Becoming a CPA and SCACPA Student Membership Orientation


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Becoming a CPA and SCACPA Student Membership Orientation

  1. 1. B E C O M I N G A Certified Public Accountant
  2. 2. WHAT ARE THE STEREOTYPES OF ACCOUNTANTS? <ul><li>Shredding is their #1 hobby! </li></ul><ul><li>Pocket protectors are a fashion accessory. </li></ul><ul><li>They carry laptops because they think it makes them look cool. </li></ul><ul><li>They get psyched for business casual day. </li></ul><ul><li>Boring. </li></ul>
  3. 3. MYTHS VERSUS REALITY <ul><li>Myth: It is all about math ! </li></ul><ul><li>Reality: It is all about… </li></ul><ul><ul><li>Strategic and critical thinking </li></ul></ul><ul><ul><li>Problem solving and decision making </li></ul></ul><ul><ul><li>Effective use of technology </li></ul></ul><ul><ul><li>Good communication </li></ul></ul><ul><ul><li>Strong leadership and team building </li></ul></ul><ul><ul><li>Attention to detail </li></ul></ul><ul><ul><li>Analyze business situations </li></ul></ul><ul><ul><li>Develop creative solutions </li></ul></ul><ul><ul><li>Maintain objectivity </li></ul></ul><ul><ul><li>Often have the vision to realize untapped financial potential </li></ul></ul>
  4. 4. GOT RESPECT? <ul><li>No credential in the business world earns as much respect as the CPA – it is a prestigious credential. </li></ul><ul><li>CPAs meet the rigorous demands of certifications to take on the challenge of solving key business puzzles. </li></ul><ul><li>Having CPA attached to your name instantly gives you expert status and respect . </li></ul><ul><li>CPAs are always in demand, in good times and bad – recession “proof” or “bubble.” </li></ul><ul><li>CPAs are trusted, reliable employees or consultants integral and essential to the business world. </li></ul><ul><li>Integrity is built into the profession, whether as an auditor, financial advisor or tax consultant. </li></ul>
  5. 5. WHAT IS ACCOUNTING? <ul><ul><li>A profession </li></ul></ul><ul><ul><li>A business language </li></ul></ul><ul><ul><li>A set of rules to record business transactions in a consistent manner </li></ul></ul><ul><ul><li>The basis of business operations </li></ul></ul><ul><ul><li>Constantly changing </li></ul></ul>
  6. 6. JOB OPPORTUNITIES <ul><ul><li>Public accounting firm </li></ul></ul><ul><ul><li>Sole practitioner </li></ul></ul><ul><ul><li>Corporate </li></ul></ul><ul><ul><li>Not-for-profit </li></ul></ul><ul><ul><li>Government </li></ul></ul><ul><ul><li>Education </li></ul></ul>
  7. 7. CAREER VARIETY <ul><ul><li>Law enforcement </li></ul></ul><ul><ul><li>CFO  </li></ul></ul><ul><ul><li>Personal business manager </li></ul></ul><ul><ul><li>Auditor </li></ul></ul>
  8. 8. CAREER VARIETY <ul><ul><li>Treasurer </li></ul></ul><ul><ul><li>Information technology </li></ul></ul><ul><ul><li>Management consulting </li></ul></ul><ul><ul><li>Banking  </li></ul></ul>
  9. 9. CAREER VARIETY <ul><ul><li>Environmental compliance </li></ul></ul><ul><ul><li>Strategic resource manager </li></ul></ul><ul><ul><li>Tax interpretation/preparation </li></ul></ul><ul><ul><li>Forensics </li></ul></ul>
  10. 10. CAREER VARIETY <ul><ul><li>ElderCare adviser </li></ul></ul><ul><ul><li>International business </li></ul></ul><ul><ul><li>Estate planning </li></ul></ul><ul><ul><li>Litigation consulting </li></ul></ul>
  11. 11. GO YOU! <ul><li>You’ll play a vital business role as an individual team member who contributed to the overall success of the enterprise. </li></ul><ul><li>The impact of your analysis and insight add to your value. </li></ul><ul><li>Promotion and advancement in nearly inevitable for CPAs. </li></ul><ul><li>Intellectually and financially rewarding. </li></ul>
  12. 12. PUBLIC ACCOUNTING VERSUS PRIVATE INDUSTRY <ul><li>Public Accounting </li></ul><ul><ul><li>Work for several different companies </li></ul></ul><ul><ul><li>Provide a variety of services </li></ul></ul><ul><ul><li>Top position is typically a partner in a firm </li></ul></ul><ul><ul><li>Travel </li></ul></ul><ul><li>Private Industry </li></ul><ul><ul><li>Work for one company or organization </li></ul></ul><ul><ul><li>Travel varies </li></ul></ul><ul><ul><li>Top positions consist of Controllers, Chief Financial Officers, Presidents of company </li></ul></ul>
  13. 13. SERVICES PROVIDED BY PUBLIC ACCOUNTING FIRMS <ul><li>Assurance Services and Information Integrity </li></ul><ul><ul><ul><li>Audit Services </li></ul></ul></ul><ul><ul><ul><li>WebTrust </li></ul></ul></ul><ul><ul><ul><li>SysTrust </li></ul></ul></ul><ul><ul><ul><li>Performance View </li></ul></ul></ul><ul><ul><ul><li>ElderCare </li></ul></ul></ul><ul><li>Technology Services </li></ul><ul><li>Management Consulting and Performance Management </li></ul><ul><ul><ul><li>Forensic Accounting </li></ul></ul></ul><ul><ul><ul><li>Valuation Services </li></ul></ul></ul><ul><li>Financial Planning and Tax Services </li></ul><ul><li>International Services </li></ul>
  14. 14. PRIVATE INDUSTRY <ul><ul><li>Industries </li></ul></ul><ul><ul><li>Manufacturing </li></ul></ul><ul><ul><li>Retail </li></ul></ul><ul><ul><li>Insurance & banking </li></ul></ul><ul><ul><li>Healthcare </li></ul></ul><ul><ul><li>Not for profit </li></ul></ul><ul><ul><li>Government/schools </li></ul></ul><ul><ul><li>Individuals </li></ul></ul><ul><ul><li>Information technology </li></ul></ul><ul><ul><li>Job Types </li></ul></ul><ul><ul><li>Cost accounting </li></ul></ul><ul><ul><li>Internal audit </li></ul></ul><ul><ul><li>Financial/corporate accounting </li></ul></ul><ul><ul><li>Tax </li></ul></ul><ul><ul><li>Bookkeeping </li></ul></ul><ul><ul><li>Information technology </li></ul></ul><ul><ul><li>Sarbanes-Oxley compliance </li></ul></ul>
  15. 15. WHICH PATH TO CHOOSE? <ul><ul><li>Pros </li></ul></ul><ul><ul><li>More emphasis on training </li></ul></ul><ul><ul><li>Develop broader range of skills </li></ul></ul><ul><ul><li>More marketable </li></ul></ul><ul><ul><li>Easier to obtain CPA license </li></ul></ul><ul><ul><li>More responsibility </li></ul></ul><ul><ul><li>Access to top levels of management </li></ul></ul><ul><ul><li>Cons </li></ul></ul><ul><ul><li>More travel </li></ul></ul><ul><ul><li>Longer hours </li></ul></ul><ul><ul><li>High turnover </li></ul></ul><ul><ul><li>Many extras – recruiting, practice development </li></ul></ul><ul><ul><li>Pros </li></ul></ul><ul><ul><li>Less travel </li></ul></ul><ul><ul><li>Specific industry focus </li></ul></ul><ul><ul><li>May have shorter hours </li></ul></ul><ul><ul><li>Concentrated skill development </li></ul></ul><ul><ul><li>Cons </li></ul></ul><ul><ul><li>Narrower range of skills </li></ul></ul><ul><ul><li>Slower progression up the corporate ladder </li></ul></ul><ul><li>Public Accounting </li></ul><ul><li>Private Accounting </li></ul>
  16. 16. SKILLS YOU’LL NEED <ul><ul><li>Critical thinking </li></ul></ul><ul><ul><li>Technology savvy </li></ul></ul><ul><ul><li>Business sense </li></ul></ul><ul><ul><li>Problem solving </li></ul></ul><ul><ul><li>Ability to communicate clearly and concisely </li></ul></ul>
  17. 17. SKILLS YOU’LL NEED <ul><ul><li>Ability to work alone or as part of a team </li></ul></ul><ul><ul><li>Client-oriented </li></ul></ul><ul><ul><li>Strong ethics </li></ul></ul><ul><ul><li>Adaptable </li></ul></ul>
  18. 18. 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
  19. 19. WHAT DOES IT MEAN FOR THE ACCOUNTING PROFESSION? <ul><li>Sarbanes-Oxley Act (signed into law on July 30, 2002) </li></ul><ul><li>Sweeping legislative changes </li></ul><ul><ul><li>Corporate and accounting reform </li></ul></ul><ul><ul><li>Requires improved financial disclosure </li></ul></ul><ul><ul><li>Enhanced penalties for securities fraud </li></ul></ul><ul><ul><li>Largest business reform legislation since the Great Depression! </li></ul></ul><ul><li>What does the act do: </li></ul><ul><ul><li>Requires management to be more involved in financial processes </li></ul></ul><ul><ul><li>Increases demands on internal accounting functions </li></ul></ul><ul><ul><li>Increase the demands on external auditors </li></ul></ul><ul><ul><li>Requires Board members to be more financially competent </li></ul></ul><ul><li>What does that mean for your future in accounting…OPPORTUNITIES! </li></ul><ul><li>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. </li></ul><ul><li>Sarbanes-Oxley Act has led to CPAs becoming more valuable and more highly regarded than ever before. </li></ul>
  20. 20. SALARY POTENTIAL <ul><ul><li>$35K–$50K beginning </li></ul></ul><ul><ul><li>$55K + with CPA license </li></ul></ul><ul><ul><li>$150K + top positions </li></ul></ul>
  23. 23. THE SPRINGBOARD EFFECT <ul><li>AICPA has 43,000 members who are CEOs, CFOs or COOs </li></ul><ul><li>Phil Knight, CPA, founder of Nike </li></ul><ul><li>The FBI employs 1,700 CPAs, including number #2 Thomas Pickard, CPA </li></ul><ul><li>Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons is a CPA </li></ul><ul><li>Becoming a CPA is one of the best ways to enter and prepare for any possibility in the world of business </li></ul>
  24. 24. HAND PICK YOUR CAREER DIRECTION <ul><li>CPAs are in high demand. </li></ul><ul><li>Virtually limitless range of choices. </li></ul><ul><li>Demand from Hollywood to Main Street. </li></ul><ul><li>CPAs play key roles on nearly all professions and industries. </li></ul><ul><li>HAVE CPA, WILL TRAVEL! </li></ul><ul><li>As a CPA, you can live and work virtually anywhere in America. </li></ul><ul><li>Unparalleled career options. </li></ul><ul><li>Greater control and independence. </li></ul><ul><li>Go where opportunities are and dreams take you! </li></ul>
  25. 25. WHAT DO FIRMS LOOK FOR IN RECRUITS? <ul><ul><li>Strong academically </li></ul></ul><ul><ul><li>Solid technical accounting knowledge </li></ul></ul><ul><ul><li>GPA is not the only requirement! </li></ul></ul><ul><ul><li>Involved in activities, well-rounded </li></ul></ul><ul><ul><li>Professional drive and motivation </li></ul></ul><ul><ul><li>Good communication skills </li></ul></ul><ul><ul><li>Personable </li></ul></ul><ul><ul><li>Detail-oriented </li></ul></ul><ul><ul><li>Overall business awareness </li></ul></ul><ul><ul><li>Leadership skills </li></ul></ul><ul><ul><li>High ethical standards </li></ul></ul>
  26. 26. WHAT YOU CAN DO NOW AND IN COLLEGE <ul><ul><li>Be proactive!!! </li></ul></ul><ul><ul><li>Talk to accountants or people working in occupations you are considering </li></ul></ul><ul><ul><li>Use your advisor to help determine your likes/dislikes and what jobs fit you </li></ul></ul><ul><ul><li>Shadow someone working in the profession in which you are interested </li></ul></ul><ul><ul><li>Join accounting and/or business clubs </li></ul></ul><ul><ul><li>Obtain internships </li></ul></ul>
  27. 27. LICENSING PATHWAY <ul><ul><li>A college degree </li></ul></ul><ul><ul><li>120/150 hours of college credit </li></ul></ul><ul><ul><li>36 semester hours in business-related subjects (upper and lower) </li></ul></ul><ul><ul><li>36 semester hours in accounting-related subjects </li></ul></ul><ul><ul><li>Passage of Uniform CPA Exam </li></ul></ul><ul><ul><li>One year of general accounting experience supervised by a licensed CPA </li></ul></ul><ul><ul><li>Passage of ethics course </li></ul></ul><ul><ul><li>Evidence of good moral character </li></ul></ul>
  28. 28. WANT TO KNOW MORE? <ul><ul><li>Read Start Here magazine </li></ul></ul><ul><ul><li> </li></ul></ul><ul><ul><li> </li></ul></ul><ul><ul><li>Check out the CPA Association in the state you plan to land (if not SC) </li></ul></ul>
  30. 30. ASSOCIATIONS-COMING TOGETHER TO PRODUCE POSITIVE RESULTS <ul><li>Banded together for a specific purpose </li></ul><ul><li>A sense of community coordination – the heart of the association profession </li></ul><ul><li>First associations firmed as guilds in the 1830’s – a trend unique to our country and growing in popularity internationally </li></ul><ul><li>1.8 million associations, including ASAE, the association for associations! </li></ul><ul><li>200 million+ hours of volunteer hours logged by associations each year </li></ul>
  31. 31. WE’RE BUILDING A STRONGER ECONOMY <ul><li>Workforce education </li></ul><ul><li>Expert points of view </li></ul><ul><li>Enriched public policy </li></ul><ul><li>Innovative business practices </li></ul><ul><li>Spirit of community service </li></ul>
  32. 32. ABOUT SCACPA <ul><li>State affiliate of AICPA </li></ul><ul><li>Founded in 1915 </li></ul><ul><li>Governed by a 20 member voluntary Board of Directors </li></ul><ul><li>Eight local chapters </li></ul><ul><li>30 guiding committees and task forces </li></ul><ul><li>3,900 members, including CPAs, candidates, professional affiliates, educators and students </li></ul><ul><li>9.5 professional staff members </li></ul>
  33. 33. OUR MISSION <ul><li>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. </li></ul>
  34. 34. WIIFM: WHAT’S IN IT FOR ME? <ul><li>Tools, Information and Resources </li></ul><ul><li>Customized, friendly member service from our professional staff </li></ul><ul><li>Advocacy: your “eyes and ears” </li></ul><ul><li>Certification and Licensing: Direct connection to LLR </li></ul><ul><li>Communications: Web site, CPA Report, Current Assets </li></ul><ul><li>Education </li></ul><ul><li>Information, research and statistics </li></ul><ul><li>Forum (face to face or virtual) to discuss common problems and solutions </li></ul><ul><li>Service focus: volunteerism and community service </li></ul><ul><li>A community, network, “home,” opportunity to participate </li></ul>
  35. 35. MEMBERSHIP BENEFITS FOR STUDENTS (FOR ONLY $20 PER YEAR!) <ul><li>Enhance your resume </li></ul><ul><li>Establish and build valuable relationships </li></ul><ul><li>Free attendance at selected events </li></ul><ul><li>Discounts on attendance at SCAPCA Continuing Professional Education (CPE) seminars, conferences and other events </li></ul><ul><li>Access to a wealth of scholarships awarded by SCACPA, AICPA and other organizations </li></ul><ul><li>Online career network </li></ul><ul><li>Stay up to date with our e-mail, printed and Web-based publications for all members </li></ul><ul><li>Online membership directory </li></ul><ul><li>CPA Exam Review Course discounts and exam prep classes </li></ul><ul><li>Student Recognition Luncheon and workshops (November 12) </li></ul>
  36. 36. SCACPA SCHOLARSHIP PROGRAMS <ul><li>SCACPA offered its first scholarship in 1965. An annual program was established in 1984. </li></ul><ul><li>In 2009, we awarded $19,000 in scholarships. </li></ul><ul><li>Applicants should be rising juniors and seniors majoring in accounting with a minimum 3.25 GPA (overall) and 3.5 in accounting coursework. </li></ul><ul><li>Our Web site features 16 scholarship opportunities and applications. </li></ul>
  37. 37. SCACPA 2009 BOARD FIVE BOLD STEPS <ul><li>Financial Literacy </li></ul><ul><li>CPE Innovation: Making CPE efficient, effective; taking into consideration the delivery method, cost and content. </li></ul><ul><li>Infrastructure: Headquarters Renovation/Expansion & Web site </li></ul><ul><li>Young CPAs Leadership Cabinet: 25 of the states’ brightest young CPAs </li></ul><ul><li>BEGIN: Business, Education, Government, Industry and Non-profit Focus Programs </li></ul>
  38. 38. BOLD STEPS ADDED FOR 2010 <ul><li>Sustainability Initiative </li></ul><ul><li>Membership Relevancy Focus: Staying relevant and increasing perceived value. </li></ul><ul><li>Creating a Voice in Policy – Legislative, Regulatory and Standard Setting: Becoming more proactive in standard-setting, regulation writing and law creation. </li></ul><ul><li>Human Capital: Maintaining and strengthening SCACPA staff </li></ul>
  39. 39. GET INVOLVED AND MAXIMIZE YOUR INVESTMENT <ul><li>Apply for a scholarship </li></ul><ul><li>Read The CPA Report, Current Assets </li></ul><ul><li>Volunteer for a committee (students are welcome!) </li></ul><ul><li>Join the Financial Literacy campaign </li></ul><ul><li>Attend local Chapter Events and Seminars </li></ul><ul><li>Participate in events like CPA Day at the State House, Professional Issues Update in your area and the CPA Summit </li></ul><ul><li>Refer a member, be it a CPA, CPA candidate, professional affiliate or student </li></ul><ul><li>Get to know your staff </li></ul><ul><li>Take advantage of discount programs </li></ul>
  40. 40. AMERICAN INSTITUTE OF CPAS <ul><li>Since 1887, AICPA has been providing members with resources, training, programs and publications vital to CPAs. </li></ul><ul><li>340,000 members strong </li></ul><ul><li>$35 per year for students and CPA candidates </li></ul>
  41. 41. RESOURCES FOR STUDENTS AND CPA CANDIDATES <ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>Many others! </li></ul>
  42. 42. REACH YOUR PROFESSIONAL STAFF <ul><li>Continuing Professional Education (CPE) & Chapters April Cox, ext. 110, [email_address] Sandra Oxner, CMP, ext. 122, [email_address] </li></ul><ul><li>Member Services Katherine Swartz, CAE, ext. 105, [email_address] Emily Allen, ext. 106, [email_address] </li></ul><ul><li>Peer Review & Member Services Glenna Minor, ext. 107, [email_address] </li></ul><ul><li>Finance & Accounting Karen Hancock, CPA, ext. 108, [email_address] </li></ul><ul><li>Assistant Executive Director Reva Brennan, MPA, CAE, IOM ext. 103, [email_address] </li></ul><ul><li>Executive Director Erin Hardwick, CAE, ext. 104, [email_address] </li></ul>