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Exploring the World of Accounting: Beyond the Stereotypes

Delve into the diverse career paths and opportunities in accounting, debunking myths and revealing the reality of this dynamic profession. Learn about public vs private accounting, essential skills required, impact of legislative changes like Sarbanes-Oxley Act, salary potentials, recruiting criteria, and licensure requirements. Discover the evolving landscape and potential future in this vital industry.

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Exploring the World of Accounting: Beyond the Stereotypes

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  1. b e c o m i n g a Certified Public Accountant

  2. What Are The Stereotypes of Accountants? • Shredding is their #1 hobby! • Pocket protectors are a fashion accessory. • They carry laptops because they think it makes them look cool. • They get psyched for business casual day. • Boring.

  3. Myths versus Reality • Myth: It is all about math! • Reality: It is all about… • Strategic and critical thinking • Problem solving and decision making • Effective use of technology • Good communication • Strong leadership and team building • Attention to detail

  4. What is accounting? • A profession • A business language • A set of rules to record business transactions in a consistent manner • The basis of business operations • Constantly changing

  5. Job Opportunities • Public accounting firm • Sole practitioner • Corporate • Not-for-profit • Government • Education

  6. Career Variety • Law enforcement • CFO • Personal business manager • Auditor

  7. Career Variety • Treasurer • Information technology • Management consulting • Banking

  8. Career Variety • Environmental compliance • Strategic resource manager • Tax interpretation/preparation • Forensics

  9. Career Variety • ElderCare adviser • International business • Estate planning • Litigation consulting

  10. Public Accounting versus Private Industry • Public Accounting • Work for several different companies • Provide a variety of services • Top position is typically a partner in a firm • Travel • Private Industry • Work for one company or organization • Travel varies • Top positions consist of Controllers, Chief Financial Officers, Presidents of company

  11. Services provided by public Accounting Firms • Assurance Services and Information Integrity • Audit Services • WebTrust • SysTrust • Performance View • ElderCare • Technology Services • Management Consulting and Performance Management • Forensic Accounting • Valuation Services • Financial Planning and Tax Services • International Services

  12. Private Industry Industries • Manufacturing • Retail • Insurance & banking • Healthcare • Not for profit • Government/schools • Individuals • Information technology Job Types • Cost accounting • Internal audit • Financial/corporate accounting • Tax • Bookkeeping • Information technology • Sarbanes-Oxley compliance

  13. Which Path to Choose? Public Accounting Private Accounting Pros • More emphasis on training • Develop broader range of skills • More marketable • Easier to obtain CPA license • More responsibility • Access to top levels of management Cons • More travel • Longer hours • High turnover • Many extras – recruiting, practice development Pros • Less travel • Specific industry focus • May have shorter hours • Concentrated skill development Cons • Narrower range of skills • Slower progression up the corporate ladder

  14. Skills You’ll Need • Critical thinking • Technology savvy • Business sense • Problem solving • Ability to communicate clearly and concisely

  15. Skills You’ll Need • Ability to work alone or as part of a team • Client-oriented • Strong ethics • Adaptable

  16. Why the fuss in the news?

  17. What does it mean for the Accounting Profession? Sarbanes-Oxley Act (signed into law on July 30, 2002) • Sweeping legislative changes • Corporate and accounting reform • Requires improved financial disclosure • Enhanced penalties for securities fraud • Largest business reform legislation since the Great Depression! • What does the act do: • Requires management to be more involved in financial processes • Increases demands on internal accounting functions • Increase the demands on external auditors • Requires Board members to be more financially competent • What does that mean for your future in accounting…OPPORTUNITIES!

  18. Salary Potential • $35K–$50K beginning • $55K + with CPA license • $150K + top positions

  19. Salary comparison in the public sector:

  20. Salary comparison in the private sector:

  21. What do Firms Look for in Recruits? • Strong academically • Solid technical accounting knowledge • GPA is not the only requirement • Involved in activities, well-rounded • Professional drive & motivation • Good communication skills • Personable • Detail oriented • Overall business awareness • Leaders • High ethical standards

  22. What You can do Now and in College • Be proactive!!! • Talk to accountants or people working in occupations you are considering • Use your high school Guidance Center or college Career Center to help determine your likes/dislikes and what jobs fit you • Shadow someone working in the profession in which you are interested • Join accounting and/or business clubs • Obtain internships

  23. Licensing Pathway • A college degree • 150 hours of college credit • 36 semester hours in business-related subjects • 36 semester hours in accounting-related subjects • Passage of Uniform CPA Exam • One year of general accounting experience supervised by alicensed CPA • Passage of ethics course • Evidence of good moral character

  24. Want to Know More? • Read Start Here magazine • www.startheregoplaces.com • www.scacpa.org • Check out the CPA Association in the state you are attending college

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