CAREER FIELD ANALYSIS GEB 3035 EFFECTIVE

CAREER MANAGEMENT

Michael Grove, UFID: 01199572

Bernadine Thomas

February 23, 2016

Contents

Certified Public Accountant ......................................................................................................................... 1

Introduction.................................................................................... ...............................1

Skills Used…………………………………………………………………………………………………………………...…1

Work Conditions……………………………………………………………………………………………………..….…2

Becoming Employed………………………………………………………………………………………….……..…..3

Education/Training/Licensure………………………………………………….………………….………………3

Outlook and Salary……………………………………………………………………………………………………….4

Lifestyle Impact…………………………………………………………………………………………………………….5

Conclusion…………………………………………………………………………………………………………………….5

Questions………………………………………………………………………………………………………..……………6

Financial Advisor……………………………………………………………………………………………………………….……..7

Introduction…………………………………………………………………………………………………………………7

Skills Used………………….…………………………………………………………………………………………………7

Work Conditions……….…………………………………………………………………………………………………8

Becoming Employed……………………………………………………………………………………………………8

Education/Training/Licensure……………………………………………………………………………………9

Outlook and Salary…………………………………………………………………………………………………….10

Lifestyle Impact………………………………………………………………………………………………………….10

Conclusion1…………………………………………………………………………………………………………………11

Questions……………………………………………………………………………………………………………………12

PAGE 1

Certified Public Accountant

Introduction

A Certified Public Accountant (CPA) is vital position in any type of business; all

businesses needed a trained professional to oversee the financial health of the firm.

Businesses rely on the CPA’s vast knowledge in financial management to help the firm

manage the budget, analyze financial statements, and audit. CPAs have a unique role in

financial management: through auditing and preparing of financial reports, it is the

CPA’s job of ensuring that all reports are accurate and have no discrepancies.

The majority of CPAs work in a large corporate office setting, while others work

in smaller private practices, and can work from home. CPAs work a full time schedule of

40 hours a week, but can see an increase during tax season. A CPA can plan to work

longer hours during tax season, which ranges from January-April of the given year (US

Department of Labor, 2014). Depending on the type of firm the CPA works for, there

could be time off during the non-tax season. One example of how a CPA can fill the time

off is buy teaching accounting classes, both in a class room and private settings.

Skills Used

There are many skills that a CPA must be very well versed in. According to

Robert Half, a leading accounting firm, there are seven skills that all successful CPAs

should have in their repertoire: management and leadership strength, public speaking

competence, up-to-date tax knowledge, business expertise, systems abilities,

communication mastery, and additional auditing training (Robert Half, 2015). Each of

these skill sets are critical in order for a CPA to be successful. Having strong

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management and leadership strength can help a CPA rise through the ranks of the firm in

attaining management positions. Public speaking competence and communication

mastery go hand in hand; CPAs must know how to present their information in both a

speaking and written setting. Being able to persuade the audience and being a good

listener are also vital in good communication practices. Staying up to date on tax codes

provide CPAs with vital knowledge on how to best serve their clients; continuing

education courses on tax codes can help CPAs stay up to date. Another key skill is

having a good working knowledge of the firm’s software programs; CPAs needed a good

working knowledge of Excel and QuickBooks in order to properly do their work.

The US Department of Labor reinforce Robert Half’s skill set for CPAs. The

Labor Department lists: analytical, communication, organizational, and math skills, and

being detailed oriented as important qualities of CPAs. CPAs must be able to identify

issues in documentation and suggest solutions (US Department of Labor, 2014). Two

examples are being able to minimize tax liability and detect fraudulent use of funds.

CPAs must also be able to analyze, compare, and interpret figures and facts, prepare

reports, and present their findings.

Work Conditions

Most CPAs work in a typical office setting and work a normal 40 hour week.

Others, work in a private practice and can enjoy working from home as well. During

peak seasons, tax season (January-April) and end of budget years, CPAs could be

required to work 12 hour days with a 6-7 day work week. Most accounting firms allows

CPAs to take extended vacations after peak season; this is done so the accountants do not

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get worn out and are able to recuperate. CPAs in large firms work closely with the CFO

to make sure all statements are in order and comply with the Security and Exchange

Commission guidelines. The Sarbanes-Oxley Act of 2002, put tighter controls on

accounting practices and requires the CEO and top executives to sign off on all

accounting reports.

Becoming Employed

CPAs are actively recruited on college campuses because of the accounting

exposure they have received in school. Most CPAs have completed more than sixty plus

higher level accounting credit hours, and have taken the CPA exam. Although CPAs

have passed the CPA exam, most of the positions available are entry level positions.

Many recruiters can be found at career fairs and in college resource centers, so it is

worthwhile for individuals interested in accounting to attend. Higher level positions are

attained through networking and moving up the corporate ladder. Aside from completing

the CPA exam, having a concentrated accounting master’s degree will allow for more

employment opportunities. Candidates who have completed accounting internships will

have a better chance of receiving a job offer, because of having experience that

prospective firms look for.

Education/Training/Licensure

In order to sit for the CPA exam, perspective accountants must complete 150

credit hours of education. Many colleges and universities offer bachelors and master’s

degrees in accounting to aid students in completing the 150 credit hours. The most

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efficient way to achieve the 150 credit hour requirement is to complete a master’s in

accounting degree; it is important to note that the master’s in accounting degree is not

required to sit for the CPA exam. The additional course work is required to make sure

perspective students acquire the technical competence and develop the skills required to

be a successful CPA (American Institute of CPAs, 2016). Graduate level course work

reassure that communication, presentation, and technical skills are learned.

The designation of CPA is awarded to accounts who have met the 150 credit hour

requirement as well as passed the Uniformed CPA Exam. The Uniformed CPA Exam is

a four part comprehensive exam that is administered through the state’s Board of

Accountancy. Passing the Uniform CPA Exam allows accountants to file reports with the

Security and Exchange Commission (SEC) as well as enhances job prospects. Florida’s

state Board of Accountancy requires CPA to engage in on-going continuing education in

order to keep your license. Continuing education also allows the CPA to stay up-to-date

on current tax codes and accounting topics.

Outlook and Salary

According the US Bureau of Labor Statistics (BLS), accounting jobs are supposed

to increase 11% from 2014-2024. Globalization, the overall growth of the economy, and

an increasingly complex tax system will increase the demand for accountants

(Department of Labor, 2015). The BLS also reports that perspective job seekers with

graduate degrees and CPA designations will have the most favorable growth because the

need for accounting services has grown due to increased scrutiny and new financial

regulations.

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The median annual salary for accountants and auditors was $65,940 in 2014.

Salaries of the middle 50% ranged from $40,850 to $115,950 (Department of Labor,

2015). Bonuses are often awarded in accounting positions, but are not included in the

Department of Labor Statistics. Most accountants worked full time and in 2014, 1 out of

5 worked more than 40 hours a week. As stated before, the increase in hours worked

occur at certain times of the year, being the end of the budget year and tax season.

Lifestyle Impact

The accounting sector can have a huge impact on the kind of lifestyle you wish to

live. At the beginning you start in an entry level position, where you are paired with and

experienced accountant and mentored. During the first two years, most study for the

CPA exam, learn from their mentors, and go back to school for more specialized training

(Princeton Review, 2016). Around five years, individuals are able to experience mobility

in the firm. Some are appointed to higher management positions, while others begin to

specialize in public or private accounting practices. Ten years into accounting,

accountants in the corporate setting are involved in tax planning and accounting issues

but also in strategic financial planning. Salary increases and shorter working days are

common for tenured accountants. Other accountants during this time either step down to

part time work in order to spend time with family or enter into academia. Those who

enter into the area of accounting put in long hours at the beginning, but are able to enjoy

great rewards later on.

Conclusions

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The world of accounting offers a variety of careers to pursue. Having good time

management, communication, mathematical, and analytical skills are important

characteristics to have in order to be a successful accountant. The accounting industry is

steadily growing and has more opportunities for those who successfully pass the CPA

exam. Accountants work long hours at the beginning of their careers in entry level

positions, but are able to move up into management positions within a couple of years’

experience. Accounting can be a rewarding career for those who want to work to better a

firm or an individual financially.

Questions

1. Is the stress and course load of attaining a masters in accounting worth the

benefits? Or is it better to receive an accounting certificate?

2. What are accounting recruiters looking for? What experience, either work or

school, is most desirable?

3. Do you feel the scrutiny from the fraud that has been committed by the

accounting industry from over the past decade?

4. Do you feel that there are going to be advances in accounting technology that will

make it easier for non-accountants to complete their filings?

PAGE 7

Personal Financial Advisor

Introduction

A Personal Financial Advisor assists others in achieving their financial goals.

This is done by meeting with clients and discussing where they would like to be

financially and the ways in which to achieve the goal. The main goal of personal

financial advisors is to gain clients and determine their: income level, expenses, insurance

coverage, tax status, financial objectives, risk tolerance, and any other information need

to develop a financial plan (America’s Job Exchange, 2016). Financial advisors can

either work in a large corporate setting, a bank, or in a private practice. Personal

financial advisors deal with people who have money and want the sum to invest and

grow; in order to achieve maximum growth and management of money, financial

advisors work with a small number of clients at a time.

Skills Used

There are certain skills that are required in order to be a successful personal

financial advisor. Having good interpersonal skills is a main skill needed to be

successful. Financial advisors must be able to make new and existing clients feel

comfortable in discussing their financial needs. Advisors must establish trust with clients

and respond to their questions and concerns. Being a good communicator is another skill

that is required of financial advisors; advisors have to be comfortable in interacting with

clients, explaining complex financial concepts, and discussing strategies. Analytical

skills are used in determining investment portfolios. Advisors must have a good

understanding of economic trends, regulatory changes, and the client’s comfort with risky

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decisions (Bureau of Labor Statistics, 2015). These skills are essential for personal

financial advisors to effectively interact with clients and provide them with necessary

financial solutions.

Work Conditions

Most financial advisors work in office settings and operate under a 40 hour work

week. Meetings with clients can happen at any time, and do so after hours or on

weekends to fit the client’s needs. Travel is common as well, and is used to attend

conferences or teach finance classes in order to bring in new clients. The work of

financial advisors is less stressful than other business professions. That’s not to say that

being an advisor is easy or stress free; there is a lot of pressure for financial advisors to

fulfill their obligations to their clients, which includes getting a good return on their

investment.

Becoming Employed

There are numerous ways to become employed as a personal financial advisor.

Most advisors work for corporate firms, while 20% of advisors were self-employed in

2014 (Bureau of Labor Statistics, 2015). Finding employment as a financial advisor is

not too challenging as long as you meet the firm’s requirements. This is due to the

projected growth rate of financial advising in the coming years; the growth rate is

expected to be 30% from 2014-2024 according to the Bureau of Labor Statistics.

Employment can be found through career search engines and college resource centers.

Having completed and internship or becoming a CFP can increase your chances of being

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hired by a firm. Obtaining a CFP designation allows advisors to sell and trade stocks and

bonds; having a CFP designation makes candidates more attractive to potential

employers. Completing an internship is very valuable as well. Internships show

potential employers that you have had first-hand experience in their field and could be a

good match for their firm. In all, having experience and certifications makes you more

attractive to potential employers, and can make finding a job as a financial advisor easier.

Education/Training/Licensure

A bachelor degree is the minimum requirement in order to become a personal

financial advisor. Although employers do not usually require personal financial advisors

to have completed a specific course of study, a degree in finance, economics, accounting,

business, mathematics, or law is good preparation for this occupation (Bureau of Labor

Statistics, 2015). Taking courses in investments, taxes, estate planning, and risk

management can be helpful as well; colleges and universities now offer courses geared

towards financial advising in order to give students a look into the profession.

Training is usually provided on the job by the employer. New advisors work

closely with senior advisors to learn how to perform their duties for up to a year. Client

networking and developing investment portfolios are at the center of training for new

advisors. A master’s degree in finance or business can improve an advisor’s chances of

moving into a management positon.

In order for financial advisors to directly buy or sell stocks, bonds, or insurance

policies, they have to become registered with the Security and Exchange Commission

(SEC). Becoming a Certified Financial Planner (CFP) is the easiest way for advisors to

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become registered. To become a CFP, an advisor must meet the following criteria: earn a

bachelor degree, complete 3 years of relevant work experience, pass an exam, and agree

to a code of ethics (Bureau of Labor Statistics, 2015). The CFP exam covers financial

planning, investment planning, debt management, and statistical modeling.

Outlook and Salary

According to the Bureau of Labor Statistics, the projected job outlook for

financial advisors is supposed to grow 30% from 2014-2024. The growing aging

population is the primary cause for this steady growth projection. Large number of baby

boomers will be retiring in this time period and will need financial advice. Larger life

spans will lead to longer retirement periods, further increasing the demand (Bureau of

Labor Statistics, 2015). Individual retirement accounts are another driver for the demand

of financial advisors. Because many companies no longer offer extended retirement

packages, individuals must save and invest on their own, thus increasing the demand

even further.

In 2014, the median annual wage for financial advisors was $81,060. The lowest

10% earned $35,500, while the top 10% earned 187,200. Personal financial advisors who

work for financial services firms are often paid bonuses, which is not included in the

statistics. Advisors are typically paid by a percentage of their client’s assets they

manage, through hourly rates, and on commissions for financial products that they sell.

Lifestyle Impact

PAGE 11

Being a personal financial advisor can tremendously impact lifestyles. A personal

financial advisor influences the lifestyle of their client’s by advising on how best to

manage their money. Financial advisors are able to take the skills of their job and apply

them to their own finances. This can have a big impact on their lives and make money

management less stressful. Working typical business hours can also afford a financial

advisor to have leisure time. Having time for leisure can lead towards a more productive

work life and a happier life in general.

Conclusions

Financial advisors help people decide how to best manage their money. I like that

there is high competition in the investment industry and that you are able to carry the

knowledge into your personal finances. Financial advising offers a great salaried position

and encourages advisors to attain a master’s degree to move up in the firms. There will

be a steady demand for financial advising in the coming years, so this industry can be

very lucrative.

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Questions

1. How do you see the baby boomer generation effecting the financial services

industry?

2. Is it worthwhile to pursue a master’s degree in order to get into upper

management in a financial advising firm?

3. Are retirement options going to change as more baby boomers leave the

workforce? Are the investment options/management for retirees going to change

because of the increase?

4. Besides riskiness, how do you determine what to invest in for your clients?

PAGE 13

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(visited February 21, 2016).

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Bureau of Labor Statistics, US Department of Labor, Occupational Handbook,

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financial/mobile/accountants-and-auditors.htm (visited February 20, 2016).

Bureau of Labor Statistics, US Department of Labor, Occupational Handbook,

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and-Financial/Personal-financial-advisors.htm#tab-1 (visited February 22, 2016).

“Career in Accounting: Working Conditions, Qualification & Advancement (Part 3).”

www.basiccollegeaccounting.com. 2016. Web. (visited February 21, 2016).

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Web. (visited February 22, 2016).

“The Top 7 CPA Skills You Need-and How to Get Them.” www.roberthalf.com.

DeLynn Senna, April 23, 2015. Web. (visited February 20, 2016).