- PDF Free Download

Transcription

1 6sxlb2unthbmJ2/the_producers_2005_accounting_firm/

2 Stereotypes of Accountants

3 The typical accountant is a man, past middle age, spare, wrinkled, intelligent, cold, passive, noncommittal, 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]

4 Accountant or Not an Accountant?

5 Category: Entrepreneurs/Inventors

6 Phil Knight Co-founder and Chairman of Nike Corporation

7 J.P. Morgan Founder of J.P. Morgan Bank

8 Arthur Blank Founder of The Home Depot and owner of the Atlanta Falcons

9 Inventor of Bubble Gum Walter Diemer

10 Inventor Thomas Edison

11 Category: Entertainment

12 Comedian Ray Romano

13 Novelist John Grisham

14 Led Zeppelin Robert Plant

15 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 audit, and investor relations. 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 marketfacing operational roles. 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.

16 Tara Weiner Retired Senior Partner, Deloitte. Tara Weiner was born in Philadelphia, PA. She graduated Summa Cum Laude from the Pennsylvania State University in 1976 with a B.S. degree in Accounting and received the Evan Pugh Scholar Award. At Deloitte, Ms. Weiner held multiple firm leadership roles, including Managing Partner for the Greater Philadelphia Region. She had overall responsibility of managing Deloitte's client service professionals and ensuring delivery of exceptional client service Ms. Weiner is a member of many boards. She chaired the Smeal College Accounting External Advisory Board.

17 Toni Pergolin President and Chief Executive of Bancroft Bancroft improves the lives of people with disabilities. Ms. Pergolin 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. 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.

18 John P. Surma Chairman and Chief Executive Officer John P. Surma was born in Pittsburgh, PA, in 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 served as the Chairman and CEO of United States Steel Corporation and is now the deputy chair of the Federal Reserve Bank of Cleveland. Mr. Surma has been a member of many boards of directors, including service as the Vice Chairman of Penn State s Board of Trustees and a member of the Smeal College of Business Board of Visitors.

19 Job opportunities Financial Management and Controllership Internal Auditing and Risk Assessment Not-for-profit Accounting Government Accounting (DoD, GAO, IRS, OMB, SEC) Law Enforcement (e.g., FBI) Entrepreneurship (More) Graduate School, Teaching, and Research Consulting Public Accounting (Assurance, Advisory, Tax)

20 Corporate and Not-for-profit Example Companies: Johnson & Johnson, IBM, US Steel, Marriott, Bancroft Types of Jobs: Financial Analyst, Budget Analyst, Cost Analyst, Cost Accountant, Internal Auditor Progress towards: CAO, Controller, CFO, & CEO

21 Entrepreneurship Accounting provides a great background for starting a business, particularly an understanding of cost and revenue drivers, accounting information systems, business planning and control, taxation, and legal structures. Additional specialized expertise in a specific field acquired through other studies or work experience is often useful.

22 Graduate School Law School Tax and securities law specializations are common: e.g., JD and LLM in Tax PhD Programs in Accounting Become a professor!

23 Accounting It is not math it is arithmetic, some algebra, and a LOT of reasoning and communication. Measurement is challenging and interesting. It is the language of business. It requires the discipline to study and work honestly, accurately, and steadily.

24 Two Degrees, Many Career Paths Bachelor of Science in Accounting Corporate Control and Analysis Certificate Internal Audit and Assessment (stay tuned) Master of Accounting Integrated Master of Accounting (2+3) One-Year Master of Accounting (4+1)

25 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

26 Public Accounting Become a CPA and join a broad-ranging, prestigious, licensed profession Must satisfy the 150 credit-hour requirement Get there with Penn State s Integrated or One-Year Master of Accounting (MAcc) Program 30 additional credit hours designed to meet the 150 credithour requirement in most states

27 Work Environment How many of the major accounting firms were listed in Fortune Magazine s Best Companies to Work For?

28 Build Your Expertise How many public accounting firms were rated in the top 5 in Business Week s 2009 Best Places to Launch a Career survey?

29 Integrated MAcc Application for current sophomores majoring in accounting or finance Features Mixture of graduate and undergraduate courses over the junior, senior, and 5 th 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

30 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

31 Placement Major recruiters Public Accounting Firms, Investment Banks, Industry Representative Firms Deloitte, Grant Thornton, E&Y, KPMG, PwC Rough Starting Salary Ranges $50k-$60k

32 Pay Progression Source: PwC Faculty Symposium, August 2011

33 Not All Accountants are CPAs Some are Certified Management Accountants, CMAs. Some are Certified Internal Auditors, CIAs. Some are Certified Information Systems Auditors, CISAs. Many post-graduation specializations are possible. Some accountants have no professional certifications.

34 Corporate Control and Analysis Application for current sophomores majoring in accounting Features Obtain BS in Accounting & CCA Certificate on transcript in 4 years Opportunity to complete an internship Study-abroad is possible Graduate with one CMA exam complete and ready to sit for the second. Develop strong non-curricular business related skills

35 Requirement of the CCA Certificate Apply with a GPA>3.4 in: ACCTG 211 MATH 110 or 140 STAT 200 or SCM 200 ECON 102 A path through the Smeal undergraduate major in dedicated sections of: ACCTG 404: Managerial Accounting ACCTG 417: Corporate and Managerial Communication ACCTG 440: Advanced Managerial Accounting ACCTG 481: Financial Statement Analysis An approved internship

36 Corporate Control and Analysis

37 Placement Major recruiters Industry & Consulting Firms Representative Firms J&J, PPG, US Steel, ExxonMobil, Goldman Sachs, E&Y, PwC Rough Starting Salary Ranges $45k-$60k

38 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

39 Accounting Student Organizations Accounting Society Beta Alpha Psi Master of Accounting Program Student Association Corporate Control & Analysis Club

40 Internships are Highly Recommended Many paid public accounting and corporate internships are available and desirable Internships vary by program and are generally available in spring and summer There is no guarantee of an internship

41 Tuition Bachelor degree and Integrated MAcc Programs: In-state or out-of-state tuition depending upon your situation One-time tuition differential for Integrated MAcc Program students due in the fall of the 5 th year (likely to increase) One-Year MAcc: $32,490 for Class of 2015 (likely to increase) CCA Certificate: Regular undergraduate tuition

42 More Information Corporate Control & Analysis One-Year MAcc Integrated MAcc Everything else

43

44

45 EDUCATION AND CERTIFICATIONS The Pennsylvania State University Smeal College of Business-Student Marshal Dec Master of Accounting and Bachelor of Science in Finance and Accounting Dec Certified Public Accountant License Candidate-Exam completed, license pending work experience WORK EXPERIENCE Governmental Accounting Standards Board, Norwalk, CT Postgraduate Technical Assistant Feb Present GASB Technical Project Fair Value Measurement and Application Research guidance from other standard setters and assess applicability to state and local governments as well as research GASB-specific issues to determine the proper application of fair value to governmental entities Write technical papers with staff proposals to present to the Board Financial Accounting Foundation Post-Implementation Review Conduct review of effectiveness of GASB Statements 3 and 40, dealing with accounting for repurchase and reverse repurchase agreements and disclosure of deposit and investment risks GASB Research Project Tax Abatement Disclosures Conduct research on current tax abatement practices of state and local governments Write research reports for periodic updates of the GASB technical plan Ernst & Young LLP, New York, NY Financial Services Office Advisory Intern June 2011-Aug Aided in the project management function of a US tax compliance engagement at an international bank Created weekly status reports to provide to the client which incorporated updates for 3 work streams Updated the project budget weekly and analyzed budget scenarios for the remainder of the project Summarized new IRS notices as they were issued for presentation to others on the project LEADERSHIP AND OTHER EXPERIENCE Independent Study An Analysis of JP Morgan Chase and Bear Stearns Sept Dec Used various analytical techniques including multiples and business segment analysis to derive an appropriate valuation for Bear Stearns at the time it was being acquired by JP Morgan Chase in 2008 Analyzed market, industry, and firm-specific conditions surrounding the acquisition of Bear Stearns by JP Morgan Chase to further assess the transaction MAcc Program Student Association Advisory Board Vice President Dec Dec One of 4 founding members of the organization which provides support and professional development and community service opportunities for students of the Master of Accountancy (MAcc) program Independently designed and implemented a mentoring program for students in order to fix key problems in the structure of the MAcc program

46