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The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, non-committal, with eyes like a cod-fish; polite in contact but at the same time unresponsive, calm and damnably composed as a concrete post or a plaster of Paris cast; a petrification with a heart of feldspar and without charm of the friendly germ, minus bowels, passion or a sense of humor. Happily they never reproduce and all of them finally go to Hell. [Attributed to Elbert Hubbard]
Phil Knight Co-founder and Chairman of Nike Corporation
J.P. Morgan Founder of J.P. Morgan Bank
Arthur Blank Founder of The Home Depot and owner of the Atlanta Falcons
Walter Diemer Inventor of Bubble Gum
Thomas Edison Inventor
Ray Romano Comedian
John Grisham Novelist
Robert Plant Led Zeppelin
Carl T. Berquist Executive Vice President and Chief Financial Officer of Marriott International, Inc., with responsibility for global finance, including financial reporting, project finance, global treasury, corporate tax, internal auti, and investor relations. His previous role was Executive Vice President of Financial Information and Enterprise Risk Management. Prior to joining Marriott in December 2002, Mr. Berquist was a partner at Arthur Andersen LLP. During his 28-year career with Arthur Andersen, Mr. Berquist held numerous leadership positions covering the management of the business as well as market facing operational roles, including managing partner of the worldwide real estate and hospitality practice. Mr. Berquist hold a B.S. in Accounting from Penn State University and is a member of Penn State’s Smeal College of Business’ Board of Visitors. He is also a member of the Board of Directors of Hertz Global Holdings, Inc.
Toni Pergolin, CPA President and Chief Executive She is responsible for all the organization’s programs and services, including four major campuses, three special-education schools, multiple vocational and day programs for adults, and 190-plus Bancroft-run homes and apartments in the community. Under Ms. Pergolin’s leadership, Bancroft has expanded its services from Southern New Jersey to Pennsylvania and Central New Jersey. The organization also has increased its consultation services for school districts, other agencies and professionals, as well as its in-home services – enabling Bancroft to improve the lives of many more people with disabilities. She is a member of the Forum of Executive Women, and has been named one of the Philadelphia Business Journal’s “Women of Distinction”. Ms. Pergolin has received her undergraduate degree in accounting from Penn State and her master’s in health administration from Saint Joseph’s University. A certified public accountant, Ms. Pergolin resides in King of Prussia, PA, with her husband and two sons.
John P. Surma Chairman and Chief Executive Officer John P. Surma was born in Pittsburgh, PA, in 1954. He graduated from Pennsylvania State University in 1976 with a B.S. degree in Accounting. Mr. Surma joined Price Waterhouse LLP in 1976, and in 1981 he served in the Manchester, England, office of the Price Waterhouse United Kingdom firm. In 1987, he was admitted to the partnership. He became Vice Chairman and Chief Financial Officer of United State Steel Corporation on January 1, 2002. He was named President in March 2003, and president and Chief Operating Officer in June 2003. He was elected President and Chief Executive Officer in 2004, and Chairman of the Board of Directors and Chief Executive Officer in February 2006. Mr. Surma is a member of many boards of directors. He is Vice Chairman of Penn State University’s Board of Trustees and a member of its Smeal College of Business Board of Visitors.
What Do Graduates Do? Corporate Accounting Not-for-profit Accounting Government Law Enforcement Entrepreneurship (More) Graduate School Consulting Public Accounting (Assurance, Advisory, Tax)
Corporate and NFP Accounting Example Companies: Johnson & Johnson, IBM, US Steel, Marriott, Bancroft… Types of Jobs: Financial Analyst, Budget Analyst, Cost Analyst, Cost Accounting, Internal Audit Progress towards: CAO, Controller, CFO, & CEO
Government Example Placements: IRS, DOD, … Types of Jobs: Auditor, Cost Analyst
Law Enforcement Example Placements: FBI, Treasury, … Types of Jobs: Agents, Analyst
Entrepreneurship Accounting provides a great background – you will understand cost and revenue drivers, accounting information systems, business planning and control, taxation, legal structures, etc. Additional specialized expertise in a specific field acquired by through other studies or work experience is often useful.
Graduate School Law School Ph.D. Programs in Accounting
Public Accounting and Consulting Become a CPA and join a broad-ranging, prestigious, licensed profession Must satisfy the “150 credit-hour” requirement Get there with Penn State’s One-Year Master of Accounting (MAcc) Program
Accounting It is not math – it is arithmetic, some algebra, and a LOT of communication. Measurement is challenging and interesting. It is the language of business. It requires the discipline to study and work honestly, accurately, and steadily
Three Programs – Many Career Paths Bachelor of Science in Accounting Integrated Master of Accounting One-Year Master of Accounting
Bachelor of Science in Accounting • Required Accounting Courses • ACCTG 403w: Auditing • ACCTG 404: Managerial Accounting • ACCTG 405: Principles of Taxation • ACCTG 471: Intermediate Accounting I • ACCTG 472: Intermediate Accounting II • Electives (Choose Two) • ACCTG 406: Advanced Taxation • ACCTG 432: Accounting Information Systems • ACCTG 473: Advanced Intermediate Accounting • ACCTG 481: Financial Statement Analysis • ACCTG 483: Forensic Accounting
The MAcc Degree 30 additional credit hours designed to meet the 150 credit-hour requirement in most states
Integrated MAcc • Application for current sophomores majoring in accounting or finance available now • Features • Mixture of graduate and undergraduate courses over the junior, senior, and 5th year • Opportunity to complete an internship • Study-abroad is possible • Graduate with both a Bachelor and Master degrees, meet the 150 credit-hour requirement, be ready to sit for the CPA Exam. • Graduate GPA must exceed 3.0
Undergraduate Degree + One-Year MAcc 5 Years, 2 Degrees Prerequisites: ACCTG 211, 403w, 404, 405, 471, and 472 (or equivalent) A program, not a collection of courses Dedicated course sections, including communications and finance Meaningful networking and professional development opportunities Built-in internships
Placement • Major recruiters • Public Accounting Firms, Investment Banks, Industry • Representative Firms • Deloitte, Grant Thornton, E&Y, KPMG, PwC • Rough Starting Salary Ranges • $45k-$60k
Pay Progression Source: PwC Faculty Symposium, August 2011
Work Environment How many of the major accounting firms were listed in Fortune Magazine’s 2010 100 Best Companies to Work For?
Build Human Capital How many public accounting firms were rated in the top 5 in Business Week’s 2009 Best Places to Launch a Career survey?
Not All Accountants are CPAs Some are Certified Management Accountants, CMAs. Some are Certified Internal Auditors, CIAs. Many post-graduation specializations are possible. Some accountants have no professional certifications.
All Accounting Programs • Networking & Professional Development • Gaining employment is a process • Networking early on is critical to the process • Program provides some solid networking opportunities with prospective employers, building on existing strong relationships of Smeal and other MAcc students
Accounting Student Organizations • Accounting Society • http://www.clubs.psu.edu/up/accounting • Beta Alpha Psi • http://www.clubs.psu.edu/up/bap • Master of Accounting Program Student Association (MPSA) • http://www.clubs.psu.edu/up/mpsa/MAcc
Internships are Highly Recommended Public accounting and corporate internships are possible and desirable Internships vary by program generally in spring sometimes in summer There is no guarantee of an internship
Tuition • Bachelor degree and Integrated MAcc Programs: • In-state or out-of-state tuition depending upon your situation • One-time $750 tuition differential fee for Integrated MAcc Program students due in the fall of the 5th year. • One-Year MAcc: • $30,000
More Information huddart@psu.edu lansford@psu.edu www.smeal.psu.edu/acctg
