship program offered to juniors and seniors is a great help for advanced job placement • Most employers require a four-year college background with thirty-six quarter hours of accounting • Additional electives to total a minimum of 196 hours are needed • for graduation. • Eligibility to sit for the CPA certification in several states including Ohio requires a minimum of 225 quarter hours with a minimum of 36 hours in Accounting courses exclusive of the 10 hours of principles work. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

5. Accounting at Fisher • Undergraduate Ranking • 14th Nationally - U.S. News and World Report (2009) • Master of Accounting Ranking • 10th Nationally - U.S. News & World Report (2007) • 11th Nationally - Public Accounting Report (2008) Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

6. Competitive Admissions • Information concerning application to the Accounting specialization is also available on the web under: • - Current Students • - Undergraduate Students • - Academics • Admission to the Accounting Specialization largely depends on space availability Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

7. Accounting Curriculum • Specific information about the Accounting Specialization can be found on the Fisher website under: • - Current Students • - Undergraduate Students • - Academics • - Specializations • There you will find a complete list requirements as downloadable pdf files Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

8. Honors Option • Offered to the Accounting Specialization Students (conditions apply) • Accounting Honors Program • http://fisher.osu.edu/departments/accounting-and-mis/programs/accounting-honors • Business Administration Honors Cohort Program • Individualized Business Administration Honors Contract Program For details on honors programs, go to:http://fisher.osu.edu/honors Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

9. Accounting Overview • The major fields of employment are public (public accounting firms), private (industrial and commercial enterprises), and government • Accountants usually specialize in a field such as auditing, cost or tax within these areas • The public accountant usually works in auditing, but sometimes in tax or management services • In any case, the public accountant must be a Certified Public Accountant. A variety of services ranging from auditing accounts and certifying (attesting to the fairness of) financial statements for executives and directors of organizations to carrying out financial investigations in cases of fraud, insolvency, tax returns, etc., is performed by the public accountant Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

10. Accounting Overview • Private accountants make up about fifty percent of the profession. They perform cost, tax, or internal auditing operations on financial records of a particular business for which they work • The private accountant may be a Certified Management Accountant or a Certified Internal Auditor • Government employs a large number of accountants, some of whom serve as investigators or internal revenue agents, auditing records of organizations and individuals subject to government regulation • The General Accounting Office, the Federal Bureau of Investigation, and other government agencies also employ many accountants Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

11. Types of Accounting Jobs • Cost Accountants • Determine costs associated with high volume production of goods; cost per unit analysis, set pricing structures, establish margins • Staff Accountants • Handle basic accounting • A/P and A/R Professionals • Manage high volume purchasing activity - incoming & outgoing payments for products/services Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

12. Types of Accounting Jobs • Auditor • To obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud • To evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time following the date of the financial statements being audited Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

13. Types of Auditing Jobs • Public Accounting • Audit other companies’ accounts. Good training ground - many businesses hire senior level management positions from public accounting firms; most firms implement positive culture policies/programs • Internal Audit • Provide auditing services within the company you work for Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

14. Accounting Job Descriptions • Accountant (The Limited Stores) • Prepare manual journal entries and help ensure that the month-end close process is performed in a timely and accurate manner with a high level of attention to detail; Prepare and coordinate the compilation of monthly balance sheet reconciliations; Own Merchandise Accounts Payable activity; Assist with Cancellation and Sell-off invoice processing; Monitor compliance with operational controls and procedures Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

15. Accounting Job Descriptions • Assistant Auditor (Ohio Auditor of State) • Assist higher level auditors perform audits of public offices (e.g., state agencies, counties, townships, school districts, villages, municipalities) and private organizations receiving public funds; gather information and documentation necessary for the execution of audit procedures; assist in the performance of substantive tests of specific accounts and records; assist in the preparation of documentation of internal accounting and administrative control systems; assist in the performance of tests of controls; assist in the performance of tests of compliance with laws and regulations applicable to the auditee; assist in the preparation of necessary working papers and schedules; develop familiarity with audit methodology, the audit process, audit programs, working papers, report formats and accounting systems of the auditees. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

16. Accounting Job Descriptions • Financial Analyst (at UPS) • Assist in preparation of various financial analysis; Assist Supervisor during month-end closing schedule as needed; Perform financial analysis of monthly financial statements; Research variances in financial statements; Prepare journal entries; Review monthly departmental P&L reports; Investigates and summarizes monthly budget variances with actual results; Assist on yearly Business Plan preparation; Capital Expenditures tracking; Prepare reconciliations of G/L accounts as assigned. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

17. Accounting Job Descriptions • Tax Analyst (Eaton Corporation) • Prepare or assist in the preparation of various federal income tax returns within our federal consolidated groups; Prepare or assist in the preparation of various state and local income tax returns; Prepare various sales and use tax returns and assist in the reconciliation of sales tax accrual accounts; Prepare various property tax returns and verify assessed values on property tax bills. Administer the payment of prpoperty tax bills; Assist in handling of selected state and local income tax audits, working directly with the Manager or Senior Analyst leading the audit; Assist in handling of selected property tax audits, working directly with the Manager of Property Tax; Assist in handling of selected sales and use tax audits, working directly with the Manager of Sales and Use Tax, Prepare business license tax returns; Assist in the preparation of apportionment data for state and local income tax returns. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

18. Accounting Internships • Audit Intern (Deloitte) • Develop an understanding of the Deloitte audit approach, methodology & tools; Establish working relationships with client personnel; Perform analytical review of audit documents; Review client accounting and operating procedures and systems of internal control; Identify accounting and auditing issues; perform research to solve issues that arise; Exhibit a professional, business-like demeanor; Prepare financial statement reports and documentation supporting Deloitte's audit opinions; Apply concepts of risk assessment; Design and perform tests of internal controls; Provide recommendations for improved controls and enhanced business efficiency. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

19. Accounting Internships • Staff Accounting Intern (Wolf, Rogers, Dickey and Company) • Job duties will include wide variety of accounting, auditing and tax services. Specific assignments may require preparing quarterly payroll tax returns (generally two weeks per quarter), compiling year-end financial statements without note disclosures, performing at staff level on audits of not for profits and governmental entities and preparing corporate, partnership and individual income tax returns as skill level permits. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

20. Government Accounting • There are rigorous legislative and continuing professional education rules, tough compliance requirements and accountability to a number of interested parties, ranging from federal agencies to the local media • SMALL FIRMS CAN THRIVE in this area as consultants, however, because of the wide range of potential clients and types of work, the timing of most engagements outside of tax season and the chance to rely on on-the-job training for staff Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

21. Government Accounting • Federal agencies that employ CPAs include the General Accounting Office, the Defense Contract Audit Agency, the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC) and dozens of others • At the state level, CPAs currently serve as directors of various agencies and departments including the Ohio Auditor of State's office Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

22. Business & Industry • Hired as chief financial officers, controllers, directors of tax departments and chief accountants, these CPAs are responsible for developing, analyzing and reporting on information needed for business decisions. They also evaluate the financial effects of management's actions • For small business owners, accountants provide the basis for organizing financial information, making well-informed management decisions possible: designing an accounting system that produces meaningful financial information Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

23. Business & Industry • Investigates the following: • How much income should the business generate? Will the company "go public" in the future? When does the owner want to retire? Will the business be passed on to other family members? • Provides accounting and financial functions on an ongoing basis, including the preparation of financial reports, helping the business to secure loans, preparing financial projections that show how the loans will be repaid, and determining if the business is viable. Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

24. Certified Public Accountant • CPAs are many things: • They are chief financial officers for Fortune 500 companies and advisors to small neighborhood businesses, they are controllers, management advisors, internal auditors. They work for public accounting firms, both small and large and they are also employed in business and industry, government and not-for-profit organizations. • They are well-respected strategic business advisors and decision-makers and they act as consultants on many issues, including taxes and accounting • They also can help individuals and businesses with all aspects of financial planning and of course, they can help you with your taxes Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

25. CPA Certification Requirements • Complete a program of study in accounting at a college/university. The AICPA recommends at least 150 semester hours (225 quarter hours) of college to obtain the common body of knowledge for becoming a CPA. • Pass the Uniform CPA Examination, which is developed and graded by the AICPA ( the exam consists of four sections: Business Law & Professional Responsibilities; Auditing; Accounting & Reporting-Taxation, Managerial, and Governmental and Not-for-Profit Organizations; and Financial Accounting & Reporting-Business Enterprises) • Obtain a certain amount of professional work experience in public accounting (not all states require this). Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

26. Other Certifications • CMA - Certified Management Accountant • CPP - Certified Payroll Professional • CCE - Certified Credit Executive • PFS - Personal Financial Specialist • CB - Certified Bookkeeper Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

27. Accounting Salaries • Fisher College of Business Average Salaries (2008-2009) • Full-time $46,962 • Intern $2,743/month • NACE Salary Survey (Spring 2009) • Full-time Private Accounting $46,028 • Full-time Public Accounting $48,352 Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

28. Accounting Outlook • At present, over 10,000 accountants are needed each year to replace those retiring, and an additional 10,000 annually because of the growing numbers of organizations, and the increasing emphasis placed on accounting information in our society • Starting salaries for accountants with a Bachelor’s degree cover a wide range and tend to be affected by the type of industry or organization involved Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

29. Student Organizations • The Accounting Association • The Accounting Association strives to provide networking opportunities for accounting students. The goal is to give students opportunities to meet and interact with business professionals and other students. • http://groups.cob.ohio-state.edu/acctassn/index.html • Beta Alpha Psi • This group is an accounting scholarship honorary fraternity. Membership is by invitation or petition. • https://groups.cob.ohio-state.edu/bap/ Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

30. Professional Organizations • American Institute of Certified Public Accountants • http://www.aicpa.org/ • Ohio Society of CPAs • http://www.ohioscpa.com/cms/ Beta Alpha Psi • http://www.bap.org/ Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

31. Study Abroad & Exchange Contacts • Fisher International Programs Office • http://fisher.osu.edu/international/ Office of International Affairs (OIA) • http://oia.osu.edu/ • OIA has many other opportunities for business and non-business opportunities to supplement the Fisher curriculum Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

32. Study Abroad & Exchange Programs • Copenhagen Business School, Denmark • Technische Universitat Dresden, Germany • Nantes Summer School, France • Trinity College, Dublin, Ireland • Quinn School of Business, Dublin, Ireland • London School of Economics, England • Instituto Technologico y de Estudios Superiores de Monterrey, Mexico • Hong Kong University of Science and Technology • Singapore Management University • Curtin School of Business, Perth, Australia Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

33. Max M. Fisher College of Business • Academic Department: Accounting • Ohio State University • 400 Fisher Hall • 2100 Neil Avenue • Columbus, OH 43210 • (614) 292-9368 • http://fisher.osu.edu/acctmis/ Office of Career Management 150 Gerlach Hall 2108 Neil Avenue 614-292-6024 fisher.osu.edu/career

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