Becoming a CPA and SCACPA Student Membership Orientation

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.

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
Analyze business situations
Develop creative solutions
Maintain objectivity
Often have the vision to realize untapped financial potential

GOT RESPECT?
No credential in the business world earns as much respect as the CPA – it is a prestigious credential.
CPAs meet the rigorous demands of certifications to take on the challenge of solving key business puzzles.
Having CPA attached to your name instantly gives you expert status and respect .
CPAs are always in demand, in good times and bad – recession “proof” or “bubble.”
CPAs are trusted, reliable employees or consultants integral and essential to the business world.
Integrity is built into the profession, whether as an auditor, financial advisor or tax consultant.

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

JOB OPPORTUNITIES
Public accounting firm
Sole practitioner
Corporate
Not-for-profit
Government
Education

CAREER VARIETY
Law enforcement
CFO 
Personal business manager
Auditor

CAREER VARIETY
Treasurer
Information technology
Management consulting
Banking 

CAREER VARIETY
Environmental compliance
Strategic resource manager
Tax interpretation/preparation
Forensics

CAREER VARIETY
ElderCare adviser
International business
Estate planning
Litigation consulting

GO YOU!
You’ll play a vital business role as an individual team member who contributed to the overall success of the enterprise.
The impact of your analysis and insight add to your value.
Promotion and advancement in nearly inevitable for CPAs.
Intellectually and financially rewarding.

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

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

PRIVATE INDUSTRY
Industries
Manufacturing
Retail
Insurance & banking
Healthcare
Not for profit
Government/schools
Individuals
Job Types
Cost accounting
Internal audit
Financial/corporate accounting
Tax
Bookkeeping
Sarbanes-Oxley compliance

WHICH PATH TO CHOOSE?
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
Public Accounting
Private Accounting

SKILLS YOU’LL NEED
Critical thinking
Technology savvy
Business sense
Problem solving
Ability to communicate clearly and concisely

SKILLS YOU’LL NEED
Ability to work alone or as part of a team
Client-oriented
Strong ethics
Adaptable

THE FUSS IN THE NEWS. . . In South Carolina: HomeGold and Carolina Investors: $275 million bankruptcy in 2003, affecting 8,000 investors – the largest in SC

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!
Following the much-publicized scandals of the early 21 st century, the accounting profession has been instrumental in ushering a new age of corporate trust and responsibility.
Sarbanes-Oxley Act has led to CPAs becoming more valuable and more highly regarded than ever before.

SALARY POTENTIAL
$35K–$50K beginning
$55K + with CPA license
$150K + top positions

SALARY COMPARISON IN THE PUBLIC SECTOR:

SALARY COMPARISON IN THE PRIVATE SECTOR:

THE SPRINGBOARD EFFECT
AICPA has 43,000 members who are CEOs, CFOs or COOs
Phil Knight, CPA, founder of Nike
The FBI employs 1,700 CPAs, including number #2 Thomas Pickard, CPA
Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons is a CPA
Becoming a CPA is one of the best ways to enter and prepare for any possibility in the world of business

HAND PICK YOUR CAREER DIRECTION
CPAs are in high demand.
Virtually limitless range of choices.
Demand from Hollywood to Main Street.
CPAs play key roles on nearly all professions and industries.
HAVE CPA, WILL TRAVEL!
As a CPA, you can live and work virtually anywhere in America.
Unparalleled career options.
Greater control and independence.
Go where opportunities are and dreams take you!

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 and motivation
Good communication skills
Personable
Detail-oriented
Overall business awareness
Leadership skills
High ethical standards

WHAT YOU CAN DO NOW AND IN COLLEGE
Be proactive!!!
Talk to accountants or people working in occupations you are considering
Use your advisor 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

LICENSING PATHWAY
A college degree
120/150 hours of college credit
36 semester hours in business-related subjects (upper and lower)
36 semester hours in accounting-related subjects
Passage of Uniform CPA Exam
One year of general accounting experience supervised by a licensed CPA
Passage of ethics course
Evidence of good moral character

WANT TO KNOW MORE?
Read Start Here magazine
www.startheregoplaces.com
www.scacpa.org
Check out the CPA Association in the state you plan to land (if not SC)

SCACPA 2010 MEMBERSHIP UPDATE & ORIENTATION

ASSOCIATIONS-COMING TOGETHER TO PRODUCE POSITIVE RESULTS
Banded together for a specific purpose
A sense of community coordination – the heart of the association profession
First associations firmed as guilds in the 1830’s – a trend unique to our country and growing in popularity internationally
1.8 million associations, including ASAE, the association for associations!
200 million+ hours of volunteer hours logged by associations each year

WE’RE BUILDING A STRONGER ECONOMY
Workforce education
Expert points of view
Enriched public policy
Innovative business practices
Spirit of community service

ABOUT SCACPA
State affiliate of AICPA
Founded in 1915
Governed by a 20 member voluntary Board of Directors
Eight local chapters
30 guiding committees and task forces
3,900 members, including CPAs, candidates, professional affiliates, educators and students
9.5 professional staff members

OUR MISSION
The mission of the South Carolina Association of CPAs is to support all CPAs – whether in public practice, industry, government or education – with lifelong learning opportunities necessary for their success, the promotion of high ethical standards and legislative advocacy for both the public good and for the profession.

WIIFM: WHAT’S IN IT FOR ME?
Tools, Information and Resources
Customized, friendly member service from our professional staff
Advocacy: your “eyes and ears”
Certification and Licensing: Direct connection to LLR
Communications: Web site, CPA Report, Current Assets
Education
Information, research and statistics
Forum (face to face or virtual) to discuss common problems and solutions
Service focus: volunteerism and community service
A community, network, “home,” opportunity to participate

MEMBERSHIP BENEFITS FOR STUDENTS (FOR ONLY $20 PER YEAR!)
Enhance your resume
Establish and build valuable relationships
Free attendance at selected events
Discounts on attendance at SCAPCA Continuing Professional Education (CPE) seminars, conferences and other events
Access to a wealth of scholarships awarded by SCACPA, AICPA and other organizations
Online career network
Stay up to date with our e-mail, printed and Web-based publications for all members
Online membership directory
CPA Exam Review Course discounts and exam prep classes
Student Recognition Luncheon and workshops (November 12)

SCACPA SCHOLARSHIP PROGRAMS
SCACPA offered its first scholarship in 1965. An annual program was established in 1984.
In 2009, we awarded $19,000 in scholarships.
Applicants should be rising juniors and seniors majoring in accounting with a minimum 3.25 GPA (overall) and 3.5 in accounting coursework.
Our Web site features 16 scholarship opportunities and applications.

SCACPA 2009 BOARD FIVE BOLD STEPS
Financial Literacy
CPE Innovation: Making CPE efficient, effective; taking into consideration the delivery method, cost and content.
Infrastructure: Headquarters Renovation/Expansion & Web site
Young CPAs Leadership Cabinet: 25 of the states’ brightest young CPAs
BEGIN: Business, Education, Government, Industry and Non-profit Focus Programs

BOLD STEPS ADDED FOR 2010
Sustainability Initiative
Membership Relevancy Focus: Staying relevant and increasing perceived value.
Creating a Voice in Policy – Legislative, Regulatory and Standard Setting: Becoming more proactive in standard-setting, regulation writing and law creation.
Human Capital: Maintaining and strengthening SCACPA staff

GET INVOLVED AND MAXIMIZE YOUR INVESTMENT
Apply for a scholarship
Read The CPA Report, Current Assets
Volunteer for a committee (students are welcome!)
Join the Financial Literacy campaign
Attend local Chapter Events and Seminars
Participate in events like CPA Day at the State House, Professional Issues Update in your area and the CPA Summit
Refer a member, be it a CPA, CPA candidate, professional affiliate or student
Get to know your staff
Take advantage of discount programs

AMERICAN INSTITUTE OF CPAS
Since 1887, AICPA has been providing members with resources, training, programs and publications vital to CPAs.
340,000 members strong
$35 per year for students and CPA candidates

RESOURCES FOR STUDENTS AND CPA CANDIDATES
scacpa.org
aicpa.org
startheregoplaces.com
nextgenaccountant.com
llr.state.sc.us
diversitypipeline.org
Many others!

REACH YOUR PROFESSIONAL STAFF
Continuing Professional Education (CPE) & Chapters April Cox, ext. 110, [email_address] Sandra Oxner, CMP, ext. 122, [email_address]
Member Services Katherine Swartz, CAE, ext. 105, [email_address] Emily Allen, ext. 106, [email_address]
Peer Review & Member Services Glenna Minor, ext. 107, [email_address]
Finance & Accounting Karen Hancock, CPA, ext. 108, [email_address]
Assistant Executive Director Reva Brennan, MPA, CAE, IOM ext. 103, [email_address]
Executive Director Erin Hardwick, CAE, ext. 104, [email_address]

Becoming a CPA and SCACPA Student Membership Orientation

by emallen4 on Mar 15, 2010

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