MNCPA Accounting Careers Planner. Picture yourself as a CPA.

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1 MNCPA Accounting Careers Planner Picture yourself as a CPA.

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3 Table of Contents PAGE Real Life: It s All About Choices... 4 First Things First: Get to College... 5 Beyond the Basics... 6 Sample 150-hour Accounting Degree Program Financing Your Education... 7 Online Financial Resources Accounting Career Positions... 8 Who Hires CPAs... 9 Minnesota Colleges and Universities with Accounting Programs MNCPA Resources...17 What I Learned on the Road

4 Real Life It s all about choices what ring you want on your cell phone, which car to buy, where to live and the quintessential life question what to be when you grow up. So what do you want to be when you grow up? The big cheese? Chief financial officer for an e-commerce company? Maybe you re just looking for a way to put all those mystery novels you read as a kid into practice in the real world. Well, no matter what you re looking for, you can t go wrong with a degree in accounting. Accounting is the language of business that opens the door to success in every company and organization. With job titles like Managing Partner, Chief Financial Officer and Controller, certified public accountants (CPAs) are outgoing, creative and analytical. They re male and female and come from every ethnic and cultural background. Banish the notion that CPAs are just here to count the money. Today s CPAs have responsibilities that encompass far more than payroll and taxes. CPAs are financial planners, helping their companies and clients chart their course for the future. They re the chief executive officers and chief financial officers for Fortune 500 companies. CPAs also run the show for movie studios and track down criminals for the FBI. CPAs are taking care of business in every industry and there s no sign of a slowdown. According to the Bureau of Labor Statistics, employment of accountants and auditors will continue to grow through the next decade. Accountants who have earned their CPA certification will have the best job prospects as they enjoy a wide range of career opportunities. The CPA designation also nets you a 10 percent salary increase over an accounting degree alone. Accounting is a growing profession with diverse opportunities. It s the start of something big. Make it your choice today. 4

5 First Things First: Get to College Going to college is the best way to make it to the top. Plus you get the added bonus of expanding your mind and discovering your potential. College experiences will mold you into a skilled, knowledgeable and confident graduate ready to make your mark on the world. Applying to college can get confusing. You may think that the classes you take in high school aren t as important as the grades you earn. While your overall grade point average (GPA) is important in determining whether or not the college or university of your choice accepts you, the classes you ve taken also play a significant role. Although you should refer to individual university catalogs for high school courses required for admission, the following is a list of recommended classes that college-bound students in Minnesota should complete: Communications and English 4 years Mathematics 4 years Science 3 years Social Studies 2-3 years World Languages 2-3 years The Arts 1 year Computers 1 year Source: Minnesota Higher Education Services Office Begin your journey. When reviewing your application, colleges and universities will most heavily weigh your final high school rank combined with your submitted SAT or ACT scores. Depending on the individual university, participation in extracurricular activities often plays a large role in gaining acceptance to the college or university of your choice. 5

6 Beyond The Basics Once you ve been accepted into a college or university, it s time to think about your classes. Every college student takes standard core classes, but you may be wondering what you ll study once you re beyond the basics. If you choose to major in accounting, classes in the business field will fill your time. Deciding to major in accounting doesn t mean you only take business classes, though. English, government, speech and other courses are part of an accounting major s degree plan. CPAs are expected to be knowledgeable about a wide range of issues and possess analytical abilities and communication and interpersonal skills that will enable them to serve the public in a complex and changing environment. What you ll study. Sample 150-Hour Accounting Degree Plan (will vary based on the university) General Education (60-80 hours) Ethics Communication Behavior Sciences Economics Liberal Arts (history, philosophy, literature, languages, arts, humanities, and sciences) Elementary Accounting Computers Mathematics and Statistics Electives Education in Business Administration (35-50 hours) Economics Applications in Business Business Law Communication Skills Marketing Business Ethics Finance Electives 6

7 Financing Your Education Financial aid helps you cover the cost of your college education. Most financial aid is given on the basis of eligibility or need, determined by the school you are attending, information you provide about you and your family s ability to pay for your education and a set of formulas established by law. In general, there are four types of financial aid: scholarships, grants, loans and work study. Scholarships may be based on merit or special interests; grants are given to students with financial need; loans are based on eligibility and are required to be repaid; and work-study provides on-campus jobs for students with financial need. The accounting industry provides hundreds of thousands of dollars in scholarships to students pursuing accounting degrees. Your guidance counselor may have information on scholarships given to high school students. The Career Center section of the Minnesota Society of CPAs (MNCPA) web site, has information about our accounting scholarships or you can search the Internet for other scholarship and financial aid opportunities. You ve made it. Online Financial Aid Resources The Financial Aid Information Page U.S. Department of Education Student Financial Assistance Fast Web Scholarships.com Fresch Free Scholarship Search Student Advantage Scholarship Search 7

8 Show me the money! Accounting Career Positions You re thinking about studying accounting but you really want to know where it can take you and how much you ll get paid. Staff accountant (0-2 years experience) Helps supervisor by maintaining financial reports and general ledgers. Average salary of $38,945- $47,896 in Minnesota. Actuary Assistant (0-2 years experience) Conducts analysis, pricing and risk assessment to estimate financial outcomes. Average salary of $50,760-$62,385 in Minnesota. Treasury Analyst (0-2 years experience) Responsible for financial planning & analysis to forecast budgets Average salary of $42,767-$55,768 in Minnesota. Financial analyst (0-2 years experience) Conducts financial analysis projects and statistical studies. Average salary of $44,144-$56,482 in Minnesota. Internal auditor (0-2 years experience) Audits the accounting and financial data of various departments within an organization. Average salary of $45,805-$56,943 in Minnesota. Tax accountant (0-2 years experience) Maintains tax records and prepares tax returns, related schedules and related reports. Average salary of $44,066-$56,210 in Minnesota. Chief financial officer Responsible for directing an organization s overall financial policies. Average salary of $240,484-$395,668 in Minnesota. *CPA certifi cation is worth a 10 percent increase in salary. Salaries for Minneapolis-St. Paul area. Source: 8

9 Who hires CPAs and what are they looking for? Without a crystal ball, you probably don t know what employers look for when they hire CPAs. Wouldn t it be great if you were in the know before you finished college and entered in the job market? MNCPA asked a few Minnesota employers of CPAs and accountants what they look for in potential employees and what advice they would give students in accounting. Here s what they had to say. Important qualities in potential job candidates Ability to work on multiple projects Relevant work experience Flexibility in work habits and processes Good communication skills Positive attitude Analytical skills Technical skills Attention to detail Why obtaining a CPA designation is important CPAs are widely recognized by the public as trusted business advisers Provides many opportunities that would otherwise not be available Respect Prestige Enhanced image Increased base salary Recommended college minors to combine with an accounting major Finance Economics Law Foreign Language Recommended college courses to prepare you for the real world Communications Business Writing Public Speaking Business Law 9

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11 Minnesota Colleges and Universities with Accounting Programs Alexandria Technical College Jefferson Street Alexandria, MN Carole Weber-Brown (320) Bemidji State University Birchmont Drive NE, #30 Bemidji, MN Sandra Bland (218) Anoka Hennepin Technical College West Highway 10 Anoka, MN Erika Limbacher (763) Anoka- Ramsey Community College Cambridge Campus 300 Polk Street SE Cambridge, MN Anita Jeziah (763) Coon Rapids Campus Mississippi Blvd NW Coon Rapids, MN Anita Jeziah (763) Augsburg College Riverside Avenue Minneapolis, MN Stuart Stoller (612) Bethel College Bethel Drive St. Paul, MN Bruce Olsen (651) Central Lakes College W. College Drive Brainerd, MN Jeff Wig (218) College of St. Benedict 37 S. College Avenue Saint Joseph, MN Mary Jepperson (320) College of St. Catherine Randolph Avenue St. Paul, MN Megan Kalina (651)

12 College of St. Scholastica Kenwood Avenue Duluth, MN Paul Khoury (218) Concordia College-Moorhead th Street South Moorhead, MN Ron Twedt (218) Concordia University-Saint Paul Hamline and Marshall Avenues 275 North Syndicate Street St. Paul, MN Dennis Zimmerman (651) Dakota County Technical College East 145th Street Rosemount, MN Tom Wood (651) Fergus Falls Community College College Way Fergus Falls, MN Pam Wolfe (877) Gustavus Adolphus College West College Avenue St. Peter, MN Timothy Peterson (507) Hennepin Technical College Brooklyn Blvd. Brooklyn Park, MN Christine Reineke (952) Inver Hills Community College East 80th Street Inver Grove, MN Cynthia Weishappl (651) Itasca Community College East Highway 161 Grand Rapids, MN (218) Lake Superior College Trinity Rd. Duluth, MN Pat Carey (218) Metropolitan State University Hennepin Avenue (13th St. & Harmon Place) Minneapolis, MN Joe Rockers (612) Minneapolis Community and Technical College Hennepin Avenue Minneapolis, MN Mike McGee (612)

13 Minnesota State University-Mankato South Road & Ellis Avenue Mankato, MN Diane (507) Minnesota State University-Moorhead th Avenue South Moorhead, MN Lee Dexter (218) Minnesota West Community and Technical College th Avenue Granite Falls, MN Leslie Bauman (320) Normandale Community College France Avenue South Bloomington, MN Kathy Reeslund (952) North Hennepin Community College th Avenue North Brooklyn Park, MN Maria Lee (763) Northland Community and Technical College Highway 1 East Thief River Falls, MN Norma Konsehak (218) Northwest Technical College Regional Office 905 Grant Ave SE Bemidji, MN Gary Sorenson (218) Northwestern College North Snelling Avenue St. Paul, MN Charles Kuizinen (651) Pine Technical College th Street SE Pine City, MN Julie Shores (320) Rasmussen College St. Cloud Campus 226 Park Ave S St. Cloud, MN (320) Eagan Campus 3500 Federal Dr. Eagan, MN (651)

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15 Rasmussen College Continued Eden Prairie Campus 7905 Golden Triangle, Suite 1000 Eden Prairie, MN (952) Brooklyn Park Campus rd Ave N Brooklyn Park, MN (763) Minnetonka Campus Wayzata Blvd Minnetonka, MN (763) Ridgewater College Brian Wilson (320) Hutchinson Campus 2 Century Ave SE Hutchinson, MN (320) Willmar Campus th Ave NW Willmar, MN (320) Riverland Community College Riverland Dr. Albert Lea, MN Kim Hansen (507) Rochester Community and Technical College SE 30th Avenue Rochester, MN Len Cronin (507) St. Cloud State University th Avenue South St. Cloud, MN Kate Mooney (320) St. Cloud Technical College Northway Drive Street St. Cloud, MN Jim Anderson (320) St. Johns University P.O. Box 2000 Collegeville, MN Mary Jepperson (320) Saint Mary s University of MN Terrace Heights Winona, MN Teresa Speck (507) St. Paul Technical College Marshall Avenue St. Paul, MN Roy Vikemeier (651)

16 South Central Technical College Joanie Olson (507) Mankato Campus 1920 Lee Boulevard North Mankato, MN Faribault Campus rd Street SW Faribault, MN Southwest Minnesota State University State Street Marshall, MN Jan Christenson (507) University of Minnesota Crookston University Ave. Crookston, MN Larry Huus (218) University of Minnesota Duluth University Drive Duluth, MN Al Roline (218) University of Minnesota www1.umn.edu/twincities/index.php th Ave S Minneapolis, MN Judy Rayburn (612) University of St. Thomas Summit Avenue St. Paul, MN Jane Saly (651) Winona State University P.O. Box 5838 Winona, MN James Hurley (507) *This list includes schools that are accredited by the North Central Association of Colleges and Universities. *It is the student s responsibility to make sure that the school he/she chooses offers an accounting program in line with the requirements of the Minnesota State Board of Accountancy if he/she is interested in sitting for the CPA exam. To determine the accreditation and specific accounting programs of individual schools, please contact the school s accounting department. 16

17 MNCPA Resources Once you pass the Uniform CPA Exam, the next step is to become part of your professional association by joining the Minnesota Society of CPAs (MNCPA). Membership in your professional society gives you the competitive edge needed to continue along your career path to success. The MNCPA provides information, education, resources, and opportunities for professional development to help you meet your career and personal goals as a CPA. Founded in 1904, the Minnesota Society of Certified Public Accountants is a professional organization that serves over 9,200 members across Minnesota, the country, and the world. Members come from public practice, industry, government and education. Headquartered in Bloomington, Minnesota, the MNCPA operates through a full time staff, volunteer councils, task forces, statewide chapters, and a board of directors elected by the membership. Membership in the Society is open to anyone holding a CPA certificate from any state, those preparing to take the CPA exam and college students enrolled in a full-time accounting program. The MNCPA sponsors a variety of educational and professional development activities throughout the year. Seminars, conferences, luncheons, breakfasts, workshops, forums and social events are available to members and the general public. These programs are taught by nationally recognized instructors from across the country and help keep members up-to-date with education requirements and current trends. The combination of dedicated volunteers and knowledgeable staff allows the MNCPA to offer a wide variety of benefits and services to its members. In addition to networking opportunities and discounted CPE, Society members have access to an online career center, credit union membership, discounted movie tickets, a referral service, a free professional account, Society coordinated publications and much more. Get connected. Get the edge. Join the MNCPA! Where careers are strengthened! 17

18 Betsy Adrian, MNCPA President What I Learned on the Road I ve been fortunate to visit some of the college accounting programs in Minnesota over the past year. My discussions with faculty have been really interesting. Let me share some thoughts with you: Accounting faculties care about their students. So much so, that if they believe accounting isn t a good fit for you, they ll sit you down and tell you so. Accounting has become such a popular major that some students choose it without a real talent and/or commitment for the work. If your accounting professor tells you to rethink your major, listen. It could save you a lot of heartache in the future. There are twenty-two accounting programs in Minnesota. Programs at large universities and small colleges, public schools and private schools. There s a good fit for you out there, but you have to do your homework. Visit several schools to figure out which program best meets your needs and finances. If you re thinking about starting your education at a community college, be absolutely sure that all your credits will transfer 100 percent to the college of your choice. Different colleges and universities have different transfer rules. It can be painful to find out that many of your credits won t transfer when you re ready to move on to a four-year college. 18

19 Consider how you ll meet the 150-hour requirement for CPA certification in Minnesota. Do you want to complete the extra hours as part of your undergraduate training, do you want to get a Master s degree or do you want to get a job when you receive your undergraduate degree and then get the extra credits you need? Some colleges have set up tracks so you can get the 150 hours completed in 4 years and won t have the extra year on campus to pay for. Make sure to ask questions when you visit. Ask about whether faculty members have passed the CPA exam and if there are faculty members with real life accounting experience. Faculty with this type of experience can be extremely valuable to you as mentors. Becoming a CPA is a very rewarding career choice. I encourage you to explore all the options in our fine Minnesota accounting programs and find the one that fits you best. Good luck! It s the start of something big. 19

20 Picture yourself as a CPA. 20 Published by the Minnesota Society of Certified Public Accountants 1650 West 82nd Street, Suite 600 Bloomington, MN Copyright by MNCPA