Why Take High School Accounting?

Transcription

1 Why Take High School Accounting?

2 Business majors were projected to see the most job offers in Of the 194 employers surveyed, 83 percent said they plan to hire bachelor's in business grads in Source: 2012 National Association of Colleges and Employers' (NACE) Job Outlook 2012 survey

3 Business-related fields account for slightly over 20 percent of all undergraduate degrees in the United States, the most popular field of study. Source: New York Times. The most popular major group is business, accounting for 25 percent of all students. Census data report by Georgetown University in Washington.

4 Business Degree #1 Business Degree #2 Business Degree #3 Business Degree #4 Business Degree #5 Accounting Human Resources Business Admin. Marketing Management Information Systems

5 Indiana University at Bloomington estimated average salary of 2009 business majors working in Average salary Accounting $51,871 Finance $52,127 Management $48,756 Marketing $44,665 Operations/supply chain management $48,826 Information and process management $53,397 Business economics and public policy $53,600

6 Accounting Major: Internal Auditing Manager Financial Controller Certified Public Accountant Business Administration: Sales Director Pharmaceutical Sales Rep Account Manager, Sales Typical Median Pay $85,900 $77,700 $59,900 $122,000 $ 84,400 $63,500 Source: PayScale.com

7 The Department of Labor and Statistics predicts employment of accountants and auditors will grow faster than average for all occupations through the year 2016.

8 Increasing number of new businesses Changing financial laws Corporate governance regulations Sarbanes Oxley Act of 2002 Economy will continue to expand around the globe Source:

9 Wesley Snipes 3 years in prison for not filing tax returns Nicholas Cage $6 million IRS charge in 2009 because of poor financial management Marc Anthony $5.5 million in back tax debt Martha Stewart Insider trading The increased numbers of financial crimes such as tax evasion, embezzlement, bribery, and securities fraud has increased the demand for forensic accountants.

10 Phil Knight, Founder and Chair of Nike, is a CPA. Donald Trump majored in Economics. Arthur Blank, co-founder of Home Depot and owner of the Atlanta Falcons, is a CPA.

11 Business majors are required to take at least one, usually two, college accounting courses. Studies show that students who take high school accounting are more successful in college accounting. Decide if you are interested in business, finance, and accounting before college.

12 Understand the language of business. Analyze business transactions. Prepare and analyze financial documents. Research business topics on the Internet. Use spreadsheet software.

13 People skills highly valued Employers want new hires to demonstrate elevated soft skills: work effectively across departments build rapport with colleagues and clients clearly explain complex financial information to a variety of stakeholders Source: Georgetown University Census Study

14 Nike s Annual Report Financial Information on a Spreadsheet Assets = Liabilities Cash + Accts. Rec. + Supplies + Prepaid Insurance = Accts. Pay. 1, = 1, , = 1, , = 1, , = 1,

15 Many colleges and universities are requiring non-business majors to take a course in managerial accounting: Interior Design Architecture Engineering

16 All businesses need to keep accounting records. Entrepreneurs must understand the business/profit motive. Understanding accounting concepts help Entrepreneurs problem solve and make sound business decisions.

17 Learn skills that employers need all employees to possess: Problem solving Critical thinking Organization, accuracy, and integrity Business ethics Technology

18 Personal Applications learned in Accounting Budgeting Payroll Concepts Investments Taxes Banking

19 Make your elective choices count. Accounting counts for everyone!