B E C O M I N G ACertified Public Accountant

WHAT ARE THE STEREOTYPES OF ACCOUNTANTS?

1. Shredding is their #1 hobby! 2. Pocket protectors are a fashion

accessory.3. They carry laptops because they

think it makes them look cool.4. They get psyched for business

casual day.5. Boring.

MYTHS VERSUS REALITYMyth: It is all about math!

Reality: It is all about…Strategic and critical thinkingProblem solving and decision makingEffective use of technologyGood communicationStrong leadership and team buildingAttention to detail Analyze business situations Develop creative solutions Maintain objectivity Often have the vision to realize untapped

financial potential

GOT RESPECT? No credential in the business world earns as much

respect as the CPA – it is a prestigious credential. CPAs meet the rigorous demands of certifications to

take on the challenge of solving key business puzzles.

Having CPA attached to your name instantly gives you expert status and respect.

CPAs are always in demand, in good times and bad – recession “proof” or “bubble.”

CPAs are trusted, reliable employees or consultants integral and essential to the business world.

Integrity is built into the profession, whether as an auditor, financial advisor or tax consultant.

WHAT IS ACCOUNTING? A profession A business language A set of rules to record business

transactions in a consistent manner The basis of business operations Constantly changing

JOB OPPORTUNITIES Public accounting firm

Sole practitioner

Corporate Not-for-profit Government Education

CAREER VARIETY

Law enforcement CFO Personal business manager

Auditor

CAREER VARIETY

Treasurer Information technology

Management consulting

Banking

CAREER VARIETY

Environmental compliance Strategic resource manager

Tax interpretation/preparation

Forensics

CAREER VARIETY

ElderCare adviser International business Estate planning

Litigation consulting

GO YOU! You’ll play a vital business role as an

individual team member who contributed to the overall success of the enterprise.

The impact of your analysis and insight add to your value.

Promotion and advancement in nearly inevitable for CPAs.

Intellectually and financially rewarding.

PUBLIC ACCOUNTING VERSUS PRIVATE INDUSTRY Public Accounting

Work for several different companies

Provide a variety of services

Top position is typically a partner in a firm

Travel

Private Industry

Work for one company or organization

Travel varies

Top positions consist of Controllers, Chief Financial Officers, Presidents of company

SERVICES PROVIDED BY PUBLIC ACCOUNTING FIRMS Assurance Services and Information Integrity

Audit Services WebTrust SysTrust Performance View ElderCare

Technology Services Management Consulting and Performance

Management Forensic Accounting Valuation Services

Financial Planning and Tax Services International Services

PRIVATE INDUSTRYIndustries Manufacturing Retail Insurance &

banking Healthcare Not for profit Government/

schools Individuals Information

technology

Job Types Cost accounting Internal audit Financial/corporate

accounting Tax Bookkeeping Information

technology Sarbanes-Oxley

compliance

WHICH PATH TO CHOOSE?

Pros More emphasis on training Develop broader range of

skills More marketable Easier to obtain CPA license More responsibility Access to top levels of

management

Cons More travel Longer hours High turnover Many extras – recruiting,

practice development

Pros

• Less travel

• Specific industry focus

• May have shorter hours

• Concentrated skill development

Cons

• Narrower range of skills

• Slower progression up the corporate ladder

Public Accounting Private Accounting

SKILLS YOU’LL NEED

Critical thinking Technology savvy

Business sense Problem solving Ability to communicate clearly and concisely

SKILLS YOU’LL NEED

Ability to work alone or as part of a team

Client-orientedStrong ethicsAdaptable

THE FUSS IN THE NEWS. . . Company Error in revenue reported

Adelphia Communications $ 3.1 billionAOL Time Warner $ 49 millionBristol-Myers Squibb $ 1.5 billionDuke Energy $ 150+ millionEnron $ 1 billionMerck $ 12.4 billionWorldCom $ 3.8 billionXerox $ 15 billion

In South Carolina: HomeGold and Carolina Investors: $275 million bankruptcy in 2003, affecting 8,000 investors – the largest in SC

WHAT DOES IT MEAN FOR THE ACCOUNTING PROFESSION?

Sarbanes-Oxley Act (signed into law on July 30, 2002)

Sweeping legislative changes– Corporate and accounting reform– Requires improved financial disclosure – Enhanced penalties for securities fraud – Largest business reform legislation since the Great Depression!

What does the act do:– Requires management to be more involved in financial processes– Increases demands on internal accounting functions– Increase the demands on external auditors– Requires Board members to be more financially competent

What does that mean for your future in accounting…OPPORTUNITIES!

Following the much-publicized scandals of the early 21st century, the accounting profession has been instrumental in ushering a new age of corporate trust and responsibility.

Sarbanes-Oxley Act has led to CPAs becoming more valuable and more highly regarded than ever before.

SALARY POTENTIAL $35K–$50K beginning

$55K + with CPA license

$150K + top positions

SALARY COMPARISON IN THE PUBLIC SECTOR:

Large FirmsManager/Director $98,750 - $151,500Manager $80,000 - $106,250Senior $64,000 - $83,0001 to 3 Years $54,500 - $66,250Up to 1 Year $47,500 - $57,500

Medium FirmsManager/Director $88,250 - $129,250Manager $74,250 - $93,500Senior $57,500 - $76,2501 to 3 Years $48,750 - $59,500Up to 1 Year $41,500 - $51,000

Small FirmsManager/Director $80,750 - $105,500Manager $66,500 - $82,000Senior $52,000 - $66,5001 to 3 Years $44,750 - $53,250Up to 1 Year $40,000 - $47,250

Source: Robert Half 2008 Salary Guide

Range

SALARY COMPARISON IN THE PRIVATE SECTOR:

Position Large Co. Small to Med. Co.

Chief Financial Officer $177,750–$370,500 $91,000–$170,250 Corporate Controller $102,500–$161,500 $64,250–$117,000 Assistant Controller $86,500-$126,750 $52,000-$90,750 Tax Manager $88,500–$123,750 $71,500–$95,250 Bookkeeper $31,000-$50,500 $31,000-$50,500 Accounting & Payroll Clerk

$29,000-$37,500 $26,500-$36,750

(Geographic region, experience, education, CPA certification, and company size each play a role in determining salary.)

THE SPRINGBOARD EFFECT AICPA has 43,000 members who are

CEOs, CFOs or COOs Phil Knight, CPA, founder of Nike The FBI employs 1,700 CPAs, including

number #2 Thomas Pickard, CPA Arthur Blank, co-founder of Home

Depot and owner of the Atlanta Falcons is a CPA

Becoming a CPA is one of the best ways to enter and prepare for any possibility in the world of business

HAND PICK YOUR CAREER DIRECTION CPAs are in high demand. Virtually limitless range of choices. Demand from Hollywood to Main Street. CPAs play key roles on nearly all professions and

industries.

HAVE CPA, WILL TRAVEL! As a CPA, you can live and work virtually

anywhere in America. Unparalleled career options. Greater control and independence. Go where opportunities are and dreams take

you!

WHAT DO FIRMS LOOK FOR IN RECRUITS?

Strong academicallySolid technical accounting knowledgeGPA is not the only requirement!Involved in activities, well-roundedProfessional drive and motivationGood communication skillsPersonableDetail-orientedOverall business awarenessLeadership skillsHigh ethical standards

WHAT YOU CAN DO NOW AND IN COLLEGE

Be proactive!!!Talk to accountants or people working in

occupations you are consideringUse your advisor to help determine your

likes/dislikes and what jobs fit youShadow someone working in the

profession in which you are interestedJoin accounting and/or business clubsObtain internships

LICENSING PATHWAY

A college degree 120/150 hours of college

credit 36 semester hours in

business-related subjects (upper and lower)

36 semester hours in accounting-related subjects

Passage of Uniform CPA Exam

One year of general accounting experience supervised by alicensed CPA

Passage of ethics course Evidence of good moral

character

WANT TO KNOW MORE? Read Start Here magazine

www.startheregoplaces.comwww.scacpa.orgCheck out the CPA

Association in the state you plan to land (if not SC)

SCACPA 2010 MEMBERSHIP UPDATE & ORIENTATION

ASSOCIATIONS-COMING TOGETHER TO PRODUCE POSITIVE RESULTS Banded together for a specific purpose A sense of community coordination –

the heart of the association profession First associations firmed as guilds in the

1830’s – a trend unique to our country and growing in popularity internationally

1.8 million associations, including ASAE, the association for associations!

200 million+ hours of volunteer hours logged by associations each year

WE’RE BUILDING A STRONGER ECONOMY Workforce education Expert points of view Enriched public policy Innovative business practices Spirit of community service

ABOUT SCACPAState affiliate of AICPAFounded in 1915Governed by a 20 member

voluntary Board of DirectorsEight local chapters30 guiding committees and task

forces3,900 members, including CPAs,

candidates, professional affiliates, educators and students

9.5 professional staff members

OUR MISSION

The mission of the South Carolina Association of CPAs is to support all CPAs – whether in public practice, industry, government or education – with lifelong learning opportunities necessary for their success, the promotion of high ethical standards and legislative advocacy for both the public good and for the profession.

WIIFM: WHAT’S IN IT FOR ME? Tools, Information and Resources Customized, friendly member service from our

professional staff Advocacy: your “eyes and ears” Certification and Licensing: Direct connection to LLR Communications: Web site, CPA Report, Current Assets Education Information, research and statistics Forum (face to face or virtual) to discuss common

problems and solutions Service focus: volunteerism and community service A community, network, “home,” opportunity to

participate

MEMBERSHIP BENEFITS FOR STUDENTS (FOR ONLY $20 PER YEAR!) Enhance your resume Establish and build valuable relationships Free attendance at selected events Discounts on attendance at SCAPCA Continuing Professional

Education (CPE) seminars, conferences and other events Access to a wealth of scholarships awarded by SCACPA, AICPA

and other organizations Online career network Stay up to date with our e-mail, printed and Web-based

publications for all members Online membership directory CPA Exam Review Course discounts and exam prep classes Student Recognition Luncheon and workshops (November 12)

SCACPA SCHOLARSHIP PROGRAMS SCACPA offered its first scholarship in

1965. An annual program was established in 1984.

In 2009, we awarded $19,000 in scholarships.

Applicants should be rising juniors and seniors majoring in accounting with a minimum 3.25 GPA (overall) and 3.5 in accounting coursework.

Our Web site features 16 scholarship opportunities and applications.

SCACPA 2009 BOARD FIVE BOLD STEPS Financial Literacy CPE Innovation: Making CPE efficient,

effective; taking into consideration the delivery method, cost and content.

Infrastructure: Headquarters Renovation/Expansion & Web site

Young CPAs Leadership Cabinet: 25 of the states’ brightest young CPAs

BEGIN: Business, Education, Government, Industry and Non-profit Focus Programs

BOLD STEPS ADDED FOR 2010 Sustainability Initiative Membership Relevancy Focus: Staying

relevant and increasing perceived value. Creating a Voice in Policy – Legislative,

Regulatory and Standard Setting: Becoming more proactive in standard-setting, regulation writing and law creation.

Human Capital: Maintaining and strengthening SCACPA staff

GET INVOLVED AND MAXIMIZE YOUR INVESTMENT Apply for a scholarship Read The CPA Report, Current Assets Volunteer for a committee (students are

welcome!) Join the Financial Literacy campaign Attend local Chapter Events and Seminars Participate in events like CPA Day at the State

House, Professional Issues Update in your area and the CPA Summit

Refer a member, be it a CPA, CPA candidate, professional affiliate or student

Get to know your staff Take advantage of discount programs

AMERICAN INSTITUTE OF CPAS Since 1887, AICPA has been providing

members with resources, training, programs and publications vital to CPAs.

340,000 members strong $35 per year for students and CPA

candidates

RESOURCES FOR STUDENTS AND CPA CANDIDATES scacpa.org aicpa.org startheregoplaces.com nextgenaccountant.com llr.state.sc.us diversitypipeline.org Many others!

REACH YOUR PROFESSIONAL STAFF Continuing Professional Education (CPE) & Chapters

April Cox, ext. 110, acox@scacpa.orgSandra Oxner, CMP, ext. 122, soxner@scacpa.org

Member ServicesKatherine Swartz, CAE, ext. 105, kswartz@scacpa.orgEmily Allen, ext. 106, eallen@scacpa.org

Peer Review & Member ServicesGlenna Minor, ext. 107, gminor@scacpa.org

Finance & AccountingKaren Hancock, CPA, ext. 108, khancock@scacpa.org

Assistant Executive Director Reva Brennan, MPA, CAE, IOM ext. 103, rbrennan@scacpa.org

Executive Director Erin Hardwick, CAE, ext. 104, ehardwick@scacpa.org