Accounting presentation

The University of Iowa Accounting Program is designed to provide the diverse business background you’ll need to succeed in the fields of public accounting, private industry, government,

Accounting Presentation

By: Brandon Miller, Katie Ketelsen, Kira Selser, Stephen Newman,

Margaret Larson, & Patrick Hewitt

What is accounting?

Accounting is a dynamic field at the heart of every business Modern accountants are problem-solvers and business

advisors and frequently move to the top executive levels

The University of Iowa Accounting Program is designed to provide the diverse business background you’ll need to

succeed in the fields of public accounting, private industry, government, and consulting

Graduation Requirements

semester hours of credit, of which at least

48 s.h must be in the college of business and at least 60 must be nonbusiness courses

(Usually after sophomore year)

course work taken

Course Requirements

College of Business (22 s.h.)

s.h.)

Accounting Major Courses

♦ Income Measurement and Asset Valuation

♦ Introduction to Taxation

♦ Accounting for Management Analysis and Control

♦ Valuation of Financial Claimes

♦ Auditing

♦ Business Law

♦ Professional Seminar Series

♦ Accounting Information Systems

♦ Advanced Tax Topics

♦ Accounting for Multi-segment Enterprises

150 Hour CPA Law

♦ By state law, all persons sitting for the

Uniform CPA Examination must have a

minimum of 150 semester hours of college credit.

not only have the accounting and related education, but also a broader,

business-general education in today’s highly

technical, complex business environment

Requirements to Sit for the Exam

a college or university that is

recognized by the Iowa Accountancy

Examining Board and completed at least 24 semester hours in accounting courses

CPA Examination Did You Know?

you complete your 150 hour education

requirement if you are in the process of

completing your last semester of

college.

Accounting Graduate Programs

Doctor of Philosophy

in accounting if the wished to teach

accounting at the university level in the

future.

Joint Accounting and Law Program

College of Law

electives to each program

Master of Accounting Program (M Ac.)

to satisfy the CPA certification requirement.

specialize in: Financial & Auditing,

Management Information Systems,

Managerial Accounting, or Tax

Financial & Auditing

Specialization

The environment in which both internal and external

auditors operate is becoming increasingly complex This complexity manifests itself in four ways First, advances in technology are changing the way business is conducted; electronic commerce is replacing paper-based transactions Second, markets are no longer limited by national

boundaries Firms must now be competitive on a global scale Third, management information systems are

becoming increasingly sophisticated in response to the

revolution in commerce Fourth, the explosion in the

popularity and complexity of financial instruments and

derivative securities has exposed auditors to new risks

Management Information

Systems Specialization

Both national and local employment trends are creating a new environment for UI students Currently, professionals providing auditing and accounting services represent

approximately half of the professionals in Big Five firms The emphasis on consulting and other assurance services (for example, verifying the content of corporate websites) is expanding Large public accounting firms are transforming

Managerial Accounting

Specialization

The accounting professional has become a part of the

management team rather than a standalone information

provider The successful accountant must understand issues

in functional areas such as marketing and production and keep current with changes in management philosophy

With the emergence of an empowered workforce and leaner organizations, the accountant’s role has changed as

decisions are driven deeper into the organization The

modern accountant increasingly resembles a coach or an

educator who helps employees use information for making

understanding of not only current and emerging tax issues, but also business issues The required tax track courses provide a basic understanding of tax as it is practiced today More

importantly, tax track graduates will have sufficient

background to do the research necessary to find and

communicate tax solutions in whatever tax environment

Accounting Career Options

The University of Iowa's Accounting Department offers students a wide range of options not only for their

education and their degree program but also for

their internships and their future careers An accounting degree from the University of Iowa will provide you with the skills you need to assume a position in public

accounting, consulting, private industry or government This degree is also a good foundation for law school or for entrepreneurial careers

internships with them At Iowa, you have a wide variety of

possibilities for internships They can be done in the spring or summer or you can take one during your senior year for 6

semester hours Internships are available in or out of state and can be found in public accounting firms, private industries

or government

Accounting Internships (Cont.)

Last year, some students that had taken internships in Chicago

came back with starting offers of $50,000 and signing bonuses of $5000 The job market for accountants in Iowa has been expanding as the demand for employees far exceeds the supply of qualified individuals This means that there are an unbelievable amount of opportunities out there for recent graduates with an accounting degree Large public accounting firms hire almost 70% of University of Iowa accounting graduates Others find

positions in the insurance, financial, investment, manufacturing,

government and nonprofit sectors Of the 110 undergraduates in the class of

2000, 2/3 have found jobs in the field The median starting salary for these graduates was $42,000 and many had signing bonuses of $2000-$5000

(graph on next slide.) It is also expected that the new 5 year requirement to sit for the CPA exam will decrease the number of CPA-ready grads because

♦ Arthur Andersen, LLP

♦ McGladrey & Pullen

♦ Ernst & Young

♦ Clifton Gunderson & Co.

♦ DeLoitte & Touche, LPP

Public Accounting Firms Hiring 1999-2000 Accounting Graduates

♦ Blue Cross/Blue Shield

♦ Rockwell Collins

♦ State Farm Insurance

♦ Wellmark

♦ Allied Group

♦ Deere & Co.

♦ John Hancock Financial

Industrial, Financial, Gov’t, ect

Firms Hiring 1999-2000 Accounting Graduates