WHAT ARE THE STEREOTYPES OFACCOUNTANTS?1. Shredding is their #1 hobby!2. Pocket protectors are a fashion accessory.3. They carry laptops because they think it makes them look cool.4. They get psyched for business casual day.5. Boring.
MYTHS VERSUS REALITYMyth: 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 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 PRIVATEINDUSTRY 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 PUBLICACCOUNTING 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 Job Types Manufacturing Cost accounting Retail Internal audit Insurance & banking Financial/corporate Healthcare accounting Not for profit Tax Government/schools Bookkeeping Individuals Information technology Information technology Sarbanes-Oxley compliance
WHICH PATH TO CHOOSE?Public Accounting Private Accounting Pros Pros More emphasis on training • Less travel Develop broader range of skills • Specific industry focus More marketable Easier to obtain CPA license • May have shorter hours More responsibility • Concentrated skill development Access to top levels of management Cons Cons More travel • Narrower range of skills Longer hours • Slower progression up the High turnover corporate ladder Many extras – recruiting, practice development
SKILLS YOU’LL NEED Critical thinking Technology savvy Business sense Problem solving Ability to communicate clearly and concisely
SKILLS YOU’LL NEED Abilityto work alone or as part of a team Client-oriented Strong ethics Adaptable
THE FUSS IN THE NEWS. . .Company Error in revenue reportedAdelphia Communications $ 3.1 billionAOL Time Warner $ 49 millionBristol-Myers Squibb $ 1.5 billionDuke Energy $ 150+ millionEnron $ 1 billionMerck $ 12.4 billionWorldCom $ 3.8 billionXerox $ 15 billionIn South Carolina: HomeGold and CarolinaInvestors: $275 million bankruptcy in 2003,affecting 8,000 investors – the largest in SC
WHAT DOES IT MEAN FOR THEACCOUNTING 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 21st 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: Range La rge Firms Manager/Director $98,750 - $151,500 Manager $80,000 - $106,250 Senior $64,000 - $83,000 1 to 3 Years $54,500 - $66,250 Up to 1 Year $47,500 - $57,500 Me dium Firms Manager/Director $88,250 - $129,250 Manager $74,250 - $93,500 Senior $57,500 - $76,250 1 to 3 Years $48,750 - $59,500 Up to 1 Year $41,500 - $51,000 Sma ll Firms Manager/Director $80,750 - $105,500 Manager $66,500 - $82,000 Senior $52,000 - $66,500 1 to 3 Years $44,750 - $53,250 Up to 1 Year $40,000 - $47,250 Source: Robert Half 2008 Salary Guide
SALARY COMPARISON IN THE PRIVATE SECTOR:Position Large Co. Small to Med. Co.Chief Financial Officer $177,750–$370,500 $91,000–$170,250Corporate Controller $102,500–$161,500 $64,250–$117,000Assistant Controller $86,500-$126,750 $52,000-$90,750Tax Manager $88,500–$123,750 $71,500–$95,250Bookkeeper $31,000-$50,500 $31,000-$50,500Accounting & Payroll $29,000-$37,500 $26,500-$36,750Clerk (Geographic region, experience, education, CPA certification, andcompany size each play a role in determining salary.)
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 INRECRUITS? 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 INCOLLEGE 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)
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 Themission 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
SCACPA SCHOLARSHIP PROGRAMS SCACPA offered its first scholarship in 1965. An annual program was established in 1984. In 2011, we awarded $20,500 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.
GET INVOLVED AND MAXIMIZE YOURINVESTMENT 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. 377,000 members strong $50 per year for CPA candidates Student affiliates are free
RESOURCES FOR STUDENTS ANDCPA CANDIDATES scacpa.org aicpa.org startheregoplaces.com llr.state.sc.us Many others!
REACH YOUR PROFESSIONAL STAFF Continuing Professional Education (CPE) & Chapters April Cox, ext. 110, firstname.lastname@example.org Sandra Oxner, CMP, ext. 122, email@example.com Member Services Maureen Taylor, ext. 105, firstname.lastname@example.org April Blake, ext 100, email@example.com Communications & Young CPA Network Emily Russell, ext. 106, firstname.lastname@example.org Peer Review & Member Services Glenna Osier, ext. 107, email@example.com Finance & Accounting Karen Hancock, CPA, ext. 108, firstname.lastname@example.org Chief Operating Officer Reva Brennan, MPA, CAE, IOM ext. 103, email@example.com Chief Executive Officer Erin Hardwick, CAE, ext. 104, firstname.lastname@example.org