1. Stereotypes of Accountants…

2. The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, non-committal, with eyes like a cod-fish; polite in contact but at the same time unresponsive, calm and damnably composed as a concrete post or a plaster of Paris cast; a petrification with a heart of feldspar and without charm of the friendly germ, minus bowels, passion or a sense of humor. Happily they never reproduce and all of them finally go to Hell. [Attributed to Elbert Hubbard]

3. Accountant or Not an Accountant?

4. Category: Entrepreneurs/Inventors

5. Phil Knight
Co-founder and Chairman of Nike Corporation

6. J.P. Morgan
Founder of J.P. Morgan Bank

7. Arthur Blank
Founder of The Home Depot and owner of the Atlanta Falcons

8. Walter Diemer
Inventor of Bubble Gum

9. Thomas Edison
Inventor

10. Category: Entertainment

11. Ray Romano
Comedian

12. John Grisham
Novelist
Accounting major at Mississippi State University

13. Robert Plant Led Zeppelin
Started in an accounting program and dropped out

14. Carl T. Berquist
Executive Vice President and Chief Financial Officer of Marriott International, Inc., with responsibility for global finance, including financial reporting, project finance, global treasury, corporate tax, internal auti, and investor relations. His previous role was Executive Vice President of Financial Information and Enterprise Risk Management. Prior to joining Marriott in December 2002, Mr. Berquist was a partner at Arthur Andersen LLP. During his 28-year career with Arthur Andersen, Mr. Berquist held numerous leadership positions covering the management of the business as well as market facing operational roles, including managing partner of the worldwide real estate and hospitality practice. Mr. Berquist hold a B.S. in Accounting from Penn State University and is a member of Penn State’s Smeal College of Business’ Board of Visitors. He is also a member of the Board of Directors of Hertz Global Holdings, Inc.

15. Toni Pergolin, CPA
President and Chief Executive She is responsible for all the organization’s programs and services, including four major campuses, three special-education schools, multiple vocational and day programs for adults, and 190-plus Bancroft-run homes and apartments in the community. Under Ms. Pergolin’s leadership, Bancroft has expanded its services from Southern New Jersey to Pennsylvania and Central New Jersey. The organization also has increased its consultation services for school districts, other agencies and professionals, as well as its in-home services – enabling Bancroft to improve the lives of many more people with disabilities. She is a member of the Forum of Executive Women, and has been named one of the Philadelphia Business Journal’s “Women of Distinction”. Ms. Pergolin has received her undergraduate degree in accounting from Penn State and her master’s in health administration from Saint Joseph’s University. A certified public accountant, Ms. Pergolin resides in King of Prussia, PA, with her husband and two sons.

16. John P. Surma
Chairman and Chief Executive Officer John P. Surma was born in Pittsburgh, PA, in He graduated from Pennsylvania State University in 1976 with a B.S. degree in Accounting. Mr. Surma joined Price Waterhouse LLP in 1976, and in 1981 he served in the Manchester, England, office of the Price Waterhouse United Kingdom firm. In 1987, he was admitted to the partnership. He became Vice Chairman and Chief Financial Officer of United State Steel Corporation on January 1, He was named President in March 2003, and president and Chief Operating Officer in June He was elected President and Chief Executive Officer in 2004, and Chairman of the Board of Directors and Chief Executive Officer in February Mr. Surma is a member of many boards of directors. He is Vice Chairman of Penn State University’s Board of Trustees and a member of its Smeal College of Business Board of Visitors.

17. What Do Graduates Do? Corporate Accounting Not-for-profit Accounting
Government
Law Enforcement
Entrepreneurship
(More) Graduate School
Consulting
Public Accounting (Assurance, Advisory, Tax)

18. Corporate and NFP Accounting
Example Companies: Johnson & Johnson, IBM, US Steel, Marriott, Bancroft…
Types of Jobs: Financial Analyst, Budget Analyst, Cost Analyst, Cost Accounting, Internal Audit
Progress towards: CAO, Controller, CFO, & CEO

19. Government Example Placements: IRS, DOD, …
Types of Jobs: Auditor, Cost Analyst
Assuming a grade 7 start

20. Law Enforcement Example Placements: FBI, Treasury, …
Types of Jobs: Agents, Analyst
Assuming a grade 7 start. Regional differences matter.

21. Entrepreneurship
Accounting provides a great background – you will understand cost and revenue drivers, accounting information systems, business planning and control, taxation, legal structures, etc.
Additional specialized expertise in a specific field acquired by through other studies or work experience is often useful.

22. Graduate School
Law School
Ph.D. Programs in Accounting

23. Public Accounting and Consulting
Become a CPA and join a broad-ranging, prestigious, licensed profession
Must satisfy the “150 credit-hour” requirement
Get there with Penn State’s One-Year Master of Accounting (MAcc) Program

24. Accounting
It is not math – it is arithmetic, some algebra, and a LOT of communication.
Measurement is challenging and interesting.
It is the language of business.
It requires the discipline to study and work honestly, accurately, and steadily

25. Three Programs – Many Career Paths
Bachelor of Science in Accounting
Integrated Master of Accounting
One-Year Master of Accounting

26. Bachelor of Science in Accounting
Required Accounting Courses
ACCTG 403w: Auditing
ACCTG 404: Managerial Accounting
ACCTG 405: Principles of Taxation
ACCTG 471: Intermediate Accounting I
ACCTG 472: Intermediate Accounting II
Electives (Choose Two)
ACCTG 406: Advanced Taxation
ACCTG 432: Accounting Information Systems
ACCTG 473: Advanced Intermediate Accounting
ACCTG 481: Financial Statement Analysis
ACCTG 483: Forensic Accounting

27. The MAcc Degree
30 additional credit hours designed to meet the 150 credit-hour requirement in most states

28. Integrated MAcc
Application for current sophomores majoring in accounting or finance available now
Features
Mixture of graduate and undergraduate courses over the junior, senior, and 5th year
Opportunity to complete an internship
Study-abroad is possible
Graduate with both a Bachelor and Master degrees, meet the 150 credit-hour requirement, be ready to sit for the CPA Exam.
Graduate GPA must exceed 3.0

29. Undergraduate Degree + One-Year MAcc
5 Years, 2 Degrees
Prerequisites: ACCTG 211, 403w, 404, 405, 471, and 472 (or equivalent)
A program, not a collection of courses
Dedicated course sections, including communications and finance
Meaningful networking and professional development opportunities
Built-in internships

30. Placement Major recruiters Representative Firms
Public Accounting Firms, Investment Banks, Industry
Representative Firms
Deloitte, Grant Thornton, E&Y, KPMG, PwC
Rough Starting Salary Ranges
$45k-$60k

31. Pay Progression
Source: PwC Faculty Symposium, August 2011

32. Work Environment
How many of the major accounting firms were listed in Fortune Magazine’s Best Companies to Work For?
5 – Big 4, plus Plante & Moran

33. Build Human Capital
How many public accounting firms were rated in the top 5 in Business Week’s 2009 Best Places to Launch a Career survey?
Top 4 – beat out Goldman Sachs, J.P. Morgan, IBM, Accenture, General Mills, Disney

34. Not All Accountants are CPAs
Some are Certified Management Accountants, CMAs.
Some are Certified Internal Auditors, CIAs.
Many post-graduation specializations are possible.
Some accountants have no professional certifications.

35. All Accounting Programs
Networking & Professional Development
Gaining employment is a process
Networking early on is critical to the process
Program provides some solid networking opportunities with prospective employers, building on existing strong relationships of Smeal and other MAcc students

36. Accounting Student Organizations
Accounting Society
Beta Alpha Psi
Master of Accounting Program Student Association (MPSA)

37. Internships are Highly Recommended
Public accounting and corporate internships are possible and desirable
Internships vary by program generally in spring sometimes in summer
There is no guarantee of an internship

38. Tuition Bachelor degree and Integrated MAcc Programs: One-Year MAcc:
In-state or out-of-state tuition depending upon your situation
One-time $750 tuition differential fee for Integrated MAcc Program students due in the fall of the 5th year.
One-Year MAcc:
$30,000

39. More Information huddart@psu.edu lansford@psu.edu