Becoming a Certified Public Accountant Presenter Name | Title Date What is a CPA? Certified Public Accountants (CPA) are innovative and strategic thinkers who are well respected for their integrity and commitment to excellence. CPAS provide a number of valuable, useful services for > Consumers > Business owners > Government agencies > Nonprofit organizations Benefits of Becoming a CPA • • • • • • • CPAs are in demand Very challenging People-oriented profession Highly respected profession Income and growth potential Job satisfaction Unlimited opportunities About CPA Services • • • • Tax Services Accounting and Assurance Services Financial Services Business and Management Consulting • Litigation Services What’s Hot in Accounting Assurance Services • Includes auditing and other exciting services: WebTrust Services CPA SysTrust CPA Performance Review Elder Care Services What’s Hot in Accounting Consulting Services • Individuals, businesses, financial institutions, non-profits and government agencies need CPAs to offer objective advice and assistance Assistance to clients in securing loans Budgeting Business planning Business valuation Financial ratio analysis Cash and inventory management What’s Hot in Accounting Information Technology (IT) Services • Exploding IT growth has created huge opportunities for CPAs with strong computer skills to design and implement advanced systems to fit an organization’s needs Internet security Cloud computing Programming Software development What’s Hot in Accounting Forensic Accounting • Forensic accountants combine their knowledge of accounting and finance with law and investigative techniques to determine whether an activity is illegal. White-collar crimes Security fraud Embezzlement Bankruptcy and contract disputes Money laundering and organized crime What’s Hot in Accounting Environmental Accounting • An environmental accountant analyzes external and internal costs of what happens to the environment. National focus — Analyze situations with national impact, speak to key private and government decision-makers Private focus — Evaluate the costs of cutting pollution, including adding in benefits of tax relief for following government regulations or tax credits for utilizing government-approved equipment or methods Government and regulatory — Make new regulations and enforce existing ones What’s Hot in Accounting International Accounting • In today’s global economy, CPAs with an understanding and mastery of international trade laws and regulations are in great demand Global companies Cultural differences Travel or live in another country What’s Hot in Accounting Tax and Financial Planning • CPAs help individuals and companies with financial planning, investments, taxes, mergers and acquisitions and much more. Saving and investing Real estate Financial reporting Litigation Clients in sports, entertainment, fashion and more Where CPAs Work: Public Practice Staff Accountant (entry-level) • $33,500 – $46,250 Senior Accountant (1 – 3 years experience) • $38,000 – $57,750 Manager (3 – 10 years experience) • $56,000 – $97,000 Partner (7 – 15 years experience) • $100,000 and up Source: American Institute of CPAs (AICPA) Where CPAs Work: Business/Industry Credit and Collection • $28,000 – $88,750 Financial Analyst • $45,750 – $66,250 Tax Manager/Specialist • $74,750 – $102,000 Controller • $80,500 – $182,000 Global Controller, Candy Company • $149,325 – $198,000 Treasurer • $92,750 – $400,000+ Chief Financial Officer • $94,250 – $386,750 Source: American Institute of CPAs (AICPA) Where CPAs Work: Specializations Internal Revenue Agent • $53,000 – $100,000 IT Auditor • $46,750 – $128,250 Forensic Accountant • $59,000 – $93,250 Professor • $90,000 – $150,000 Environmental Accountant • $80,500 – $182,000 Source: American Institute of CPAs (AICPA) How do I become a CPA? • Requirements differ from state to state • Three major requirements in Virginia: Complete a 150-hour degree program in accounting at an accredited college or university Pass the Uniform CPA Examination Attain more than one year of professional work experience in accounting How do I become a CPA? High School Preparation • Choose relevant courses such as: Bookkeeping/accounting Written communications Oral communications Computer applications Other business courses How do I become a CPA? High School Preparation • • • • Research colleges and universities Visit office of CPA or accounting professional Speak to a member of the VSCPA Join clubs and participate in professional programs What is the Virginia Society of Certified Public Accountants? VSCPA is: • The professional membership association for CPAs in Virginia • 11,000 members Public accounting (43 percent) Industry (21.2 percent) Government (4.2 percent) Education (12.2 percent) VSCPA Mission To enhance the success of all CPAs by: Communicating information and vision Promoting professionalism Advocating members’ interests National Level American Institute of Certified Public Accountants (AICPA) • At the national level, CPAs can belong to the AICPA • 386,000 members • CPAs can choose to belong to the AICPA and/or VSCPA, but is not a mandatory requirement • Each state has its own CPA association Student & Educator Resources The VSCPA is committed to: • Supporting initiatives and programs that promote recruitment and retention of highly qualified candidates to the CPA profession • Fostering relationships with students and educators from grade school to college/university • Serving as a resource for students and educators Careers in Accounting Programs and Initiatives • • • • • • September named Careers in Accounting Month Award of Achievement Speakers Bureau Scholarships Networking & social media Additional student resources Careers in Accounting Month September • Special highlights in Disclosures bimonthly magazine and Footnote e-newsletter • Chapter participation at student night events • Career Fairs • CPA visits to high schools Award of Achievement • Program that recognizes outstanding accounting students nominated by their educators at Virginia high schools • Only one student can be nominated per school each year • Nominations due in March • CPAs can present the award during spring awards ceremonies Speakers Bureau • Visit from a CPA • CPAs can speak at career fairs and in classrooms • Variety of topics for all levels What CPAs do Careers in accounting Financial planning Financial literacy Scholarships The VSCPA Educational Foundation awards nearly $44,000 in scholarships each year: • Mission: To inspire and support future CPAs • General: Undergraduate, graduate, minority and doctoral categories • Named scholarships: 12 awards • Applications are available online beginning each year in the fall • Deadline to apply is April 1, 2013 Website/Social Media Enhancements • • • • Disclosures magazine Weekly Federal Taxation Update podcasts VSCPA blog: www.cpacafe.com Social networking groups on LinkedIn, Facebook, Twitter (@VSCPANews) • VSCPA YouTube Channel • And more! Visit www.vscpa.com Additional Student Resources FinancialFitness.org • Financial articles and publications • Budgeting guide and quizzes • Ask a CPA Email program VSCPA.com • Become a CPA — information about the profession • List of Virginia colleges and universities with accounting programs • CPA Exam information • Links to online resources Additional Student Resources AICPA – Accounting Websites StartHereGoPlaces.com • Build your own virtual accountant www.aicpa.com/BecomeACPA • CPA Exam information • Scholarships ThisWaytoCPA.com • Online community for future CPAs Questions?