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University of Maryland
Accounting & Business Association
March 31, 2015
The CPA Profession
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/
http://macpa.cnf.io
Respond to a Poll
Ask a Question
Select the session: University of Maryland
Download today’s slides at …
www.SlideShare.net/thoodcpa
MACPA Student Presentation - UMD 3/31/2015
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
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
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
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
The CPA Career
11
CPA credential in high demand!
Source: Wall Street Journal, 8/13/13
25%
38%
0
5
10
15
20
25
30
35
40
2006 2013
CFOs who are CPAs
Employers: Most desired credential
Solid salary growth
Entry-level demand also strong
Robert Half 2014 Salary Guide
MACPA Student Presentation - UMD 3/31/2015
The CPA Brand
• The
You know you have a killer brand when…
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
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

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MACPA Student Presentation - UMD 3/31/2015

  • 1. University of Maryland Accounting & Business Association March 31, 2015 The CPA Profession
  • 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/
  • 3. http://macpa.cnf.io Respond to a Poll Ask a Question Select the session: University of Maryland
  • 4. Download today’s slides at … www.SlideShare.net/thoodcpa
  • 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
  • 11. 11
  • 12. CPA credential in high demand! Source: Wall Street Journal, 8/13/13 25% 38% 0 5 10 15 20 25 30 35 40 2006 2013 CFOs who are CPAs Employers: Most desired credential Solid salary growth Entry-level demand also strong Robert Half 2014 Salary Guide
  • 15. You know you have a killer brand when…
  • 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

  1. 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.
  2. 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.
  3. 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.
  4. 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