CPA2b Magazine - Spring 2022

SPRING 2022 | VOL. 17, NO. 2

THE QUEEN OF TIME MANAGEMENT Morgan Goebel 4

Plus...

THE PATH TO MANY DOORS

TECH TRENDS FOR 2022

COMMUNICATION SKILLS

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page 20

page 30

INTERVIEWING TIPS

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PROVEN

REASONS TO JOIN THE WICPA

NETWORKING:

Join over 7,000 professionals who represent business contacts, employers and mentors.

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The WICPA is the premier association for CPAs and accounting students in Wisconsin and serves as your go-to resource to help you succeed and stay connected to the profession. No matter what stage you’re at in your education or career, the WICPA provides support and guidance every step of the way.

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Attend YP socials, conferences, breakfast programs and membership events.

Join today at wicpa.org/join LEADERSHIP DEVELOPMENT: ONLINE RESOURCES: Connect with members through the Membership Directory and find a job with the WICPA Career Center.

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Spring 2022 | Vol. 17, No. 2 A publication of the WICPA Educational Foundation, Inc. | wicpa.org

24 professional perspectives Destination CPA Three young professionals share their career paths and provide insight into what it’s like to be a CPA, whether in public accounting or industry.

By Alicia Koeser, CPA; Michael Nelson, CPA; and Alex Van Ess, CPA

28 looking back

4 Morgan Goebel

CONTENTS 4

member profile

The queen of time management Once Morgan Goebel decided to become a CPA, she jumped right in, finishing her bachelor’s degree in three years and earning her master’s one year later — all while working part-time and helping out her high school accounting teacher as a TA. Find out how she does it!

By Marcia Tillett-Zinzow

12 focus on careers CPA: The path to many doors Even a nonpracticing CPA who is no longer in public accounting has no regrets about the hard work she did to get the CPA designation.

By Jorie Groom, CPA

16 focus on cpa exam Your CPA journey The CPA Exam may seem daunting, but if you create a plan for taking all four segments of it, stressless success will be within your grasp.

By Victoria Thayer, CPA, MSA

20 focus on technology Tech trends for 2022 The rapid evolution of technology on multiple fronts continues to change our lives and commerce. Key mega trends you’ll need to know.

By John Higgins, CPA, CITP

Note to self A seasoned professional writes a letter to her college-student self to reassure her that she’s choosing the right career.

By Wendi Unger, CPA

30 career preparation: soft skills Communication: A critical accounting tool Accounting isn’t just about technical skills. Your ability to communicate effectively is just as important to your career success.

By Neil Fauerbach, MBA

34 career preparation: interviewing Interviewing your potential employer is a must Recruiters and interviewers use checklists to identify the skills and attributes of the ideal candidate. You should do likewise.

By James J. Caruso, CPA, CGMA

36 exam preparation CPA Exam checklist Thinking of taking the exam one day? This checklist tells you what to do, from educational requirements to testing fees and when to expect your results.

38 career advice Book review Inside tips and hands-on know-how for starting and advancing in accounting — something that’s not readily discussed in the classroom.

By Kathleen Hoffelder

DEPARTMENTS 10 Membership message 15 Welcome new members 40 Career planning CPA2b Spring 2022 | wicpa.org

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2021-2022 WICPA Educational Foundation Board of Directors: President Paul J. Frantz, CPA Secretary/Treasurer Roberta A Ward, CPA Directors Mark Bichler Jon C. Gaines, CPA, CGMA, MBA Jessica B. Gatzke, CPA, MST Jessica M. Horning, CPA Kale Post, CPA, MPA Wendy K. Potratz, CPA, MBA, CMA, CGFM Bret J. Priaulx, CPA, MBA Jose E. Saenz, CPA WICPA Board Liaison Lucien A. Beaudry, CPA, JD WICPA President & CEO Tammy J. Hofstede

Publication Team: Editor Marcia Tillett-Zinzow Design & Layout Brett Stallman Advertising Sue Daniels Printing Special Editions

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CPA2b is a biannual publication of the Wisconsin Institute of Certified Public Accountants. Change of address should be sent to: Membership, W233N2080 Ridgeview Parkway, Suite 201, Waukesha, WI 53188; Phone: 262-785-0445; Fax: 262-785-0838; email: comments@wicpa.org. Statements or opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of a product or service by CPA2b or the WICPA. Articles may be reproduced with permission. © Copyright 2022 CPA2b.

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Le t’s make the conne ct ion.

A GREAT WAY FOR WICPA MEMBERS TO COLLABORATE WICPA Connect is your exclusive members-only networking and knowledge base designed to connect you with WICPA members and resources.

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THE

OF

TIME MANAGEMENT

Photography by Mark Hines

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By Marcia Tillett-Zinzow

I

f you’ve ever wondered what a high school football team manager does, just ask Morgan Goebel, a soon-to-graduate Master of Science in Professional Accounting student at UW–Milwaukee.

Serving as the Oak Creek High School (OCHS) Knights’ football team manager is what led her to accounting, believe it or not. So let’s start her story from the beginning — and by the end, you’ll know why we call her the Queen of Time Management.

“Managers make sure the team’s water barrel (called a “water buffalo”) has water and ice in it at all times,” she said. “During games, managers stand on the sidelines with water bottles so they can walk them out to the players when there are time-outs or when the quarters end.”

Other chores included organizing the locker rooms and taking care of organizing and handing out paperwork to make sure every player received theirs. “So there were a lot of administrative things in addition to the water,” Morgan noted.

Managing accounting The head coach for the team also happened to be the accounting teacher, and when Morgan showed up for football practice in August, he voiced a need for a teaching assistant (TA).

“He said he needed a TA to help with classroom paperwork, and he asked me to enroll in his class — that way I could work on football stuff after I completed the classroom work,” Morgan said. “So I was in his classroom for two periods each day — once as a student and then again as a TA, grading assignments, quizzes and tests for both classes.”

When she was done with her TA duties, she would work on “football stuff,” such as organizing equipment and shipments that came in and other administrative tasks. Morgan did that all during her sophomore year, taking both the first- and secondlevel accounting courses. When it came time to

Photo provided by Morgan Goebel

When Morgan started high school, her brother was a senior on the football team. When she found out the team had a manager — a position she coveted — she asked him for an introduction to the coach.

That happened, and the fall of her sophomore year, Morgan became a manager for the Knights. She continued in that position for three years.

Serving as her high school football team’s manager is what led Morgan to accounting.

“

Serving as the Oak Creek High School Knights’ football team manager is what led her to accounting, believe it or not.” choose classes for her junior year, Morgan decided to take College Honors Accounting taught by a teacher named Ms. Huber. And that was a game-changer.

“Ms. Huber encouraged me to take other business classes, and when I got into the business side of things, I knew accounting would be my career,” Morgan said.

With Ms. Huber as a mentor, Morgan got involved in Junior Achievement events, participated in a forensic accounting competition at Lakeland University, worked in the school’s retail store (The Armory) and ultimately became a youth apprentice at Landmark Credit Union.

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During her senior year, Morgan was a leader in The Armory, a student-run business consisting of stand-alone retail stores in several locations on the OCHS campus. The stores sell school supplies, food and drinks, school clothing and other items.

With Ms. Huber’s guidance as CEO of The Armory, the operation gives students a hands-on learning experience running a business, doing everything from ordering the products and stocking the shelves to marketing their wares, doing the bookkeeping and actually working behind the counters.

She also helped to plan, organize and run OCHS’s first annual Career and Technical Education (CTE) Interview Summit, run by the Business, Tech Education, Food Industries and Certified Nursing Assistant (CNA) departments. The event helps prepare students for the workforce by bringing in professionals from the local community to conduct mock interviews with students, provide feedback on their résumés and interviewing skills and sometimes offer helpful job-search tips.

“I helped organize and run the first one as a senior in high school, and then I was able to actually help with interviews as a college student and Landmark Credit Union teller supervisor at the second one,” Morgan said, adding that the third interview summit was canceled due to COVID. “But I am helping again with this year’s summit,” she noted.

Balancing everything After graduating from OCHS in 2018, Morgan enrolled as an accounting major at UWM. She earned her bachelor’s degree in accounting in just three years, taking full course loads nearly every semester — including summers. All the while, she continued working part time at Landmark Credit Union, ultimately advancing to a teller supervisor position.

“I trained for months on how to do everything — such as opening accounts, balancing the vault and managing the ATMs. I worked daily with my manager on it, and I got the promotion,” she said.

Morgan stressed that teller supervisors don’t necessarily supervise other tellers. “I supervised transactions to make sure they went through

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In May, Morgan will graduate with an MSPA degree.

correctly, and if something went wrong and a member was upset, I was the one who handled that,” she said.

But that wasn’t all she did in addition to her studies.

“I was also a teacher’s assistant at OCHS for the 2019–2020 school year. For three mornings a week I went to OCHS and worked through examples with the students and sometimes lectured for the first level of accounting. I assisted with College Honors Accounting and graded assignments, quizzes and tests for both classes,” Morgan said.

Strong time management skills helped Morgan balance her studies, part-time job and teaching interests.

So impressed was Ms. Huber with Morgan’s skills as a TA that she asked Morgan if she would consider changing her major to education so she could come back to teach accounting at OCHS. She thought about it but decided to continue the future CPA path she was already on. Still, she hasn’t entirely closed the door on teaching.

“It’s definitely something I’d be interested in doing in the future,” she said. “I know a lot of retired CPAs teach at universities and/or high schools. So I think it’s probably in my future, but not soon.”

Morgan said she returned to OCHS in December and spoke to the accounting classes about her journey, what her college career looked like and what her future professional career will be, to provide the students with insight into the accounting world.

In May 2021, Morgan received her bachelor’s in accounting with commencement honors. That summer, she had a tax internship in the Milwaukee office of national CPA firm Baker Tilly US LLP that ended up pushing into the school year.

“

I was also a teacher’s assistant at OCHS for the 2019–2020 school year. For three mornings a week I went to OCHS and worked through examples with the students and sometimes lectured for the first level of accounting.”

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“I was on the individual services team for Wisconsin and Minnesota, working on things like 1040s and returns for trusts and estates — and those tax extensions are due Oct. 15,” she explained.

“So at the end of summer, we agreed I would stay on part time to help with the overflow during that busy time.”

Currently, Morgan is working on passing all four parts of the CPA Exam. As a WICPA student member, she said she appreciates the networking opportunities and informative website features the organization offers. In May, she will graduate from UWM with a Master of Science in Professional Accounting (MSPA) — and a full-time job offer from Baker Tilly. She’ll start in Baker Tilly’s Milwaukee office in July.

Looking back over everything Morgan has done and all she has accomplished in such a short time, one wonders how she managed to fit everything in and still excel in her studies. Here’s what she said:

“I have a calendar that I write everything on. I live by it. It’s like a monthly and weekly planner, and every time I have something to do, I write it down. And I write it down — like, if it’s an assignment — for the day before it’s actually due, and then it pushes me to get it done faster. That way if something does come up, like someone calls in sick to work and I have to go in, I have that extra day to get it done,” she said.

She also uses an Excel spreadsheet to track her time. “When I was figuring out how many mornings a week I could devote to the high school, I put in all my classes and all my work shifts, and by moving things around I was able to figure out how many hours I needed to meet each of my commitments,” she explained.

Simple, right? Right. We think only the Queen of Time Management could keep it all straight.

Marcia Tillett-Zinzow is a Wisconsin freelance writer and editor.

Contact her at mtzinzow@icloud.com.

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MEMBERSHIP MESSAGE

MEET DEVIN YATES

Meet the New Membership Outreach Coordinator

H

By Devin Yates

ello accounting students and educators! I would like to introduce myself as the new membership outreach coordinator at the WICPA and give you a little information about my background and how I’ll be interacting with you.

Growing up in Wisconsin has shaped my personality and formed many deep-rooted values within me. I believe in hard work, honesty and the idea that every individual has a unique story to tell in which there is often much to learn.

After graduating from the University of Wisconsin–Whitewater with a degree in finance, I wanted to find a role that would allow me to develop as a business professional and also have a tangible impact on the community around me. In my short time at the WICPA, I have already formed some great connections and have learned much about the CPA profession.

As the membership outreach coordinator, I am responsible for recruiting, retaining and engaging WICPA members at all levels. During my first few months of working here, I’ve enjoyed coordinating on-campus presentations at the high school and college levels and meeting students and educators at various WICPA events. I am determined to help grow our outreach efforts and expand our reach to all corners of the state. These are some of the tasks I’ll be working on in the coming months:

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Over the next 15 years, experts project that around 75% of current CPAs will retire, resulting in unlimited opportunity in the accounting profession.”

• Cultivating relationships that create awareness of the accounting profession • Giving presentations to prospective students about the elements of the CPA Exam and the benefits of WICPA membership • Attending college career fairs and networking events • Fostering relationships with accounting chairs and accounting professors • Promoting accounting and financial literacy initiatives at all school levels to the public and educators • Coordinating, with the AICPA, the Accounting Program for Building the Profession (APBP) for high school educators • Coordinating speakers’ panels and presentations at colleges

• Recruiting volunteers for programs such as the High School Educator Accounting Symposium, High School Speaking Program, Wisconsin Educators of Business & Information Technology (WEBIT) conference session, Reading Makes Cents, Students & Leaders Network, DECA, Future Business Leaders of American (FBLA), Junior Achievement and FutureQuest Over the next 15 years, experts project that around 75% of current CPAs will retire, resulting in unlimited opportunity in the accounting profession, and it is my job to make sure that the students in Wisconsin are aware of the possibilities that come with the CPA designation.

I am excited to be part of the WICPA team and look forward to bridging the gap between students and the information that can help them reach their goals.

Devin Yates is the WICPA membership outreach coordinator.

Reach out to connect with him anytime at 262-785-0445, ext. 4511, or devin@wicpa.org.

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FOCUS ON CAREERS

CPA:

The Path to Many Doors

I

’m a finance and accounting recruiter with experience in a variety of areas, including public accounting. However, I haven’t been a practicing accountant for a number of years now, and a question I am often asked by friends and family is whether

By Jorie Groom, or not I regret my decision CPA to become an accountant and obtain my CPA license — because frankly, 150 credits and the time it takes to properly prepare for and pass the CPA Exam is a significant investment. My answer is always the same: absolutely not! I don’t regret it; in fact, I am proud of my CPA designation.

“

Demand has never been higher for accountants. Salaries are continuing to increase to reflect this high demand and place greater value on this essential business need.”

I decided on accounting as a career when I was a junior in high school, not because I was exceptionally great at math (a common misconception) but because I enjoyed an accounting class I had, and I knew it was a stable career. That was true in 2009 when I graduated from high school, and it rings true even more so today.

for me to take a risk like that, but the truth is the only reason I had the confidence to do something like that was because of my CPA designation. Even when I wasn’t in accounting, I always knew that I had job security, and I could go back to it if I wanted to.

Demand has never been higher for accountants.

The number of students graduating with an accounting degree and obtaining the CPA designation is far lower than the number of accountants needed.

Salaries are continuing to increase to reflect this high demand and place greater value on this essential business need.

What the CPA designation really means to employers is that you are disciplined; you can manage your time and work independently to get the job done. That skill set is in high demand, not just in public accounting but throughout the entire business world.

Whether it’s a startup, a large corporation or anything between, employers want these qualities.

When I originally left public accounting, I did a complete 180. I taught yoga and fitness classes while working in retail. It was definitely out of character

Accounting as a career is not just the backbone of a business; it is the overall language of business.

It’s not just “a numbers game,” as many people think.

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Businesses need those who can appropriately keep track of the business results and analyze them and make recommendations accordingly — and that’s what they get with a CPA. For an organization, it is the difference between just staying afloat or growing into a profitable business empire.

A couple of other misconceptions I would often hear while I was in public accounting were “I wouldn’t picture you as an accountant — you’re so outgoing!” which would either be followed or preceded by “You must be great at math!” Sure, there are accountants like Angela and Kevin in the TV sitcom The Office, but the fact of the matter is that there are many different career paths in accounting that enable you to match your interests and specific skill set to maximize your

“

Businesses need those who can appropriately keep track of the business results and analyze them and make recommendations accordingly — and that’s what they get with a CPA.” CPA2b Spring 2022 | wicpa.org

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success. Here are a few examples of things you can do with an accounting degree and a CPA designation: • Blend your role with another interest, such as IT, finance or even law.

• Love to travel? Some public accounting firms as well as international publicly traded companies can station you in countries like the UK, Australia, Spain, Switzerland — and the list goes on.

• Love your summers? Public accounting can provide the work-hard, play-hard environment that allows you to frontload your hours when the workload is slower and have some summer play time.

• More of a bookworm? Tax law is constantly changing, and the demand for tax research is on the rise.

• Not really a numbers person? Perhaps Internal Audit is the path for you!

One of the biggest concerns I had (and that many college students have) is the fear of the unknown: What if you spend the time and money investing in a college degree with a major you chose when you were in your 20s and end up not enjoying your career?

With accounting, that fear can be minimized because of the many options that are out there, even right out of college. So, the question then becomes: How do you make your résumé stand out from other résumés that show the same college degree and coursework?

A great way to do that is to put “CPA” after your name.

I will be the first to tell you the exam isn’t fun, but it’s

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“

The WICPA can provide many opportunities for students to network with professionals who can help you start your career.”

worth it. A small chunk of time invested will pay you back — with interest — for the rest of your career.

One final thought: Networking is something you want to do when you don’t need it — and while you’re still in school is a good time to start. Creating good business relationships early on, in high school or college, is so important for your future. Similar to having the CPA designation, being well-connected is something that will only add value to you and your brand, personally and professionally. The WICPA can provide many opportunities for students to network with professionals who can help you start your career.

Some may even be looking for someone just like you to join their organization. And they will prove to you that a career as a CPA is the path to many doors that will be opened to you for the duration of your career.

Jorie Groom, CPA, is a finance and accounting recruiter with Truity Partners (formerly Baker Tilly Search & Staffing) in Milwaukee.

Contact her at 414-777-5322 or jorie.groom@truitypartners.com.

WELCOME NEW STUDENT MEMBERS

Jorge Babcock Carroll University

Angela Morrison Linda M. Kaiser, CPA

Tim P. Calkins

Hannah Nale

Colin D. Enz

Heidi L. Nell Nicolet National Bank

Stephen Fabal Jordan P. Fader Ernst & Young LLP Victoria Favela Carroll University Samantha Johnson Carroll University Matthew T. Leikness University of Wisconsin-La Crosse

Colleen F. Nolan Carlson & Associates CPAs, Inc. Matthew G. Scheuers Lakeland University Victoria Treul Elizabeth J. Unger Carroll University

CPA2b Spring 2022 | wicpa.org

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FOCUS ON CPA EXAM

Your

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CPA

Journey

A

s many of you know, the CPA Exam is actually a series of four exams. If you’re currently taking the exams for certification or planning to do so soon, it’s critical to have a plan for all four exams and a vision

By Victoria to get you through. I’ve Thayer, CPA, completed my journey to MSA CPA certification in the past year, and I’d like to share with you some recommendations and tips for staying motivated and passing all four parts of the CPA Exam.

Define your purpose and set some goals Before you start your journey, find your purpose. Your purpose is what drives you each morning to wake up even when you are tired.

Finding your purpose involves finding a way you can use your talents to add value to others. It requires knowing your weaknesses and strengths and understanding what is important to you.

Ask yourself: How do I want to contribute to my community? What do I want to achieve in 5 years or 10 years?

Once you answer those questions, you should visualize your goals as if you already achieved them. For me, it helps to have my goals visible, to see them every morning and remind myself why I need to get up early and chase after my dreams.

I made a vision board to help me see all my goals and hung it up in my bedroom. Once you find your purpose, the answer to “Why do you want to get your CPA?” will be easy to answer, and your “why” will be stronger than your excuses or your circumstances. Each person’s journey is different, but we all need a map to follow. When we sit in a car, we cannot expect the GPS to take us where we want to go without entering a destination.

Your career journey is the same way.

Create an action plan After you have your “GPS” set to the direction in which you want to go, you need to create

an action plan that will get you there. As Judy Faulkner, the founder of Epic Systems Corp. in Verona says, “Hope is not a plan, and soon is not a time.” Prepare for your exams with a clear plan that includes an exam timeline, number of chapters you need to cover per week and number of hours assigned to study each week. Keep to your schedule; but if you fall behind one week, it’s OK — just make the right adjustments to get back on track the next week. It can be challenging to study long hours and not go out with friends or do other recreational activities, but you must weigh how important each activity is to your long-term goals. Our results are the consequences of our daily actions!

Your action plan should involve the following: 1. Setting a timeline for your journey This step involves planning around life events, busy times of the year and vacations to estimate when you will take each exam and when you will finish. In my case, I decided to take all four exams within seven months. I work full time in public accounting, and I wanted to finish before the next tax season. At my firm, we work longer hours in the spring, so I needed to remain focused on work during this time and didn’t have as much time to study. I decided to start exams CPA2b Spring 2022 | wicpa.org

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SET A TIMELINE

DECIDE THE ORDER

PLAN YOUR STUDY HOURS

in May, and I finished my last exam in November. That gave me some extra time in case I needed to repeat an exam. I gave myself six weeks for each exam (except for FAR, for which I gave myself two months). I believe that short time periods allowed me to have everything fresh in my head.

2. Deciding the order of your exams For me, the order was AUD, REG, BEC and FAR. I recommend starting with the subject that you are the most familiar with because that first passed exam will give you the momentum and the right attitude to tackle the rest of the exams. I knew that based on statistics, FAR was the most challenging exam, but I also knew that once I had three exams completed, I would be so close to the end that I wouldn’t let my last exam stop me.

3. Planning your study hours How many hours per day can you study during the week? How many hours can you commit to on the weekends? I studied five hours a day from Monday to Friday and 10 hours a day on the weekends. If you have fewer hours to

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CHOOSE A STUDY METHOD

GET COMFORTABLE WITH THE TEST

“

Do some self-search, and be honest with yourself about what study method will work for you.” contribute, consider extending the length of time between exams or waking up an hour earlier each morning.

4. Choosing a study method Do some self-search, and be honest with yourself about what study method will work for you. Some people are more visual; others prefer to do problems. In my case, I prefer to read the textbook carefully and highlight all the details. I used a popular online package that included practice problems, lectures and a book. I mostly used the book; I did some practice problems, and I listened to the lectures only while I was driving.

5. Getting comfortable with the test The best way to get comfortable is by doing the practice exams. I would suggest doing two practice exams two weeks before your exam. Even if you feel like you are not ready to take them, take them! Use the experience as a learning tool, and do not feel defeated if you do not do well. A practice exam is an opportunity to see what material you struggle with, and you can work those chapters that you struggled with more heavily into your review. I always left my third (and final) practice exam for the weekend before my exam so I was in the rhythm of the exam. After I had completed and reviewed the results of my last practice exam, I would rest in the days leading up to the exam to make sure I was getting a full night’s sleep every night, with some brief high-level review each morning to keep the material fresh in my mind.

6. Being calm and ready on test day!

Be comfortable with the test center and the required documents to bring to your exam.

You’ll need to bring your ID and your Notice to Schedule (NTS — which you’ll receive after you’ve registered to take the exam). Just make sure it is the right NTS for your current exam.

What happened to me is that I brought the wrong one — twice — because I was nervous.

You’ll need to plan to best manage your time while you are taking the exam. Take note of when you are finishing each section during your practice exams, and at the end, assign yourself a set amount of time per section. Make sure you understand how the clock works and how the breaks are assigned so you leave enough time at the end for the simulations.

Set your mind to success Finally, have the right mindset and beliefs before your exam. In the Bible, Matthew explains that with faith you can move mountains! Believe that you will pass the exam, and create a mindset for success.

It’s not a matter of if you pass but a matter of when.

Don’t doubt yourself. Steve Allen, the author of The 10 Secrets of the Art of Success,* explains how the mind can limit our achievements. He explains that

BE CALM AND READY

“

Our minds can set the results for our performance — believe in yourself, and trust in your work and effort. You can and you will pass the CPA Exam!”

for years athletes did not believe it was possible to run a mile in under four minutes. Once someone finally achieved the four-minute mile, within a year several others achieved it, too. It was not until one person did it that the other runners were able to believe that they could do it, too. Our minds can set the results for our performance — believe in yourself, and trust in your work and effort. You can and you will pass the CPA Exam!

Victoria Thayer, CPA, MSA, is a senior accountant at Verhelst CPA in Oregon, Wisconsin. She has more than three years’ experience in tax accounting and two years’ experience in auditing. Contact her at vthayer@verhelstcpa.com. * This book is available only in Spanish: https://www.amazon.com/Éxitosuperación-personal-libros-cualquier/dp/1544804520

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FOCUS ON TECHNOLOGY

2022

TECHNOLOGY TRENDS

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o say we are living in interesting times is a significant understatement.

The rapid evolution of technology on multiple fronts is significantly and rapidly changing every aspect of our lives and commerce.

As future and current CPA professionals, whether serving in

By John H. the role of attesting to financial Higgins, CPA, reports, managing the financial CITP affairs of businesses small and large, serving as a trusted advisor to business or educating others, it is imperative that we all develop an awareness and understanding of the key mega technology trends. This article provides a baseline introduction to the key technology trends of which every future and current CPA professional should be aware.

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As future and current CPA professionals, it is imperative that we all develop an awareness and understanding of the key mega technology trends.”

The graphic below illustrates the key trends shaping our world today. Each of these evolving technologies is having a substantial impact; however, when analyzing them as a group and the relationships between them, you begin to understand the unprecedented period of change we have embarked upon in the history of humanity.

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The cloud computing infrastructure provides the capacity, reliability, security and scalability that is necessary to process the massive amounts of data produced by all these technologies.”

Cloud computing This is the foundational technology that enables the emergence of all the other technology trends. The cloud computing infrastructure provides the capacity, reliability, security and scalability that is necessary to process the massive amounts of data produced by all these technologies.

IoT / big data / data analytics These three technologies work hand in hand to provide us with access to an unprecedented level of information in every industry. The internet of things (IoT) refers to the billions of sensor devices that capture a variety of data values, resulting in “big data” sets. Using data analytics software, big data is processed to provide information that was not available even a decade ago.

One of the most practical examples of the application of this trio of technologies is Google Maps. The smartphones that are moving around the world in vehicles serve as IoT devices, feeding into massive datasets, analyzed in real time, providing us with visual navigation assistance in our vehicles. Pause for a moment to think about how much data is being analyzed by Google Maps around the world 24/7 and how many people depend on that information

to get them from point A to point B as efficiently as possible. Mind-blowing!

Robotic process automation (RPA) The concept of RPA has been around for quite a long time under the guise of different technologies.

One of the earliest examples of RPA is the original player piano, which originally used perforated paper to play music on the piano hands free. Today, of course, player pianos play digital files. A more recent example of RPA is the use of macros in Excel and other applications. An Excel macro executes a series of keystrokes to perform a routine task in Excel. A classic example is a macro that selects a pre-defined range of cells and prints them to a specified printing device.

RPA is simply the technology that automates routine computing processes. Significant amounts of a CPA’s day-to-day operations meet these criteria. The difference

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today is that RPA technology can be used to automate increasingly sophisticated processes. You can expect to see a whole lot of RPA applications coming online throughout society over the next few years. How long do you think it will be before McDonalds is using RPA technology to automate the order fulfillment process from end to end?

Artificial intelligence (AI) While RPA is often described as the automation of doing, AI is often described as the automation of thinking. The evolution of AI applications to power devices that think and act like humans is at the same time fascinating and scary. Take the simple example of Alexa asking if you would like a list of things to do today in New York City while you are visiting. It is common for people to carry on complete conversations with Alexa, Siri and others like them.

Think about the potential to automate decisionmaking. The entire process of preparing a corporate tax return with all the various decisions independent of human intervention is clearly within reach of this technology. AI has already had a substantial impact and will be the most disruptive and enabling technology of our time.

Blockchain technology In the graphic on the previous page, I intentionally placed blockchain along the spectrum of all the other technologies. The reason for that is blockchain is a revolutionary model for storing data. Blockchain is so powerful since the database is replicated across multiple storage platforms, providing truth through consensus, and the data stored in the blockchain is immutable. There are multiple applications for blockchain, both public and private. The original

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application of blockchain is the Bitcoin cryptocurrency system. Cryptocurrency has unleashed the investment of billions of dollars in research and development for all sorts of applications for blockchain technology. It is poised to have a substantial impact on the flow of commerce and information for years to come.

Cryptocurrency and digital money Finally, any conversation about emerging mega technology trends would be incomplete without a discussion of cryptocurrency and, more broadly, digital money. There is an especially important distinction between cryptocurrency and digital money. The former is a monetary system developed outside governmental control, whereas digital money typically refers to the transformation of “fiat” money from paper and coins to digital transactions. If you think about it, we have accelerated this transformation because of the COVID-19 pandemic. The overwhelming share of consumer transactions are now completed with credit cards, money transfer apps like Venmo and Zelle, and traditional ACH transfers. This technology trend is likely to have the most significant impact on CPAs and other financial professionals as our entire global monetary system undergoes a transformation.

We have only touched the surface on each of these technology trends. I hope that you will take the initiative to learn more about them. Each of the technologies discussed is certain to have a significant impact on your career.

John Higgins, CPA, CITP, is chief partnership officer and co-founder of CPA Crossings LLC. He shares his expertise as a nationally recognized speaker on business technology at education conferences and strategic planning retreats and through online webcasts. Contact him at jhiggins@cpacrossings.com.

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PROFESSIONAL PERSPECTIVES

DESTINATION CPA

Destination CPA is a feature profiling young

professionals who provide their insights about what it’s like to work as a CPA in public accounting or industry

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Alicia Koeser, CPA Job title: Senior Accountant l Employer: Wipfli LLP

What influenced your decision to become a CPA? An amazing business teacher in my freshman year of high school really inspired and supported me. I decided I wanted to work in public accounting because of the client relationships and diversity of the work I was doing as an intern. I knew I would hit my promotion limit quickly without getting my CPA, so that became my goal.

How did you complete the 150 hours necessary to take the CPA Exam?

I finished my Bachelor of Business Administration degree in 2019 and earned my Master of Professional Accountancy (MPA) degree in 2020. The MPA program allowed me to take classes specific to accounting with an emphasis on taxation.

What are some dead-wrong assumptions people make about CPAs? One assumption is that accountants are introverts and not creative. I consider myself and the people I work with to be outgoing and creative. We create through problem-solving rather than physically creating something. Another assumption is that accountants love math. I would say my job is less about “crunching numbers” than about strategic planning and being analytical.

What’s the best part about your current job?

The flexibility. I like that I am not tied to a strict 8 to 5 time schedule. If I have an appointment during the day, I can take time off and make up for it by working at night. I am also more productive at night, so it’s nice that I can split up my day.

How did you find your first job out of college?

Recruiting events on campus. I also did my research on different public accounting firms, and Wipfli was one of my top three choices for an internship.

What was your first year like?

My first year full time involved a lot of learning. I was exposed to a lot of different types of projects and areas of public accounting. I worked on audits and tax returns, but I ultimately knew I was going to choose tax. It was beneficial to be able to gather resources and establish connections that would help me throughout my career.

What surprised you the most when you started your job?

The fact that I didn’t have to report to someone 24/7. I felt like an adult in charge of my own work.

However, I still had someone to help me and ask questions of if I needed it.

What’s the best thing about being a CPA? The opportunities. The moment I updated my LinkedIn profile with my certification, I was receiving offers left and right. I also noticed that clients took me more seriously once I added CPA after my name.

What do you like most about the organization you work for?

I like that we are one large team. I work with more than just the people in our local office. Wipfli has offices all over the country, and it’s nice to be able to talk to people in other states. It’s helpful to have access to people with many different areas of knowledge.

What are your goals for the future?

I want to continue learning as much as I can and share my knowledge through training interns and new staff. My ultimate goal would be to work in my preferred industry with a team that shares my interests.

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Michael C. Nelson, CPA Job title: Advisory Analyst l Employer: Deloitte & Touche LLP

What influenced your decision to become a CPA? A number of my family friends who are CPAs, along with my introductory accounting professors in college, influenced my decision to become a CPA. These people represented the profession well and explained the many benefits of a career in accounting.

How did you complete the 150 hours necessary to take the CPA Exam?

I completed the 150 hours in college (Vanderbilt University) and graduate school (University of Texas at Austin). I knocked out a lot of the relevant coursework during undergrad and fully met the requirement after finishing a master’s degree in accounting.

What are some dead-wrong assumptions people make about public accounting?

In my experience, I know a lot of classmates and friends who avoided public accounting because they thought busy seasons would be too much to handle.

Although there are some long nights, it is possible to find a good work-life balance in any season.

What’s the best part about your current job?

The best part of my job is its challenging nature. My job forces me to make bold decisions, try new things and deal with complex issues. These are skills that will serve me well in any area of my life.

How did you find your first job out of college?

I was very fortunate to have a group of mentors and friends who passed along my application materials to my employer. I applied for a number of audit positions at first but focused on my current job in advisory after a few rounds of interviews.

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What was your first year like?

My first year in public accounting was interesting and a little unpredictable. I completed all of my onboarding and training in a virtual setting due to the pandemic. Luckily, I got to meet some of my work colleagues in person a few months after I started.

What surprised you the most when you started your job?

The biggest surprise to me when I started my job was learning about the enormous range of services that public accounting firms provide to their clients.

There is a lot more to public accounting firms than just audit and tax.

What’s the best thing about being a CPA? I felt a great sense of accomplishment after receiving my CPA license. My CPA journey involved years of coursework, studying and work experience. I think every CPA feels a healthy sense of pride after all their hard work finally pays off.

What do you like most about the organization you work for?

I like my coworkers the most at Deloitte — they are a lot of fun and help me get better every day.

What are your goals for the future?

I am not sure. I may choose to stay in public accounting for a while, switch to an accounting/ finance role in industry or pursue another field like law or education. Whatever I decide my goals for the future will be, I know my CPA license will help me achieve them.

Alex Van Ess, CPA Job title: Senior Tax Accountant l Employer: Ernst & Young (EY)

What influenced your decision to become a CPA? I wanted to pursue a career in accounting and thought getting licensed would help open a lot of doors for me. My mom, who is also a CPA and WICPA member, was a great mentor and helped motivate me to study and crush the exams.

How did you complete the 150 hours necessary to take the CPA Exam?

I took larger credit loads, but I also included some fun classes like flag football and bowling. I also studied abroad in my junior year. My AP credits also helped, and testing out of classes allowed me to take additional classes.

What are some dead-wrong assumptions people make about public accounting?

Accountants are boring and nerdy. We do “nerd out” when things tie out or we generate a big refund, but we also like to have fun. I also like to motivate the team with some good dad jokes!

What’s the best part about your current job?

The mentoring and coaching that I give on a weekly basis to the younger team members. I also like seeing the value-add when we save clients money and generate revenue for the firm.

What was your first year like?

It was challenging because I was studying for the CPA Exam and working. However, I was able to really get after it and learn a ton. I learned a lot of life skills in addition to the technical knowledge.

What surprised you the most when you started your job?

Every day is a test — and even though you do not get a letter grade, you are evaluated. I was surprised by the long hours, too, but also the flexibility once the skill of time management is addressed.

What’s the best thing about being a CPA? Being able to share the connection and bond with my mom, who is also a CPA. I also like the fact that I was able to accomplish a difficult goal that some people give up on.

What do you like most about the organization you work for?

The opportunities to move around and the opportunity to connect with a wide range of people across various states.

What are your goals for the future?

My goal is to continue to find opportunities to grow and challenge myself to seek out ways to help others with my skill set, whether they are working through a technical issue or facing a heartbreaking challenge.

I want to be there as someone they can trust.

How did you find your first job out of college?

I attended a career fair and was able to secure an internship in audit at EY in Minneapolis.

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LOOKING BACK

NOTE TO SELF

Note to Self is a column in which CPA professionals write notes to their college-student selves to give them a glimpse of their future. In this issue, Wendi Unger, CPA, a partner with Baker Tilly US LLP in Milwaukee and a past chair of the WICPA board of directors, writes a letter to her college-student self – after abandoning her dream of becoming a veterinarian and embracing the idea of an accounting career.

Dear Young Wendi, Okay, you thought about being a veterinarian but abandoned the idea when you realized you faint at the sight of blood. That’s okay! There’s a wonderful career ahead of you.

You will ace Introductory Accounting and begin to wonder why everyone doesn’t do accounting. It’s so easy! But as the months and

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years go by, you’ll think that “easy” is the last way you would describe it. You’ll think it’s more like “frustrating, complicated and confusing” for a while, but shortly before graduation you’ll change that phrase to “rewarding, invigorating and exciting.” A local accounting firm will offer you a job, and you’ll be so excited to begin a career in accounting.

Compiled financial statements, tax returns, projections and accounting assistance will keep you busy for the next several years. You will wonder how college helped you and question if you missed a required accounting class — because you will see things you have never heard of. But don’t worry — it does get easier. College taught you persistency, hard work, dedication and that “don’t give up” attitude that will come in handy at times. You are going to work with wonderful clients: people who have built their businesses from the ground up — even some famous people. It will be so exciting and well worth all the effort.

After you graduate, you will study for the CPA Exam. I’m not gonna lie — it will probably be the most difficult exam you have taken or ever will take. I encourage you to study really hard, dedicate the time and effort that the exam demands and get it done as soon as you can after graduation while you’re still in “college” mode. The sooner you take it, the easier it will be to pass.

There will be many hurdles as you move along your career path, but if you knock one over and fall, brush yourself off and get running again. It is all so worth it in the end. The people you will work with will be like family, the clients you serve will become your friends, and the opportunities that present themselves will be endless.

There’s just one thing I want to stress to you: Take time to stop and smell the roses. Your children will grow up very fast. Take the time you want and need to spend with them. The great part about the accounting profession is that it allows you the flexibility to do what you like when you like — and it will be there when you return.

So don’t worry about giving up your veterinarian dream. There are things ahead of you that you will one day look back on and marvel.

Wishing you all the best,

Wendi Unger, CPA

Shortly after you get married, you will decide it’s time to move to a bigger firm. You’ll get an offer, and you’ll think it might be scary to make such a big leap — but remember, this time you won’t be the youngest person there. And when it comes time to make a decision to switch your focus from tax to audit, just know that it will be one of the best decisions you’ll ever make.

After you have a year or so under your belt, you’ll begin to progress through the organization.

You’ll think about your future and wonder if public accounting is the right place for you. Trust me – IT IS! You will work your way through the ranks, go through a merger with another firm and eventually become an audit partner. Way to go!

You will have accomplished the goal you set for yourself years ago.

Left to right: Wendi Unger, Bryce Duhr (Elizabeth’s boyfriend) and Elizabeth Unger, Leslee Unger and fiancé Nick Klapka, Joe Unger

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CAREER PREPARATION

SOFT SKILLS

A Critical Accounting Tool

T

By Neil Fauerbach, MBA

he study of accounting delves into many important concepts, rules and laws that must be mastered to succeed in the field. These concepts and formats standardize the practice and allow efficient communication between accountant and client or accountant and employer.

These are the technical aspects of working in accounting.

When you enter the workforce, whether as an intern or staff accountant, you will discover that accountants are very visible within their organizations. You will certainly work on audit or tax teams during the “busy season.” But you will also find yourself working on teams across departments on projects from business development to quality improvement to marketing initiatives to strategic planning. You may also be working with clients and vendors.

Soft skills These activities require you to master skills beyond the technical. They require mastering “soft” skills: listening so you understand and communicating so you are understood. Your ability to communicate effectively will contribute to your success as an accountant.

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Your ability to communicate effectively will contribute to your success as an accountant.”

Listen up!

The Center for Creative Leadership defines a thoughtful process for active listening as listening to understand, not just to answer.

• Grant attention — Show you are genuinely interested in the discussion; focus on the moment.

• Withhold judgment — Be open-minded to new or different ideas.

• Reflect with the person — Paraphrase what you heard to confirm your understanding.

• Dig into the topic — Seek clarification, use open-ended questions to gather more information and summarize key ideas and themes.

• Share — Once you understand the issues, introduce your ideas and suggestions; discuss potential solutions.

This is a good process to consider when working with colleagues as well as clients. When people listen passively, we often feel that they are simply waiting for their turn to speak. Don’t be that person. Listen to understand, not simply to respond.

Putting that skill to work is Steven Pullara, CPA, a tax partner with the Madison office of BDO USA LLP. Pullara has been a practicing accountant for 37 years and is the incoming chair of the 2022–2023 WICPA board of directors. When working with clients, Pullara stated, “It is critical to first listen and understand the client’s needs and goals before we develop our advice. Then the most important communication skill we use when delivering that advice is to simplify, in nontechnical terms, the options they have available. These could be tax, financial statement reporting or business management opportunities and obligations. We need to remember that as CPAs we advise, and the client decides.” So clear communication is critical to the client relationship and to advising the business or individual to make data-driven decisions.

Know your audience Who will be on the receiving end of your communication, and what is their level of understanding of the points you wish to present? A common mistake

professionals make is to use industry lingo or acronyms that the listener may not be familiar with. Your job is to understand their level of understanding and communicate appropriately.

As an example of technical jargon in an auditor’s report on internal controls, you might use terms like “material weakness” or “significant deficiency.” Without proper translation to the client by the messenger (you), these problems, if not properly understood and acted upon, could lead to undetected problems later on.

Material weakness in an IT system could lead to hackers accessing confidential information. A material weakness in financial reporting could lead to misstatement of the financial health of a company when attempting to secure financing. Misunderstanding has consequences.

As Pullara stated, “… as CPAs we advise, and the client decides.” Ensure the client understands the issues and implications you are presenting.

Communicating with those outside the accounting profession is not limited to CPA–client conversations.

Bret Kastein, CPA, is president of Point Precision Inc., a family-owned contract manufacturer in Plover. The company is transitioning ownership and control to the second generation. Kastein noted, “With the ownership CPA2b Spring 2022 | wicpa.org

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transition, we have had many meetings with our accountants, attorneys and respective spouses. With these discussions, we had various levels of understanding, from little or none to fairly comprehensive.”

Kastein said that even when you think you have explained something very simply, quite often it is still not understood. “It is difficult to not include professional jargon in the conversations,” he said. “But the key is to make sure you can bring the jargon to a personal level. I always try to bring in an example that they are familiar with. I was fortunate that I knew the level of comprehension of the successors so I could read my audience easily and clarify points that were confusing.”

Write for clarity Good, clear, accurate writing is critical in communicating facts and ideas. Accounting professionals compose many types of communications, including proposals, financial reports, memos and strategic plans.

There are several keys to great writing that accomplish the goal of the written piece.

• Know and understand your audience and their level of understanding of your jargon. Write with that in mind.

• Clarify your goal or intent. Is it to inform, persuade, argue or recommend?

• Be accurate. Fact-check the details. Make sure the math is correct. Punctuation and spelling are important and easy opportunities to lose credibility if improper.

Verbal presentation skills In a Harvard Business Report article from 2018 titled “How to Stop Saying ‘Um,’ ‘Ah,’ and ‘You Know,’” author Noah Zandan discusses these “filler words.” These pauses in speech can influence how people perceive you and your message.

Zandan writes, “When we find ourselves rattled while speaking — whether we’re nervous, distracted or at a loss for what comes next — it’s easy to lean on filler words. These may give us a moment to collect our thoughts before we press on, and in some cases, they may be useful indicators that the audience should pay special attention to what comes next. But when we start to overuse them, they become crutches — academics call them disfluencies — that diminish our credibility and distract from our message.”

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Listen so you understand.

Communicate so you are understood. Perfect these skills, and you will be on your way to a successful accounting career.”

Zandan cites from a study published by Brigham Young University that we are conditioned to abhor the vacuum of a pause. The study recommends “embracing the pause” and shows research that great public speakers often pause for two to three seconds or even longer.

It’s important to note that these filler words aren’t used just at the podium. Zandan’s discussion also applies to casual conversation, especially when you’re in the office.

Listen so you understand. Communicate so you are understood. Perfect these skills, and you will be on your way to a successful accounting career.

Neil Fauerbach, MBA, has 37 years’ experience in CPA firm marketing and business development, including a longtime post with Smith & Gesteland/BDO. He has been honored with CPA Marketing Report’s Accounting Marketer of the Year Award, inducted into the Association of Accounting Marketing (AAM) Hall of Fame and included in Accounting Today’s 100 Most Influential People in Accounting.

Interested?

Contact Marcia Tillett-Zinzow, editor, at mtzinzow@icloud.com.

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CAREER PREPARATION

INTERVIEWING

Interviewing Your Potential Employer Is a Must

By James J. Caruso, CPA, CGMA

R

ecruiters and interviewers use checklists to identify the skills and attributes of the ideal candidate. You should do likewise. What type of organization, team, culture and situation comprise your ideal role? Then craft interview questions of your own, customized to the circumstances and within the context of what you learn from your research.

Purpose and strategy What is the organization’s purpose, mission and vision? Is there a clear strategy to achieve the vision?

How is purpose and strategy distilled down through the organization, and can the people you meet articulate the purpose and strategy? How does the company intend to grow? What are the most pressing economic, competitive or regulatory issues? By gaining an understanding of the situation, you can decide whether it is a fit for you.

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Culture Ask every interviewer to describe the culture and office environment. Ask which corporate value resonates most with them and how culture and values are demonstrated throughout the organization. A sense of work-life balance can be gained from questions about culture. Expect to hear only positives from people trying to attract you to the position, but note if the responses are consistent. The corporate values should seem authentic and more than just words on a website.

Organizational structure Go beyond questions about direct reporting relationships to understand the broader organizational dynamics. To what extent is the company centralized or decentralized, and how are the various functional areas organized across business units or locations? What are the dynamics of the team you will be joining or leading?

Does the level of talent support ongoing or planned initiatives? Are you coming in over someone else who may have wanted the position? If so, what resulting dynamic can you expect?

Operations Questions designed to understand the company’s operations are dependent upon the nature of the business and industry. Topics that may cross industries include revenue streams, cost drivers, key customers and suppliers, etc. If there have been any recent acquisitions, what is the status of the integration? Try to gain insight into the information technology environment — not just the accounting system. What is the overall infrastructure like, including recent or planned implementations?

Financial profile When interviewing for an accounting or financial position, it stands to reason you will want to understand the organization’s financial profile. Try to assess financial viability and clearly understand the financial challenges you might have to address. A private company may be unwilling to share financial information, but you can still ask general questions, such as how margins compare to the industry. Ask about the capital structure, covenant compliance, seasonal working capital requirements, available liquidity, etc. Once you receive an offer, ask to review the company’s financial statements, and offer to sign a confidentiality agreement if necessary.

Governance Questions in this area are important for assessing the professionalism, credibility and viability of smaller, owner-managed or entrepreneurial businesses. What is the composition of the board of directors? Who are the accounting firm, tax advisers and legal counsel?

Specific challenges and objectives Every position has specific challenges and objectives in addition to its day-to-day responsibilities. A newly created position may be a response to prevailing issues or planned initiatives; an existing position may be vacant because a predecessor did not work out. I once interviewed for a CFO position where a private equity firm had recruited a CFO who lasted only six months. I asked

“

Go beyond questions about direct reporting relationships to understand the broader organizational dynamics.” everyone I talked to for their perspective on what had gone wrong and what would define success for a new CFO. You need to determine if you will inherit problems that need to be solved. What previous solutions were tried, and why did they fail? What is the appetite for spending on solutions that require new technologies or talent?

Working styles Asking your potential new boss and other colleagues how they like to work will lay the foundation for good working relationships. For example, what are their preferred modes and frequency of communication? How is remote work managed? If you are replacing someone, what worked well and what didn’t in that relationship?

Select from your list of open-ended questions, as appropriate, for each meeting. Revise and refine the list as you move through the process and gain more information and perspective. It is perfectly fine to refer to your list during interviews and take notes on the responses.

Don’t be that person who says “No” when asked, “Are there any questions I can answer for you?”

Repeating questions that you may have already asked others is not only appropriate, but necessary.

Consistency of responses, especially on matters such as culture and values, is as revealing as the answers themselves.

James J. Caruso, CPA, CGMA, is chief financial officer of J. Knipper and Company | KnippeRx in Somerset, New Jersey, and a member of the Pennsylvania CPA Journal Editorial Board. Contact him at james.caruso@knipper.com.

Reprinted from the Pennsylvania CPA Journal with permission of the Pennsylvania Institute of CPAs.

CPA2b Spring 2022 | wicpa.org

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WISCONSIN CPA EXAM

CHECKLIST

Educational Requirements o

Education Applicants must complete (cannot be in process) a minimum of 120 credit hours of education leading to a bachelor’s or graduate degree to apply for the Uniform CPA Exam, which includes at least 24 semester hours in accounting from an educational institution that is accredited by an agency recognized by the U.S. Secretary of Education at the undergraduate level or 15 semester hours at the graduate level, or an equivalent combination that covers each of the following subject areas: • Financial accounting • Cost or managerial accounting • Taxation • Auditing • Accounting information systems

o Through May 31, 2021, the Wisconsin Accounting Examining Board will consider both the accounting information systems and information technology requirement satisfied if the applicant has completed at least one information systems course. o The information systems courses are Accounting Information Systems (AIS), Business Information Systems (BIS), Management Information Systems (MIS) or simply Information Systems (IS). o Starting June 1, 2021, applicants must complete the AIS course to satisfy the accounting information systems requirement. Completion of the BIS, MIS or IS courses will not satisfy the accounting information systems requirement.

Note: A bachelor’s degree is not required to apply. The 120 credits must be completed and include the above required classes before applying. o

Courses

• Credits from a community or technical college not transferred to an accredited institution that offers a bachelor’s degree may be accepted toward the requirements if they are earned from an institution of higher education accredited by an accrediting agency that is recognized by the federal Department of Education.

• The courses covering the subjects of financial accounting, cost or managerial accounting, taxation and auditing would generally be courses taken beyond the introduction accounting course required of every business major.

• Correspondence, CLEP credit, pass/fail grades and online courses are acceptable when you receive credit for the courses at a regionally accredited college or university. These courses must appear on an official transcript.

• Upper division courses are usually taken at the junior or senior undergraduate level.

• CPA review courses are not acceptable.

Note: Wisconsin offers the National Association of State Boards of Accountancy (NASBA) Advisory Evaluation as an optional service. An Advisory Evaluation will identify any academic deficiencies in education before submitting a firsttime application for the Uniform CPA Exam.

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CPA2b Spring 2022 | wicpa.org

Transcripts o

An official transcript must be submitted from each school attended.

• Credit for courses completed at institutions located outside the U.S. must be transferred to an accredited bachelor’s degree-granting institution inside the U.S. o

The degree must be posted on the official transcript.

o

Official transcripts submitted electronically must be directly from the institution(s). Some schools do not offer this service. Contact the registrar’s office for additional information. If an email address is required for electronic delivery, use etranscript@nasba.org.

Applying o

Candidates must create a user account and apply through NASBA at nasba.org/exams/cpaexam/wisconsin.

o

A nonrefundable fee must be submitted with each application. Candidates may apply for one or more sections of the Uniform CPA Exam at the same time; however, the Notice to Schedule (NTS) will expire after six months.

Candidates are recommended to only apply if they are ready to take the section within the next six months.

First-Time Application 4 examination sections 3 examination sections 2 examination sections 1 examination section

$1,185.60 $934.45 $683.30 $432.15

Re-Examination Application 4 examination sections 3 examination sections 2 examination sections 1 examination section

$1,102.60 $851.45 $600.30 $349.15

Note: There is no residency requirement for the state of Wisconsin. The Department of Safety and Professional Services (DSPS) administers Wisconsin’s CPA certificate and license. For more information on licensure, see the Wisconsin CPA Certificate & License Checklist at wicpa.org/LicenseChecklist.

Passing o

All four exam sections may be taken individually and in any order, but all four must be passed within an 18-month period, which begins on the date that the first passed exam section was taken.

• As of July 1, 2020, candidates can test year-round (removing the four testing windows and blackout periods).

• Candidates may retake an exam section once they have received their grades for any previous attempt of the same section.

Note: The ethics exam is administered through DSPS after the license application is submitted and requirements are met.

Next Steps o

See the Wisconsin CPA Certificate & License Checklist at wicpa.org/LicenseChecklist.

Note: For questions or more information, contact NASBA at 800-CPA-EXAM (800-272-3926) or cpaes-wi@nasba.org.

CPA2b Spring 2022 | wicpa.org

37

CAREER ADVICE

BOOK REVIEW

New Book Offers Advice for Starting and Advancing in Accounting

By Kathleen Hoffelder

W

hether a student is looking for a way to begin a new accounting career or a working professional has their eyes on a coveted chief financial officer job, former KPMG Philadelphia Office Managing Partner Jerry Maginnis, CPA, has the inside tips and hands-on know-how to make those dreams a reality. His new book, Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities, published by Wiley, sheds light on how to be successful at all levels within an accounting career — something that’s not readily discussed in the classroom.

The book, which took about three years to write, according to Maginnis, was never a financial endeavor

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CPA2b Spring 2022 | wicpa.org

— it simply was meant to educate and pass on advice to those around him. “I’ve had many conversations with students at Rowan University about their future aspirations, such as ‘How do I get that first internship?’ or ‘Should I take the CPA Exam?’” he explained. “It’s great if I can help point a couple of these kids in the right direction, but is there a way to capture some of this advice I’m sharing with them and share it more broadly?” he asked himself before writing the book.

“Every student is unique, and you try and help them,” said Maginnis. “Through mentoring, teaching and coaching, I have had hundreds of interactions with young professionals. My motivation was basically to help that next generation of CPAs at the end of the day.”

Lessons to pass on With key takeaways in every chapter, readers learn practical tips about the accounting profession — from the reasons one should enter in the first place to what benefits it can provide over a lifetime. Section One of the book focuses on college and high school students who may still be investigating the profession, while the second section discusses issues, challenges and opportunities for early career professionals in need of some fundamental lessons.

The third section of the book applies broadly to anyone in accounting who may be looking to advance or switch careers. The chapters include how to make the best career decisions at every level and how to avoid burnout.

“Many folks change jobs for different reasons,” Maginnis noted, and the book walks the reader through what to expect in those situations. “Change has always been a constant, and you need to be able to adapt to that change. The pace of change is accelerating, but don’t be afraid of it — it can actually be your friend.”

Myth busters Throughout the book, Maginnis also explains the commonly held misperceptions that may be keeping one from a career in accounting. The following are some of the myths sprinkled throughout the book as well as a reality check on what the truth is:

The CPA Exam is too hard and not worth the time and money. As Maginnis explains, more than half a million people have taken and passed the CPA Exam. There are costs involved, but from an ROI standpoint, a person will certainly make that money back hundreds of times over the course of their career, he explains.

I don’t want to go into public accounting due to the crazy hours. There’s always talk going around about the long hours professionals often work in accounting, but work-life balance is possible. Yes, there’s a busy season, he said, but it’s not all the time. Employers have gotten a lot better at compensating for that busy season with time off and other considerations.

Accountants are introverts. Forget the stereotypes, according to Maginnis. There are many dynamic, funny, friendly, outgoing and charismatic accountants.

Technical knowledge as well as having a commitment to staying current, a value creation mindset and ability to build and maintain relationships are critical to success, said Maginnis. He also advises asking for feedback and listening carefully. A second edition of the book could be a possibility in the future, he added.

Kathleen Hoffelder is senior content editor for New Jersey CPA, a publication of the New Jersey Society of CPAs. This article is reprinted with permission.

Save 40% on Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities. Go to https://bit.ly/AccountingCareerAdvice, and use promotion code JMAS4.

The book’s author, Jerry Maginnis, CPA, is an executive in residence at Rowan University. Previously, he spent 36 years with KPMG in Philadelphia, serving as managing partner from 2006 through 2015. He can be reached at jerrymaginnis@outlook.com.

CPA2b Spring 2022 | wicpa.org

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Our team atmosphere and close-knit culture emphasizes and supports career development and personal growth.

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www.wipfli.com l Tori Spencer, Talent Acquisition Specialist l vspencer@wipfli.com Wipfli ranks in the top 20 accounting and business consulting firms in the nation. With offices across Wisconsin, Arizona, California, Colorado, Georgia, Idaho, Illinois, Maine, Minnesota, Missouri, Montana, New Hampshire, Pennsylvania, Utah, Virginia, Washington as well as offices in India and the Phillippines, Wipfli professionals provide industry-focused assurance, accounting, tax and consulting services. We set ourselves apart by making significant investments in our associates to develop their knowledge in specific industry expertise to better serve clients and become trusted business advisors!

IF YOUR FIRM WOULD LIKE TO BE LISTED IN THE FIRM SPOTLIGHT, PLEASE CONTACT SUE DANIELS AT 800-772-6939 EXT.CPA2b 4516 ORSpring SUE@WICPA.ORG. 2022 | wicpa.org

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PRSRT STD U.S. POSTAGE

PAID

Milwaukee, WI Permit No. 5845

W233N2080 Ridgeview Parkway, Suite 201 Waukesha, WI 53188

ACCOUNTING SCHOLARSHIPS

Receive $2,500 in scholarship money!

Apply online at wicpa.org/scholarships through March 18, 2022.

Scholarships are awarded from the WICPA Educational Foundation to qualified accounting students that have completed at least 90 credits of a degree program that qualifies to sit for the CPA Exam.