UT experience day 2015 dept

UT Accounting Program
and Careers

Department of Accounting
College of Business and Innovation

As of February 2015


Overview
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What is Accounting (myth vs. reality)?
What are the Accounting Degree options at UT?
What is a CPA? Are there other certifications?
How do I become an Accountant?
What are the job prospects in Accounting?
What are typical Accounting salaries?
Where do UT Accounting grads (really) get jobs?


Myth #1: Accounting = Bookkeeping

• Not true!!!!!!
•Bookkeepers typically perform data entry tasks

• Typically do not have a college degree; might have an Associate Degree

•Accountants take over where bookkeepers leave of
• Spend most of their time in a decision-making capacity
• Assist company management to understand financial impact of business decisions
• Typically have at least a 4 year degree; are often CPA’s
ACCOUNTING IS THE LANGUAGE OF BUSINESS


Myth #2: Accounting is boring
Not True!!! Would you consider the following careers boring?

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An FBI agent who tracks down drug smugglers. Accounting is one of only five entry programs through which you can become an FBI
special agent. Analyze financial statements or decipher complicated money-laundering transactions. Maybe even go undercover. Who
brought down Al Capone?

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A financial advisor to famous people such as movie stars and professional athletes. Make as much as 5% of your client’s annual salary.
A corporate entertainment accountant. Work for a studio, production company or a record company. Oversee production costs, budgets
for movies, concerts, tours, etc. Watch the credits at the end of a movie.

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A world traveler. An accountant with an global CPA Firm or Multinational Corporation that has offices all over the world.

Myth #2: Accounting is boring
Not True!!! Would you consider the following careers boring? (cont.)

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A Forensic Accountant. Love to solve mysteries? Could be called in on legal investigations involving finances or financial crimes.
A Chief Financial Officer (CFO) for a Fortune 500 company like Wal-Mart, Ford Motor, Microsoft, Procter & Gamble, Owens-Corning, etc.
A Tax Accountant. Work in public accounting, industry, or government (IRS).
An IT Auditor. The high-tech sleuth. Blend of accounting and technology - in high demand. Ensure that a company's cyber security is
reliable.

9. A Plant Controller. Determine how much it really costs to make a product.
10. Government Accountant. Work for federal, state, or local government in various roles. (SEC, GAO, State Auditor, etc.)
11. Finance Director for a not-for-profit entity.


Accounting Degree options at UT

• Bachelor of Business Administration (BBA) in Accounting
• 4 year degree (126 semester credit hours)
• A Minor in Accounting is also available
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9 semester credit hour program for Business majors

• Master of Science in Accountancy (MSA)
• 30 semester credit hour program

• Curriculum is continuously being updated to keep up with the profession
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Accounting Advisory Board – made up of representatives from the Big 4 accounting firms, regional accounting firms, and major
corporations in the region


Accounting Degree options at UT

• Partial listing of junior/senior ACCT courses

• 3110/3120/4130: External Reporting I, II, and III
• 3210: Individual Taxation
• 3310: Accounting Information Systems
• 3320: Internal Reporting
• 4250: Taxation of Business Entities
• 4410: Governmental & Not-for-Profit Accounting
• 4420: Auditing


Accounting Degree options at UT

• Partial listing of MSA courses

• 6150: International Accounting
• 6190: Contemporary Accounting Problems
• 6210: Research in Accounting and Taxation
• 6310: Advanced Managerial Accounting
• 6430: Business Valuation and Analysis

• 6440: Advanced Auditing
• 6450: Fraud and Forensic Accounting


What is a CPA?

• Certified Public Accountant
• Highest professional designation in accounting

1) Education requirement (Ohio and most other states)
• A baccalaureate degree and 150 semester hours
2) CPA Exam Requirement
• Apply to sit based on state requirements
• Pass all 4 exam sections with a 75% or higher
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Auditing, Business Environment, Financial Accounting/Reporting, Regulation

3) Experience Requirement

• 1-2 years under the supervision of a CPA


Are there other certifications?

• Certified Management Accountant (CMA)
• Certified Internal Auditor (CIA)
• Chartered Global Management Accountant (CGMA)
• Certified Financial Manager (CFM)
• Certified Fraud Examiner (CFE)

• Certified Government Financial Manager (CGFM)
• Certified Financial Planner (CFP)


How do I become an Accountant?
Not an easy degree; if it was easy, everyone would do it!

• Will have to work hard and a lot will be expected of you
What do you get in return if you major in accounting?

• Enhanced critical thinking, problem-solving, and research skills
• Thorough knowledge of correct accounting procedures
• Financial expertise and experience
• A job in accounting!!
Top jobs are competitive

• Will need good grades, extracurricular activities and probably an Internship (employers prefer to hire from intern pool)


What is the present outlook for accounting graduates?

Graduating accounting majors have the highest percentage of job ofers, followed by
economics, computer science and engineering

• Report based on responses from over 10,000 bachelor’s degree seniors from the class of 2014
• 60% heading into the workforce
• 23% going on to graduate school
• 17% unsure or taking time of

Source: National Association of Colleges and Employers’ Class of 2014 Student Survey Report

What are the future prospects for accounting graduates?
Occupation (Bachelor’s Degree)

Total Job Openings 2008-2018

Elementary school teachers

597,000

Accountants and auditors

498,000

Secondary school teachers

412,000

Middle school teachers

251,000

Computer systems analysts

223,000

Computer software engineers, applications

218,000

Network systems & data communications analysts

208,000

Computer software engineers, systems software

153,000

Construction managers

138,000

Market research analysts

137,000

Source: />

Who are the world’s top employers for new grads?

1. Google
2. EY (Ernst & Young)
3. Goldman Sachs
4. PricewaterhouseCoopers (PWC)
5. Microsoft
6. Apple
7. Deloitte
8. KPMG
9. Coca-Cola

10. Procter & Gamble
Source: />

What are typical accounting salaries?
According to the Robert Half 2015 Salary Guide (for Accounting and Finance), Corporate Accounting and Public Accounting Firm
entry-level salaries range from $45,750 to $75,500
available at: />
According to ‘Start Here-Go Places’, entry-level accounting salaries range from $37,000 to $74,250 (10-15% more if a CPA)
available at: />

Seriously, where do UT Accounting grads really get jobs?*

1.

PricewaterhouseCoopers

11. Owens-Illinois

21. INTERalliance

2.

Ernst & Young

12. Dana

22. Northwestern Mutual

3.

Plante & Moran

13. Nestlé

23. BMW

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Mosley, Pfundt & Glick, Inc.

14. HCR ManorCare

24. Edward Jones

5.

Gilmore Jasion Mahler

15. GE Aviation

25. Digital Media

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CliftonLarsonAllen

16. Scotts Miracle-Gro Co.

26. Demarco Inc.

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Weber O'Brien Ltd

17. Sofo Foods

27. Petroci (Ivory Coast)

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William Vaughan Co.

18. The Andersons

28. Toledo Public Schools

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James H. Miles

19. Health Care REIT

29. Lucas County Port Authority

20. Owens Corning

30. Raceway Park

10. Marathon Petroleum
* and many others

Based on a 2013/2014 University of Toledo accounting student survey


Questions?
Contact Information:

Dr. Hassan HassabElnaby
Department of Accounting, Chair

419-530-2780