If You Like Accounting and TV, Keep Reading

You’re reading AICPA Insights, so I can safely assume that you’re interested in accounting. And since I’m making assumptions, I’m going to assume that you like to watch TV (hey - all the cool kids are doing it). And since you’ve got an inquisitive mind, I bet you wonder how networks decide which shows get made and which shows on TV "make it." Maybe, you got a little fix watching the People’s Choice Awards last month. And since then, you’ve been twiddling your thumbs as you count down the days until the Emmys. Well keep reading, because I have just the thing for you.

Let me set the scene…The TV industry is booming and each network is in search of “the next big thing.” At the same time, accounting is in the spotlight as one of the fastest growing professions. Put the two together, and the network executives have decided this is a profession that should play a role in their next pilot. That’s right, it’s the AICPA’s Project Innovation: Competition of Creative Excellence.

AICPA Scholarships Provide More than $350,000 to Top Accounting Students

The fine folks at U.S. News and World Report have recently released their Top 100 Jobs for 2013 report and ‘accountant’ came in as the third best business job and number 36 of all jobs.

I know I’m preaching to the choir here, but with the profession’s modest 4.2% unemployment rate, and a median salary of more than $62,000, there is a lot to like about a career in accounting.

Rebecca Mahler, manager of career research at the AICPA, stressed to U.S. News and World Report how important it is for aspiring accountants to become certified. "It's really the gold star on the resume," she said. "It's an invaluable credential, and you get a 10 to 15 percent higher salary."

An Interview with AICPA President and CEO on 2013

The following is an interview with AICPA President and CEO Barry Melancon, CPA, CGMA. He was asked to share his thoughts about some of the major issues and trends that will affect CPAs in 2013.  

 

In the coming year, we will see the first efforts of the Private Company Council. What changes can CPAs and the companies they serve expect to see?

The Financial Accounting Foundation’s Private Company Council was created to address issues affecting companies that need GAAP-based financial statements. The PCC only recently began meeting, and will be weighing in on existing standards and ones in development. Private company accounting stakeholders are expecting prompt action by the PCC in modifying GAAP to bring more relevance and simplification to financial reporting.

Accounting Offers More Career Opportunities: If You Know How to Find Them

USA Today recently reported that service businesses are leading an uneven job recovery. In the service sector, accounting firms have regained 87% of the jobs they lost, in part because of the growth of start-up businesses, new financial rules and U.S. companies expanding globally.

Salaries of accounting graduates are continuing to rise. In an April 2012 report on the starting salaries of the college class of 2012, the National Association of Colleges and Employers said the median salary of accounting majors was $47,800, up 2.8% from the 2011 median salary. The overall average salary of new graduates was $42,569, up 4.5% from 2011.

Long term, employment of accountants and auditors is expected to increase 16% from 2010 to 2020, or about as fast as the average for all occupations, according to the Bureau of Labor Statistics. Over that ten-year period, accounting employment is forecasted to increase from 1.22 million to 1.41 million jobs.

These statistics point to continued growth in the job market for CPAs, but where will CPAs find job and career opportunities?

The Importance of Communications in Accounting

Hi! My name is Joseph Farco and I’ve recently completed a summer internship with the AICPA. I assisted the Communications and Media Channels team in the New York office. While working with the AICPA has not only allowed me to learn more about numerous issues facing the profession, it also has helped me develop one of the most important skills for any business professional: communications.

From a young age I always knew I wanted to go into business, because I visited the New York Stock Exchange once a year on Kids’ Day. How was I allowed to go to this event on a yearly basis? Well, my father has worked on the floor of the exchange since 1980. His desire to see me do well in life combined with my annual visits to the NYSE, fueled my fire to go into business. This led me to mostly business electives in high school which included two college level accounting classes. I was surprised with how much I enjoyed those classes and I became interested in learning more about accounting. My passion for mathematics led me to embark on a journey to Seton Hall University, where I graduated in May 2012 with a BS in Accounting. My future plans are to pursue an MBA in Finance and eventually sit for the CPA Exam. My long term goal is to one day open up my own practice.

While the focus of my internship has not been entirely on accounting work, I’ve learned a number of lessons that could be used on a daily basis in the “real world.”