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FSU ACG 2071 - A Career in Accounting

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KPMGA Career in AccountingAccounting-means in which all companies track and report on their financial performance and their internal process systems.-It is the foundation for operating and managing all types of businesses.Why study accounting- To become a CPA- To provide a foundation to help you gain an understanding of different types of companies- It’s universal, highly marketable/specialized skill- It’s a superhighway for opportunities as you think about what career best suits youAccountants are…- Professionals- Trusted business advisors- Technical specialists- Project managers- Analysts and decision makers- Strategic thinkers- Problem solvers- Users of innovative technology - Financial consultants- Writers/presenters- Ethical- Team-orientedCore skills of future accountants- Ability to interpret and provide context to financial and non-financial information- Communication and leadership- Strategic and critical thinking- Customer/client/market focus- Technologically adeptCareer Paths- Public Accounting- Corporate/Industry Accounting- Business Entrepreneur- Government- Non-Profit- Education/TeachingPublic AccountingProviders (Big 4)-Deloitte-Ernst & Young-KPMG-PWC -National, Regional, and Local FirmsServices-Audit-Tax-Advisory ServicesAs an Example, KPMG-Three independent businesses- Audit, Tax, and Advisory-Operating within a globally consistent set of core values, ethical and compliance standards and business practices-Working with some of the worlds largest corporationsPublic Accounting, On the Job-Reviewing financial statements-Assessing risk-Testing system reliability-Evaluating business assets-Tax planning and consulting-Investigations-Merger and Acquisitions-Measuring performance-Analyzing operations-Financial planning-Benchmarking against competition-Managing information real-time-Teaching/ResearchingA Career in Public Accounting, what’s in it for you?-An understanding of clients’ businesses-Broad business and industry experience-Internship Opportunities-Performance-based salary-Growth path for career advancement-Increased functional, technological and interpersonal skills development-Integrated teamwork-Diverse workforce-Work/Life balanceMatching Majors-TaxFederal Tax- Bachelor’s (Internship)Master’s in Accounting or Tax (fulltime)Economic and Valuation Services- Bachelor’s in Economics, Finance, Business, International Business, Mathematics or Statistics (MBA a plus)International Executive Services- Bachelor’s (internship), Master’s in Accounting or Tax (Fulltime), Foreign language a plusInternational Corporate Services- LL.M., JD, or Master’s in TaxState and Local Tax- LL.M, JD, or Master’s in Tax or AccountingMatching majors-AdvisoryCFO Advisory- Bachelor’s or Master’s in Accounting, Accounting Information Systems, Management Information Systems, Information Systems, or Finance. Double major in Accounting and Finance a plus.Forensic- Bachelor’s or Master’s in Accounting, Finance, or Business, Computer Information Systems, Management Information SystemsTransaction Services- Bachelor’s or Master’s in Accounting and/or Finance, Business or economics.Internal Audit, Regulatory, and Compliance Services- Bachelor’s or Master’s in Accounting, Bachelor’s in Business or Finance. MBA, CIA, CISA is preferred. IT Advisory Services- Bachelor’s or Mater’s in Management Information Systems, Database information systems. Bachelor’s in Accounting with and Information Technology MinorFinancial Risk Management- Bachelor’s or Master’s in Finance or Economics or MBA, Bachelor’s or Master’s with a concentration in Accounting or Finance, Bachelor’s in Actuarial, Mathematics, or Statistics.Operations Risk Management- Bachelor’s or Master’s in Operations Research, Finance, or Management Information Systems, MBA with supply chain background.Lessons to HelpEarly investments in your career compound, just like financial investmentsYour work product is like a picture, it tells more about you than what you sayPeople skills+ Commitment to quality= SuccessDo not make decisions or say things that you wouldn’t want your parents to rad aboutAdopt good behaviors/traits from those around you. Work on your weaknessesYou can have a balanced life as well as a careerDo the right thing, the right wayHelping someone else succeed is more rewarding then the money or the promotionsEthics- refers to rules that govern behaviorBusiness Ethics- refers to rules that govern behavior in commercial activityQuotes/MotivesThe Profit Motive“There is one and only one responsibility of business- to use it’s resources and engage in activities to increase profits.” – Milton FriedmanDoing the Right Thing“ A business that makes nothing but money is a poor kind of business” – Henry FordToo Far in One Direction“ Greed is good. Greed is right. Greed cuts through, clarifies and captures the essence of the evolutionary spirit” – Gordon Gekko, Fictional CEOOr the other“ The theory of communism may be summed up in one sentence. Abolish all private property” – Karl MarxAre Rules Enough“ Rules cannot substitute for character” – Alan GreenspanBefore you Decide or Act, CAREProcess before decision=ConsiderAssessReviewEvaluateProcess before


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