Connecticut Society of Connecticut Society of Certified Public Certified Public Accountants Accountants

Student OutreachStudent 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 What Career is for me?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?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 “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 CareersCPA 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

PUBLIC PRACTICEPUBLIC 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

CPAs work in…CPAs work in…

PUBLIC ACCOUNT

ING

Accounting/Auditing

TAX

Forensic/Fraud

Environmental“Green”

Accounting

Information Systems

ConsultingFinancial Planning

BusinessAdvisory

BusinessValuations

GOVERNMENT

•Local•State •Federal

•POSITIONS•Auditor•Staff Accountant•Budget Analyst•Financial Manager

CPAs work in…CPAs work in…

Government – Some Examples

EDUCATIONEDUCATION

•High School Teacher

•College/University Professor–Dean or Administrator

•Conduct Research

CPAs work in…CPAs work in…

•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.

CPAs work in…CPAs work in…

PRIVATE INDUSTRY/CORPORATEPRIVATE INDUSTRY/CORPORATE

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 How much money does a CPA earn?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 How much money does a CPA earn?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 How much money does a CPA earn?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!!!!

WWW.CTCPAS.ORG/STUDENTS

THANK

YOU!!!!