The Accounting Profession and CPA Licensure This Way

The Accounting Profession and CPA Licensure This Way to CPA

What Accountants and Auditors typically do • Prepare financial statements • Examine financial statements to ensure that they are accurate and comply with laws and regulations • Compute taxes owed, prepare tax returns and ensure that taxes are paid properly and on time • Organize and maintain financial records • Assess financial operations and make best practice recommendations to management • Suggests ways to reduce costs, enhance revenue and improve profits.

But the accounting field offers so much potential, opportunity and choices

It is a growing field The Department and Labor Statistics predicts employment of accountants and auditors will grow faster than average for all occupations through the year 2024, mainly because accounting and auditing regulations are getting stricter and the economy will continue to expand around the globe.

Accounting is the language of business • Most top executives and financial managers have a background in accounting, internal auditing or finance. • Some finance oriented occupations that require accounting knowledge include: • Financial analyst • Personal Financial Advisors

Top five reasons to pursue the CPA license ØEarnings potential ØCareer opportunities ØStability ØFlexibility ØPrestige and Respect

Earnings Potential • Being a CPA can result in superior financial rewards. • Current estimates from the AICPA are that CPAs earn 10%- 15% more per year compared to our non -CPA counterparts. • Over the course of a 40 -year career, that can add up to $1 million in additional income! • The financial impact of having a CPA license is definitely measurable and substantial.

Career Opportunities • The CPA credential opens up many more alternatives for individuals who want to explore career options. • There are many functions in business that only CPAs can perform-such as providing independent attest functions. • Earning a CPA license demonstrates a commitment to the profession and often highlights potential candidates for leadership and management positions. • CPAs are very well suited to becoming CFOs.

Stability • CPAs are in more demand than ever before! • Due to a dip in accounting students in the late 1990 s, the passing of Sarbanes Oxley in 2002 and the retirement of Baby Boomers, the need for qualified CPAs is on the rise. • The job market is increasingly competitive and a CPA license is one way to increase your job opportunities and have a recession-proof credential. (most employers will pick a CPA over a non-CPA for the same position)

Flexibility • CPAs are typically multi-talents professional who perform a mix of highly-specialized job functions including auditing, business and management consulting, information technology and financial reporting and tax advisory services. • Being a CPA doesn’t mean working in an accounting firm. You can work in a vast range of industries because every business needs an accountant. You could even set up your own business and be your own boss.

Prestige and Respect • CPAs are bound by a Code of Professional Conduct which establishes a high standard of professionalism that reinforces the respect and credibility of the profession. • The combination of deep financial knowledge combined with high standards of professional ethics, as well as continuing education requirements, places CPAs in an elite professional group. • The CPA singles you out as a trusted member of the business community with prestigious credentials.

And CPAs are usually really fun people!

Getting Licensed

https: //www. thiswaytocpa. com/exam-licensure/state-requirements/

Gabelli School of Business • The Gabelli School of Business has programs that are registered with the state of New York that meet the education requirements. • The CPA licensure tracks include one five year undergraduate program (Public Accountancy) and a number of undergraduate/graduate combinations under the dual degree programs. • http: //www. fordham. edu/info/24522/accounting • Contact for Dual/Degree programs is Dean Brian Dunn (bdunn@fordham. edu)

Four sections, four times the fun! • Audit and Attestation (AUD) • 4 hour exam • Covers everything from planning and performing an audit engagement to internal controls. • Financial Accounting and Reporting (FAR) • 4 hour exam • Covers the typical items in financial statements as well as the not-so-typical details in government and not-for-profit reporting. • Regulation (REG) • 3 hour exam going to 4 hours • Covers ethics, business law, and federal taxation of property transactions, individuals, business entities as well as tax accounting and planning. • Business Environment and Concepts (BEC) • 3 hour exam going to 4 hours • Covers topics such as corporate governance, financial management, information systems, strategic planning, operations management and economic concepts and analysis.

Exam Content Breakdown Prior to April 1, 2017 * Multiple Choice Questions ** Task Based Simulations Beginning April 1, 2017

Applying for the exam • Apply directly to the National Association of State Boards of Accountancy (NASBA) or your state board of accountancy. • You will receive a notice to schedule (NTS) which gives you limited time to schedule your first section. • NOTE: right now the NASBA website says to allow 6 weeks for processing. • You will schedule your exam date through Prometric, the organization that administers the exam.

Join the AICPA • The AICPA (American Institute for Certified Public Accountants) is the organization that’s the authority on all things CPA. • Student Membership is FREE. • AICPA Student Affiliate Membership has a lot of advantages • • Eligibility to apply for exclusive scholarship opportunities. Special discounts on conferences. Access to industry news and publications. Discounts and offers on products and services from partner companies such as Hertz, Dell, Fed. Ex and many more.

Kelly Ulto Hughes 407 ulto@fordham. edu