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American Institute of Certified Public Accountants (AICPA)

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University of Mississippi eGrove Newsletters American Institute of Certified Public Accountants (AICPA) Historical Collection 2-2005 Members in Education, February 2005 American Institute of Certified Public Accountants (AICPA) Follow this and additional works at: https://egrove.olemiss.edu/aicpa_news  Part of the Accounting Commons HighlightsF2CPA Exam UpdateF4Write CPA Letter Articles, Receive CPE CreditF2AICPA/AccountempsScholarshipF2Accounting Ranks #1 as College MajorF4AICPA 2005 TopTechnologies ListF3New Resources forCPA FinancialLiteracy Volunteers ......... ....F3Recruiting and CareerResources Members inEducationFebruary 2005CPA Exam Web CastA CPA Exam Web cast, “Strategies for Taking the Uniform CPA Exam,” is scheduled for Feb. 16. The Web cast will include candidates discussing their test experience, and strategies for applying, scheduling, and preparing for the exam. In particular, a successful candidate will dis­cuss the computer-based test (CBT) experience and offer tips on how to prepare and pass an examination section. In addition, a faculty member will discuss strategies for preparing for the simulation part of the exam.To participate or access the archive of the Web cast, go to:www.cpa-exam.org/cpa/webcast_info.htmThe Supply of Accounting Graduates and the Demand for Public Accounting Recruits—2004The Supply of Accounting Graduates and the Demand for Public Accounting Recruits Report is based on data collected from a sur­vey conducted in 2004 of U.S. colleges and universities that offer accounting degrees at the Baccalaureate, Master’s or Ph.D. level and a survey of public accounting firms and sole practitioners affiliated with the AICPA. The report is presented in two sections: “Accounting Graduates” presents detailed information regarding the number of account­ing degrees awarded by universities during the 2002-03 academic year; “Hiring by CPA Firms” reports the hiring of recent college graduates by public accounting firms in 2003.As the Job Outlook 2005 survey and AccountingWeb.com also indicate (see page F2), accounting enrollment and the number of accounting degrees awarded are on the rise. Specifically, total accounting enrollments for the three-year period 2000-03 are up 17%, and, compared to 2001-02, the number of Bachelor’s degree recipients increased 6% and the number of Master’s degrees awarded increased 30%.In addition, the demand for accounting graduates by public accounting firms is also on the rise. In 2003, there was an increase in the number of new accounting Bachelor’s hired (5%) and an increase in Master’s hired (8%), compared to 2002.A summary of the Supply and Demand data follows:Supply Data from Colleges and Universities• Thirty-seven thousand students were awarded Bachelor’s degrees in Accounting and close to 13,000 were awarded Master’s degrees. Compared to 2001-02, the num­ber of Bachelor’s degree recipients increased 6% and the number of Master’s degrees awarded increased 30%.• The increase in Bachelor’s degrees awarded was seen across the country, except in the Eastern region where Bachelor’s degree recipients held steady. Schools in all regions awarded a greater number of Master’s degrees than in previ­ous years.• In 2002-03, more females than males received Bachelor’s degrees (57% to 43%) and Master’s degrees (52% to 48%) while more males than females received Ph.D.s (56% to 44%).• Minorities accounted for 22% of account­ing bachelor’s, 18% of master’s graduates, and 46% of Ph.D.s.• Approximately one-fourth of 2002-03 continued on page F2American Institute Of Certified Public AccountantsF2 The CPA Letter/Education • February 2005 AICPAcontinued from page F1—Supply and Demand SurveyBachelor’s degree recipients took positions with public account­ing firms and about one-fifth began their careers in business and industry. A majority of Master’s degree recipients (59%) went into public accounting. These proportions are similar to the placement of 2001-02 degree recipients.• Compared to 2001-02, accounting enrollments in Bachelor’s programs increased by 6%, Master’s in Accounting programs increased by 40%, MBA in Accounting programs increased by 30%, and Master’s in Taxation programs held steady. Total accounting enrollments for the three-year period 2000-03 are up 17%.Demand Data from Public Accounting Firms• In 2003, there was an increase in the number of new accounting Bachelor’s hired (5%) and an increase in Master’s hired (8%) compared to 2002.• Over the years, the Institute has tracked the proportions of new hires working in accounting/auditing, management consulting and taxation. In 2003, almost three-quarters of the graduates (72%) accepted accounting/auditing positions, more than one- fifth took assignments in taxation and 3% began work in man­agement consulting for public accounting firms.• Females comprise the majority (54%) of new graduates hired by public accounting firms, a 7% decrease from 2002.• Eighteen percent of new graduate hires were minorities, a 1% increase from the previous year.• Across all firms surveyed, the annual turnover rate was 10%, the same as in 2002. Turnover rates and firm size are positively cor­related.• In 2003, the turnover rate was higher for females than males, especially at the medium-sized and smaller firms.• The largest firms are the most ethnically and racially diverse.The entire report is available online: www.aicpa.org/members/div/career/edu/sagdpar.htmAccounting Ranks #1 as College MajorAccording to both AccountingWeb.com and the Job Outlook 2005 survey, conducted by the National Association of Colleges and Employers (www.naceweb.org), accounting is now the number one major on college campuses. Academicians say the numerous corporate accounting scan­dals over the last few years have piqued the interest of today’s students. And the new regulations stemming from the Sarbanes-Oxley Act have resulted in many new jobs, espe­cially for auditors. In addition, the AICPA’s “Start Here. Go Places.” student recruitment campaign, now in its fourth year, has steered many high school and college students in accounting’s direction.  www.StartHereGoPlaces.com  cpa  exam CPA Exam Update• During the July/Aug. 2004 test­ing window, 40,201 exam sec­tions were scheduled and 37,462 sec­tions were completed by approximately 18,000 candidates (2,739 sections were not launched because the candidate did not show up or was not allowed access to the test lab because the candidate did not have his or her Notice to Schedule or did not provide proper identification).• Almost 34,000 test sections werescheduled for the Oct./Nov. 2004 win­dow. Testing began Oct. 1 and ended on Nov. 30, 2004.• Top candidate comments and concerns continue to be the functionality of copy and paste. A detailed description of the copy and paste function is available on the CPA Exam Web site under FAQs, Exam Software.• A revised Uniform CPA Examination Candidate Bulletin is now available online.For more information:www.cpa-exam.orgAICPA/Accountemps ScholarshipApplications are now being accepted for the AICPA/Accountemps scholarship. Two $2,500 scholarships will be awarded in Fall 2005. Applicants for the scholarship must be AICPA student affiliate mem­bers currently majoring in accounting, finance or information sys­tems in full-time undergraduate or graduate programs. Applicants must also have completed the equivalent of at least 30 semester hours and have achieved a minimum 3.0 grade point average.Recipients are selected by a committee consisting of Accountemps and AICPA representatives. The decisions are based on scholastic achievement, leadership, future career interests, letters of recommendation and an essay.Applications for the 2005-06 scholarships are available online: Hwww.aicpa.org/download/nolimits/become/ships/Accountemps AICPA_App.pdfPublished for AICPA members in education. Except where otherwise copyrighted, reproduction of the material in this CPA Letter supplement is encouraged and permitted if source acknowledgement is made and a copy of the reproduction is sent to the editor. Opinions expressed in this sup­plement do not necessarily reflect policy of the AICPA. Article submissions are welcome and should be directed to the supplement editor.Joe Bittner, supplement editor Ellen J. Goldstein, CPA Letter editor212/596-6282; jbittner@aicpa.org 212/596-6112; egoldstein@aicpa.orgAICPA February 2005 • The CPA Letter/EducationNew Resources for CPA Financial Literacy VolunteersThousands of CPAs have already volunteered for 360 Degrees of Financial Literacy, the profession’s nationwide effort to help Americans get their financial houses in order.While there are already a variety of resources consumers can tap to improve their financial situation, 360 Degrees of Financial Literacy has all the tools consumers need in one place, separated into easily identifiable categories. It focuses on common life stages that trigger financial issues: childhood, college, career, military and reserves, couples and marriage, parenthood, home ownership, entrepreneurs, life crisis, sandwich generation and retirement.This approach allows consumers to zero in on their particular financial issues and, at the same time, provides CPAs with an opportunity to volunteer in the areas that community members or program participants are most interested.The goal of the 360 Degrees of Financial Literacy effort is to involve CPAs, through the state CPA societies, in the education of the American public, from school children to retirees, on life-stage- related financial topics.The program offers a variety of resources to help CPAs maxi­mize their volunteer efforts:• CPA Financial Literacy Resource Center—The online center is a “one-stop shop,” including adviser content on basic financial issues, toolkits, updates and links to other financial literacy Web sites and state society resources:www.aicpa.org/fmancialliteracy• Free CPE program—To ensure CPAs are prepared to be success­ful financial literacy volunteers in their communities, the AICPA is offering a free CPE course covering the major financial liter­acy topics. The course was created from Financial Guidance for Every American, a book written by CPA/PFS Mark Altieri. This program is available through the CPA Financial Literacy Resource Center.CPA Mobilization Kits—All the tools a CPA needs to engage in community discussions are included in these kits. Created by the AICPA and the California Society of CPAs, each kit focuses on a particular life event and includes a PowerPoint presentation with notes and fact sheets of pertinent issues. Kits for four life stages are currently available through the Resource Center: high school, college, parenthood and small business. Seven additional toolkits are scheduled to be created. Volunteer Database—By registering, CPAs can make their inter­est known to volunteer on either the state or national level and also keep apprised of the latest developments in the 360 Degrees of Financial Literacy effort. Registered CPAs receive a newslet­ter and invitations to financial literacy conference calls and events:volunteers.aicpa.org/financialliteracyConsumer Web Site—The 360 Degrees of Financial Literacy consumer Web site provides a comprehensive set of resources for those who need them most. Organized by common life stages, the site is flexible and user friendly and includes articles, planning tools, exercises and links to other helpful sites. CPAs can use the site to support their own volunteer efforts or to help consumers access the type of information that leads to more informed financial choices:www.360financialliteracy.org• Articles for Publication—To publicize the 360 Degrees of Financial Literacy consumer Web site and volunteer efforts, the AICPA has created an article for academics to use in college and university publications. The article is available online under Articles for Publication:www.aicpa.org/fmancialliteracyRecruiting and Career ResourcesThe following education and recruiting products are available from the AICPA:• The Takin’ Care of Business CPA iPACK is an educational package that is ideal to use for presentations to high school and college students, and as a resource for guidance counselors and career place­ment offices at colleges and universities.The iPACK contains an award-winning video featuring young, successful CPAs describing their exciting career paths, including an FBI Special Agent and Controller of the N.Y. Jets football team, 25 career guides and bookmarks, a poster and presenter’s guide.The iPACK also includes the Takin’ Care of Business Education Handbook that contains 15 lesson plans for high school business, accounting and mathematics teachers.To obtain a copy of the iPACK, contact the AICPA Service Center at 888/777-7077 and ask for product no. 872530CPA02. (The video and career guides and book­marks also can be ordered as separate pieces.)• The Takin ’ Care of Business Graduate Study for a Career as a Certified Public Accountant brochure explains the rising requirements of the CPA profession, the education requirements to become a CPA and the benefits of a graduate degree. To order the brochure, contact the AICPA Service Center at 888/777-7077 and ask for product no. 872365CPA02.• StartHere.GoPlaces., the AICPA’s stu­dent recruitment campaign, provides CPA profiles; interactive, educational games and classroom material; informa­tion about becoming a CPA and careers as a CPA.For more information, go to:  www.startheregoplaces.comBusiness Building Blocks and Penny Wise—two TV shows funded by the AICPA Foundation—are available on one DVD. The shows, which aired in the summer of 2003 on PBS YOU, focus on improving financial literacy among stu­dents. Business Building Blocks is tar­geted to middle school and early high school students and introduces students to accounting topics such as financial planning, forensic accounting, and strategic planning. Penny Wise, targeted continued on page F4F4 The CPA Letter/Education • February 2005 AICPAcontinued from page F3—Resources to late elementary and early middle school students, introduces students to basic money management concepts, such as the history of money, ATMs, checking and savings accounts and much more. To view clips of the pro­grams, go to:Swww.aicpa.org/financialliteracy/ pbsyou.aspIf you would like a copy of the DVD, contact your state CPA society or:educat@aicpa.org• Promoting Your Talent: A Guidebook for Women and Their Firms—2nd edition. Author Nancy Baldiga interviewed suc­cessful female CPAs who practice in business and industry and learned that they face many of the same obstacles and challenges as their colleagues in public accounting. However, these pro­fessionals often find a less well-defined career path, fewer positive role models and more limited opportunities for advancement within their own organiza­tion. The positive news is that female CPAs who hone their technical and com­munication skills, maintain a broad busi­ness perspective and are willing to adjust these skills as necessary, can position themselves to achieve success.In the second edition, Baldiga updated the handbook to reflect recent statistics about women in the accounting profession.The results are found in a new chapter, “Perspectives from Business and Industry.”To order Promoting Your Talent, call 888/777-7077 and request product no. 872566CPA02 or go to:  www.cpa2biz.com/store• The new Glossary of Job Descriptions for Accounting and Finance, a Robert Half International publication, and the 2005 Salary Guide, also from Robert Half International, report that internal auditors and public accountants will see the largest gains in base compensation. For more information:www.roberthalf.comAICPA 2005 Top Technologies ListAccounting educators committed to presenting their students the latest, cutting-edge information related to technology, systems audit and other high-tech processes will want to examine the results of the AICPA’s 2005 Top Technologies list. “Information Security” once again took the top spot in the fall survey of CPA technologists.Marilyn Prosch, Ph.D., associate professor at Arizona State University and a member of the AICPA and Canadian Institute of Chartered Accountants Privacy Task Force, believes information security is at the foundation of accounting courses that focus on technology, information systems and audits.Other portions of the Top Technologies fist also play a key role in developing and teaching accounting information systems courses, says Prosch. “For example, disaster recovery planning has always been a key component of AIS courses, but as technology advances, so do specific disaster recovery and business continuity planning elements.”Following is the 2005 Top Technologies list:1. Information Security: The hardware, software, processes and procedures in place to protect an organization’s information sys­tems from internal and external threats.2. Electronic Document Management (paperless or less-paper office): The process of capturing, indexing, storing, retrieving, searching and managing documents electronically.3. Data Integration: Formerly called “Database and Application Integration” on the 2004 list, this is the ability to update one field and have it automatically synchronize between multiple databases, such as the automatic/seamless transfer of client infor­mation between all systems.4. Spam Technology: The use of technology to reduce or elimi­nate unwanted e-mail commonly known as Spam.5. Disaster Recovery: The development, monitoring and updat­ing of the processes by which organizations plan for continuity of their business in the event of a loss of business information resources.6. Collaboration and Messaging Applications: Applications that allow users to communicate electronically, including e-mail, voicemail, universal messaging, instant messaging, e-mailed voice messages and digital faxing.7. Wireless Technologies: The transfer of voice or data from one machine to another via the airwaves and without physical con­nectivity.8. Authentication Technologies: The hardware, software, processes and procedures to protect a person’s privacy and identity from internal and external threats, including digital identity, privacy and biometric authentication.9. Storage Technologies: Storage area networks (SAN) include mass storage, CD-recordable, DVD, data compression, near field recording, electronic document storage and network attached storage (NAS), as well as small personal storage devices like USB drives.10. Learning and Training Competency (End Users): The methodology and curriculum by which personnel learn to under­stand and use technology.The 2005 Top Technologies list and prior lists are available at:www.aicpa.org/infotechWrite CPA Letter Articles, Receive CPE CreditThe CPA Letter Education supplement encourages readers to share information and experiences through bylined articles on subjects of interest to your fellow educators. Moreover, if the topic fits our editorial calendar and your article is fea­tured, you may claim continuing professional education credits for the time you spent preparing the article (in accor­dance with the Joint AICPA/NASBA Statement on Standards for Continuing Professional Education, revised as of Jan. 1, 2002). The first step is to submit article topic ideas for approval to:jbittner@aicpa.org

Members in Education, February 2005

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Members in Education, February 2005

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