Colorado County Treasurer’s Meeting October 13, 2010 Terry Ketelsen, State Archivist.
Accounting Presentation Accounting Presentation By: Brandon Miller, Katie Ketelsen, Kira Selser,...
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Transcript of Accounting Presentation Accounting Presentation By: Brandon Miller, Katie Ketelsen, Kira Selser,...
Accounting PresentationAccounting
Presentation
By: Brandon Miller, Katie Ketelsen, Kira Selser, Stephen Newman, Margaret Larson, & Patrick Hewitt
IntroductionIntroductionIntroductionIntroductionWhat is accounting?
Accounting is a dynamic field at the heart of every business. Modern accountants are problem-solvers and business advisors and frequently move to the top executive levels.
The University of Iowa Accounting Program is designed to provide the diverse business background you’ll need to succeed in the fields of public accounting, private industry, government, and consulting.
Graduation RequirementsGraduation Requirements
BBA degree requires a minimum of 120 semester hours of credit, of which at least 48 s.h. must be in the college of business and at least 60 must be nonbusiness courses
Residence in the College of Business (Usually after sophomore year)
Must have a 2.00 GPA on the total body of course work taken
Course RequirementsCourse Requirements
General Education Requirement (22-26 s.h.)
Prerequisite Courses for Admission to College of Business (22 s.h.)
Business Core Courses (24 s.h.) Accounting Major Course Requirement (28
s.h.) Electives (20-24 s.h.)
Accounting Major CoursesAccounting Major Courses Income Measurement and Asset Valuation Introduction to Taxation Accounting for Management Analysis and Control Valuation of Financial Claimes Auditing Business Law Professional Seminar Series Accounting Information Systems Advanced Tax Topics Accounting for Multi-segment Enterprises Government and Not-for-Profit Accounting
150 Hour CPA Law 150 Hour CPA Law
By state law, all persons sitting for the Uniform CPA Examination must have a minimum of 150 semester hours of college credit.
The purpose of this is that candidates must not only have the accounting and business-related education, but also a broader, general education in today’s highly technical, complex business environment.
Requirements to Sit for the ExamRequirements to Sit for the Exam
150 hours of college credit Resident of Iowa Be of good moral character and reputation Have a baccalaureate or higher degree from
a college or university that is recognized by the Iowa Accountancy Examining Board and completed at least 24 semester hours in accounting courses
CPA Examination Did You Know?CPA Examination Did You Know?
You can start to take the CPA exam before you complete your 150 hour education requirement if you are in the process of completing your last semester of college.
Accounting Graduate Programs Accounting Graduate Programs
Doctor of Philosophy
Joint Accounting and Law Program
Master of Accountancy
Doctor of PhilosophyDoctor of Philosophy
Earn a Ph. D. in Business Administration
Students could take this path after majoring in accounting if the wished to teach accounting at the university level in the future.
Joint Accounting and Law ProgramJoint Accounting and Law Program
Earn a M.Ac. degree and a J.D degree
Enrolled in both the Graduate College and College of Law
Up to 12 semester hours may be applied as electives to each program
Master of Accounting Program (M. Ac.)Master of Accounting Program (M. Ac.)
The M.Ac. program is most commonly used to satisfy the CPA certification requirement.
M. Ac. is a 1 year program
Must choose one of the following tracks to specialize in: Financial & Auditing, Management Information Systems, Managerial Accounting, or Tax
Financial & Auditing SpecializationFinancial & Auditing SpecializationThe environment in which both internal and external auditors operate is becoming increasingly complex. This complexity manifests itself in four ways. First, advances in technology are changing the way business is conducted; electronic commerce is replacing paper-based transactions. Second, markets are no longer limited by national boundaries. Firms must now be competitive on a global scale. Third, management information systems are becoming increasingly sophisticated in response to the revolution in commerce. Fourth, the explosion in the popularity and complexity of financial instruments and derivative securities has exposed auditors to new risks.
Management Information Systems SpecializationManagement Information Systems Specialization
Both national and local employment trends are creating a
new environment for UI students. Currently, professionals
providing auditing and accounting services represent
approximately half of the professionals in Big Five firms.
The emphasis on consulting and other assurance services
(for example, verifying the content of corporate websites) is
expanding. Large public accounting firms are transforming
themselves into professional services corporations.
Managerial Accounting Managerial Accounting SpecializationSpecializationManagerial Accounting Managerial Accounting SpecializationSpecializationThe accounting professional has become a part of the
management team rather than a standalone information
provider. The successful accountant must understand issues
in functional areas such as marketing and production and
keep current with changes in management philosophy.
With the emergence of an empowered workforce and leaner
organizations, the accountant’s role has changed as
decisions are driven deeper into the organization. The
modern accountant increasingly resembles a coach or an
educator who helps employees use information for making
better decisions.
Tax SpecializationTax Specialization
The demand for tax specialists remains high. Firms in public accounting and in industry seek to hire graduates who have specialized in tax. Because businesses often face complex and contradictory tax, regulatory, and business issues, the activities performed by entry-level tax specialists require an in-depth understanding of not only current and emerging tax issues, but also business issues. The required tax track courses provide a basic understanding of tax as it is practiced today. More importantly, tax track graduates will have sufficient background to do the research necessary to find and communicate tax solutions in whatever tax environment Congress creates.
Accounting Career OptionsAccounting Career Options
The University of Iowa's Accounting Department offers
students a wide range of options not only for their
education and their degree program but also for
their internships and their future careers. An accounting
degree from the University of Iowa will provide you with
the skills you need to assume a position in public
accounting, consulting, private industry or government.
This degree is also a good foundation for law school or for
entrepreneurial careers.
Accounting InternshipsAccounting Internships
An internship gives a student a chance to see whether or not a certain company's focus fits with their career goals. It also allows employers to evaluate the students compatibility with their company. Many companies often choose to hire their entry level employees from those that have completed internships with them. At Iowa, you have a wide variety of possibilities for internships. They can be done in the spring or summer or you can take one during your senior year for 6 semester hours. Internships are available in or out of state and can be found in public accounting firms, private industries or government.
Accounting Internships (Cont.)Accounting Internships (Cont.)Last year, some students that had taken internships in Chicago
came back with starting offers of $50,000 and signing bonuses of $5000.
The job market for accountants in Iowa has been expanding as the demand
for employees far exceeds the supply of qualified individuals. This means
that there are an unbelievable amount of opportunities out there for recent
graduates with an accounting degree. Large public accounting firms hire
almost 70% of University of Iowa accounting graduates. Others find
positions in the insurance, financial, investment, manufacturing,
government and nonprofit sectors. Of the 110 undergraduates in the class of
2000, 2/3 have found jobs in the field. The median starting salary for these
graduates was $42,000 and many had signing bonuses of $2000-$5000
(graph on next slide.) It is also expected that the new 5 year requirement to
sit for the CPA exam will decrease the number of CPA-ready grads because
fewer people will qualify to sit for the exam. This in turn will drive up
salaries.
Arthur Andersen, LLP PriceWaterhouseCoopers McGladrey & Pullen
Ernst & Young KPMG, LPP Clifton Gunderson & Co. DeLoitte & Touche, LPP
Public Accounting Firms Hiring 1999-2000 Accounting GraduatesPublic Accounting Firms Hiring 1999-2000 Accounting Graduates
*Not all companies are listed
Blue Cross/Blue Shield Rockwell Collins State Farm Insurance Wellmark Allied Group Deere & Co. John Hancock
Financial
Industrial, Financial, Gov’t, ect. Firms Hiring 1999-2000 Accounting Graduates
Industrial, Financial, Gov’t, ect. Firms Hiring 1999-2000 Accounting Graduates
*Not all companies are listed
The Boeing Company Amoco GE Capital JC Penny McCleod USA Pella Corporation MCI WorldCom