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Becoming a Certified Public Accountant

Becoming a Certified Public Accountant. Presenter Name | Title Date. What is a CPA?. Certified Public Accountants (CPA) are innovative and strategic thinkers who are well respected for their integrity and commitment to excellence. Provide a number of valuable, useful services for

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Becoming a Certified Public Accountant

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  1. Becoming a Certified Public Accountant • Presenter Name | Title • Date

  2. What is a CPA? • Certified Public Accountants (CPA) are innovative • and strategic thinkers who are well respected for • their integrity and commitment to excellence. • Provide a number of valuable, useful services for • Consumers • Business owners • Government agencies • Nonprofit organizations

  3. Benefits of Becoming a CPA • CPAs are in demand • Very challenging • People oriented profession • High respected profession • Income & growth potential • Job satisfaction • Unlimited opportunities

  4. About CPA Services • Tax Services • Accounting and Assurance Services • Financial Services • Business and Management Consulting • Litigation Services

  5. What’s Hot in Accounting • Assurance Services • Includes auditing and other exciting services: • WebTrust Services • CPA SysTrust • CPA Performance Review • ElderCare Services

  6. What’s Hot in Accounting • Consulting Services • Individuals, businesses, financial institutions, non-profit organizations and government agencies need CPAs to offer objective advice and assistance • Assistance to clients in securing loans • Budgeting • Business Planning • Business valuation • Financial ratio analysis • Cash and inventory management

  7. What’s Hot in Accounting • Information Technology (IT) Services • Exploding IT growth has created huge opportunities for CPAs with strong computer skills to design and implement advanced systems to fit an organization’s needs • Internet security • Cloud computing • Programming • Software development

  8. What’s Hot in Accounting • Forensic Accounting • Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. Many forensic accountants work closely with law enforcement personnel and lawyers during investigations and often appear as expert witnesses during trials. • White collar crimes • Security fraud • Embezzlement • Bankruptcy and contract disputes • Money laundering and organized crime

  9. What’s Hot in Accounting • Environmental Accounting • An environmental accountant analyzes external and internal costs of what happens to the environment. • National focus – Analyze situations with national impact, speak to key private and government decision-makers • Private focus – Evaluate the costs of cutting pollution, including adding in benefits of tax relief for following government regulations or tax credits for utilizing government-approved equipment or methods. • Government and regulatory – Make new regulations and enforce existing ones

  10. What’s Hot in Accounting • International Accounting • In today’s global economy, CPAs with an understanding and mastery of international trade laws and regulations are in great demand • Global companies • Cultural differences • Travel or live in another country

  11. What’s Hot in Accounting • Tax and Financial Planning • CPAs help individuals and companies with financial planning, investments, taxes, mergers and acquisitions and much more. • Saving and investing • Real estate • Financial reporting • Litigation • Clients in sports, entertainment, fashion and more!

  12. Where CPAs Work: Public Practice • Staff Accountant (entry level) • $33,500 – $46,250 • Senior Accountant (1-3 years experience) • $38,000 – $57,750 • Manager (3-10 years experience) • $56,000 – $97,000 • Partner (7-15 years experience) • $100,000 and up

  13. Where CPAs Work: Business/Industry • Global Controller, Candy Company • $149,325 – $198,000 • Treasurer • $92,750 – $400,000+ • Chief Financial Officer • $94,250 – $386,750 • Credit and Collection • $28,000 – $88,750 • Financial Analyst • $45,750 – $66,250 • Tax Manager/Specialist • $74,750 – $102,000 • Controller • $80,500 – $182,000

  14. Where CPAs Work: Specializations • Internal Revenue Agent • $53,000 – $100,000 • IT Auditor • $46,750 – $128,250 • Forensic Accountant • $59,000 – $93,250 • Professor • $90,000 – $150,000 • Environmental Accountant • $80,500 – $182,000

  15. How do I become a CPA? • Differs from state to state • Three major requirements in Virginia: • Complete 150 hour degree program in accounting at an accredited college or university, visit www.boa.virginia.org • Pass the Uniform CPA Examination • Attain more than one year of professional work experience in accounting

  16. How do I become a CPA? • High School Preparation • Choose relevant courses such as: • Bookkeeping/Accounting • Written Communications • Oral Communications • Computer Applications • Other Business Courses • Research colleges and universities • Visit office of CPA or accounting professional • Speak to a member of the VSCPA • Join clubs and participate in professional programs

  17. What is the Virginia Society of Certified Public Accountants? • VSCPA is: • The professional membership association for CPAs in Virginia • 10,000 members • Public accounting (46.8%) • Industry (28.7%) • Government (4.9%) • Education (2.8%) • College students (9.3%)

  18. VSCPA Mission • To enhance the success of all • CPAs by: • Communicating information and vision • Promoting professionalism • Advocating members’ interests

  19. National Level • American Institute of Certified Public • Accountants (AICPA) • At the national level, CPAs can belong to the AICPA • Headquartered in New York City with offices in Washington, DC and New Jersey • 360,000 members • CPAs can choose to belong to the AICPA and/or VSCPA, but is not a mandatory requirement • Each state has its own CPA association

  20. Student & Educator Resources The VSCPA is committed to: • Supporting initiatives and programs that promote recruitment and retention of highly qualified candidates to the CPA profession • Fostering relationships with students and educators from grade school to college/university • Serving as a resource for students and educators

  21. Careers in Accounting Programs and Initiatives • September named Careers in Accounting Month • High School Accounting Club • Award of Achievement • Speakers Bureau • Scholarships • Website/social media enhancements • Additional student resources

  22. Careers in Accounting Month • September • Special highlights in Disclosures bimonthly • magazine and Footnote e-newsletter • Chapter participation at student night events • Contests • Promotions

  23. High School Accounting Club • Cost is FREE! • Access to www.FinancialFitness.org, the VSCPA’s website full of tools to improve the financial health of all Virginians • • Digital issues of Disclosures magazine, the same publication read by Virginia’s CPAs • • Subscriptions to Footnote and eDisclosures, our monthly e-newsletters for all VSCPA members • • A network of more than 10,000 Virginia CPAs and the benefit of their knowledge and experience

  24. Award of Achievement • Program that recognizes outstanding accounting students nominated by their educators at Virginia high schools, 2-year and 4-year colleges and universities • Only one student can be nominated per school each year • Nominations due in March • CPAs can present the award during spring awards ceremonies

  25. Speakers Bureau • Visit from a CPA • CPAs can speak at career fairs and in classrooms • Variety of topics for all levels • What CPAs do • Careers in accounting • Financial planning • Financial literacy

  26. Scholarships • The VSCPA Educational Foundation awarded $30,000 in scholarships in 2009-2010: • General: Undergraduate, graduate, minority and doctoral categories • Named: Six awards • Must complete at least 3 college level credit hours in accounting to apply • Deadline to apply mid-January each year

  27. Website/Social Media Enhancements • Weekly Federal Taxation Update podcasts • Monthly VSCPA CEO Update podcasts • VSCPA blog: www.CPACafe.com • Social networking groups on LinkedIn, Facebook, Twitter (@VSCPANews), Flickr and YouTube • And more! Visit www.vscpa.com

  28. Additional Student Resources • www.FinancialFitness.org • Financial articles and publications • Budgeting guide and quizzes • “Ask a CPA” E-mail program • www.vscpa.com • “What CPAs Do” – information about the profession • List of Virginia colleges and universities with accounting programs • CPA Exam information • Links to online resources

  29. Additional Student Resources • AICPA – Accounting Websites • www.StartHereGoPlaces.com • Build your own virtual accountant • www.aicpa.com/BecomeACPA • CPA Exam information • Scholarships • New!www.thiswaytocpa.com • Online community for future CPAs

  30. Questions???

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