Special Accounting Major presentation on a career in accounting and the job outlook for becoming a CPA.
This special session was in conjunction with the NABA Baltimore Chapter and the Tomorrow's CPA student group of MACPA.
This session featured six universities in Maryland - Towson University (host), Morgan, UMUC, University of Baltimore, Stevenson University, and University of Maryland.
MACPA CEO Tom Hood, voted second most influential leader in the CPA Profession in Accounting Today’s 2013 list of the Top 100 Most Influential People in Accounting (his ninth time on the list) sees five fundamental shifts facing accounting now – Leadership, Learning, Technology, Generations and Workplace. In a world of rapid change and increasing complexity, the winners will be those individuals and organizations who can keep their L>C², their rate of learning must be greater than the rate of change and greater than their competition. Tom’s updates are always popular for CPAs and include the latest trends and issues the profession is facing locally, nationally, and globally.
3. Tom Hood, CPA, CITP, CGMA
!
If there is a conversation about the future of
the profession, you're bound to hear Hood's
name mentioned as one of the people
leading the way.
– Accounting Today Magazine!
Tom Hood, CPA, CITP, CGMA
CEO
MACPA www.macpa.org
and
Business Learning Institute (BLI)
www.blionline.org!
• Named the Second Most Influential in
Accounting by Accounting Today Magazine
2013
• Linked-In Top 150 Influencer
• Top 25 Influencers in Learning & HR by HR
Examiner
• Top 25 Thought Leaders in Public Accounting
by CPA Practice Adviser
• Working on Learning Management with
AICPA/CPA2Biz, Cloud Curriculum,
Performance Management !
http://www.linkedin.com/in/tomhood/!
13. “If content is king, context is the
kingdom” – Will Avgerakis
14. Business Landscape
Wall Street
Public Companies
Public
Accounting
44,000 Firms –
250,000 CPAs
Total 15,000
Listed 5,008
Mid-Market
Delegation:
departments
“System thinking”
Main Street
Owner begins to
delegate
“Focus on
growth”
Personal Businesses
Consumer &
Business blur
0-5 Employees
.6M
businesses
24 million
employees
Business, Industry,
Government & NFP
250,000 CPAs
Big Four
Top 100 > 70 CPAs
400 > 22 CPAs
800 > 10 CPAs
3.2 million businesses
26 million employees
10,000 > 2 CPAs
33,000 Sole CPAs
22 million businesses
27 million employees
Bu26 Million U.S. Small Businesses
CFOs, Controllers,
Analysts
15. A
profession
has
three
major
aJributes
• A
dis,nct
and
evolving
body
of
knowledge
• A
commitment
to
the
public
interest
–
licensed
by
the
government
• A
code
of
conduct
and
ethics
State of Maryland
CPA License
16. How
to
become
a
Cer,fied
Public
Accountant?
The
four
E’s
(State
of
Maryland
Example)
1. Educa,on
–
(150
hours)
Bachelor’s
degree
+
30
credit
hours
2. Examina,on
–
Pass
the
Uniform
CPA
Exam
3. Ethics
–
Maryland
requires
a
separate
ethics
course
and
examina,on
4. Experience
–
1
year
of
experience
working
with
a
CPA
And
CPE
–
-‐
80
hours
of
Con,nuing
Professional
Educa,on
reported
every
two
(2)
years,
including
four
(4)
hours
of
ethics
training
17. A useful framework to understand
the CPA profession!
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.
18. Our infrastructure for
regulating the US financial
markets has been created
from a series of reactions
to crises and changes and
is in need of repair.
er
nsum
nd Co
rm a
t Refo
Stree
t
k Wall otection Ac
an
Fr
Pr
DoddSarbanes-Oxley Act
Financ
ial Reg
ulatory
Reform
its
d
le au
Sing
ality
udit qu
A
19. The history of associations – Why do we
exist?
US Constitution
Bill of Rights
The First Amendment of the US Constitution allowed
“associations”:
• freedom of speech
• to peaceably assemble
• to petition the Government for a redress of grievances
Bill of Rights - submitted to the states for ratification on September 25, 1789 and
adopted on December 15, 1791
20. Associations in America were seen as unique from
the foreign perspective
Alexis de Tocqueville
1835
As
soon
as
several
of
the
inhabitants
of
the
United
States
have
conceived
a
sen4ment
or
an
idea
that
they
want
to
produce
in
the
world,
they
seek
each
other
out;
and
when
they
have
found
each
other,
they
unite.
From
then
on,
they
are
no
longer
isolated
men,
but
a
power
one
sees
from
afar,
whose
ac,ons
serve
as
an
example;
a
power
that
speaks,
and
to
which
one
listens.
–
Alexis
de
Tocqueville
21. Maryland played an important role in the
formation of the CPA Profession in the US
• 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
22. The
Profession’s
Associa,ons
The
CPA
Profession
Associa@ons
• The
American
Ins,tute
of
CPAs
(AICPA)
– 450,000
+
members
• CPA/SEA
–
State
Execu,ves
Associa,on
• 50+
State
CPA
Socie,es
• The
Maryland
Associa,on
of
CPAs
(MACPA)
– 9,000
CPAs
+
3,000
students
The
Standard
Se6ers
&
Regulators
•
•
•
•
FASB
GASB
AICPA
Na,onal
Associa,on
of
State
Boards
of
Accountancy
(NASBA)
– 54
Licensing
jurisdic,ons
23. “People
don’t
buy
what
you
do,
they
buy
why
you
do
what
you
do.”
-‐
Simon
Sinek
27. What CPAs think about the future
30 Future Forums
1,000 CPAs
Identified these top trends
http://www.bizlearning.net/live/i2afutureforums
28. In
1997,
the
CPA
profession
crowd-‐sourced
its
future
with
over
3,500
CPAs
in
the
CPA
Vision
Project
That
was
re-‐validated
in
2011
by
8,000+
CPAs
Our core purpose, our reason for
being is
CPAs...
Making sense of
a changing and
complex world.
Here is what they said…
29. The
DNA
of
the
CPA
Values
&
Competencies
•
•
•
•
•
Leadership
Communica,on
Strategic
Thinking
Collabora,on
&
Synthesis
Technologically
Savvy
30. Our
Vision
Statement
for
the
future
is:
(
mandates
to
ourselves
for
a
successful
future)
CPAs are the trusted professionals who enable
people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:
• Communica,ng
the
total
picture
with
clarity
and
objec,vity,
• Transla,ng
complex
informa,on
into
cri,cal
knowledge,
• An,cipa,ng
and
crea,ng
opportuni,es,
and
• Designing
pathways
that
transform
vision
into
reality.
31. CPAs
are
trusted
advisors
who,
combining
insight
with
integrity
deliver
value
by:
Communica@ng
the
total
picture
with
clarity
and
objec,vity
Transla@ng
complex
informa,on
into
cri,cal
knowledge
An@cipa@ng
and
crea,ng
opportuni,es
Turning
insights
into
ac@on
to
transform
vision
into
reality
T
38. The Next Gen CPA Leaders…
1.
2.
3.
4.
5.
6.
are proactive, flexible, adaptive and collaborative by nature;
have regained the trust of their clients and the public at large;
have successfully bridged the profession’s “leadership gap” by
focusing on succession planning, personal growth, and
generational cooperation;
have created the profession’s premier global industry
standards and best practices;
have redefined the profession through work / life integration,
collaboration, and a team-first approach; and
have earned a reputation as technological innovators.
39. How?
1. Professional unity
From:
To:
2. Work / life integration
Hierarchy
Network
Relationships
3. The evolving nature of Transactions
Efficient
Effective
Well managed
Well led
leadership and new
Command & Control
Connect &
leadership models
Collaborate
Pull
4. Proactive, goal-focused Push
Good
Great
planning
5. Networked
collaboration
6. Embracing and adopting
new technologies
44. •
•
•
•
•
•
•
Federal
Agenda
Mobile
Workforce
Tax
Due
Dates
What’s
at
Stake
Tax
Simplifica,on
Amended
1099s
(de
minimis)
DATA
Act
Keep
accrual
basis
for
personal
service
companies
(S
Corps
&
Partnerships)
45. If
not
us,
Who?
• Sales
tax
on
accoun,ng
and
tax
services
(defeated
several
,mes)
1997
-‐
HB
580
,2001
HB
1337,
2004
HB
1364,
2007
-‐
HB
448
,
2012
HB
1051
• Maryland
corporate
accountability
(SOX
and
404
for
private
companies
and
non-‐profits)
2003
–
SB
560
• Debt
counseling
registra,on
by
CPAs
2011
-‐
SB
741
• Maryland
Tax
Preparers
2007
-‐
HB
998
• Compara,ve
fault
(several
,mes)
1998
SB
618
,
2000
-‐
SB
779,
2001
SB
483
,
2007
-‐
HB
110
• Elimina,on
of
audit
requirements
for
Maryland
cemeteries
2011
–
SB
352
•
AG
opinion
allowing
CPAs
to
include
Social
Security
numbers
on
documents
for
tax
services
–
8/30/2011
• Got
Exemp,on
from
MSP
Private
Inves,gator
Registra,on
“It
is
more
important
to
stop
bad
bills
than
pass
good
ones.”
-‐
Calvin
Coolidge
–
President
46. Building
and
Maintaining
the
CPA
Infrastructure
• Separate
funding
for
the
State
Board
2006
-‐
HB
103
• Experience
requirement
to
make
Maryland
CPAs
compa,ble
with
UAA
(Uniform
Accountancy
Act)
2001
-‐MD
COMAR
09.24.03.1
• Ethics
requirement
for
CPE
2006
-‐MD
COMAR
09.24.02.02
• Mandatory
peer
review
and
prac,ce
quality
2005
–
HB
1223
• Exemp,on
for
CPAs
from
Maryland
(and
federal)
tax
preparer
regula,on
2008
-‐
SB
817
• Prac,ce
mobility
2008
-‐
HB
1296
• Expanding
acceptable
CPE
methods
2009
-‐
HB
69
• 120/150
CPA
exam
legisla,on
2011
-‐
SB
287
• Restricted
audits,
reviews,
and
compila,ons
to
CPAs
and
added
safe
harbor
for
compila,ons
2011
-‐
HB
328
• State
Board
of
Public
Accountancy
reauthoriza,on
2013
-‐
SB
238
56. Information Overload
“You have to understand accounting and you have to understand the nuances of accounting.
It’s the language of business and it’s an imperfect language, but unless you are willing to put
in the effort to learn accounting-how to read and interpret financial statements-you really
shouldn’t select stocks yourself.” Warren Buffett
57. The CPA Exam
— Start early
— Don’t give up!
— Plan
— Suffer together
58. The Career Path
Lombard Street, San Francisco
http://images.nationalgeographic.com/wpf/media-live/photos/000/597/cache/lombard-street-san-francisco_59769_990x742.jpg
59. Rebekah
Brown,
CPA
Maryland
Associa@on
of
CPAs
Business
Learning
Ins@tute
(443)
632-‐2320
E-‐mail
Rebekah@macpa.org
Web
h6p://www.macpa.org
h6p://www.blionline.org
Blog
h6p://www.cpasuccess.com
Twi6er
@RJBrownCPA
LinkedIn
Rebekah
Brown,
CPA
Click here to read all the blog posts this presentation was based on
64. Picture: John Drake - Flickr
!
“…where the most important skill is the ability to
acquire new skills…” - Robert Safian - FastCompany!
65. “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
6/24/13!
T
!
!
66. You can’t beat the machine…!
But you can win if you work with the machine…!
68. Career
Advice
Winning
the
race
against
the
machine!
1. Know Yourself - Strengths, Values & Passions!
2. Create & Protect your brand - You are the CEO
of You, Inc."
3. Keep your L>C!
4. Work like an immigrant!
5. Think like an artist
!
70. A leader s
job is to
define
context and
provide
hope and
inspiration..."
70
71. Tomorrow’s CPA
The Maryland Association of CPAs’ Student Group
— Benefits –
— Discounts on MACPA programs
— Connect with other students and
CPAs in the Mentor Center
— MACPA Scholarship
— Internship/Job Database
— Discounts on many CPA Exam
review programs
72. How to join & get involved
@tomorrowscpa
www.facebook.com/TomorrowsCPA
www.macpa.org/Content/students.aspx
(Join here: www.tomorrowscpa.org)
tcpa@macpa.org // julianne@macpa.org
73. Tom
Hood,
CPA.CITP
CEO
Maryland
Associa@on
of
CPAs
Business
Learning
Ins@tute
(443)
632-‐2301
E-‐mail
tom@macpa.org
Web
h6p://www.macpa.org
Blog
h6p://www.cpasuccess.com