Accounting MTF Information Session
for Finance Majors and Transfer Students
September 30, 2015
Introduction
1.
What is Meet-The-Firms Night?
2.
What is a CPA Firm?
3.
Requirements for CPA exam and licensure
4.
Advice on Attending MTF Night
5.
What do firms look for?
6.
Internships and Externships
7.
Resume issues
8.
On-campus and off-campus interviews
9.
Recruiting rules
2
Accounting Meet-The-Firms (MTF) Night
 Date: October 1
 Location / time: Locatelli Center, 6-9pm
 Attire: Formal
 Annual Career Fair for Accounting Positions
 Organized by the SCU Accounting Association
 Who can attend?
– Current SCU students
– CAAP students who graduated in 2015
– No one else can attend this event
3
What do firms want to talk to you about?
 Full-time positions after graduation
 Internships
 Careers in accounting, AIS, and tax-fields
 What you can expect to do at their firm during the first
1-5 years
 What they expect from new employees
 Taking and passing the CPA exam at their firm
 Training programs
4
What they do not want to talk about?
 Jobs that do not involve accounting-based fields
 Requirements to become a CPA
 What is a CPA?
 What does a CPA do?
 Starting salaries
5
Accounting firms that are attending MTF
1.
Abbott, Stringham & Lynch
15. Lautze & Lautze
2.
Andersen Tax (formerly WTAS)
16. Lindquist
3.
Armanino
17. LMGW
4.
BDO
18. Loomis & Co
5.
Burr Pilger Mayer
19. Moss Adams
6.
Crowe Horwath
20. Novogradac & Company
7.
Deloitte
21. PwC
8.
Ernst & Young
22. RINA Accountancy
9.
Frank Rimerman + Co
23. RSM McGladrey
10. Grant Thornton
24. Seiler
11. Hayashi & Wayland
25. Sensiba San Filippo
12. Hood & Strong
26. Spiteri, Narasky & Daley
13. Johanson & Yau
27. Standish Management
14. KPMG
28. True Partners Consulting (Tax)
6
Other firms that are attending MTF
1.
A-lign Security & Compliance
2.
Applied Materials
3.
Kong Basile Consulting
4.
Kranz & Associates
5.
Northwestern Mutual Financial Network
6.
Protiviti
7.
SanDisk Corporation
7
Service Lines in a CPA Firm
 Assurance services
– External audit (most typical)
– Internal control analysis
– Internal audit
 Tax services
– General area: Business and individual tax return prep
– General area: Tax provisions
– Specialty areas: International / State and local
 Advisory Services
– Often do not require an accounting background
8
Employee Levels in CPA Firm
 Associate (years 1-2)
 Senior Associate (years 3-5)
 Manager (years 5-6)(1st year mgr / 2nd year mgr)
 Senior Manager (years 7 and above)
 Partner (after 12-14 years)
 Note: there are always exceptions, depending on office
needs and whether a person is extraordinary
9
Once you leave a CPA firm …
 Accounting positions for CPAs with audit background
– Internal audit
– Finance dept / controller / chief accountant / CFO / VP-Finance
 Accounting positions for CPAs with tax background
– Tax department / Chief tax officer (CTO) / CFO / etc.
 The longer you work at a CPA firm, the higher the position
you will achieve once you leave public accounting
10
Corporate hiring
 Don’t overlook the opportunities to begin your career in the
corporate sector
– Many corporations have historically hired mostly finance majors
because the accounting firms grabbed the accounting majors.
– Given the chance, corporations desire and will hire accounting
majors.
 Entry level positions
–
–
–
–
–
–
Finance dept = accounting department
Financial analyst = accountant
Internal audit
Financial Planning and Analysis (FP&A) group
Tax group
Some firms have rotation programs
11
What do you need to take the CPA exam in
California?
Semester
Units
Quarter
Units
Accounting units
24
36
Business units*
24
36
Baccalaureate Degree (or higher)**
* Additional business units can include excess accounting units.
** See subsequent slide for definition of baccalaureate degree.
12
What do you need to get licensed as a CPA in
California?
Semester
Units
Quarter
Units
Accounting units
30
45
Business units*
38
57
Accounting Ethics Units
3
4
Ethics Units**
7
11
150
225
Total college units***
Baccalaureate Degree (or higher)
Work Experience (one year)
Pass the CPA exam
*
Additional business units can include excess accounting units. See Slide #8.
** The definition of “Ethics” is still uncertain. See Slides #9 and #10.
*** Units must be taken for a letter grade (or pass/fail) at an accredited college or
university (including community or online colleges).
13
What courses qualify as “business units”?
 Business Administration
 Business Communications
 Business Law
 Business Management
 Business-Related Law courses
offered by an accredited law
school
 Computer Science / Info
Systems
 Economics
 Finance
 Marketing
 Mathematics
 Statistics
 See the CPA Licensing Applicant Handbook on the Calif Board
of Accountancy website for more information.
14
Ethics Study Guidelines (Part 1)
June 1, 2011
Part 1: An ethics course includes any course with the
following terms or phrases in the course title
 Auditing*
 Business, Government & Society
 Business Law
 Corporate social responsibility
 Business leadership
 Human resources management
 Corporate governance
 Legal environment of business
 Ethics
 Management of organizations
 Fraud
 Organizational Behavior
 Morals
 Professional responsibilities
*
No double dipping!
15
Ethics Study Guidelines (Part 2)
June 1, 2011
Part 2: In addition, a maximum of four quarter units can be
taken in either (1) Philosophy, (2) Religion, or (3) Theology if -a) The sole name in the course title is the name of the
discipline, or
b) The course title contains one of the following words or
phrases
 General
 Foundation of …
 Introductory
 Fundamentals of …
 Introduction
 Principles of …
 Survey of …
16
The CPA Exam (Part 1)
 Four part exam
– AUD: Auditing and attestation (4 hours)
– FAR: Financial Accounting and reporting (4 hours)
– REG: Regulation (Business law / Federal tax / Ethics) (3 hours)
– BEC: Business environment and concepts (Strategic Planning /
Corporate Governance / Economics / Finance / IT / Operations
Management) (3 hours)
 Types of questions asked
– Multiple choice
– Simulations (AUD. FAR, REG)
– Written communication (BEC)
17
CPA Exam – General Categories
18
The CPA Exam (Part 2)
 Taking the exam
– Register after you meet education requirements
– Takes 4-6 weeks to process paperwork
– Cannot take exams in March, June, September, or December
– You must pass all the exams within an 18 month period
 Once you pass one exam, you must pass the remaining three exams
within 18 months
 Passing the exam
– Passing score:  75% per exam
– Pass rates (2013-15): AUD (46%); FAR (48%); REG (48%);
BEC (55%)
– Pass rates were lower in the past (40%)
19
The CPA Exam (Part 3)
 Most applicants take the exams sequentially
– Take FAR first; then the others one by one
– Others, however, take them quickly
 CPA review course
– Attend face-to-face or online classes (less common)
– Watch videos / solve problems on computer (most common)
– Read books / solve problems by hand (less common)
– Takes 4-6 weeks to study for each part
 Difficult to study for exam while you work
20
Meet the Firms (MTF) Night:
Before the Event
 Resume Book Deadline: Monday, September 28, 5:00pm
 Research: each firm’s website before the event
 Prepare: questions for each firm
 Dress for success
– Suits / ties (for men); Suits / professional dress (for women)
– Wear comfortable (but dressy) shoes
 Bring
– Padfolio (to write on)
– Plenty of extra resumes to give to firms
 Eat before you arrive (you will need the energy)
21
Advice on Attending Summer Career Fair and
MTF Night
 At the event
– Arrive early and stay till the end (you will be exhausted)
– Talk to every firm / find out about each business
– Collect business cards
 After the event
– Send thank-you messages
– Followup / send updated resumes
22
What do firms look for? (Part 1)
http://www.pwc.com/us/en/careers/campus/recruiting/index.jhtml
 This slide links to a PwC video about the “Ideal Candidate”
 This video is shown on the PwC “recruiting process”
webpage and on YouTube:
http://www.youtube.com/watch?v=AJyT6fOQ1X8
23
What do firms look for? (Part 2)
http://www.ey.com/US/en/Careers/Students
The next three slides describe what Ernst & Young look for in job
candidates:
 People with integrity
– We want people with a clear sense of personal and professional
accountability, who exercise sound judgment and common sense and
build relationships based on doing the right thing.
 People who excel
– We want high academic achievers — those who can think and work
analytically, communicate clearly and demonstrate leadership through
their extra-curricular activities and community involvement.
24
What do firms look for? (Part 3)
http://www.ey.com/US/en/Careers/Students
 People who demonstrate respect
– We look for people who recognize the value of different backgrounds,
perspectives and experiences. By respecting these differences, we
enrich our perspectives and enhance the services we provide to our
clients.
 People who are good at working in teams
– We look for evidence that you are good at listening, learning, sharing,
developing and working with others, including those who are different
from you.
 People with energy, enthusiasm and the courage to lead
– We want you to be passionate and excited about the opportunities at
EY and what your future holds.
25
What do firms look for? (Part 4)
http://www.ey.com/US/en/Careers/Students
 People who thrive on challenge
– We want those who show flexibility, adapt quickly to new situations,
and prioritize effectively.
 People who meet our technical requirements
– The students we tend to hire have a strong GPA with degrees in
accounting, economics, finance, information systems, computer
science, management information systems or a related field of study.
– We also look for students who are willing and eventually able to
pursue applicable professional development and certification(s) and
who can travel, as necessary, to serve clients.
26
Accounting Internships (for juniors)
 Typically work 6-8 weeks during the summer
 Paid the same hourly wage as newly-hired full-time
CPAs
 Interns do the same work as newly-hired full-time
CPAs
 At the end of the summer internship, students are
typically offered a full-time job upon graduation
– However, the offer can be withdrawn if the student’s
grades fall below the firm’s minimum standards
27
Accounting Externships (for sophomores)
 Unpaid summer programs offered by CPA firms
 Typically last 1-3 days and usually take place at the
firm’s local office
 Some firms will send selected students to a national
conference where they can interact with deserving
accounting majors from other universities
 Purpose: You will learn about career opportunities in
accounting, engage in leadership and teamwork
events, and interact with firm professionals.
 Firms often use these externships to identify students
that they wish to invite as interns during the following
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summer.
Resume Issues – Part 1
 Limit to one page.
 Usually unnecessary to mention an objective
– Objective is desirable only with specificity.
 If not an accounting major, list the accounting
courses that you have taken:
– Bachelor of Science, Finance (Expected graduation date: June
2017), GPA: 2.22
– Accounting classes taken thus far: Intro to Accounting;
Intermediate I and II; Federal Income Taxation
 Include GPA
– If it is missing recruiters assume the worst.
29
Resume Issues – Part 2
 Do you meet all the educational requirements to take
the CPA exam and/or become licensed?
– If so, then state that you meet all such requirements
 Use present tense for current activities and past tense
for prior activities.
 Recruiters spend 15 to 45 seconds on a resume
– Keep it short and simple.
 Maintain adequate margins
– Include sufficient “white space”
 From a PWC Partner
– “I look at education, GPA, and then for something else.”
30
On-Campus Interviews
 In October 2015, CPA firms will conduct on-campus
interviews at SCU
– Internships
– Full-time positions
 Resume submission deadline for accounting OCI:
– October 2, 2015
 In February – April 2016, CPA firms will conduct on-
campus interviews for externship programs
31
The Interviewing process
 On-campus interviews during the fall usually involve two
rounds of interviews
– Firm social events: some firms invite students to attend preinterview social events (careful – these are part of the interview
process)
– Round one: On-campus interview (30-45 minutes)
– Round two: Firm-site interviews
– NOTE: some firms have started having two interviews on
campus (and waive the firm-site interview).
 Firm site interviews
– Typically involves several one-on-one interviews with various
firm personnel (each interview is important)
– May include a lunch with some firm personnel
32
Examples of Accounting Behavioral Interview
Questions asked during interviews
1.
Tell me about how you worked effectively under pressure.
2.
Tell me about a time where you had to lead a project and how you handled it.
3.
Give an example of when you needed to use logic to solve a problem at work.
4.
Give me an example of a time when you set a goal and were able to meet or achieve it.
5.
Have you ever made a mistake? How did you handle it?
6.
Give an example of a goal you reached and tell me how you achieved it.
7.
Describe a decision you made that wasn't popular and how you handled implementing it.
8.
Give an example of how you worked on team.
9.
Have you handled a difficult situation with a co-worker? How?
10.
Tell me about a conflict you had at your last job and how you handled or resolved it.
11.
Share an example of how you were able to motivate employees or co-workers.
12.
Have you handled a difficult situation? How?
13.
Give an example of a situation when you had to go above and beyond expectations in
33
order to complete a task.
Interview Tips on Internet
 You can learn about
interview tips through
CPA firm websites and
YouTube videos
Example:
Deloitte videos on
YouTube.
Keywords:
Deloitte, recruiting
and tips
34
Accounting Dept Recruiting Rules
 Initial job offer date
– No CPA firm can extend a job offer until October 21 (after all the
CPA firms have completed their interviews)
– This rule removes any advantage to firms that interview
students before others
 Offer expiration date
– All job offers cannot expire prior to November 20 at 5pm
– This rule allows students to attend all second-round interviews
before making a decision.
35
Protocol for accepting a job offer
 Once you accept a job offer, you must – Cancel all your future interviews and
– Inform all other firms who interviewed you that you have
accepted an offer
– You cannot accept another job offer once you accept a firm’s
offer (even if you later get a better offer from a preferred firm).
 Why not?
– It is unfair to the firm because (1) the firm will have informed
other students that they will not be getting offers, and (2) it will
be too late for that firm to recruit more students)
– It is unfair to other students because you have (1) taken a job
offer from another student and (2) the firm will think twice about
extending an offer to an SCU finance student in future years.
– It is unfair to our program (as it makes us look bad).
36
CPA Firm Hiring Practices
CPA Firm guidance on recruiting process
 Many CPA firms have websites and YouTube vidoes that advise
candidates on how to improve your chances of getting hired
Example:
KPMG videos on
YouTube.
Keywords: KPMG,
recruiting and tips
37