The University of Toledo College of Business and Innovation Department of Accounting Amy A. French, MBA, CPA, CFE Lecturer Updated May 18, 2011 Accounting Degrees Associate Degree in Accounting Technology • 2 year Degree Bachelor of Business Administration (BBA) in Accounting • 4 year degree Masters of Science in Accountancy (MSA) • 30 semester hour program Beta Alpha Psi • University of Toledo’s Gamma Epsilon Chapter chartered in 1966 • Founded in 1919 at the University of Illinois, Urbana. • Premier professional business and financial information fraternity • Recognizes academic excellence • Provides interaction among students, faculty, and professionals Becoming a CPA Most requirements are determined by the state/jurisdiction in which you hope to practice. In general, this is a summary of the steps to CPA licensure. Education Exam Experience • Accounting degree • Pass the 4 sections • Accounting experience Becoming a CPA Education requirements – A baccalaureate degree and 150 semester hours • 30 semester hours in accounting • 24 semester hours in business courses other than accounting Exam Requirement – Apply to sit based on state requirements – Pass all 4 parts with a 75% or higher • Business, Audit, Regulation and Financial Experience Requirement – 1-2 years under a CPA CPA Exam Pass Rates According to the National Association of State Boards of Accountancy (NASBA) UT ranked in the top 10 nationally for pass rates in Audit CPA Exam Pass Rates Comparing the percentage of college graduates who passed all four parts of the CPA exam reveals:1 Candidates with Advanced degrees All candidates With degrees 32.93% Across Ohio: 38.21% 43.08% UT COBI students: 58.62% 40.91% Across the United States: 1 37.54% According to the recently released report (for 2009) from the National Association of State Boards of Accountancy (NASBA), The University of Toledo College of Business and Innovation (UT COBI) graduates passed the CPA exam at rates exceeding both state and national averages. Where Accountants Work Public Practice Business/Industry Government Non-Profit Organizations Colleges/Universities Careers in Accounting Audit Assurance Services • (E-Commerce, risk assessment, IS assessment) Environmental Accounting • Environmental compliance issues Forensic Accounting • Searches for evidence of criminal conduct Information Technology Services International Accounting Consulting Services Personal Financial Planning Tax advisory Service Accounting Educators The Hiring Environment By Robert Half Two similar candidates – Which additional skills most valuable • • • • • 31% Personality or people skills 27% Software/technology 20% Industry specific experience 11% Certification or advanced degree 1 – 4% Multilingual, international, other http://www.roberthalffinance.com/FreeResources Accounting is consistently one of the hottest jobs for new graduates, according to the National Association of Colleges and Employers. Figure 1: Top Jobs for the Class of 2009 Job Function Teaching Management Trainee Financial/Treasury Analysis Consulting Sales Accounting (Public) Accounting (Private) Software Design & Development Registered Nursing Project Engineering Starting Salary Offer $35,496 $41,353 $52,043 $56,472 $41,577 $49,437 $45,859 $63,798 $45,229 $58,570 http://www.aicpa.org/Becoming+a+CPA/CPA+Candidates+and+Students/Career+Paths.htm Accounting Salaries by Robert half Figure 2: Starting Accounting Salaries 2011 Job Function Internal Auditor – Lrg Company Internal Auditor – Med Company IT auditor – Large Company IT auditor – Medium Company General Accountant – Lrg Co. General Accountant – Med. Co. General Accountant – Sm Co. Cost Accountant – Lrg Company Cost Accountant – Med company Tax Accountant – Lrg. Co. Tax Accountant – Med. Co. Forensic Accountant – All sizes http://www.roberthalffinance.com/FreeResources Starting Salary Offer $44,500 $42,500 $51,750 $48,000 $38,500 $36,500 $34,000 $40,500 $39,000 $41,500 $40,250 $61,250 Positions in Demand By Robert Half International “The CPA designation remains the most in demand credential for accounting and finance, especially when paired with big 4 experience.” •Business Analyst • Maximize computer systems to improve efficiencies and profitability •Financial Analyst • Evaluate financial plans, forecasts, budgets and identifying ways to improve profitability • Controllers • Organizations are adding controllers and assistant controllers to help oversee accounting operations. • Senior and Staff Accountants • Accounting Clerks • Billing/Collection staff •http://www.roberthalffinance.com/FreeResources Recent salary ranges in accounting are: Recent salary ranges in accounting are: Big 4 Firm Overall Typical Experience Entry Level $55,000 $50,000 - 70,000 First year Junior Staff Accountant $46,000 - 63,000 $40,000 - 80,000 1-2 years Senior Staff Accountant $65,000-95,000 $70,000 3-5 years Manager Senior Manager $65-140,000 $72-160,000 $85,000 $115,000 5-7 years 7 years plus Partner $200,000 - 3,000,000 $150,000 10 years plus http://careers-in-accounting.com/acsal.htm Questions?