Accounting Presentation

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Accounting Presentation

• By Brandon Miller, Katie Ketelsen, Kira Selser,
  Stephen Newman, Margaret Larson, Patrick Hewitt

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Introduction
What 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 youll need to succeed in the
fields of public accounting, private industry,
government, and consulting.
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Graduation 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

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Course 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.)

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Accounting 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

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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 todays highly technical, complex business
  environment.

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Requirements 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

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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.

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Accounting Graduate Programs

• Doctor of Philosophy
• Joint Accounting and Law Program
• Master of Accountancy

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Doctor 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.

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Joint 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

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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

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Financial Auditing Specialization
The 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.
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Management 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.
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Managerial Accounting Specialization
The 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 accountants 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.
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Tax 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.
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Accounting 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.
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Accounting 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.
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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.
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Public Accounting Firms Hiring 1999-2000
Accounting Graduates

• Arthur Andersen, LLP
• PriceWaterhouseCoopers
• McGladrey Pullen
• Ernst Young
• KPMG, LPP
• Clifton Gunderson Co.
• DeLoitte Touche, LPP

Not all companies are listed
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Industrial, Financial, Govt, ect. Firms Hiring
1999-2000 Accounting Graduates

• Blue Cross/Blue Shield
• Rockwell Collins
• State Farm Insurance
• Wellmark
• Allied Group
• Deere Co.
• John Hancock Financial

• The Boeing Company
• Amoco
• GE Capital
• JC Penny
• McCleod USA
• Pella Corporation
• MCI WorldCom

Not all companies are listed