MACPA Presentation to University of Maryland's Accounting & Business Association. Presented by Tom Hood, MACPA CEO and Rebekah Brown, MACPA Manager of Membership Development & Engagement
2. Tom Hood, CPA, CITP, CGMA
Tom Hood, CPA, CITP, CGMA
CEO
MACPA www.macpa.org
and
Business Learning Institute
(BLI) www.blionline.org
http://www.twitter.com/tomhood
If there is a conversation about the future of
the profession, you're bound to hear Hood's
name mentioned as one of the people
leading the way.
– Accounting Today Magazine
• Named the Fourth Most Influential person in Accounting
by Accounting Today Magazine - 2014
• Linked-In Top 150 Influencer
• Top 25 Influencers in Learning & HR by HR Examiner
• Top 25 Thought Leaders in Public Accounting by CPA
Practice Advisor
• 2015 CPA Practice Advisor Accounting Hall of Fame
Inductee
http://www.linkedin.com/in/tomhood/
6. Business Landscape
Main Street
Owner begins to
delegate
“Focus on
growth”
Bu26 Million U.S. Small Businesses
Mid-Market
Delegation:
departments
“System thinking”
.6M
businesses
24 million
employees
3.2 million businesses
26 million employees
22 million businesses
27 million employees
Personal Businesses
Consumer &
Business blur
0-5 Employees
Wall Street
Public Companies
Total 15,000
Listed 5,008
Public Accounting Business, Industry,
Government & NFP
44,000 Firms – 250,000 CPAs
250,000 CPAs
Big Four
Top 100 > 70 CPAs
400 > 22 CPAs
800 > 10 CPAs
10,000 > 2 CPAs
33,000 Sole CPAs
CFOs, Controllers,
Analysts
7. Attributes of a Profession:
• A distinct and evolving body of knowledge
• A commitment to the public interest – licensed by the
government
• A code of conduct and ethics
State of Maryland
CPA License
8. How to become a
Certified Public Accountant
The four E’s (State of Maryland Example)
1. Education – (150 hours) Bachelor’s degree +
30 credit hours
2. Examination – Pass the Uniform CPA Exam
3. Ethics – Maryland requires a separate ethics
course and examination
4. Experience – 1 year of experience working
with a CPA
And CPE – 80 hours of Continuing Professional
Education reported every two (2) years, including four
(4) hours of ethics training
9. The CPA profession is part of the bigger infrastructure
that supports the US free market system. Like the pipes under
urban streets, it is often invisible until it breaks.
A useful framework to understand the
CPA profession
16. Manager, Membership Development & Engagement
Maryland Association of CPAs
Business Learning Institute
(443) 632-2320
E-mail Rebekah@macpa.org
Web www.macpa.org www.blionline.org
Blog CPA Success
Twitter @RJBrownCPA
LinkedIn Rebekah Brown, CPA
Rebekah Brown, CPA
17. Student Resources
Tomorrow’s CPA – MACPA’s Student Membership
www.macpa.org/tcpa
Twitter: @TomorrowsCPA
Facebook: www.facebook.com/TomorrowsCPA
TCPA@macpa.org
This Way to CPA
www.thiswaytocpa.com
Start Here Go Places
www.startheregoplaces
Hinweis der Redaktion
Special Accounting Major presentation on a career in accounting and the job outlook for becoming a CPA.
MACPA CEO Tom Hood, voted second most influential leader in the CPA Profession in Accounting Today’s 2013 list of the Top 100 Most Influential People in Accounting (his ninth time on the list) sees five fundamental shifts facing accounting now – Leadership, Learning, Technology, Generations and Workplace. In a world of rapid change and increasing complexity, the winners will be those individuals and organizations who can keep their L>C², their rate of learning must be greater than the rate of change and greater than their competition. Tom’s updates are always popular for CPAs and include the latest trends and issues the profession is facing locally, nationally, and globally.
In terms of how we see the small business landscape…
We define the small business market in 3 segments based on their mindset and their key pain points.
The US market consists of 26M small businesses…and looks like an inverted thumb tack
The base of the market is made up of 22M “personal businesses…typically sole proprietors operating our of the home…where the lives between being a consumer and a small business are quite blurred. They don’t always think of themselves as small businesses.
The middles of the thumb tack are Main Street businesses…3.2M where the owner becomes more focused on growth, and realizes that he/ she must begin to delegate to employees to achieve that growth.
The point of the tack is the lower Mid-Market…roughly 600K businesses where delegation becomes more formal (departments)…and workflows between teams becomes critical.
http://online.wsj.com/news/articles/SB10001424052702304851104579363272107177430
The number of companies traded on major U.S. stock exchanges rose by 92 last year, taking the count of U.S.-listed companies to 5,008 at year-end, according to data provided by the World Federation of Exchanges, a trade association.
The rise, though small, is a sign that U.S. public markets have recovered at least some of the vibrancy of years past, reopening a key fundraising avenue for growing companies. In the process, U.S. markets have at least temporarily stanched the bleeding from listings lost to foreign competitors.
A year ago, the U.S. stock market was home to 4,916 companies, the smallest number on records going back to 1991.
US GAAP went from 25,000 pages to 17,000 with Codifcation (compared to 2,500 for IFRS)
According to the US Government Printing Office, it's 13,458 pages in total. The full text of Title 26 of the United States Code (the part written by Congress--available for an additional $179) is a mere 3,387 printed pages, bringing the adjusted gross page count to 16,845.
Note: Most states abide by some version of these criteria which are covered in a concept of “substantial equivalency in the Uniform Accountancy Act by the AICPA-NASBA