In today’s society there are many different types of people. There are the people that expect great things from you, like employers. And there are people that expect even greater things from their future employers, like employees. Throughout this essay and with the use of well informed sources I will be elaborately discussing what Accounting Firms are expecting from their perspective employees and what the recent college graduates are expecting from their perspective firms. I know that what I expect from an accounting firm is a lot and all of my sources have the same idea, that students expect more from their prospective accounting firms than the firms have from students.
When I was looking to become an accountant, I did some research to find out a little more about it and what I would need to become one. I found out that when I graduate from college with a BBA/MBA in Public Accounting the firms that will be looking to higher me will be expecting a lot out of me. Both grade wise in college and experience. At least that is all I thought they would care about. After during some thorough research I found out that what I expected out of them and what they expect out of me was just the beginning.
In the accounting world, employers expect numerous different skills and qualifications from their employees. Even though in the article Recruiting the Best Accounting Students in a Tight Market: Some Guidance by Sharon L. Kimmell, Pamela K. Keltyka and Emeka Ofobike the authors state that “…the demand for top accounting graduates currently exceeds the supply” (CPA Journal, 68). You would figure that they might have lowered the standards for new employees. Instead they kept them the same so that even though they won’t have as many accountants, the ones that they do have will be well qualified and experienced so that they will be more efficient and effective with their work supply. The authors in the article also interviewed junior and senior accounting majors at a large urban university about their interviewing experiences. These students demonstrated the qualities and skills that most accounting firms would hire. They concluded in the survey that employers are very selective in who they bring in their company. The average GPA of the students was a 3.5. Fifty six percent of the students had prior work experience which the employers loved. The employers also liked the fact that a large number of the applicants aspire to rise to the upper ranks in their chosen field and 44% want to eventually become partners and 19% hope to become the chief financial officer of a major company. All of the students surveyed intend to sit for a certification exam. Upon graduation, 68% of the students are expected to have 150 credit hours or more (CPA Journal, 68-69). These students are among the best and brightest accounting majors and what most if not all accounting firms are looking for. The reason why they discuss the 150 credit hours or more is because those are one of the requirements to sit for the CPA Exam. Most employers expect that the accountants that they are looking to hire will eventually sit for the CPA exam and if they see that they already have the 150 credit hours complete then they will see that they are ambitious and looking to get far in their career. What I concluded after reading these articles is that employers are expecting accounting students to be ambitious and are trying to move along in their career. They are looking for them to be well educated, previous work experience and have the requirements to be certified completed.
The CPA exam is very complicated to understand. There are a lot of requirements to take the CPA and they vary from state to state. I researched what it was like to sit for the CPA exam in New York State. The qualifications to become a CPA in New York are that one must have a bachelor’s or higher degree and 150 credit hours completed in different areas. These hours split up approximately like this: 33 credit hours in accounting and the principles of accounting, 36 credit hours in general business electives, communication of a business, hours in ethics and professional responsibility and many hours in accounting research. You must also have at least two years of public accounting experience before you can even sit for the exam. These two years can include having an internship during college or after and also working with an accounting firm. When you register to take the exam you have to pay around 900 dollars in testing fees. The charges are split up like this: The application fee is $125, and then it gets split up to by the different sections that you have to sit for. The test overall is about fourteen hours long and is split up into four sections. Auditing and Attestation which in $226.28 and a total of 4.5 hours, then there is the Business Environment and Concepts which is $178.58 and 2.5 hours long. Then the Financial Accounting and Reporting section which is $214.35 and 4 hours long. The last part of the exam is about Regulation and is $190.50 and about 3 hours long. All of these tests do not need to be taken in one sitting. They actually recommend you to only register for the parts that you will be ready for within 6 months after you register and to take them one or two at a time. After completing all parts of the CPA exam you must wait at least seven weeks to see whether or not you passed it with at least a 75%. If you get below a 75% in any of the sections then you must retake that part that you did poorly on. After doing everything that is required you are able to receive a CPA license in New York State. The information that I stated above came from the National Association of State Boards of Accountancy and The American Institute of Certified Public Accountants.
I conducted an Interview with Rema Reznik. She is an accountant at J.H.Cohen. She does all of the accounting for the small business department. When I asked her, what do you expect from college graduates that are looking to get a job with you? She stated “I am always expecting hard workers; I expect them to have a high GPA and preferably 150 credit hours. I also expect them to be motivated in moving up in the company so then I know they will work hard” (Reznik Interview). I really enjoyed hearing her say this because I feel that I am one of those individuals that when I graduate Pace with a BBA/MBA in public accounting I will get a well deserved and high paying job.
I just discussed what is expected of a college graduate from an employer’s perspective. Now let’s see how much more students expect from their future employers. As I stated before, the demand for accountants exceeds the supply. This gives the college graduates an advantage in what they expect from their future firms. They know that they need accountants and one of the big things they expect is a higher salary because of it. The average salary for entry level accountants in New York City, according to www.salary.com, ranges from 45K to 55K. According to Kimmell, 81% of the students surveyed had already decided what company they hope to work at. College graduates expect the firm to have a reputation; their preferred companies size whether it is larger or smaller, an emphasis on work life balance and genuine concern for employees, a friendly office atmosphere, and the opportunity for professional growth (CPA Journal, 69). What Kimmell, Keltyka, and Ofobike are trying to say is that the firm needs to get out more and fit the needs of recent college graduates. They need to make a presence in the schools so that their company gets recognition from students that are looking for jobs. Students also look for several types of programs that are possible and offered to underclassman. I know from personal experience, the company McGladrey & Pullen, has a sophomore training program where if you are a sophomore in college you can apply and that summer going into your junior year you work for them and you shadow one of their accountants. This teaches you the fundamentals of accounting and also it will show you everything that you will be doing when you graduate college. Accounting firms also need to show more support to charities and foundations because many college graduates are looking for a company that they will not only work for but can help other people too. I look for a lot in an accounting firm, being a sophomore accounting major, I look to see what kind of programs they offer, whether or not they have room to move up and chances for growth within the company. I look to see if there is some sort of rating system in the company where if you do a really good job on something then you get a bonus, raise or possibly a promotion. I also look to see how close the managers are with their employees. I do not want to work for a company that the work environment feels distant. I want to work in a place where I can feel comfortable in going into work every single day and be friendly with my manager or bosses. Another thing that I expect in a firm is that they keep in contact with me until the interview. I expect them to send me emails and phone calls every once in a while to see if I am still interested or not and to remind me of how great the firm is.
There was one more concern that the students that were interviewed faced. That was the interview. They expressed a lot of interest in the interview and how the interviewer interacted with them. Prospective employees expect a lot from the interview. They expect that by the end of it they will be able to tell whether or not they got the job or if they think they got the job. The students looked at how the interviewee expressed his interest (Kimmell, CPA Journal). If the interviewers expressed interest in what the student has to offer than the students felt that the company was better and more suitable for them. It was a big issue if the interviewer expressed very little interest to the interviewee because the students felt that the company was going to be distant and not suitable for them. Another issue about the interview that was brought up in the article was the communication. Students want to be a part of a firm that has great communication. We expect to be apprised of the status of the interview process in a timely manner (Kimmell). The best way to do this would be by sending the students a brief email letting them know what stage of the process they are on. One student’s comment, that was interviewed, summed up what is expected of firms. The student described his last interview by stating, “Kept in touch every step of the way. It made me feel wanted and important (Kimmell). In addition to timely communication, accurate communication, both oral and written, is also critical. When one student was asked about interviewing disasters he stated “I was told by one of the regional firm’s HR representatives that I would receive a second interview and then a week later I received an e-mail saying that the firm was not interested (Kimmell). If a student is told that they are going to be receiving a second interview or that they will hear from them in a week, then that is what is expected of the firm to do. Communication is one of the most vital expectations that students have of firms and if the firms cannot communicate accurately and in a timely matter than the students will look at the firm in a negative manner.
Overall after looking at all of the information I had found on both, the expectations from the employers on what they expect from college graduates and what the college graduates are expecting from their future accounting firms are not quite the same. I found that the students expect far greater things from the firms than what the firms expect from the students. The employers are looking for students to be more active in their school work, community and in their work. They are also looking for students to have already completed the 150 credit hours needed to sit for the CPA exam and are planning on or expecting to take it after having two years of work experience. Firms are also expecting their future employees to want to grow in the company and help it succeed.
The expectations that college graduates have of their future employers are different than that of the employers. The college graduates expect that the firms or employers which they will work under have a good work environment. They want not to be afraid to go into work every day. They want to be friendly with their bosses. They also expect to have a lot of growth in the company and a lot of chances to move up. Some chances being a rating system where if you do something outstanding then you either get a raise, bonus or even a promotion. They also expect the company to be friendly and well respected in the accounting world. They want them to have a good reputation and to be of a size that is suitable for the student. I personally prefer a smaller firm because I enjoy knowing almost everyone and work will be more enjoyable as well. College graduates also expect that the interviewer shows some interest in the interviewee or that turns them away from the company.
Even though the expectations from both parties are different, I still see some of the same ones. For instance, the employers look to see if the employee is interested in the firm and wants to move up and grow in and with the company. The employee also looks for that in a company and sees if there is any room for growth in the company. Another thing both parties share is the expectation of being involved. Employees look to see if the firm is not only involved in accounting but involved in other aspects to like fund raising or charities. The employers expect the students to also be well involved and inspired to help other people.
After all the extensive research I performed on the area of accounting firms and college graduates looking to get hired by an accounting firm I found that the expectations that college graduates have of accounting firms is much more than what the firms have of their students. Overall I found the reason why the demand for accountants exceeds the supply is because the firms are looking for quality rather than quantity and the students are looking for the firm that will meet all of their expectations and if they will not find one then they will keep looking.
Works Cited
"Accountant 1 Salary." Salary.com. Nov. 2008. 10 Nov. 2008
"AICPA Media Center - Frequently Asked Questions." AICPA. The Institute of Certified Public
Accountants. 10 Nov. 2008
Kimmell, Sharon L., Pamela K. Keltyka, and Emeka Ofobike. “Recruiting the Best Accounting
Students in a Tight Market: Some Guidance.” The CPA Journal 78 (2008): 68-71.
"UNIFORM CPA EXAMINATION INFORMATION FOR NEW YORK STATE INITIAL
CANDIDATES." NASBA. National Association of State Boards of Accountancy. 10 Nov. 2008
Reznik, Rema. "Accounting Interview." Telephone interview. 7 Nov. 2008.
This source was from an Interview I conducted with Rema Reznik who is an accountant but not a CPA. I will use this when comparing a CPA to a non-CPA accountant and it should reveal the true facts about accounting. This is probably going to be my most useful source because all the questions that I asked were answered. The opinions expressed in this interview were that of a professional and her own experiences.
Krueger, Alan B. "Does the Financial Crisis Threaten Your Job?" The New York Times 29 Sept.
2008.
This article discusses how the financial crisis that we are in will affect jobs in the accounting fields. This will be very helpful and answer the question that I had if accounting would be affected by this financial crisis. This article came from the New York Times business section and was written by a professional in the field so it is reliable.
Most, Kenneth S. The Future of the Accounting Profession : A Global
Perspective. New York: Quorum Books, 1993.
This book is more recent than the other book. It talks about what is going to happen to accounting and accountants. It also discusses what will happen if the economy was to fall and how that will affect the accountants. Kenneth Most is a professional accountant and is very knowledgeable about the profession of accounting.
Murray, Alan. "Global Integration of Accounting Standards." The CPA Journal 78
(2008): 24-27.
This article is from The CPA Journal. The CPA Journal is one of the most well respected journals in the accounting field. All of the writers for it are accredited and have a lot of knowledge in the area of accounting. This is an interview with Tom Jones who has been an accountant for over 20 years.
