Connecticut society of certified public accountants student outreach

Connecticut Society of
Certified Public Accountants
Student Outreach

Become a CPA – and
discover a lifetime of
opportunity!


INTRODUCTIONS…
•Name, job title, where I work, hobbies, etc.
•Where did I go to school?
•My office/business is… and looks like…


What Career is for me?
Some things to consider…

•What do you like to do?
•What are you good at?
•What skills do you have/enjoy using?
•How much is someone willing to pay you?
•What jobs/careers are in demand?
•Jobs vs. Careers
•Value of College Education


What is Accounting?
•A business language.
•The process of recording, classifying,
reporting and analyzing financial data &

business transactions -- KEEPING TRACK
OF THE MONEY
•The basis of business operations.


A CPA is……
A Certified Public Accountant (CPA) is a
financial professional.
CPA’s speak the “language of business.”
*They provide the advice and information others
need to make important financial business
decisions.
CPAs are in high demand as a valued member of any
Business team!


Why Did I Choose to Become a CPA?
•Challenging profession
•Enjoy talking and working with people
•Highly respected profession
•Flexibility & opportunity for growth
•High demand for accounting professionals
•Job satisfaction
•Earning potential/job security
•Helping others understand and
resolve business issues


My “typical” day….
•My clients and job responsibilities

•Hours, travel, dress
•My career ladder
•Challenges & fun stuff (Perks)
•What I enjoy most, least
•Personal experiences


CPA Careers
•Differences between CPAs and other
accounting positions (bookkeeper, etc.)
•CPA Exam/certification/licensing required
•Level of education required/CPE
•Starting wages
•Job responsibilities
•Opportunity for promotion/higher positions


CPAs work in…

PUBLIC PRACTICE
•Work with many different
companies/industries and provide
various services or specialized niches
•Firms can be international and very
large in size (Big 4), mid-sized
(regional firms) or small and local firms
•Top position is typically a partner in a
firm

Accounting/
Auditing

Forensic/
Fraud

TAX

PUBLIC
ACCOUNTI
NG

Environmental
“Green”
Accounting

Business
Valuations
Business
Advisory

Information
Systems
Consulting

Financial
Planning


CPAs work in…

GOVERNMENT
•Local
•State
•Federal
•POSITIONS
•Auditor
•Staff Accountant
•Budget Analyst
•Financial Manager


Government – Some Examples


CPAs work in…

EDUCATION
• High School Teacher
• College/University Professor
–Dean or Administrator
• Conduct Research


CPAs work in…

PRIVATE INDUSTRY/CORPORATE
•Work for one company or organization
•POSITIONS
-Internal Auditing

-Financial and Management
Reporting
-Tax Planning
-Corporate Finance
-Strategic Planning or New
Product Development
•Top positions consist of controllers, chief
financial officers, managers, etc.


Industry – Some Examples


Industry – Some Examples


Industry – Some Examples


Requirements to
Become a CPA in CT
•Education: 150-hours of college credit.
*(Bachelor’s Degree/120 hrs to sit for exam)
•Pass the CPA Exam: the exam tests your level of
accounting knowledge.
•Experience: Two years of experience in accounting,
which may be in the fields of public practice,
government, and industry; work must be completed
under the supervision of a CPA in good standing.
•Ethics: “open-book” take home exam.

Skills Needed to Be a CPA
•Effective Communicator
•Comfortable with Numbers – but NOT a
“Math Whiz!”
•People Person
•Computer Skills (Excel/Spreadsheets)
•Organized, Multi-tasker, Problem Solver
•Ethical & Responsible


Accounting Salaries
•Bachelor's degree candidates in accounting
received starting
offers averaging $48,993
•Master's degree candidates in accounting were
offered $49,786
•In the top ten for starting salaries for graduates by
degree
•On average, individuals with a CPA and/or
advanced degrees earn 10-15% more.
Source: NACE’s 2009 Summer Salary Survey


How much money
does a CPA earn?
In Public Accounting, accountants can earn:
(with 1 – 3 years experience)
• Small Firms - $46,250 - $58,250

• Large Firms - $56,250-$72,500

Senior staff such as managers &
directors can earn:
•Small firms - $85,500 - $116,500
•Medium Firms - $94,500 - $143,000
•Large Firms - $107,000 - $167,250

Partner Level - $150,000 - $200,000+


How much money
does a CPA earn?
In Industry, accountants can earn:
(with 1 – 3 years experience)
•Small companies - $38,750 - $50,500
•Large companies - $45,750 - $64,500
•Auditors (Internal, IT)
•Small companies - $49,250 - $74,750
•Large Companies – $45,750 - $81,750
•Management
•(Treasurers, Directors, Controllers, CEOs, CFOs
VPs, etc.) – $67,000 - $395,000


How much money
does a CPA earn?
In Government, accountants can earn:
•Federal/State - $35,673 - $36,223 (entry level)
MS or 2 years of professional experience approximately $43,731

Supervisory and managerial positions averaged $78,665
Auditors averaged $83,322

In Education, CPAs can earn:
(Accounting faculty at accredited colleges)
•Assistant Professor - $93,500 (mean salary)
•Associate Professor - $94,100 (mean salary)
•Full Professor - $114,000 (mean salary)
*Higher for doctorate degreed professor
(Source: Robert Half 2011
Salary Guide, www.bls.gov)


Accounting Degree =

Landing a Job!
•Employment of accountants and auditors is expected
to grow by 18 % between 2006 and 2016, which is
faster than the average for all occupations.
•Internships (usually paid!) offer great experience and
perhaps, a job offer!!

(U.S. Dept. of Labor - BLS)


Benefits of an
Accounting Degree
•Job diversity
•Occupational mobility
•Flexibility

•Learning portable skills
•High earning potential
•UNLIMITED
OPPORTUNITIES!!!!