MACPA Tomorrow's CPA Student Professional Issues Update April 2014

1. Rebekah J. Brown, CPA
Manager, Membership Development & Engagement
Salisbury University
April 15, 2014
Professional Issues Update:
Student Edition

2. Rebekah Brown, CPA
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
Pinterest pinterest.com/MarylandCPAs
Slideshare slideshare.net/rjbrowncpa
CONNECT / PROTECT / ACHIEVE

3. http://macpa.cnf.io!
Respond to a Poll
Ask a Question
Select the session:
BAP – Salisbury University

4. Download today’s slides at …
www.SlideShare.net/rjbrowncpa

5. http://www.aicpa.org/News/AICPATV/Pages/home.aspx?bctid=1678226708001

6. Maryland’s role in the formation of
the CPA Profession
Edward Cockey - First President of AICPA
!
Henry Harney - concept of CPA
!
Max Teichman - founding member of MACPA
Maryland was the third state to enact
CPA legislation and first state in
1928 to restrict audits to CPAs

7. 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.
The CPA profession

8. Our infrastructure for regulating
the US financial markets has been
created from a series of reactions
to crises and is in need of repair.
Single audits
DOL audits
Audit quality
Financial Regulatory Reform
Sarbanes-Oxley Act
Dodd-Frank Wall Street Reform and
Consumer Protection Act
SEC

9. Becoming a
Certified Public Accountant
!
The four E’s (State of Maryland Example)
!
!
1. Education – (150 hrs) Bachelor’s degree + 30 credit hrs
2. Examination – Pass the Uniform CPA Exam
3. Ethics – MD requires a separate ethics course and
examination
!
4. Experience – 2,000 hrs (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

10. The Future

11. 13% growth rate in
accounting and auditing
jobs from 2012 to 2022

12. Demand for accounting reaches all-time high
2013 AICPA Trends Report

13. CPA credential in high demand!
Source: Wall Street Journal, 8/13/13
CFOs who are CPAs
0
10
19
29
38
2006 2013
38
25
Employers: Most desired credential
Solid salary growth
Entry-level demand also strong
Robert Half 2014 Salary Guide

14. You are in a race…

15. Caused by this guy…

16. Current State:
The Shift Change

17. CPA Vision Statement
• Communicating the total picture
with clarity and objectivity,
• Translating complex information
into critical knowledge,
• Anticipating and creating
opportunities, and
• Designing pathways that transform
vision into reality.
CPAs are the trusted professionals who enable
people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:

18. T
CPAs are trusted advisors who, combining insight
with integrity deliver value by:
Communicating the total picture with clarity and objectivity
Translating complex information into critical knowledge
Anticipating and creating opportunities
Designing pathways that transform vision into reality

19. You can’t beat the machine…
But you can win if you work with the machine…

20. Picture: John Drake - Flickr
“…where the most important skill is the ability to
acquire new skills…” - Robert Safian - FastCompany

21. “In a period of rapid change and increasing
complexity, the winners are going to be the people
who can LEARN faster than the rate of CHANGE
and faster than their COMPETITION.”
- Tom Hood, CPA.CITP.CGMA

22. The Next Gen CPA Leaders…
Are :
proactive, flexible, adaptive and
collaborative by nature
!
And Have :
gained the trust of their clients and
the public at large;
successfully bridged the profession’s
“leadership gap”
created the profession’s premier global industry standards
redefined the profession through work / life integration & collaboration
And earned a reputation as technological innovators.

23. Tomorrow’s CPA
The Maryland Association of CPAs’ Student Group
Benefits –
• Discounts on MACPA programs
• Connect in MACPA groups
• Scholarships
• Internship/Job Database
• Discounts on CPA Exam review

24. How to join & get involved
www.macpa.org/tcpa
!
@tomorrowscpa
www.facebook.com/TomorrowsCPA
!
www.pinterest.com/TomorrowsCPA
!
!
tcpa@macpa.org // rebekah@macpa.org

25. Rebekah Brown, CPA
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
Slideshare slideshare.net/rjbrowncpa
CONNECT – PROTECT - ACHIEVE