Current CPA Demographics

The Association of International Certified Professional Accountants (AICPA) releases accounting demographic data every year in its Trends report, including race and gender data for representation in universities as well as professional accounting. According to the 2021 Trends report, professional accounting staff at firms comprise 62 percent white, 5 percent Black, 24 percent Asian or Pacific Islander, and 7% Hispanic/Latino. Compared with the general US population, which is 75 percent white, 13.6 percent Black, 6.4 percent Asian/Pacific Islander, and 18 percent Hispanic/Latino. 

While Asian/Pacific Islanders make up a larger percentage of the accounting population than their US demographic, those identifying as Black and Hispanic/Latino are underrepresented in the profession. The data also shows that representation in college and university accounting programs has remained relatively stagnant at numbers very similar to the professional staff levels at firms. 

Additionally, leadership remains even less diverse, with just 2 percent of Partners at US accounting firms being Black, and 82 percent of partners being white. Furthermore, while the numbers of women graduating from associate’s, bachelor’s, and master’s, doctorate level accounting programs remain relatively equal to men if not greater than, men outnumber women in partner positions at accounting firms by 22 percentage points (61% identify as male, 39% female).

The Importance of CPA Diversity

One article published in the CPA Journal underscores the importance of diversity in the accounting profession, calling it “not only relevant but obligatory,” and citing the 2015 McKinsey report showing the beneficial financial impact on companies with more diverse workforces. In accounting specifically, as explained in a blog post for Intuit, diversity begets diverse perspectives, which can keep an accounting firm or agency relevant, bring in new ideas, solve problems faster, and anticipate client needs. Diversity, equity, and inclusion (DEI) efforts can address and combat systemic racism if organizations value the DEI work being done, rather than just doing DEI focused work or seeking to fill diverse positions, according to Penn Wharton management professor Stephanie J. Creary. 

The Future of Accounting

Even as recently as over the last decade, the role of accountants has evolved into a position of strategic, proactive insight and analysis. The Boler BS in Accountancy at John Carroll University includes coursework and development in understanding DEI principles, long-term advocacy in ethical leadership, and the ability to anticipate and adapt to changing market conditions. 

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post Valuing and Elevating CPA Diversity in the Accounting Profession first appeared on Just Imagination Blog.

While professionals from many backgrounds find that ESG careers offer tremendous potential for meaningful impact, CPAs are uniquely qualified to take on a leading role. Being able to verify and ensure that reports are credible, reliable and comparable is essential as companies release their ESG data – CPAs can help at this stage, and other steps along the way, to build credibility and trust. 

The Value of ESG Assurance 

ESG assurance is the process of providing assurance or confidence that a company’s ESG-related information is reliable and accurate. This typically involves an independent assessment of a company’s ESG practices and performance and is designed to provide investors and other stakeholders with confidence in the integrity and reliability of the reported information. 

Company-reported ESG metrics and disclosures are being relied on by an increasingly diversified stakeholder base, both within and outside companies, to evaluate risk, drive internal operations and make investments, purchasing and employment decisions.

Key Competitive Benefits of Obtaining ESG Assurance Include: 

(AICA & CIMA, ESG Assurance Opportunities for CPAs brochure)

1. Stronger Performance and Efficiencies 
2. Cost Savings 
3. Improved Risk Management
4. Higher Rankings Among ESG Raters and Rankers, Such as CDP and DJSI 
5. Enhanced Brand Reputation 
6. Improved Ability to Attract and Retain Employees 
7. Improved Regulatory Compliance 
8. Improved Corporate Governance Practices 

Who Wants Assurance on ESG Information? 

Board of Directors: Because investors increasingly see ESG issues as a window into business viability and the future of company performance, boards may want to assess whether public-facing disclosures about ESG are of high quality. 

Investors: Investors are increasingly focused on ESG information because they find such information helpful in understanding the resilience of a company’s long-term value-creation strategy, and the information enables them to manage their investment based on ESG risks and opportunities. 

Management: Third-party assurance can be an important tool to enhance management’s confidence in its ESG data management and reporting processes to better inform strategic decision-making and understanding of performance against goals 

Other Stakeholders: Customers, suppliers and prospective employees may rely on a company’s ESG information to make decisions, and assurance by a third party could enhance the reliability of such information. 

Future Opportunities in ESG for CPAs 

The potential of an ESG career is immense and provides a great opportunity for accounting professionals to make a real difference. With the increasing focus on environmental sustainability, social responsibility, and ethical practices, there is no better time than now for CPAs to explore this area. Similarly, new regulatory standards and changing requirements for ESG reporting add a new layer to the demand. 

On March 21, 2022, the Securities and Exchange Commission (SEC) proposed “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” amendments that would require companies to provide climate-related information, such as disclosure of greenhouse gas emissions and other climate-related risks that may impact business, results of operations, or financial condition in their registration statements and annual reports and the inclusion of certain climate-related financial metrics in audited financial statements. 

Your Inspired Future in Accounting

John Carroll’s BS in Accountancy is an undergraduate major designed to prepare students to become not only excellent accountants but also proactive agents in the world of global business. The on-campus, 65-credit program is part of the Boler School of Business and continues to launch students into accounting careers where they drive the values and ethics of JCU’s Jesuit character into cutting-edge applications.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post Accounting for a Brighter Future: Career Opportunities in ESG Assurance for Accountants first appeared on Just Imagination Blog.

Accounting is a vitally important function in any organization. This is because accounting is concerned with the flow of money into and out of the organization—a major responsibility given that it encompasses everything from the organization’s revenues, to payroll, to taxes, to financial obligations, to the accurate reporting of the organization’s financial position through income statements, balance sheets, and cash flow statements. 

In carrying out these responsibilities, accounting professionals have access to sensitive information about an organization’s finances, its people, and its dealings with other entities. A deep level of accuracy and detail is a necessity—one that is required by law. A serious accounting misstep can call into question an organization’s finances and result in serious consequences, as illustrated by the multiple major accounting scandals that have made headlines over the past several years.

Acting with the Utmost Integrity

To avoid scandals such as these—and even lesser ones that can still have serious repercussions—accounting professionals must take it upon themselves to always act with the utmost integrity and to be unfailingly ethical in doing their jobs. 

Recognizing the importance of these responsibilities, the accounting profession is guided by codes of ethics and professional conduct from bodies including the Association of Certified Public Accountants, the Chartered Institute of Management Accountants, the Institute of Internal Auditors, and the International Ethics Standards Board for Accountants.

These codes of ethics and professional conduct vary in length, with some checking in at more than 200 pages. They are, however, similar in their areas of focus, which include, with some variation, objectivity, integrity, confidentiality, competence, and professional behavior. Each of these codes is intended to guide decision making and preserve the reputation of the field of accounting, the accounting professional, and the organizations they serve.

Avoiding Major Consequences

If accounting professionals don’t adhere to ethical behavior and practices, their organization can face many possible consequences, including losing customers, losing investors or other partners, facing legal issues, and even having difficulty staying in business. Accounting professionals themselves also face the risk of losing their job, their professional reputation, and potentially facing their own legal troubles.

When all of this is taken into consideration, it’s clear that codes of ethics and professional conduct offer an invaluable roadmap for accounting professionals to do their jobs the right way—and to avoid the headaches—and worse—that can result from unethical or unprofessional behavior.

Your Future in Accounting

Become an ethical, highly valued accountant with a bachelor of science degree in accountancy from John Carroll University’s Boler School of Business. Boler accounting students gain the broad knowledge and specific skills needed to flourish in this changing profession. The knowledge base you build will help you to balance customer/stakeholder/sustainability priorities, advocate for long-term and ethical leadership and strategy, anticipate and adapt to changing market conditions, and communicate with clarity.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post The Importance of Ethics in Accounting first appeared on Just Imagination Blog.

Accounting practices produce financial reports used internally and externally. Financial reports provide management with a snapshot of the company’s current financial position, performance, and cash flow. Investors, creditors, and tax authorities use financial records to make decisions about investments, loan approvals, and compliance with laws and regulations.

Successful accounting practice management is mainly about efficient systems and prioritizing important tasks. These tasks, which can be aided by software, include time tracking, client management, managing invoices, and project tracking.

Characteristics of Successful Accounting Practice Management

Traditionally, many components make up accounting practice management:

• Billing
• Project and Task Management
• Staff and Time Management
• Document Management
• Workflow
• Practice Intelligence
• Client Relationships

Given the many elements of accounting practice management, particular skills and strategies are necessary. Here are a few:

• Time management and organization are top skills for accountants and certainly are critical for successful practice management. Accountants must balance a variety of responsibilities and must keep track of their time and deadlines to file taxes and reports. They have to manage data and information, as well as client relationships.
• Motivate and empower team members. Communicate openly and often with colleagues. Set goals together and support them in their efforts to develop professionally. Effective practice managers know how to engage their teams and inspire people even in challenging times.
• Use the right practice management software—many accountants use practice management software to manage time, billing, and scheduling. It is critical to select the appropriate software and technology for your practice. It should be up-to-date, multifunctional, and customizable for specific business needs.

Importance of Client Relationships and Workflow Management

A CRM, or client relationship management system, is a central hub for client and team information. The accounting practice’s CRM should be easily accessible. Accounting CRMs commonly contain information about clients such as life stage, career type, and income and financial details. Therefore, accounting professionals can use CRM software to help clients accomplish goals such as maximizing retirement contributions, customizing asset allocation, and improving tax efficiency.

Improving accounting practice management also requires a thorough look at the current state of the business. Accounting professionals should identify the critical processes and examine and measure metrics related to them. Establish metrics, which could include time spent on processes and costs of implementation. The findings from this examination can be used to ultimately make work more efficient and save the business money.

Managing workflow allows accounting professionals to prioritize tasks and assign them to the appropriate staff members. Ultimately, it contributes to a practice management strategy that benefits the business.

Advance Your Management Skills

Businesses of all types need accounting professionals with practical management skills. John Carroll University’s Bachelor of Science degree in Accountancy equips graduates who possess broad core and business knowledge to manage business complexity. You will be able to balance the sometimes-competing priorities of stakeholders and customers.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post Useful Skills and Strategies for Successful Accounting Practice Management first appeared on Just Imagination Blog.

For starters, the prestige. CPAs are highly regarded in the field of accounting. Having a CPA license proves you are a professional committed to being a skilled accountant. It shows you went through the rigors of educational and professional experiences and passed a difficult exam to become the highest-level accountant.

What CPAs Do

CPAs are recognized as ethical advisors who serve the public interest.

A CPA may have expertise in one or more of the several financial and accounting areas including financial planning, auditing, taxation, forensic accounting, and company management.

The journey to becoming a CPA requires advanced accounting and business knowledge and abilities. A CPA’s skills should be relevant to the changes and complexities of the economy. As the accounting field evolves, the CPA profession must also adapt quickly to technological developments in areas such as data analytics, robotics, and artificial intelligence.

Thus, CPAs now may offer guidance on many topics including information technology, financial planning, and business deals. This means they should have the interpersonal skills and sound professional judgment to communicate with different individuals and teams. 

Critical Skills for a CPA

There are critical skills that CPAs and accountants need to succeed and thrive today. These skills include:

• Leadership—CPAs often need to make decisions that require the confidence to convey messages, manage projects, motivate colleagues, and contribute to improving their company’s methods and operations.
• Critical thinking—The ability to gather various information and find solutions to complex financial problems, as well as adjust strategies for business changes.
• Communication—Accounting professionals work with stakeholders from various parts of the organization and should be able to explain complex financial concepts in ways people understand.
• Tech savvy—As accounting becomes more technology-driven, CPAs need to stay up to date on their knowledge of emerging technologies.

Ohio CPA Requirements

Certain educational, testing, and experience requirements must be met to become a CPA in Ohio:

• Be an Ohio resident. CPA candidates must meet the residency requirement if applying for certification by examination or transfer of grades. They must fulfill the residency requirement by passing a section of the exam as an Ohio resident, or be a resident at the time of application for the CPA certificate.
• Must successfully complete the CPA exam or possess a CPA certificate issued by another state.
• A candidate must have completed a Board-approved course in professional standards and responsibilities (PSR) within the last year. This course should emphasize Ohio accountancy law and Board rules.
• Experience performing accounting services. Four years of accounting experience is required for CPA certification for candidates approved under the Graduate Management Admission Test (GMAT).
• Approved criminal records checks.
• Completed and approved application.

Furthermore, there are the academic requirements for admission to the CPA exam in Ohio. A prospective CPA may hold a bachelor’s degree in accounting, having completed at least 120 semester hours from an accredited educational institution; completed 24 semester hours in accounting courses, with one course each in financial accounting, management accounting, taxation, and auditing. Additionally, they must have 24 semester hours in business-related courses including finance, management, economics, and marketing.

Become a CPA in Ohio

A license as a Certified Public Accountant offers access to more opportunities. You can fulfill educational requirements to become a CPA at John Carroll University. Graduates of the Bachelor of Science degree in Accountancy program in our Boler College of Business become CPAs serving within public accounting firms, public and private corporations, and government bodies and municipalities. During the past decade, Boler Accountancy graduates have been among the nation’s top performers on CPA exam pass rates. We are also proud of the nearly 100% job placement for all Accountancy graduates.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post How to Become a CPA In Ohio first appeared on Just Imagination Blog.

AI and Machine Learning Explained

IBM defines AI as a field that “combines computer science and robust datasets, to enable problem-solving.” Computers are able to quickly read large amounts of information and find specific insights that help them perform tasks originally only able to be accomplished by humans, such as recognizing and translating meaning and making decisions. 

IBM further explains that machine learning is encompassed by AI. Machine learning is a branch of AI that allows software applications to become better, more accurate by utilizing historical data to predict new output values. 

Below are just a couple of ways that accountants and other practitioners of accountancy may employ AI and machine learning to make their jobs more efficient and their work more constructive and innovative. 

How AI and Machine Learning Help in Identifying and Fighting Fraud 

AI and machine learning can constantly work to recognize, defend and even deflect instances of fraud and other illegal activities through automation that examines large volumes of data and identifies outliers as they occur. Examples of fraud and misconduct include false reporting, procurement fraud, payroll fraud, abuse of expense reimbursements, and even money laundering, bribery and other types of corruption. 

Forensic accounting is an area of accounting tasked with investigating an organization’s financial records for evidence of misconduct. Historically, this was a lengthy, inefficient process. 

“Before the emergence of data analytics, forensic accounting relied heavily on manual processes to sieve out information and evidence to support investigations,” write researchers at Singapore Management University. 

Now, as a simple example, machines can review once siloed data pools and find matching and missing/outlier coming and going payments between bank accounts and balance sheets and more. These can help with identifying and fighting fraud by recognizing mismatched data or gaps in accounts. Companies can also quickly ask clients, employees, and customers about purchase and other accounting information shortly after a red flag transaction occurs to check accuracy in real-time. 

Streamlining Audits With AI and Machine Learning

Another area of accountancy that is improved by AI and machine learning is the streamlining of audits. AI and Machine Learning can add a level of automation and sophistication that can both sort and moreover understand connections between seemingly disjointed bodies of data. 

The technology firm Aspire systems writes of various ways that AI has enabled these processes in auditing, including automation and better compliance with corporate, state, and federal regulations through the monitoring of pertinent documents and raising alerts where necessary. According to Aspire, “Automation enables a reduction of 80-90% of the time previously taken by the workforce in performing disparate and repetitive tasks manually. It also enhances the quality of the output by reducing human error.”

The Accounting Profession as a Whole

There are many other applications of AI in the accounting world, according to Aspire, including: payables and/or receivables processing; supplier onboarding; procurement; understanding cash flows; finding more efficient tax strategies; customer support; and more. 

As a consequence of these and many others, accountants can spend more time solving problems that may have taken more time to even identify. Accountants can broaden the understanding of a client or organization’s records using tools like AI, machine learning, and data analytics. 

Inspired Futures in Accounting

Students pursuing Boler’s bachelor’s degrees in accountancy become familiar with growing AI and machine learning tools right on campus. In courses like AC456 – Emerging Technologies in Accounting, students are trained in cutting-edge technologies through the lens of the accounting profession, including hands-on components using case studies, allowing students to directly engage with the technologies that are shaping the future of accounting. 

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post What will be the role of AI and Machine Learning in accounting? first appeared on Just Imagination Blog.

Why Choose Accounting?

Accounting is a highly regarded profession, offering job security and advancement opportunities.

The accounting industry is expected to grow 7% this decade, with more than 1.4 million jobs by the end of 2022, according to the U.S. Bureau of Labor Statistics (BLS). An expanding economy, complex tax and regulatory environment, and globalization are expected to be drivers of demand for accountants and auditors.

Accounting is a field that always seems to be in demand. Businesses of all types rely on accountants to analyze and report financial data, prepare tax documents, audit accounts, and serve as financial consultants. Accountants are also responsible for making sure their companies are compliant and following regulatory standards.

Career options available to individuals with an accounting degree include:

• Accountant—manages the reporting of financial data of an organization, including preparing financial statements, examining and analyzing a company’s accounts, and ensuring compliance with financial reporting and other standard accounting procedures.
• Auditor—ensures the validity of financial data; examines financial statements for accuracy and legal compliance; prepares tax returns; and analyzes account books and accounting systems for corporations to ensure efficiency and accuracy.
• Bookkeeper—oversees the financial data of an organization; records and maintains financial transactions including purchases, expenses, sales revenue, invoices, and payments. Ensures accuracy of transactions and books.
• Financial analyst—performs financial forecasting, reporting, and operational metrics tracking; analyzes financial data and creates financial models for decision support; reports on financial performance and offers reviews for leadership.
• Tax Manager—manages clients’ taxes; creates tax payment schedules; develops company policies that encourage tax savings; watches for tax law changes and potential tax liabilities.

These positions require a general knowledge of business and finance concepts. Successful accountants are skilled in problem solving and analysis. 

Accounting Skillsets

Technological changes and increasing globalization are factors in the growing demand for accounting professionals.

The accounting profession is known to offer job security, competitive salaries, and is held in high regard.

Accounting professionals need a good mix of hard and soft skills.

Hard Skills

• Apply Generally Accepted Accounting Principles (GAAP), which are a collection of commonly followed accounting rules and standards for financial reporting.
• Develop policies and procedures that align with regulations and standards. Accountants must be prepared to take corrective action when necessary.
• Technical proficiency. Accountants should be adept at using accounting software, such as spreadsheet software, as well as business analytics and digital records software.

Soft Skills

• Analytical skills to review financial statements, prepare tax returns, and audit financial records.
• Detail-oriented. Must be able to detect errors in financial documents and transactions. 
• Problem-solving skills—the ability to find solutions and overcome issues that could result from accounting mistakes.

Relevant Education for Accounting Careers

Accounting degree programs cover topics such as business, economics, financial accounting, and statistics that prepare individuals for several roles in many types of industries. John Carroll University’s Bachelor of Science degree in Accountancy provides students with hands-on experience and exposure to emerging trends that will set them apart in the job market. The 65-credit program is part of the Boler School of Business.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post The Variety of Future Careers for Accounting Majors first appeared on Just Imagination Blog.

While some may derisively refer to accountants as “bean counters,” alluding to the idea that accounting professionals are only concerned with money flowing into and out of an organization, the reality is that accounting professionals serve several important financial functions. They also play a vital role in preserving the financial health and viability of the organizations for whom they work.

Among the various accounting functions:

• Ensuring the collection of money owed to the organization.
• Ensuring the organization pays its bills.
• Storing and collecting financial data.
• Generating financial statements, including income statements, balance sheets, and cash flow statements.
• Conducting regular financial analyses to determine how the organization is performing.
• Making sure the organization pays its taxes and complies with government laws and standards. 
• Preparing and managing budgets.
• Monitoring the flow of the organization’s money to prevent fraud.

Accounting professionals who earn the Certified Public Accountant (CPA) certification also can conduct audits and provide consulting and training to others in the profession.

While you may first think of for-profit businesses and their need for accounting professionals, non-profit organizations and government entities—indeed, most any organization that takes in or distributes money—also need accounting professionals. 

Accounting Career Options

Just as there are multiple important functions that fall under accounting, there are numerous career options within the field, ranging from entry level roles to the executive suite. Among them:

• Auditor
• Tax manager
• Cost accountant manager
• Financial analyst
• Accounting manager
• Comptroller
• Chief financial officer

Also, while accounting professionals hold important roles within organizations, they also can opt to work independently and start their own businesses. These can include accounting firms, financial advising and planning companies, and tax preparation services. 

What It Takes to Be an Accountant

While many accounting tasks are increasingly digitized, requiring accounting professionals to learn and use various financial software and systems, accounting professionals still need to be strong in math, detail-oriented, and have a love for numbers and working with financial information. Also, consider that accountants earn more than professionals in many other fields, as the median income for accountants and auditors is more than $77,000. 

If this sounds appealing to you, you may find that pursuing a career in accounting is a rewarding choice.

Your Future in Accounting

Launch your career as an accountant with a bachelor of science degree in accountancy from John Carroll University’s Boler School of Business. Boler accounting students gain the broad knowledge and specific skills needed to flourish in this changing profession. The knowledge base you build will help you to balance customer/stakeholder/sustainability priorities, advocate for long-term and ethical leadership and strategy, anticipate and adapt to changing market conditions, and communicate with clarity.

JCU is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post Beyond Counting Beans: The Role of Accounting in Business Organizations first appeared on Just Imagination Blog.

Case-Based Accounting

For accounting majors, the experiential work is incorporated throughout their courses, including in AC 303, Intermediate Accounting 1 through a project that introduces professional judgment concepts and a framework for decision-making. Students are assigned a case that requires them to determine an appropriate allowance for doubtful accounts at the end of a financial reporting period. Initially, students work with data in Excel on their own to prepare an initial analysis and estimate. Next, the the students split into groups where they discuss their individual analyses and work towards one estimate for the group.

“It is important for students to consider alternatives, practice professional judgment, and substantiate their conclusions,” says Choi.

Engagement with Experienced Practitioners

Next, each group is provided an opportunity to participate with an experienced practitioner. They explain the decisions they made and their rationale. The practitioners review the analysis, ask questions, make suggestions for consideration, and share experiences from their own practice

“I smiled when a student asked if their scenario was ever seen in the real world,” said Amanda Davis, Manager, Technical Accounting Consulting, RSM, “I responded with ‘every job I work on.’ I think the project did a great job of bringing together the classroom work and the application of skills in the workplace.”

“This [work] really starts the students down a path of critical thinking that appears to be at a minimum these days,” said Katy Allen, Controller, Ideastream Public Media. “It’s a shame because critical thinking is so crucial for success in the working world, whether it’s public accounting or industry.”

Time for Reflection

After the working session, students complete their final analysis, prepare an executive memo and engage in Ignatian reflection.

“I am much more confident in my ability to make accounting and financial decisions that require professional judgment,” said student Stephen Bannon. “I have a much better understanding of the process and how to better position myself to make the best decision for the company.”

“Presenting our conclusions to a practitioner helped immensely in improving our professional decision-making as well as giving us an idea of real-life situations,” said Logan Chiller.

A similar process continues through AC 305, Intermediate Accounting 3, with an increasing level of technical difficulty in the accounting issue.

“It’s invaluable to have this sort of preparation for the workplace,” says Choi. “It brings the material to life and helps the students become comfortable in presenting their work and answering questions. I can’t thank our practitioners enough. The students truly appreciate the experience and expertise that is shared with them.”

“Continue putting together these sorts of exercises,” said Lori Kalic, Partner and Senior Healthcare Industry Analyst, RSM. “It allows for independent, critical thinking and, while the students may not appreciate it now, they will!”

Your Future in Accounting

Develop valuable critical thinking skills and learn through experiential opportunities supported by practitioners in the field in John Carroll University’s Bachelor of Science in Accountancy program. Accountancy majors can take Choi’s courses such as Accounting Principles 1, Intermediate Accounting 1 and Intermediate Accounting 3, all of which teach applicable skillsets through thought-provoking, hands-on exercises.  

John Carroll is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post Beyond the Numbers: Teaching the Importance of Accounting in Business Decisions first appeared on Just Imagination Blog.

1. Collect People

Even if networking does not come easily or naturally, you can work through the obstacles with practice. Start small by connecting with one or two recent accounting graduates who you know, even casually. Ask them if they could take a short (15 min) call and share some accounting internship advice. 

Recent alums can share insights about recruiters and tell you how they targeted their internship search. Learning why someone else made a choice between a Big Four, regional or corporate accounting internship might help you focus your efforts when the time comes.

Summer might allow the school’s accounting executive in residence a little more wiggle room for a morning coffee or short zoom meeting. Try to craft a short, clear agenda for the call. For example, maybe you want to better understand the choices around professional accounting certifications. Tell the professional that you have narrowed down your consideration to three certifications and would like to hear their insights around what makes someone a good fit for each path.

2. Rehearse the Interview Game

Accounting internship recruiters increasingly rely on behavioral interview questions when evaluating candidates. Behavioral interview questions focus on how you’ve handled various situations to predict future behavior and abilities.

While a savvy accounting internship recruiter will likely smoke out someone who has over-rehearsed these questions, a little bit of familiarity with the behavioral interview process will level the playing field some when you step into the interview.

Brevity is key, and that’s where rehearsing with a friend or family member might provide good feedback. Keep in mind that you may be interviewing over zoom — and will want to learn a little about using your voice and projection. A good resource is a renowned voice coach, someone like Patsy Rodenburg who coaches the world’s top stage and screen actors.

3. Do Your Research

Accounting firms vary by size, location, reputation, type of business and clients and culture. Just as they will put you through a rigorous process of evaluation, so should you do your research and decide what firms make for a possible right fit.

Big Four firms will offer the greatest prestige and potential starting salary, but know that the accounting internship cohorts for such firms gather the most type A of accounting students.

Ask your circle of recent alums how they evaluate the options. Research firm’s client lists and learn if you have connections with accountants at these firms. You might find something in a Linked In post or profile that makes for a natural ice breaker — like a shared interest in a non profit group or cause.

Along with size, culture and people — learn more about the investment that each firm makes. Some firms simply recruit accounting interns, while other firms invest in robust and successful internship programs. Learning the difference between the two might be the first step toward finding your right fit.

Your Future in Accounting

Find your path to a successful accounting career through John Carroll University’s Bachelor of Science in Accountancy program and some proactive methods of lining up an internship. With John Carroll alums working all across the Northeast Ohio region and beyond, in various aspects of accounting, you will have resources to learn from inside and outside of the university.

John Carroll is a private Jesuit university located in University Heights, Ohio, near Cleveland.

The post How to Get an Accounting Internship and Why it Matters first appeared on Just Imagination Blog.