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MACPA Professional Issues Update
    2012 Student Edition	



 Tom Hood, CPA, CITP, CGMA	


     Salisbury University	

        March 5, 2013
“People	
  don’t	
  buy	
  what	
  you	
  do,	
  
they	
  buy	
  why	
  you	
  do	
  what	
  you	
  do.”	
  
                -­‐	
  Simon	
  Sinek	
  
The world without CPAs




          3
What CPAs think about the future	

                                                               30 Future Forums	

                                                                   1,000 CPAs	

                                                           Identified these top trends	





      http://www.bizlearning.net/live/i2afutureforums
MANAGING THE SEA CHANGE




•  Change
•  Complexity
•  Compliance
•  Convergence
•  Competition
The	
  Top	
  100	
  Most	
  InfluenAal	
  




                                   •  AICPA
                                    •  SEC
                                 •  PCAOB
                                 •  MACPA!
                                     •  IRS
                        •  Ron Baker – Value Pricing
                                   •  FASB
                        •  Gary Boomer – Tech Guru
                            •  The next president
                                    •  IASB
Top Seven Issues Facing Young
professionals
                   1.  InformaAon	
  overload	
  
                       (including	
  accounAng	
  and	
  tax	
  
                       complexity)	
  
                   2.  Work	
  /	
  life	
  balance	
  
                   3.  GeneraAonal	
  issues	
  and	
  
                       communicaAons	
  (including	
  
                       upper	
  management	
  not	
  
                       sharing	
  knowledge	
  with	
  the	
  
                       younger	
  generaAon)	
  
                   4.  Developing	
  networking	
  skills	
  
                   5.  Keeping	
  up	
  with	
  technology	
  -­‐-­‐	
  
                       especially	
  the	
  cloud	
  
                   6.  Finding	
  career	
  guidance	
  
                   7.  Understanding	
  social	
  media	
  
                       benefits	
  

                                                                      7
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	
  

                                            Our core purpose, our reason for
                                                        being is


                                              CPAs...
                                                    
                                          Making sense of
                                          a changing and
                                          complex world.
 Here is what they said…
The	
  DNA	
  of	
  the	
  CPA	
  
                   Values	
  &	
  Competencies	
  



•    Leadership	
  
•    CommunicaAon	
  
•    Strategic	
  Thinking	
  
•    CollaboraAon	
  &	
  Synthesis	
  
•    Technologically	
  Savvy	
  
Our	
  Vision	
  Statement	
  for	
  the	
  future	
  is:	
  
         (	
  mandates	
  to	
  ourselves	
  for	
  a	
  successful	
  future)	
  

     CPAs are the trusted professionals who enable    
     people and organizations to shape their future.  
  Combining insight with integrity, CPAs deliver value by:

                            •  CommunicaAng	
  the	
  total	
  
                               picture	
  with	
  clarity	
  and	
  
                               objecAvity,	
  
                            •  TranslaAng	
  complex	
  
                               informaAon	
  into	
  criAcal	
  
                               knowledge,	
  
                            •  AnAcipaAng	
  and	
  creaAng	
  
                               opportuniAes,	
  and	
  
                            •  Designing	
  pathways	
  that	
  
                               transform	
  vision	
  into	
  reality.	
  
Moving	
  up	
  the	
  InformaAon	
  Value	
  Chain	
  
                                                                          Designing pathways
          
                                                               that transform vision
          
                                                                     into reality
                                                                                                     
     Transactions
                                                                                Decisions
                                                Communicating the total
                                                 picture with clarity &
                                                      objectivity

                                                 
                                     
           Anticipating
                                                Data
      Translating complex     Knowledge
     and creating
                                                             information into                     opportunities
                                                            critical knowledge

                                                                     
                                                                Information




Copyright 2012 – Business Learning Institute
CPAs Inspire Confidence
                                           “CPAs have a unique perspective that is
“I would be more confident in a job done   valuable when making business and financial
by a CPA than if it were done by an        decisions, even when those decisions are not
accountant who is not a CPA”               directly related to accounting”

 BDMs                                        BDMs
                                                                            Disagree
                              Disagree
      Agree                                       Agree

                             Don't know                                    Don't know




 Investors                                   Investors
                              Disagree                                       Disagree
                                15%                                            16%
      Agree
       74%                                       Agree
                                                  67%
                             Don't know                                     Don't know
                               11%                                            17%
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.                                      13
                          


Wisdom from the MACPA Leadership
Academy
14
The




                  15



 The CPA Brand
Your CPA says so
much.
Your CPA, CGMA says
you’re a management
accountant.




                 16
Give your career a Bounce!
Accounting Careers - MACPA -
MANAGING THE SEA CHANGE
  Be the Captain of your own ship!
                                 	


•  Continuous
   Learning	

•  Competency	

•  Collaboration	

=	

Career Success
It really is about this...
Accounting Careers - MACPA -
You can't connect the dots
 looking forward you can only
     connect them looking
backwards. So you have to trust
  that the dots will somehow
    connect in your future.
Accounting Careers - MACPA -
A leader s
job is to
define
context and
provide
hope and
inspiration...

                  24
Tom	
  Hood,	
  CPA.CITP	
  
                      CEO	
  
  Maryland	
  Associa8on	
  of	
  CPAs	
  
   Business	
  Learning	
  Ins8tute	
  
             (443)	
  632-­‐2301	
  
        E-­‐mail	
  tom@macpa.org	
  
  Web	
  hNp://www.macpa.org	
  
Blog	
  hNp://www.cpasuccess.com	
  
                       	
  

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Accounting Careers - MACPA -

  • 1. MACPA Professional Issues Update 2012 Student Edition Tom Hood, CPA, CITP, CGMA Salisbury University March 5, 2013
  • 2. “People  don’t  buy  what  you  do,   they  buy  why  you  do  what  you  do.”   -­‐  Simon  Sinek  
  • 4. What CPAs think about the future 30 Future Forums 1,000 CPAs Identified these top trends http://www.bizlearning.net/live/i2afutureforums
  • 5. MANAGING THE SEA CHANGE •  Change •  Complexity •  Compliance •  Convergence •  Competition
  • 6. The  Top  100  Most  InfluenAal   •  AICPA •  SEC •  PCAOB •  MACPA! •  IRS •  Ron Baker – Value Pricing •  FASB •  Gary Boomer – Tech Guru •  The next president •  IASB
  • 7. Top Seven Issues Facing Young professionals 1.  InformaAon  overload   (including  accounAng  and  tax   complexity)   2.  Work  /  life  balance   3.  GeneraAonal  issues  and   communicaAons  (including   upper  management  not   sharing  knowledge  with  the   younger  generaAon)   4.  Developing  networking  skills   5.  Keeping  up  with  technology  -­‐-­‐   especially  the  cloud   6.  Finding  career  guidance   7.  Understanding  social  media   benefits   7
  • 8. 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   Our core purpose, our reason for being is CPAs... Making sense of a changing and complex world. Here is what they said…
  • 9. The  DNA  of  the  CPA   Values  &  Competencies   •  Leadership   •  CommunicaAon   •  Strategic  Thinking   •  CollaboraAon  &  Synthesis   •  Technologically  Savvy  
  • 10. Our  Vision  Statement  for  the  future  is:   (  mandates  to  ourselves  for  a  successful  future)   CPAs are the trusted professionals who enable people and organizations to shape their future. Combining insight with integrity, CPAs deliver value by: •  CommunicaAng  the  total   picture  with  clarity  and   objecAvity,   •  TranslaAng  complex   informaAon  into  criAcal   knowledge,   •  AnAcipaAng  and  creaAng   opportuniAes,  and   •  Designing  pathways  that   transform  vision  into  reality.  
  • 11. Moving  up  the  InformaAon  Value  Chain   Designing pathways that transform vision into reality Transactions Decisions Communicating the total picture with clarity & objectivity Anticipating Data Translating complex Knowledge and creating information into opportunities critical knowledge Information Copyright 2012 – Business Learning Institute
  • 12. CPAs Inspire Confidence “CPAs have a unique perspective that is “I would be more confident in a job done valuable when making business and financial by a CPA than if it were done by an decisions, even when those decisions are not accountant who is not a CPA” directly related to accounting” BDMs BDMs Disagree Disagree Agree Agree Don't know Don't know Investors Investors Disagree Disagree 15% 16% Agree 74% Agree 67% Don't know Don't know 11% 17%
  • 13. 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. 13 Wisdom from the MACPA Leadership Academy
  • 14. 14
  • 15. The 15 The CPA Brand
  • 16. Your CPA says so much. Your CPA, CGMA says you’re a management accountant. 16
  • 17. Give your career a Bounce!
  • 19. MANAGING THE SEA CHANGE Be the Captain of your own ship! •  Continuous Learning •  Competency •  Collaboration = Career Success
  • 20. It really is about this...
  • 22. You can't connect the dots looking forward you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future.
  • 24. A leader s job is to define context and provide hope and inspiration... 24
  • 25. Tom  Hood,  CPA.CITP   CEO   Maryland  Associa8on  of  CPAs   Business  Learning  Ins8tute   (443)  632-­‐2301   E-­‐mail  tom@macpa.org   Web  hNp://www.macpa.org   Blog  hNp://www.cpasuccess.com