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MACPA Tomorrow's CPA Student Professional Issues Update April 2014

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MACPA Tomorrow's CPA Student Professional Issues Update
April 2014

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MACPA Tomorrow's CPA Student Professional Issues Update April 2014

  1. 1. Rebekah J. Brown, CPA Manager, Membership Development & Engagement Salisbury University April 15, 2014 Professional Issues Update: Student Edition
  2. 2. Rebekah Brown, CPA Maryland Association of CPAs Business Learning Institute (443) 632-2320 E-mail Rebekah@macpa.org Web www.macpa.org www.blionline.org Blog CPA Success Twitter @RJBrownCPA LinkedIn Rebekah Brown, CPA Pinterest pinterest.com/MarylandCPAs Slideshare slideshare.net/rjbrowncpa CONNECT / PROTECT / ACHIEVE
  3. 3. http://macpa.cnf.io! Respond to a Poll Ask a Question Select the session: BAP – Salisbury University
  4. 4. Download today’s slides at … www.SlideShare.net/rjbrowncpa
  5. 5. http://www.aicpa.org/News/AICPATV/Pages/home.aspx?bctid=1678226708001
  6. 6. Maryland’s role in the formation of the CPA Profession Edward Cockey - First President of AICPA ! Henry Harney - concept of CPA ! Max Teichman - founding member of MACPA Maryland was the third state to enact CPA legislation and first state in 1928 to restrict audits to CPAs
  7. 7. The CPA profession is part of the bigger infrastructure that supports the US free market system. Like the pipes under urban streets, it is often invisible until it breaks. The CPA profession
  8. 8. Our infrastructure for regulating the US financial markets has been created from a series of reactions to crises and is in need of repair. Single audits DOL audits Audit quality Financial Regulatory Reform Sarbanes-Oxley Act Dodd-Frank Wall Street Reform and Consumer Protection Act SEC
  9. 9. Becoming a 
 Certified Public Accountant ! The four E’s (State of Maryland Example) ! ! 1. Education – (150 hrs) Bachelor’s degree + 30 credit hrs 2. Examination – Pass the Uniform CPA Exam 3. Ethics – MD requires a separate ethics course and examination ! 4. Experience – 2,000 hrs (1 year) of experience working with a CPA ! And CPE – 80 hours of Continuing Professional Education reported every two (2) years, including four (4) hours of ethics training
  10. 10. The Future
  11. 11. 13% growth rate in accounting and auditing jobs from 2012 to 2022
  12. 12. Demand for accounting reaches all-time high 2013 AICPA Trends Report
  13. 13. CPA credential in high demand! Source: Wall Street Journal, 8/13/13 CFOs who are CPAs 0 10 19 29 38 2006 2013 38 25 Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
  14. 14. You are in a race…
  15. 15. Caused by this guy…
  16. 16. Current State: The Shift Change
  17. 17. CPA Vision Statement 
 • Communicating the total picture with clarity and objectivity, • Translating complex information into critical knowledge, • Anticipating and creating opportunities, and • Designing pathways that transform vision into reality. CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by:
  18. 18. T CPAs are trusted advisors who, combining insight with integrity deliver value by: Communicating the total picture with clarity and objectivity Translating complex information into critical knowledge Anticipating and creating opportunities Designing pathways that transform vision into reality
  19. 19. You can’t beat the machine… But you can win if you work with the machine…
  20. 20. Picture: John Drake - Flickr “…where the most important skill is the ability to acquire new skills…” - Robert Safian - FastCompany
  21. 21. “In a period of rapid change and increasing complexity, the winners are going to be the people who can LEARN faster than the rate of CHANGE and faster than their COMPETITION.” - Tom Hood, CPA.CITP.CGMA
  22. 22. The Next Gen CPA Leaders… Are : proactive, flexible, adaptive and collaborative by nature ! And Have : gained the trust of their clients and the public at large; successfully bridged the profession’s “leadership gap” created the profession’s premier global industry standards redefined the profession through work / life integration & collaboration And earned a reputation as technological innovators.
  23. 23. Tomorrow’s CPA
 The Maryland Association of CPAs’ Student Group Benefits – • Discounts on MACPA programs • Connect in MACPA groups • Scholarships • Internship/Job Database • Discounts on CPA Exam review
  24. 24. How to join & get involved www.macpa.org/tcpa ! @tomorrowscpa www.facebook.com/TomorrowsCPA ! www.pinterest.com/TomorrowsCPA ! ! tcpa@macpa.org // rebekah@macpa.org
  25. 25. Rebekah Brown, CPA Maryland Association of CPAs Business Learning Institute (443) 632-2320 E-mail Rebekah@macpa.org Web www.macpa.org www.blionline.org Blog CPA Success Twitter @RJBrownCPA LinkedIn Rebekah Brown, CPA Slideshare slideshare.net/rjbrowncpa CONNECT – PROTECT - ACHIEVE

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