Volume 6, Issue 1
 
January 2006

IN THIS EDITION
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Apply now for a scholarship!

How much could you make next year?

150-hour requirement reminder

Be a CPA music consultant: Play "The Turnaround Game"

Congrats, William and Mary

Should you work for a local or national accounting firm?

Starting your job search? Don't make interview mistakes

CPE: Why CPAs need it



 

 

Accountants in the Movies
In the 2005 movie "Hitch," an accountant, played by Kevin James, hires a dating consultant played by Will Smith to help him win an heiress's heart. At one point, James uses a mug emblazoned with the American Institute of CPAs logo.

Apply now for a scholarship! Top

Don't let the April 15 deadline for VSCPA scholarship applications pass you by! Check out these great scholarship opportunities from the VSCPA Educational Foundation:

Visit each link above for eligibility requirements, selection criteria and links to the application.

How much could you make next year? Top

New public accountants and internal auditors are in luck. Due to the increase in corporate governance initiatives, as well as competition for top accounting staff, these fields will see the strongest starting salary growth this year, according to Robert Half International's 2006 Salary Guide.

Entry-level auditors can expect average starting salary increases of 9 percent, to between $35,500 and $43,250 per year. Entry-level starting salaries for accounting professionals can expect similar growth, with small firm salaries projected to rise 6.5 percent, to between $35,500 and $42,500.

150-hour requirement reminder Top

Don't forget! Starting July 1, 2006 accounting students must complete 150 hours of accounting education before sitting for the CPA Exam in Virginia. Commonly called the 150-hour rule, this requirement provides students with the opportunity to expand their accounting knowledge while gaining the effective writing, speaking and technological skills necessary for work in the CPA profession.

If you graduated in December 2005: You have until May to take the first part of the CPA Exam under the old 120-hour requirement.

If you are graduating this spring: You MUST have 150 hours of accounting education if you plan to sit for the Exam.

Check out the VSCPA brochure "What You Need to Know About the 150-Hour Rule" (.PDF) for information on what's required, frequently asked questions and more.

Be a CPA music consultant: Play "The Turnaround Game" Top

A company is in turmoil and the outlook is bleak. Who can lead a once-great music label back to its former glory? Why, you, of course.

In "The Turnaround Game", a free online game from StartHereGoPlaces.com, you're a CPA consultant trying to propel a major music label back into the big time. Your role is to advise the CEO on all key business issues and provide him with winning proposals. For that, you'll need all your business skills and street smarts. Think you can handle it?

StartHereGoPlaces.com contains fun information about becoming a CPA. Don't forget to check out the VSCPA's student Web site, CPAStudentZone.com, for even more resources.

Congrats, William and Mary! Top

A team from the College of William & Mary's Mason School of Business made history at the fourth annual Deloitte Tax Case Study National Competition in November. They were the first team to place first in both the undergraduate and graduate divisions.

The Deloitte Tax Case Study Competition, sponsored by the Deloitte Foundation, is an annual event testing problem-solving skills in taxation. Each team must complete a complex hypothetical case study in a five-hour time period, testing the students' knowledge of various tax topics, time management and teamwork skills. The finishes won William & Mary awards totaling $28,000.

Should you work for a local or national accounting firm? Top

If you're planning on entering public accounting when you graduate, you may be wondering if you should head to a large, national firm or a smaller, regional or local company. This is an important decision: according to a recent study, national firms experience twice the annual employee turnover as compared with local firms. Learn more about the working environment and corporate culture of both local and national firms to help you make an informed decision.
Source: New Accountant magazine

Starting your job search? Don't make interview mistakes Top

If you want to ace your first job interviews, make sure you prepare! A new study shows that one-third of chief financial officers (CFOs) believe job applicants make the most missteps during the interview than at any other stage in the hiring process. Make sure you avoid problems by researching the company and position, displaying a can-do attitude and avoiding prematurely asking about compensation.

Check out the CPAStudentZone Web site for many articles on beginning your career, from job searching to on-the-job tips. Interviewing articles include how to avoid the top 10 interview bloopers and how to interview the interviewer.

CPE: Why CPAs need it Top

If you've heard or seen the term "CPE" regarding CPAs, you may wonder what it means. CPE stands for continuing professional education, and every licensed CPA in Virginia is required to take a certain amount of CPE courses each year to maintain his or her license to practice. The Virginia Board of Accountancy, the licensing body for all CPAs, issues the requirements.

CPE courses can be found in may places. The VSCPA offers seminars and conferences, and many CPA firms offer courses for their CPA employees. The requirements are changing by 2009, however, when every CPA in Virginia will be required to take 120 hours of CPE every three years with 20 hours per year minimum. Read more about current and future CPE requirements.

 

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Virginia Society of CPAs| P.O. Box 4620, Glen Allen, VA 23058-4620 | (800) 733-8272 | www.vscpa.com
VSCPA Education Team | (800) 341-8189