<p>Rocco, I really can't answer that. However, all professionals such accountants, lawyers, doctors etc., are well paid, in part, for their up to date knowledge! Frankly, the greater the changes in the law, the more needed knowledgable professionals will become.</p>
<p>I would guess that those accountants who try to keep up their skills will be in great demand. Thus, that don't keep up will fall by the wayside...</p>
<p>The latest talk at SEC is implementing it later rather than sooner. 2014 is the rumor.</p>
<p>Even if you were to graduate under the old curriculum around then, you're not in entirely screwed. Many states require CPAs to take continuing education credits to keep up to date on new accounting regulations and practices.</p>
<p>The WSJ had a front page article about this last Friday indicating some multinational companies will begin to adopt international standards for SEC reporting as early as 2010 and U.S. based companies will switch by 2014. Over the course of my teaching career, publishers have moved from three year to two year cycles for new editions. I'm confident that textbooks will be ready to go and that CPE for educators and practitioners will be plentiful. There are bound to be some bumps in the road for everyone, however, since it's hard to teach old dogs new tricks.</p>
<p>"Permanent managers" "Small exception"? Hah, just wrong, again. Been out of touch with public accounting for more than a decade I see. </p>
<p>These days directors are very, very common. It's a legitimate career path that plenty who aren't on track for equity partner choose.</p>
<p>southpasdena, bad planning? Maybe if you assume the firms were planning on never having layoffs. </p>
<p>Look at the bottom line stats. The firms are quite profitable, revenue growth is still supporting promotions to the partner ranks in large numbers. From their perspective, this is just optimizing the size of the workforce to continue to maximize profit at any given time. Where's the mistake?</p>
<p>ybernstein, it might be worth considering even if you do go to law school an accounting background would be valuable. a JD with an accounting undergrad can expect $60-80k at a Big 4 tax department, which, sadly given the legal market, is higher than the average reported salaries for a lot of law schools.</p>
<p>aswedc. d&t may have to start laying off partners in AERS. And what do you consider promotion in large numbers? Unless you can show me the numbers that have been promoted this year vs past years, i will not accept your comment. From the emails i recieve, less people have been promoted and many that were on track to be promoted this year have been passed upon.</p>
<p>d&t is laying off 2% of its workforce right now. This is the 3rd round of layoff for many offices, and the 4th round for others. So 2% represents the current round (at least that is what is believed, the 2% announcement comes amid noticeable layoffs that can no longer be hidden) d&t is rumored to start layoffs in their tax department after sept 15th. A lot of d&t growth comes from the increased use of outsourcing to India (ie region 10). PWC has laid off more than a 1,000 peopl, mainly in advisory, and for the rest, many have been moved into audit. PWC may follow d&t and merge SPA with advisory. </p>
<p>It is bad planning. They have been trying to take advangtage of certain gov regulations and overhired. The number of layoffs may not seem great because they big 4 stagger the layoffs over the entire country. You have the fact that the economy is slowing, their past revenue generators are drying up, less people are leaving and they CONTINUE hiring near the same number of college grads, this all equals a problem.</p>
<p>I know what many partners are doing, what they are trying to sell, some of the services they are trying to create to sell, and many other sneaky tactics, and certainly, many are desperate in their current position.</p>
<p>You must have an exceptional memory to remember how many partners were made last year. Regardless, revenue is growing year over year, and no partners would be made if the profits weren't there for it. Who cares if the money comes from R10? R10 has no partners to dilute the profit pool. </p>
<p>Tax layoffs after September 15th? This doesn't even make much sense. Why do that when fall tax busy season doesn't even end until October 15th? This would be a huge disruption in work flow. I'd be interested in discussing your sources for this. PM me if necessary and we can swap info (I'm assuming you're also currently B4?)</p>
<p>What's the problem with getting rid of experienced staff while bringing in lots of new staff? New staff are cheaper. I'm not talking about an ethical position, just reality.</p>
<p>Desperate? I'd hardly call any partner desperate. These guys could have taken a cut in their equity profits in order to retain every single staff they fired, and they'd all still be in the top 2% of US income earners.</p>
<p>Sept 15th is for corporate, oct 15th for ind. I am not in tax, this is what i have been told.</p>
<p>Experienced staff has usual been let go for low utilization and low reviews, that is not necessarily the case during these layoffs.</p>
<p>Desperate may be pushing it. But they have openly admitted that they are coming up with new services because of lost revenue from other services. I used desperate because of how they are selling. But yes, i could use a different word to describe.</p>
<p>I do not know the number of partners last yr. Never said i did. But i do get a number of emails forwarded to me from a few of the big 4 noting promotions. I am also told about realization rates, etc. I was an intern at GT, but i readily keep in contact with friends all around the country currently working at big 4. </p>
<p>If you like to know more, just ask.</p>
<p>Deloitte has record profits for partners. I cannot answer the specifics in regards to their financials, very few can. But there is more behind this than we will ever know.</p>
<p>**HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :(</p>
<p>There are sooo many transaction types; is there one
MASTER DIAGRAM of all the T-accounts and how it
would fit under the accounting equation? Like under
assets, it would have "Liability" and a t-account with
debit on the left side and credit on the right side, with
credit being the positive marker?</p>
<p>I drew up a quick diagram to show what i'm looking for.
ImageShack</a> - Hosting :: accountingvq7.jpg</p>
<p>THis would help me visualize and understand the transactions
SOOO much better. I remember having this in high school
but in college there is no textbook with these types of visuals.</p>
<p>If anyone could help I'll bless them with great bubbly joy
and amazing warmth! :)**</p>
<p>There's endless amounts of accounts. Each industry and firm has their own chart of accounts. And some accounts under different classifications can have similar names. It's best if you realize the account's purpose and place within the business.</p>
<p>One trick is to remember ALICE is pregnant</p>
<p>
Db Cr
Assets +
Liabilities +
Income +
Capital +
Expenses +</p>
<p>(Income is Revenue and Capital is Equity of course)
</p>
<p>Ex.: Where assets increase (+), it is entered as a debit into the asset account and credit to another account (obviously must be either a liability, income or capital).</p>
<p>ferryboat,
Nice learning tool w/ Alice, but a little mistake in your example. When a shift in assets occurs, there can be an increase in one asset account and a decrease in another; for example, the purchase of land for cash would result in a debit to land and a credit to cash.</p>
<p>Does a Bachelors in Accounting require 150 credits, or 120? Do you just need the 150 if you're planning on being a CPA? What's the job outlook for those without a CPA? I hear it's only REALLY required for jobs in management or upper level positions, which honestly I don't think I'd go for, changes ya IMO.</p>
<p>This has been answered if you read over this thread. A Bachelors of accounting only requires 120 credits. You can take the CPA exam with a bachelors in accounting in most states. However, if you want to recive your cpa certificate, you must first complete a total of 150 credits. Thus, the exam in most states can be taken before you fullfil the extra 30 credit hours.</p>
<p>I'm afraid if I don't get in with the big 4; my career is over. </p>
<p>Exactly how tough is it getting a big 4 offer. I will go to anchorage, AL if I have to. I don't won't to go into accounting, if I don't have a E&Y, PwC, D, or KPMG job offer on the table by graduation. All the CPAs in my city act like getting a B4 offer is easy. But on here, everyone is putting it on a pedistool. I want a straight answer! I don't want to play with my career here, because it's too valuable to me. I have other options besides accounting.</p>
<p>taxguy--I believe in NY after August, 2009, you must have completed 150 credits to take the CPA exam. I realize you said "most states..." But I am just pointing out that the rules are changing in NY, so perhaps they are changing in other states soon as well.</p>
<p>Yourname...We place many students at big 4 firms at the college I work for. Here are the things you need to do from my observation.<br>
1. The higher the gpa the better. Especially get good grades in your accounting classes.
2. Get involved in things outside of class. Do community service, join and become a leader in the Accounting Club, etc, etc.
3. If possible, get an internship in accounting. It does not necessarily have to be with a big 4 firm.
4. Have your resume together at the end of your junior year or the summer between junior/senior.</p>
<p>I have a question about this:</p>
<ol>
<li>If possible, get an internship in accounting. It does not necessarily have to be with a big 4 firm.</li>
</ol>
<p>I am currently in my senior year and have completed ZERO internships. Will this become a major obstacle in starting my career in accounting? (My GPA is a 3.63 will finish summer '09)</p>
<p>More Info: I will be short 6 hrs for the CPA(ethics course + 1 accounting)</p>
<p>kaliblade, stay an extra semester, finish your credits. Do an internship in the mean time.</p>
<p>I'm currently a freshman at uc davis who may want to go into accounting, although davis doesn't offer many courses in accounting (only like 2 or 3). the closest thing they have to business is managerial economics, which is what I'm doing. would it be a good idea to go to a cheap state school like sjsu afterwards and get a master's in accounting, which would satisfy all the course and unit requirements for the cpa exam? or should I just take accounting courses at nearby schools like sac state during my undergrad and forget about a master's?</p>
<p>Frankly, I would transfer to a school that has an accounting program as a major.</p>