A career in accounting …

1. A career in accounting … What it could mean for you Presented by: [PRESENTER’s NAME] West Virginia Society of Certified Public Accountants

2. 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.

3. What do you think when you hear the word “accounting?” Accounting fact vs. fiction

4. 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

5. 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 Accountants are …

6. 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

7. 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 Did you know?

8. Top 2008 industries • Accounting (private) • Entry level management • Project engineering • Consulting • Petroleum/coal products manufacturers • Accounting (public) • Financial/treasury analysis Source: Spring 2008 NACE Salary Survey

9. 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

10. Career paths • Public accounting • Corporate/industry accounting • Business entrepreneur • Government • Non-profit • Education/teaching

11. Professional certification • CPA (Certified Public Accountant) • CMA (Certified Management Accountant) • CIA (Certified Internal Auditor) • CGFM (Certified Government Financial Manager) • CISA (Certified Information Systems Auditor)

12. 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

13. Auditing & Attestation • Planning the engagement • Internal controls • Obtain and document information • Review engagements and document information • Prepare communications (reporting)

14. Business Environment & Concepts • Business structure • Economic concepts • Financial management • Information technology • Planning and measurement

15. Financial Accounting & Reporting • Concepts and standards for financial statements • Typical items in financial statements • Specific types of transactions and events • Accounting and reporting for governmental entities • Accounting and reporting for non-governmental and non-profit entities

16. Regulation • Ethics and professional responsibility • Business law • Federal tax procedures and accounting issues • Federal taxation of property transactions • Federal taxation – individuals and entities

17. 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

18. 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 Public accounting…on the job

19. 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

20. Asset Management Banking and Financial Services Biotechnology Consumer Products Government Insurance Hospitals Non-Profit Oil & Gas Real Estate Utilities Technology Mining Construction Manufacturing & Wholesaling Industries served in West Virginia:

21. Internship opportunities Challenging and rewarding work Numerous career paths Broad industry/client exposure Global assignments Top notch learning throughout your career Performance-based salary Competitive benefits Working with talented people Diverse workforce Flexibility Mentoring/counseling A career in public accounting …What’s in it for you?

22. 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!

23. 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

24. Corporate/Industry positions • Chief Financial Officer • Treasurer • Controller • Financial Analyst • Accounting Manager

25. Government • Federal, state and local governments • Budgeting manager • Internal auditor • Rate Analyst • Taxes • Utilities

26. Your career • 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

27. 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 (mediumco.) $34,500-$50,500 $49,250-$63,000 Corporate Accounting (small co.) $32,000-$46,750 $45,000-$56,500 Salary guide (Robert Half Survey)

28. 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.

29. What it takes to be successful • Be likeable • Respectful of your co-workers • 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

30. 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

31. Internships How do I obtain an internship? • Visit your campus career center • Network with family and friends • Explore volunteer/career shadowing opportunities • Visit the organization website and apply online • Contact a recruiter at the firm/company/agency from which you want to pursue employment

32. Recruiting process • Getting Started • Explore future internships through career fairs or informal information sessions. • Attend events – network and meet people in the industry, learn about job opportunities • Ask school career center for information about companies recruiting on your campus • Make contacts with companies you are interested in. It is never too early to get started

33. The interview process • Know the company • Shows that you are genuinely interested • Be familiar with interviewer • Be aware of your weaknesses • Have a plan to address them if needed • Communicate to the interviewer • Attitude, personality, intelligence, and work ethic

34. 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

35. ‘What Makes a Great CPA’ ‘CPA Career Options’ ‘CPA Exclusives’ ‘The Places You Will Go’ StartHereGoPlaces.com

36. Why accounting? Personal perspectives/experiences

37. Questions?