ACCOUNTING CAREERS PLANNER

Transcription

1 MNCPA RESOURCE MNCPA ACCOUNTING CAREERS PLANNER PICTURE YOURSELF AS A CPA

2 2 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

3 MNCPA ACCOUNTING CAREERS PLANNER PICTURE YOURSELF AS A CPA You ll be faced with a lot of choices as you prepare for the next chapter in your life. If you re considering a career in accounting, you ve made it to the right place. Let this planner be your guide to prepare you for a career as a CPA. From choosing a college to courses that will compliment your accounting major, we ll help you get started. The endless possibilities of a CPA... 4 Choosing a school that s right for you... 5 Education: Beyond the basics... 6 Accounting career positions... 7 What employers are looking for... 8 Minnesota colleges and universities with accounting programs What I learned on the road Contact information Minnesota Society of Certified Public Accountants 1650 W. 82nd St., Suite 600, Bloomington, MN

4 THE ENDLESS POSSIBILITIES OF A CPA It s all about choices in life what ringtone you want on your cell phone, which car to buy, where to live, and of course, what to be when you grow up. So, what do you want to be when you grow up? CFO of a Fortune 500 company? Fraud investigator for the FBI? Internal auditor at a Vegas casino? Believe it or not, each of these career paths has one thing in common accounting. No matter what you re looking for, a degree in accounting will set you apart. Accounting is the language of business that opens the door to success in all types of companies and organizations. Street cred Often, many professionals with degrees in accounting take things one step further by becoming a certified public accountant, or CPA. The CPA is one of the most recognized and respected credentials in the business world. CPA is to accounting what MD is to the medical community. 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 a course for the future. With job titles like Managing Partner, Chief Financial Officer and Controller, CPAs command a presence in virtually every type of business environment. That s because companies know what hiring a CPA can mean for their bottom line. Businesses seek CPAs because they value all that the credential entails. But why would you want to become a CPA? You like variety. Career opportunities are endless when you have CPA after your name. The pay isn t too shabby. On average, CPAs earn 10 percent more than their cohorts who aren t CPAs. When you speak, people listen. Whether it s in front of colleagues or clients, a CPA s word carries a lot of clout. CPAs are taking care of business in every industry and there s no sign of a slow-down. 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. Accounting is a growing profession with endless possibilities. Where those opportunities take you is your choice. 4 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

5 CHOOSING A SCHOOL THAT S RIGHT FOR YOU You ve decided accounting may be a good fit, so the next step is selecting a school that will help you reach your career goals. If you re planning to become a CPA, it s a good idea to review the requirements for the CPA exam. Things like total number of credit hours and accreditation levels vary from school to school, and may affect your eligibility to become certified. See the CPA certification requirements at Choosing your school is a big deal. When you meet with representatives from potential schools, consider asking the following questions: Does the school offer a 120-hour or 150-hour accounting program? What is the accreditation level of the school? Does the school assist with internship placement? How many years does it take the typical accounting student to graduate? What types of scholarships are available to accounting students? Does the college have an active accounting or business club? For a quick reference of Minnesota schools and their accreditation levels, check out

6 EDUCATION: 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, communication and interpersonal skills that will enable them to serve the public in a complex and changing environment. Sample 150-Hour Accounting Degree Plan (will vary based on the university) General Education (60-80 hours) Communication Skills Computers Behavior Sciences Economics Elementary Accounting Ethics Liberal Arts (history, philosophy, literature, languages, arts, humanities and sciences) Mathematics and Statistics Education in Accounting (70-90 hours) Auditing Business Law Cost and Managerial Accounting Economics Electives Finance Information Systems Intermedial Accounting Management Tax 6 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

7 ACCOUNTING CAREER POSITIONS After walking across the stage, shaking the university president s hand and saying a final good-bye to your friends, you re ready to put that brand-new accounting degree to good use. So what s next? You already proved you ve got the smarts when you decided to major in accounting, now it s time to put those rocket science brains to work and find a job. While searching online job ads and networking with CPAs to find that dream job, one factor you ll want to consider is the salary range for various positions. And let s not forget that regardless of the position, CPAs earn an average of 10 percent more than those without the CPA credential. No CPA credential Staff Accountant tax $53,000-67,250 Corporate Accountant general $47,250 - $62,000 Financial Analyst $48,500 - $64,500 Tax Accountant $47,500 - $61,750 Internal Auditor $51,000 - $69,000 IT Audit Manager $91,750 - $124,00 Senior Manager Public Accounting $96, ,250 Director of Finance Comp. sales between $100 - $250 million) $106,250 - $147,750 Chief Financial Officer Comp. sales between $100 - $250 million) $132, ,500 CPA credential Staff Accountant tax $58,300-73,975 Corporate Accountant general $51,975 - $68,200 Financial Analyst $53,350 - $70,950 Tax Accountant $52,250 - $67,925 Internal Auditor $56,100 - $75,900 IT Audit Manager $100,925 - $136,400 *CPA certificate is often worth a 10 percent increase in salary. Salaries are based on mid-sized companies or firms. Source: 2012 Robert Half Salary Guide Senior Manager Public Accounting $106, ,075 Director of Finance Comp. sales between $100 - $250 million) $116,875 - $162,525 Chief Financial Officer Comp. sales between $100 - $250 million) $146, ,

8 WHAT EMPLOYERS ARE LOOKING FOR The MNCPA asked several 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 Good communication skills Analytical skills Technical skills Attention to detail Get involved in extra-curricular activities Join your accounting club Volunteer with groups like VITA to do taxes Volunteer in your local community Join your professional association Recommended college minors to combine with an accounting major Finance Economics Business management Foreign language Critical classes to make you a well-rounded CPA Communications Business writing Public speaking 8 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

9 MINNESOTA COLLEGES AND UNIVERSITIES WITH ACCOUNTING PROGRAMS Alexandria Technical College Alexandria, MN Carole Weber-Brown Anoka Hennepin Technical College Anoka, MN Erika Limbacher Anoka-Ramsey Community College Cambridge Campus Cambridge, MN Candice Heino Coon Rapids Campus Coon Rapids, MN Candice Heino Augsburg College Minneapolis, MN Stuart Stoller Bemidji State University Bemidji, MN Sandra Bland Bethel College St. Paul, MN Bruce Olsen Central Lakes College Brainerd, MN Beth Adams College of St. Benedict St. Joseph, MN Mary Jepperson College of St. Catherine St. Paul, MN Megan Kalina College of St. Scholastica Duluth, MN Paul Khoury Concordia College-Moorhead Moorhead, MN Ron Twedt Concordia University-Saint Paul St. Paul, MN Steve Lane Dakota County Technical College Rosemount, MN Patti Weigand

10 MINNESOTA COLLEGES AND UNIVERSITIES WITH ACCOUNTING PROGRAMS (continued) Gustavus Adolphus College St. Peter, MN Timothy Peterson Hennepin Technical College Brooklyn Park, MN Christine Reineke Eden Prairie Campus Eden Prairie, MN Inver Hills Community College Inver Grove Heights, MN Anthony Copa Itasca Community College Grand Rapids, MN Steve Kohorst Lake Superior College Duluth, MN Jeri Brysch Metropolitan State University Minneapolis, MN Joe Rockers Minneapolis Community and Technical College Minneapolis, MN Harold Coulter Minnesota School of Business / Globe University Melanie Torborg Minnesota State Community and Technical College Fergus Falls, MN Pam Wolfe Detroit Lakes Campus Moorhead Campus Minnesota State University-Mankato Mankato, MN Melva Wojahn Minnesota State University-Moorhead Moorhead, MN Sheri Erickson Minnesota West Community and Technical College Granite Falls, MN Leslie Bauman Normandale Community College Bloomington, MN Kathy Reeslund MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

11 North Hennepin Community College Brooklyn Park, MN Maria Yang Northland Community and Technical College Thief River Falls, MN Northwest Technical College Regional Office Bemidji, MN Gary Sorenson Northwestern College St. Paul, MN Richard Elliott Pine Technical College Pine City, MN Julie Shores Rasmussen College St. Cloud Campus St. Cloud, MN Blaine Campus Blaine, MN Bloomington Campus Bloomington, MN Brooklyn Park Campus Brooklyn Park, MN Eagan Campus Eagan, MN Lake Elmo Campus Lake Elmo, MN Mankato Campus Mankato, MN Ridgewater College Brian Wilson Hutchinson Campus Hutchinson, MN Willmar Campus Willmar, MN Riverland Community College Kim Hansen Albert Lea Campus Albert Lea, MN Austin Campus Austin, MN Owatonna College & University Center Owatonna, MN Rochester Community and Technical College Rochester, MN Len Cronin St. Cloud State University St. Cloud, MN Kate Mooney

12 MINNESOTA COLLEGES AND UNIVERSITIES WITH ACCOUNTING PROGRAMS (continued) St. Cloud Technical Community College St. Cloud, MN Jim Anderson St. John s University Collegeville, MN Mary Jepperson Saint Mary s University of MN Winona, MN Teresa Speck St. Paul College St. Paul, MN Jim O Halloran South Central Technical College Joanie Olson North Mankato Campus North Mankato, MN Faribault Campus Faribault, MN Southwest Minnesota State University Marshall, MN Will Thamas University of Minnesota Crookston Crookston, MN Kenneth Bulie University of Minnesota Duluth Duluth, MN Al Roline University of Minnesota Minneapolis, MN Judy Rayburn University of St. Thomas St. Paul, MN Jane Saly Winona State University Winona, MN James Hurley The schools in this list 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. 12 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

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14 WHAT I LEARNED ON THE ROAD Betsy Adrian, MNCPA President 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 more than 22 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 100 percent of your credits will transfer 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. 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! 14 MINNESOTA SOCIETY of CERTIFIED PUBLIC ACCOUNTANTS

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16 PICTURE YOURSELF AS A CPA Published by the Minnesota Society of Certified Public Accountants 1650 W. 82nd St., Suite 600, Bloomington, MN Copyright MNCPA