Tomorrow's CPA: The Blog

Hats off to all the latest Exam passers!

The following MACPA Candidate members triumphed over the CPA Examination in the October- November testing period: Jennifer Leigh Fuchs; Phillip Brent Goldberg; Sheldon James Hall; Thomas Vincent Kennedy; Michael Edward Kipe; Terrance Patrick Leary; Kimberly Janeen Stein; Michele Nicole Strong; and Han Yuan Xiao.

Congratulations to you all for your enormous accomplishment.  MACPA looks forward to enlisting you as full-fledged CPA members (after you pass the ethics exam, of course).

Are you the same . . . or different?

Big CPA Firm KPMG recently asked some 2,000 accounting students what they look for in a job and it might be fun to compare their responses with your own sentiments. Here are a few of the major findings:

--43 percent said career opportunities is the top criterion in choosing an employer
--48 percent said work/life balance was their primarry concern once employed
--82 percent said their professors stressed the importance of ethics
--82 percent would also consider working abroad in the first few years of the job
--68 percent said they have reduced their spending (hooray for financial literacy!)
--Only 7 percent use social networking sites to find employment

Are you in step with the majority or do you have a different perspective? 

For example, maybe salary is more important to you, or an employer's culture or reputation. In this day and age, perhaps job security is a top priority. Did you find your job on FaceBook?

So:  are you the same . . .or different?

To study or to network? That is the question.

What do Bill Gates, Steve jobs, Ralph Lauren and Carl Rove have in common?

Yes, they are all wealthy, but that's not it.  They are all college dropouts.

If  you are incredibly innnovative, or your family has great connections in politics or business, you might not need a college degree. But what about the rest of us?

A recent article on Young Money.com  suggests that making good contacts is almost as important as studying.  But that's a pretty big "almost."

So what's more important to your future career as a CPA--your GPA or an impressive list of friends on FaceBook?

Are you the public or private type?

You won't be a CPA for some time, but it's never too early to think about the environment you want to work in. 

Most people think of a CPA as someone in public accounting.  They work for a CPA firm and do taxes or audit financial statements, or they dip into that cool forensic stuff.

But guess what?  Less than half of Maryland's 9,000 CPAs work in public accounting.  Just about as many
work for companies or corporations--anything from Giant Supermarkets to the Baltimore Orioles, from the trendy South Moon Under clothing boutique to the multinational Black & Decker. Industry CPAs do payroll, financials, taxes, internal controls, anything you can imagine.

Public accounting or private industry: Both offer great career potential.  For now, just try to learn about a wide range of choices and career paths  open to CPAs.

Who knows? You might even end up working in both environments during your long, distinguished career?

Celebs, CPAs rub elbows

Web CPA reported yesterday that two well-known figures signed new contracts with accountants. To be sure, the contexts are radically different.

Charles Rangel, Chairman of the House Ways and Means Committee, hired CPA firm Watkins, Meegan, Drury & Co. to do forensic accounting on his tax returns and congressional disclosure forms. The New York Democrat is under investigation for tax evasion (a peculiar malfeasance for one who oversees tax-writing legislation in the House). 

Bethesda-based Watkins, Meegan, Drury will conduct an investigation and formulate financial calculations.  Pretty juicy stuff.  No wonder so many future CPAs are psyched about forensic accounting!

In a totally different sphere, NBA legend Earvin "Magic" Johnson will be chalking up assists on behalf of Jackson Hewitt, the tax prep service. He'll be driving the advertising baseline on radio and TV and playing H-O-R-S-E with the company's franchise owners across the country.

Just remember:  this man is 6'9" and he looks up to accountants.

Is this a great profession or what?

The ceiling is falling! The ceiling is falling!

The next sound  you will hear is the shattering of glass. The proverbial glass ceiling--which male corporate demigods once constructed to keep women from climbing too high--suffered a staggering blow last April. Krista McMasters, a woman in name, shape and form, was anointed the new chief executive at Clifton Gunderson, one of the nation's largest and most prestigious CPA firms. This makes her the first female ever to lead one of the country's 25 top CPA firms.

How did she do it? It helped that she came from a family of CPAs. But it still did not happen overnight. It took 30 years of hard work and commitment.

But don't take our word for it.  Read this interview with Ms. McMasters herself.
 

Pacing the Big 12

If you follow college football, you'll know that the Big 12 Conference has set a blistering pace, with Texas Tech, Oklahoma, Texas, Oklahoma State and Missouri all posting outstanding records.  Those of you who follow accounting (hey, don't laugh!) might be more interested in Steve Pace, CPA, who serves as the Chief Financial Officer of the Big 12. 

As a big-time sports fan, Steve has his  dream job. He was part of the initial staff of the conference back in 1996, and he has helped it grow into a market of more than 45 million people. Steve is proof that you don't have to be an athlete to be an all-star quarterback . . . in business.

Don't take our word for it.  Let Steve tell you himself. http://www.journalofaccountancy.com/Issues/2008/Nov/TheLastWord.htm

ls Misterrogers to blame?

Are you tired of the stereotype of your generation as difficult to manage, undisciplined, texting-obsessed, self-centered, unambitious, obstinate, illiterate, spoiled--and brilliant?

Some people, especially in the media, think they have all the answers. Are you really so challenging, or is this all much ado about nothing?  Is Misterrogers really to blame?  Either way, just sample this segment on Millennials from 60 Minutes.  It's moderated by Morley Safer, who looks at least 100 years older than any of us.

All hail the latest Exam passers

The following MACPA Candidate members triumphed over the CPA Examination in the July- August testing period:

Christie Lynn Baginski ; Cara Lynn Bauer; Yunnice Han-Yun Chang; Kelli A. Cobb; David Timothy Cockey; Samita Deery; Samuel Leroy Dickey; Shailee Paraj Diwanji; Kevin Gerard Dodds; Dela Essi Egbeto; Michael Monroe; Michael Giuffrida; Amy Lynn Glotfelty; Janet Elizabeth Greber; Jennifer Anne Green; Olga Khazanova; Christine Sunah Kye; Marcia Renee Lawver; Lesley Carol Lookingbill; Jessica E. Lyons; Daniel Anthony Mineweaser; Felton Bradley Peacher; Michael Joseph Petry;  Ghislaine Celine Quenum; James Luther Rice, Jr.; Matthew Glenn Simons; Steven Charles Snee; Jennifer Pauline Wirth; and Yan Zhang. 

Congratulations to you all for your enormous accomplishment.  MACPA looks forward to enlisting you as full-fledged CPA members (after you pass the ethics exam, of course).

Loyola event successfully recruits accounting majors

The fourth Annual Loyola College Accounting Career Opportunities Fair held last month attracted 337 students. About 70 per cent of them were sophomores taking introductory financial and managerial accounting, who have yet to declare a major. The event also drew 23 different firms or organizations, including 52 Loyola alumni. 

Assistant Professor Jayne D. Maas, CPA, Ed.D., who spearheads the fair, said, “The fair was a friendly, fun, inviting, and non-threatening atmosphere to learn about accounting careers. The fair once again fulfilled our specific goals to raise the awareness of accounting and its opportunities to students.”

To our knowledge, Loyola’s program is unique in its concerted effort to recruit freshmen and sophomores to major in accounting.  And it seems to be working, as the number of accounting majors has grown significantly at Loyola in recent years.

Was it really all that much fun?  Take a gander at this photo gallery.