CPA2b Magazine - Fall 2019 by WICPA

FALL 2019 | VOL. 15, NO. 1

When Fate intervenes Ashley Rieder

Plus... CAREER PATHFINDING

ETHICS AND THE CPA

UNIFORM CPA EXAM TIPS

pages 10, 14, 22, 28

page 18

page 26

SECURING YOUR FINANCIAL FUTURE 32 CPA2b Fall 2019 | page wicpa.org

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CPA2b Fall 2019 | wicpa.org

Fall 2019 | Vol. 15, No. 1 A publication of the WICPA Educational Foundation, Inc. | wicpa.org

Contents features 10 b inspired | one CPA’s journey

The counterpunch Growing up in the inner city of Kansas City, Missouri, José Saenz wasn’t dreaming of becoming a CPA. He dreamed of being a boxer. So how is it he’s now a CPA? By José E. Saenz, CPA

14 b educated | finding your path

Professorial perspective We caught up with three accounting educators on summer break and asked them to share advice on school, careers and life in general. Read what they had to say. By D’Arcy Becker, CPA; Richard Gaumer, CPA, CFE; and Brenda Thalacker, CPA, MBA

18 b ethical | CPA code of conduct

The good, the bad and the ugly: Ethics and the CPA Learn about the CPA code of conduct from Barry Sattell, CPA, PFS, who shares his knowledge and experiences as chair of the WICPA Professional Ethics Committee. By Marcia Tillett-Zinzow with Barry Sattell, CPA, PFS

22 b informed | career choices

4 b recognized | member profile

When Fate intervenes What do police work and accounting have in common? Quite a bit, if you ask Ashley Rieder. The UW–Oshkosh accounting student was a police officer before Fate intervened and sent her on a quest to discover her second passion: accounting. By Marcia Tillett-Zinzow

Defying stereotypes Want a dynamic career that includes helping business leaders make key decisions and develop critical business strategies? Working professionals talk about your options. By Ken Wysocky

26 b aware | CPA Exam tips

A course in reality If you’re thinking of taking (or are curious about) the CPA Exam, learn from the experience of one CPA who waited eight years after college to sit for it. By Jason Figler, CPA

28 b hired | job search tips

Marketing YOU Whether you’re currently searching for your accounting job or you will be later, you’ll want to know the secrets this campus recruiter shares. By Kristin Kallies, PHR

departments

3 b in the know | the CPA of the future

32 b secure | financial planning

8 b affiliated | welcome new members

35 b strategic | career planning: destination CPA

Staying afloat: 10 tips for financial planning Learn the importance of long-term financial security and how to start planning for it now. By Ken Wysocky CPA2b Fall 2019 | wicpa.org

2019-2020 WICPA Educational Foundation Board of Directors: President Jessica M. Horning, CPA Secretary/Treasurer Roberta A. Ward, CPA Directors Christopher M. Cholka, CPA, CGMA Kenesha A. Coleman, CPA, MPA, EA Paul J. Frantz, CPA Jessica B. Gatzke, CPA, MST Elizabeth Hazi, CPA John R. Heindel, CPA Wendy K. Potratz, CPA, MBA, CMA, CGFM Boula Xiong

ACCOUNTING SCHOLARSHIPS

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Publication Team: Editor Marcia Tillett-Zinzow Design & Layout Brett Stallman

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Advertising Sue Daniels

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Printing Special Editions

CPA Exam Update The WICPA is supporting a proposed rule to reflect continuous testing on the Uniform CPA Exam in Wisconsin. Current rules provide a candidate for the CPA Exam may not retake a failed test section within the same calendar quarter. In April of 2019, NASBA approved a revision to its Accountancy Act Model Rules

to allow continuous testing on the Uniform CPA Exam. Under continuous testing, a candidate may retake a test section once their grade for any previous attempt of the same test section has been released. The rule will need to go through the legislative process, which may take several months. Stay tuned for updates!

CPA2b is a biannual publication of the Wisconsin Institute of Certified Public Accountants. Change of address should be sent to: Membership, W233N2080 Ridgeview Parkway, Suite 201, Waukesha, WI 53188; Phone: 262-785-0445; Fax: 262-785-0838; email: jessica@wicpa.org. Statements or opinions expressed are those of the authors and not necessarily those of the WICPA. Publication of an advertisement does not constitute an endorsement of a product or service by CPA2b or the WICPA. Articles may be reproduced with permission. ÂŠ Copyright 2019 CPA2b.

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in the know | a changing profession

The CPA of the Future

L By Tammy J. Hofstede President & CEO, WICPA

ast year, the National Association of State Boards of Accountancy (NASBA) and the American Institute of CPAs (AICPA) launched the CPA Evolution initiative to explore ways to evolve CPA licensure to support a growing need for new technological and analytic skills amid rapid technological advancement and the profession’s increasing use of and reliance on technology in core CPA services.

There was overwhelming agreement that the profession should evolve to align with the changing marketplace. Innovations in artificial intelligence (AI), automation and data analytics can eliminate some of the manual tasks CPAs have traditionally performed, freeing up more time for analysis and delivering more insightful and meaningful information. These technologies have also created opportunities for CPAs to provide new services and deliver their services in new ways, such as providing needed services in the areas of IT risks and controls, business intelligence and cybersecurity risk management. Newly licensed CPAs need skills and knowledge in areas such as these: • • • • • •

Business intelligence Data management, analysis and reporting Predictive analytics Cybersecurity risk management IT risks, controls and assurance Information security governance

The CPA Exam also came under discussion. The exam needs to stay current, and this will require change to incorporate new technologies, skills and

• • •

Technological innovations + Changing marketplace demands =

•

Advisory services SOC services Technology and big data Higher-level analysis • • • •

Data entry Compliance tasks Transactional tasks Repetitive, rulesbased jobs

competencies. Enhancing the amount of exam content related to technology and critical-thinking skills was one possible suggestion. Education requirements also will be reviewed as CPA Evolution moves forward. Certain existing concepts may need to be reduced, while others may need to be added to meet CPA candidates’ need for understanding of both accounting and technology. The most widely expressed feedback was concern that the core accounting concepts, skills and knowledge will be discarded in favor of a very technology-heavy profession. While incorporating additional technology skills and knowledge into licensure is a key goal of CPA Evolution, it is important not to turn CPAs into IT system designers, coders or software developers. The CPA stands for integrity, objectivity, trust and competence. The goal is to keep the profession strong and relevant in the evolving environments of business and services while protecting the public interest. CPA evolution discussion will continue. Stay tuned.

Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 262-785-0445 ext. 4518 or tammy@wicpa.org

CPA2b Fall 2019 | wicpa.org

WHEN

Photo provided by Ashley Rieder

recognized | member profile

Photography by Mark Hines

FATE

INTERVENES 4

CPA2b Fall 2019 | wicpa.org

Sometimes when you think you’re on the right path, Fate can throw you off course. And when that happens, how you react can make all the difference. By Marcia Tillett-Zinzow

Photo provided by Ashley Rieder

hat do police work and accounting have in common? Quite a bit, if you ask Ashley Rieder, an honors accounting student at UW–Oshkosh. And she should know. Before she became an accounting major, she was a police officer. Now, after a fateful intervention, she’s on a pathway to a new career in which she can combine that experience with an accounting degree. Ashley’s interest in police work stemmed from a lifelong respect for law enforcement and a cousin who was a K-9 handler. “I always looked up to him, so I took an intro to criminal justice class and ended up loving it,” she said. From 2010 to 2016, Ashley worked at the Village of Shorewood Police Department, starting there as a public safety clerk. She graduated from Milwaukee Area Technical College’s Police Academy in 2011, and the same year, she earned a Bachelor of Science in criminal justice from UW–Milwaukee. In 2012, she was promoted to police officer. As a police officer, Ashley’s duties included patrolling assigned areas, responding to calls, enforcing laws, making arrests, writing reports, issuing citations and occasionally testifying in court. She also became a certified evidence technician, a credential that enabled her to assist with police investigations. “That was fun and very rewarding,” Ashley said. “But there were a lot of aspects of the job that I really liked. I liked riding around in the car with the flashing blue lights (LOL), and I really liked working with people.” Her people skills led her to organizing and executing the National Night Out event for the department. This annual community-building campaign promotes police-community partnerships and neighborhood

Ashley was sworn in as an officer in 2012.

camaraderie. The event provides a great opportunity to bring police and neighbors together under positive circumstances, and Ashley’s involvement made a difference. “In the three years that I coordinated this event, attendance increased from 100 to 600 people and even attracted state and federal law enforcement agencies in addition to our local residents,” she said. “The National Night Out is really fun because you get to show everyone your stuff—let kids try on police uniforms and things like that. Basically, you get to show the nicer side of law enforcement.”

Fate throws an obstacle Unfortunately, Ashley’s police career came to an end after she was injured on the job. During a traffic stop, she slipped and hurt her back. Initially, she didn’t take the accident too seriously, but soon the extent of the injury made itself known—and the news wasn’t good. CPA2b Fall 2019 | wicpa.org

recognized | member profile

Ashley discusses an accounting question with one of her UW–Oshkosh accounting professors, Wendy K. Potratz, CPA, MBA, CMA, CGFM.

“I went back to work, but a few minutes later I experienced intense pain in my back, and by the end of my shift I could barely walk,” she said. “I had a couple of surgeries for it, but they weren’t able to resolve the pain. So, unfortunately, I had to leave.” Having to leave a career she loved forced Ashley to reevaluate her life and her future. Before enrolling in the criminal justice program at UWM, she had been a nursing major there. But in her sophomore year, she was hospitalized for kidney stones and had an epiphany of sorts. “When I saw everything those nurses had to do, I realized that was not the career for me,” she said. With that career path out of the running, Ashley drew from another experience she had had at UWM. While working on her criminal justice degree, she had worked in the Financial Aid Office, and while there, she discovered working with numbers appealed to her.

CPA2b Fall 2019 | wicpa.org

“So I looked into accounting, and it seemed like a lot of the qualifications were similar to those of police work: attention to detail, solving problems—I’ve always liked solving puzzles,” she said. “As I looked further, auditing seemed appealing to me. I think looking for problems and trying to solve them for different companies would be very interesting.”

Changing directions She enrolled in the accounting degree program at UW–Oshkosh in fall 2018. Since then, she has excelled in her classes (making the Dean’s List in fall 2018 and spring 2019) and become active in both the Accounting Club and the student chapter of the Institute of Management Accountants (IMA). In fact, she is currently an elected officer for both of these organizations. Her term as president of IMA will begin in the fall, and she’ll take on the presidency of the Accounting Club next spring. She also hopes to pledge to the UW–Oshkosh chapter of Beta Alpha Psi, an honor organization for accounting

students, and present at the regional conference in spring 2020. Ashley is also working in a one-year corporate tax internship with KimberlyClark until May 2020. She hopes to find an internship with a public accounting firm after that, and if there’s time, she may also seek an internship with an insurance company. “A variety of internships would help me to be as prepared as I possibly can be for my career,” she said. Her current plan is to graduate with a bachelor’s in accounting in May 2021, but that date could be extended by one semester if she decides to enroll in UW– Oshkosh’s new information systems (IS) certification program. Many accountants are taking an interest in the field since so many technological advances are affecting the industry. After graduation, Ashley will take the CPA Exam and, when she has passed all four sections, become a licensed certified public accountant (CPA). Eventually, she wants to become a certified fraud examiner (CFE), a career in which all those internships, IS certification and many of the skills she gained as a police officer would set her apart—perhaps especially her experience helping the Shorewood Police Department with investigations as a certified evidence technician. It’s evident that Ashley still has significant hurdles to clear, but when she has conquered them, she’s bound to be a force to be reckoned with—and it’s all because Fate threw an obstacle onto her original career path, and she responded with a new plan for her life.

Marcia Tillett-Zinzow is a Wisconsin freelance writer and editor. Contact her at mtzinzow@icloud.com.

What is forensic accounting? Forensic accountants, also known as forensic auditors or investigative auditors, are generally called in when there’s suspected fraudulent activity, a dispute of some type or impending litigation, according to the Forensic CPA Society. In fact, the word “forensic” implies scientific evidence that can be used in court. According to the 2018 Report to the Nations on Occupational Fraud & Abuse, published by the Association of Certified Fraud Examiners, there were 2,690 cases of corporate fraud from January 2016 to October 2017. The research estimated that organizations around the world lose about 5% of their revenues to fraud each year, which could compute to potential global fraud losses approaching $4 trillion. So there is a definite place for forensic accountants. In addition to corporate accounting fraud, forensic accountants also take on such cases as fraudulent insurance claims, personal injury suits, royalty audits, breach of contract issues and other similar cases. By all accounts, fraud is notoriously difficult to detect and counteract. The typical perpetrator is intelligent, well educated and in a position that allows them to easily cover their tracks. The forensic accountant is charged with uncovering evidence of illicit activity and helping bring fraudsters to justice. These professionals must be detail-oriented, methodical, analytical and able to make their findings clear and understandable to a variety of audiences. If you, like Ashley, think you might be interested in a career in forensic accounting, investigate the Forensic CPA Society online: www.fcpas.org.

CPA2b Fall 2019 | wicpa.org

affiliated | WICPA membership

WELCOME NEW STUDENT MEMBERS

Adriana N. Albavera, Gordon J. Maier & Company, LLP

Sarah Kiskunas, UW-Milwaukee

Rachel E. Bartsch, Concordia University

Caden L. Krause, Associated Bank

Nicholas P. Bastien, Marian University

Ryan M. Krausen, UW-Oshkosh

Armando Bervera, Milwaukee Area Technical College

Stacie Lee, Milwaukee Area Technical College

Kyle M. Carignan, Marian University

Lu Lian, Concordia University

Taylor Carlson, UW-Oshkosh

Nicole R. Lichte, UW-Platteville

Raven D. Carroll, Waukesha County Technical College

Amy S. Loeffelholz, Milwaukee Area Technical College

Justin Davidson, Marian University

Julian A. Lynch, Marian University

Tanner C. Duffney, Hotel Retlaw

Diana J. Macias, Milwaukee Area Technical College

Cole T. Erickson, UW-Madison

Amanda Marks, Milwaukee Area Technical College

Abigail L. Fahey, UW-Madison

Nicholas J. Massoth, UW-Oshkosh

Ashley M. Faulhaber, UW-Parkside

Peyton M. Mayer, Marian University

Zach Ferris, UW-Madison

Malinda M. Moore, Marian University

Ellen Galbraith, Reilly, Penner & Benton, LLP

Katelyn M. Mulholland, Marian University

Jack C. George, Marian University

Alexi A. Needham, UW-Platteville

Rose M. Gonzalez, Milwaukee Area Technical College

Michelle L. Peaslee, Western Governors University

Logan J. Handy, Harding University

Allison D. Raddant, UW-Oshkosh

Amy Hanson, CESA 11

Ashley Rieder, UW-Oshkosh

Luke A. Harty, Wisconsin Lutheran College

Taylor Samsa, UW-Whitewater

Austin S. Heckman, UW-Madison

Parker Scheld, UW-Oshkosh

Daniel J. Hennen, Wisconsin Lutheran College

Kristine L. Schneider, Milwaukee Area Technical College

Richard L. Herron, Concordia University

Alexis C. Skeffington, UW-Madison

Noah T. Imrie, Marian University

Kelsey Truax, Associated Bank

Noah J. Janssen, UW-Madison

Yuankun Wang, UW-Oshkosh

Tyler J. Kachel, UW-La Crosse

Elizabeth M. Wernimont, UW-Platteville

Matthew A. Kaiser, Concordia University

Charlotte T. Woodley, Milwaukee Area Technical College

Brenda Ketter, Malteurop North America

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inspired | one CPA’s journey

THE

R E T N COU

H C PUN B

By José E. Saenz, CPA

ecoming a CPA was never in the cards for me. Growing up in inner-city Kansas City, Missouri, I did not cross paths with many accountants—or many working professionals, for that matter. The thought of a traditional career was foreign to me. I aspired to be and eventually became a professional boxer.

Boxing was my first true career path, and it treated me well. The sport taught me discipline, hard work and dedication: essential ingredients for success in the ring. It provided me with the opportunity to travel the world for competitions, to fight on national television and,

CPA2b Fall 2019 | wicpa.org

eventually, to fund my college education. I could have continued down that path and found much success; however, an injury to my left hand made me realize that while boxing is a career path, the career is quite short and dangerous for most people. After some reflection, I made the decision to move back to Kansas City to work toward my bachelor’s degree at Rockhurst University.

Less “flash,” more studying In a few short weeks, my life had become significantly less flashy. I had to leave my personal chef in Los Angeles, I was working two jobs, and I was going to school full time. I was funding my own education, so it was imperative that I found a major that would lead to job stability. All the research led me to accounting. People always need accountants.

Although he no longer boxes professionally, Saenz still throws a good punch.

was a year-long journey that was grueling at times. The typical workweek looked something like this: Work from 8 a.m. to 4:30 p.m.; then study at the office from 4:30 to 9 p.m. On the weekends, I would study an additional six hours on either Saturday or Sunday. Long days of studying were much easier during the winter.

Shortly after graduation, life led me to Milwaukee, where my wife was pursuing her law degree. After months of searching for the perfect job opportunity, I received an accounting position with the Comptroller’s Office at Marquette University. The Comptroller’s Office was the ideal place to start my accounting career because I was given endless opportunities to grow and develop as a young professional. Throughout my five-year tenure, I held several accounting and financerelated positions and was able to continue my education by enrolling in graduate-level classes at the university. After completing a few graduatelevel classes, I was eligible to sit for the CPA Exam. Working full time while studying for the CPA Exam was no easy feat, but I knew I needed my CPA license to advance my accounting career. The CPA

I relied on Roger CPA Review, and I found the program to be very helpful. The package came with two textbooks for each section, flash cards for each section, online lecture videos and a large question bank with many practice exams. I used the detailed study plan feature to create a personalized schedule, based on how many days per week I planned to study. The feature helped me determine how many chapters I needed to read, how many lectures to watch and how many questions I needed to get through for each study session.

Confidence and doubt, failure and success Given that I didn’t take the traditional path— meaning I did not sit for the exam immediately after college—I had some years of work experience under me, and I found this to be beneficial. During my studies, I felt I was able to grasp some concepts

CPA2b Fall 2019 | wicpa.org

inspired | one CPA’s journey

Saenz has risen quickly in the Marquette University ranks since he arrived in 2014.

quickly because I already had been exposed to them through my work at Marquette University. My CPA journey did not come without any bumps in the road. After successfully passing my first two exam sections, I failed the next one by only a couple of points. At this point I wasn’t too defeated, so I took a few weeks to study for that section and sat for it again. I failed again, but this time by only one point. Now the doubt started to set in. Maybe I couldn’t pass. At this time, I stumbled upon the website Another 71. This site is dedicated to people studying for the CPA Exam and has a forum for each section of the exam. In these forums I could find example problems, tips for success and other people’s journeys throughout the process. Reading about other people’s journeys and seeing that others were also failing—but not giving up—gave me the motivation I needed to continue my journey. I gave myself a two-week break; then I was back at it again. This time, I gave myself extra time to study for the exam, and I passed with an 84. After that, I moved on to the final exam and passed. It was a long year, but it was definitely worth the time and effort, as it ultimately led to a promotion with added responsibilities at the university. My advice is this: Get a good night’s rest the night before—do not stay up all night studying—and eat a good breakfast. I found that I performed better in the

CPA2b Fall 2019 | wicpa.org

“Whether you take the traditional route to your CPA license or you have some detours along the way, stay motivated and don’t give up. The CPA—like the sport of boxing—just takes a little discipline, hard work and dedication.” morning, so I would always schedule my exams for an early time slot. I arrived at the testing center at least 90 minutes before my scheduled start time. This reduced my stress levels going into the exam. I did not feel like I was in a hurry, and I had reduced the risk of something going wrong en route to the testing center. When I finally sat in front of the computer to begin the exam, I used the dry-erase sheets provided to dump all the mnemonics, formulas and anything else that I thought would be helpful during the exam. This was beneficial because when I came across a question that asked about a process or steps, I would already have it written down on my sheet. Whether you take the traditional route to your CPA license or you have some detours along the way, stay motivated and don’t give up. The CPA—like the sport of boxing—just takes a little discipline, hard work and dedication.

José E. Saenz, CPA, is director, advancement gift services, at Marquette University. Contact him at 414-288-7346 or jose.saenz@marquette.edu.

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CPA2b Fall 2019 | wicpa.org Find or post a job today at wicpa.org/CareerCenter.

educated | finding your path

PROFESSORIAL PERSPECTIVE Accounting educators are often so busy teaching accounting and doing all the behind-the-scenes work it entails, they don’t have time to pass along their best advice to students. So while they were on summer break, we asked several of our educator members to share what they would like students to know about school, careers and life in general. Here’s what they said.

Y Dr. D’Arcy Becker, CPA Professor and Chair Department of Accounting UW-Whitewater

ou will get a lot of advice about how successful you will be in your first job—before you work even one day. People will try to tell you that you “aren’t cut out” for some jobs. Believe me when I tell you that if they could accurately forecast who would and wouldn’t succeed at a particular employer, they’d be billionaires and wouldn’t be talking to you. People will say you will hate public accounting busy season and leave after a year. Others will say corporate jobs right out of school will kill your career. But here’s the thing: You get to decide

CPA2b Fall 2019 | wicpa.org

“Fear of failure prevents you from living your best life. So instead of fearing failure, look at every challenge as an opportunity.” — Dr. D’Arcy Becker, CPA

what you do and don’t like, what you want to try and how best to manage your career. Jump in and try something, and you will probably find out there are a lot of things in the world of work that you like. Here’s a word of caution: Fear of failure is your biggest obstacle. It holds you back. Just as fear led you to eschew the hardest classes in college, it can prevent you from pursuing the most technical work because you don’t think you’re the smartest person in the room. (Hint: The most technical work is where all the fun is in accounting.) Fear can prevent you from stepping up as a leader when you know you have ideas to contribute. If the person next to you proposes an idea you had but never expressed, you will regret it for a long time. Fear can prevent you from looking for and competing for workplace opportunities. Ultimately, fear of failure prevents you from living your best life. So instead of fearing failure, look at every challenge as an opportunity. And if by chance you do fail, treat yourself kindly, learn from your mistakes and try again. n Dr. D’Arcy Becker, CPA

Richard Gaumer, CPA, CFE Adjunct Professor, CPA Review Lakeland University Principal, Academic Innovators

y first recommendations to students are to do an internship, perhaps shadow a CPA and talk to professionals in various fields. That’s the best way to get a feel for the wide range of opportunities that are open to those with the CPA credential. I also urge students to be fully prepared for the CPA Exam. Many students are unaware of the breadth of topic information that’s covered on the exam. You really have to be prepared to know

“There are many career options for CPAs. Even if you don’t like your first job or your second job, being a CPA gives you all sorts of opportunities to move in other directions later.” — Richard Gaumer, CPA, CFE things you never learned in school, things that often are skipped or talked about only briefly in the classroom, because these things are covered on the exam. You have to bring your A game. Imagine it’s Sunday at noon. The Packers are playing, and the whistle’s about to blow. When that team takes the field, they’d better bring their A game, or they’ll lose. The same is true for the CPA Exam. I’ve seen C students do very well because they studied and were well prepared, and I’ve seen A students fail because they didn’t bring their A game. Bringing your A game is the difference between success and failure. If you put in the time to fully prepare and are committed to passing the exam, the odds are high that you’ll pass. Also, know that the CPA Exam isn’t just for those going into public accounting. Only about one-third of CPAs work in public accounting. Two-thirds work in government, industry or education. One of my students became a bank examiner for the Treasury Department in Chicago—a government job—and she had to be a CPA just to interview for the job. There are many career options for CPAs. Even if you don’t like your first job or your second job, being a CPA gives you all sorts of opportunities to move in other directions later. I was a 10-year faculty member at Lakeland, and I’ve also been a CFO in industry

CPA2b Fall 2019 | wicpa.org

educated | finding your path

and a CFO in higher education. In my consulting business, I go to small and mid-sized colleges and universities and help them find financial solutions to their operational problems, such as how to get more enrollment or how to improve their fiscal health. Being a CPA allows me to do that kind of work and gives me the credibility to confidently have those conversations with executives. Without the CPA designation, I couldn’t do that. n Richard Gaumer, CPA, CFE

Brenda Thalacker, CPA, MBA Senior Lecturer, Accounting & Finance, UW–Eau Claire Accounting Internship Coordinator Student Accounting Society (SAS) Advisor

s an accounting internship coordinator, I get a lot of questions about internships. An internship is a new experience, one that can teach you a lot and help launch your future career. So here is my advice: First, during the internship, be curious. If you don’t understand something, don’t be afraid to ask. It’s expected that you will have questions. The feedback I get from our internship site is that they’re surprised when students don’t ask questions. Second, start developing great time-management skills. Whether you’re in an internship or starting your first job out of school, you may still be studying for the CPA Exam. To juggle everything successfully, you will even have to schedule your personal life. Good time-management skills will show you can work with multiple clients when you start your career. While you’re still in school, and especially if you’re in an

CPA2b Fall 2019 | wicpa.org

“Continuing education is not only a requirement for CPA license renewal, it goes back to being curious—not only about the job but also about the profession.” — Brenda Thalacker, CPA, MBA internship, you have the opportunity to put timemanagement skills into practice. Even so, you may find that the time-management skills you learned in school may have to be improved upon for what is needed at a CPA firm. Firms do require their employees to have great time-management skills. So while you’re still in school, figure out what works best for you. It’s not “one size fits all.” What works for your roommate may not work for you. Finally, be prepared for lifelong learning. This may come as a shock to some, but you’re not done learning just because you graduate. You’re just starting. We provide you with the foundation; you will need to build on it. So many students say, “I’m so glad I’m done! No more tests, no more studying— except for the CPA Exam.” But even after you pass the exam, learning is something you’ll do for the rest of your life. Continuing education is not only a requirement for CPA license renewal, it goes back to being curious—not only about the job but also about the profession. n Brenda Thalacker, CPA, MBA

CPA2b Fall 2019 | wicpa.org

ethical | CPA code of conduct

The

Good

the

Bad

& the

Ugly

H Ethics and the CPA H 18

CPA2b Fall 2019 | wicpa.org

No one is above the law, and in this profession, there are consequences for those who think they are. By Marcia Tillett-Zinzow

“One reason CPAs are considered the most trustworthy advisors is their adherence to rules, regulations and ethics.”

“Ethics refers to moral principles that govern a person’s behavior or the way they conduct activities. It is the bedrock of the CPA profession,” said Barry Sattell, CPA, PFS, a partner in Wipfli’s tax and consulting practice and chair of the WICPA Professional Ethics Committee.

— Barry Sattell, CPA, PFS

s a student, you might think of ethics as something you’ll have to think about when you’ve graduated and started your career. But nothing could be further from the truth. While you’re still in school is probably the best time to establish good habits to carry with you throughout your career and your life. And if you’ve got your eye on the CPA designation, you’ll want to know all you can about ethics.

“One reason CPAs are considered the most trustworthy advisors is their adherence to rules, regulations and ethics,” Sattell said. “Even high school students should conduct themselves in a moral or ethical manner. It’s just a much easier way to live.” Everyone knows cheating on a test is wrong. But not being honest on a résumé or job application, misleading a student or teacher, and “ghosting” an employer who’s offered you a job you decided you didn’t want are also examples of unethical behavior that can derail a person’s ambitions. “Considering the hard work and long hours it takes to qualify and sit for the CPA Exam, it would be a shame for someone to lose that opportunity because of unethical behavior,” Sattell said. In the business world, not complying with rules, regulations and ethical requirements can ruin careers and destroy long-established, well-respected companies.

Take Arthur Andersen, for instance Enron. WorldCom. You may have heard of these scandals that involved CPAs. The two scandals combined brought down a large and formerly wellrespected CPA firm: Arthur Andersen, founded in 1913 and one of the original Big Eight accounting firms. “With Enron, the CPA profession was involved and didn’t act with independence, objectivity and integrity, as required under our bylaws,” said Sattell. “Enron had Arthur Andersen CPAs doing work for the company, appearing as management of the company, and then the Arthur Andersen auditors rendering an opinion on their work. This was obviously a conflict and never should have happened,” he said. To complicate matters, Andersen employees were caught shredding audit documents to try and hide their guilt. As a result, in 2002 the company was convicted in federal court of obstruction of justice, and the 89-yearold firm and the CPAs involved voluntarily surrendered CPA licenses and the right to practice as a CPA firm.1

CPA2b Fall 2019 | wicpa.org

ethical | CPA code of conduct

In the case of WorldCom, Arthur Andersen auditors were suspected of (but never charged with) dismissing serious accounting misstatements that made the company look to investors like it was in much better financial shape than it really was. Investigators thought Andersen should have found these falsifications, but Andersen maintained the company’s CFO had withheld critical information from their audit team. While Andersen was not held responsible for their client’s accounting fraud, coming so close on the heels of Enron, the scandal was the final blow to the firm.2 And like Enron, WorldCom also folded. When the code of ethics is compromised, it doesn’t just ruin a business, a firm and CPAs’ careers—it hurts the whole profession. The damage Enron caused was met with quick action by the American Institute of CPAs (AICPA), which quickly put together a public relations and advertising campaign to help repair the profession’s reputation.

Watchdogs of the profession As chair of the WICPA Professional Ethics Committee, Sattell sometimes attends meetings of the AICPA’s Professional Ethics Executive Committee (PEEC), which is charged with interpreting and enforcing the AICPA Code of Professional Conduct. He also regularly participates in a joint AICPA/ state CPA society program called JEEP, or the Joint Ethics Enforcement Program. Their meetings are held annually, and Sattell attends the Durham, North Carolina, meeting every other year. “Things are brought to JEEP from whistleblowers and from the federal audit clearinghouse, where all audits are filed and randomly sampled,” Sattell said. “They are tested for whether or not rules and regulations were followed, and if a lack of compliance is found, a recommendation is made for remedial action.” Such cases are then referred back to the ethics committee of the errant CPA’s state society for concurrence or nonconcurrence of the suggested remedial action. Sattell said his five-person WICPA Professional Ethics Committee concurs with the AICPA recommendations 90% of the time.

CPA2b Fall 2019 | wicpa.org

The good, the bad and the ugly Sattell and his cohorts call the ethics cases they see “the good, the bad and the ugly.” One example of the “good,” he said, is when a CPA reaches out for what is called a pre-issuance review, asking the committee to review some of the work they’re going to perform and render an opinion to approve the work before it’s done. “This prevents them from unknowingly making an error that can cause them trouble, and that’s a good thing,” Sattell said. But not all CPAs are always on good behavior, and that’s where the bad and the ugly come in. It goes to figure the “bad” would be when a CPA violates the AICPA Code of Professional Conduct or a firm commits a felony, like Arthur Andersen did with Enron. But sometimes “bad” is when a CPA violates an ethics rule—knowingly—and then doesn’t comply with the remedial action recommended, which can range from specific continuing education courses to a two-year license suspension and even termination from the profession. “Conversely, we consider it a ‘good’ thing when some type of action is required and the CPA willingly complies with our remedial recommendations,” Sattell said. He clarified that the AICPA and WICPA Conduct and Ethics committees are involved not only in audit and review cases, but also those involving tax return preparation. Where tax practitioners can get into trouble is by charging clients a contingent fee instead of an hourly rate, Sattell explained. “For example, if a CPA says he can save you money and will do your taxes for 25% of your refund, that is totally unacceptable and could result in a CPA’s suspension or termination.” Other examples of code of conduct violations include John Doe naming his firm John Doe & Associates when there are no associates—it’s just John Doe, sole proprietor, trying to make his business look bigger than it is. Conflicts of interest also violate the code of conduct. For example, because Sattell, who is on the board of the Milwaukee County Zoological Society, is employed by Wipfli, his employer cannot do the society’s audit. In

fact, even if Sattell wasn’t on the board but his cousin was, Wipfli probably would not be able to do the audit. This is the same type of conflict of interest as Arthur Andersen acting as management and auditor for Enron—only smaller. Sattell receives dozens of calls from whistleblowers with complaints of CPAs or CPA firms they believe have acted unethically or behaved unprofessionally. Many don’t rise to the level of an ethics violation, and those that don’t are generally referred to the Wisconsin Department of Licensing or the Better Business Bureau—and some end up in small claims court. Finally, the “ugly” rears its head when CPAs aren’t playing nice with others. For example, if a CPA badmouths a fellow CPA or a CPA firm and word gets back to them. Or when a tax client takes his business from one firm to another, and the previous firm won’t give the new firm the supporting tax return workpapers needed for the new CPA to properly advise the client.

“The predecessor firm has to turn over those documents, even if the client has an outstanding bill,” said Sattell, who reminds us that the code of ethics is all about protecting the client. “We must act in the best interest of clients,” he said. “The CPA’s job is to safeguard the public by acting with integrity, objectivity and independence. The rules and regulations are there for a reason, so follow them.” 1 Enron and the Fall of Arthur Andersen: https://www.npr.org/templates/ story/story.php?storyId=5435092 2 WorldCom Scandal: Arthur Andersen again at center of a controversy: https://products.kitsapsun.com/archive/2002/06-28/0065_worldcom_ scandal__arthur_andersen.html

Marcia Tillett-Zinzow is a Wisconsin freelance writer and editor. Contact her at 414-614-1110.

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CPA2b Fall 2019 | wicpa.org

informed | career choices

DEFYING STEREOTYPES Accounting offers dynamic career opportunities – and no high-level math skills are required. By Ken Wysocky

ccounting is a great option for both forwardlooking high schoolers and current college students who seek a dynamic career that includes helping business leaders make key decisions and develop critical business strategies, according to a panel of industry veterans. In other words, forget about those outdated, traditional accounting stereotypes. More than ever before, today’s accountants serve as trusted business advisors and consultants. Moreover, accounting is increasingly becoming a high-tech environment (think artificial intelligence, for example). And the industry veterans emphasized that students don’t have to be math geniuses to thrive in the profession.

CPA2b Fall 2019 | wicpa.org

“Most accounting jobs today, especially at the manager’s level, can entail everything from managing relationships and negotiating contracts to strategizing with business leaders and employing communication and Kyle Stephens, people skills,” said Kyle Stephens, CPA, vice president of finance CPA and administration at Milwaukeebased Good City Brewing. “Popular portrayals of the profession rarely mention these things.” “Accountants make many important decisions for their companies or their clients,” said Neil Keller, CPA/ ABV, CVA, partner-in-charge of tax services at Sikich

“Accounting can lead you down so many different avenues. Any profession, from the music industry to sports to government to public accounting, needs accountants.” — Neil Keller, CPA/ABV, CVA

LLP in Brookfield. “It involves so much more than just sitting behind a desk and grinding out tax returns.” Wendi Unger, CPA, a partner at Baker Tilly Virchow Krause LLP in Milwaukee, agreed, noting that the profession has changed dramatically since she became an accountant nearly 30 years ago. “The consulting arm has grown immensely,” she pointed out. “And the Wendi Unger, utilization of technology, from data CPA analytics to artificial intelligence, also has grown dramatically. Technology is changing the face of the profession.”

job at a large public accounting firm can earn a starting salary of around $55,000—and that’s without a CPA license. In addition, many accounting firms will pay for study materials and fees associated with taking the CPA Exam, he said. Accounting also offers variety. Unger, the chair-elect of the WICPA board, said that many accounting firms offer a wide array of services to a large range of clients in different industries. “It’s not like you’re pigeon-holed into one area and one task,” she explained. “Good-sized firms provide a lot of flexibility that allows you to change directions.”

High demand, good pay There are additional compelling reasons to consider the accounting profession. For starters, accountants are in high demand: Almost every entity—from nonprofit organizations to small and large businesses to governmental bodies and agencies—needs accountants. And that demand is only expected to increase, with an estimated 75% of CPAs expected to retire in the next 15 years, according to the American Institute of Certified Public Accountants (AICPA). “So, demographically, the leaders of the profession are getting older, which offers tremendous opportunities for young people to get good, stable jobs and move up the ladder quickly,” said Stephens, who chairs the WICPA Young Professionals Committee. He’s been an accountant for about 10 years. “I do a lot of recruiting, and it’s already hard for us to fill the jobs we have available,” added Keller, current chair of the WICPA board of directors. Furthermore, the accounting profession pays well. Stephens estimated that a college graduate who takes a

Neil Keller, CPA/ABV, CVA

“Accounting can lead you down so many different avenues,” Keller added. “Any profession, from the music industry to sports to government to public accounting, needs accountants. There are many different career opportunities out there that start in accounting.”

In addition, accountants get a prominent seat at the table when it comes to making critical business decisions for companies. Anytime there’s a key business decision to be made in any organization, an accountant is likely to be involved, whether it involves buying or selling a business, tax implications, budgeting processes or allocating funds, Keller said.

Career paths vary What does a typical career trajectory look like for an accountant? It all depends on the employer and what its employees gravitate toward. For example, Stephens started out as a corporate tax preparer and auditor at a smaller public accounting firm and then switched gears to work in the mergers and acquisitions arm of a global accounting firm. CPA2b Fall 2019 | wicpa.org

informed | career choices

“I used my skills as a tax adviser and auditor and traveled all over the country,” he said. “I dealt with large, publicly traded companies and small momand-pop businesses. Then a friend of mine offered me what’s essentially a job as the chief financial officer at Good City Brewing, and I jumped at the chance.” At Baker Tilly, as with most CPA firms, there are four basic tiers of employment below the partner level: staff accountants, senior accountants, managers and senior managers. College graduates typically remain at the staff level through two “busy seasons” (January through May) before they’re eligible to become senior accountants, Unger said. After four more years, they can advance to manager status. And roughly five years after that, they’re poised to become senior managers. “Then they remain at that level until other opportunities arise, such as a partner or a director position,” she said. At a firm like Sikich, college grads follow a similar path. They start at the staff level and learn the compliance aspects of accounting and then move into a more consultative role as they become more skilled and proficient. After two to three years there, they can move to a senior-level position, followed by promotion to a manager’s role and ultimately to a partner position, Keller said.

possess great analytical, computer, organizational, problem-solving and project-management skills. “You also have to be interested in business and good at research,” she continued. “There always are new accounting standards and laws, and you have to know how to interpret them.” In addition, great communication skills are important because accountants typically deal with both external clients and fellow employees. A strong sense of ethics also comes into play. “Because you’re dealing with money, there’s always the potential allure of doing the wrong thing,” Keller said. “People trust that accountants are ethical and will always do the right thing.”

A rewarding career Looking back, Unger says, her career allowed her to do what she enjoys best: help people. “To have that ability to go to clients, talk and listen to them and provide them with solutions to problems, both big and small, has been very fulfilling,” she said. “The relationships you build are unbelievable. Clients become like family to you.” Keller, a 25-year accounting veteran, said he enjoys the profession because it always poses new challenges. Tax laws keep changing and evolving, which should appeal to people who enjoy continuous learning. But, he emphasized, in the end it’s all about people and building relationships.

Much more than just math

“The biggest thing I get out of my career is helping clients with their tax situations and helping my team members succeed … seeing them advance through the firm,” he said.

While many aspects of accounting are appealing, some college students avoid it because they believe it requires high-level math ability. But other skills have become equally, if not more, critical to success.

But as young people ponder a career in accounting, Stephens suggested they look past the good pay and job stability to something even more important—finding something they truly enjoy.

“Sure, math is important,” Stephens said. “But you don’t have to be great at math to be an accountant because now we have computers and spreadsheets. You do need to be technically savvy on a computer, primarily with Excel software. You also need to be proficient with other programs, such as enterprise resource planning (ERP) and accounting systems that track the finances of an organization.”

“If you decide you’ll enjoy accounting, then the world is your oyster,” he said. “If you can nail down the technical side and develop good communication and people skills, it’ll pretty much get you where you want to go. Look where it led me: I now work for a brewery, which is pretty dang cool.”

“It probably takes 5 to 10 years to become a manager and 15 to 20 years to become a partner,” he explained.

“You don’t have to be a numbers person anymore,” Unger said. Instead, successful accountants should

CPA2b Fall 2019 | wicpa.org

Ken Wysocky is a freelance writer based in Whitefish Bay. Contact him at 414-962-6202 or kenwysocky@gmail.com.

2019

WICPA

CONFERENCES

IMPLEMENT

SUCCEED

LEARN

NETWORK

Looking to be a standout accounting professional? WICPA conferences offer you an opportunity to connect with accounting and business professionals while learning from local and national experts. CPAs in Industry Fall Conference

Accounting & Auditing Conference

Tax Conference

Technology Conference

Thursday, Oct. 17 Glacier Canyon Lodge, Wisconsin Dells

Thursday, Nov. 7 - Friday, Nov. 8 Potawatomi Hotel & Casino, Milwaukee

Wednesday, Nov. 20 Sheraton Hotel, Brookfield

Thursday, Dec. 12 - Friday, Dec. 13 Potawatomi Hotel & Casino, Milwaukee

Students attend for as little as $30! Registration opens approximately eight weeks prior to a conference. View conferences currently open for registration at wicpa.org/conferences. CPA2b Fall 2019

| wicpa.org

aware | CPA Exam tips

COLLEGE GRAD

Course in

Reality

CPA EXAM

Eight years after graduating from college, Jason Figler decided to take the CPA Exam. Here’s what he wishes he had known before blindly heading into it.

n the spring of 2005, I was graduating from college; had landed a job at a public accounting firm, starting in the fall; and planned to take the CPA Exam. However, after starting at the firm, it just didn’t happen. By 2007, I had a new By Jason Figler, job in industry and didn’t CPA consider the exam again until six years later. At that point I’d forgotten everything from college, and, with selfdoubt amplified from years of accounting atrophy

CPA2b Fall 2019 | wicpa.org

and the voice of that tax professor in college who dismissed me when I told him I wanted to take the exam, I dove in headfirst to take what many consider “the world’s most difficult professional exam.” Needless to say, speed was not a recipe for success. Finally, in early 2016, I passed! But it did take a lot more than four attempts. Thankfully, from passnumber-one to done, I was a few days away from 18 months and took my last test at the Brookfield Prometric, some 90 miles from where I lived. I learned a lot from this experience and wanted to share what I would do differently, looking back on my CPA Exam journey. So here are some tips:

Research everything before you start. Especially take the time to learn the following:

• How the exam is scored • How many questions are “pretest” questions • How to answer BEC Written Communication questions and get full credit • What “multi-stage testing” is on the multiplechoice questions

Talk to others. If you have friends or family who are CPAs, ask them to share what they learned and what tips they might have for further personal insight.

Pick the RIGHT review course for you. 3 Don’t accept the recommendation of a friend or internet reviews without at least doing a free trial of a course that looks good to you. While recommendations are great, it’s incumbent upon you to perform adequate due diligence so you can make a good choice. I did not pick the best course for me. I wish I had chosen differently, but I did not know I had a choice in what review course to take. Know that you do have options. Know yourself and what motivates you. This is not the most compelling or 4 interesting material. Sure, some of it you’ll probably like (I enjoyed REG, on which I got my highest score). Some of it will be a slog, so figure out how you can stay interested and engaged throughout the exam. You do have to pass all four sections—not just your favorite one.

Carefully consider your test order. While FAR is the most sensible first exam (it has the most material; thus, it requires the most study time), maybe you need a win first to build confidence and motivation.

The harder you work, the sooner you’re done. You want this over as quickly as possible. If you score a 73, you’re not going to get your new Notice to Schedule, re-study the section for a week and then magically pass. So give it more than your all for each exam section. And while 18 months sounds like a long time, it really isn’t. Know where you study best. Do you focus best at home? At a library? In a coffee shop, with easy access to food and drink? Or maybe a combination of these would work for you, with breaks in between to give your brain and body some rest.

Don’t take any tests for the experience of it. This is a waste of precious time and money. Unless you feel like you have a good shot at passing, don’t go in just because you’re scheduled. You’ll never look back and think, “I’m glad I went in to take the test to confirm I didn’t feel ready!” (Caveat: I never felt truly ready and almost always walked out thinking ,“Barely passed,” or “Didn’t pass.” Once I thought, “Nailed it!” But I didn’t.)

In a nutshell, plan. A meticulously thought-out plan, combined with the ability to work around adversity, will ensure success.

I won’t tell you it’s easy, but I will say it’s worth it! Passing the CPA Exam is the biggest achievement of my life. I worked hard (really hard) and did not give up. As Roger Philipp, CPA, CGMA—CEO and founder of the Roger CPA Review—always says, “The CPA Exam isn’t an exam of intelligence; it’s an exam of discipline. If you study, you will pass!” And I’m living proof of that. Jason Figler, CPA, is the Midwest business development representative for Roger CPA Review. Contact him at 312-909-5883 or jfigler@rogercpareview.com.

CPA2b Fall 2019 | wicpa.org

hired | job-search tips

Marketing

YOU

10 tips to move you from graduate to gainfully employed By Kristin Kallies, PHR

s a campus recruiter, I meet and interview thousands of students each year to fill a finite number of new positions within our firm. From among the copious number of eager graduates, we have to narrow down our final candidates to about 150 individuals. So how can you break away from the masses and set yourself up as one of the finalists? How do you land that first professional opportunity? Whether you’re a recent graduate in pursuit of an entry-level position with an accounting firm or an underclassman seeking a valuable internship experience, these 10 tips can help you rise to the top. 1. Develop your personal brand. Your personal brand is how you present yourself to the marketplace, but more importantly, it’s how you’re perceived in the marketplace. By developing your unique and authentic personal brand, you

CPA2b Fall 2019 | wicpa.org

decide how you want people to feel and think about you and help create the lasting impression you want to make in people’s minds. Your personal brand also serves to differentiate you from everyone else. Develop your personal brand, and then develop a consistent and compelling way to talk about your brand—in your résumé, during interviews, throughout your online profile and with each and every touchpoint. Remember, you’re the head marketer for the brand called YOU. 2. Market your experiences, both big and small. Part-time, volunteer and minimum-wage positions matter. In actuality, such experiences can give potential employers additional insights into your character, capabilities, work ethic and creativity. Translate those workplace responsibilities into meaningful business, industry or accounting experiences. Did you work at a local sandwich shop?

Emphasize the daily inventory counts you managed as a way to reinforce your love of numbers. Did you volunteer for a local charity? Explain your role and leadership responsibilities. 3. Research prospective employers and then make the findings relevant. Doing homework on a firm is essential, but interpreting what you learn as it relates to your career objectives or values is golden. In addition to recognizing the industry diversification of a firm, take it a step further and talk more specifically about the firm’s expertise with health care clients, for example, and your passion for that industry along with your knowledge of the industry’s challenges. Make your research resonate. 4. Social, social, social! You’re looking for an opportunity, and opportunities primarily come by way of people. The more people

you can meet, the greater your chances of finding your best opportunity. Right now you have exposure to multiple groups and access to many firms and industry leaders. Use this time wisely to proactively build up your social networks, both offline and online. Leverage LinkedIn and reach out to contacts through your parents, professors, classmates and any connections at accounting firms. Take full advantage of each encounter. Doing so will establish valuable groundwork for the rest of your career. After all, you never know where you’ll end up further down the career path. Relationships and connections matter, not just now but also later on. 5. RSVP … always! Each time you receive a firm’s invitation to attend an on-campus event or meeting, you need to respond promptly. Many firms track and monitor how often invitations are extended and whether or not you respond to them. If you have a conflict, decline the CPA2b Fall 2019 | wicpa.org

hired | job-search tips

invitation with a brief note of thanks. Otherwise, a pattern of no response says “I’m not interested in working for your organization.” 6. Treat every encounter as an interview. Whether it’s job shadowing or an after-hours social, every event is an opportunity to market yourself. If you’re unsure of the dress code for an office you’re visiting or an event you’re attending, it’s always best to be overdressed: Always err on the side of professionalism and formality. Rest assured you are constantly being evaluated; be punctual, and conduct yourself with proper etiquette. 7. Leverage staffing firms to the fullest. An employment agency can offer more than just resources for job openings. Use agencies as a way to practice and perfect your interview skills. The more you interview, the more confident you become. 8. Conduct informational calls. Informational calls or interviews are a great networking technique. They also help build your confidence levels and give you exposure to various industries. A word of caution: Never use informational interviews to ask for a job! Instead, use the interviews to gain good insights, and afterward leverage the interviewees as a new contact in your network. 9. Articulate your milestones. For many students, graduation day is not the end of their higher-education journeys. Some accounting students may still be pursuing advanced credits and degrees or certifications. List this on your résumé, and be clear with interviewers where you stand as a candidate for the CPA Exam. 10. Go beyond your résumé. Your résumé is only one tool in your job-search toolbox. Develop an online portfolio of your work, and include a series of success stories from

CPA2b Fall 2019 | wicpa.org

school, work or volunteering that show how you solved a real problem, accomplished a goal, executed plans or generated results—anything that highlights your skill sets and best attributes. Follow these 10 suggestions, and you’ll stand apart from the rest while also standing the best chance of launching a successful career.

Kristin Kallies, PHR, is senior manager of talent acquisition at Wipfli LLP in Madison. Contact her at 608-274-1980 or kkallies@wipfli.com.

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ight N g n i unity work t t r e o N p h an op e, eac s t a a t s s e d serv ut the n o a h g y t u i hro t activ n e Held t r e f way. f i d w e a n s a e n featur alize i i c o s u to for yo These are also great venues for strengthening relationships

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Oct. 29 Leinie Lodge, Chippewa Falls Nov. 12 Great Dane Pub & Brewing Co., Wausau For more information and to register, visit wicpa.org/NetworkingNights. CPA2b Fall 2019 | wicpa.org

secure | financial planning

STAYING AFLOAT 10 Tips for Financial Planning It’s never too early to get a head start on smart money management. By Ken Wysocky

oday’s college grads have an array of dazzling technologies at their fingertips and are arguably better educated than any other generation. But despite all that, many still find that concepts like saving money and planning for financial security are as impenetrable as quantum physics. “I would love to see colleges require a semester of personal financial planning,” said Melissa Hofmeister, a financial representative at Thrivent Financial, a not-for-profit financial services organization. “Most students don’t know how to make the transition from

CPA2b Fall 2019 | wicpa.org

having zero income to earning a five-figure paycheck. There’s a pretty big gap there.” But for those who don’t have access to financial planning classes, here’s the next best thing: 10 tips for mapping out a sound financial future, courtesy of Hofmeister and Kevin Reardon, CFP, president of Shakespeare Wealth Management Inc. In no particular order of importance, here are 10 financial planning tips to consider as you prepare to enter the workforce. (You’re welcome!)

1. BE A SUPERIOR SAVER While conceding it’s an aggressive target, Reardon recommends saving 25% of your income, allotting 15% for retirement savings and the balance for future big-ticket purchases such as a home or car. “The benchmark for retirement savings used to be 10%,” he explained. “But now company pensions are rare or nonexistent, Social Security is less viable, and life expectancies are longer. So you need to prepare for your retirement while you’re still young.” Reardon also suggested establishing three to six months’ worth of income in another separate emergency savings account. “Use auto-drafts [deposits] to build these ‘buckets,’” he advised. “Autodrafts are a must.”

2. BUDGETING: THERE’S AN APP FOR THAT Budgeting apps are a great way to develop budgets and get a handle on spending. Hofmeister recommends the YNAB (You Need a Budget) app (visit www.youneedabudget.com for details), and Reardon likes Intuit’s Mint app (www.mint.com). Both can be linked directly to bank accounts and debit and credit cards. They also can help you create budgets, keep track of bills and monitor spending habits. “For instance, every time you buy groceries, the YNAB app will remove that amount from your monthly grocery budget,” Hofmeister said. “It’s pretty close to real-time budgeting.”

3. REDUCE THE DEBT LOAD Student loans and credit card debt are the top two anchors that weigh down a college grad’s finances as they enter the workforce. Where student loan debt is concerned, there are numerous repayment plan options available. These include paying a fixed amount for a fixed number of years or graduated plans that allow you to increase your payment as your income grows. Moreover, if you work for a nonprofit organization, you may qualify for loan forgiveness. “Take time to research your options,” Hofmeister said. It’s also important to understand the different interest rates you’re being charged for student loans

and credit cards. You may be paying 6% interest on a student loan and 26% on a credit card. You should always pay at least the minimum due on credit cards. But if you can afford to pay more, put it toward the debt with the highest interest rate, she advised.

4. PAY UP FOR DISABILITY PROTECTION As you prepare to enter the workforce, understand that your ability to earn income is your biggest asset— and it merits protection. “At some point in their careers, about 25% of today’s 20-somethings will be temporarily unable to work due to injury or illness,” said Hofmeister. “Everyone assumes it won’t happen to them.” But if it does, disability income insurance can soften the blow. Typical employer-offered disability coverage will provide you with up to 50% of your annual income while you’re laid up. But payouts are taxed as income, so your net payout will be lower. “As such, you should supplement the difference between that payout and your regular salary with a private insurance policy, in which the payouts are not taxable,” she said. Many people feel disability income insurance is too expensive, yet they’re willing to take out life insurance policies. “You should have some life insurance to protect your insurability, but statistically, you’re much more likely to use disability income insurance than life insurance. It’s all about what you’re trying to protect,” Hofmeister said.

5. LIFE INSURANCE MATTERS, TOO The amount of life insurance you’ll need depends on a host of factors too numerous to explain here. But a company-issued policy typically is insufficient, Reardon said. “The problem is that group plans terminate when employment ends,” he explained. “So having individual life insurance above and beyond that is important. And in your 20s, life insurance is cheap.” You’re typically healthy in your 20s, which makes it easy to qualify for a policy, but that may not be the case 10 or 15 years down the road, Reardon noted. So it’s a good idea to protect your insurability and minimize future life insurance costs by obtaining an independent policy now. CPA2b Fall 2019 | wicpa.org

secure | financial planning

6. BEWARE THE RECURRING AUTO-PAYS To pay for everything from Netflix, Spotify and Xbox subscriptions to health club memberships and homedelivered meal kits, people love automatic recurring payments. One recent study estimated that one out of every 10 millennials spends $200 or more a month on subscription services. At some point, they don’t even feel like purchases anymore, which leads people to overlook gradual price increases. “So monitor these things, and be sure you’re still getting utility from them,” Reardon said.

7. TAKE THE FREE MONEY Once you’re employed, it pays to take full advantage of company 401(k) retirement plans, especially if your employer matches a certain percentage of your contributions. For instance, if you contribute 3% of each paycheck, your employer might match it with another 3%. “But it’s free money only if you sign up,” Hofmeister emphasizes. Under new tax laws, income tax brackets will remain historically low through at least 2025, so it makes sense to invest in retirement instruments such as a Roth 401(k) or, if you work for a nonprofit organization, a Roth 403(b) instead of a conventional 401(k) plan. What’s the difference? Roth 401(k) and 403(b) plans are funded with after-tax dollars. The reward: tax-free growth and distributions in retirement. “If you’re pretty sure you’ll make more money as your career progresses, it makes sense to save for retirement now with a Roth 401(k),” Reardon added.

8. CONSIDER THE OPPORTUNITY COST Saving money requires discipline and deferred gratification. It also helps to understand the concept of opportunity cost. As an example, Reardon cites a young adult who celebrates a big promotion by purchasing a $50,000 car instead of a $20,000 car. The concept of opportunity cost focuses on what could’ve been done with that $30,000 difference. As it turns out, quite a bit, Reardon said, noting that a $30,000 investment that earns a fairly conservative 7% return will double to $60,000 in 10 years. “It’s a really hard concept to teach people,” he said. 34

CPA2b Fall 2019 | wicpa.org

“Own your own financial story. Know how the financial decisions you make now will affect your future.” — Melissa Hofmeister 9. DON’T CONSERVE CASH Hofmeister says she periodically sees younger clients who are actually too conservative with their investments; they’re wary because they saw their parents incur large debts or lose significant portions of retirement accounts during economic downturns. “Instead of keeping a lot of cash in their checking accounts, young people should instead contribute to retirement plans or, at the least, choose a moderate investment portfolio instead of an aggressive one,” she advised. “You have a good 40 years before you retire— that’s plenty of time to take risks with investments.”

10. KEEP LEARNING Reardon is a strong advocate of career asset management, or managing a career. “The greatest asset you’ll have is your ability to earn and preserve income, and lifelong learning helps you do that,” he said. “A college degree is just the entry ticket, not the end-all. So always network with other people and make sure you get a job in an industry that’s at least stable, if not growing. And keep enhancing your skills and credentials.” Hofmeister suggests learning the fundamentals of investing and financial planning. “Own your own financial story,” she said. “Know how the financial decisions you make now will affect your future.”

Ken Wysocky is a freelance writer based in Whitefish Bay. Contact him at 414-962-6202 or kenwysocky@gmail.com.

strategic | career planning

Destination CPA Destination CPA is a feature profiling how young professionals got their start in the profession, the resources that helped them along the way and misconceptions they had about being a CPA.

NICHES

• Industry • Public • Nonprofit accounting • Government

RESOURCES • Job board • People • Résumé • WICPA workshop

LAW

BLOGS

CPA2b Fall 2019 | wicpa.org

strategic | career planning

Chloe Chiuminatto, CPA Job title: Senior Accountant l Employer: Wipfli How did you find your first job? I received my full-time job offer at Wipfli after completing a busy-season internship during the final semester of my senior year in college. My first connection with Wipfli was through career fairs, and I was able to interview for the internship on campus at UW–Milwaukee. Which resource was the most helpful in your job search efforts? The Career Services Office at the Lubar School of Business was an incredible resource. Their staff bring in employers to career fairs, they require classes for professional development, and they facilitate all on-campus interviews for internships. They also had advisors available for résumé polishing and general career advice. Which resource turned out to be less helpful than you thought? Job websites and LinkedIn were less helpful than I expected. Much of the internship-seeking process that leads to full-time offers happens on campus. That said, LinkedIn has certainly made it easy to stay connected with my network post-college.

CPA2b Fall 2019 | wicpa.org

What’s one thing you know now that you wish you had known before starting your first job? How to not sweat the small stuff. I remember being nervous about client visits, what to wear for business casual, if I should pack a lunch, where to park at the client’s office and so forth. Fortunately, there’s always someone to ask even the smallest questions. What’s the best career advice you’ve received? To put work away when I’m not working. It’s really easy to check work email on our phones, but keeping that to a minimum during evenings and weekends has helped me stay in the moment with my personal life. I make myself available only to those who really need to reach me. What’s the worst career advice you’ve received? “You just have to work more.” It’s not always easy to work more hours during busy season. Sleeping, eating well and spending time with family are all important. And if the long hours don’t work for you or your family, see what flexible work plans your firm offers. What’s one thing they didn’t tell you about the profession in college? How flexible and tailored my career could be. There’s a lot

said about how rigorous public accounting can be. But over the last four years, I’ve found many ways to make my job something I’m passionate about, from the work I do to the hours I work. What are some dead-wrong assumptions people make about CPAs? That we live for work and are not personable. Many of us do work long hours at least at some point during the year, but we have plenty of downtime to make up for it. And being personable with clients is a big part of the job. What myths about CPAs are actually true? We rely on Microsoft Excel to do our math for us. I’ve seen plenty of CPAs struggle to leave a tip on a bill because they don’t have Excel to do the math for them. What’s the greatest lesson you’ve learned from a mentor in the profession? One of my favorite lessons from my performance coach is “It’s not a problem until it’s a problem.” We do our best to plan for all eventualities, but some things are beyond our control. It’s best to keep a calm mindset and manage issues as they arise.

Haley Jones, CPA Job title: Senior Financial Analyst l Employer: ManpowerGroup

How did you find your first job? Entering college, I knew I wanted to start out in public accounting. I was able to quickly develop relationships with firms that hosted events open to freshmen and sophomores. From there, I was able to interview for an internship at PwC because I already had a relationship with staff there. Which resource was the most helpful in your job search efforts? Definitely networking. I have never been a notably outgoing person, so the traditional idea of networking has always intimidated me. Attending structured events, like volunteer opportunities and business resource groups, allowed me to network in an approachable environment. Which resource turned out to be less helpful than you thought? In my recent experience, job boards and formal postings are only a small part of the job search. Talk to those around you; leverage your network. You never know when the right opportunity will present itself. What’s one thing you know now that you wish you had known before starting your first job? You won’t feel qualified for what

you’re doing 90% of the time. As a new associate in public accounting, I constantly felt unprepared and unqualified when starting a task. Leverage those around you, and you will be amazed by how quickly you learn. What’s the best career advice you’ve received? Set aside time annually to evaluate your career: what you like, what you don’t and how much each of those matters. Being aware of where you want to be allows you to say yes to the right opportunities and, more importantly, no to those that don’t fit your goals. What’s the worst career advice you’ve received? My college advisor saying a double major in accounting and supply chain management is confusing to employers. I dropped supply chain management for that reason. I have found that what matters more than your major is having the confidence and conviction to follow your passion and be able to sell how you will provide value. What’s one thing they didn’t tell you about the profession in college? How the profession is changing and the importance of changing with it. New technologies are changing the work of CPAs in both

public accounting and industry. I’ve found the change is for the better and that having the expertise of a CPA and the willingness to learn new technologies opens doors. What are some dead-wrong assumptions people make about CPAs? I might be qualified to help you with your taxes, but you would be much better off asking me about the newest accounting standard. There are so many paths in accounting, yet all the average person thinks of are taxes! What myths about CPAs are actually true? CPAs have a desire to put order into the world. Whether it’s crafting the perfect spreadsheet or ticking and tying financial statements, CPAs tend to create order. What’s the greatest lesson you’ve learned from a mentor in the profession? I’ve learned the importance of finding people you want to work with—and work for—and taking the time to learn from them. Emulate those you admire, and learn from those you don’t; then find your own unique way to provide value.

CPA2b Fall 2019 | wicpa.org

strategic | career planning

Edwin Miller, CPA Job title: Accounting Supervisor l Employer: Brookdale Senior Living, Inc.

How did you find your first job? I found my first job through online searches. Which resource was the most helpful in your job search efforts? Looking online was the most helpful. I was able to search and filter by job type, location and experience level. Which resource turned out to be less helpful than you thought? Recruiting firms. Some firms are outstanding and can really help you find a job, but some recruiting firms do not get the job done. What’s one thing you know now that you wish you had known before starting your first job? I wish I had known how important career management is and how important finding ways to get relevant work experience on a résumé is for landing a job.

CPA2b Fall 2019 | wicpa.org

What’s the best career advice you’ve received? Find a good mentor. Whatever job you’re in, find someone you can go to for career advice, someone who can help you continue to grow as a professional. What’s the worst career advice you’ve received? I haven’t really gotten any bad career advice. What’s one thing they didn’t tell you about the profession in college? Everyone ends up finding a different path. Some people go the public accounting/partnership route. Some people never work for a public accounting firm. There’s a lot of job diversity, and everyone progresses at their own pace. What are some dead-wrong assumptions people make about CPAs? That CPAs are not creative or that they’re boring people. I’ve met CPAs with a wide variety of hobbies, such as music, dance, art and sports: all kinds of fun things.

What myths about CPAs are actually true? Most CPAs I’ve met seem to have a good sense of order and really enjoy being organized. What’s the greatest lesson you’ve learned from a mentor in the profession? When you’re working on a project, think of it in terms of how someone else will end up using or viewing the project you’re working on.

Zhengwei Sun, CPA Job title: Tax Senior l Employer: Deloitte Tax LLP

How did you find your first job? I found my first job at Deloitte through the fall career fair and campus recruiting at Marquette. Which resource was the most helpful in your job search efforts? The most helpful resource for me was attending the networking events with different accounting firms while studying at Marquette. During some of my interviews, I already knew the greeter or interviewer, which made me more confident. Which resource turned out to be less helpful than you thought? There are many career or job-listing websites out there that were less helpful than I thought. The only two websites I used were Marquette’s internal career site and LinkedIn.

What’s one thing you know now that you wish you had known before starting your first job? Knowing the right way to solve a problem is more important than having the knowledge to solve the problem. You cannot have all the knowledge, but you can learn how to solve different problems. What’s the best career advice you’ve received? “Make your boss obsolete.” This is career advice I received from one of our partners. You should make your boss obsolete so that you can be promoted and your boss can do something more important. For me, when I was a staff accountant, I always thought like a senior accountant and tried to get zero review points for the work I submitted to my senior. What’s the worst career advice you’ve received? “You should not let your manager know you don’t know something.” You should be honest with what you know and what you don’t. Do not try to impress your manager by overstating your knowledge.

What’s one thing they didn’t tell you about the profession in college? In comparison with hard skills, soft skills play an equally (sometimes even more) important role in your career path. What are some dead-wrong assumptions people make about CPAs? CPAs are not boring. We just have analytical minds capable of solving really difficult problems. What myths about CPAs are actually true? We are very sensitive to numbers. What’s the greatest lesson you’ve learned from a mentor in the profession? “Don’t take the face value of any work.” Finishing even the easiest work well and on time still shows your attitude to your managers.

CPA2b Fall 2019 | wicpa.org

CAREER START YOUR JOB SEARCH HERE! FEATURED FIRMS

www.bakertilly.com Tara Tomter, Manager, Campus, 608-240-2445 Baker Tilly Virchow Krause, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Baker Tilly is an independent member of Baker Tilly International, the world’s 10th largest network made up of 126 high quality independent accounting and business services firms in 145 territories, with 34,000 professionals.

www.hawkinsashcpas.com Brenen Boarman, 608-784-7737 Alysha Vassallo, 920-336-9850 Jump-start your career at Hawkins Ash CPAs. Our interns and recent graduates get the experiences and training they need to set the direction of their careers and excel. They work alongside our senior staff, ensuring they get the most exposure. We have offices in Minnesota and Wisconsin. Learn more: HawkinsAshCPAs.com.

www.CLAconnect.com Toni Stangohr, Campus Liaison Toni.Stangohr@CLAconnect.com At CLA, we strive to provide a variety of work experiences that develop skills, knowledge, and expertise. Our industry-driven approach, seamless delivery of services, and focus on not just private businesses and community organizations but also the people who own and lead them, all give our team the chance to grow as professionals and create personalized career paths.

www.johnsonblock.com Kate Karre, Human Resources Administrator, 608-274-2002, kkarre@johnsonblock.com Johnson Block and Company, Inc. has been serving Southwest Wisconsin for over 33 years. With four offices, and over 45 professional staff, we emphasize getting to know first-hand about each client’s operations while sharing our experience and knowledge. We specialize in accounting, tax, audit, technology and managed services for a diverse client base including individuals, small businesses, non-profits, school districts, and government entities. Why not join a CPA firm where you can enjoy a long career in public accounting?

Reilly Penner & Benton LLP

careers.kerberrose.com Melissa Olsen, 715.526.4595 Ext. 1122 KerberRose is a Wisconsin certified public accounting firm dedicated to serving the people and businesses of Northeast Wisconsin. Our firm combines the expertise of a leading regional firm with the convenience, familiarity and passion of a local provider. Whether you are a recent graduate or seasoned professional, a career that is challenging and rewarding is waiting for you at KerberRose.

www.rpb.biz Laurie Olson, HR Manager, 414-271-7800 Reilly, Penner & Benton, LLP is Wisconsin’s first chartered CPA firm with over 100 years of experience. We are a mid-sized CPA firm in the Milwaukee and Madison markets with a diverse client base including non-profit & for-profit organizations, unions, government entities, employee benefit plans, school districts, charter & school choice programs as well as tax preparation and counseling for businesses, partnerships and individuals. At RPB everyone is part of the team, with a focus on growth and development both as an individual and as an accounting professional. RPB offers employees a positive culture with work-life balance.

| wicpa.org IF YOURFallFIRM WOULD LIKE TO BE LISTED IN THE FIRM SPOTLIGHT, PLEASE CONTACT SUE DANIELS AT 800-772-6939 EXT. 4516 OR SUE@WICPA.ORG. CPA2b 2019

SPOTLIGHT START YOUR JOB SEARCH HERE! FEATURED FIRMS www.sikich.com Nicola McGarry, Senior Director, Human Capital nicola.mcgarry@sikich.com

www.svaaccountants.com Sara Shoys, Talent Acquisition & Development Director careers@sva.com | 608-826-2781

Sikich LLP is a leading professional services firm specializing in accounting, technology, and advisory services. Founded in 1982, Sikich now ranks as the country’s 28th largest Certified Public Accounting firm and is among the top 1 percent of all enterprise resource planning solution partners in the world. From corporations and not-for-profits to state and local governments, Sikich clients lean on our professional services and entrepreneurial insights to strengthen every aspect of their businesses.

Celebrating 45 years and counting, SVA Certified Public Accounting is a TOP 100 US based accounting firm, as reported by Accounting Today. SVA is a certified Great Place to Work® with a growing staff and new opportunities to join our team. As one of the most diversified accounting firms, also offering consulting, technology and investments, SVA prides itself on our ability to meet our client’s needs and deliver Measurable Results. SVA is committed to remaining independent and privately held, making us a sought-after regional firm with continued growth opportunities.

www.vrakascpas.com Kayla Kakonis 262-797-0400, kkakonis@vrakascpas.com

www.wegnercpas.com Kari Nichols, Human Resource Manager 608-274-4020, kari.nichols@wegnercpas.com

Service. Solutions. Success. With over 70 professionals, our experience, size and resources enable us to provide high-quality client service, which starts with hiring the best people. At Vrakas CPAs + Advisors, we provide you with the tools needed to map out your own path to success, built around your talents and needs. We offer an open door policy, mentorship program, CPA exam support and fun company outings, just to name a few reasons why Vrakas should be at the top of your list. Experience the Vrakas difference and join our family!

At Wegner CPAs, our people make the difference. Recently named by Accounting Today as a 2019 Regional Leader, we give staff the opportunity to work with a diverse client base. With seven offices throughout Wisconsin, D.C., and New York, we offer the ability to make connections beyond our borders. The professional growth and development of our employees, along with a strong focus on work-life balance, is a top priority.

FIRM LISTING www.wipfli.com Breann M. Woodruff, Talent Acquisition Specialist bwoodruff@wipfli.com Wipfli ranks in the top 20 accounting and business consulting firms and was recently recognized as a Top Internship Program by Vault.com. With 46 offices across Wisconsin, Minnesota, Illinois, Montana, Idaho, Washington, Pennsylvania, Virginia, Maine, New Hampshire, Colorado, Utah, California, Arizona and two offices in India, 2,300 Wipfli professionals provide industry-focused assurance, accounting, tax and consulting services. We set ourselves apart by making significant investments in our associates to develop their knowledge in specific industry expertise to better serve clients and become a Trusted Business Advisor!

RitzHolman CPAS

Strohm Ballweg, LLP

www.ritzholman.com Contact: Brian Wilson, CPA, Senior Manager, brianw@ritzholman.com

www.strohmballweg.com Contacts: Gary Strohm, CPA, Managing Partner and Heather Hafeman, CPA, Partner, 608-821-0600

IF YOUR FIRM WOULD LIKE TO BE LISTED IN THE FIRM SPOTLIGHT, PLEASE CONTACT SUE DANIELS AT 800-772-6939 EXT. 4516 OR SUE@WICPA.ORG. CPA2b Fall 2019 | wicpa.org

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