CPA2b Magazine - Fall 2022

CPA2b Fall 2022 | wicpa.org 1 FALL 2022 | VOL. 18, NO. 1 Marcel Kas 4 English as a Second Language THE NEW CPA EXAM page 10 SOCIALTIPSMEDIA page 18 ROCKEXAM!THE page 32 OPTIONSCAREER page 38 Plus...

2 CPA2b Fall 2022 | wicpa.org 01 DEVELOPMENT:LEADERSHIP Join the YP Committee, write for andpublicpublications,WICPAenhancespeakingskillsmore. IMPORTANT NEWS: CREDIBILITY: RESOURCES:ONLINE EVENTS:WICPA Attend YP breakfastconferences,socials,programs and membership events. 02 06 07 03 04 05 Join today at wicpa.org/join 93% 7,000+ 7 NETWORKING: Join over andcontacts,representprofessionals7,000whobusinessemployersmentors. Connect memberswiththrough the Membership Directory and find a job with the WICPA Career Center. 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. MEMBERSHIPRENEW500+ VOLUNTEERSMEMBER MEMBERSSTATEWIDE PROVEN REASONS TO JOIN THE WICPA SAVINGS:EDUCATIONAL Apply for scholarships, and save on CPA review courses and conferences. 2,500+ WISCONSIN COMPANIES, FIRMS AND ORGANIZATIONS REPRESENTED Get tips on accounting careers, technical topics and accounting trends with ourpublicationsaward-winningande-news.List WICPA membership on your resume as a demonstration of your commitment to the profession.

CONTENTS

CPA2b Fall 2022 | wicpa.org 1 A publication of the WICPA Educational Foundation, Inc. | wicpa.org Fall 2022 | Vol. 18, No. 1 DEPARTMENTS 3 Membership message 35 Welcome new members 40 Career planning 4 member profile English as a second language Marcel Kas, a senior at Marquette University, didn’t know a word of English when he started kindergarten in the U.S. Now he’s carrying an almost 4.0 GPA while majoring in both accounting and finance and will graduate with his bachelor’s degree in May 2023.

By Rachel Anevski, MAOB, PHR, SHRM-CP 18 focus on social media Think ahead Don’t wait ’til it’s too late: There’s no better time than now to pay attention to how your social media posts present you professionally. By Donna Pinsoneault 22 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 Samantha Teal, CPA; Kyle Kagerbauer, CPA; and Brooke Winter, CPA 26 looking back Note to self A seasoned professional writes a letter to his collegestudent self to reassure him that he’s choosing the right career. By Kyle Stephens, CPA 28 career preparation: relationship building The importance of soft skills for CPAs Many CPAs convince themselves that great technical skills and high-quality work will be enough. But relationships are the real key to success. By Carrie Steffen 30 career preparation: employment tips Marketing YOU Ten tips that can help you rise to the top, whether you’re a recent graduate or an underclassman looking for an internship. By Kristin Kallies, PHR 32 exam preparation Rock the CPA Exam! A culmination of tips and strategies that can help you navigate various junctures throughout the process of taking the CPA Exam. By Amy Napolski 36 special events New CPA Banquet Nearly 100 new CPA licensees, their guests and supporting firm and business leaders attended the 2022 New CPA Banquet. By John Rasche 38 career advice Exploring your options Accountants can pursue opportunities in every sector of the economy, from global Fortune 500 companies to the local dry cleaners. By Jerry Maginnis, CPA 4

By Marcia Tillett-Zinzow 10 focus on the CPA Exam The new and improved CPA Exam An update on the CPA Evolution, undertaken to embrace the changing skills and competencies required of CPAs, today and into the future. By Heather M. Demshock, CPA, CMA and Robert E. Duquette, CPA 16 focus on your career Up the ladder: the first 10 years Would a side hustle as a bartender teach you skills you’ll need as a CPA? Find out why the author says it might prepare you for a faster path upward.

2 CPA2b Fall 2022 | wicpa.org theWaukesha,CPA2bisabiannualpublicationoftheWisconsinInstituteofCertifiedPublicAccountants.Changeofaddressshouldbesentto:Membership,W233N2080RidgeviewParkway,Suite201,WI53188;Phone:262-785-0445;Fax:262-785-0838;email:comments@wicpa.org.StatementsoropinionsexpressedarethoseoftheauthorsandnotnecessarilythoseofWICPA.PublicationofanadvertisementdoesnotconstituteanendorsementofaproductorservicebyCPA2bortheWICPA.Articlesmaybereproducedwithpermission.©Copyright2022CPA2b. ACCOUNTING SCHOLARSHIPS Apply online at wicpa.org/scholarships through March 3, Scholarships2023.areawarded 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. inReceive$2,500scholarshipmoney! 2022-2023 BoardEducationalWICPAFoundationofDirectors: President Paul J. Frantz, CPA Secretary/Treasurer Jeff Dewane, CPA, CGMA, CMA, MBA 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

CPA2b Fall 2022 | wicpa.org 3

Forming professional connections early is a huge advantage that often results in internship or job opportunities.” “

Another great benefit of membership is the ability to attend WICPA conferences at a deeply discounted

Educational savings

W hether you’re taking your first accounting class in high school or studying for the CPA Exam, WICPA membership can help you on your pathway to becoming a CPA. Our organization offers the resources and benefits to help jumpstart your prosperous career in the field. Getting involved with professional organizations like the WICPA early in your educational career can set you up for great success down the line. In this article, I will highlight a few of the many benefits of membership you have access to as a student member.

MEMBERSHIP MESSAGE FROM DEVIN YATES

Resources Our website (WICPA.org) is filled with helpful resources to guide and assist you when needed. Starting a new career can be exciting but stressful, and having the support of the WICPA community can help smooth the transition. For just $25 a year, you gain access to all the resources the WICPA has to offer. Seriously, skipping one latte every other month ought to cover your investment!

The price of college continues to rise, and with the 150-credit requirement to obtain your CPA license, any relief from additional costs is beneficial. The WICPA offers discounts on several independent CPA review courses to help you start your journey to becoming a CPA. The organization also has a scholarship award program for students who are on their way to completing their 150 hours. Check it out at wicpa.org/scholarships.

Professional development

The potential benefits of WICPA membership are limitless, and I hope you consider joining our organization and getting a jump on your career. As the membership outreach coordinator at the WICPA, my job is to make sure our members are getting the most out of their membership, so feel free to contact me anytime at devin@wicpa.org.

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.

Invest in Your Future With the WICPA!

Last but not least, I’m happy to share that some exciting changes will be coming with a High School Student Membership in the near future. Stay tuned to CPA2b and the WICPA website to find out more about it!

Networking With over 7,000 members throughout the state, we are the premier accounting association for CPAs and accounting students in Wisconsin. Our members work in every accounting role imaginable, and having access to their valuable insights into whatever field or specific role you may have an interest in can help set you on a path for the future. Forming professional connections early is a huge advantage that often results in internship or job opportunities. Our young professional socials and other events — such as our bowling nights and the annual golf outing — are great ways to get out and meet other WICPA members while having fun!

rate. These conferences provide a wealth of information on various topics from some of the foremost leaders in accounting and other subject areas. The knowledge you gain at these conferences can be a great addition to the lessons learned in the classroom. Student members are also welcome to contribute to CPA2b, by either writing articles or being featured in a cover story.

SwearingenRickbyPhotography English as a Second Language

At home, Marcel and his family still speak only Polish. Finding his accounting path

“I was elected the mayor there,” Marcel explained. “I had to work a lot with the bank, and it required doing a lot of math. I thought math was pretty good. English and reading were still kind of difficult for me since it’s my second language, but math is a universal language. It’s pretty easy to understand.”

It took Marcel years of ESL2 courses, summer school and interacting with others before he felt comfortable with the English language. Most of us never think about how difficult it can be when you don’t speak the language of the country you’re in.

While his early school years were difficult, Marcel has been able to excel in his studies. He graduated in the top 10 of his 2019 class at Greenfield High School, where he was not only a member of the school’s National Honor Society chapter; he also served as president. At Marquette University, Marcel has been on the Dean’s List every semester and holds a GPA of nearly 4.0. In 2022, he received a WICPA scholarship based on his academic achievement and his desire to become a CPA. He plans to take the CPA Exam as soon as he can after his May 2023 graduation from Marquette. Marcel became interested in accounting after Junior Achievement3 (JA) volunteers visited his fourth grade class and taught the students about banking, how to write checks, etc. The next year, his class went to JA BizTown,® a simulated town that kids get to run for a day, learning what it’s like to operate banks, manage restaurants, write checks — and vote for mayor.

W hen Marcel Kas started kindergarten, he didn’t know a single word of English.

Marcel Kas is a senior at Marquette University.

His interest and strength in math led him to take some accounting classes in high school. While he also had classes in AP chemistry and physics, it was the accounting classes that he enjoyed most. “Even though those science courses require a lot of math, I knew that science was not for me because I could not understand the concepts,” he said. “With business classes, I got the math part and the concepts part. With science, I got the math part, but I didn’t understand the concepts, so it was not for me.”

“My parents had tricked me by telling me we were going to the store to look for Kinder Eggs, instead they took me to a school and dropped me off in a classroom where a lady was reading a book. I remember her sitting down and opening the book the way a teacher does. She was talking to me in English, and I was talking back to her in Polish,” he said.

By Marcia Tillett-Zinzow

“It was definitely tough,” he said. “It’s kind of hard to make friends when you can’t speak their language. I didn’t even know how to pronounce my name in English,” he said. “But because my parents taught me Polish as my first language, I am able to have the full experience when I visit our village of Piekielnik.”

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While he was born in America, Marcel’s parents immigrated to the U.S. from Poland, and when they taught Marcel to talk when he was a small child, they taught him their native language. He distinctly remembers his first experience with an American teacher.

1 Traditional European chocolate eggs with a toy inside 2 English as a Second Language 3 Junior Achievement is a global organization that promotes financial literacy, work and career readiness, and entrepreneurship through its programs for youth.

6 CPA2b Fall 2022 | wicpa.org

“I was able to find a Polish store here that sold us 150 paczkis for a discounted price, and then we sold them and made a profit,” Marcel explained. “The club originally started in 1920, but it kind of fell apart in the 1980s and ’90s. They revamped it in 2010, and this fundraiser was the first time we actually made some money. It was nice because it helped us have futureMarcelevents.”was elected PSA president his sophomore year, but COVID intervened and took everything virtual. The only club activity that year was online trivia. Then last year, once everything opened up after COVID, the club was able to do more. They had a weekend retreat with a different Polish club in Madison, where they spent some time and made some new friends. “Then we had a cooking night, when we made pierogies [traditional Polish filled dumplings]; some movie nights and a game night. But the biggest thing we did was a big party that five of us organized. We called it the Spring Dance,” Marcel said.

In addition, a family friend, Agata Kosek, CPA, who was then studying accounting at UW–Whitewater, shared what she was doing in her studies and encouraged Marcel to explore accounting as a career. “She helped me out,” Marcel said, “but also, people would tell me, ‘Oh, accounting is not just about math,’ and I agree with that because there’s a lot of interaction with clients and co-workers in accounting, and I’m an extrovert. I just love interacting with people and bouncing ideas around.”

Sharing his heritage Marcel’s extroverted personality has brought some much-needed success to an organization he belongs to and is very excited about: the Polish Student Alliance (PSA). The PSA is a community of students who share a passion for their Polish heritage and enjoy sharing it with others through events, volunteer work and fundraising. Many college campuses have a PSA. At Marquette, the PSA has about 90 members, 30–35 of whom are active participants, attending every meeting and helping with events. Marcel has been a member since he was a freshman and took on the public relations role that year. One of the first events he organized was a fundraiser, selling the Polish jelly- or custard-filled donuts called paczkis (“poonch-keys”). You may have had one last year on Fat Tuesday, as they are traditional New Orleans Mardi Gras favorites.

“ Marcel (second from left) poses for a photo with friends at Polish Fest.

About 150 people attended, he explained, and it was a diverse crowd, with people from the local community, some from Illinois, and even some who flew in from Michigan. “It wasn’t just Polish students

There’s a lot of interaction with clients and co-workers in accounting, and I’m an extrovert. I just love interacting with people and bouncing ideas around.”

KasMarcelbyprovidedPhoto

European parties are pretty grand, because this one lasted from 7 p.m. until 3 or 3:30 the next morning. It featured a DJ, a Polish band and Polish dancers, and according to Marcel, “It was a full night of dancing.” The event will happen again this year, with Marcel acting as a resource to other PSA members who will organize it. “We had a lot of donors last year, and it took a lot of calling,” Marcel said. “I had to call so many different places every single day, keep up with email You can’t tell a story about Marcel Kas and his conquest of the English language without also telling his parents’ story. Back in 1997, not just anyone could come to the U.S. from Poland. Marcel’s parents came separately that year. His father, Jozef, was able to come here because his grandmother was born in Pennsylvania. His mother, Grazyna, was able to come because her father was here, having arrived in the States in 1995. “It wasn’t easy for them,” Marcel said. “When they came here, they had nothing. They each came with one piece of luggage. They didn’t know the language. They didn’t have a car or a job. It was tough. My father answered a classified ad in the newspaper for a job at a shop in Milwaukee, and that’s how the family came to live in Wisconsin.”

KasMarcelbyprovidedPhoto to America

4 Computer numerical control. CNC machinists work with CNC machinery to create tools and parts from metal, plastic and other materials.

CPA2b Fall 2022 | wicpa.org 7 either; we had Americans and others who just wanted to see and experience what a European party is Apparentlylike.”

The couple met in Chicago at a Polish friend’s house. When Jozef found out Grazyna was looking for work, he referred her to the same shop he was workingMarcel’sin.parents both worked first shift at that shop when Marcel was born in 2001. “That had to change because someone had to take care of me,” he said. So his mother took second shift, and the couple would trade the baby back and forth in the shop parking lot at the end of their shifts.

Fast-forward to today: Jozef is a CNC4 machinist at a facility in Racine, and Grazyna operates a cleaning service. The couple have raised two very bright children. Of course, there’s Marcel — and then there’s Kinga, Marcel’s sister, who graduated from Greenfield High School in May and was the valedictorian of her class. She’s a freshman at Marquette this year and will studyWhileeconomics.lifewasdifficult for Jozef and Grazyna in the beginning, this Polish couple have been able to achieve the American Dream while still holding onto their native country’s culture. Now it’s up to Marcel and Kinga to succeed in their lives and continue those traditions.

Coming

Marcel and Nicole Sygieda at the MU Polish Students Alliance paczki sale fundraiser.

Accounting Technology Conference

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8 CPA2b Fall 2022 | wicpa.org Registration opens approximately eight weeks prior to a conference. View conferences currently open for registration at wicpa.org/conferences. UPCOMING WICPA CONFERENCES YOUR SOURCE FOR KEY UPDATES & INSIGHTS ON TIMELY ISSUES Business & Industry Fall Conference Tuesday, Sept. 13

26 Glacier Canyon Lodge, Wisconsin Dells Not-for-Profit Accounting Conference Tuesday,

4

Center, Brookfield Wednesday,

Center,

Tax Conference Thursday,

Wednesday, Nov.

Brookfield Conference Center, Brookfield Thursday, Dec.

8

Brookfield Conference Brookfield Nov. Friday, Nov.

Accounting & Auditing Conference

Marcel finds joy working with high school students as a tennis coach at his alma mater, Greenfield High School.

Brookfield Conference Oct. Sept.

20

16

Brookfield Conference Center, Brookfield

KasMarcelbyprovidedPhoto

Brookfield Conference Center, Brookfield

CPA2b Fall 2022 | wicpa.org 9 Whether you’re looking for a new career or a new employee, the WICPA’s new and enhanced Career Center can help you make the most of your search. Post Job Openings l Upload Your Resume l Apply For Internships CareerWICPACenter Find or post a job today at wicpa.org/CareerCenter.

To properly evaluate the new model, a comparison to the old model is necessary. Note that a blueprint has not yet been released by the AICPA for the new model, so this comparison is being completed using the CPA Evolution Model Curriculum released by NASBA and the AICPA in the summer of 2021. The proposed core and discipline exams are summarized in the chart titled Proposed CPA Exam Content — Discipline Exams We’ll also look at each content area and provide an overview of where the old exam material (based on the CPA Exam blueprint effective July 20, 2021) will be included in the new structure, evaluate new material being added and consider what is being deleted. We believe, especially for academia, that it is critical to get 1 www.evolutionofcpa.org

FOCUS

The current model of the CPA Exam includes four parts: Regulation (REG), Business Environment and Concepts (BEC), Audit and Attestation (AUD), and Financial Accounting and Reporting (FAR). REG covers ethics and professional responsibilities related to tax, business law and taxation of property transactions, individuals and entities. The BEC exam includes a wide range of topics, including enterprise risk management (ERM), internal controls and business processes, economics, financial management, information technology and operations management. AUD includes all audit-related topics, and FAR consists of the conceptual framework, standard-setting and financial reporting (including what is required for state and local governments).

The new CPA Exam being introduced will include three core exam sections: Accounting and Data Analytics, Auditing and Accounting Information Systems, and Taxation. In addition to the core, CPA candidates will have to choose one additional discipline exam from a selection of three: Business Analysis and Reporting (BAR), Information Systems and Controls (ISC), or Tax Compliance and Planning (TCP), as summarized in the chart titled Proposed CPA Exam Content — Core Exams

The New & Improved CPA Exam: A Look Inside the CPA Evolution Updates ON THE CPA EXAM

By Heather M. Demshock, CPA, CMA and Robert E. Duquette, CPA T he CPA Evolution initiative, a joint project between the National Association of State Boards of Accountancy (NASBA) and the AICPA, was created to transform the CPA licensure model. It was undertaken to embrace the changing skills and competencies required of CPAs, today and into the future.1 Entry-level CPAs are handling tasks that require more critical thinking, professional judgment and problemsolving skills because many of the basic tasks that had been done by new CPAs have been automated or offshored. At the same time, though, the body of knowledge that new CPAs need to know has grown immensely since the last major changes were made to the CPA Exam. According to the AICPA and NASBA, compared with 1980, there are three times as many pages in the Internal Revenue Code, four times as many accounting standards and five times as many auditing standards. So, ready or not, a new model of the Uniform CPA Exam is launching in January 2024 to cover it all.

10 CPA2b Fall 2022 | wicpa.org

Regardless of which one of the three disciplinary exams a candidate chooses to take, the CPA formula will be the same: 3 Core Exams + 1 Discipline Exam = CPA

CPA2b Fall 2022 | wicpa.org 11 Accounting and Data Analytics Auditing and Accounting Information Systems Taxation • Financial statements • Select financial statement accounts • Select financial statement accounts and events • Financial statements and select transactions for notfor-profit entities • Financial statements and select transactions for state and local governments • Critical thinking • Financial data analytics • Digital acumen • Financial statement analysis and metrics • Audit environment • Engagement planning and considerations • Understanding an entity and its environment • Information technology • Risk assessment of fraud and noncompliance • Assessing risk of material misstatement • Materiality • Audit evidence • Audit procedures • Special considerations • Audit conclusion • Audit reports • Other engagements • Subsequent events and subsequently discovered facts • Digital acumen • Responsibilities in tax practice • Methods of taxation • Federal tax procedures • Legal duties responsibilitiesand • Acquisition and disposition of assets • C corporations • S corporations • Partnerships • Limited liability companies • Tax-exempt organizations • Technology and digital acumen Proposed CPA Exam Content - Core Exams Business Analysis and Reporting (BAR) Information Systems and Controls (ISC) Tax Compliance and Planning (TCP) • Accounting research • For-profit entity financial statements • Select financial statement accounts • Select transactions • Cost accounting • State and local governments • Employee benefit plan accounting • Planning techniques • Financial statement analysis • Advanced data analytics • IT governance and risk assessment • Performing procedures, tests of internal controls • SOC engagements • Use and management of data • Information security and protection of information assets • Individual tax fundamentals and tax planning • Acquisition, use, and disposition of assets • Tax accounting methods • Federal taxation of entities • C corporations • S corporations • Partnerships • Tax planning for entities • Trusts • Tax-exempt organizations • Multijurisdictional tax basics • Technology • Tax research • Personal financial advisory services Proposed CPA Exam Content - Discipline Exams an understanding now of the exam (i.e., a core or optional discipline exam) in which content will be tested because that framework impacts which course offerings will include “required” knowledge as opposed to “elective” knowledge; what additional topics and skills will be assessed and need to be integrated into the curriculum; and which topics are being dropped, thus freeing curriculum capacity to handle some of the new content. These changes will probably necessitate curriculum changes in many, if not most, schools, beginning with sophomore-level courses, to prepare students for the 2024 launch of the new exam. In academia, the curriculum adjustment process is time-consuming and requires considerable effort to identify changes and obtain necessary department and college approvals. Outside of academia, understanding the new exam content and structure will help practitioners guide new staff toward completion of the CPA Exam. It should also help with the employment outlook for new CPAs once employers realize the additional relevant skills their new recruits will bring to the marketplace. The charts (located on page 12) provide an overview of how the content in the old structure will be redistributed in the new exams. AUD restructuring — A large portion of the old AUD will be included in the Auditing and AIS core exam. However, a few key items will move to the Information Systems and Controls and the Business Analysis and Reporting discipline exams.

FAR restructuring — The current FAR exam content has been split between the Accounting and Data Analytics core exam and the Business Analysis and Reporting discipline exam.

12 CPA2b Fall 2022 | wicpa.org Tax Core • Federal taxation of individuals • Acquisition, use, and disposition of assets • C corporations • S corporations • Partnerships • Gift taxation • Trusts • Tax-exempt organizations • Multijurisdictional tax basics • Responsibilities in tax practice • Federal tax procedures • Legal duties responsibilitiesand • Acquisition and disposition of assets • Cost recovery • Federal taxation of individuals • C corporations • S corporations • Partnerships • Limited liability companies • Tax-exempt organizations Current REG Redistribution TCPAccountingDiscipline&Data Analytics Core • Consolidated financial statements • Goodwill and other indefinitelived intangible assets • Revenue recognition • Stock compensation • Business combinations • Derivatives and hedge accounting • Foreign currency translation • Leases • Research and development costs • Software (commericial offthe-shelf) • Governmentwide financial statements • Other types of government financial statements • Annual financialcomprehensivereportelements • Financial reporting entity, including blended and discrete component units • Select governmental concepts • Employee benefit plan accounting • Financial statements • Select financial statement accounts • Select financial statement transactions and events • Financial statements and select transactions for NFP entities • Financial statements and select transactions for state and local governments Current FAR Redistribution BAR Discipline • Cost measurement concepts, methods, and techniques • Variance analysis • Forecasting and projection • Financial valuation methods and decisions • Financial risk management • Working capital • IT governance, strategy, and standards • IT risk identification and assessment • IT general controls • IT change management • Cybersecurity risk management • System interfaces/flow of data • Logical access controls • Data governance • Data manipulationpreparation/ • Information security and privacy frameworks and standards • Business resiliency • Sarbanes-Oxley Act • Understanding the entity and its environment: external factors • Understanding the entity and its environment: internal factors • Business processes and controls • Enterprise risk management • COSO • Understanding IT • Risks associated with IT • Use of data analytics in audit • Capital structure and working capital • Budgeting/financial and nonfinancial measures of performance management • Data visualization techniques Current BEC Redistribution BAR Discipline ISC AccountingAuditDiscipline&AISCore&Data Analytics Core Audit & AIS Cord • Majority of old exam • Public company reporting topics • Business processes and the design of IT internal controls • IT change management Current AUD Redistribution BAR Discipline ISC Discipline BEC restructuring — The content of the BEC test will shift around significantly. Some content will appear in two core sections while other areas will shift to optional discipline sections. The understanding is that the content shifted to a discipline exam will be tested at a higher level with more complexity.

The content in the discipline exam will be tested at a higher level, with more scope and additional considerations.

REG restructuring — The tax portion of the current REG exam has mostly been split between the Tax core exam and the Tax Compliance and Planning discipline exam. Some topics may appear in a core section as well as in a discipline section.

The content included within the new exam model should reflect the increased knowledge demands graduates face entering the workforce. According to a member of the AICPA board of examiners, the board is “trying to embrace what’s changing in the profession and the business environment and the skills a newly licensed CPA will need to possess for licensure.”2 The to the exam are considered essential to to protect the public interest. The following (or list location or page numbers) chart lists supposedly previously untested material that now will be included in the core exams, according to the proposed Model Curriculum. Note, this list may include topics that are, in fact, already included in the current exam but are not specifically identified that way in its blueprint.

7, 2021). www.journalofaccountancy.com/news/2021/jul/redesigned-cpa-exam-content.html • Accounting research • Notes to financial statements • Emerging frameworksreporting • Private Company Council (PCC) alternative for goodwill measurement • PCC alternative hedge accounting • Journal entries for hedge accounting and derivatives • Entity strategies and impace on financial reproting (i.e., sensitivity analysis) • Financial statement analysis • Advanced critical thinking • Advanced logical thinking • Advanced data concepts • Advanced data mining • Advanced data analysis • Advanced data visualization • Communicating results on advanced data analytics • Advanced data ethics • Advanced data management and relationships • Financial statements and select transactions for state and local governments • Critical thinking • Financial date analytics • Digital acumen New Content in the New Discipline Exams BARTCPISC • Tax planning for gross income, activitiesdeductions,exclusions,inclusions,adjustments,andpassive • Tax research skills • Tax planning for computation of tax, estimated taxes, and tax credits and tax attributes • Deeper understanding of nontaxable and deferred gain dispositions • Deeper understanding of depreciation recapture rules, Sec. 195 expenses and Sec. 248/709 costs • Related-party property basis, loss disallowance, and holding period • Tax accounting methods –Secs. 448 and 481(a) • Tax planning strategies for entities, including check the box and choice of entity • Mergers, includingdivestituresacquisitions,taxplanning,stockvs.assets • Equity compensation • NOLs, all loss limitation, and interest expense tracing rules, tracking, and expirations • Transactions between owners and their businesses, including loans, dividends, contributions, and liquidations • Qualified joint ventures • Consolidated tax returns • Basis of shareholder’s and partner’s interest, including at-risk • All separately stated items on a K-1 • Partnership elections • Earnings and profit and accumulated earnings tax • Changes in partner ownership and partnership terminations • Tax planning for C corps, S corps, and partnerships • Impact of compliance filings on financial statement reporting • Basic parameters of credits and incentives • Estate, gift, and trust filing requirements • Tax-exempt status and unrelated business income concepts • Multijurisdictional tax issues, including consideration of local, state, and international issues, sourcing and allocating income, and compliance reporting, including foreign bank account reports • Technology and date security • Data analytics • Personal financial advisory services, including retirement • Design of IT controls • IT control frameworks • Application controls Tests of internal controls related to business processes • SOC engagements –Basic concepts, planning, performing procedures, and reporting • Business continuity • Assurance-related research

The new discipline exams will include a considerable amount of new content. The intention behind these exams is that candidates would select one of the three exams based on interest, employer recommendations, or the accounting curriculum they have completed. If a topic is in the current exam model and is listed as content being proposed for a new discipline exam, it is because additional issues and considerations on that topic have been added. Ken Tysiac, “Content for Redesigned CPA Exam Takes Shape,” (July

CPA2b Fall 2022 | wicpa.org 13 Accounting and Data Analytics Audit & TaxationAIS • Critical thinking • Logical thinking • Financial data • Data mining of structured financial data • Analysis of financial data • Visualization • Communicating accounting data results • Data ethics • Digital acumen • Audit research • State considerationsreciprocity • Tests of controls • Digital acumen • Application of digital technologies • Taxpayer vs. tax preparer responsibilities, including related technology usage • Distinguish between different types of taxes • LLC check-the-box rules • Foreign tax credit, child tax credit, dependent care credit, earned income credit, education credits, and net investment income tax • Dividends-received deduction and deductionnet-operating-loss • Form 990 requirementsreporting • Technology, data analysis, and digital acumen • State tax apportionment vs. allocation • Tax authority and hierarcy research New Content in the New Core Exams New content

additions

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Journal of Accountancy

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• Built-in gains tax for S corporations

• Process management • Journal entries for income tax provisions • Capital structure • Drafting audit reports • Base erosion and anti-abuse tax • Foreign-derived intangible income

• All nontax (i.e., business law topics) currently included in REG One could easily argue this list must be an oversight given their relevance and significance. It is, therefore, possible that these topics will be added back later as the new exam blueprint is developed and updated with stakeholder input.

Heather M. Demshock, CPA, CMA, is an associate professor of accounting and chair of the Accounting Department for Lycoming College in Williamsport, Pennsylvania. Contact her at demshock@lycoming.edu. Robert E. Duquette, CPA, is professor of practice in the College of Business at Lehigh University in Bethlehem, Pennsylvania, and a retired EY senior tax partner. Contact him at red209@lehigh.edu. Both authors are members of the Pennsylvania CPA Journal Editorial Board.

There are quite a few considerations to evaluate going forward. The most basic is how do colleges and universities prepare for these substantial changes? Smaller colleges with limited faculty and funds could have a tougher time adapting their curriculum to accommodate the changes. Potential solutions, subject to internal budget constraints, could be rehauling the curriculum, training current faculty or creating partnerships with larger universities to provide courses outside the scope of expertise of the small departments. Hopefully, textbook publishers and CPA Exam review providers will assist with a quick release of revised textbooks or addendums to current material to give faculty a guide to what content they believe should be covered, in what order and for which piece of the exam. Because so much content is being added and very little is being removed from the exams, faculty may have to make tough decisions on topics currently being taught: Some may have to be eliminated or de-emphasized to cover the breadth of the material being tested. This has the potential consequence of less depth for more breadth, at least to be able to fulfill the accounting major requirement for most students and allow them to be successful in the core exams. Another possibility is that colleges will design their curricula to adequately prepare students for the core exams, but vary in their coverage of discipline exam topics.

It remains unclear where the line will be drawn when content is included on a core exam and a discipline exam. For example, critical thinking and logical thinking will be included on the Accounting and Data Analytics core, while advanced critical thinking and advanced logical thinking will be included on the Business Analysis and Reporting exam. Where is the ceiling for one and the floor for the other? Another example of content included on both a core exam and a discipline exam is tax related to partnerships and S corporations, specifically the tax issues related to computing basis, transactions between owners and their entities, and understanding the implications of the separately flowing items from K-1s. There are many other topics throughout the new model with this same dual-coverage ambiguity. What makes a topic advanced versus not advanced? Will there be something tangible that can be used to determine the distinction (e.g., the future blueprint or a set of criteria)? Without clear guidelines, there will be difficulties in designing an effective curriculum and efficiently preparing students. What’s next In the coming months, the AICPA and NASBA are expected to share details on the development of the exams as they continue to solicit stakeholder feedback. In July 2021, a content survey was released to help guide the development of the exam. Data was gathered from stakeholders using that survey from July to September 2021. The next step in the timeline is a Practice Analysis Exposure Draft expected in July 2022. This will contain content task statements identifying the skills that will be assessed on the new exam. Finally, the AICPA and NASBA are expected to announce new exam details to candidates and publish new blueprints in January 2023, with an expected exam launch date of Jan. 1, 2024. (Educators can stay up to date and get the latest updates on the CPA Evolution initiative by joining AICPA’s faculty hour webcast series.3)

Reprinted from the Pennsylvania CPAJournal with permission from the Pennsylvania Institute of CPAs (www.picpa.org).

14 CPA2b Fall 2022 | wicpa.org Deletions

3 www.thiswaytocpa.com/faculty

Considerations

The amount of new content in the proposed CPA Exam model is significant. Only a few major deletions, however, have been identified. The most notable are as follows:

CPA2b Fall 2022 | wicpa.org 15 SERVE. PEOPLE. BETTER. These words are at the core of our unique culture. The SVA difference is how we work with our accounting staff members to help shape their careers with the special programs we’ve developed to enable them to meet and exceed their professional goals. READY TO LEARN MORE ABOUT SVA? Janna Hurley Human Resources Director A 608-826-2425 m hurleyj@sva.com E SVAaccountants.com m Careers@sva.com YOU HAVE OPTIONS. SVA HAS OPPORTUNITIES.Wepromoteahighlevelofachievementandcontribution. We are Great Place to Work® Certified. We committedareteamwork.to We flexibilityencourageandinnovation. We ourselvesconductwithintegrity.We have trust and respect for others. SERVE. PEOPLE. BETTER. These words are at the core of our unique culture. The SVA difference is how we work with our accounting staff members to help shape their careers with the special programs we’ve developed to enable them to meet and exceed their professional goals. The SVA difference is built upon these values:

Moving up: senior-level accountants

FOCUS ON YOUR

By Rachel Anevski, MAOB, PHR, SHRM-CP A Narrative of the First 10 Years as an Accountant CAREER Up the Ladder

Whether a professional remains in public accounting or makes a switch to business and industry, in years three to seven, one’s role is to teach. These professionals are expected to be knowledgeable in basic accounting principles. They likely work with little supervision on core tasks, and entry-level accountants look to them to learn from. However, making the transition from learning to teaching doesn’t always come naturally. The pressure to take on more sophisticated work in private or more clients in public, coupled with training others and meeting deadlines, often makes or breaks the wavering accountant. Also, mathematically speaking, a senior-level accountant could be in a transitional life stage simultaneously (i.e., purchasing a first house, getting married, having children). This adds even more pressure to the role. Some accountants use this as an excuse to exit public accounting due to required overtime; however, the perception that work-life balance is better elsewhere may not always prove true. Nonetheless, accountants with three to seven years of experience are highly sought after and undoubtedly will land in a role where they are required to teach no matter the lateral they choose. A key to getting ahead during this time is having the ability to teach others what they have

• Write down notes to refer to.

• Repeat what they’ve heard back to the delegator for clarity.

Entry-level professionals can accelerate this timeframe by doing the following:

M any people choose to go into accounting because they’re “good with numbers” or have a passion for finding answers. It’s rare for someone to choose accounting because they envision a life of teaching. And it’s rarer yet for someone to choose accounting because they’re a great networker with a knack for sales. Yet both teaching and selling are integral job responsibilities of many successful seniorlevelTeachingaccountants.andselling are often omitted from accounting classroom conversations. Professors are generally known to advise students to start in public accounting, as it’s known to be the fastest path to earning a CPA credential. But it could be said that a faster path upward, at least in public accounting, could be to have a side hustle as a bartender. Learning how to handle multiple personalities, have conversations with different types of people and complete multiple tasks simultaneously all while keeping customers happy can prepare a new accountant for a faster accounting career trajectory. Instead, new professionals are often challenged with acquiring these critical skill sets later in their careers. Entry level In some ways, it’s true that starting out in public accounting gives one the broadest outlook on the expansive world of accounting opportunities, whether it be in a sole practitioner’s office, a small, midsize or large size firm, or a boutique firm that specializes in specific areas of accounting. Still, the most important aspect of a new accountant’s first few years is to learn. At this stage, performance is predicated on how well one can retain knowledge, absorb concepts and apply those concepts repetitively to projects. The less assistance one needs, the more likely they are to move ahead.

• Listen with intent.

• Practice, practice, practice.

16 CPA2b Fall 2022 | wicpa.org

Reprinted with permission from the New Jersey Society of CPAs (www.njcpa.org). Those who find that there is an area in which they are lagging behind their peers should speak up, ask for help or take on the challenge themselves.” “

The way in which one grasps and incorporates learning, teaching and selling in the first 10 or so years of their careers will likely define the accounting role they’ll find themselves settling into for the next 30 or more years of their career. Those who are great teachers and salespeople may aspire to be a partner in a firm while those who are averse to selling may choose a specialty tax career in private. It’s important to note that not all people process new skills at the same rate, and therefore, the path traveled varies. Some accountants mature their careers at 10 years while others take 15. There isn’t a deadline on learning the concepts, just an acknowledgement that they are necessary. Those who find that there is an area in which they are lagging behind their peers should speak up, ask for help or take on the challenge themselves.

Rachel Anevski, MAOB, PHR, SHRM-CP, is CEO and founder of Matters of Management LLC. Contact her at rachel@mattersofmanagement.com.

CPA2b Fall 2022 | wicpa.org 17 mastered and having capacity to take on additional work. The most successful accountants at this career stage are the ones with expert-level time management skills and patience while multitasking.

The big transition: management Management is a great place to be, especially for those who have the personality to hang with it. Roles in management in either public or private accounting require one to be a savvy salesperson, which can come as a surprise to some in the profession. Strength at this level requires you to be knowledgeable in what is happening in the business one supports or in the industries in which their clients own businesses.

In public accounting, firms no longer sell tax returns, audits or bookkeeping services; instead they sell the relationship of the person completing the work. In business and corporate settings, accountants sell their service to the other departments of the organization, justifying need-to-know information and making important decisions. In either scenario, accountants are selling themselves. Along an accountant’s journey up the ladder, they may have been a great learner and even a wonderful teacher; but then they realize that selling isn’t in their repertoire. This happens a lot, and it’s okay. Those who find themselves stuck at any of these transitional areas should take their time, leverage a mentor or a more senior accountant and ask for support in order to gain the confidence they need to move forward.

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As comfortable as you may have been using social media, standing on the threshold of professionalism brings new challenges — and the perfect opportunity to take a good look at how you want to be seen going forward. Whether you are finishing your studies, prepping for the CPA Exam, beginning an internship or launching your career, there is no better time than now to pay attention to how your posts present you professionally.

FOCUS ON SOCIAL MEDIA

As comfortable as you may have been using social media, standing on the threshold of professionalism brings new challenges — and the perfect opportunity to take a good look at how you want to be seen going forward.” “

Where social media is concerned, THINK AHEAD!

By Donna Pinsoneault I t takes less than a second. One quick click, and your social media post takes flight through the universe — letting people know what you think, what you have to say, what you believe, what you stand for or what you did over the weekend. It’s truly amazing to live in an era that offers such incredible opportunities for connection. But those opportunities can turn into future nightmares if you’re not careful.

• Does your content include cyberbullying? Complaints about previous employers or work situations? Customer complaints?

2. Refresh your content. What may have seemed funny or cool or just plain normal in your younger years may not be a good fit for you as a professional. Here are some examples of what prospective employers look for:

• Do your social media posts reflect real information?

3. Going forward, post with respect! According to Rosanne Thomas, founder and president of Protocol Advisors Inc, “Respect extends to people’s privacy, physical space, property, viewpoint, philosophies, religion, gender, ethnicity, physical abilities, background, age, beliefs and personality.”

By 2018, a CareerBuilder survey indicated that 70% of employers check out applicant profiles, and 54% have rejected applicants for what they found.” “

• Are you currently sharing confidential data or employment terms of a company that is likely to hire you?

Keep in mind that many employers are making it standard practice to research candidates online. A Pew Research study indicated that employers screening candidates’ online activity had increased 600% between 2006 and 2017. Some 34% of employers said that reviewing social media sites helped them decide whether or not to shortlist applicants. By 2018, a CareerBuilder survey indicated that 70% of employers check out applicant profiles, and 54% have rejected applicants for what they found. Other sources report rejection rates ranging from 51% to 79%. In short, your conduct on social media can make or break your hiring potential.

CPA2b Fall 2022 | wicpa.org 19

• Do you use correct spelling and grammar?

1. Look back! We’ve all heard that it’s important to delete those embarrassing party photos, angry or obnoxious commentaries, personal grievances and just plain snarky posts. Try to think like a future employer or client, and take time to remove anything that could diminish someone’s view of you as a professional.

• Does it include inappropriate, rude, insensitive, discriminatory or derogatory remarks? Offensive humor? The list goes on. Just Google “social media etiquette,” and you will find multiple sites with scholarly articles, tips and lists of do’s and don’ts. Take time to review their suggestions to see what applies to you. Then use what you learn to honestly assess, edit or delete your current media profiles and posts.

• Have you ever plagiarized (presented someone else’s work as your own)?

• Are you still including photos of you partying?

As you examine your posts, you may find some you want to delete altogether. But not everything can be completely deleted. Taking a few simple steps now can help ensure that your social media presence will strengthen rather than hinder your career.

Donna Pinsoneault is a freelance writer based in Brookfield. Contact her at 262-408-7167 or dpinsoneault@gmail.com.

CPAs play a crucial role in forging the future, and it’s no secret that what the world needs now are people and organizations we can trust to act with honesty and respect. As a premier professional association for accounting and business professionals, the WICPA is one example of an organization striving to do just that: bringing together diverse members in public accounting, industry, government and education — people dedicated to learning and working together to enhance the profession and better serve the public.

CPAs play a crucial role in forging the future, and it’s no secret that what the world needs now are people and organizations we can trust to act with honesty and respect.” “

4. Remember: It’s not just about you!

Social media is a powerful tool. It can have a longlasting positive impact if you use it well. Recognize your skills. Tell your truth with respect. See your potential. Think about ways you can help make our world better by being a responsible social media user. Your career will thank you later.

20 CPA2b Fall 2022 | wicpa.org

Use your platforms to network. Avoid sharing your own or anyone else’s personal information. Check your sources and share useful, relevant content.

Just as in face-to-face conversations, ask relevant questions and listen with care to others’ viewpoints and opinions. Avoid outright rudeness, discrimination and bullying. Avoid complaining, arguing angrily and using language that could be interpreted as racist or sexist, insensitive, mocking or sarcastic.

“Your professional obligations do not end when office hours do,” according to Xose Lumor. Based in the United Kingdom, Lumor is manager of advocacy and professional ethics in management accounting at the Association of International Certified Professional Accountants, which represents both the American Institute of CPAs and the Chartered Institute of Management Accountants. When communicating online, Lumor recommends asking a simple question: “A starting point when thinking about what to post could be as follows: How would this reflect on me and the wider profession?”

5. Help shape the future!

You have worked hard to get this far – completing difficult courses, prepping for the CPA Exam, finding time to hone and describe the skills you have acquired in jobs and internships along the way. By now you may have realized that, as a CPA, you will be expected to maintain the standards of the profession — not just when you are in a work setting but in every situation.

Lumor points out that “… to drive engagement, social media platform algorithms amplify the more extreme voices or opinions on any given topic.” If a conversation gets heated, he suggests taking a break, apologizing if you have offended someone and editing or taking down offensive posts.

In her book Excuse Me: The Survival Guide to Modern Business Etiquette, Thomas wrote, “Keep in mind that it’s much easier to make a good impression online than it is to unmake a bad one.”

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22 CPA2b Fall 2022 | wicpa.org A regular feature profiling young professionals who provide their insights about what it’s like to work as a CPA in public accounting or industry DESTINATION CPA PROFESSIONAL PERSPECTIVES DESTINATION CPA

Job title: Audit Manager l Employer: Strohm Ballweg LLP

Kyle Kagerbauer, CPA

What’s the best thing about being a CPA? Respect for the profession. With the CPA designation comes respect, but also expectations. The best thing about having the credential is that it opens the door to many opportunities. What do you like most about the organization you work for? What I enjoy most about Strohm Ballweg is our attention to client satisfaction. Never lose sight of the fact that you are in a service industry, as this ultimately drives your work product.

CPA2b Fall 2022 | wicpa.org 23

How did you complete the 150 hours necessary to take the CPA Exam? I attended the University of Wisconsin–Whitewater (UWW) and majored in accounting.

What are some dead-wrong assumptions people make about CPAs? An assumption students often make is that you should use public accounting as a stepping stone early in your career and make it a oneor two-year experience. I see a lot of young professionals leave public accounting before their experience has benefited them to the fullest. By exhausting that leverage early, you lose out on the opportunity to see the inner workings of many different companies. If you would like to have doors open to the possibility of upper management later in your career, I recommend staying in public accounting until you are a part of the management team — and from there, your options will be endless. What’s the best part about your current job? I enjoy the client interaction and serving our clients. Being able to meet deadlines for them and provide excellent service is very rewarding. How did you find your first job out of college? I was placed with Strohm Ballweg LLP through the internship matching program at UWW. It was a great process and afforded me the opportunity to see the company before making a long-term commitment. What was your first year like? My first year was a lot of learning and soaking up information. You can’t be a leader on day one, but you can contribute to a cause! What surprised you the most when you started your job? What surprised me most was how quickly I was entrusted with tasks to help the team. It provided the opportunity for quick learning and growth.

What are your goals for the future? To continue utilizing the opportunities the profession provides me and to grow as an individual and a professional because of those opportunities.

Once I received my bachelor’s degree, I returned to UWW for a fifth year to obtain my Master of Professional Accountancy degree (a one-year program somewhat unique to UWW).

What influenced your decision to become a CPA? From an early age, I loved math and the concept of numbers. My dad worked in a corporate setting my entire childhood (although not in accounting or finance), and hearing about his experiences in business made me excited to have similar experiences.

What’s the best thing about being a CPA? The industry recognition and respect that comes along with the CPA credential is very beneficial.

What’s the best part about your current job? The culture is the best part of my job. I work with a team of highly dedicated and caring individuals who know our organization inside and out. I really enjoy being able to work with them at a high level to ensure the future success of the company. In my role, every day is different. How did you find your first job out of college? My first job out of college (the first time) came through a connection I had. To pick up a few extra hours for disposable income, I assisted at a business valuation and forensic accounting firm as an intern, helping with marketing and data entry tasks. As I started to learn more about the accounting and consulting industries, I realized I loved the projects, the challenges, the clients and the general line of work — and I decided to return to school for an accounting degree.

What are some dead-wrong assumptions people make about public accounting? That we do taxes! Many have congratulated me on earning my CPA license only to ask if I can now help them with their state and federal tax filing. Yes, I could work in the tax field, but I choose not to. There are many other opportunities for CPAs in both public accounting and private industry.

Samantha Teal, CPA

Job title: Director of Finance l Employer: Blended Waxes Inc.

What are your goals for the future? My professional goal is to obtain the certified management accountant (CMA) credential.

What do you like most about the organization you work for? I’m now employed by a private manufacturer, where I can work every day on small day-to-day items and big-picture projects and see the results in real time. I wanted to work where I could make a difference — and so far, I feel that I have.

What was your first year like? I learned a lot — from best practices when it comes to dealing with clients to valuation models to understanding what “FUTA” is (remember, I didn’t have an accounting degree at this time). It was really a great job for me. I was able to learn anything and everything, as long as I remained curious. What surprised you the most when you started your job? Client interactions. I was intimidated and nervous during my first site visit. I didn’t know what to expect. But the clients I worked with were down to earth, passionate about their business and always more than happy to act as an open book on any project. I still find this to be true today. The clients are the best part of public accounting!

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What influenced your decision to become a CPA? Earning my CPA designation was a goal I set to challenge myself after having earned an MBA. The CPA designation is the gold standard when it comes to credentials. It was challenging, but I knew I was more than capable of passing the CPA Exam. The hardest part was staying motivated. How did you complete the 150 hours necessary to take the CPA Exam? Initially, I did not have any plans to obtain my CPA. But when I started working in public accounting, I realized the value of the designation. I already had credits from earning my MBA, and the remainder of the required credits were obtained by earning my BBA.

Job title: Corporate Controller l Employer: Ad-Tech Medical Instrument Corp.

Brooke Winter, CPA

CPA2b Fall 2022 | wicpa.org 25

What are your goals for the future? I’d like to be a CFO of a small to mid-sized company someday.

What do you like most about the organization you work for? At Ad-Tech, I really appreciate the transparency and approachableness of the leadership team. It’s fun to work in an environment where I can be myself and feel that my voice is heard and my opinions are valued.

I always enjoyed working with numbers and logic. My father was also a CPA and felt that it was a valuable way to start his career. Being a CPA provides a strong foundation for a variety of careers in the business world. So, it felt like the right choice.

What influenced your decision to become a CPA?

The responsibility that comes with the profession to prepare accurate and complete financials for key stakeholders like tax authorities, investors, boards of directors and other members of leadership. There is a lot of trust instilled in CPAs by these parties.

How did you complete the 150 hours necessary to take the CPA Exam? At UW–Madison I completed a double major in accounting and finance. This took me five years and got me the 150 credits needed for the exam and an extra year on campus.

The most common incorrect assumption that I have gotten is that people assume all CPAs do taxes. There are so many other career options for CPAs outside of tax preparation.

What’s the best part about your current job? I’ve enjoyed the ownership that comes with the responsibility to prepare and analyze the financial statements, which assists the leadership team in making important strategic decisions. It’s also exciting to have an impact and influence over the annual budget, which I recently prepared and presented to the leadership team. How did you find your first job out of college? My first job out of college was in finance at SC Johnson (SCJ) in Racine. I got this job after being a summer intern, which I landed after talking with the company at the UW–Madison career fair. What was your first year like? Busy! The first year of “adult life” after college has lots of adjustments — a less flexible schedule, living in a new city and so forth. I was also still studying for the CPA Exam during the first year, so I spent most of my time either working or studying. What surprised you the most when you started your job? I was surprised by how much I had to learn on the job and how little I referenced things learned during college classes. There was much to learn about the systems used at SCJ, the company structure and company’s specific accounting practices. What’s the best thing about being a CPA?

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

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, Kyle Stephens, CPA, co-founder and president of Craft Beverage Warehouse LLC, pens a letter to his younger self. Kyle attended Two Rivers High School and graduated from UW–Milwaukee with a BBA degree in accounting in 2011.

Hey Kyle, Forget about being a lawyer. Pre-law is not an actual undergraduate degree, so you’ll actually end up studying something like English, history or philosophy. While those are all worthwhile studies, they entail a lot of reading and writing for your college years.

Here are some things to remember: Always work like an owner, even if you aren’t one. Your co-workers, superiors and customers will notice your commitment and realize you don’t just punch a clock at work like some others do. Finding a profession you enjoy, working hard and showing that your work means more to you than just a paycheck will advance your career more quickly and provide you with endless opportunities for personal and professional development. Have a customer-first approach. No matter what industry you’re working in, care for the people who help your business pay the bills. This approach will turn your clients and customers into lifelong friends, future business partners and valuable references.

Note to Self

LOOKING BACK NOTE TO SELF

Take a look at business schools — and consider accounting. Lots of college students hate accounting classes, but you’ll take to it quickly. You’ll realize that accounting is the language of business and that if you understand accounting, you can do anything in business. I know I sound a bit like a boomer, but through my years of professional experience, I’ve learned a thing or two. A couple of these things are already in your blood — and if you continually work on them, you will realize your potential.

26 CPA2b Fall 2022 | wicpa.org

CPA2b Fall 2022 | wicpa.org 27 Enjoy the ride. Don’t get me wrong — I’m still working on this one today. As you move through your career from public accounting to being a CFO to ultimately starting your own business, more and more people will rely on you every day. That’s a lot to handle! Find the great little moments in this journey, and then take a step back and enjoy them! Whatever you choose to do, you’ll do great if you keep those three things in mind. Go get ‘em, Kyle Stephens, CPA Interested? Contact Marcia Tillett-Zinzow, editor, at mtzinzow@icloud.com.

CAREER PREPARATION RELATIONSHIP BUILDING

I think many in public accounting convince themselves that high-quality work will speak for itself and that relationships are ancillary. They discount the value of soft skills, including communication and relationship building. They believe that their excellent technical skill and production will lead to all the opportunities they will ever want — both within the firm as well as with clients.

To some extent, with young professionals early in their careers, this may be true. A one- to three-year professional on the staff of an accounting firm has the primary responsibility to contribute by becoming

28 CPA2b Fall 2022 | wicpa.org

By Carrie Steffen

The Importance of Soft Skills for CPAs

I can’t tell you how many times I’ve heard “We’re a relationship business.” Certainly more times than I can count during the 20-plus years I’ve worked with CPA firms. It’s seemingly the one constant in an ever-changing profession. Recently, though, I wonder if we’ve actually devalued relationship building. We access technology tools as a means of communicating and finding the information and answers we need; we rely on online tools to connect with clients, prospects and referral sources. We’ve replaced real, in-person interaction, but is it an adequate substitution?

Building relationships is critical. Early-career professionals can start building relationships inside the firm first. Find those you work with who have a different skill set or expertise, but who would be good people to know better. These internal relationships can become the nucleus of your professional network, offer you an opportunity to collaborate on client work and help increase your visibility in the firm. Practice the skills necessary to develop and maintain mutually beneficial relationships — both internally and externally. Shoring up these soft skills will unlock unlimited skills necessary to develop and maintain mutually beneficial relationships — both internally and externally.

Practicepossibilities.the

Reprinted with permission from the Pennsylvania Institute of CPAs (www.picpa.org).

• Recognize that it’s your responsibility to reach out and build these relationships. Don’t expect others to come to you. When you reach out, you’ll find that most of the time the people you contact are accommodating. Once you reach a more senior-level position, remember to be receptive to younger professionals who are reaching out to you. Be a good steward of your position.

CPA2b Fall 2022 | wicpa.org 29 technically proficient and meeting deadlines. Beyond that, though, the hard truth about soft skills and relationship building is this: Technical expertise will only take you so far. Those interested in taking their careers to the next level will soon realize that, in addition to strong technical skills, the ability to develop real and trusted relationships unlocks greaterMostopportunities.ofusexperience

”

Carrie Steffen is co-founder and president at The Whetstone Group in Cedar Rapids, Iowa, which facilitates partner retreats and visioning sessions for CPA firms. Contact her at carrie@thewhetstonegroup.com.

• Be strategic about the relationships you build. Think through the purpose of connecting with someone. Can they help you? Probably more importantly, how can you help them?

• Make the effort to build relationships with people over personal as well as business topics. You may be able to get by keeping people at arm’s length for a little while, but true relationships must go deeper to create trust.

“

• Don’t shy away from a conversation because someone is rude. Other people can be just as nervous as you are. Forge ahead. Every time you try makes the next time easier. If the person you’re trying to engage doesn’t respond after a few attempts, you can either ask them outright why you’re having a hard time connecting or move on to the next person.

the greatest satisfaction with our chosen careers when we practice with a sense of purpose — meaning we understand and can articulate how what we’re doing is making a positive difference. How can we discern this without having built a relationship with the client and understanding the issues that are most important to them? They won’t share their greatest struggles and challenges if they don’t trust us, and they won’t trust us if there isn’t a strong relationship. Firm leaders look for professionals who can influence, motivate, strategize and organize.

Building relationships offers the perfect context in which to develop these critical skills. Here are a few practical ideas to get started in developing these soft skills:

• If you tend toward being an introvert, it may not be natural for you to extend regular invitations to meet for lunch or coffee. You may need to create a system to help you. Maintain a set of activities for getting to know people, and put those activities in your calendar. Stick to the plan.

You’re looking for an opportunity, and opportunities primarily come by way of people. The more people you can meet, the greater your chances of finding your best By Kristin Kallies, PHR 10 tips to move you from graduate to gainfully employed This article has run twice before in CPA2b — in the Fall 2017 and Fall 2019 issues. The information it contains is so relevant and helpful, we’re running it again!

So, how can you break away from the masses and set yourself up as one of the finalists? How do you land that first professional opportunity? Whether you’re a recent graduate in pursuit of an entry-level position with an accounting firm, or an underclassman seeking a valuable internship experience, these 10 tips can help you rise to the top.

2. Market your experiences, both big and small. Part-time, volunteer and minimum-wage positions matter. In actuality, such experiences can give potential employers additional insights into your character, capabilities, work ethic and creativity. Translate those workplace responsibilities into meaningful business, industry or accounting experiences. Did you work at a local sandwich shop? Emphasize the daily inventory counts you managed as a way to reinforce your love of numbers. Did you volunteer for a local charity? Explain your role and leadership responsibilities.

3. Research prospective employers, then make the findings relevant.

4. Social, social, social!

Marketing

30 CPA2b Fall 2022 | wicpa.org CAREER PREPARATION EMPLOYMENT TIPS

A s a campus recruiter, I meet and interview thousands of students each year to fill a finite number of new positions within our firm. From among the copious number of eager graduates, we have to narrow down our final candidates to more than 200 individuals.

1. Develop your personal brand. Your personal brand is how you present yourself to the marketplace; but more importantly, it’s how you’re perceived in the marketplace. By developing your unique and authentic personal brand, you decide how you want people to feel and think about you and help create the lasting impression you want to make in people’s minds. Your personal brand also serves to differentiate you from everyone else. Develop your personal brand, and then develop a consistent and compelling way to talk about your brand — in your résumé, during interviews, throughout your online profile and with each and every touchpoint. Remember, you’re the head marketer for the brand called YOU.

Doing homework on a firm is essential, but interpreting what you learn as it relates to your career objectives or values is golden. In addition to recognizing the industry diversification of a firm, take it a step further and talk more specifically about the firm’s expertise with health care clients, for example, and your passion for that industry, along with your knowledge of the industry’s challenges. Make your research resonate.

YOU

CPA2b Fall 2022 | wicpa.org 31 opportunity. Right now you have exposure to multiple groups and access to many firms and industry leaders. Use this time wisely to proactively build up your social networks, both offline and online.

Leverage LinkedIn and reach out to contacts through your parents, professors, classmates and any connections at accounting firms. Take full advantage of each encounter. Doing so will establish valuable groundwork for the rest of your career. After all, you never know where you’ll end up further down the career path. Relationships and connections matter, not just now but also later on.

9. Articulate your milestones.

For many students, graduation day is not the end of their higher-education journeys. Some accounting students may still be pursuing advanced credits and degrees or certifications. List this on your résumé, and be clear with interviewers where you stand as a candidate for the CPA Exam.

10. Go beyond your résumé.

7. Leverage staffing firms to the fullest.

Your résumé is only one tool in your job-search toolbox. Develop an online portfolio of your work, and include a series of success stories from school, work or volunteering that show how you solved a real problem, accomplished a goal, executed plans or generated results — anything that highlights your skill sets and bestFollowattributes.these 10 suggestions, and you’ll stand apart from the rest while also standing the best chance of launching a successful career.

6. Treat every encounter as an interview. Whether it’s job shadowing or an after-hours social, every event is an opportunity to market yourself. If you’re unsure of the dress code for an office you’re visiting or an event you’re attending, it’s always best to be overdressed: always err on the side of professionalism and formality. Rest assured you are constantly being evaluated; be punctual, and conduct

An employment agency can offer more than just resources for job openings. Use agencies as a way to practice and perfect your interview skills. The more you interview, the more confident you become.

Kristin Kallies, PHR, is director of talent acquisition at Wipfli LLP in Madison. Contact her at 608-274-1980 or kkallies@wipfli.com.

5. RSVP … always! Each time you receive a firm’s invitation to attend an on-campus event or meeting, you need to respond promptly. Many firms track and monitor how often invitations are extended and whether or not you respond to them. If you have a conflict, decline the invitation with a brief note of thanks. Otherwise, a pattern of no response says, “I’m not interested in working for your organization.”

Relationships and connections matter, not just now but also later on.” “

8. Conduct informational calls. Informational calls or interviews are a great networking technique. They also help build your confidence levels and give you exposure to various industries. A word of caution: Never use informational interviews to ask for a job! Instead, use the interviews to gain good insights, and afterward, leverage the interviewers as new contacts in your network.

By Amy Napolski

1 The total number of credits required CPA licensure is 150. You need only 120 credits to sit for the CPA Exam. You can earn the extra 30 credits by selecting a second major, such as finance or information systems, or by earning a master’s degree.

A ccounting majors inevitably face one of the biggest career decisions of their lives: Should I become a certified public accountant (CPA)? Talk to anyone in the industry, and the resounding answer is “Yes!”

32 CPA2b Fall 2022 | wicpa.org EXAM PREPARATION HELPFUL TIPS

3 https://www.becker.com/cpa-review/watt-sells-award-winners

The journey to becoming a CPA involves several steps, including getting the extra credits required for licensure,1 navigating the application process for the exam, studying and taking four difficult exam parts. Ultimately, the payoff is great — not only monetarily but professionally and personally as well. (For specific information about the CPA Exam, check out the toolkit on the AICPA website.2) There are many factors you can control throughout the process, and controlling as many factors as possible will give you the confidence to persevere. We have talked with many students about their journeys to becoming CPAs — including winners of the Elijah Watt Sells Award,3 which is presented to candidates who obtained a cumulative average score above 95.5 across all four sections of the exam on their first attempt. We asked these achievers what they did to be successful, and this article is a culmination of those tips and strategies.Let’stake a look at some of the things you can control at various junctures throughout the process of taking the CPA Exam.

2 www.aicpa.org/resources/toolkit/cpa-exam

• Become a tutor for accounting classes. The best way to learn something is to teach it to someone else.

• Learn about the educational requirements to take the exam and the earliest time you would be able to take it. Plan your classes so you can take

While you’re still in school

• Find out how long the application process is currently taking, and build this timeframe into your plan.

• Schedule the exam when you’re most “on.” If you’re not a morning person, schedule your exam in the afternoon. Prometric (the testing company) has morning and afternoon options.

• Determine how long it will take you to study. Becker Professional Education has a Study Planner7 tool that will help you determine how many hours to plan for.

• Find a study partner. Knowing someone else is going through the same journey is not only helpful psychologically; it’s also a resource for questions and encouragement.

4 https://www.wicpa.org/education/wisconsin-cpa-exam-checklist 5 https://nasba.org/ 6 https://nasba.org/exams/cpaexam/ 7 https://www.becker.com/cpa-review/course-demos

CPA2b Fall 2022 | wicpa.org 33

• Have a structured study routine, and stick to it.

• Become familiar with the National Association of State Board of Accountants (NASBA) website,5 where you will find the exam application6 for most states, including Wisconsin.

• If possible, set aside one to two weeks before your exam for final review, including taking practice exams in strict, exam-like conditions: no water bottle, snacks, cell phone or interruptions.

Planning for the exam

• Attend your school’s accounting club or society meetings to learn more about the profession and the exam. If your school has a Beta Alpha Psi Honor Society, join it. Not only are these activities opportunities to learn; they are also great activities to hone your networking skills — which will pay off throughout your career.

• Let your family and friends know you are working toward becoming a CPA, and ask for their help by taking things off your plate, not asking you to socialize when you plan to study and so forth.

• Be realistic: Know your learning style, and plan for any major life events that may take place during this time (such as moving or getting married).

• Put in the time to be fully prepared and change your perspective. This isn’t just another exam, it’s a gateway for your career — so embrace it!

parts of the exam during your last semester. The Wisconsin CPA Exam Checklist4 on the WICPA website is a great resource!

• Use a 12-month calendar or other tool to plan. The Notice to Schedule (NTS) is what you are applying for to take parts of the exam. The NTS for most states, including Wisconsin, is valid for six months, which means you pay in advance for the parts of the exam you will take in six months. Keep in mind you have 18 months to pass all four parts of the exam, and the clock starts ticking from the date you took the first exam you passed.

Studying strategies

• Create a dedicated study area with minimal distractions. Studying on your couch with the television on and checking social media won’t help you retain the material.

• Study in four-hour time blocks to condition yourself for the actual four-hour exam.

Prior to exam day

• Visit the Prometric test center to know how to get there and what it’s like. Walk in and look around so it’s familiar on exam day.

Final tips

• Be prepared for the screening procedures as you enter the testing room. This will include undergoing metal detection, pulling up your shirt sleeves and pant legs and having your fingerprints taken. Prometric offers a video8 of what to expect on exam day.

Passing the CPA Exam is an achievement that will pay off for years to come.” “

Exam day tips

• Reward yourself as you succeed. It’s a great accomplishment to pass each section, so treat yourself at each juncture.

Passing the CPA Exam is an achievement that will pay off for years to come. Knowing what to expect and controlling the factors throughout the process will give you the confidence to succeed. Millions of people have done it. You can, too! Best wishes on your journey to becoming a CPA.

• Get plenty of sleep the week before your exam. You may not sleep well the night before taking it.

• Dress comfortably for the four-hour exam.

• During a break, walk around to get your blood flowing!

• Change your mindset from seeing the exam as a horrible, difficult experience to an opportunity to change your trajectory. Ask yourself, “What will happen if I pass?” and “What will happen if I don’t pass?” Many firms have bonuses if you pass within a certain timeframe, and your career will take off once you become certified.

• Print several copies of your NTS, and put a copy of it in the glove compartment of your car as backup. You will need your NTS to take the exam. If you show up without it, they will send you home.

Amy Napolski is a Becker Professional Education senior account manager for Minnesota, North Dakota and Wisconsin. Contact her at anapolski@becker.com.

34 CPA2b Fall 2022 | wicpa.org

• Plan to arrive 30 minutes prior to your exam time to avoid lines.

• Use the restroom before entering the exam room.

• Use your GPS to guide you to the Prometric test center. It will reroute if there’s an accident or other delay — which has been a lifesaver for me!

• Give yourself a break as you wait for your score. No one skips out of the testing center convinced they nailed it!

• Make sure your ID (such as your driver’s license or passport) isn’t expired. You can’t use it to enter the exam if it’s expired.

8 https://www.prometric.com/test-takers/what-expect

• Eat a well-balanced meal prior to your exam, and bring a snack and drink that you may access from your locker if you take a break.

• Take the exam as soon as possible, and pass as many parts as possible before you start working. This is the number one tip candidates share with us. Life gets busy once you start working, and having the exam in your rearview mirror will allow you to focus fully on your career.

• Keep in mind this is a marathon, not a sprint. Pace yourself throughout the process — don’t work until you drop!

CPA2b Fall 2022 | wicpa.org 35 MEMBERSWELCOMESTUDENT NEW Claire Andries University Wisconsin–Madisonof Ryan J. Baxter Alyssa M. Beine Allyson Caballero Bryce R. Dively James KaitlynJoshuaGwarnickiA.HicksHockers University Wisconsin–Madisonof Elen MarcelDaltonHovhannisyanHribarKas Marquette University Jacob J. Keller Nick Kempf University Wisconsin–Madisonof Kallena A. Pluemer Benjamin Revie Marquette University Charles C. Riegg Sean AlexanderSinghSprenger Wisconsin Lutheran College Melissa A. MacKenzieVarinyH.Wetzel Accounting industry professionals around the globe count on Becker to help them excel throughout their careers—from the CPA Exam and beyond. A LEGACY OF LEARNING FOR A LIFETIME OF 1SUCCESSmillion+CPAcandidates have chosen Becker. Contact your local Becker representative, Deborah Andreivich, at becker.com/CPAdandreivich@becker.com.

New CPA Rebecca Albrecht.

A Night to Remember for Wisconsin’s New CPAs

Rebecca Albrecht, one of the new CPAs recognized at the banquet, appreciated the opportunity to celebrate her license with family, friends and peers.

36 CPA2b Fall 2022 | wicpa.org SPECIAL EVENTS NEW CPA BANQUET

Professionals from across Wisconsin enjoyed dinner, drinks and a keynote presentation by Patrick McDonough, CPA, CFO of Fear the Deer LLC. After crossing the stage to receive their official State of Wisconsin CPA Certificates, the new licensees were awarded with a bottle of champagne and a high-five from WICPA Board Member Kyle Stephens, CPA.

One of the WICPA hallmark events of the year for Wisconsin accounting professionals, the New CPA Banquet honors the state’s newly licensed CPAs and celebrates their hard work, determination and accomplishment.

“The New CPA Banquet is also a reminder for new licensees to take a moment and reflect on their future accomplishments — because with a CPA credential there will be future accomplishments,” Stephens added.

N early 100 new CPA licensees, their guests and supporting firm and business leaders attended the 2022 New CPA Banquet at the Hilton Milwaukee City Center on Friday, June 3. Even Bango, the Milwaukee Bucks mascot, was there to celebrate.

“I enjoy celebrating each year with the new CPAs because it is such a huge accomplishment that’s worthy of celebration. Every year that I attend the banquet, it’s also a reminder to myself that I’ve worked really hard to get where I am today,” said Stephens, the co-founder and president of Craft Beverage Warehouse in Milwaukee.

By John Rasche

Patrick McDonough with his wife, Marnie, and Bango.

Kyle Stephens giving a high-five and bottle of champagne to a new CPA.

“It was wonderful to be in a room where everybody knew what a special accomplishment the CPA credential is,” said Albrecht, a new CPA with Ernst & Young LLC. “Support from family and friends is a key part of successfully passing the exams, and it was nice for them to celebrate with me as well.”

Benjamin Revie, an accounting student at Marquette University College of Business Administration and a recipient of one of the 2022 WICPA Educational Foundation’s LeRoy C. Schmidt 150-Hour Scholarships, agreed with Albrecht. “I think it’s important to recognize CPAs at the banquet because of all the hard work it takes to earn that CPA title,” Revie said. “These new CPAs will eventually become the leaders of the accounting profession.”

Guests enjoyed meeting McDonough of the Milwaukee Bucks and seeing the NBA team’s Championship Trophy in person at the banquet, followed by casino-themed entertainment.

Want to see photos of the event? Head to the WICPA’s Facebook page at facebook.com/WisCPAs to look through the 2022 New CPA Banquet photo album. John Rasche is the WICPA’s public relations manager. Contact him with news, announcements and story tips at 262-785-0445, ext. 4510, or john@wicpa.org. 2021 New CPAs present at the banquet. WICPA Educational Foundation scholarship recipient, Benjamin Revie.

Albrecht said she recommends to any new CPA licensee in Wisconsin that they celebrate at the WICPA’s annual New CPA Banquet. “It takes a significant amount of work to become a CPA, and it shouldn’t be glossed over or treated as something that is just expected of individuals in the accounting field,” she said. “It was exciting that I was still able to celebrate this accomplishment, as I had passed my exams at the beginning of the COVID-19 pandemic in 2020,” Albrecht added. “I feel like I didn’t truly appreciate the accomplishment at the time because I was unable to celebrate with the people closest to me — but it’s truly a special accomplishment.”

The LeRoy C. Schmidt 150-Hour Scholarships of $2,500 are awarded each year to qualified applicants who meet the eligibility criteria and demonstrate academic achievement and volunteerism. Accounting students can learn more about the WICPA Educational Foundation’s college scholarships at wicpa.org/scholarships.

CPA2b Fall 2022 | wicpa.org 37

Accounting runs in Albrecht’s family. Her mother, Wendy, is a CPA and runs her own business. “My mother definitely was an influence in my decision to become an accountant and was able to show me the opportunities the CPA profession provides,” Albrecht said.

Revie also enjoyed the networking opportunities the New CPA Banquet provided. “I enjoyed connecting with my fellow WICPA Educational Foundation scholarship recipients the most,” he said. “Another highlight for me was connecting with professionals who work at KPMG, the same firm where I am currently interning.”

Robert Albrecht, Rebecca’s late grandfather, was a past WICPA board member and president of the WICPA Educational Foundation. “I was more curious about the WICPA and what kind of organization it was because my grandpa passed away around the time I started public accounting,” Albrecht said. “Being at the New CPA Banquet definitely made me feel closer to him since I know the WICPA was special to him. I know he would have been proud that I became a CPA.”

• Every organization needs someone with strong accounting skills as part of their senior leadership team.

By Jerry Maginnis, CPA

Exploring the variety of career opportunities offered by the accounting profession

38 CPA2b Fall 2022 | wicpa.org CAREER ADVICE EXPLORING OPTIONS

• Launching a career in accounting can lead to other future opportunities.

Similarly, if you are involved in income tax planning or preparation of tax returns at either the business or individual level, you are enabling the proper functioning of our tax system, which is increasingly designed to achieve public policy objectives. During the coronavirus (COVID-19) pandemic, for example, CPAs rose to the occasion by helping businesses secure Paycheck Protection Program (PPP) financing and take advantage of other government financing programs to avoid having to lay off employees or shut their doors. Career paths One of the best things about the accounting profession is the myriad opportunities available to graduates with an accounting degree. At a very high level, this is what potential career paths and opportunities look like:

• The profession offers a great deal of flexibility.

• Public accounting. From the Big Four to national, regional or local accounting firms, individuals can work in an environment that appeals to them and choose to pursue options in auditing, tax or advisory services.

• The work is interesting, challenging, and makes an impact.

• The sense of purpose and psychic rewards can be powerful.

• The financial rewards can be significant.

The accounting profession plays an important role in the broader economy. If you are involved in the preparation or auditing of financial statements, you play a critically important role in ensuring that investors and creditors are receiving essential, decision-useful information in a timely and transparent fashion. When investment and debt capital flows to the best opportunities, good things happen — job creation, innovation and an improved standard of living.

• Private industry. Chief financial officer (CFO), controller, accounting manager, director of financial reporting, cost accountant and financial analyst are just a handful of the many positions available at companies of all sizes.

Exploring Your Options

Even better, accountants can pursue opportunities in every sector of the economy. Everyone needs accountants, from global Fortune 500 companies to the local dry cleaners. A good friend of mine who enjoys baseball leveraged his accounting degree and CPA certificate in a fashion that enabled him to become the CFO of the Philadelphia Phillies!

A noble profession

I n my role as an executive in residence at Rowan University in southern New Jersey, I have had the opportunity to meet with many students and discuss their future. When still trying to decide on their major field of study, they often hear me encourage them to consider the accounting profession for the following reasons:

• Government. The federal, state and local government sectors employ tens of thousands of accounting professionals.

CPA2b Fall 2022 | wicpa.org 39

• Specialized areas. Forensic accounting, internal auditing and international taxation are just a few examples of specialized careers open to accountants.

• Not-for-profit organizations. There are hundreds of thousands of these organizations. Many are small, but some are large, sophisticated organizations (think hospital systems, colleges and universities, and large donor-financed entities including the American Cancer Society).

• Academia. For those who love teaching and research, pursuing a PhD in accounting can lead to a tenure track position teaching at a university. What about credentials? Accounting is a profession that requires a commitment to lifelong learning. I encourage students to develop a plan early in their academic journey that will enable them to achieve 150 credit hours and become a CPA. Some students make it a point to acquire a master’s degree. There are other cost-effective alternatives, such as taking classes at a community college, in order to earn the extra credits. I tell my students that you can’t go wrong in obtaining your CPA license. It is a widely recognized credential that will likely enhance your earnings potential and job opportunities over the course of your career. Service to others I try to remind my students at Rowan that it is never too early in life to give back to your community and help the generations that come after you. There are many ways for accountants to do so: Get involved with a nonprofit organization, serve as a mentor to students or coach a local youth sports team. There are many ways to give back, and volunteers benefit immensely from doing so, from gaining valuable leadership experience to building important community relationships. Jerry Maginnis, CPA, is a retired KPMG partner and serves as an executive in residence at Rowan University in Glassboro, New Jersey. He is the author of Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities, recently published by Wiley. Contact him at jerrymaginnis@outlook.com.

First published in The CPA Journal online. Used with permission from the author.

EXT.

Reilly, Penner & Benton, LLP is Wisconsin’s first chartered CPA firm with over 100 years of experience. We are a mid-sized CPA firm in the Milwaukee and Madison markets with a diverse client base including non-profit & for-profit organizations, unions, government employee benefit plans, school districts, charter & school choice programs as well as tax preparation and consulting for businesses, partnerships and individuals. At RPB everyone is part of the team, with a focus on growth and development both as an individual and as an accounting professional. RPB offers employees a positive culture with work-life balance. Sikich LLP is a tech-enabled professional services firm specializing in accounting, technology, advisory and managed services. We have helped multi-faceted businesses succeed in every area, from number-crunching to ERP implementation — and everything between. We are among the top 1% of all enterprise resource planning solution partners in the world. From corporations and not-for-profits to private equity firms and local governments, Sikich clients receive access to a broad spectrum of services and products that help them reach their long-term, strategic goals.

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