The document is a presentation given by Tom Hood, CPA to Montgomery County Community College students on October 8, 2013 about the CPA profession and the Maryland Association of CPAs (MACPA). The presentation discusses the history and importance of CPA associations in developing standards and regulations for the accounting profession. It outlines the process for becoming a CPA including the education, exam, experience and continuing education requirements. The presentation emphasizes that CPAs provide value by enabling organizations and individuals to understand complex information and anticipate and create opportunities for the future.

1. Tom Hood, CPA, CITP, CGMA
Montgomery County
Community College
October 8, 2013
MACPA Professional Issues Update
2013 Student Edition

2. “People
don’t
buy
what
you
do,
they
buy
why
you
do
what
you
do.”
-­‐
Simon
Sinek

3. Why MACPA?
3

6. Associations in America were seen as
unique from the foreign perspective
As soon as several of the
inhabitants of the United States
have conceived a sentiment or an
idea that they want to produce in
the world, they seek each other
out; and when they have found
each other, they unite.
From then on, they are no longer
isolated men, but a power one
sees from afar, whose actions
serve as an example; a power that
speaks, and to which one listens.
– Alexis de Tocqueville
Alexis de Tocqueville
1835

7. Where
were
you
on
January
16th?
2014 CPA day – January 15, 2014

8. New
CPA
Swearing-­‐in
Ceremony
November
4,
2013
BWI
Hilton

9. Maryland played an important role in the
formation of the CPA Profession in the US
• 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

10. The Profession’s Associations
The Standard Setters &
Regulators
• The American Institute of
CPAs (AICPA)
– 450,000 + members
• CPA/SEA – State
Executives Association
• 50+ State CPA Societies
• The Maryland Association
of CPAs (MACPA)
– 9,000 CPAs + 3,000
students
The CPA Profession
Associations
• FASB
• GASB
• AICPA
• National Association of
State Boards of
Accountancy (NASBA)
– 54 Licensing jurisdictions

11. A
profession
has
three
major
aOributes
• A
disPnct
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

12. How
to
become
a
CerPfied
Public
Accountant?
The
four
E’s
(State
of
Maryland
Example)
1. EducaPon
–
(150
hours)
Bachelor’s
degree
+
30
credit
hours
2. ExaminaPon
–
Pass
the
Uniform
CPA
Exam
3. Ethics
–
Maryland
requires
a
separate
ethics
course
and
examinaPon
4. Experience
–
1
year
of
experience
working
with
a
CPA
And
CPE
–
-­‐
80
hours
of
ConPnuing
Professional
EducaPon
reported
every
two
(2)
years,
including
four
(4)
hours
of
ethics
training

13. 13
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

15. The pivot of any business is not whether
it can reach consumers, it's the reality of
whether consumers, especially
connected customers, wish to connect
with them now and over time.
The definition of creating a desirable
brand now takes on an entirely new
meaning.
To earn the attention and business of
the connected consumer, the brand,
product, or service must connect with
its consumer personally—emotionally
and intellectually.
From Push to Pull

16. • Change
• Complexity
• Compliance
• Convergence
• Competition
MANAGING THE SEA CHANGE

17. The Future

18. 30 Future Forums
1,000 CPAs
Identified these top trends
What CPAs think about the future
http://www.bizlearning.net/live/i2afutureforums

19. MANAGING THE SEA CHANGE
Be the Captain of your own ship!
• Continuous
Learning
• Competency
• Collaboration
=
Career Success

20. It really is about this...

21. OUR GYROSCOPE!

22. In
1997,
the
CPA
profession
crowd-­‐sourced
its
future
with
over
3,500
CPAs
in
the
CPA
Vision
Project
That
was
re-­‐validated
in
2011
by
8,000+
CPAs
CPAs...
Making sense of
a changing and
complex world.
Our core purpose, our reason for
being is
Here is what they said…

23. The
DNA
of
the
CPA
Values
Competencies
• Leadership
• CommunicaPon
• Strategic
Thinking
• CollaboraPon
Synthesis
• Technologically
Savvy

24. Our
Vision
Statement
for
the
future
is:
(
mandates
to
ourselves
for
a
successful
future)
• CommunicaPng
the
total
picture
with
clarity
and
objecPvity,
• TranslaPng
complex
informaPon
into
criPcal
knowledge,
• AnPcipaPng
and
creaPng
opportuniPes,
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:

25. 25
Wisdom from the MACPA Leadership
Academy
According to these young professionals, the
future is one in which CPAs:
● are proactive, flexible, adaptive and
collaborative by nature;
● have regained the trust of their clients and
the public at large;
● have successfully bridged the profession’s
“leadership gap” by focusing on succession
planning, personal growth, and generational
cooperation;
● have created the profession’s premier
global industry standards and best practices;
● have redefined the profession through
work / life integration, collaboration, and a
team-first approach; and
● have earned a reputation as technological
innovators.

26. The CPA Brand
The
26

28. CPAs Inspire Confidence
Don't know
Agree
Disagree
“I would be more confident in a job done
by a CPA than if it were done by an
accountant who is not a CPA”
“CPAs have a unique perspective that is
valuable when making business and financial
decisions, even when those decisions are not
directly related to accounting”
BDMs
Agree
67%
Don't know
17%
Disagree
16%
Investors
Don't know
Agree
Disagree
BDMs
Agree
74%
Don't know
11%
Disagree
15%
Investors

29. 29

30. A CPA Story
Click here to read the full story

31. Lessons Learned: What I want you to know
Click here to read all the blog posts

32. Rebekah
Brown,
CPA
Customized
Learning
Consultant
Maryland
AssociaGon
of
CPAs
Business
Learning
InsGtute
(443)
632-­‐2320
E-­‐mail
Rebekah@macpa.org
Web
hQp://www.macpa.org
hQp://www.blionline.org
Blog
hQp://www.cpasuccess.com
TwiQer
@RJBrownCPA
LinkedIn
Rebekah
Brown,
CPA

33. Tomorrow’s CPA
The Maryland Association of CPAs’ Student Group
— Benefits –
— Discounts on certain MACPA
programs
— Connect with other students and
CPAs in the Mentor Center
— MACPA Scholarship
— Brand new Internship/Job
Database
— Discounts on many CPA Exam
review programs

34. @tomorrowscpa
www.facebook.com/TomorrowsCPA
www.macpa.org/Content/students.aspx
(Join here:www.tomorrowscpa.org)
tcpa@macpa.org // julianne@macpa.org
How to join get involved

35. 35
A leader s
job is to
define
context and
provide
hope and
inspiration...

36. Tom
Hood,
CPA.CITP
CEO
Maryland
AssociaGon
of
CPAs
Business
Learning
InsGtute
(443)
632-­‐2301
E-­‐mail
tom@macpa.org
Web
hQp://www.macpa.org
Blog
hQp://www.cpasuccess.com