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Tom Hood, CPA, CITP, CGMA
Montgomery County Community College
October 8, 2013
MACPA Professional Issues Update 2013 Student Edition
“People don’t buy what you do, they buy why you do what you do.”
-‐ Simon Sinek
Why MACPA?
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Associations in America were seen as unique from the foreign perspective
As soon as several of the inhabitants of the United States have conceived a sentiment or an idea that they want to produce in the world, they seek each other out; and when they have found each other, they unite. From then on, they are no longer isolated men, but a power one sees from afar, whose actions serve as an example; a power that speaks, and to which one listens.
– Alexis de Tocqueville
Alexis de Tocqueville 1835
Where were you on January 16th?
2014 CPA day – January 15, 2014
New CPA Swearing-‐in Ceremony
November 4, 2013 BWI Hilton
Maryland played an important role in the formation of the CPA Profession in the US
• Edward Cockey • First President of AICPA
• Henry Harney • concept of CPA
• Max Teichman • founding member of MACPA
Maryland was the third state to enact CPA legislation and first state in 1928 to restrict audits to CPAs
The Profession’s Associations
The Standard Setters & Regulators
• The American Institute of CPAs (AICPA) – 450,000 + members
• CPA/SEA – State Executives Association
• 50+ State CPA Societies • The Maryland Association
of CPAs (MACPA) – 9,000 CPAs + 3,000
students
The CPA Profession Associations
• FASB • GASB • AICPA • National Association of
State Boards of Accountancy (NASBA) – 54 Licensing jurisdictions
A profession has three major aOributes
• A disPnct and evolving body of knowledge • A commitment to the public interest – licensed by the government
• A code of conduct and ethics
State of Maryland CPA License
How to become a CerPfied Public Accountant?
The four E’s (State of Maryland Example) 1. EducaPon – (150 hours) Bachelor’s degree + 30
credit hours 2. ExaminaPon – Pass the Uniform CPA Exam 3. Ethics – Maryland requires a separate ethics
course and examinaPon 4. Experience – 1 year of experience working with a
CPA
And CPE – -‐ 80 hours of ConPnuing Professional EducaPon reported every two (2) years, including four (4) hours of ethics training
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Business Landscape
Main Street Owner begins to delegate “Focus on growth”
Bu26 Million U.S. Small Businesses
Mid-Market Delegation: departments “System thinking”
.6M businesses
24 million
employees
3.2 million businesses 26 million employees
22 million businesses 27 million employees
Personal Businesses Consumer & Business blur
0-5 Employees
The pivot of any business is not whether it can reach consumers, it's the reality of whether consumers, especially connected customers, wish to connect with them now and over time.
The definition of creating a desirable brand now takes on an entirely new meaning.
To earn the attention and business of the connected consumer, the brand, product, or service must connect with its consumer personally—emotionally and intellectually.
From Push to Pull
• Change • Complexity • Compliance • Convergence • Competition
MANAGING THE SEA CHANGE
The Future
30 Future Forums 1,000 CPAs
Identified these top trends
What CPAs think about the future
http://www.bizlearning.net/live/i2afutureforums
MANAGING THE SEA CHANGE���Be the Captain of your own ship!
• Continuous Learning
• Competency
• Collaboration = Career Success
It really is about this...
OUR GYROSCOPE!
In 1997, the CPA profession crowd-‐sourced its future with over 3,500 CPAs in the CPA Vision Project
That was re-‐validated in 2011 by 8,000+ CPAs
CPAs... Making sense of a changing and complex world.
Our core purpose, our reason for being is
Here is what they said…
The DNA of the CPA Values & Competencies
• Leadership • CommunicaPon • Strategic Thinking • CollaboraPon & Synthesis • Technologically Savvy
Our Vision Statement for the future is: ( mandates to ourselves for a successful future)
• CommunicaPng the total picture with clarity and objecPvity,
• TranslaPng complex informaPon into criPcal knowledge,
• AnPcipaPng and creaPng opportuniPes, and
• Designing pathways that transform vision into reality.
CPAs are the trusted professionals who enable people and organizations to shape their future.
Combining insight with integrity, CPAs deliver value by:
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Wisdom from the MACPA Leadership Academy
According to these young professionals, the future is one in which CPAs: ● are proactive, flexible, adaptive and collaborative by nature; ● have regained the trust of their clients and the public at large; ● have successfully bridged the profession’s “leadership gap” by focusing on succession planning, personal growth, and generational cooperation; ● have created the profession’s premier global industry standards and best practices; ● have redefined the profession through work / life integration, collaboration, and a team-first approach; and ● have earned a reputation as technological innovators.
The CPA Brand
The
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CPAs Inspire Confidence
Don't know
Agree
Disagree
“I would be more confident in a job done by a CPA than if it were done by an accountant who is not a CPA”
“CPAs have a unique perspective that is valuable when making business and financial decisions, even when those decisions are not directly related to accounting”
BDMs
Agree67%
Don't know17%
Disagree16%
Investors
Don't know
AgreeDisagree
BDMs
Agree74%
Don't know11%
Disagree15%
Investors
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A CPA Story
Click here to read the full story
Lessons Learned: What I want you to know
Click here to read all the blog posts
Rebekah Brown, CPA Customized Learning Consultant Maryland AssociaGon of CPAs Business Learning InsGtute (443) 632-‐2320 E-‐mail [email protected] Web hQp://www.macpa.org hQp://www.blionline.org Blog hQp://www.cpasuccess.com TwiQer @RJBrownCPA LinkedIn Rebekah Brown, CPA
Tomorrow’s CPA The Maryland Association of CPAs’ Student Group
� Benefits – � Discounts on certain MACPA
programs � Connect with other students and
CPAs in the Mentor Center � MACPA Scholarship � Brand new Internship/Job
Database � Discounts on many CPA Exam
review programs
@tomorrowscpa
www.facebook.com/TomorrowsCPA
www.macpa.org/Content/students.aspx (Join here: www.tomorrowscpa.org)
[email protected] // [email protected]
How to join & get involved
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A leader’s job is to define context and provide hope and inspiration..."
Tom Hood, CPA.CITP CEO
Maryland AssociaGon of CPAs Business Learning InsGtute
(443) 632-‐2301 E-‐mail [email protected]
Web hQp://www.macpa.org Blog hQp://www.cpasuccess.com
