MACPA Student Presentation - UMD 3/31/2015

University of MarylandAccounting & Business Association

March 31, 2015

The CPA Profession

Tom Hood, CPA, CITP, CGMA

Tom Hood, CPA, CITP, CGMACEO

MACPA www.macpa.organdBusiness 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

Business Landscape

Main Street

Owner begins to delegate

“Focus on growth”

Bu26 Million U.S. Small Businesses

Mid-Market

Delegation: departments

“System thinking”

.6Mbusinesses

24 million employees

3.2 million businesses26 million employees

22 million businesses27 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 MarylandCPA 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 Exam3. Ethics – Maryland requires a separate ethics

course and examination4. 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 infrastructurethat 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

2006 20130

5

10

15

20

25

30

35

40

25%

38%

CFOs who are CPAs

Employers: Most desired credential

Solid salary growth

Entry-level demand also strong

Robert Half 2014 Salary Guide

The CPA Brand

• The

You know you have a killer brand when…

Manager, Membership Development & EngagementMaryland Association of CPAsBusiness Learning Institute(443) 632-2320E-mail [email protected] www.macpa.org www.blionline.org Blog CPA SuccessTwitter @RJBrownCPALinkedIn Rebekah Brown, CPA

Rebekah Brown, CPA

Student ResourcesTomorrow’s CPA – MACPA’s Student Membershipwww.macpa.org/tcpaTwitter: @TomorrowsCPAFacebook: www.facebook.com/[email protected]

This Way to CPAwww.thiswaytocpa.com

Start Here Go Placeswww.startheregoplaces