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Careers in Accounting & Other Things I Wish I’d Known By Dave Vance, MBA, CPA JD PowerPoint PPT Presentation


Careers in Accounting & Other Things I Wish I’d Known By Dave Vance, MBA, CPA JD. Objectives Help you understand the possibilities available to someone who studies accounting. Provide a framework for assessing the types of companies one should work for. What is accounting?

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Careers in Accounting & Other Things I Wish I’d Known By Dave Vance, MBA, CPA JD

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Careers in

Accounting

& Other Things I Wish I’d Known

By Dave Vance, MBA, CPA JD


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Objectives

Help you understand the possibilities available to someone who studies accounting.

Provide a framework for assessing the types of companies one should work for


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What is accounting?

Is it just counting the beans?

Is it like eating sawdust without butter?

Actually, Justice Oliver Wendell Holmes described studying the law as like eating sawdust without butter.

Accounting is about measuring things:

Sales, Costs, Profits, Productivity, Growth


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Accounting is also about:

Making forecasts,

Managing resources,

Helping companies find resources,

Being an honest broker of information and

Being a trusted advisor

Accountants are trained to see things others can’t

The man or woman who can help a company prosper will be well rewarded.


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Typical Career in Accounting

Get an accounting degree

Take extra courses as needed to reach 150 credits

Get a job with a Public Accounting Firm

Take a CPA review course

Take & pass the CPA exam

~ After getting a CPA a person’s career

could branch in many directions


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A partner in a mid-sized CPA firm can make $400,000 per year.

A partner in a large CPA firm can make much more.

OR

An accountant could work in private industry.


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What about starting salaries?

Rutgers class of 2006:

Range:$32,000 to $50,000

Average:$41,250

Median:$42,000

Compared to class of 2005 average: $39,253

A 5.1% increase from 2005 to 2006

Class of 2007 will be much higher


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What about career averages?

Overall Average:$60,125

Average CPA:$75,638

Average Controller:$80,364

(from 2005 Careerbank.com salary survey)

Median CFO: $100,000 to $140,000

(Payscale, Inc. range depends on state) http://www.payscale.com/research/US/Job=Chief_Financial_Officer_(CFO)/Salary


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An accounting degreeprovides an entrée into many fields

Controller/CFO

Company

Management

AccountingPublic AccountingPartner

Investment Banking

Private Equity

Banking

Consulting


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What about finance?

Chief Financial Officer (CFO) is the most widely cited example of a highly compensated finance position.

However, the route to a career as a CFO is usually through accounting and not finance.

Finance can lead to positions in banking or stock brokerage firms.


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What about selecting an industryto work in or a company to work for?

Companies / Industries that do well can afford to pay well.

Companies / Industries that do not do well cannot afford to pay well,

…And are more likely to have periodic layoffs


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Look at the profitability of companies.

Financial statements for all publicly traded companies are on the Securities & Exchange Commission (SEC) website: www.sec.gov

Click on companies and other filers and search for company and for form 10-K which contains financial statements.

A higher level approach is to compute revenue per employee (RPE) = revenue / # employees

For most companies revenue and sales are the same thing.


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Revenue per employee for several industries:

Restaurants$35,000

Telemarketing$45,000

What can they afford to pay employees?


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What about the revenue per employee in public accounting?

Largest CPA firm (Deloitte)$327,754

99th largest CPA firm (Seiler)$262,069

What can they afford to pay to attract talent?


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What about other industries, for example Private Equity?

Hicks Muse bought Vlasic out of bankruptcy for $135M and after restructuring it sold Vlasic 30 months later for $435M.

How much can it afford to pay its employees?


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Rutgers University

School of Business  Camden

Careers in Accounting

THE END

Questions?


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