a career in accounting …

A career in accounting …What it could mean for you

Presented by: [PRESENTER’S NAME]

The West Virginia Society of Certified Public Accountants

A career in accounting WVSCPA

Accounting is …

The means by which all companies track and report on their financial performance, internal processes and systems. It is a foundation for operating and managing all types of operations and strategic decisions.


Accounting fact vs. fiction

What do you think when you hear the word “accounting?”


Common misconceptionsAccounting is not …

► About working alone► Routine► Bookkeeping► Counting money► Crunching numbers► For “pencil-pushing geeks”

Accounting is more than math or completing tax returns


Accountants are …

► Professionals (like doctors and lawyers)

► Trusted business advisors► Technical specialists► Project managers► Analysts and decision

makers► Strategic thinkers

► Problem solvers► Users of innovative

technology► Financial consultants► Writers/presenters► Ethical► Team-oriented


An integral part of the business

You’ll learn the complex financial structure of the business

► Really learn how the business works

► Monitor the life blood of the business

And you’ll be a vital part in the functioning of the business

► Executive positions within the organization

► Provide financial information critical to successful management

► Called on to make business decisions


Did you know?

►The accounting industry ranks first among the top industries with job offers for graduating college students.

►Employment of accountants and auditors is expected to grow by 18 percent between 2006 and 2016, which is faster than the average for all occupations. This occupation will have a very large number of new jobs arise, almost 226,000 over the projected decade. An increase in the number of businesses, changing financial laws, and corporate governance regulations, and increased accountability for protecting an organization’s stakeholders will drive growth.

►Business Week’s four of the top five “places to launch a career” were accounting firms.

Source: Spring 2008 NACE Salary Survey, U.S. Department of Labor, Business Week


Top 2008 industries

1. Accounting (private)2. Entry level management3. Project engineering4. Consulting5. Petroleum/coal products manufacturers6. Accounting (public)7. Financial/treasury analysis

Source: Spring 2008 NACE Salary Survey


Core skills of future accountants

► Ability to interpret and provide context to financial and non-financial information

► Communication and leadership► Strategic and critical thinking► Customer/client/market focus► Technologically adept


Career paths

► Public accounting► Corporate/industry accounting► Business entrepreneur► Government ► Non-profit► Education/teaching


Professional certification

► CPA

(Certified Public Accountant)► CMA

(Certified Management Accountant)► CIA

(Certified Internal Auditor)► CGFM

(Certified Government Financial Manager)► CISA

(Certified Information Systems Auditor)


Becoming a CPA includes three elements:

(Requirements vary from state to state)► An educational requirement which includes 150 hours of

education in most states► Passing an examination – four parts

► Auditing and attestation► Business environment and concepts ► Financial accounting and reporting► Regulation

► Professional work experience

For further details, visit the WV Board of Accountancy’s website: www.wvboacc.org


Public accounting

Providers► International firms

► National & regional firms

► Local firms

► Sole practitioners

All of these types of providers are present in the WV marketplace with very strong practices

Services► Assurance

► Auditing► Application of accounting

standards► IT / systems

► Tax► Compliance► Strategy / Minimization

► Transaction advisory► Valuations► Mergers & Acquisitions

► Business advisory► Risk Assessments► Process Improvement


Public accounting…on the job

► Reviewing financial

statements► Assessing risk► Testing system reliability► Evaluating business assets► Tax planning and consulting

► Measuring performance► Analyzing operations► Financial planning► Benchmarking against

competition► Managing information

real-time► Teaching/researching


What’s happening in the profession

► High demand for accountants► Very strong earning potential► Broader career paths► A focus on doing the right thing

► Making a difference with companies and communities


Industries served in West Virginia:

► Asset Management► Banking and Financial

Services► Biotechnology► Consumer Products► Government► Insurance► Hospitals

► Non-Profit► Oil & Gas► Real Estate► Utilities► Technology► Mining► Construction► Manufacturing &

Wholesaling


A career in public accounting …What’s in it for you?

► Internship opportunities► Challenging and rewarding

work► Numerous career paths► Broad industry/client

exposure► Mentoring/counseling

► Top notch learning throughout your career

► Performance-based salary► Competitive benefits► Working with talented people► Diverse workforce► Flexibility


Countless opportunities in accounting …

Government► Federal (e.g., FBI, IRS, Treasury Dept. and the General

Accounting Office)► State and local (e.g., school districts, state regulatory agencies)

Non-Profit► Could be an employee or consultant to a non-profit

Education► Accounting faculty – teach, conduct research, publish

articles/books, serve as business consultants

Business Entrepreneurship► Countless opportunities…what you make of it!


Corporate/Industry

► 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

► Accountants can rise to the top levels of management


Corporate/Industry positions

Chief Financial Officer

Treasurer

Controller

Financial Analyst

Accounting Manager


Government

Federal, state and local governments

Budgeting manager

Internal auditor

Rate Analyst ► Taxes► Utilities


Your career in accounting

► Serve clients across all industries or get the opportunity to work in a variety of sectors and industries

► Grow your skills as a team member and leader of diverse projects and teams

► Develop your technical know-how and overall business awareness


Salary guide (Robert Half Survey)

Employer Level (0 - 3 yrs.) Level (4 - 6 yrs.)

Public Accounting (large firm) $47,500-$66,250 $64,000-$83,000

Public Accounting (medium firm) $41,500-$59,500 $51,500-$76,250

Public Accounting (small firm) $40,000-$53,250 $52,000-$66,500

Corporate Accounting (large co.) $36,750-$55,000 $53,500-$71,250

Corporate Accounting (medium co.) $34,500-$50,500 $49,250-$63,000

Corporate Accounting (small co.) $32,000-$46,750 $45,000-$56,500


Salary guide (continued)

Position Large Company Small to Medium Co.

Chief Financial Officer $177,750-$370,500 $91,000-$170,250

Corporate Controller $102,500-$161,500 $64,250-$117,000

Tax Manager $88,500-$123,750 $71,500-$95,250

Director of Accounting and Internal Auditing $68,000-$208,000

The variation in salaries reflects differences in size of firm, location, level or education, and professional credentials.


What it takes to be successful

► Be likeable► Never stop learning► Maintain high ethical standards► Understand your client’s business► Learn the qualities of individuals you respect► Be self-motivated► Have a great attitude► In school, focus on grades


How do you know what career path is right for you?

► Think about what you want out of a career► Talk to family, friends, faculty, and practicing accountants► Get involved with campus/professional organizations► Consider an internship…a valuable pre-professional work

experience


Resources

The American Institute of Certified Public Accountants: www.aicpa.org

AICPA’s Career Guide: www.StartHereGoPlaces.com

The West Virginia Society of Certified Public Accountants: www.wvscpa.org

http://www.aicpa.org/

http://www.startheregoplaces.com/

http://www.wvscpa.org/


StartHereGoPlaces.com

‘What Makes a Great CPA’

‘CPA Career Options’

‘CPA Exclusives’

‘The Places You Will Go’


Personal perspectives/experiences

Why accounting?

Questions?

a career in accounting …

Documents

business decisionsa

business weeka career

tax returnsa career

nace salary surveya

financial laws

financial performance

complex financial structure

business worksmonitor