3. What is a Profession?
All professions involve technical, specialized
f i i l t hi l i li d
and highly skilled work. Training for this work
involves obtaining degrees and professional
q
qualifications without which entry to the
y
profession i b
f i is barred. T i i also requires
d Training l i
regular updating of skills.
Source: Wikipedia
Maryland CPAs are required to achieve the 4 Eâs to
qualify for licensure
1. Education â bachelorâs degree + 30 hours
2.
2 Examination â Pass the Uniform CPA Exam
3. Ethics â Maryland requires a separate ethics exam
4. Experience â 1 year of experience working with a CPA
Thereafter, they are required t complete 80 h
Th ft th i d to lt hours of continuing
f ti i
education every two years, including four hours of ethics
training.
4.
5. Economic Outlook
⢠National Outlook is not
bright
â˘EEconomists estimate 3Q
it ti t
2009 â 1st Q 2010 for
recovery
⢠Maryland outlook is much
better
⢠Top 5 states to recover the
fastest
⢠CPA Career one of the Top
10 recession-proof careers
⢠CPA firms below Top 8 are
p
continuing to see growth
www.cpasuccess.com â Economy category
p y gy
6. US Treasury
MD Comptroller
MD Comptroller
MD Comptroller
CAQ
Courtesy of the Maryland Association of CPAs â 2008 edition
Drawing by Carol Kirwan CPA
8. Your Infrastructure is maintained by your Professional Associations
AICPA & State CPA societies (MACPA)
ďąPipeline â Workforce
ďąLegislation â Regulation
ďąTechnology â Web 2.0
10. Pipeline - Good News
p
20% avg increase in
Graduates & enrollments!
11. Pipeline
Primary College CPA Exam CPA MACPA Engaged
MACPAÂ CPA
School Student Candidate CPA Retiree
Career Paths
Student NYPN
1,373 1,818 399 8,047
â˘Drive to Â
CPAÂ Exam
â˘ReachÂ
h
employment Â
influencers
â˘CareerÂ
changers
h
12. Four Generations in the Workplace
Issue: Generation Differences
⢠Matures â 1909-45
⢠Boomers â 1946 64
1946-64
⢠Gen X â 1965-80
⢠Millennials - 1981
Mill il
+ up (Y2K, Netgen,
Echo-boom,
Echo-boom
Gen Y)
Which one are you?
14. CPA Exam changes
Then: Now:
⢠Paper-based ⢠Computerized
⢠2 x year May & ⢠Anytime
November ⢠2 months per quarter
⢠5 sections ⢠Pass all sections in 18
months (to keep passed
sections)
⢠4 sections
⢠70% new content!
15. Steps to become a CPA
1. Get Accounting Education â 150 hours
2. Sit for & Complete CPA Exam
p
3. Take AICPA Ethics self-study & report
grades to State Board
4. Complete 2,000 hour experience
requirement (interning counts) RPE
form
5. Take the official oath at the Swearing-in
Ceremony
16. What you can do to promote
the
th CPA?
⢠Understand the ânewâ CPA Exam
â New Educational Requirements
⢠Encourage MACPA candidate
membership
b hi
⢠Use CPA Exam tracking tool to track
employees progress
⢠Support the swearing-in ceremony
⢠C t / reinforce firm/company culture
Create if fi / lt
that celebrates CPAs
17. Promote the CPA license
Maryland DLLR Swearing-in of new CPAs
June 16, 2009
At the Maryland Business & Accounting Expo
18. Biggest Issue Facing NYPNs
⢠Bridging the Gap between college & real world
⢠Under-Developed Skill Sets
â Leadership & Communication
â Ti
Time M
Management & Organization
tO i ti
â Analytical Skills
â Technical Skills
⢠Work-Life Balance
⢠Limited Networking Opportunities
g pp
⢠Intimidation
⢠CPA Exam
⢠Lack of a Voice in Profession
19. MACPA & Social Media
By 2010, Millenials/Gen Y-ers will
outnumber Baby Boomers
Boomers.
23. US Treasury
MD Comptroller
MD Comptroller
MD Comptroller
CAQ
Courtesy of the Maryland Association of CPAs â 2008 edition
Drawing by Carol Kirwan CPA
24.
25. IFRS â International
Financial Reporting Standards
Not if but whenâŚ
Goodbye G GAAP?
Think about this â If SEC timeline is 2014 â what year
do you have to convert to show three years of
y y
comparable f/s?
26. History of CPA Legislation
KEY In theÂ
Beginning...
Rights & Recognition
Max Teichman,Â
GOALS/ â˘Privilege of Self-
RESULTS Frank Blacklock &Â
Frank Blacklock & AG opinion of 1981
Regulation SBÂ 560Â Defeated
William Rogers Grants rights to nonâ Maryland CorporateÂ
â˘Right to Sole Control CPAs for Reviews & Accountability Act
over an Area of Practice Comps. MACPAÂ requestsÂ
HBÂ 1296Â
reversal of AG OpinionÂ
â âThis is not an auditâÂ
MobilityÂ
language added
â˘Â CPA Bill signed April 10, 1900
Passes
PROJECTS/ MACPA wins use ofÂ
⢠MD is 3rd state (NY & PA)
â˘Â MD is 3 state (NY & PA)
STRATEGIES âconsultantsâ in firmÂ
letterhead at StateÂ
Board
State Board ofÂ
AccountingÂ
Accountancy Reform taskÂ
formed Maryland ForceÂ
KEY EVENTS addressesÂ
becomes the 1st
becomes the 1 SOX
HBÂ 1261Â reâwrites
state to restrict State Board Hearing
CPA Law â 1986 May 1, 2003
practice for CPAs
MACPAÂ amendmentsÂ
to ed requirements fail
PEOPLE MACPA Forms Task Force  andÂ
New simpler CPAÂ
p
surveys members
surveys members
exam Education Rules
88% Sub Equivalency
76% Peer Review & Safe Harbor
68%Â NonâCPAÂ Ownership
Terry Hancock
chairs LegislativeÂ
PRODUCTS/ Larry KamanitzÂ
Dawson Grove Committee Allen DeleonÂ
SERVICES/ chairs LegislativeÂ
SITES chairs LegislativeÂ
g chairs LegislativeÂ
g
Committee
C itt
Committee Committee
Dateline
1900 1901 1922 1924 1974 1976 1981 1987 1993 1999 2001 2003 2005 2006 2007 2008
26
Maryland Association of CPAs
27. Leg / Reg Changes you
need to know!
ďź New Mobility Law
y
ďź Maryland Individual Tax Preparer Act
ďź New Corporate Reporting Requirements
ďź Peer Review Requirement â October 1st
ďź Prevent Sales Tax on Accounting & Tax Services
ďź S ff
Stop trial lawyers efforts at repealing contributory
fault doctrine
CPA Day in Annapolis
January 28, 2009
28. 2009 Maryland Agenda
ďąStop Sales Tax on
Accounting/tax/consulting services
ďąStop Tort Reform â Comparative
Negligence = frivolous lawsuits
ďąPass Technical C
ďąP T h i l Corrections â CPE &
ti
Peer Review
ďąSt T P
ďąStop Tax Preparer li i h
licensing changes
Stay up-to-date at our blog at www.cpalegislativeinsider.com
29. New R
N Recession R
i Resources
⢠Special Economy webpage
⢠www.cpasuccess.com â Economy
⢠24 Hours of Free CPE for all members
⢠Special Courses
⢠MDBIZEXPO dedicated to surviving &
thriving in this recession
33. Connect â Protect - Achieve!
âAssociation members
Association
earn, on average, $10,000
more per year than non-
membersâ
And
âare 19% more likely to
say they are âvery-
satisfied
satisfiedâ with their jobs
than non-membersâ
Where the Winners Meet Study by the
William E. Smith Institute for
Association Research
34. More ways t connect with MACPA
M to t ith
⢠Linked-In â MACPA Group
⢠Facebook â NYPN Group
⢠MACPA on Twitter
⢠Youtube videos from MACPA
⢠Tom on Twitter
⢠Slideshare
⢠Visit us in Second Life
35. Stay current with our blogs &
y g
podcasts
⢠CPA Success
http://www.cpasuccess.com
â˘NNew CPAS htt //
http://www.newcpas.com
⢠CPA Island â Free CPE events
http://www.cpaisland.com
http://www cpaisland com
⢠Self-guided social media learning
http://www.cpalearning2.com
http://www cpalearning2 com
⢠MACPA Podcasts
http://www.macpa.org/Content/23333.aspx
http://www macpa org/Content/23333 aspx
36. Tom Hood, CPA.CITP
CEO
Maryland Association of CPAs
Business Learning Institute
(443) 632 2301
632-2301
E-mail tom@macpa.org