Accounting presentation

Accounting
Presentation
By: Brandon Miller, Katie Ketelsen,
Kira Selser, Stephen Newman,
Margaret Larson, & Patrick Hewitt


Introduction
What is accounting?
Accounting is a dynamic field at the heart of every business.
Modern accountants are problem-solvers and business
advisors and frequently move to the top executive levels.
The University of Iowa Accounting Program is designed to
provide the diverse business background you’ll need to
succeed in the fields of public accounting, private industry,
government, and consulting.


Graduation Requirements
♦ BBA degree requires a minimum of 120

semester hours of credit, of which at least
48 s.h. must be in the college of business
and at least 60 must be nonbusiness courses
♦ Residence in the College of Business
(Usually after sophomore year)
♦ Must have a 2.00 GPA on the total body of
course work taken


Course Requirements

♦ General Education Requirement (22-26 s.h.)
♦ Prerequisite Courses for Admission to

College of Business (22 s.h.)
♦ Business Core Courses (24 s.h.)
♦ Accounting Major Course Requirement (28
s.h.)
♦ Electives (20-24 s.h.)


Accounting Major Courses
♦ Income Measurement and Asset Valuation
♦ Introduction to Taxation
♦ Accounting for Management Analysis and Control
♦ Valuation of Financial Claimes
♦ Auditing
♦ Business Law
♦ Professional Seminar Series
♦ Accounting Information Systems
♦ Advanced Tax Topics
♦ Accounting for Multi-segment Enterprises
♦ Government and Not-for-Profit Accounting


150 Hour CPA Law
♦ By state law, all persons sitting for the

Uniform CPA Examination must have a
minimum of 150 semester hours of college
credit.

♦ The purpose of this is that candidates must
not only have the accounting and businessrelated education, but also a broader,
general education in today’s highly
technical, complex business environment.


Requirements to Sit for the Exam
♦ 150 hours of college credit
♦ Resident of Iowa
♦ Be of good moral character and reputation
♦ Have a baccalaureate or higher degree from

a college or university that is
recognized by the Iowa Accountancy
Examining Board and completed at least 24
semester hours in accounting courses


CPA Examination Did You Know?
♦ You can start to take the CPA exam before

you complete your 150 hour education
requirement if you are in the process of
completing your last semester of
college.


Accounting Graduate Programs
♦ Doctor of Philosophy
♦ Joint Accounting and Law Program

♦ Master of Accountancy


Doctor of Philosophy
♦ Earn a Ph. D. in Business Administration
♦ Students could take this path after majoring

in accounting if the wished to teach
accounting at the university level in the
future.


Joint Accounting and Law Program
♦ Earn a M.Ac. degree and a J.D degree
♦ Enrolled in both the Graduate College and

College of Law
♦ Up to 12 semester hours may be applied as

electives to each program


Master of Accounting Program (M. Ac.)
♦ The M.Ac. program is most commonly used

to satisfy the CPA certification requirement.
♦ M. Ac. is a 1 year program
♦ Must choose one of the following tracks to

specialize in: Financial & Auditing,

Management Information Systems,
Managerial Accounting, or Tax


Financial & Auditing
Specialization
The environment in which both internal and external
auditors operate is becoming increasingly complex. This
complexity manifests itself in four ways. First, advances in
technology are changing the way business is conducted;
electronic commerce is replacing paper-based transactions.
Second, markets are no longer limited by national
boundaries. Firms must now be competitive on a global
scale. Third, management information systems are
becoming increasingly sophisticated in response to the
revolution in commerce. Fourth, the explosion in the
popularity and complexity of financial instruments and
derivative securities has exposed auditors to new risks.


Management Information
Systems Specialization
Both national and local employment trends are creating a
new environment for UI students. Currently, professionals
providing auditing and accounting services represent
approximately half of the professionals in Big Five firms.
The emphasis on consulting and other assurance services
(for example, verifying the content of corporate websites) is
expanding. Large public accounting firms are transforming
themselves into professional services corporations.

Managerial Accounting
Specialization
The accounting professional has become a part of the
management team rather than a standalone information
provider. The successful accountant must understand issues
in functional areas such as marketing and production and
keep current with changes in management philosophy.
With the emergence of an empowered workforce and leaner
organizations, the accountant’s role has changed as
decisions are driven deeper into the organization. The
modern accountant increasingly resembles a coach or an
educator who helps employees use information for making
better decisions.


Tax Specialization
The demand for tax specialists remains high. Firms in public
accounting and in industry seek to hire graduates who have
specialized in tax. Because businesses often face complex and
contradictory tax, regulatory, and business issues, the activities
performed by entry-level tax specialists require an in-depth
understanding of not only current and emerging tax issues, but
also business issues. The required tax track courses provide a
basic understanding of tax as it is practiced today. More
importantly, tax track graduates will have sufficient
background to do the research necessary to find and
communicate tax solutions in whatever tax environment
Congress creates.

Accounting Career Options
The University of Iowa's Accounting Department offers
students a wide range of options not only for their
education and their degree program but also for
their internships and their future careers. An accounting
degree from the University of Iowa will provide you with
the skills you need to assume a position in public
accounting, consulting, private industry or government.
This degree is also a good foundation for law school or for
entrepreneurial careers.


Accounting Internships
An internship gives a student a chance to see whether or not a
certain company's focus fits with their career goals. It also
allows employers to evaluate the students compatibility with
their company. Many companies often choose to hire their entry
level employees from those that have completed
internships with them. At Iowa, you have a wide variety of
possibilities for internships. They can be done in the spring or
summer or you can take one during your senior year for 6
semester hours. Internships are available in or out of state and
can be found in public accounting firms, private industries
or government.


Accounting Internships (Cont.)
Last year, some students that had taken internships in Chicago

came back with starting offers of $50,000 and signing bonuses of $5000.
The job market for accountants in Iowa has been expanding as the demand
for employees far exceeds the supply of qualified individuals. This means
that there are an unbelievable amount of opportunities out there for recent
graduates with an accounting degree. Large public accounting firms hire
almost 70% of University of Iowa accounting graduates. Others find
positions in the insurance, financial, investment, manufacturing,
government and nonprofit sectors. Of the 110 undergraduates in the class of
2000, 2/3 have found jobs in the field. The median starting salary for these
graduates was $42,000 and many had signing bonuses of $2000-$5000
(graph on next slide.) It is also expected that the new 5 year requirement to
sit for the CPA exam will decrease the number of CPA-ready grads because
fewer people will qualify to sit for the exam. This in turn will drive up



Public Accounting Firms Hiring
1999-2000 Accounting Graduates
♦ Arthur Andersen, LLP
♦ PriceWaterhouseCoopers
♦ McGladrey & Pullen
♦ Ernst & Young
♦ KPMG, LPP
♦ Clifton Gunderson & Co.
♦ DeLoitte & Touche, LPP
*Not all companies are listed


Industrial, Financial, Gov’t, ect.
Firms Hiring 1999-2000 Accounting

Graduates
♦ Blue Cross/Blue Shield

♦ The Boeing Company

♦ Rockwell Collins

♦ Amoco

♦ State Farm Insurance

♦ GE Capital

♦ Wellmark

♦ JC Penny

♦ Allied Group

♦ McCleod USA

♦ Deere & Co.

♦ Pella Corporation

♦ John Hancock Financial

♦ MCI WorldCom

*Not all companies are listed