INCPAS_College_Presentation_Spring2011

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  • Basic info about yourself. You don’t need to answer all of these questions, but it’s here as a guide.
  • INCPAS_College_Presentation_Spring2011

    1. 1. What it REALLY Means to Be a CPA<br />Indiana CPA SocietySpring 2011<br />
    2. 2. Firm/Company:<br />Size :<br />Location :<br />Position:<br />Why I my job:<br />College:<br />Work History:<br />Why a CPA?:<br />
    3. 3. Professional<br />Ethical<br />Determined<br />Competent<br />CPA Characteristics<br />
    4. 4. Manage Your Career<br />CPAs have the freedom and<br />flexibility to manage their<br />careers! <br />The CPA designation will:<br /><ul><li>allow you to work in any field.
    5. 5. open many, many doors.
    6. 6. provide a diverse career.
    7. 7. separate you from others in accounting related positions.</li></li></ul><li>Looking for a Job?<br />CFOs project increase in net hiring in fourth quarter (first time since 1Q09)<br />The unemployment rate for accountants was 1.7% (national average: 9.7%, Indiana, 10.1%)<br />The Bureau of Labor Statistics predicts employment of accountants and auditors will grow by 22 percent between 2008 and 2018<br />Stats: Robert Half, Indiana Dept. of Workforce Development & Bureau of Labor Statistics <br />
    8. 8. Future Career Plans<br />
    9. 9.
    10. 10. Job Hunt Resources<br />Visit your Career Services office<br />Resume<br />Work with the professionals to develop a quality resume.<br />Have multiple people review your resume and cover letter.<br />Interview Prep<br />Schedule a time for practice interviews<br />Research the firm/company<br />Have questions prepared<br />
    11. 11. Top 12 Resume Disasters<br />
    12. 12. Interview Attire<br />Common sense, people…<br /><ul><li>No wrinkled shirts
    13. 13. Don’t show skin
    14. 14. Men, wear a suit & trim your nails
    15. 15. Ladies, you’re not Lady Gaga, keep it simple.
    16. 16. Go easy on the aftershave and perfume
    17. 17. Polish your shoes
    18. 18. Breath mint, you’re welcome.</li></li></ul><li>Leave it in the Car<br />
    19. 19. CPA Exam, What’s it Take?<br />150-hours<br />
    20. 20. Eligibility<br />All first-time applicants applying for the Uniform CPA Exam in Indiana must meet one of the following requirements;<br />Earned one hundred and fifty (150) semester hours in general education which must include; <br /> a. a graduate degree from a college or university that is accredited by an accrediting organization recognized by the board, and completed: <br /> b. at least twenty-four (24) semester hours in accounting at the undergraduate level or fifteen (15) semester hours in accounting at the graduate level or an equivalent combination thereof which must include courses covering the following subjects; <br /> • financial accounting, <br /> • auditing, <br /> • taxation, <br /> • managerial accounting; and <br /> c. at least twenty-four (24) semester hours in business administration and economics courses, other than accounting courses, at the undergraduate or graduate level. <br /> • up to six (6) semester hours of business and tax law courses <br /> • up to six (6) semester hours of computer science courses. <br />2. Earned one hundred and fifty (150) semester hours in general education which must include; <br /> a. a baccalaureate degree from a college or university that is accredited by an accrediting organization recognized by the board; and completed: <br /> b. at least twenty-four (24) semester hours in accounting at the undergraduate or graduate level which must include courses covering the following subjects; <br /> • financial accounting, <br /> • auditing, <br /> • taxation, <br /> • managerial accounting; and <br /> c. at least twenty-four (24) semester hours in business administration and economics courses other than accounting courses. <br /> • up to six (6) semester hours of business and tax law courses <br /> • up to six (6) semester hours of computer science courses. <br />
    21. 21. New Application Process for Students<br />Students planning to become CPAs in Indiana can now APPLY to sit for the Exam 60-days prior to completing the 150-hour requirement!<br /><ul><li>Your Dean or Registrar must complete the Certificate of Enrollment (COE) stating that you are expected to meet the 150 credit hour requirement within 60 days.
    22. 22. You must submit proof to CPA Exam Services that you have met the 150 credit hour requirement no later than 60 days immediately following the end of the window in which the candidate sits for the examination.
    23. 23. If you fail to provide proof of graduation, CPA Exam Services and/or the Indiana Board of Accountancy may cancel your Notice to Schedule (NTS) and/or any examination scores.</li></li></ul><li>Seal of Institution or Notary Seal<br />Signature of Dean or Registrar<br />http://www.nasba.org/862571B900737CED/ENL/IN%20COE/$file/INCOE.pdf<br />
    24. 24. Materials to Be Submitted<br /> First-time Applicants are required to submit the following to CPA Examination Services (CPAES). <br />1) Completed, signed first-time paper application, if applicable. <br />2) Payment document for application and examination fees. <br />• Certified check or money order made payable to CPA Examination Services. <br /> • Credit card form (attached at the end of this application) <br /> • Notate your name and sections to be taken in the “Memo” section.<br />Official transcript(s). <br />Certificate of Enrollment, if applicable. <br />Foreign Evaluation, if applicable. <br />ADA Accommodation Form, if applicable. <br />Applicants are advised to request submission of all forms to CPAES prior to applying for the examination. <br />
    25. 25. Exam Sections & Fees<br />$919.51<br />
    26. 26. October & November<br />January & February<br />April & May<br />July & August<br />Exam Testing Windows<br />
    27. 27. Changes to the Exam<br />CBT-e launchedJan. 1, 2011<br />Simulations:<br />Old: 2 long simulations in AUD, FAR & REG<br />New: 6-7 Task-Based Simulations in each section<br />Constructed Response:<br />Old: 2 essays in AUD, FAR & REG. <br />New: 0 essays in AUD, FAR & REG<br />
    28. 28. Changes to the Exam<br />Section Length:<br />AUD shortened 30 minutes (4hrs)<br />BEC lengthened 30 minutes (3hrs)<br />FAR (4hrs) <br />REG (3hrs)<br />New calculator and improved spreadsheets<br />One new research item type<br />Scoring: More emphasis on skills<br />
    29. 29. New CSOs - AUD<br />
    30. 30. New CSOs - BEC<br />
    31. 31. New CSOs - FAR<br />
    32. 32. New CSOs - REG<br />
    33. 33. Question Weight<br />
    34. 34. IFRS on the Exam<br /><ul><li>IFRS is already entry-level practice and many CPAs are now using IFRS
    35. 35. US GAAP is likely to continue for some time
    36. 36. Implications:
    37. 37. Entry-level CPAs will need to be “bilingual” and able to work under both US GAAP and IFRS
    38. 38. Content on the Exam will likely include both US GAAP and IFRS for some time</li></ul>Need to be “Bilingual”<br />
    39. 39. Sample IFRS Question<br />Under IFRS, when an entity chooses the revaluation model as its accounting policy for measuring property, plant and equipment, which of the following statements is correct?<br />A) When an asset is revalued, the entire class of property, plant and equipment to which that asset belongs must be revalued.<br />B) When an asset is revalued, individual assets within a class of property, plant and equipment to which that asset belongs can be revalued.<br />C) Revaluations of property, plant and equipment must be made at least every three years.<br />D) Increases in an asset’s carrying value as a result of the first revaluation must be recognized as a component of profit or loss.<br />A<br />
    40. 40. CPA Exam Resources<br />
    41. 41. INCPAS Student Membership<br />Membership is FREE!<br />
    42. 42. Indiana CPA Society<br /> INCPAS has over 8,000 member and is the largest advocate of the CPA profession in Indiana.<br /> INCPAS represents all CPAs working in the profession in all career stages!<br /><ul><li>Public
    43. 43. Industry
    44. 44. Education
    45. 45. Government
    46. 46. Nonprofit</li></li></ul><li>Student Benefit: Information<br /> INCPAS students have access to a variety of publications to stay up-to-date on hot topics, issues and trends!<br /><ul><li>CPA IN Perspective
    47. 47. CPA ePerspective
    48. 48. Start Here Magazine</li></li></ul><li>Student Benefit: CPA Exam Info<br /> Have questions about the CPA Exam? INCPAS can help you understand the process and earn discounts on review courses!<br /><ul><li>Becker, $300 discount
    49. 49. What You Need to Know brochure
    50. 50. CPA Candidate web page</li></li></ul><li>Student Benefit: Networking<br /> INCPAS students can network with Indiana CPAs throughout the year at a variety of INCPAS events.<br /><ul><li>Night @ Victory Field
    51. 51. Young Pros Parties
    52. 52. CPA Celebration
    53. 53. CPA Day of Service
    54. 54. Colts Game</li></li></ul><li>Student Benefit: Involvement<br /> Make the most out of your membership. Get involved and become an active and engaged INCPAS student member.<br /><ul><li>CPA Day of Service
    55. 55. INCPAS Case Study Competition
    56. 56. High School Ambassadors
    57. 57. Game On: CPAs in Action, college host</li></li></ul><li>High School Ambassador Program<br /> Accounting students have the opportunity to encourage local high school students to pursue accounting as a major and go on to become a CPA!<br /><ul><li>Access to HS Ambassador Training Videos
    58. 58. Wiki full of great resources
    59. 59. Give-a-ways and materials for HS students</li></li></ul><li>Follow @incpas<br />
    60. 60. Questions?<br />

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