2010 Careers In Accounting Or Finance


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2010 Careers In Accounting Or Finance

  1. 1. Careers In Accounting & Finance 2010 - 2011 Alma | Ann Arbor | Flint | Kalamazoo | Lansing | Marlette | Midland | Saginaw www.yeoandyeo.com
  2. 2. FINANCE WWW.CAREERS-IN-FINANCE.COM <ul><li>control of money: the business or art of managing the monetary resources of an organization, country, or person </li></ul>
  3. 3. ACCOUNTING WWW.CAREERS-IN-ACCOUNTING.COM <ul><li>bookkeeping: the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes </li></ul>
  4. 4. CPA <ul><li>accountant allowed to practice in state: a public accountant who has met the requirements of a particular U.S. state and is therefore allowed to practice there </li></ul>
  5. 5. WHY: BECOMING A CPA IS A PROFESSION FOR LIFE! <ul><li>Over 20,000 join public accounting firms in entry level jobs each year. </li></ul>
  6. 6. Hiring Outlook Accounting & Finance <ul><li>Business growth results in continued demand for accounting & finance professionals </li></ul><ul><li>Public accounting firms, consulting firms, private industry & not-for-profit all competing for the best talent </li></ul><ul><li>Learn for a lifetime </li></ul><ul><li>CPA designation remains credential of choice for variety of positions </li></ul><ul><li>Increased competition - Public Firms practice change </li></ul><ul><li>Top candidate attributes change for entry-level positions </li></ul>
  7. 7. Careers in Finance <ul><li>Commercial Banking </li></ul><ul><li>Corporate Finance </li></ul><ul><li>Financial Planning </li></ul><ul><li>Hedge Funds </li></ul><ul><li>Insurance </li></ul><ul><li>Investment Banking </li></ul><ul><li>Money Management </li></ul><ul><li>Private Equity </li></ul><ul><li>Real Estate </li></ul>
  8. 8. Careers for CPAs <ul><li>An FBI agent who tracks down drug smugglers; </li></ul><ul><li>A financial advisor to movie stars and sports legends; </li></ul><ul><li>A software expert who ensures the reliability of a company’s cyber-security; </li></ul><ul><li>A financial officer for one of the most influential labor unions in the nation; </li></ul><ul><li>A politician who is a member of Congress; </li></ul><ul><li>A university professor who helps establish global accounting standards; </li></ul>
  9. 9. Careers for CPAs <ul><li>An environmental consultant who helps businesses comply with governmental regulations; </li></ul><ul><li>A world traveler who helps international companies comply with international trade laws and regulations; </li></ul><ul><li>A coordinator of care-giving services for people who can no longer live independently; </li></ul><ul><li>A chief financial officer who manages a Fortune 500 firm’s investments; or </li></ul><ul><li>An entrepreneur who starts a business that is eventually worth millions. </li></ul>
  10. 10. Traits of Successful a CPA <ul><li>Critical Thinking – Businesses rely on CPAs to review their practices and recommend improvements. CPAs who offer financial planning must be informed about stocks and investments. They must know how to evaluate the importance of all the factors influencing a business, translate these factors into an operable plan and provide valid reasoning for their proposals. </li></ul><ul><li>Communication Skills – CPAs are constantly interfacing with people. CPAs must be able to communicate effectively, both in person and in writing. This skill helps them to expand client relationships and build new ones, as well as establish them as experts in their areas of interest . </li></ul>
  11. 11. Traits of Successful a CPA <ul><li>Cooperation – CPAs must be able to cooperate with the various personalities and interests that make up an organization. Even if CPAs work for themselves, they need people skills that will allow them to develop strong client relationships and work effectively with their staff. </li></ul><ul><li>Satisfy Their Curiosity – CPAs often investigate an organization’s financial, technological, and environmental practices. They need to know what questions to ask beyond the obvious. Sometimes they must develop expertise in areas outside of their educational background. They must be active learners throughout their career. </li></ul>
  12. 12. Traits of Successful a CPA <ul><li>Adaptable – Not only should CPAs be intelligent, but they also need to be adaptable. The world is constantly changing. A successful CPA must always look for new business opportunities and new relationships. </li></ul><ul><li>M aintain High Ethical Standards – CPAs are renowned for their trustworthiness and are greatly respected because of their adherence to a professional code of conduct. Unethical actions can result in the loss of a CPA license and a drop in earning potential. </li></ul>
  13. 13. Attributes of Best Candidates for Public Accounting <ul><li>25% internship experience </li></ul><ul><li>24% referral from trusted contact or employee </li></ul><ul><li>25% emotional intelligence </li></ul><ul><li>8% college or university attended </li></ul><ul><li>5% grade point average </li></ul><ul><li>2% extracurricular activities </li></ul><ul><li>1% work experience/previous experience </li></ul><ul><li>10% other/don’t know </li></ul><ul><li>Source: Robert Half survey of 1400 CFOs </li></ul>
  14. 14. Attributes of Best Candidates <ul><li>CFOs surveyed say “Compared to five years ago, verbal, written and interpersonal skills have become more important for accounting and finance professionals”. </li></ul><ul><li>43% agree </li></ul><ul><li>Source: Robert Half survey of 1400 CFOs </li></ul>
  15. 15. Advantages of being a CPA <ul><li>Compensation - A CPA’s salary will vary according to the type and size of the business the CPA is in, and where the business is located. An entry-level accountant who still has to pass the CPA exam can currently expect approximately $42,000 as a starting salary in a city about the size of Lansing. As a CPA moves up and passes the exam, the salary will increase accordingly. Partners in an accounting firm can anticipate earning an annual salary above $100,000. If a CPA is in the entertainment or sports industries, these amounts would most likely be higher. And, the future anticipated shortage of accountants will certainly drive up the pay scale. </li></ul>
  16. 16. Advantages of being a CPA <ul><li>Quality of Life – CPA careers are among the more flexible and most promote a work-life balance. Flex-time, bonuses, and incentives are standard for most businesses. Along with educational and advancement opportunities, many CPAs will argue that their career beats the unstable Internet environment any day. </li></ul><ul><li>Job Security and Stability – CPAs are more resilient than most during a recession. Their basic skills are vital to every business. So when one industry is downsizing, CPAs will likely find opportunities in others that are developing new technologies or services. </li></ul>
  17. 17. Services Offered by Public Firms <ul><li>Audit </li></ul><ul><li>Tax </li></ul><ul><li>Merger/acquisitions fuels demand for </li></ul><ul><ul><li>Valuations </li></ul></ul><ul><ul><li>Attestation services </li></ul></ul><ul><ul><li>Forensic accounting </li></ul></ul><ul><ul><li>Fraud investigations </li></ul></ul><ul><li>Increased federal regs; rise in compliance </li></ul><ul><li>work; risk & advisory services </li></ul>
  18. 18. Resources <ul><li>www. michcpa .org </li></ul><ul><li>www. aicpa .org </li></ul>
  19. 19. Thank You! Kym Hess Asst. Director of Human Resources [email_address] 517.323.9500 Alma | Ann Arbor | Flint | Kalamazoo | Lansing | Marlette | Bay City | Midland | Saginaw