Why Take High School Accounting? Accounting Counts

Business is the most popular field of study among undergraduates. U. S Business is the most popular field of study among undergraduates. U.S. Bureau of Labor Statistics Business majors were projected to see the most job offers in 2012. Of the 194 employers surveyed, 83 percent said they plan to hire bachelor's in business grads in 2012. Source: 2012 National Association of Colleges and Employers' (NACE) Job Outlook 2012 survey Data collected in 2013

Accounting and Business Majors “by the numbers” Business-related fields account for slightly over 20 percent of all undergraduate degrees in the United States, the most popular field of study. Source: New York Times. The most popular major group is business, accounting for 25 percent of all students. Census data report by Georgetown University in Washington. Discuss with students their future plans: Post-secondary opportunities Earning a living Lifestyles How career choices are made

Best College Majors for Business Career Business Degree #1 Accounting Business Degree #2 Human Resources Business Degree #3 Business Admin. Business Degree #4 Marketing Business Degree #5 Management Information Systems http://education.yahoo.net/articles/best_majors_for_business_careers.htm

Accounting and Business Majors “by the numbers” Indiana University at Bloomington estimated average salary of 2009 business majors working in Average salary Accounting $51,871 Finance $52,127 Management $48,756 Marketing $44,665 Operations/supply chain management $48,826 Information and process management $53,397 Business economics and public policy $53,600 http://www.ehow.com/facts_6972977_average-salary-business-major.html#ixzz2MmkqLyen Discuss with students their future plans: What factors beside salary should be considered in a career choice?

Best-Paying Jobs for Business Majors Accounting Major: Internal Auditing Manager Financial Controller Certified Public Accountant Business Administration: Sales Director Pharmaceutical Sales Rep Account Manager, Sales Typical Median Pay $85,900 $77,700 $59,900 $122,000 $ 84,400 $63,500 Source: PayScale.com

Job Outlook The Department of Labor and Statistics predicts employment of accountants and auditors will grow faster than average for all occupations through the year 2016. 

Why the increased demand for accountants? Increasing number of new businesses Changing financial laws Corporate governance regulations Sarbanes Oxley Act of 2002 Economy will continue to expand around the globe Source: http://www.startheregoplaces.com/why-accounting/salary-and-demand/ Explain the above reasons—cite national, regional, and local examples. These topics will also lead to the next slide.

“Ripped from the Headlines” Forensic Accounting Wesley Snipes—3 years in prison for not filing tax returns Nicholas Cage—$6 million IRS charge in 2009 because of poor financial management Marc Anthony—$5.5 million in back tax debt Martha Stewart—Insider trading Cite other national, regional, and local examples that students may be aware of. Darrell Strawberry (baseball), Richard Hatch (The Survivor), and Boris Becker (tennis) are a few other examples. Explain Forensic Accounting. The increased numbers of financial crimes such as tax evasion, embezzlement, bribery, and securities fraud has increased the demand for forensic accountants.

Did You Know? Phil Knight, Founder and Chair of Nike, is a CPA. Donald Trump majored in Economics. Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons, is a CPA. Cite other national, regional, and local examples the students know. Discuss the fact that successful business people usually have a strong financial/accounting background.

So what does this have to do with taking high school Accounting? Business majors are required to take at least one, usually two, college accounting courses. Studies show that students who take high school accounting are more successful in college accounting. Decide if you are interested in business, finance, and accounting before college. Explain the usually high drop rate in college accounting. Use successful former students as examples. Use the requirements of local and regional colleges as examples. Parents will prefer that students find out what they like and don’t like in high school, before it starts costing them money.

What will you learn and do in high school Accounting? Understand the language of business. Analyze business transactions. Prepare and analyze financial documents. Research business topics on the Internet. Use spreadsheet software. Explain what you do in your accounting course that makes it interesting. This is a good place for teachers to add their own specific slides to tailor the presentation to the course, department and school.

What Do Employers Want? People skills highly valued Employers want new hires to demonstrate elevated soft skills: work effectively across departments build rapport with colleagues and clients clearly explain complex financial information to a variety of stakeholders Source: Georgetown University Census Study In addition to an accounting knowledge, it is also important to focus on the key values employers want. What other skills can be added to the list? Critical thinking, decision making, technology, creativity, leadership, etc.

Analyze Financial Information Nike’s Annual Report Financial Information on a Spreadsheet Discuss “real world” financial information. Use companies familiar to the students.

What if I am not going to be a business major? Many colleges and universities are requiring non-business majors to take a course in managerial accounting: Interior Design Architecture Engineering Discuss college majors students may enroll in that will lead to the student owning their own business. Use local and regional college requirements as examples.

Want to Own Your Own Business? All businesses need to keep accounting records. Entrepreneurs must understand the business/profit motive. Understanding accounting concepts help Entrepreneurs problem solve and make sound business decisions. Business ownership and the entrepreneurial spirit are on the rise. Accounting is the perfect course to introduce entrepreneurial topics and skills. Relate this to the previous slide.

Why is high school Accounting for everyone? Learn skills that employers need all employees to possess: Problem solving Critical thinking Organization, accuracy, and integrity Business ethics Technology Discuss the “soft skills” learned in Accounting. Using the soft skills listed, relate them to the increased need for accountants due to the increase in white-collar crime.

Why is high school Accounting for everyone? Personal Applications learned in Accounting Budgeting Payroll Concepts Investments Taxes Banking Students will learn many applications that every citizen needs to know and understand in order to be successful in life.

Register for Accounting! Make your elective choices “count.” Accounting counts—for everyone!