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ACCOUNTING

ACCOUNTING. Fisher College of Business Undergraduate Specialization. Overview. What is Accounting? Preparation Accounting at The Fisher College of Business Sample Job Titles and Descriptions Internships Professional Certifications Accounting Salaries and Outlook

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ACCOUNTING

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  1. ACCOUNTING Fisher College of Business Undergraduate Specialization Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  2. Overview • What is Accounting? • Preparation • Accounting at The Fisher College of Business • Sample Job Titles and Descriptions • Internships • Professional Certifications • Accounting Salaries and Outlook • Student and Professional Organizations • Study Abroad • Accounting Department Contact Information Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  3. What is Accounting? • The design and implementation of financial and cost accounting systems, both budget and actual • Monitoring of operations through assembling, analyzing, and interpreting the essential dollars and cents information of the organization • The maintenance of records, supplies facts, and summarizing of these analytically to provide the planning, control and evaluation necessary to improve financial operations Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  4. Preparation • Success in accounting requires keen analytical abilities and a willingness to stick with a problem until a solution is found • An accountant should like detail and working with figures, but does not need an extensive background in mathematics • Training and/or experience with computers and computer programming are needed • The internship program offered to juniors and seniors is a great help for advanced job placement • Most employers require a four-year college background with thirty-six quarter hours of accounting • The accounting specialization may require in excess of 196 hours to complete • Commencing in the year 2000, students will need at least 225 (quarter system) credit hours of post-secondary education to sit for the CPA exam in Ohio Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  5. Accounting at Fisher • Undergraduate Ranking • 13th Nationally - U.S. News and World Report (2004) • 10th Nationally - CPA Personnel Report (2003) • Master of Accounting Ranking • 8th Nationally - CPA Personnel Report (2003) Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  6. Accounting Curriculum • Specific information about the Accounting Specialization can be found on the Fisher website under: • Current Undergraduates • Academics and Advising • Courses and Specializations • There you will find a complete list of GEC, core, and specialization requirements as a downloadable pdf Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  7. Competitive Admissions • Information concerning application to the Accounting specialization is also available on the web under: • Admission to Specialization • Admission to the Accounting Specialization largely depends on space availability Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  8. Honors Option • Offered to the Accounting Specialization Students (conditions apply) • Accounting Honors Program • Business Administration Honors Cohort Program • Individualized Business Administration Honors Contract Program • http://fisher.osu.edu/honors/accounting/index.htm • Also see http://fisher.osu.edu/honors Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  9. Accounting Overview • The major fields of employment are public (public accounting firms), private (industrial and commercial enterprises), and government • Accountants usually specialize in a field such as auditing, cost or tax within these areas • The public accountant usually works in auditing, but sometimes in tax or management services • In any case, the public accountant must be a Certified Public Accountant. A variety of services ranging from auditing accounts and certifying (attesting to the fairness of) financial statements for executives and directors of organizations to carrying out financial investigations in cases of fraud, insolvency, tax returns, etc., is performed by the public accountant Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  10. Accounting Overview • Private accountants make up about fifty percent of the profession. They perform cost, tax, or internal auditing operations on financial records of a particular business for which they work • The private accountant may be a Certified Management Accountant or a Certified Internal Auditor • Government employs a large number of accountants, some of whom serve as investigators or internal revenue agents, auditing records of organizations and individuals subject to government regulation • The General Accounting Office, the Federal Bureau of Investigation, and other government agencies also employ many accountants Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  11. Types of Accounting Jobs • Cost Accountants • Determine costs associated with high volume production of goods; cost per unit analysis, set pricing structures, establish margins • Staff Accountants • Handle basic accounting • A/P and A/R Professionals • Manage high volume purchasing activity - incoming & outgoing payments for products/services Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  12. Types of Accounting Jobs • Auditing • To obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud • To evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time following the date of the financial statements being audited Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  13. Types of Auditing Jobs • Public Accounting • Audit other companies’ accounts. Good training ground - many businesses hire senior level management positions from public accounting firms; most firms implement positive culture policies/programs • Internal Audit • Provide auditing services within the company you work for Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  14. Accounting Job Descriptions • Closely Held Equity Analyst (at Bank One) • Contacts the company or partnership to gather and review financial statements and performance of the asset; reviews equity section of balance sheet to determine whether the company has modified its capital structure • Finance/Accounting Trainee (at Abercrombie & Fitch) • Assists in the development of corporate budgets; planning consolidated financial statements; supporting the evaluation of A&F's forecasts and projections; preparing weekly financial performance reports Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  15. Accounting Job Descriptions • Financial Specialist (at Progressive) • Managing the annual budgeting process for the CV division, preparing monthly accounting general ledger entries, preparing numerous financial and analytical reports • Financial Advisor (at Morgan Stanley) • Helps individuals plan for their future & achieve their financial goals; involves contacting prospective clients, identifying their needs, objectives and financial capabilities and then prudently selecting and recommending appropriate action Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  16. Accounting Internships • Cash Reconciliation Specialist (At White Castle Systems) • Checkbook reconciliation, contact with banking entities, filing, etc • Accounting-Finance Coordinator (at Family Works, Inc.) • Develop cost analysis projections; maintain accounting records for multiple companies; manage payroll, tax form preparation and job costs; provide web site statistical analysis Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  17. Accounting Internships • Accounting Intern (at National Park Foundation) • Handle the management of funds, maintain fund files, financial database and conduct administrative duties • Auditing Intern (at Franklin County Auditor’s Office) • Preparing the vendor database for issuance of IRS Form 1099s, compiling data and preparing accrual journal entries for the County’s annual financial report Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  18. Government Accounting • There are rigorous legislative and continuing professional education rules, tough compliance requirements and accountability to a number of interested parties, ranging from federal agencies to the local media • SMALL FIRMS CAN THRIVE in this area as consultants, however, because of the wide range of potential clients and types of work, the timing of most engagements outside of tax season and the chance to rely on on-the-job training for staff Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  19. Government Accounting • Federal agencies that employ CPAs include the General Accounting Office, the Defense Contract Audit Agency, the Federal Bureau of Investigation (FBI), the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC) and dozens of others • At the state level, CPAs currently serve as directors of various agencies and departments including the Ohio Auditor of State's office Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  20. Business & Industry • Hired as chief financial officers, controllers, directors of tax departments and chief accountants. These CPAs are responsible for developing, analyzing and reporting on information needed for business decisions. They also evaluate the financial effects of management's actions • For small business owners, accountants provide the basis for organizing financial information, making well-informed management decisions possible: designing an accounting system that produces meaningful financial information Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  21. Business & Industry • Investigates the following: • How much income should the business generate? Will the company "go public" in the future? When does the owner want to retire? Will the business be passed on to other family members? • Provides accounting and financial functions on an ongoing basis, including the preparation of financial reports, helping the business to secure loans, preparing financial projections that show how the loans will be repaid, and determining if the business is viable. Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  22. Certified Public Accountant • CPAs are many things: • They are chief financial officers for Fortune 500 companies and advisors to small neighborhood businesses, they are controllers, management advisors, internal auditors. They work for public accounting firms, both small and large and they are also employed in business and industry, government and not-for-profit organizations. • They are well-respected strategic business advisors and decision-makers and they act as consultants on many issues, including taxes and accounting • They also can help individuals and businesses with all aspects of financial planning and of course, they can help you with your taxes Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  23. CPA Certification Requirements • Complete a program of study in accounting at a college/university. The AICPA recommends at least 150 semester hours of college to obtain the common body of knowledge for becoming a CPA. • Pass the Uniform CPA Examination, which is developed and graded by the AICPA ( the exam consists of four sections: Business Law & Professional Responsibilities; Auditing; Accounting & Reporting-Taxation, Managerial, and Governmental and Not-for-Profit Organizations; and Financial Accounting & Reporting-Business Enterprises) • Obtain a certain amount of professional work experience in public accounting (not all states require this). Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  24. Other Certifications • CMA - Certified Management Accountant • CPP - Certified Payroll Professional • CCE - Certified Credit Executive • PFS - Personal Financial Specialist • CB - Certified Bookkeeper Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  25. Accounting Salaries • Fisher College of Business (2002-2003) • Full-time Corporate Accounting $36,500 • Full-time Public Accounting $41,643 • Intern $2,674/month • NACE Salary Survey (Spring 2004) • Full-time Public Accounting $41.399 • Robert Half (Entry Level Salaries) • Audit/Cost Accountants $26, 500-$34,250 • Audit/Tax Management $26,000 - $36,25 • Budget/Cost Analysts $27,000 - $33,750 Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  26. Accounting Outlook • At present, over 10,000 accountants are needed each year to replace those retiring, and an additional 10,000 annually because of the growing numbers of organizations, and the increasing emphasis placed on accounting information in our society • Starting salaries for accountants with a Bachelor’s degree cover a wide range and tend to be affected by the type of industry or organization involved Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  27. Student Organizations • Accounting Association • http://student.cob.ohio-state.edu/acctassn/ • Undergraduate Business Student Forum • http://student.cob.ohio-state.edu/ubsf/ Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  28. What Does the Accounting Association Do? • The Accounting Association strives to provide networking opportunities for accounting students. The goal is to give students opportunities to meet and interact with business professionals and other students. • The Accounting Association provides a great opportunity to learn about the profession outside of the classroom and can also make contacts that could prove helpful down the road when looking for internships and full-time positions. Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  29. Professional Organizations • American Institute of Certified Public Accountants • http://www.aicpa.org/ • State Divisions, Ex: Ohio Society of CPAs • http://www.ohioscpa.com/ • Beta Alpha Psi • http://www.bap.org/ Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  30. Study Abroad & Exchange Contacts • CIBER (Center for International Business and Research) • http://fisher.osu.edu/international/ciber/index.html • Office of International Education (OSU) • http://oie.osu.edu/ • OIE has many other opportunities for business and non-business opportunities to supplement the Fisher curriculum Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  31. Study Abroad & Exchange Programs (CIBER) • Copenhagen Business School, Denmark • Technische Universitat Dresden, Germany • Nantes Summer School, France • Trinity College, Dublin, Ireland • Quinn School of Business, Dublin, Ireland • London School of Economics, England • Instituto Technologico y de Estudios Superiores de Monterrey, Mexico • Hong Kong University of Science and Technology • Singapore Management University • Curtin School of Business, Perth, Australia Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  32. Max M. Fisher College of Business • Academic Department: Accounting • Ohio State University • 400 Fisher Hall • 2100 Neil Avenue • Columbus, OH 43210 • (614)292-9368 • http://fisher.osu.edu/acctmis/ Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

  33. fisher.osu.edu Fisher logo http://fisher.osu.edu Office of Career Services 150 Gerlach Hall 2108 Neil Avenue 614-292-8616 fisher.osu.edu/career

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