What it REALLY Means to Be a CPAIndiana CPA Society

Spring 2011

Firm/Company:Size :Location :Position:

Why I my job:

College:

Work History:

Why a CPA?:

ProfessionalEthical

DeterminedCompetent

CPA Characteristics

Manage Your Career

The CPA designation will:• allow you to work in any

field.• open many, many doors.• provide a diverse career.• separate you from others in

accounting related positions.

CPAs have the freedom andflexibility to manage their

careers!

Looking for a Job?

• CFOs project increase in net hiring in fourth quarter (first time since 1Q09)

• The unemployment rate for accountants was 1.7% (national average: 9.7%, Indiana, 10.1%)

• The Bureau of Labor Statistics predicts employment of accountants and auditors will grow by 22 percent between 2008 and 2018Stats: Robert Half, Indiana Dept. of Workforce Development &

Bureau of Labor Statistics

Future Career Plans

24%

18%

18%

17%

7%

4%

2%9%

Public: National Firm Public: Local FirmPublic: Regional Firm IndustryGovernment Not-for-ProftEducation Other

Job Hunt Resources

• Visit your Career Services office– Resume• Work with the professionals to develop a

quality resume.• Have multiple people review your resume

and cover letter.

– Interview Prep• Schedule a time for practice interviews• Research the firm/company• Have questions prepared

Top 12 Resume Disastersaccording to a CareerBuilder.com survey

1. Mentioned that he spent summers on his family’s yacht in Grand Cayman.

2. Attached a letter from his mother.

3. Used pale blue paper with teddy bears around the border.

4. Explained a gap in employment by saying he was getting over the death of his cat for three months.

5. Specified that his availability was limited because Friday, Saturday and Sunday were “drinking time”.

6. Included a picture of herself in a cheerleading uniform.

7. Drew a picture of a car on the outside of the envelope and said it was the hiring manager's gift.

8. Hobbies included sitting on a levee at night watching alligators.

9. Included the fact that her sister once won a strawberry-eating contest.

10. Explained that they worked well in the nude.

11. Explained an arrest by stating, “We stole a pig, but it was a really small pig.”

12. Included a family medical history.

Interview Attire

Common sense, people… No wrinkled shirts Don’t show skin Men, wear a suit & trim your nails Ladies, you’re not Lady Gaga,

keep it simple. Go easy on the aftershave and

perfume Polish your shoes Breath mint, you’re welcome.

Leave it in the Car

CPA Exam, What’s it Take?

150-hours

EligibilityAll first-time applicants applying for the Uniform CPA Exam in Indiana must meet one of the following requirements;

1. Earned one hundred and fifty (150) semester hours in general education which must include; a. a graduate degree from a college or university that is accredited by an accrediting organization recognized by the board, and completed: b. at least twenty-four (24) semester hours in accounting at the undergraduate level or fifteen (15) semester hours in accounting at the graduate level or an equivalent combination thereof which must include courses covering the following subjects; • financial accounting, • auditing, • taxation, • managerial accounting; and c. at least twenty-four (24) semester hours in business administration and economics courses, other than accounting courses, at the undergraduate or graduate level. • up to six (6) semester hours of business and tax law courses • up to six (6) semester hours of computer science courses.

2. Earned one hundred and fifty (150) semester hours in general education which must include; a. a baccalaureate degree from a college or university that is accredited by an accrediting organization recognized by the board; and completed: b. at least twenty-four (24) semester hours in accounting at the undergraduate or graduate level which must include courses covering the following subjects; • financial accounting, • auditing, • taxation, • managerial accounting; and c. at least twenty-four (24) semester hours in business administration and economics courses other than accounting courses. • up to six (6) semester hours of business and tax law courses • up to six (6) semester hours of computer science courses.

New Application Process for Students

Students planning to become CPAs in Indiana can now APPLY to sit for the

Exam 60-days prior to completing the 150-hour requirement!

Your Dean or Registrar must complete the Certificate of Enrollment (COE) stating that you are expected to meet the 150 credit hour requirement within 60 days.

You must submit proof to CPA Exam Services that you have met the 150 credit hour requirement no later than 60 days immediately following the end of the window in which the candidate sits for the examination.

If you fail to provide proof of graduation, CPA Exam Services and/or the Indiana Board of Accountancy may cancel your Notice to Schedule (NTS) and/or any examination scores.

http://www.nasba.org/862571B900737CED/ENL/IN%20COE/$file/INCOE.pdf

Signature of Dean

or Registrar

Seal of Institution or Notary

Seal

Materials to Be Submitted

First-time Applicants are required to submit the following to CPA Examination Services (CPAES).

1) Completed, signed first-time paper application, if applicable. 2) Payment document for application and examination fees.

• Certified check or money order made payable to CPA Examination Services.

• Credit card form (attached at the end of this application) • Notate your name and sections to be taken in the “Memo” section.

3) Official transcript(s). 4) Certificate of Enrollment, if applicable. 5) Foreign Evaluation, if applicable. 6) ADA Accommodation Form, if applicable.

Applicants are advised to request submission of all forms to CPAES prior to applying for the examination.

Exam Sections & Fees

Section FeeAuditing and Attestation AUD $218.18

Business Environment and Concepts

BEC $174.08

Financial Accounting and Reporting FAR $207.15

Regulation REG $185.10

Application Fee (non-refundable) $135.00

$919.51

October & November

January & February

April & May

July & August

Exam

Testi

ng

W

ind

ow

s

Changes to the Exam

• CBT-e launchedJan. 1, 2011

• Simulations:– Old: 2 long simulations

in AUD, FAR & REG– New: 6-7 Task-Based

Simulations in each section

• Constructed Response:– Old: 2 essays in AUD,

FAR & REG. – New: 0 essays in AUD,

FAR & REG

Changes to the Exam

• Section Length:– AUD shortened 30

minutes (4hrs)– BEC lengthened 30

minutes (3hrs)– FAR (4hrs) – REG (3hrs)

• New calculator and improved spreadsheets

• One new research item type

• Scoring: More emphasis on skills

New CSOs - AUDArea Summary of Current CSOs Summary of New CSOs

I Plan the Engagement (22-28%) Auditing & Attestation: Engagement Acceptance & Understanding the Assignment (12-16%)

II Internal Control (12-18%) Auditing & Attestation: Understanding the Entity & its Environment (including Internal Control) (16-20%)

III Obtain and Document Information (32-38%)

Auditing & Attestation: Performing Audit Procedures & Evaluating Evidence (16-20%)

IV Review and Evaluate Work Performed (8-12%)

Auditing & Attestation: Evaluating Audit Findings, Communications & Reporting (16-20%)

V Communications & Reporting (12-18%) Accounting & Review Service Engagements(12-16%)

VI N/A Professional Responsibilities (including Ethics & Independence) (16-20%)

New CSOs - BECArea Summary of Current CSOs Summary of New CSOs

I Business Structure (17-23%) Corporate Governance (16-20%)

II Economic Concepts (8-12%) Economic Concepts & Analysis (16-20%)

III Financial Management (17-23%) Financial Management (19-23%)

IV Information Technology (22-28%) Information Systems and Communications (15-19%)

V Planning & Measurement (22-28%) Strategic Planning (10-14%)

VI N/A Operations Management (12-16%)

New CSOs - FARArea Summary of Current CSOs Summary of New CSOs

I Concepts & Standards for Financial Statements (17-23%)

Conceptual Framework, Standards, Standard Setting & Presentation of Financial Statements (17-23%)

IITypical Items in Financial Statements (27-33%)

Financial Statement Accounts: Recognition, Measurement, Valuation, Calculation, Presentation & Disclosures (27-33%)

IIISpecific Types of Transactions (27-33%)

Specific Transactions, Events & Disclosures (27-33%)

IV Governmental Accounting and Reporting (8-12%)

Governmental Accounting and Reporting (8-12%)

V Not-for-Profit Accounting and Reporting (8-12%)

Not-for-Profit Accounting and Reporting (8-12%)

New CSOs - REGArea Summary of Current CSOs Summary of New CSOs

I Ethics & Professional and Legal Responsibilities (15-20%)

Ethics, Professional and Legal Responsibilities (15-19%)

II Business Law (20-25%) Business Law (17-21%)

III Federal Tax Procedures and Accounting Issues (8-12%)

Federal Tax Process, Procedures, Accounting and Planning (11-15%)

IV Federal Taxation of Property Transactions (8-12%)

Federal Taxation of Property Transactions (12-16%)

V Federal Taxation of Individuals (12-18%)

Federal Taxation of Individuals (13-19%)

VI Federal Taxation of Entities (22-28%) Federal Taxation of Entities (18-24%)

Question Weight

AUD BEC FAR REGMCQs Current 70% 100% 70% 70%

New 60% 85% 60% 60%

Simulations

Current 20% 0% 20% 20%

New 40% 0% 40% 40%

Writing Current 10% 0% 10% 10%

New 0% 15% 0% 0%

IFRS on the Exam IFRS is already entry-level

practice and many CPAs are now using IFRS

US GAAP is likely to continue for some time

Implications: Entry-level CPAs will need

to be “bilingual” and able to work under both US GAAP and IFRS

Content on the Exam will likely include both US GAAP and IFRS for some time

Need to be “Bilingual”

Under IFRS, when an entity chooses the revaluation model as its accounting policy for measuring property, plant and equipment, which of the following statements is correct?

SAMPLE IFRS QUESTION

A) When an asset is revalued, the entire class of property, plant and equipment to which that asset belongs must be revalued.

B) When an asset is revalued, individual assets within a class of property, plant and equipment to which that asset belongs can be revalued.

C) Revaluations of property, plant and equipment must be made at least every three years.

D) Increases in an asset’s carrying value as a result of the first revaluation must be recognized as a component of profit or

loss.

A

CPA Exam Resources

Web Site LinkINCPAS Candidates webpage

http://incpas.org/Public/Candidates/

NASBA (Indiana) http://www.nasba.org/nasbaweb/NASBAWeb.nsf/wpecsp?openform&stateabbrev=IN

Indiana Board of Accountancy

http://www.in.gov/pla/accountancy.htm

AICPA, Become a CPA http://www.aicpa.org/BecomeACPA/CPAExam/Pages/CPAExam.aspx

This Way to CPA http://www.thiswaytocpa.com/

CPA Exam Newsletter http://www.aicpa.org/BECOMEACPA/CPAEXAM/EXAMNEWSLETTER/Pages/newsletter2.aspx

INCPAS Student Membership

Membership is FREE!

Indiana CPA Society

INCPAS has over 8,000 member and is the largest advocate of the CPA profession in Indiana.

INCPAS represents all CPAs working in the profession in all career stages!

Public Industry Education Government Nonprofit

Student Benefit: Information

INCPAS students have access to a variety of publications to stay up-to-date on hot topics, issues and trends!

CPA IN Perspective CPA ePerspective Start Here Magazine

Student Benefit: CPA Exam Info

Have questions about the CPA Exam? INCPAS can help you understand the process and earn discounts on review courses! Becker, $300 discount What You Need to

Know brochure CPA Candidate web

page

Student Benefit: Networking

INCPAS students can network with Indiana CPAs throughout the year at a variety of INCPAS events. Night @ Victory Field Young Pros Parties CPA Celebration CPA Day of Service Colts Game

Student Benefit: Involvement

Make the most out of your membership. Get involved and become an active and engaged INCPAS student member. CPA Day of Service INCPAS Case Study

Competition High School

Ambassadors Game On: CPAs in

Action, college host

High School Ambassador Program

Accounting students have the opportunity to encourage local high school students to pursue accounting as a major and go on to become a CPA! Access to HS Ambassador

Training Videos Wiki full of great resources Give-a-ways and materials

for HS students

Follow @incpas

Questions?