WICPA Accounting Careers

Speaker name Company Background WICPA member

Mission: The Wisconsin Institute of CPAs is a professional association which strives to serve its members, assure the public, and maintain the integrity of the accounting profession through the provision of continuing education, peer review, and community service opportunities; involvement in the legislative process; and communication with the public through the print and broadcast media. WICPA membership:  Over 8,000 members  Builds relationships  Education opportunities  Speaking opportunities  Career opportunities About the WICPA

Let’s Introduce Ourselves Who Are You?  Tell us your name  Why you are interested in accounting?  What do you plan to do with an accounting degree?

1.You have to be a great math student to be an accountant. 2.An accounting degree can lead you to a career in sports, music or entertainment. 3.With an accounting job, you are stuck behind a desk all day counting beans. 4.CPAs are crime fighters. 5.CPAs either work for the IRS or prepare tax returns. Fact or Fiction

Certified Public Accountants Who Are CPAs? Professionals Trusted business advisors Technical specialists Project managers Analysts & decision makers Strategic thinkers Problem solvers Users of technology Ethical Team oriented Educators

 Licensed by a State Board of Accountancy  Governed by a Code of Professional Conduct  Must adhere to technical standards  Maintain a high level of independence, objectivity and integrity Certified Public Accountant

CPA License Requirements How to become a CPA? 1.Complete 150 semester units 2.Minimum degree bachelor 3.Pass CPA Exam 4.Professional work experience

 Public accounting  Corporate/industry accounting  Business entrepreneur  Government  Non-profit  Education/teaching Career Paths

Public Accounting On the Job  Reviewing financial statements  Assessing risk  Testing systems  Evaluating assets  Tax planning  Performance measurement  Analyzing operations  Financial planning  Benchmarking  Teaching/researching What’s In It For You?  Internships  Challenging & rewarding work  Numerous career paths  Broad industry exposure  Global assignments  Continuous learning  Performance based salary  Competitive benefits  Working with talented people  Diverse workforce  Work/Life balance

Corporate / Industry Accounting  Work for a company (Small to Large)  Roles include…  Prepare financial statements  Manage company financing and investing activities  Audit internal financial / operating systems  Analyze and report on financial and non-financial data  Identify ways to improve financial performance  Assess tax requirements and alternatives  Rise to top level management  CEO  CFO  Controller  Directors of divisions

Business Entrepreneur Countless opportunities … what you make of it! High Risk = High Reward

Government Opportunities  Federal (FBI, IRS, Treasury, General Accounting Office)  Investigating white-collar crime  Conducting financial statement audits  Performing analysis & research  Dealing with tax legislation  State & Local (School districts, DFI, DOR)  Conduct audits  Compile financial statements  Deal with state tax legislation  Audits at All Levels of Government (FDIC, OCC, SEC, Internal)  Performance (evaluate an organization’s operations)  Financial (examine financial statement)  Compliance (id deviations from laws/regs)  Investigative (investigate improper activities)

Non-Profit  Perform cost benefit analysis – Are expenses exceeding revenues?  Advise on budgeting & tax matters  Prepare financial data to aid in raising & disbursing funds  Setup internal control process  Find fraud

Education Accounting Faculty Typical Career Track  Teach  Conduct research  Publish articles/books  Serve as business consultants & experts  Assistant (0-6 years)  Associate (with tenure in 7 th year)  Full professor (10-12 years)

Networking  Think about what you want from a career  Talk to family, friends, teachers, and accountants  Get involved with school organizations  Consider an internship and/or job shadow So Which Path is Right for You?

We’re In Demand!  Aging Population Needs Financial Advice & Protection  The Census Bureau says that an American turns 65 years old every 13 seconds and that some 10,000 boomers retire every day.  It’s estimated that 70 million people will be 65 or older by 2030 – nearly doubling the 34 million today (2011).  “For every three people leaving (retiring from financial services businesses) there’s only one to take their place right now.” – CNBC August 2011  U.S. Bureau of Labor Statistics estimates 22% growth in accounting and auditing jobs in the decade between 2008 – 2018 especially CPAs and graduates with masters degrees. – AICPA May 2011

Accounting Career  Demand is good  Very challenging  People oriented profession  Highly respected  Income potential  Job satisfaction  Unlimited opportunities Benefits to You

Preparation for H.S. Students  Choose Relevant Courses  Accounting  Computer Applications  Economics  Written Communications  Oral Communications  Research & apply to colleges & universities  Visit an accounting practice  Speak to a WICPA member  Participate in a job shadow program

Resources  WICPA  AICPA  Accounting firms  High school  Colleges & universities  State boards of accountancy  Internet  Career centers & fairs Where to Obtain More Information

WICPA – Where to Find Us? Wisconsin Institute of Certified Public Accountants 235 North Executive Drive, Suite 200 Brookfield, WI Tel: (262) (800)

Thank you! We hope to see you as a WICPA member soon.