Download Career Track Snapshot for Accounting

 CAREER TRACK SNAPSHOT: ACCOUNTING Accounting is a system by which economic information is identified, recorded, summarized and reported for the use of decision makers. The highest management position for an accountant is either Controller or Chief Financial Officer. The exact material that an accountant handles varies depending on the size of the company and the accountant's specialization, but generally includes financial records, taxes, and responsibility for the issuing of financial reports. An accountant is one of the primary figures in a business that he or she works for, whether it is a multinational corporation or a small family owned business. CAREER PATHS IN ACCOUNTING There are three main types of accounting: Financial Accounting Focuses on external reporting and is governed by rules established by agencies such as the SEC, FASB and ISAC. These reports are used by equity investors and credit lenders to evaluate the financial success of a business whether it is private or public. Management Accounting Focuses on internal reporting to aid in strategic business decisions within a company. It is used in both for profit and not-­‐for-­‐profit businesses. Tax Accounting Focuses on devising tax strategies and preparing tax returns. Forensic accounting is an evolving profession for those with an accounting degree looking for opportunities in consulting firms. Major accounting firms (“Big 4”) include Deloitte and Touche USA LLP, Ernst and Young LLP, KPMG LLP, and PricewaterhouseCoopers LLP. Accountants are encouraged to obtain their CPA’s. On-­‐Campus Recruiting: Begins very early in the year for both full time and internships – September and October; less frequently in the Spring Semester. Self-­‐Directed Job Search: Career Fairs – Generally September, October and Spring Semester; Job and internship opportunities posted on company websites, GWorkSB, and specialized finance websites throughout the year. KEY TRENDS •
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Generally accepted accounting standards (GAAP) in the U.S. are likely to be replaced over time by international financial reporting standards (IFRS). The IRS is gearing up for more tax audits of businesses. Some states are teetering on the brink of bankruptcy and need to find new sources of revenue wherever possible leading to new (and often disguised) taxes. E-­‐filing is reaching all-­‐time highs. The industry projects a 16% increase in job openings by the year 2016, reflecting the increasing complexity of corporate transactions, the introduction of Sarbanes-­‐Oxley requirements after the Enron scandal and growth in government. Demand is especially high in the tax and health care areas. Many firms are focusing on activity-­‐based management, process-­‐view analysis, constraint checking and business process analysis as well. CRITICAL SKILLS •
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Strong quantitative, analytical and research abilities Ability to learn quickly Knowledge of financial statement analysis Experience with data management Comfort workingwith Excel Client management and communication skills Ability to work collaboratively on a team Excellent speaking and writing skills Time management and ability to make deadlines Attention to detail Ability to take initiative (i.e leadership) CPA highly desirable COURSES AT GWU Course suggestions: Controllership / Corporate Financial Management ACCY 6104: Intermediate Accounting I ACCY 6106: Financial Statement Analysis ACCY 6202: Accounting and Control ACCY 6203: Controls, Alignment and the Organization ACCY 6501: Accounting Information Systems & EDP Investment and Financial Analysis ACCY 6104: Intermediate Accounting I ACCY 6105: Intermediate Accounting II ACCY 6106: Financial Statement Analysis ACCY 6900: Taxation of Financial Instruments International Accounting and Taxation ACCY 6110: International Reporting and Control ACCY 6111: International Accounting ACCY 6112: International Financial Reporting Standards ACCY 6900: International Taxation Government and Non-­‐profit Accounting ACCY 6701: Government Accounting and Auditing ACCY 6900: Management Accy: Gov. and Not for Profit For students wishing to sit for the CPA exam, we recommend taking the following courses in addition to the MBA core courses. Financial Accounting and Managerial Accounting: ACCY 6104: Intermediate Accounting I ACCY 6105: Intermediate Accounting II ACCY 6112: International Financial Reporting Standards ACCY 6201: Managerial Accounting (mgt. accy I) ACCY 6202: Accounting and Control (mgt.accy II ACCY 6301: Contemporary Auditing Theory ACCY 6401: Federal Income Taxation ACCY 6402: Federal Income Taxation of Partnerships ACCY 6403: Federal Income Taxation of Corporations ACCY 6501: Accounting Information Systems & EDP ACCY 6601: Business Law: Contracts, Torts and Property ACCY 6602: Business Law: Enterprise Organization ACCY 6701: Government Accounting and Auditing ACCY 6801: Corporate Governance and Ethics ACCY 6900: Advanced Accounting FACULTY ADVISORS Faculty Advisor Contact Information: Frederick Lindahl [email protected] 202-­‐994-­‐5639 CO-­‐CURRICULAR & EXTRA-­‐CURRICULAR ACTIVITIES Leadership in GWSB Student Organizations: •
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Master of Accountancy Student Association (MASA) Beta Alpha Psi Memberships: •
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American Institute of Certified Public Accountants (www.aicpa.com) Affiliated Conference of Practicing Accountants International American Association of Hispanic Certified Public Accountants American Society of Women Accountants •
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Association of Government Accountants Greater Washington Society of CPAs Institute of Internal Auditors Institute of Management Accountants [note: there are no career treks targeted around accounting] CAREER FAIRS Career Fairs: •
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National Asian MBA (NAMBA) National Black MBA (NBMBAA) National Society of Hispanic MBAs (NSHMBA) National Association of Women MBAs (NAWMBA) Reaching Out MBA (ROMBA) MBA Career Quest Career Fair NOTE: A list of career fairs is posted on the Career Center web site COMPANIES WHO HIRED MBAS FOR ACCOUNTING POSITIONS 2010-­‐2012 •
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Calvert Investments China Construction Bank Intl. China Minsheng Banking Corp. Citigroup Constellation Capital Department of Energy Deutsche Bank European Central Bank EPA Export-­‐Import Bank of the US Gategroup Home Depot ING Intelsat Corporation Inter-­‐American Development Bank •
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International Finance Corporation Johnson Controls Marriott New York Life Overseas Private Investment Corporation Smithsonian Endowment Standard & Poors Taylor-­‐DeJong US Agency for Intl Development US Air US Treasury World Bank Youngblood Capital CERTIFIED PUBLIC ACCOUNTANT REQUIREMENTS CPA information and requirements for each state: Information regarding preparation for the CPA: • http://www.nasba.org • http://www.cpa-­‐exam.org • http://www.aicpa.org • Accountingweb.com • StartHereGoPlaces.com • www.destinationcpa.com/GWU • Becker: http://www.becker.com/cpa • Kaplan: http://www.schweser.com/cpa GWSB ALUMNI PERSPECTIVES Matt Gray (MBA ‘10) RBC Wealth Management Financial Advisor with The Ross Group “If you're a graduate student spend 50% of your time in the classroom and the other 50% developing your Rolodex-­‐ it's not what you know but who you know that will get you to where you want to go.” Andrew Lewis KPMG Partner “My advice would be to challenge any student to answer three questions: 1. What are you passionate about? 2. How does your passion align with the goals or mission of the company that you're pursuing for a job? 3. Does your resume demonstrate your passion, skills, and relevance to the job? I've talked with students about these topics for years, and have watched those students who can comfortably answer these questions quickly navigate through the career search process. One area where I see the most number of students lose their footing in the career search process is not being able to communicate with a recruiter or a company executive in a prepared, confident, and respectful manner.” Joanna Friedman KPMG Senior Manager “The best advice I received during my 5th year at GW (in the 1 year Master of Accountancy program) was to sit for the CPA exam prior to beginning full-­‐time work. I currently work at a "Big 4" firm and have watched the last 10 years as campus hires struggle to adjust to their new life in the professional working world while simultaneously studying for several parts of the exam. Get it done early!” FURTHER RESEARCH Career Profiles and Industry/Company Information •
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Vault Career Guide to Accounting CareerLeader Hoovers.com •
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www.careers-­‐in-­‐accounting.com www.accountingcoach.com •
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Bloomberg.com Accountingcoach.com National Association of State Boards of Accountancy (NASBA) Various State Boards of Accountancy Publications, Books and Websites: •
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Wall Street Journal Financial Times Barron’s Investment Dealers’ Digest The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron by Bethany McLean and Peter Elkind •
CAREER SNAPSHOT GUIDES SOURCES: •
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Vault Guides Wikipedia Accountingcoach.com