Transcript UT Accounting Program and Careers Department of Accounting College of Business and Innovation As of February 2015

UT Accounting Program
and Careers
Department of Accounting
College of Business and Innovation
As of February 2015
Overview
1. What is Accounting (myth vs. reality)?
2. What are the Accounting Degree options at UT?
3. What is a CPA? Are there other certifications?
4. How do I become an Accountant?
5. What are the job prospects in Accounting?
6. What are typical Accounting salaries?
7. Where do UT Accounting grads (really) get jobs?
Myth #1: Accounting = Bookkeeping
• Not true!!!!!!
•Bookkeepers typically perform data entry tasks
• Typically do not have a college degree; might have an Associate Degree
•Accountants take over where bookkeepers leave off
• Spend most of their time in a decision-making capacity
• Assist company management to understand financial impact of business decisions
• Typically have at least a 4 year degree; are often CPA’s
ACCOUNTING IS THE LANGUAGE OF BUSINESS
Myth #2: Accounting is boring
Not True!!! Would you consider the following careers boring?
1. An FBI agent who tracks down drug smugglers. Accounting is one of only five
entry programs through which you can become an FBI special agent. Analyze
financial statements or decipher complicated money-laundering transactions.
Maybe even go undercover. Who brought down Al Capone?
2. A financial advisor to famous people such as movie stars and professional
athletes. Make as much as 5% of your client’s annual salary.
3. A corporate entertainment accountant. Work for a studio, production company
or a record company. Oversee production costs, budgets for movies, concerts,
tours, etc. Watch the credits at the end of a movie.
4. A world traveler. An accountant with an global CPA Firm or Multinational
Corporation that has offices all over the world.
Myth #2: Accounting is boring
Not True!!! Would you consider the following careers boring? (cont.)
5. A Forensic Accountant. Love to solve mysteries? Could be called in on legal
investigations involving finances or financial crimes.
6. A Chief Financial Officer (CFO) for a Fortune 500 company like Wal-Mart, Ford
Motor, Microsoft, Procter & Gamble, Owens-Corning, etc.
7. A Tax Accountant. Work in public accounting, industry, or government (IRS).
8. An IT Auditor. The high-tech sleuth. Blend of accounting and technology - in
high demand. Ensure that a company's cyber security is reliable.
9. A Plant Controller. Determine how much it really costs to make a product.
10. Government Accountant. Work for federal, state, or local government in
various roles. (SEC, GAO, State Auditor, etc.)
11. Finance Director for a not-for-profit entity.
Accounting Degree options at UT
• Bachelor of Business Administration (BBA) in Accounting
• 4 year degree (126 semester credit hours)
• A Minor in Accounting is also available
• 9 semester credit hour program for Business majors
• Master of Science in Accountancy (MSA)
• 30 semester credit hour program
• Curriculum is continuously being updated to keep up with the
profession
• Accounting Advisory Board – made up of representatives from the Big 4 accounting
firms, regional accounting firms, and major corporations in the region
Accounting Degree options at UT
• Partial listing of junior/senior ACCT courses
• 3110/3120/4130: External Reporting I, II, and III
• 3210: Individual Taxation
• 3310: Accounting Information Systems
• 3320: Internal Reporting
• 4250: Taxation of Business Entities
• 4410: Governmental & Not-for-Profit Accounting
• 4420: Auditing
Accounting Degree options at UT
• Partial listing of MSA courses
• 6150: International Accounting
• 6190: Contemporary Accounting Problems
• 6210: Research in Accounting and Taxation
• 6310: Advanced Managerial Accounting
• 6430: Business Valuation and Analysis
• 6440: Advanced Auditing
• 6450: Fraud and Forensic Accounting
What is a CPA?
•Certified Public Accountant
• Highest professional designation in accounting
1) Education requirement (Ohio and most other states)
• A baccalaureate degree and 150 semester hours
2) CPA Exam Requirement
• Apply to sit based on state requirements
• Pass all 4 exam sections with a 75% or higher
• Auditing, Business Environment, Financial Accounting/Reporting, Regulation
3) Experience Requirement
• 1-2 years under the supervision of a CPA
Are there other certifications?
•Certified Management Accountant (CMA)
• Certified Internal Auditor (CIA)
• Chartered Global Management Accountant (CGMA)
• Certified Financial Manager (CFM)
• Certified Fraud Examiner (CFE)
•Certified Government Financial Manager (CGFM)
• Certified Financial Planner (CFP)
How do I become an Accountant?
Not an easy degree; if it was easy, everyone would do it!
• Will have to work hard and a lot will be expected of you
What do you get in return if you major in accounting?
• Enhanced critical thinking, problem-solving, and research skills
• Thorough knowledge of correct accounting procedures
• Financial expertise and experience
• A job in accounting!!
Top jobs are competitive
• Will need good grades, extracurricular activities and probably an Internship
(employers prefer to hire from intern pool)
What is the present outlook for accounting graduates?
Graduating accounting majors have the highest
percentage of job offers, followed by economics,
computer science and engineering
• Report based on responses from over 10,000 bachelor’s degree
seniors from the class of 2014
• 60% heading into the workforce
• 23% going on to graduate school
• 17% unsure or taking time off
Source: National Association of Colleges and Employers’ Class of 2014 Student Survey Report
What are the future prospects for accounting graduates?
Occupation (Bachelor’s Degree)
Total Job Openings 2008-2018
Elementary school teachers
597,000
Accountants and auditors
498,000
Secondary school teachers
412,000
Middle school teachers
251,000
Computer systems analysts
223,000
Computer software engineers, applications
218,000
Network systems & data communications analysts
208,000
Computer software engineers, systems software
153,000
Construction managers
138,000
Market research analysts
137,000
Source: https://bigfuture.collegeboard.org/explore-careers/careers/hottest-careers-for-college-graduates#bachelors
Who are the world’s top employers for new grads?
1. Google
2. EY (Ernst & Young)
3. Goldman Sachs
4. PricewaterhouseCoopers (PWC)
5. Microsoft
6. Apple
7. Deloitte
8. KPMG
9. Coca-Cola
10. Procter & Gamble
Source: http://money.cnn.com/pf/jobs/newgrads/2013/snapshots/1.html
What are typical accounting salaries?
According to the Robert Half 2015 Salary Guide (for Accounting and
Finance), Corporate Accounting and Public Accounting Firm entry-level
salaries range from $45,750 to $75,500
available at: http://www.roberthalf.com/salary-guides
According to ‘Start Here-Go Places’, entry-level accounting salaries range
from $37,000 to $74,250 (10-15% more if a CPA)
available at: http://www.startheregoplaces.com/why-accounting/salary-and-demand/
Seriously, where do UT Accounting grads really get jobs?*
1. PricewaterhouseCoopers
11. Owens-Illinois
21. INTERalliance
2. Ernst & Young
12. Dana
22. Northwestern Mutual
3. Plante & Moran
13. Nestlé
23. BMW
4. Mosley, Pfundt & Glick, Inc.
14. HCR ManorCare
24. Edward Jones
5. Gilmore Jasion Mahler
15. GE Aviation
25. Digital Media
6. CliftonLarsonAllen
16. Scotts Miracle-Gro Co.
26. Demarco Inc.
7. Weber O'Brien Ltd
17. Sofo Foods
27. Petroci (Ivory Coast)
8. William Vaughan Co.
18. The Andersons
28. Toledo Public Schools
9. James H. Miles
19. Health Care REIT
29. Lucas County Port
Authority
10. Marathon Petroleum
20. Owens Corning
* and many others
Based on a 2013/2014 University of Toledo accounting student survey
30. Raceway Park
Questions?
Contact Information:
Dr. Hassan HassabElnaby
Department of Accounting, Chair
[email protected]
419-530-2780