UT experience day 2015 dept

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UT Accounting Program and Careers Department of Accounting College of Business and Innovation As of February 2015 Overview What is Accounting (myth vs reality)? What are the Accounting Degree options at UT? What is a CPA? Are there other certifications? How I become an Accountant? What are the job prospects in Accounting? What are typical Accounting salaries? Where UT Accounting grads (really) get jobs? Myth #1: Accounting = Bookkeeping • Not true!!!!!! •Bookkeepers typically perform data entry tasks • Typically not have a college degree; might have an Associate Degree •Accountants take over where bookkeepers leave of • 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 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? 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? A financial advisor to famous people such as movie stars and professional athletes Make as much as 5% of your client’s annual salary 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 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.) A Forensic Accountant Love to solve mysteries? Could be called in on legal investigations involving finances or financial crimes A Chief Financial Officer (CFO) for a Fortune 500 company like Wal-Mart, Ford Motor, Microsoft, Procter & Gamble, Owens-Corning, etc A Tax Accountant Work in public accounting, industry, or government (IRS) An IT Auditor The high-tech sleuth Blend of accounting and technology - in high demand Ensure that a company's cyber security is reliable 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 • year degree (126 semester credit hours) • A Minor in Accounting is also available • 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 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 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 I become an Accountant? Not an easy degree; if it was easy, everyone would it! • Will have to work hard and a lot will be expected of you What 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 ofers, 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 of 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? Google EY (Ernst & Young) Goldman Sachs PricewaterhouseCoopers (PWC) Microsoft Apple Deloitte KPMG 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 UT Accounting grads really get jobs?* PricewaterhouseCoopers 11 Owens-Illinois 21 INTERalliance Ernst & Young 12 Dana 22 Northwestern Mutual Plante & Moran 13 Nestlé 23 BMW Mosley, Pfundt & Glick, Inc 14 HCR ManorCare 24 Edward Jones Gilmore Jasion Mahler 15 GE Aviation 25 Digital Media CliftonLarsonAllen 16 Scotts Miracle-Gro Co 26 Demarco Inc Weber O'Brien Ltd 17 Sofo Foods 27 Petroci (Ivory Coast) William Vaughan Co 18 The Andersons 28 Toledo Public Schools James H Miles 19 Health Care REIT 29 Lucas County Port Authority 20 Owens Corning 30 Raceway Park 10 Marathon Petroleum * and many others Based on a 2013/2014 University of Toledo accounting student survey Questions? Contact Information: Dr Hassan HassabElnaby Department of Accounting, Chair Hassan.hassabelnaby@utoledo.edu 419-530-2780 [...]... 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... 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 ofers, followed by economics, computer science and engineering • Report... $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... Public Schools 9 James H Miles 19 Health Care REIT 29 Lucas County Port Authority 20 Owens Corning 30 Raceway Park 10 Marathon Petroleum * and many others Based on a 2013/2014 University of Toledo accounting student survey Questions? Contact Information: Dr Hassan HassabElnaby Department of Accounting, Chair Hassan.hassabelnaby@utoledo.edu 419-530-2780 ... 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... 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
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