AND VAULT STAFF. accuracy and reliability of the information contained within and disclaims all warranties. The Enron scandal has not only changed the perception of accountants in the public eye, but will also change the field of accounting as we know it.
ACCO CARE GUIDE
GETTING HIRED
Hiring Process and Interviews Chapter 5: The CPA
Finance Resume Writing and Resume Reviews
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Top Choice” by The Wall Street Journal
The easiest way to get a full-time job at one of the Big Four accounting firms is through the internship process. If you want a job at one of the Big Four companies, remember that you only have four chances to get a job.
Hiring Process and Interviews
For internship interviews, most of the questions will be "behavioural" (rather than technical questions about accounting). If your goal is to end up full-time at one of the Big Four, but don't land an internship at one of them, don't despair – you can still get a full-time position.
The value of summer internships
Be able to explain why your internship prepared you for a full-time position at one of the Big Four. Outside the Big Four public accounting firms So what about companies other than the Big Four.
What do I put on my resume?
Perhaps it would be a better idea to do an internship at one of these companies. the offices for which a company is recruiting on your campus and trying to secure a transfer after you receive your full-time offer. Every time the phone rings you jump, hoping it's the company you just interviewed with and calling to ask you back for more interviews or to make you an offer.
The CPA
Combine an undergraduate accounting degree with a master’s degree at the same school or a different one
Combine a bachelor's degree in a non-accounting discipline with a master's degree in accounting or an MBA with a concentration in accounting.
Combine an undergraduate degree in a non-accounting discipline with a master’s degree in accounting or an MBA with a concentration in accounting
For a list of class topics most relevant to the profession, see the "Hiring Process and Interviews" chapter. Currently, California, Colorado, Delaware, New Hampshire, Vermont and the Virgin Islands do not have the 150 hour requirement in place.
TOP ACCOUNTING SCHOOLS
The exam is written by a panel of examiners from the American Institute of Certified Public Accountants (AICPA). This new version of the exam is also slightly shorter (14 total hours compared to 15 1/2.
CPA FAQ
In other words, at least half of the people who take the exam will pass at least one part of the exam on their first attempt. The exam is a combination of multiple-choice questions with four options and condensed case studies called simulations.
Section Multiple-choice
Simulations
The regulatory portion of the CPA exam (formerly known as 'Accounting and Reporting') now includes material on ethics and professional responsibility. Pretend that the morning of the exam is just like any other morning and don't get too stressed.
THE SCOOP
What Is Accounting?
Accounting Services
Breakdown of Accounting Careers
In all likelihood, you've been managing your own personal accounting system for years - it's called your checking account. If this log is not regularly balanced for accuracy, you will have an inaccurate picture of your cash position and may spend more than you have (a common situation, given the popularity of overdraft protection features offered by banks).
What is Accounting?
An accounting system essentially tracks all activities of an organization and shows when and where money has been spent and commitments have been made. According to the Bureau of Labor Statistics, women now account for approximately 60 percent of the accounting profession, and the outlook for female accountants looks bright.
The Big Four
Accountants, especially public accountants, are usually assigned to multiple projects at any given time and must prioritize and, when necessary, learn to say "no." This is especially true in public accounting, where multiple, concurrent projects for different clients are common. Pressure to stay "chargeable". This is one of the subtlest yet most sensitive parts of being an accountant. While the firm appreciates this unpaid work, it doesn't want you to make too much of it—it wants you to make money for the firm.
Celebrity Accountants
The AICPA's efforts were central to the development of GAAP in the United States. When a company announces earnings or declares a dividend, that information is reflected in the statement of retained earnings. In addition to shareholders and employees, the Enron scandal claimed one of the most respected companies in the accounting profession.
Accounting Services
For example, some accounting firms maintain teams that monitor new tax laws, regulations, rulings, cases and other developments in the tax regulatory environment and communicate this knowledge to the rest of the firm. For more information on the best accounting firms and other finance careers, go to the Vault Finance Career Channel. The Vault Guide to the Top Accounting Firms and career guides for investment banking, investment management, venture capital, hedge funds, financial interviewing and more.
Breakdown of
Because all public companies are required to have annual audits, the large public accounting firms are extremely important in meeting this requirement. Previously it was the Big Eight, which became the Big Six and then the Big Five when PriceWaterhouse and Coopers &. Due to the collapse of Arthur Andersen, we are now down to the Big Four.
Accounting Careers
Many students pursuing an accounting career want to start their career at one of the Big Four firms. A large majority (97 percent) of companies listed on the New York Stock Exchange are customers of the Big Four. The largest regional companies can be seen as slightly smaller versions of the Big Four.
ON THE JOB
On the Job
After Public Accounting
Decrease your T/NJ Ratio
Time to New Job)
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According to the Bureau of Labor Statistics, there were nearly 1 million accountants and auditors in the United States in 2000. As an accountant, you will be expected to have high ethical standards and adhere to those ethical standards in every decision you make. Supervise the field audit work of staff auditors and review their work products to ensure that the audit is thorough and properly documented.
On the Job
They will also be expected to begin developing their marketing skills in preparation for business development responsibilities at the partner level. And despite the suspicions of the manager quoted earlier, an MBA degree does not automatically mean the end of a career in public accounting. Accounting managers assist the controller and are often responsible for one of the functional areas such as financial accounting or budgetary planning and control.
The training difference
If you work on short-term deals, you will inevitably be working on more than one business at a time during the busy season. It is the nature of managers and partners to work on multiple deals, but they are not involved in the minutiae of auditing. They usually stay at a higher level where they review and discuss issues rather than the entire audit work.
A Typical Long-Term Engagement Schedule
If I'm not hired and in an office, there's a good chance I'll be picked up for a small office job. When I'm unemployed and unemployed, I work on an online tutorial, surf the web, and write. I try to take a lot of notes about my work towards the end of the day so that I'm ready the next morning.
One size does not fit all
14:00: Another check of email and voicemail, after which I will resume my activities from the morning. And at this point, I hope to have some answers or information about the research I have done on tax matters. Throughout the day, I will collect and organize my work papers to include in the client's file.
The typical public accounting project cycle
Much of the office administrative work is handled by the junior public accounting staff, while travel arrangements and other major expense items for a firm are usually handled by the office for oversight purposes. A manager or partner at a public accounting firm can become the CFO or CEO of a public firm. The strong analytical and quantitative skills developed in public accounting provide an excellent foundation for completing investment banking-type work.
Is There Life After Public Accounting?
These are all important skills that make accountants valuable in any job, not just investment banking and corporate finance. A few years of experience in public accounting will prepare you well for the transition to corporate finance. Public accounting gives you access to a variety of industries, so you can determine which industries and types of work interest you.
ACCOUNTING EMPLOYERS
Allen & Overy | Allstate | Altria Group | American Airlines | American Electri Power | American Express | American International Group | American Driver Systems | Apple computer | Applied Material | Apria Healthcare Group | AstraZeneca Automatic Data Processing | BDO Seidman | BP | Bain & Company | Bank One | Bank of America | Bank of New York | Baxter | Bayer | BMW | Bear Stearns | BearingPoint BellSouth | Berkshire Hathaway | Bertelsmann | Best Buy | Bloomberg | Boeing | Boo Allen | Borders | Boston Consulting Group | Bristol-Myers Squibb | Broad picture. Shaw | Davis Polk & Wardwell | Dean and Company | Dell Computer Deloitte & Touche | Deloitte Consulting | Delphi Corporation | Deutsche Bank | Dewe Ballantine | DiamondCluster International | Digitas | Dimensional Data | Dow Chemical Dow Jones | Dresdner Kleinwort Wasserstein | Duracell | Dynegy Inc. EarthLink Eastman Kodak | Eddie Bauer | Edgar, Dunn & Company | El Paso Corporation Electronic Data Systems | Eli Lilly | Entergy Corporation | Enterprise Rent-A-Car | Seriously.
Wondering what it's like to work at a specific employer?
Konsultasie | Latham & Watkins | Lazard | Lehman Brothers Lockheed Martin | Logika | Lowe's Maatskappye | Lucent Technologies | MBI | MBNA Mannekrag | Marakon Associates | Marathon Olie | Marriott | Mars & Company | McCann Erickson | McDermott, Will & Emery | McGraw-Hill | McKesson | McKinsey & Compan Merck & Co.
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Chairman of the Board: Wayne Kolins Employer type: Private partnership (independent member of BDO International).
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Cliffs Notes for Careers”
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APPENDIX
Accounting system: A set of records, procedures, and devices that routinely deal with events that affect the financial performance and position of an entity. Accumulated Depreciation: The cumulative amount of all depreciation recognized since the date of purchase of the particular asset described. American Institute of Certified Public Accountants (AICPA): The leading organization of auditors of corporate financial statements.
Glossary
Impairment: A reduction in the assumed price of an item as a result of a decrease in value. Manisha Bathija: Manisha is a recent MBA graduate from the University of Michigan Business School, where she focused on finance. Before going to Michigan, Manisha worked as an accountant in the Vienna, Virginia office of Arthur Andersen LLP.
About the Authors
Jason Alba: Jason received his MBA from the University of Michigan Business School, where he focused on economics and corporate strategy. He also holds a bachelor's degree in chemistry and a bachelor's degree in accounting from Virginia Polytechnic Institute & State University. In addition, we have experts familiar with the financial environment who are ready to review your resume and give you the boost you need to capture the financial position you deserve.
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