Accounting MTF Information Sessionfor Finance Majors and Transfer Students

September 30, 2015

Introduction

1. What is Meet-The-Firms Night?

2. What is a CPA Firm?

3. Requirements for CPA exam and licensure

4. Advice on Attending MTF Night

5. What do firms look for?

6. Internships and Externships

7. Resume issues

8. On-campus and off-campus interviews

9. Recruiting rules

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Accounting Meet-The-Firms (MTF) Night

Date: October 1

Location / time: Locatelli Center, 6-9pm

Attire: Formal

Annual Career Fair for Accounting Positions

Organized by the SCU Accounting Association

Who can attend? – Current SCU students – CAAP students who graduated in 2015– No one else can attend this event

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What do firms want to talk to you about?

Full-time positions after graduation

Internships

Careers in accounting, AIS, and tax-fields

What you can expect to do at their firm during the first 1-5 years

What they expect from new employees

Taking and passing the CPA exam at their firm

Training programs

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What they do not want to talk about?

Jobs that do not involve accounting-based fields

Requirements to become a CPA

What is a CPA?

What does a CPA do?

Starting salaries

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Accounting firms that are attending MTF1. Abbott, Stringham & Lynch

2. Andersen Tax (formerly WTAS)

3. Armanino

4. BDO

5. Burr Pilger Mayer

6. Crowe Horwath

7. Deloitte

8. Ernst & Young

9. Frank Rimerman + Co

10. Grant Thornton

11. Hayashi & Wayland

12. Hood & Strong

13. Johanson & Yau

14. KPMG

15. Lautze & Lautze

16. Lindquist

17. LMGW

18. Loomis & Co

19. Moss Adams

20. Novogradac & Company

21. PwC

22. RINA Accountancy

23. RSM McGladrey

24. Seiler

25. Sensiba San Filippo

26. Spiteri, Narasky & Daley

27. Standish Management

28. True Partners Consulting (Tax)

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Other firms that are attending MTF

1. A-lign Security & Compliance

2. Applied Materials

3. Kong Basile Consulting

4. Kranz & Associates

5. Northwestern Mutual Financial Network

6. Protiviti

7. SanDisk Corporation

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Service Lines in a CPA Firm

Assurance services– External audit (most typical)– Internal control analysis– Internal audit

Tax services– General area: Business and individual tax return prep– General area: Tax provisions– Specialty areas: International / State and local

Advisory Services– Often do not require an accounting background

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Employee Levels in CPA Firm

Associate (years 1-2)

Senior Associate (years 3-5)

Manager (years 5-6)(1st year mgr / 2nd year mgr)

Senior Manager (years 7 and above)

Partner (after 12-14 years)

Note: there are always exceptions, depending on office needs and whether a person is extraordinary

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Once you leave a CPA firm …

Accounting positions for CPAs with audit background– Internal audit– Finance dept / controller / chief accountant / CFO / VP-Finance

Accounting positions for CPAs with tax background– Tax department / Chief tax officer (CTO) / CFO / etc.

The longer you work at a CPA firm, the higher the position you will achieve once you leave public accounting

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Corporate hiring

Don’t overlook the opportunities to begin your career in the corporate sector– Many corporations have historically hired mostly finance majors

because the accounting firms grabbed the accounting majors. – Given the chance, corporations desire and will hire accounting

majors. Entry level positions

– Finance dept = accounting department– Financial analyst = accountant – Internal audit– Financial Planning and Analysis (FP&A) group– Tax group– Some firms have rotation programs

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What do you need to take the CPA exam in California?

SemesterUnits

QuarterUnits

Accounting units 24 36

Business units* 24 36

Baccalaureate Degree (or higher)**

* Additional business units can include excess accounting units.

** See subsequent slide for definition of baccalaureate degree.

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What do you need to get licensed as a CPA in California?

SemesterUnits

QuarterUnits

Accounting units 30 45

Business units* 38 57

Accounting Ethics Units 3 4

Ethics Units** 7 11

Total college units*** 150 225

Baccalaureate Degree (or higher)

Work Experience (one year)

Pass the CPA exam

* Additional business units can include excess accounting units. See Slide #8.

** The definition of “Ethics” is still uncertain. See Slides #9 and #10.

*** Units must be taken for a letter grade (or pass/fail) at an accredited college or university (including community or online colleges).

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What courses qualify as “business units”?

Business Administration

Business Communications

Business Law

Business Management

Business-Related Law courses offered by an accredited law school

Computer Science / Info Systems

Economics

Finance

Marketing

Mathematics

Statistics

See the CPA Licensing Applicant Handbook on the Calif Board of Accountancy website for more information.

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Ethics Study Guidelines (Part 1) June 1, 2011Part 1: An ethics course includes any course with the following terms or phrases in the course title

Auditing* Business Law Business leadership Corporate governance Ethics Fraud Morals

Business, Government & Society Corporate social responsibility Human resources management Legal environment of business Management of organizations Organizational Behavior Professional responsibilities

* No double dipping!

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Ethics Study Guidelines (Part 2) June 1, 2011Part 2: In addition, a maximum of four quarter units can be taken in either (1) Philosophy, (2) Religion, or (3) Theology if --

a) The sole name in the course title is the name of the discipline, or

b) The course title contains one of the following words or phrases

General Introductory Introduction

Foundation of … Fundamentals of … Principles of … Survey of …

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The CPA Exam (Part 1)

Four part exam– AUD: Auditing and attestation (4 hours)– FAR: Financial Accounting and reporting (4 hours)– REG: Regulation (Business law / Federal tax / Ethics) (3 hours)– BEC: Business environment and concepts (Strategic Planning /

Corporate Governance / Economics / Finance / IT / Operations Management) (3 hours)

Types of questions asked– Multiple choice– Simulations (AUD. FAR, REG)– Written communication (BEC)

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CPA Exam – General Categories

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The CPA Exam (Part 2)

Taking the exam– Register after you meet education requirements – Takes 4-6 weeks to process paperwork– Cannot take exams in March, June, September, or December– You must pass all the exams within an 18 month period

Once you pass one exam, you must pass the remaining three exams within 18 months

Passing the exam– Passing score: 75% per exam– Pass rates (2013-15): AUD (46%); FAR (48%); REG (48%);

BEC (55%) – Pass rates were lower in the past (40%)

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The CPA Exam (Part 3)

Most applicants take the exams sequentially– Take FAR first; then the others one by one– Others, however, take them quickly

CPA review course– Attend face-to-face or online classes (less common)– Watch videos / solve problems on computer (most common)– Read books / solve problems by hand (less common)– Takes 4-6 weeks to study for each part

Difficult to study for exam while you work

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Meet the Firms (MTF) Night:Before the Event

Resume Book Deadline: Monday, September 28, 5:00pm

Research: each firm’s website before the event

Prepare: questions for each firm

Dress for success– Suits / ties (for men); Suits / professional dress (for women)– Wear comfortable (but dressy) shoes

Bring – Padfolio (to write on)– Plenty of extra resumes to give to firms

Eat before you arrive (you will need the energy)

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Advice on Attending Summer Career Fair and MTF Night

At the event– Arrive early and stay till the end (you will be exhausted)– Talk to every firm / find out about each business– Collect business cards

After the event– Send thank-you messages – Followup / send updated resumes

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What do firms look for? (Part 1)http://www.pwc.com/us/en/careers/campus/recruiting/index.jhtml

This slide links to a PwC video about the “Ideal Candidate”

This video is shown on the PwC “recruiting process” webpage and on YouTube:

http://www.youtube.com/watch?v=AJyT6fOQ1X8

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What do firms look for? (Part 2)http://www.ey.com/US/en/Careers/Students

The next three slides describe what Ernst & Young look for in job candidates:

People with integrity– We want people with a clear sense of personal and professional

accountability, who exercise sound judgment and common sense and build relationships based on doing the right thing.

People who excel– We want high academic achievers — those who can think and work

analytically, communicate clearly and demonstrate leadership through their extra-curricular activities and community involvement.

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What do firms look for? (Part 3)http://www.ey.com/US/en/Careers/Students

People who demonstrate respect– We look for people who recognize the value of different backgrounds,

perspectives and experiences. By respecting these differences, we enrich our perspectives and enhance the services we provide to our clients.

People who are good at working in teams– We look for evidence that you are good at listening, learning, sharing,

developing and working with others, including those who are different from you.

People with energy, enthusiasm and the courage to lead– We want you to be passionate and excited about the opportunities at

EY and what your future holds.

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What do firms look for? (Part 4)http://www.ey.com/US/en/Careers/Students

People who thrive on challenge– We want those who show flexibility, adapt quickly to new situations,

and prioritize effectively.

People who meet our technical requirements– The students we tend to hire have a strong GPA with degrees in

accounting, economics, finance, information systems, computer science, management information systems or a related field of study.

– We also look for students who are willing and eventually able to pursue applicable professional development and certification(s) and who can travel, as necessary, to serve clients.

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Accounting Internships (for juniors)

Typically work 6-8 weeks during the summer

Paid the same hourly wage as newly-hired full-time CPAs

Interns do the same work as newly-hired full-time CPAs

At the end of the summer internship, students are typically offered a full-time job upon graduation– However, the offer can be withdrawn if the student’s

grades fall below the firm’s minimum standards

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Accounting Externships (for sophomores)

Unpaid summer programs offered by CPA firms

Typically last 1-3 days and usually take place at the firm’s local office

Some firms will send selected students to a national conference where they can interact with deserving accounting majors from other universities

Purpose: You will learn about career opportunities in accounting, engage in leadership and teamwork events, and interact with firm professionals.

Firms often use these externships to identify students that they wish to invite as interns during the following summer.

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Resume Issues – Part 1

Limit to one page. Usually unnecessary to mention an objective

– Objective is desirable only with specificity. If not an accounting major, list the accounting

courses that you have taken:– Bachelor of Science, Finance (Expected graduation date: June

2017), GPA: 2.22– Accounting classes taken thus far: Intro to Accounting;

Intermediate I and II; Federal Income Taxation Include GPA

– If it is missing recruiters assume the worst.

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Resume Issues – Part 2

Do you meet all the educational requirements to take the CPA exam and/or become licensed?– If so, then state that you meet all such requirements

Use present tense for current activities and past tense for prior activities.

Recruiters spend 15 to 45 seconds on a resume – Keep it short and simple.

Maintain adequate margins – Include sufficient “white space”

From a PWC Partner– “I look at education, GPA, and then for something else.”

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On-Campus Interviews

In October 2015, CPA firms will conduct on-campus interviews at SCU– Internships– Full-time positions

Resume submission deadline for accounting OCI:– October 2, 2015

In February – April 2016, CPA firms will conduct on-campus interviews for externship programs

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The Interviewing process

On-campus interviews during the fall usually involve two rounds of interviews– Firm social events: some firms invite students to attend pre-

interview social events (careful – these are part of the interview process)

– Round one: On-campus interview (30-45 minutes)– Round two: Firm-site interviews– NOTE: some firms have started having two interviews on

campus (and waive the firm-site interview). Firm site interviews

– Typically involves several one-on-one interviews with various firm personnel (each interview is important)

– May include a lunch with some firm personnel

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Examples of Accounting Behavioral Interview Questions asked during interviews

1. Tell me about how you worked effectively under pressure.

2. Tell me about a time where you had to lead a project and how you handled it.

3. Give an example of when you needed to use logic to solve a problem at work.

4. Give me an example of a time when you set a goal and were able to meet or achieve it.

5. Have you ever made a mistake? How did you handle it?

6. Give an example of a goal you reached and tell me how you achieved it.

7. Describe a decision you made that wasn't popular and how you handled implementing it.

8. Give an example of how you worked on team.

9. Have you handled a difficult situation with a co-worker? How?

10. Tell me about a conflict you had at your last job and how you handled or resolved it.

11. Share an example of how you were able to motivate employees or co-workers.

12. Have you handled a difficult situation? How?

13. Give an example of a situation when you had to go above and beyond expectations in order to complete a task.

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Interview Tips on Internet

You can learn about interview tips through CPA firm websites and YouTube videos

Example:

Deloitte videos on YouTube.

Keywords: Deloitte, recruiting and tips

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Accounting Dept Recruiting Rules

Initial job offer date– No CPA firm can extend a job offer until October 21 (after all the

CPA firms have completed their interviews)– This rule removes any advantage to firms that interview students

before others

Offer expiration date– All job offers cannot expire prior to November 20 at 5pm– This rule allows students to attend all second-round interviews

before making a decision.

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Protocol for accepting a job offer

Once you accept a job offer, you must - – Cancel all your future interviews and – Inform all other firms who interviewed you that you have

accepted an offer– You cannot accept another job offer once you accept a firm’s

offer (even if you later get a better offer from a preferred firm).

Why not?– It is unfair to the firm because (1) the firm will have informed

other students that they will not be getting offers, and (2) it will be too late for that firm to recruit more students)

– It is unfair to other students because you have (1) taken a job offer from another student and (2) the firm will think twice about extending an offer to an SCU finance student in future years.

– It is unfair to our program (as it makes us look bad).

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CPA Firm Hiring Practices CPA Firm guidance on recruiting process

Many CPA firms have websites and YouTube vidoes that advise candidates on how to improve your chances of getting hired

Example:

KPMG videos on YouTube.

Keywords: KPMG, recruiting and tips