CAREER MAPPING FOR THE ACCOUNTING PROFESSION



leftbottomA guide provided by the P.R. O’Shaughnessy Executive Professor of Accounting Endowment Fund1000000A guide provided by the P.R. O’Shaughnessy Executive Professor of Accounting Endowment Fund-2286002048510CAREER MAPPING FOR THE ACCOUNTING PROFESSIONFor the CWU business student who aims to be in the room, in the know, and in the money, as soon as possible*. *and who would also like to enjoy the ride getting there.00CAREER MAPPING FOR THE ACCOUNTING PROFESSIONFor the CWU business student who aims to be in the room, in the know, and in the money, as soon as possible*. *and who would also like to enjoy the ride getting there.Congratulations!Congratulations! You’ve made a fantastic career decision by deciding to seek a degree in Accounting. You area now well on your way to having an incredibly successful life and career.Now that you have already launched your life in a great direction, use this guide to do the following:Know your career options and create a map to help you determine next steps while you are at CWUIncrease your confidence in your future (or at least feel better about its fuzziness)Begin building your life-long support networkHighlightsNone of us choose our careers based solely on how much money we can make. However, with any career, money is a consideration and with a career in accounting, it’s a positive consideration. To give you a sense of what your future may hold, below are some local statistics. Why Accounting?The Amazing Adventure There are as many ways to begin a career in business as there are businesses in the world. Some of those ways are easier than others. Some are more flexible than others. Some pay more. Some are riskier. Some are lonelier. Some take longer. Some are more exciting. The list of “mores” goes on forever.Imagine you are a contestant on The Amazing Race. Only you are by yourself. And your destination is described only as: oops, sorry, we can’t give you that information. Where do you start? When do you start? What do you bring? That’s you right now. Except, if you are reading this, it is likely you have decided to bring along on your Amazing Adventure one of the most adaptable, flexible, multi-purpose career tools known to man: A degree in Accounting. CONGRATS! You have made an excellent decision for the first leg of your adventure. And why? Because by picking up a degree in accounting, you do not have to sacrifice any other Adventure Tools. It’s like being able to grab an extra sleeping bag and pillow for the race, but NOT having to forgo the GPS or Phone or Map in exchange.No matter what industry. No matter what city. No matter what country, what level of responsibility, what size company, what atmosphere you want to eventually end up in your career, a degree in accounting can and will get you there. And, if you so desire, a degree in accounting, combined with a Certification, such as becoming a Certified Public Accounting, will get you there quickly. Meaning…if, after some time you decide you don’t like where your Amazing Adventure has taken you…you will have plenty of time to back track, switch locations, take time out, or change to a different game entirely. THAT’S THE “WHY”. That’s the beauty of a degree in accounting. First Adventure Tool Identified. Now What?Now, the trade-offs begin. There is only so much room in your Adventure Pack and there is also only so many tools you want to spend time collecting and dragging around. So, to have a better sense of what tools you would like to acquire next, you need more information. You need to know which of those “mores” mentioned above you’d like to aim for. BUT THERE ARE SO MANY! MoreRisky. Stressful. Fast Paced. Exciting. Technical. Individual. Team-oriented. Rural. Urban. Flexible. Social. Altruistic. Profit Oriented. Powerful. Steep. Where do you start?Find a Bus Stop. Any Bus Stop.Back to our Amazing Race analogy (I’m liking the analogy for the moment), you have just been dropped off in the middle of a big city, in the middle of some strange country. And you want to get somewhere helpful as soon as possible. Some of your main options are:Explore the area for the next few years, mostly by hanging out with people who you can easily relate to (i.e. a lot like you) and then hope by the end of the few years, you have a map that tells you where to go next and the means to get there.Call as many people as you already know and ask them what you should do (but most of those people have never been in that particular big city on that particular Amazing Race, so they have actually no idea what that part of the world is even like).Find a busy bus stop and get on the bus. Any bus. And while on the bus, talk to people on that bus about where the bus is going, where they are going and what sort of destinations this bus will lead to. And also ask them where to find a map (your smartphone GPS is hopelessly useless in this part of the game).I Hope You Chose C.The beauty of grabbing a bus, any bus, rather than a taxi, or a boat, plane or train, or finding a car, or a bike (or hoofing it), is 1) it is likely much easier to get to and around in than any of the other options, 2) you don’t need to know where you are headed to begin this part of the adventure 3) you can get off the bus at any time 4) it’s an unbelievable inexpensive way to learn the lay of the land and 5) you have the opportunity to talk to people headed in the same direction, who might actually be of use even after you get to your next destination.Fellow Passenger #1Me. I’m a little old lady with grey hair and twinkly eyes who has a very loud laugh people never quite forget. I’ve pretty much traveled on every bus in this city over my past many decades and, although, I’m not headed in a direction you’ll likely want to follow any time soon (on this particular day I’m going to my podiatrist to get the corns on my feet looked at), I just love chatting with bright eyed students who get on my favorite bus. I’m a fount of information. And a fount of curiosity. I almost like learning more about you, a complete stranger (I know, it’s kinda weird) than I do about myself. And, let me tell you, I like learning A LOT about myself.So I say, “Where are you headed?” And you say, “Uh, I don’t really know. I just know I need to get there, and I’d like to get there as soon as possible…and I’m worried I’ll make a mistake and end up somewhere I won’t like.” This last part you mumble to yourself, very quietly, so I won’t hear it. But I’ve heard it so many times before, in so many different languages (not all of them verbal), that I’ll know exactly what you said and what you meant.Being the wise old lady that I am (remember, I’m the one writing this, so I get to be whomever I want), I say “Oh, how interesting!!” in a slightly too loud voice (don’t be too flattered. I say that about everything).And then I begin to help:The First Few QuestionsThere are as many ways to begin making decisions about your career path as there are career paths to follow. And there are exactly 500.01 times as many questions to begin with as there are the paths they lead to. You could spend the next 10 years deciding which questions are most important to answer first, then trying to answer them, rather than just making a decision and seeing what happens as a result. I HIGHLY ADVISE AGAINST trying to figure out all those questions and then all those answers and then…wait…where was I?Oh, yes. Instead of all that circular questioning, I suggest you stick with the little old lady’s questions on the bus. She’s got them nailed down to a few simple ones that often seem to do the trick for many Adventurers she meets.CWU ACCOUNTING CAREER PLANNING QUESTION #1Do you have any passions or interests unrelated to accounting? For example, is there a particular activity or industry or a particular hobby or path that you are curious about or have an interest in exploring. This can be anything…and the less related to accounting, the better. If so, write it (or them) down:____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Congrats! You just sketched out one possible route to your destination! Continue pursuing that passion and it may lead you to exactly where you want to go. In the meantime, I’ve got more questions for you…ACCOUNTING CAREER PLANNING QUESTION #2What is the largest size city you are willing to live in (or stomach) for at least 3 years in order to kick start your career?Before you answer this question completely, you may want to keep in mind that, although big cities have their share of negative traits (heavy traffic, expensive living, fewer wide-open spaces), they are unequal in the career options and opportunities they provide a young, upwardly mobile person such as yourself. Even though many of us don’t relish certain aspects of big city living, I highly recommend that new college graduates starting off in their careers be open to at least working in a bigger city than they grew up in. In a big city it is much easier to change jobs if things aren’t working out and it’s much easier to connect with the resources and people you’ll need to grow your network. Additional, it’s also easier to start big and go small later, rather than vice versa. So, with that nugget of wisdom tucked securely in your back pocket, let’s get on to Question #2:(Circle One) I’m willing to look at jobs in a community that is no bigger than a:Bread Box (just kidding, old lady joke. This isn’t an option)Hamlet (< 100 people, yes these are real. Look it up on Wikipedia)Village (100 to 1,000 people)Town (1,000 to 20,000)Small City (20,000 to 100,000)Large City (100,000 to 300,000)Large Urban City (300,00+)Good. Now the hard part. Identify three actual communities that are the size of what you just circled in order of your preference for living there. If you honestly don’t know, then guess. Don’t skip this step! In fact, DO NOT skip any of these steps. As weird as they seem, they are all very important in the process of creating your career map.__________________________________________________________________________________________________________________ACCOUNTING CAREER PLANNING QUESTION #3What is your dream salary/level of responsibility?This is another question that is often tough to determine, especially if you’ve never really thought about it much before. But that’s why it’s so good that you’re sitting next to littl’ ol’ me on the bus. You’ve got the time to think about it. RIGHT NOW. So when I ask “dream” I’m not asking “dream” as in something that can come true in 3 years or even 5 years, I’m saying a dream for at least 10 years out. 10-20 years. Almost half of your life or more (and about .000000001 of mine). So put on your thinking cap and start dreaming.Ah ha! You thought I’d leave you hanging with that really vague question didn’t you. Nope. Let me give you some information that will hopefully be helpful as you think about this question.The Skinny about Levels of ResponsibilityOne of the best things about the field of accounting is the varying levels of responsibility that are available to the experienced accountant. Ranging from what’s called “sole contributor” to “partner/principle or executive” there is a concrete way to manage how much responsibility you take on in your career. A career that is growing in responsibility can often count on attaining certain steps along the way, each one with an increasing level of responsibility for both your own work and the work of others, along with an increasing sphere of influence within your organization and outside it.THE “STEPS”:Although not all firms or companies have all of the below positions, the below chart will give you a good idea of the rungs on an accounting career ladder. By no means is this an exhaustive list, but it is representative of the general progression within mid to large size companies and firms.Years of ExperiencePublic AccountingIndustry AccountingResponsibilities1-3 yearsStaff AssociateStaff Accountant Performs detail work under supervision. Generally reports to a senior, supervisor or manager.3-6 yearsSenior AssociateSenior AccountantReports to manager, senior manager or partner. Directs work flow and detailed work of staff. Often responsible for certain segments of accounting, tax or audit process.6+ yearsManagerManager, Assistant ControllerSupervises seniors and staff. Responsible for engagements or functional area(s). Coordinates and directs work of personnel involved in accounting processes. Reports to Partner (public) or Controller or Senior Manager (industry).9+ yearsDirectorController, Senior ManagerResponsible for substantial portions of the business, often supervises multiple groups and reports to executive, partner or senior partner.11+ yearsPartnerCFO, ExecutiveResponsible for overall client and business related activities, plays role in setting strategic direction of company or firm. Supervises Senior Managers and Directors. Note: See last page for salary data and reference informationSo back to the question…What is your dream salary/level of responsibility?Putting yourself into a dream state…10, 20 years down the road, select which level of responsibility in the list above sounds most perfect to you and the life you want to live. Choose the level of responsibility that will make you say, “Ah! I’ve arrived! I’ve achieved my goals.”QUESTION #3 What is that level of responsibility? Write it below:Some Strategic Details about the Field of AccountingNow that we’ve gotten that narrowed down, I want to help you narrow down your focus even more. To do that there is some good news and then there’s some more good news. The good news is that the field of accounting is sooo big that it has to be broken up into different chunks, different “realms.” The some more good news is that there are only four realms, so it’s not like you have to remember more than fit in one hand (well, most people’s one hand). Below is a chart describing what work is like in the various realms:THE OFFICIAL “REALMS”:PublicIndustry/CorporateGovernment/Not-for-ProfitAcademiaWork for a number of clients within the firms audit, tax or advisory departments or all of the above. Exposure to many different industries and many aspects of business. Strong client emphasis and exposure to many different types of clients, including senior managers, owners, executives. Experience varies depending on the size and location of the firm. CPA Required.Work in one industry within one company. Deep dive into that industry. Depending on the size and culture of the company and industry there will be many possible positions and career paths. Management Accounting, Financial Accounting, Financial Reporting, Internal Audit, Financial analysis, Treasury/cash management, Capital Markets/Investments.Some positions may require a CPA.Federal, state or local level. School districts. Not for profits and education. Depending on the size and culture of the organization, there are different career paths that take on varying levels of responsibility. Requires advanced degree. Not covered in this guide.LITTLE OL’ LADY’S TAKE ON THE “REALMS”:Public AccountingIf you go into public accounting, you will need to earn your CPA license and once you do, you will serves many clients as an objective outsider or in an advisory capacity. Currently there are over 46,000 public accounting firms in the United States ranging in size from small local to large international. Hitching your wagon to a public accounting firm of sufficient size is most reliably the fastest way to upward mobility in accounting (the one exception being if you luck out and find a rapidly growing corporation with big ambitions). On a resume, public accounting experience is highly desirable, regardless of where you are in your career. Also the flexibility and broad spectrum of exposure to multiple clients and industries cannot be beat by any other accounting career path. That being said, there is vast variation in public accounting firms. Some firms (usually smaller firms) might specialize in only a few industries and might also provide more entry level staff experience in multiple areas of specialization (such as tax, audit, wealth management or consulting). Whereas larger firms might provide exposure to many different industries and a broad range of responsibilities.There are (in general) three sizes of firms:The BIG 4The “Next 6” or RegionalSmall Regional or Local The BIG 4: Multi-national Behemoths.??????????????????Deloitte ??KPMG ??PWC ?? and EY ??The Big 4 serve almost exclusively the largest, multi-national companies in the world. Provide the best money and benefits and big chances to advance quickly and far, with fantastic training and many potential mentors, plus exposure to large (Fortune 500) businesses across every industry. However, they are more formal, more demanding of your time and energy and don’t offer the flexibility smaller firms generally do. Career paths are generally already defined and varying from the pre-defined paths can be challenging. Oh, and they are also, by far, the most difficult to land a job with. Recruiting starts promptly two full years before CPA eligibility. GPA and university choice matter greatly.THE “NEXT 6”: National or Large Regional Firms. ?????????Moss Adams ??CliftonLarsonAllen ??Clark Nuber ???????????? Grant Thornton/PetersonSullivan ??RSM ?? No one calls them the “Next 6” except the Little Ol’ Lady on the bus, but it’s an apt name. These firms, along with the Big 4 comprise the largest firms in the Pacific Northwest, though they are significantly smaller in number of offices, clients and total employees than the Big 4. Each of the Next 6 have offices in Washington and all employ CWU graduates and recruit heavily on our campuses. In many ways, working at The Next 6 is similar to working at the Big 4: similar type of work, similar career paths (though perhaps not as swift), similar pay & benefit structures (though perhaps not quite as generous), but there are differences in style, culture, types of clients, flexibility, travel requirements…much of which depends on both the overall size & structure of the firm and the size of the office, as well as the personalities of the partners within each office. Regional or Local Firms (this is not a complete list):????Sweeney Conrard ???Alegria & Co. ??Bader Martin ??Berntson, Porter & Co. ?? Cordell Neher & Co. ??CPA Consulting ??DP&C ?? Denning, Downey & Assoc. ??? Hagen, Kurth, Perman & Co. ??Schelert Campbell & Co. ??Shannon & Assoc ??Vine Dahlen ? . Rain City CPA ??RH2 (Rekdal Hopkins Howard). ??Opsahl Dawson (Vancouver) ?Probably the most diverse of all firm sizes, regional and local accounting firms number in the hundreds in the Pacific Northwest. Their diversity is derived from the fact that many tend to specialize in certain types of clients or locations and all are a reflection of the partners who manage them, so getting to know one firm may not reveal much about its competitor down the street. Hiring at smaller firms is sometimes sporadic as the firms may not be growing in size from year to year and much depends on the growth of a firm’s client base. Nevertheless, there are many positive aspects to working for a regional or smaller firm and discovering those aspects is best done by getting to know the individuals who work there.Industry/Corporate AccountingAlthough hitching your wagon to a growing public accounting firm is often the fastest way to upward mobility in accounting, some industry accounting positions can be just as growth oriented. There is a broad range of companies to choose from, ranging from family-owned to Fortune 500 companies. Generally, when you work for a corporation, you will learn deeply about that one corporation and its industry. This path often offers a sense of stability as you become increasingly familiar with your given role within the organization. One of the most significant differences between public accounting and working in industry is how your career trajectory is tied to the trajectory of the company. If you choose a company that is growing rapidly, your career path may be just as accelerated as if you were in public accounting if you are proactive in seeking promotions and new positions and responsibilities. However, if you choose a company that is small and/or very stable, or not growing significantly, promotional opportunities may hinge on someone retiring or leaving the organization and creating an opening. Nevertheless, it is important to keep in mind that you are not tied to one organizations for the entirety of your career. If you take charge of your career path and seek new positions when you are ready for them, your path will not be hindered. In general (and this is a big “in general”), there are fewer (or shorter) “crunch times” in industry accounting than in public accounting. This translates into better knowing what your schedule will look like 6 to 12 months in the future, because usually your responsibilities remain stable. Much, however, depends on the department you choose to work for, the manager you choose to work under and the executive team running the joint.Lastly, although there are accounting executives and CFOs who did not start their careers in public accounting, the majority of them did and having experience as a public accountant is generally recommended if your ultimate goal is to rise into finance or accounting executive ranks within any type of organization. One thing to keep in mind is that most jobs (though not all) do not require a person to have or hold an active CPA license. Many positions will indicate that CPA is desired, but it will likely not be required for many, so if pursuing the extra university credits needed to sit for the CPA exam, or taking the CPA exam itself is something you know you do not want to do, heading to industry is a great option.Size MattersWhen you are thinking about where to work, one of the things that is important to realize is that Size Matters. Just like with big cities, big companies are better prepared to offer a variety of opportunities and options to their employees than smaller organizations. Like with the community you choose to work in, it is sometimes an advantage to start your career in industry in a large to mid-size company rather than a small organization. Although cultural fit is important, it’s equally important to choose a company that can help you grow because, if you choose wisely, your career trajectory in the first decade of your life will be swift and quick. The largest companies in the United States are called the Fortune 500. map provided by fortune-500-list-by-state-for-2015.With the Big Guys (the Fortune 500), an employee can expect competitive salaries, thorough training, opportunities to relocate and move to different departments, resulting in what can be a dynamic career path within one organization. Additionally, a Fortune 500 company will instantly provide a recognizable, respected name on a resume, while they are generally more formal in their structure and your career path to some extent may be defined for you. In Washington there are 10 Fortune 500 companies: Costco, Amazon, Microsoft, Paccar, Starbucks, Nordstrom, Weyerhauser, Expeditors, Expedia, Alaska Airlines. In Idaho there is one: Micron Technology and in Oregon three: Nike, Precision Castparts and Lithia Motors.The next largest size companies fall into what is called the Fortune 1000. In Washington Outerwall, Symetra Financial, TrueBlue and Esterline Technologies fall into that category. In Oregon, StanCorp financial Group, Schnitzer Steel Industries, Greenbrier Co. and Columbia Sportswear are added. Idaho adds Boise Cascade and MWI Veterinary Supply.Mid-size and smaller companies, on average, pay slightly less than larger corporations. There may be more flexibility in defining your career path (or less if the company isn’t growing or changing much) and training is usually less well-defined. Although there can be terrific advantages to working for the right mid-size or smaller company, choose carefully because changing positions within the company may not be an option when you need it to be, unless the company is growing or changing rapidly. All this being said, always, always keep in mind that all we are planning at this point is which of the first bus stops you are aiming for in your career. You will have plenty of opportunity after you have several years under your belt (especially once you have 3-6 years in) to move to a different company, a different community, and even a different realm if you so desire. Your career map is only that – a map. It’s not a defining road and it’s certainly not a life sentence, so take aim, but have the confidence to know you will have even more options once you are an “Experienced Accountant.”A Note about ResourcesIf your target location is in the Puget Sound region, one of the best places to learn about companies that are growing is the Puget Sound Business Journal (PSBJ). Each year the PSBJ publishes it’s “Book of Lists” which provides very detailed lists about both private and public companies such as best places to work, companies by size, companies that are the fastest growing, and companies within certain industry sectors. Similar journals can also be found for other major metropolitan ernment/Not-for-ProfitA third realm that can be very attractive is government or not-for-profit. Institutions like the State department of Revenue, the IRS, the FBI, school districts, public utility districts fall in the category of “government.” Not-for-profit organizations are usually quite small and salaries at not-for-profit tend to be lower than in the government or profit sector. This realm is known for its stability. Careers here tend to be predictable and stable and a sense of purpose is often a big selling point. In general, career and salary progression is steady rather than accelerated, but with government institutions training and benefits are often top notch. Work-life balance and schedule predictability is one of the most attractive features of this realm, while any of the same characteristics as industry hold true here too. Just like in industry, size continues to matter.ACCOUNTING CAREER PLANNING QUESTION #4Which realm sounds most attractive to you?Now that you have the lowdown on the various realms, it’s time for you to decide which one sounds most attractive to you. And before you do that, feeling like you’re making a decision you’re really not quite ready to make, please let this little ol’ lady assure you that throughout your career there will be opportunities to move from one realm to another (and then back again, if you so wish). None of this is set in stone. It’s simply to help you know which bus stop to aim for while you’re bumping along in your Amazing Race adventure called being an accounting major at Central Washington University.Realm Most attractive to me right now: _________________________________________________________________________ACCOUNTING CAREER PLANNING QUESTION #5What is the largest size firm or company are you willing to work for in your first job?It’s good that you’ve chosen a realm. And it’s good that you know what level of responsibility you eventually hope to achieve. But to make your recruiting experience most efficient, it’s probably also a good idea that you have an idea of what size firm or company you are willing to work for in your first job. I say “willing to work for” because this little ol’ lady has a bias. She believes that young people should go to the largest companies they can stomach in the beginning of their careers. This bias is mostly because the larger the company, generally the larger the opportunity for advancement and exposure to different and interesting experiences. This, of course, is not always the case, but it’s often easier to move from a larger company (because it’s better known) to a smaller company than the other way around (because larger company hiring managers often have a bias against small company experience). However, I’ve also seen plenty of small company managers have biases against large company experiences, so, heck, what do I know. Perhaps the most flexible solution would be to aim straight down the middle and target a mid-size organization. Either way, it’s you’re choice but it does help to know which way you are aiming. What is the largest size firm or company you are willing to work for in your first job?:Largest size firm or company you are willing to work for in your first job (circle one):Big 4/Fortune 500/Large Government InstitutionMid-Size SmallACCOUNTING CAREER PLANNING QUESTION #6Do you plan to pursue a Certified Public Accountant license?YesNo If you already chose Public Accounting for your desired realm, then the answer to this question needs to be an enthusiastic “YES! Indeed I do!” However, if you are aiming at industry or government, you have more flexibility in answering this question. There are many positions within industry and government that do not require a candidate to have taken or passed the CPA exam, nor do they require a CPA license. In fact, the majority of positions do not.Also, before you decide “Well, I don’t need it, but I’m going to sit for the CPA Exam anyway,” I want to encourage you to think long and hard about that before you do. Far too many people take the exam without the hunger or desperation needed to pass it. That results in far too many people taking the exam who didn’t study sufficiently for it. And you know what that results in: far too many people failing the exam. Don’t be one of those statistics. Don’t approach the exam as something like a cherry on top of your college career that you’ll do just to say you did it. Yes, having a CPA license brings with it both prestige and money, but that’s usually because that license was used…as a public accountant. A license is a pain to maintain. You must take 40 hours each year of continuing education and every three years pay for renewals of the license. The cost of that maintenance racks up. Also, I guarantee that if you don’t make passing the CPA exam the #1 priority in your life in the three months prior to taking the exam and during the exam, you will not study enough to pass it. It’s a scientific fact – you MUST study for the CPA exam to pass it (unless you’re some kind of genius, in which case you probably can ignore everything I’ve said to date and go ahead and do what you want). My recommendation is this: Only take the CPA exam if you plan to either: 1) work in public accounting or 2) want to be a Controller or CFO someday and you are both hungry and desperate to be a CPA now (and, by the way, the fastest way to become a Controller or CFO is to start in public accounting). If neither of these are your goals, then cut yourself (and your family…and your future employer…and your wallet) some slack and not make them wait while you slog through the exam or rack up the extra 45 college credits needed to become CPA Eligible. It is completely possible to have a great career in industry and/or government without being a CPA and it’s highly unlikely you’ll you need to mention to anyone how you took the exam once or twice or eleven times even though you didn’t need to (how bright does that seem to you?). What is “CPA Eligibilty” and How Do I Get It?You’d think that just graduating from CWU would be enough for the accounting gods, but, alas, it’s not quite enough. In Washington State, like in many states, in order to sit for (i.e. “take”) the CPA exam, you need more credits than the 180 needed to graduate from a four year university. And why is that important? Because in order to become a CPA, a person needs to pass all sections (currently there are four) of the CPA exam. So sitting for the exam is a crucial step in the road to becoming a CPA, if being a CPA is your goal. Specifically, 225 quarter credits are needed to qualify to sit for the exam. That’s the sort-of bad news (unless you look at it from the perspective of…hey! Not everyone can even sit for the CPA exam, much less pass it…so my goal is worthy indeed). The good news is that those additional 45 credits don’t needed to be in anything specific beyond what you will have when you earn a BS in Accounting at CWU, so you can truly follow your passion in mapping out your academic plans for the additional 45 credits. For those of you who may be reading this and not planning to get a BS in Accounting, I’ll give you the breakdown of what the 225 credits need to look like:At least two hundred twenty-five quarter hours (one hundred fifty semester hours)?of college education, including;A baccalaureate or higher degree; andAn accounting major or concentration as defined as at least;Twenty-four semester hours (thirty-six quarter hours) or the equivalent in accounting subjects of which at least fifteen semester hours must be at the upper level or graduate level (an upper level course is defined as a course that frequently carries completion of a lower level course(s) as a prerequisite); andTwenty-four semester hours (thirty-six quarter hours) or the equivalent?in business administration subjects at the undergraduate or graduate level.ACCOUNTING CAREER PLANNING QUESTION #7How much of a priority in the first 3 to 5 years are you willing to make your career (read: how intensely are you willing to work?) in order to achieve your dream level of responsibility?This last question is a doozy. It requires the most amount of introspection and emotional intelligence of all the questions so far. And, really, it’s mainly a check and balance against the choices that you’ve already made with questions 1-5 (especially #3). At this point in your Career Mapping you will need to be honest with yourself to answer the question. Although this question will be relevant throughout your career, however many decades that career will span, the question is focused right now just on your first 3-5 years. So don’t worry at this point about whether someday you might need to change priorities. You can always do that. But what you do need to know right now is: How much of a priority will you make your career in the first half decade of your post-graduate life? Are you willing to volunteer for extra responsibilities at work when the opportunity arrives? Are you willing to participate in non-paid social functions that will help you grow your career network and strengthen your work relationships? Are you willing to work overtime? How much overtime? Will you seek out promotions and increased exposure?There is no right or wrong answer to this question. A happy, successful career is awaiting you regardless of what you decide. However, if you have high ambitions (based upon your choices in question #3, 5 & 5) and you have a desire for a low intensity work life, then you may need to rethink your plan. Also, the opposite is also true. If you are eager to make your career a real priority and you are hoping it will be stimulating and exciting, then it’s important that you aim high enough in the type & size of the firm/company you choose, the city you live in, and the realm you select, that you do not run the risk of getting bored or frustrated because you are under-utilized. There is nothing more tragic than a 3-5 year experienced accountant who is already bored and frustrated with their career. Often that boredom causes someone to conclude that (and I’m whispering this) accounting is boring. Can you imagine?! Accounting boring?! Well, of course you can. Because that’s the rap we’ve been given since the profession was born. This little ol’ lady can tell you one thing about that rap FOR SURE: It was definitely NOT started by an accountant who chose the right company or firm in the right city to pursue their career. Next time you hear someone tell you that accounting is boring or that you shouldn’t go into accounting because you’ll just be a “bean counter” doing the same thing over and over, ask yourself a couple of questions: Does this dork who just said that even know much about accounting? Does he or she have any accounting experience? Did he or she struggle in their one accounting course in college (or have a doorknob for a professor)? And in case he or she actually does have experience as an accountant, how smart has he or she been in choosing their own career steps? How knowledgeable were they about the Accounting Realms, and that Size Matters and how important it is to aim for a career destination before graduating from college?Whew. That rant felt good. But I mean it sincerely. I have honestly not come across anyone who carries the bias of boring accounting who actually knows what they are talking about. And if it’s any consolation, back in 1547 when I did my own career mapping and aimed for an accounting degree this is what members of my own immediate family said:“What?! You can’t do that. You’re way too much of a people person.”“You know, you’ll never pass that CPA exam. It’s worse than the Bar Exam.”“Oh, dear. You’re going to be bored in 3 years.”They were wrong. Very wrong.Anywhoo, it’s time for you to take a good solid look at what type of commitment you can give your career once you graduate from school. Although growing a career involves some luck and strategy, it’s still true that the higher priority you make your career, the more likely it will reward you well. How much of a priority in the first 3 to 5 years are you willing to make your career (read: how intensely are you willing to work?) in order to achieve your dream level of responsibility (circle one)?Top Priority & Intense. I will reach for every opportunity to grow my career that I can find. My career will be my top priority and I want my career to grow as fast as Priority & Less Intense. I will reach for opportunities to grow my career and my career will be my top priority in life, but I will seek to have other life priorities near the top as well and I am okay with my career not growing as fast as it might.Strong Commitment but not intense. I will make my career a priority among a few other priorities. I will grow it at a pace that is comfortable for mitment but in its place. My career will not be my priority in life. I have other priorities that will take precedence and I will grow my career only if it doesn’t conflict with my other priorities.Now that I know where I’m heading, when do I start?You’ve now identified where you are headed, what type of dream level of responsibility you aspire to, what accounting realm you want to start aiming at, how big of an organization you are interested in joining, whether or not you want to take the CPA exam, and how much of a priority you want to make your career in your life. Those are all really big questions to answer and the good news is that you can always change your mind at a later date and still have a fantastic life, so no worries if you still have your own doubts. What’s important right now is that you have chosen a destination to aim for, so you will now know which bus stops you’ll need to be sure to hit along the way.So the question becomes: What’s the first bus stop I should go to? What is the second? How many and when will I see them? The good news is that because of accounting’s unique nature, we have specific answers for those questions. We also know how those answers vary depending on how you answered the previous 7 planning questions. The next page includes a list of steps you should take during college to set yourself up with a career upon graduation. Be sure to identify the timeline for when you should take each step by meeting with your college career advisor or mentor.Career Readiness ActivitiesDuring your time at CWU, there are several Career Readiness Activities that you will need to participate in in order to maximize your time here. Below is a list of those activities. Please work with Professor Cravens, or another professor of your choosing, to determine the best plan for when to complete each activity.ActivityQuarter I will complete:Accounting & Finance ClubBeta Alpha Psi Secure leadership role on campusParticipate in FAR (Fall Accounting Recruiting)Build Career Readiness Tools:ResumeLinkedInTarget ResearchWildcat Career Network (WCN) Profile Cover LetterMock InterviewsInterview AttireLeadership Program RecruitingSummer Leadership ProgramsSummer or Winter InternshipFall Recruiting for permanent position 10. CPA Exam (if applicable)(I encourage you to make an appointment with Professor Cravens to help complete this page)If you are geared toward the CPA/Public Accounting/Top Priority track:You will need to plan to participate in each of the seven Career Readiness Activities early in your college career. Below is a sample plan for the timing of what you will be doing:If you are geared toward the Industry realm:You will still need to plan to participate in most of the seven Career Readiness Activities, but your timing of when to participate is slightly different. Below is a sample plan for the timing of what you will be doing:Congratulations again!You’ve just done all the heavy lifting needed for this stage in your career. You now know officially which bus stop you will aim for. Congratulations! Whether you’re aiming at a small, private company right here in Ellensburg or a Big 4 public accounting firm in New York City, the most important part of your process is complete. You’ve got somewhere to aim, which will make all the next steps on your journey that much more relevant, useful and fruitful.So before I part from you, thanking you for allowing me to be by your side on this lovely bus journey, I thought I’d impart to you a little bit more information of the, hopefully, inspiring kind.Your Earnings PotentialPublic AccountingCorporate AccountingExperience LevelSalary RangeExperience LevelSalary RangeEntry level Staff$50,000 – 75,000 Entry Level Staff$44,250 – 59,500 1-3 Years$57,250 – 90,0001 to 3 Years$50,000 – 75,750Senior $68,500 – 115,000Senior$63,250 – 95,750Manager$86,250 – 151,500 Manager$73,000 – 128,250Senior Manager$86,250 – 151,500Assistant Controller$69,750 – 173,500 Director$103,500 – 213,500Controller$86,500 – 226,000PartnerUndisclosedCFO$113,250 – 503,000For more information about average salaries in the field go to the Occupational Outlook Handbook by the Bureau of Labor Statistics at , according to the Bureau of Labor statistics employment of accountants and auditors will grow by 11 percent between 2014 and 2024 and the results of an AICPA survey indicate that demand for graduates has grown by 7% per year. Lastly, in the coming decade, there will be a great exodus of soon-to-be-retired CPAs. Your future is bright, my friend, BRIGHT. ................
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