CPA2b Magazine - Fall 2020 by WICPA

FALL 2020 | VOL. 16, NO. 1

Innate Determination Mai Chong Lee 6

Plus... ACCOUNTING & WORK-LIFE BALANCE

VIRTUAL INTERVIEW TIPS

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MANAGING LOAN DEBT page| 36 CPA2b Fall 2020 wicpa.org

WICPA Career Center

Post Job Openings l Upload Your Resume l Apply For Internships

Whether you’re looking for a new career or a new employee, the WICPA’s new and enhanced Career Center can help you make the most of your search.

| wicpa.org CPA2b Fallor 2020post Find a job today at wicpa.org/CareerCenter.

Fall 2020 | Vol. 16, No. 1 A publication of the WICPA Educational Foundation, Inc. | wicpa.org

Contents 6 b recognized | member profile

Innate Determination Mai Chong Lee graduated from UW–Milwaukee last spring with a bachelor’s degree in accounting, and shortly after, she started a summer internship with the Wisconsin Legislative Audit Bureau — and began work on her master’s degree at the same time. By Marcia Tillett-Zinzow

features 3 b ready | upcoming changes

26 b successful | the CPA Exam

The Secret Ingredient to Passing the CPA Exam Find out if you possess the "grittiness" necessary to pass the CPA Exam.

Taken from the website thiswaytocpa.com

CPA Evolution In May 2020, approval was given to design and implement a new approach to CPA licensure. By Tammy J. Hofstede

10 b enlightened | career benefits

28 b valued | value of certification

Pushing Past Stereotypes Two young professionals explain why “accounting” and “work-life balance” are not mutually exclusive terms. By Ken Wysocky

Evaluating the CPA License You need a CPA license to perform audits and reviews. If you're not interested in auditing, do you still need one? By Barry R. Palatnik, CPA, EdD, MBA and Jean Ingersoll Abbott, CPA, EdD, MBA, CIRA, CDBV

14 b inspired | destination CPA

32 b aware | education in a pandemic

Destination CPA is a feature profiling young professionals who provide insights on what it’s like to work as a CPA in public accounting or industry.

20 b prepared | course planning

Skills Needed in Today’s Workplace The role of the CPA has changed dramatically over the years. Learn what new skill sets young professionals now need. By Keri Mullin, CPA, MBA

22 b hired | interview tips

7 Tips for a Successful Virtual Interview Virtual interviews are becoming the standard. Find out how to ace them.

By Victoria Ziemek and Miranda Weber

The New College Classroom Experience Find out what some colleges are doing to comply with COVID-19 guidelines. By Brett Killion, CPA

36 b savvy | financial planning

Managing Student Loan Debt Learning how to put a financial plan in place now can help you manage student loan debt later. By Brian Ellenbecker, CFP, EA, CPWA, CIMA, CLTC

departments 4 b in the know | the value of membership 18 b affiliated | welcome new members 40 b strategic | career spotlight CPA2b Fall 2020 | wicpa.org

2020-2021 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 Jon C. Gaines, CPA, CGMA, MBA Jessica B. Gatzke, CPA, MST Elizabeth Hazi, CPA Kale Post, CPA, MPA Wendy K. Potratz, CPA, MBA, CMA, CGFM Jose E. Saenz, CPA WICPA Board Liaison Lucien A. Beaudry, CPA, JD WICPA President & CEO Tammy J. Hofstede

Publication Team: Editor Marcia Tillett-Zinzow Design & Layout Brett Stallman Advertising Sue Daniels Printing Special Editions

ACCOUNTING SCHOLARSHIPS

Receive $2,500 in scholarship money! Apply online at wicpa.org/scholarships through Feb. 28, 2021. Applications will be accepted through Feb. 28, 2021. Scholarships are awarded from the WICPA Educational Foundation to qualified accounting students in their last year to meet the 150-hour requirement to apply for a Wisconsin CPA license.

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: amanda@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. Â© Copyright 2020 CPA2b.

CPA2b Fall 2020 | wicpa.org

ready | upcoming changes

CPA Evolution

n 2018, stakeholders across the profession — including CPAs working in firms of all sizes across the country, CPAs working in business and industry, members of the accounting academic community, volunteers, students, technology experts, state boards of accountancy and others — By Tammy J. provided feedback on evolving Hofstede CPA licensure. In May 2020, a President & joint effort of the AICPA and the CEO, WICPA National Association of State Boards of Accountancy (NASBA) was approved to design and implement a new approach to CPA licensure. The goal is to transform the CPA licensure model to recognize the rapidly changing skills and competencies the practice of accounting requires today and will require in the future in a technology-driven marketplace. As many processes and procedures become automated, entry-level CPAs are now performing more procedures that more experienced staff previously performed and that require deeper critical thinking, problem solving and professional judgement. The “new” Uniform CPA Examination is still expected to be four sections: Candidates must pass three core sections and one discipline. In the model, all candidates would be required to demonstrate knowledge of a strong core in accounting, auditing, tax and technology. Then each candidate would choose a discipline in which to demonstrate their deeper skills and knowledge. Regardless of discipline, this model leads to full CPA licensure, with rights and privileges consistent with those

of any other CPA. A discipline selected for testing would not mean the CPA is limited to that practice area.

CPA Licensure Model This is progress toward the goal of positioning the CPA profession for continued strength and relevance in a constantly evolving business environment. The new CPA Exam is expected to launch in January 2024.

1. Strong core with accounting, auditing, tax and technology 2. Deeper knowledge in three primary disciplines 3. Reflects reality of practice 4. Adaptive and flexible 5. One CPA license 6. Enhances public protection Tammy J. Hofstede is president & CEO of the WICPA. Contact her at 800-772-6939, ext. 4518 or tammy@wicpa.org.

Continuous testing now available to CPA Exam candidates No more closed testing windows! Effective July 1, 2020, Wisconsin — along with over 40 other jurisdictions — began offering continuous testing to CPA candidates. Continuous testing allows candidates to sit for the CPA Exam anytime during the year. The only restriction is that candidates must wait to receive scores from prior attempts of the same section before sitting again. CPA2b Fall 2020 | wicpa.org

in the know | the value of membership

Weâ&#x20AC;&#x2122;re Available â&#x20AC;&#x201D; in person or virtually!

hile many students may have their first taste of the accounting field during a high school or college elective, the WICPA provides even more resources to help students understand the depth and breadth of the accounting By Amanda profession. As the membership Armitage outreach coordinator for the WICPA, one of my favorite roles involves positioning students on the pathway to the CPA credential. This article describes some of the ways I am looking forward to connecting with students in the 2020-21 school year.

CPA2b Fall 2020 | wicpa.org

Classroom presentations As high school teachers and college professors begin to plan their lessons for the upcoming school year, I would recommend that they schedule a classroom visit with me! Thanks to the rise of virtual learning, I can now visit any school in the state conveniently from my office. These presentations are a great way to provide even more information about the accounting profession and possible career opportunities, how to achieve the CPA license, ways to get involved with the WICPA while in college and much more. I am also always willing to work with educators to create a specialized presentation to help focus on the areas that will benefit their students the most. Students love the interactive material and always enjoy playing Kahoot trivia.

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While many students may have their first taste of the accounting field during a high school or college elective, the WICPA provides even more resources to help students understand the depth and breadth of the accounting profession.”

Accounting club meetings Students who are involved in accounting groups, such as college clubs or Beta Alpha Psi, are already working hard to enrich their educational experience. It is always a pleasure to work with these students and provide them with detailed information about planning their post-graduate career timeline, sitting for the exam and utilizing the CPA license throughout all areas of the accounting profession. I find it especially important to connect with students while they’re in school because the transition from college to career can be daunting. Many students lose some of their connections after graduation and need to seek support and resources on their own — which is where an organization like the WICPA can help.

CPA Panels During almost every visit with students — whether it’s through a classroom presentation, a CPA panel or an accounting club appearance — I hear at least one of these questions: • What is your favorite part about being a CPA? • Is sitting for the CPA Exam as hard as it sounds?

professional. That is why I love to set up CPA panels and bring in volunteers from our WICPA membership base. We serve over 7,000 members throughout the state of Wisconsin, in every industry and with all educational backgrounds — so each panel can offer unique perspectives about the benefits of achieving the CPA license. These panels and Q&A sessions are also great opportunities for students to connect with professionals in their field and engage with the WICPA network while still in school. These are just three of the popular options to help students gain access to professional resources, expand their knowledge of the accounting field and start building a supportive network for themselves on the way to earning their CPA license. While I look forward to visiting classes and campuses again, I am grateful to also have the opportunity to virtually connect with students this semester. If you are a student leader or educator looking to brainstorm a virtual event with the WICPA, please reach out to me at amanda@wicpa.org or fill out this online form: https://www.wicpa.org/education/speaker-request.

• How did you transition from public accounting to an industry position? As much information as I have about the accounting profession and the CPA Exam process, I am not actually a CPA, and there is nothing that compares to a testimonial from an experienced

Amanda Armitage is the membership outreach coordinator for the WICPA. Contact her at 800-772-6939, ext. 4511 or amanda@wicpa.org.

Note: Students can join the WICPA at wicpa.org/join.

CPA2b Fall 2020 | wicpa.org

recognized | member profile

CPA2b Fall 2020 | wicpa.org

Innate Determination A strong resolve will carry this accounting major to success as a CPA. By Marcia Tillett-Zinzow

Photo courtesy of Mai Chong Lee

ike many people who are drawn to accounting, Mai Chong Lee feels a little lost when she has time on her hands. She confesses to being significantly more motivated when she has things she knows she must get done. “When I don’t have enough to do, I become inefficient and unproductive,” she said. “I don’t do well when I have too much free time.” Her apparent Type A personality partly explains why she spent her summer in Madison, busily working on audits as an intern with the State of Wisconsin Legislative Audit Bureau (LAB) and starting her graduate accounting studies with the University of Wisconsin–Milwaukee (UWM). Mai graduated in May with a Bachelor of Science in accounting, and then she turned around and — without missing a beat — immediately dug into coursework for her Master of Science in professional accounting. This will be her fifth year at UWM, and provided nothing unexpected happens, she’ll graduate with her master’s in May 2021. “I like to have things scheduled because that provides me with deadlines, and I can check things off,” she said. “It really helps me build my time management skills, too, and that will be valuable when I’m studying for the CPA Exam.”

Discovering the accounting field Mai decided to focus on a CPA career because she feels the designation give her a stamp of approval. Photography by Andywill Manis “It provides reassurance to a prospective employer

Mai is active in Beta Alpha Psi, the international honor society for accounting, finance and information systems students.

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I wouldn’t want to be passed over for a job because someone else who also applied had their CPA license and I didn’t.” that they are hiring the right person — someone who will be able to do what they say they can do,” she said. But there’s another reason, too: “I wouldn’t want to be passed over for a job because someone else who also applied had their CPA license and I didn’t — CPA2b Fall 2020 | wicpa.org

recognized | member profile

knowing I could’ve gotten it with just that extra year of school,” she said. Accounting was not a field Mai was interested in during most of high school. In fact, she didn’t know anything about it. She enrolled in the intro accounting course going into her junior year because there was an empty time slot in her schedule. “I didn’t even know the accounting field existed at that point,” she said. “I just thought the course description looked interesting. So I took the intro course, and I fell in love with it. Then I took the next level in my senior year, and it convinced me that accounting was something I wanted to do for my career.” It also helped that her accounting teacher brought some professionals into the class to talk about their accounting journeys and all the different positions they were able to experience because of their accounting credentials. “The coolest one was an FBI agent who had worked on the Koss Corp. fraud in Milwaukee,” she said. “That’s the one I remember distinctly.” Koss Corp. designs, manufactures and sells stereo headphones. The case Mai mentioned entailed the company’s vice president of finance and principal accounting officer embezzling more than $31 million from Koss through fraudulent wire transfers over a period of four years. The former executive was convicted by a federal grand jury in January 2010. The certified fraud examiner (CFE) credential is one that many CPAs obtain so they can be involved in interesting work like the Koss case and help organizations uncover, prevent and deter fraudulent behavior. But you don’t have to be a CFE to help businesses stay honest. One of the primary characteristics of the CPA profession is protecting the public, and there are many ways they do that — one of which is auditing.

Zeroing in on accounting options While Mai said she wouldn’t turn down an opportunity to work in forensic accounting, she is more interested in auditing. Last summer, she explored tax work in an internship with Manpower Group in Milwaukee, and while many people are strongly drawn 8

CPA2b Fall 2020 | wicpa.org

Mai lived in Madison over the summer to be closer to the Wisconsin Legislative Audit Bureau, where she had an internship.

to tax, Mai found out that she isn’t one of them. This summer’s internship showed her that governmental accounting and auditing is an area she’s highly interested in. Mai’s work at the LAB consisted of auditing records for the Wisconsin Department of Employee Trust Funds, which administers retirement, insurance and other benefit programs for state and local government employees and retirees of the Wisconsin Retirement System. “My assignment was to audit the life insurance program. I was in charge of going through the procedural workpapers, the control testing and then the substantive testing, as well as wrapping up everything at the end,” she explained. She was also involved in control testing for the state’s payroll system, Human Capital Management, powered by STAR financial management software. “That work dealt with Medicare and federal withholding taxes — testing to ensure the rates maintained within the system are actually deducting the right amounts from employee paychecks,” Mai explained. “Any errors there would affect the department’s financial statements.” Her experience at LAB gave her a small taste of the overall government audit process, and now she’d like to explore the area more deeply, perhaps with LAB,

which does audits for all the departments of state government. Mai’s internship involved only one. “I’m not sure if I would ever get to the Government Accountability Office (GAO) in Washington, D.C., but that is kind of a goal,” she said. “It would be nice to make it there someday. I do love the work, and I’m interested in learning more.” The internship with LAB was somewhat serendipitous. She had applied for internships for the 2019-20 spring semester, but her efforts yielded no offers. So she decided to again apply for an internship in the fall semester, and that’s when she found the LAB position on UWM’s job-posting website, called Handshake. She applied in October and was contacted right away for an interview.

Born in Thailand, Mai is the oldest of 10 children. Her family moved to the U.S. when she was 7 years old.

Photos courtesy of Mai Chong Lee

“I heard back in a couple weeks, and they offered me an internship for summer,” she said. “They told me they don’t recruit at UWM very often — they usually get students from UW–Madison, Whitewater or Eau Claire. UWM was the last school they recruited from, so I was very lucky to have gotten it.”

Working from home away from home The internship was scheduled to begin in May. But when the coronavirus pandemic hit and everyone was told to stay at home in March, internships had to be rethought. The LAB decided to still employ their student interns but to bring them in quickly and get them set up to work from home instead of in the office. “They had us do the onboarding process at the end of April, and my work officially started May 18,” she said. Since Mai had already leased an apartment in Madison for the summer, that’s the “home” she decided to work from until the internship ended Aug. 7. But her family home is near Schofield. The oldest of 10 children (the youngest is 5), Mai has seven sisters and two brothers, and she will be the first person in her family to graduate from college. Two of her sisters share her motivation, and they won’t be far behind. One is a senior in the nursing program at UW–Eau Claire, and the other just began her freshman year at UW–Green Bay. Mai’s family moved here from Thailand when she was just 7 years old. She doesn’t remember much about her birthplace because she was so young when

Mai (second from left) with the Beta Alpha Psi Spring 2020 executive board.

they left. When they came to the U.S., her parents spoke no English. The first couple of years were hard, as they moved the family around and searched for stable jobs to support them. “They had to take English language classes, driver’s-ed classes and skills classes all at the same time before they could get jobs,” Mai said. Considering their obvious fortitude, it’s easy to see where Mai gets her determination. As the old adage goes, the apple doesn’t fall far from the tree.

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

CPA2b Fall 2020 | wicpa.org

enlightened | career benefits

Pushing Past

Stereotypes These CPAs found that “accounting” and “work-life balance” aren’t mutually exclusive terms. By Ken Wysocky

anielle Oberndorfer, CPA, MST, and Adam Meyer, CPA, were in high school when they first started thinking about careers in accounting. At the time, they had few preconceived notions about what such a career would be like. But the further they advanced through college courses, the more they were exposed to the usual accounting stereotypes: long hours; poor worklife balance; nerdy, number-crunching, humorless colleagues. “It was intimidating — a little scary,” said Oberndorfer, the controller at Selzer-Ornst Construction Co. in Wauwatosa. “I’m a hard worker, and I don’t mind putting in long hours. But it all sounded very intense with a lot of pressure.” “It was a bit daunting,” said Meyer, a staff accountant at the Milwaukee offices of Wipfli LLP. “Sometimes it made me wonder if this was what I really wanted to do.” In the end, Oberndorfer, 35, and Meyer, 25, embraced divergent career paths. But one thing remained universal to both: After entering the working world, they quickly realized those old accounting tropes and stereotypes were baseless myths. Instead, they’ve found accounting to be a gratifying and fulfilling career that doesn’t detract from or overshadow their personal lives.

CPA2b Fall 2020 | wicpa.org

“The reality was very much different from the stereotypes,” said Oberndorfer, who graduated from the University of Wisconsin– Milwaukee (UWM) in 2007 with a major in accounting. In 2009, she earned a master’s degree in taxation at UWM. Danielle Oberndorfer, CPA, MST

“In terms of the long hours, it didn’t turn out at all like I expected,” said Meyer, who graduated from the University of Wisconsin–Whitewater in 2018 with a double major in accounting and information technology. “I have a social life outside of work, even during tax season. And I enjoy the time I spend with my team.”

Quality, not quantity Like so many young employees on their first job, Meyer wanted to make a good impression after he was hired by Wipfli in 2019. During his first tax season, he routinely worked 70 to 75 hours a week, he said.

Adam Meyer, CPA

“I wanted to impress my colleagues,” he said. “I’d come in at 6 a.m. and work until 8 or 9 p.m.” But it didn’t take much time before the

long-hours stereotype bit the dust. After a while, Meyer said, he was told the long hours weren’t necessary. “The firm believes that working too many hours decreases the quality of your work,” he said. “It takes a toll. So I was told to take more time for myself — get away, unwind and relax. That was a surprise! It’s like a breath of fresh air when people tell you it’s not always just about the work, that you need to take a break and refresh yourself.” Furthermore, Meyer said, Wipfli encourages employees to take time off during summer to compensate for the busy tax season. As a result, he estimates he works between 32 and 40 hours a week during that time. Even during tax season, when working weekends comes into play, he’s still encouraged to take a day off.

The company believes that this emphasis on worklife balance is essential to curbing the tendency of young employees to spend a couple of years in public accounting and then go into private accounting to escape the long hours, he said. “The culture here encourages having a social life outside of work,” said Meyer, who does both tax returns and field audits for a variety of clients. “The firm leaders don’t want work to consume your life. I’ve actually played more golf this summer than I have for quite a number of years.”

More job flexibility Oberndorfer’s career has followed a different route than Meyer’s. She knew early on that she didn’t want to work at a large public accounting CPA2b Fall 2020 | wicpa.org

enlightened | career benefits

firm. As a result, four of the five jobs she’s held since earning her undergraduate degree in December 2007 have centered on private accounting. She was hired at Selzer-Ornst in 2018 after working for three real estate companies/developers.

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“I feel like there’s more flexibility in terms of worklife balance than there was, say, 10 years ago,” she said. More companies now seem to emphasize putting in the hours required to finish work, as opposed to working a set number of hours a week. As an example, Oberndorfer noted that she can work from home one day a week — or more, if necessary.

– Danielle Oberndorfer, CPA, MST

“I oversee all the office staff, so I try to be in the office as much as possible,” she said. “But I can put family first and my job second and still remain very aware of deadlines and external customer requests. I feel like I have a very good work-life balance.” In addition, Oberndorfer said that while some accountants do fit a certain stereotype, she knows just as many who don’t — including herself. Many times people are surprised to hear that she’s an accountant because she’s outgoing and friendly, and she likes to debunk those preconceived notions.

Dynamic careers Looking back, Meyer said accounting has lived up to all his expectations as a career. He especially enjoys how the work varies from week to week as he interacts with different clients in different industries. “The way I look at it, I get to help clients solve their problems,” he said. “I’m not here just to prepare tax returns or do audits. We’re also here to answer any questions clients might have and help their businesses succeed. “It’s very gratifying to know you can help their businesses run more smoothly,” he added. “I feel very 12

CPA2b Fall 2020 | wicpa.org

So if you’re on the fence, keep in mind that the opportunities are limitless, whether it’s in public or private accounting.”

lucky that I found a career that worked for me right off the bat.” Oberndorfer said accounting has proven to be a dynamic, exciting and fast-paced career, in which no two days are alike. Her advice for anyone who’s interested yet uncertain about making it a career? Go ahead and take the plunge. “You can do so many things with an accounting degree,” she said. “You’re not pigeon-holed into just one industry. Accounting has to happen, no matter what … so you’ll always have a leg up [on job security] because companies need accountants to make decisions and keep the wheels turning. “So if you’re on the fence, keep in mind that the opportunities are limitless, whether it’s in public or private accounting,” she continued. “It’s all about finding what really intrigues you so you’ll always be excited every day about work and helping your company or clients’ companies succeed.” Ken Wysocky is a freelance writer based in Whitefish Bay. Contact him at 414-962-6202 or kenwysocky@gmail.com.

5 LITTLE KNOWN TIPS TO PASSING

THE CPA EXAM From UWorld Roger CPA Review CPA candidates have faced numerous challenges brought on by the recent COVID-19 pandemic. But life is not on pause. Now is the time to refocus on professional goals and pass the CPA Exam. Here are some tips to help get you back on track.

START AS SOON AS POSSIBLE 1

Research shows that candidates who take the CPA Exam closer to graduation have a drastically higher pass rate than those who wait. Why? Because information learned in school is still fresh, candidates are still in the student mindset, and there are fewer life distractions.

PLAN EVERY MINUTE 2

Having a plan and sticking to it is key to passing. Write out how you will spend each day. Make sure you set aside ample, uninterrupted time to focus on your studies. You will probably have to decline some events. However, if you do miss a day, make it up!

USE A REVIEW COURSE 3

Taking the exam without a guided review is like putting on a blindfold, being turned around a few times and then handed a dart to throw at a target. At UWorld Roger CPA Review, we ensure students are fully prepared to demonstrate the exact skills and knowledge laid out in the AICPA Blueprints.

DON'T OVER-STUDY 4

There is a notion that in order to pass, one must drill question after question after question. But this is undeniable cause for burnout. In our program, weâ&#x20AC;&#x2122;ve implemented tools to help students know when theyâ&#x20AC;&#x2122;ve reached a point of exam-readiness on a topic and can move on.

STAY POSITIVE 2020 has already been a tough year, but we will persevere and come back stronger on the other side. Remember, if you study, you will pass!

Learn more at

accounting.uworld.com/p/CPA2b2020 CPA2b Fall 2020 | wicpa.org

inspired | destination cpa

Isaac Pooler, CPA Job title: Senior Associate l Employer: Hawkins Ash CPAs

What influenced your decision to become a CPA? Several factors influenced my decision. My thought process was that if I’m going to be working in public accounting, then I want to have the highest certification available in the industry. Other factors were job security, career mobility and higher earning potential.

What was your first year like? It was a lot of fun, and there were plenty of opportunities to travel, which I enjoyed.

How did you complete the 150 hours necessary to take the CPA Exam? I earned an associate’s degree in business management and a bachelor’s in accounting, and those degrees provided enough credits that I didn’t need to take too many elective courses to achieve 150 credits.

What’s the best thing about being a CPA? Career advancement and career opportunities.

What are some dead-wrong assumptions people make about public accounting? For the uninitiated, it’s that we all just do taxes and we’re great at or love math. In the accounting industry, one dead-wrong assumption is that you must work at a Big 4 firm, and anything else is just settling. What’s the best part about your current job? I enjoy the flexibility that my firm gives me in regard to my schedule. If it’s a beautiful summer day and I don’t have any pressing deadlines, I can just take off early. I also work with a good group of people who are easy to get along with. How did you find your first job out of college? I was searching indeed.com during my last semester and noticed Hawkins Ash was hiring. I was able to lock down a job with the firm before graduation.

CPA2b Fall 2020 | wicpa.org

What surprised you the most when you started your job? The biggest surprise was realizing how little you actually know about accounting from your college courses. College is a long process, but the courses really only cover the basics.

What do you like most about the organization you work for? I’m glad for the opportunity to work in several different industry categories – such as government, nonprofit and commercial. What are your goals for the future? I was just recently promoted to senior associate, so my current goal now is to master this position and work toward being promoted to the manager level at my firm.

DESTINATION CPA A feature profiling young professionals who provide their insights about what it's like to work as a CPA in public accounting or industry

Kyle Stone, CPA Job title: Director of Finance and Administration l Employer: UFS, LLC

What influenced your decision to become a CPA? I began my career in public accounting and was advised by professors and co-workers to immediately pursue the CPA credential, as it is a lifelong certification that carries a lot of weight in the accounting world. How did you complete the 150 hours necessary to take the CPA Exam? I began my college career as a recreation management major at UW–La Crosse and switched into accounting my junior year. With all the previous credits I had accumulated, I ended up getting a minor in recreation management and a degree in accounting in four and a half years. What are some dead-wrong assumptions people make about CPAs? I think there is an old stereotype that individuals who pursue accounting and get their CPA are numbers people but lack interpersonal skills. In the current climate, I think it is quite the opposite. Communications skills are critical for someone who needs to interact with clients and co-workers and do so in a confident and trustworthy way. What’s the best part about your current job? I enjoy the variety that comes with my role. I am involved in accounting, finance, HR and facilities — all of which allow me to have visibility into the overall strategy of the organization.

small town, so I researched all of the accounting firms in the area and called each one to see if any of them had openings. I ended up finding a role with a firm called BT&Co in Topeka, and it was a great first job! What was your first year like? The first few months were challenging as a new auditor coming in during busy season, but I had some great co-workers who provided mentorship to me. Once I began studying for the CPA Exam, things really started clicking, and I was able to relate the concepts I was learning to the work I was doing every day. What surprised you the most when you started your job? I was surprised that I didn’t have quite enough knowledge to understand what it really meant to perform an audit. I was wishing there had been more audit courses or scenario-based learning required during my schooling. What’s the best thing about being a CPA? Being a CPA provides you with credibility and added marketability when searching for jobs. What do you like most about the organization you work for? UFS is a technology outfitter for community banks, and I love that we support the institutions that are the backbone of our nation’s economy. What are your goals for the future? My goal for the future is to move into an executivelevel role and be part of the strategic decision-making process.

How did you find your first job out of college? I graduated from UW–La Crosse and was moving down to Manhattan, Kansas, to live with my (now) wife as she pursued a master’s degree. Manhattan is a fairly

CPA2b Fall 2020 | wicpa.org

inspired | destination cpa

Brenna Van Rooy, CPA Job title: SOX Compliance Manager l Employer: Schneider

What influenced your decision to become a CPA? I was influenced to become a CPA by a combination of CPA presentations in accounting club, my college professors and my first public accounting job. It seemed like my career would really be at a halt without it. How did you complete the 150 hours necessary to take the CPA Exam? I played trombone in college, so I would have private lessons, brass ensembles, concert band and jazz band. I always took the maximum amount of credits I could during the semester and tried to knock out some of the easier classes in a Maymester or over winter break. What are some dead-wrong assumptions people make about CPAs? A dead-wrong assumption people make about CPAs is that we don’t know how to socialize. A lot of people still believe the stigma of the lever-crunching calculators and the green visors, but for myself as an auditor, I am talking to people about 90% of my day. What’s the best part about your current job? The best part about my current job is the critical thinking. I am always striving to understand the impact controls have, the gaps currently present and how to test the controls we have in place. I am always working to identify and solve the problems in our controls environment. How did you find your first job out of college? My first job out of college was in a public accounting firm, and I found it through a co-worker at my internship. I knew I wanted to go into public accounting, so my co-worker sent my résumé to

CPA2b Fall 2020 | wicpa.org

a partner she knew from when she was in public accounting. I was offered the job a week later. What was your first year like? My first year in public accounting was like drinking from a fire hose of knowledge. You learn SO much about your clients, your personal work ethic and how to work as a team. I loved the firm I worked at. What surprised you the most when you started your job? What surprised me the most when I started my first job out of college was the independence. I was used to a job where someone was constantly aware of where I was every minute, but public accounting is deadline driven, and you make your schedule to meet your deadlines. What’s the best thing about being a CPA? The best thing about being a CPA is the possibilities. I was really worried that designations would force me into a certain career path, but CPAs can be accountants, financial analysts, auditors, tax practitioners, business advisors — the list goes on and on! What do you like most about the organization you work for? What I like most about Schneider is the people I get to interact with on a daily basis. My boss and fellow internal auditors keep the job enjoyable and fun, and the process and control owners really treasure the value our department brings to the company. What are your goals for the future? My goal for the future is to continue to understand what I want to do! The CPA designation offers a lot of possibilities for your career, and I’m very excited to see what paths it could take me down — especially at a public company headquarters like Schneider.

Andrea Zimmerman, CPA Job title: Audit Associate l Employer: Vrakas CPAs and Advisors

What influenced your decision to become a CPA? I decided to become a CPA because I felt like it opened more doors for my future. I thought it would help me stand out against other job candidates and help me advance in my career. How did you complete the 150 hours necessary to take the CPA Exam? I earned my bachelor’s degree in accounting at the University of Wisconsin–Whitewater. The following year, I continued on to get a Master of Professional Accountancy degree, and that provided the extra 30 credits I needed to get a total of 150 credits. What are some dead-wrong assumptions people make about public accounting? I think a lot of people think accountants are quiet and sit at their desks crunching numbers all day. But a lot of public accounting is collaborating with coworkers and talking to different clients every day in order to do your work. What’s the best part about your current job? I love the variety of work I get to do and all the people I get to work with. Although the basics of each audit are the same, being able to work in different industries with different clients keeps things new and exciting and allows me to keep learning. How did you find your first job out of college? I participated in an internship program through Whitewater the last semester of my senior year and was fortunate enough to spend a busy season with Vrakas. At the end of my internship, I received a fulltime offer to work with Vrakas once I finished my MPA program.

What was your first year like? My first year was a huge learning experience. Given the fast-paced nature of public accounting, every client was a new opportunity to not only learn how to be a better auditor and grow as a professional, but also to see how industries do things differently. What surprised you the most when you started your job? I was surprised by the amount of responsibility I was given right out of the gate. Even as a new hire, I was out talking to clients and taking responsibility of audit areas the first couple weeks on the job. What’s the best thing about being a CPA? The best thing about being a CPA is the respect and trust you receive from other people. When people hear you’re a CPA, they seem to respect your opinion more and trust you with their information. What do you like most about the organization you work for? I like that Vrakas continuously gives me opportunities that challenge me and allow me to continue to learn and grow. Vrakas has an open-door policy, and I know that I could go to anyone in the office — even a shareholder — and they would take the time to help me. What are your goals for the future? I would like to continue to grow professionally in both soft skills and technical skills. I also hope to move into a management role that will allow me to take on more responsibility and work with new professionals.

CPA2b Fall 2020 | wicpa.org

affiliated | WICPA membership

WELCOME NEW STUDENT MEMBERS

Rebecca G. Barr UW-Milwaukee

Hannah Kluball UW-Whitewater

Michael C. Sorenson UW-Milwaukee

Robert J. Clark UW-Milwaukee

Brianna M. Krantz UW-Whitewater

Mitchell R. Swanson UW-Milwaukee

Brittny L. Cloutier Foley Kalseim & Company LTD

Juan Medina UW-Milwaukee

Tanner J. Trombley UW-Milwaukee

Michelle Mermolia Waukesha County Technical College

Cole A. Vale UW-Milwaukee

Jacob Gross Wisconsin Lutheran College Sarah G. Hoehnke UW-Milwaukee Charles Kase California State University, Bakersfield Darya Kazakova UW-Milwaukee

CPA2b Fall 2020 | wicpa.org

Chloe Otto UW-Milwaukee Carson J. Radl UW-La Crosse Emily M. Schmitz UW-Madison Theresa Slavek Lakeland University

Miranda White UW-Milwaukee Christine Wilcox Concordia University Nicole Wiske UW-Milwaukee

2020 WICPA CONFERENCES IMPLEMENT

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Students can 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 2020 |

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prepared | course planning

Skills Needed in Today’s Workforce By Keri Mullin, CPA, MBA

he role of the CPA has changed dramatically over the years. Young accounting professionals are now expected to have a more rounded skill set. While numbers are a key focus of a CPA firm, accountants are adapting to a more diverse role and becoming trusted advisors to their clients. Young professionals have to be able to develop additional soft skills to succeed in today’s workforce. Below are a few crucial skills interns and young accounting professionals can focus on to stay ahead of this curve and become successful:

Communication skills One area in business that has not lost its significance over the years is the importance of numbers. Numbers are still everything to a business: What is our gross profit? How much revenue do we expect to bring in this year? How are we doing financially overall? These questions have been asked by every business and will continue to be asked. However, it is not just about the numbers anymore. With automation taking over a lot of the “grunt work,” young accounting professionals can focus more time on becoming a trusted advisor and not just a number cruncher. These new relationships with clients will also lead to more face time and interactions. Interns and young professionals need to be able to hold conversations and present issues to clients. Interns and young accounting professionals should take soft skill development courses that focus on communication skills. Those who are current on hot business topics and can speak confidently and think analytically will add even more value to client relationships.

CPA2b Fall 2020 | wicpa.org

Become involved Most accounting firms today have different committees that are dedicated to staff development and “next-gen” opportunities. Everyone from interns to entry-level accountants to experienced CPAs should get involved in the firm. Options can include sitting on a committee or in on practice group meetings or becoming an “expert” at something. Those who specialize in a specific industry or technical topic can become the person that people at the firm reach out to. Another way to be heard and stand out is to continuously ask for more “next-gen” experiences. Partners or managers may not always think to ask a new professional to attend a client meeting or a call with them; savvy professionals will beat them to the punch and ask if they can tag along. Getting involved at the firm is a great way for interns and entry-level accountants to make themselves heard.

Time management Aspiring CPAs must master their time management skills. Being successful at time management helps to keep priorities straight and the focus on tasks that are truly important. Focusing on tasks that are not a priority can cause accountants to fall behind schedule and make it more stressful to meet deadlines. Time management is also very important for mental health. Keeping an organized schedule and setting a course of action can make client work easier as well as help mental well-being. The last thing any CPA needs during busy season is being stressed out about work as they try to go to bed after working long hours. Mastering time management early in one’s career can also help when you’re trying to balance work and studying for the CPA Exam.

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Keeping an organized schedule and setting a course of action can make client work easier as well as help mental well-being.” Keri L. Mullin, CPA, MBA, is a senior accountant at WilkinGuttenplan. She is on the board of the NJCPA Union County Chapter and can be reached at kmullin@wgcpas.com. Reprinted from New Jersey CPA with permission of the New Jersey Society of CPAs (njcpa.org).

CPA2b Fall 2020 | wicpa.org

hired | interview tips

7 TIPS FOR A

SUCCESSFUL VIRTUAL INTERVIEW

Advance preparation can help you ace any virtual conversation 22

CPA2b Fall 2020 | wicpa.org

R By Victoria Ziemek and

ecruiters and hiring managers continue to evolve interview techniques to keep up with new technologies. Even before the coronavirus pandemic kept many of us at home, many companies were replacing inperson interviews with virtual interviews. It’s important for candidates to stay up to date on the latest trends and best practices, and the following tips can help you to ace these virtual conversations.

1. Find a quiet room

Miranda Weber

Locate a quiet, well-lit place free from possible interruptions. Consider setting up in a room separate from the main living space, and lock the door and alert others in your home that you can’t be disturbed.

2. Test your equipment beforehand Although internet disruptions can be unpredictable, try to ensure your internet connection is stable. You can use Google to search methods for testing your connection. Your internet provider might offer its own test, so you may wish to check your provider’s homepage as well. Also test and confirm that your computer’s audio is stable. Use your computer’s microphone or use headphones with a built-in microphone. Some video conferencing software systems will include a number to dial in from your mobile phone, but your computer’s audio typically provides the best sound quality. Ask a friend or family member to test the sound with you prior to an interview. By doing this, you can ensure your voice volume and sound quality are clear and easy to hear. Finally, test your computer’s webcam. Practice sitting up, leaning in and looking at the camera (not at yourself) during your interview. Confirm that your computer’s camera has a well-centered shot of your head, shoulders and hands. It’s best not to use a smartphone or tablet

for this. Practice active listening when the interviewer is talking. Make sure to nod and smile to show that you are engaged. If you are interviewing with multiple people, check the video interview application for a “Gallery View” so you can see all interview participants at once.

3. Check your background In a virtual interview at your home, the interviewer will get a glimpse of your personal life, home décor and more. Your background will be part of the interviewer’s first impression. Consider what will be viewable behind you, including potential clutter or a mess. If you are unsure what an interviewer will be able to see in your home, test the camera frame with a friend before the interview.

4. Eliminate all sources of distraction Clear the desk space of everything but a notepad, a pen or pencil to take notes, a copy of the job description and a copy of your résumé. If you have additional items on your desk, they could be a distraction during the interview. It’s best to limit the items on your desk to materials you will reference during your conversation with the interviewer. Close any unnecessary web browser tabs and applications. Again, any additional distractions could take your attention away from the interview and cause you to lose focus. Don’t risk it. Change other notifications to “do not disturb” and close out applications that aren’t relevant to the conversation. If your phone is near, place it on silent or do-notdisturb mode — or just turn your phone off and put it away to avoid any unexpected ringing or notifications. If you absolutely must have it on for emergencies, silent mode is best.

5. Dress professionally Although you are likely interviewing virtually from the comfort of your home, you must dress to impress just as you would for an in-person interview — such as a button-down shirt and jacket for men and a blouse and blazer for women — unless otherwise noted from the interviewer. Additionally, dress professionally from head to toe – you never know when you might have to stand up in the camera’s frame. Last, bright colors can be distracting on camera, so wear neutral-colored clothing. CPA2b Fall 2020 | wicpa.org

hired | interview tips

6. Reiterate your interest at closing At the conclusion of the interview, ask if there is any other information they need from you to understand your experience and qualifications. If it feels like a potential match from your perspective, make sure to show your interest by reiterating that you want the job and would like to move to the next step in the process.

7. Follow up with a thank-you note If you don’t already have your interviewer’s contact information, ask for an email or street address to send a thank-you message. Handwritten cards are typically preferred, but sending a personalized email that thanks the interviewer and reiterates interest is perfectly acceptable, too. Virtual conversations are becoming a normal part of the interview process, and following these tips can help you ace them — and perhaps even land your dream job.

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Virtual conversations are becoming a normal part of the interview process, and following these tips can help you ace them – and perhaps even land your dream job.” Miranda Weber is business operations analyst for Baker Tilly Search & Staffing LLC in Madison. Contact her at 608-316-1324 or miranda.weber@bakertilly.com. Victoria Ziemek is staffing manager for Baker Tilly Search & Staffing. Contact her at 608-240-2577 or victoria.ziemek@bakertilly.com.

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Connect with thousands of fellow members now at wicpa.org/connect CPA2b Fall 2020 | wicpa.org

successful | the CPA Exam

The Secret Ingredient to Passing the CPA Exam As a future CPA, you’ll need a little grit From thiswaytocpa.com

o you have grit?

Angela Lee Duckworth, a famed psychologist and researcher, defined “grit” in her 2013 TED Talk as the “passion and perseverance for achieving very long-term goals.” In essence, grit represents your ability to stick with your goals day in and day out, working very hard to make your dreams a reality. Being gritty means living life like it’s a marathon, not a sprint. As a future CPA, you’ll need a little grit to tackle the CPA Exam. Curious to know if you possess grittiness? Keep reading to see some of the most common traits. • You’re a big-picture thinker. When you think about the future, you’re not worried about mapping out next week’s to-do list. You’re more interested in developing your 5- to 10-year plan and figuring out how to get there. You believe that some of the most rewarding milestones in life are those that take longer. • You embrace the grind. You recognize that studying for the exam won’t always be thrilling. If you know studying will help achieve your goals, though, you’ll push through, knowing that the hard work will pay dividends in the future. • Failure is not forever. You’re resilient, especially if something doesn’t go your way the first time. You recognize that not every CPA passed all four parts of the exam on their first try. Even though you’re confident in your abilities, you recognize that a failing test score is not a death sentence.

CPA2b Fall 2020 | wicpa.org

• You like to get outside your comfort zone. When faced with new opportunities and experiences that’ll help you with your goal, you embrace stretching yourself. Not every accountant pursues a CPA, but you’re the type of person who knows that it’ll help you go far in your career. • You embrace growth. For you, every day is a new opportunity to develop your skills. You view the world with a glass-half-full mentality, and you will not let your shortcomings dictate your success. When recognizing that you lack the knowledge needed to pass a section, you embrace an “I can do it” attitude.

Grow Your Grittiness Did you see yourself in the above examples? If not, don’t fret. Grit is not something you are born with; it’s a learned skill. Developing a grit mentality is a great soft skill to help you stay motivated and grounded during potential obstacles. Here are a few ways you can grow and implement grit in your CPA Exam journey.

• Develop optimism through a growth mindset. When you’re stuck in a fixed mindset, you increase the limitations you have in your life by viewing the world through a pessimistic lens. The good news is that you can train your brain to get away from this thinking and adopt a growth mindset. To do this, you must first learn to identify your internal fixed mindset voice and recognize that you can choose how you interpret challenges, setbacks and criticism. With a fixed mindset, you may interpret them as signs that your talents or skills are lacking. However, you can embrace a growth mindset by recasting setbacks as opportunities to stretch yourself. Face your inner voice head-on by countering it with growth mindset responses. For instance, if amid a challenge your inner voice says, “What if I fail? I’ll disappoint my family,” counter this by reminding yourself that most successful people have failed. By using this technique consistently over time, it will be easier to embrace a growth mindset. • Challenge yourself to stay the course. Whether you want to get past your fear of public speaking, learn the latest accounting technology or pass the

CPA Exam, the only way you will improve is to prepare and practice. When you look at those around you who’ve mastered specific skills, you may forget that they first spent countless hours practicing and studying. To prepare yourself for the CPA Exam, focus your study efforts on areas of weakness and incorporate opportunities for repetition as well as immediate and informative feedback. • Stay passionate about your purpose. Having grit doesn’t just mean practicing persistence and hard work — it’s an avenue for achieving a meaningful goal. Adapting grittiness to your CPA Exam journey is easier when you’re motivated. To help along the way, find peers, coaches and professors who’ll help you navigate toward your goal. Their encouragement will help you stay the course and grow your grittiness. Interested in seeing just how gritty you are? Check out Duckworth’s Grit Scale (https://angeladuckworth. com/grit-scale/) and see where you line up with others. Find more information about taking the CPA Examination and becoming a CPA at https://thiswaytocpa.com.

CPA2b Fall 2020 | wicpa.org

valued | value of certification

Evaluating the CPA License: Whatâ&#x20AC;&#x2122;s the true value? By Barry R. Palatnik, CPA, EdD, MBA and Jean Ingersoll Abbott, CPA, EdD, MBA, CIRA, CDBV

CPA2b Fall 2020 | wicpa.org

tudents often ask, “Do I really need a CPA license?” The obvious answer is that a CPA license is needed to perform financial statement audits and reviews. But not all students are interested in auditing. How will a CPA license enhance their accounting careers?

The National Association of State Boards of Accountancy (NASBA) lists the following five reasons to obtain a CPA license: • • • • •

Prestige and respect Career development Career security Job satisfaction Money and benefits

PRESTIGE AND RESPECT CPAs are members of an elite group of financial professionals. There are approximately 1.3 million accountants in the United States, and approximately half of them — 664,532 — are CPAs. The American Institute of CPAs (AICPA) noted in a 2016 report,1 “When most people think about a strong brand, Disney or Apple come to mind. But when we at the AICPA think of a strong brand, we think of the CPA. And we are pleased again to report that independent research confirms that the CPA stands stronger than ever.” The CPA brand is supported by the three attributes of licensing: education, examination and experience. For most candidates, the biggest obstacle is the Uniform CPA Examination (CPA Exam). While we never hear a student say they are looking forward to taking the exam and have never known a licensed CPA willing to take it again, the work that goes into passing the exam can offer rewards for a lifetime.

CAREER DEVELOPMENT The CPA profession continues to be at the forefront of business transformation. In its “2019 Trends” report, the AICPA stated that the accounting profession is rapidly evolving, driven by data science and analytics, changing the way the CPA is doing business. The profession responds to the dynamic business and technology environment by keeping the CPA Exam relevant and by requiring CPAs to

CPA2b Fall 2020 | wicpa.org

valued | value of certification

CPA

engage in continuing professional education. The CPA Exam is frequently refreshed and aims to test the higher-order skills that the profession requires of newly licensed CPAs. The CPA profession is proactive in guarding and enhancing the value of the CPA license. In December 2019, the AICPA and NASBA introduced a proposal for a “New Model for CPA Licensure.” The model uses a “core and disciplines” approach. The proposed CPA Exam will test a core of knowledge in accounting, auditing, tax and technology, and candidates will select one discipline for further testing, such as tax, business reporting or information systems. Implementation is expected to be a multiyear effort.

CAREER SECURITY The U.S. Bureau of Labor Statistics expects a 6% job growth rate for auditors and accountants from 2018 to 2028, in line with average job growth expectations. But they state that, “Accountants and auditors who have earned professional recognition, especially as Certified Public Accountants (CPAs), should have the best prospects.”

CPA2b Fall 2020 | wicpa.org

“

Accountants and auditors who have earned professional recognition, especially as CPAs, should have the best prospects.” Decision-makers and stakeholders have a growing need for nonfinancial information. The CPA profession is in the position to step in and fill this need. According to a 2018 report on the future of the accounting profession by Ovidius University,2 “People trust the accountancy profession just as they trust in doctors — even more. The CPA is viewed with greater confidence in comparison with professions such as journalist, lawyer or politician, which shows that the accounting profession benefits from trust from the population.” There is ample evidence that the CPA has the skill set to add value to businesses.

JOB SATISFACTION

MONEY AND BENEFITS

CPAs have great job flexibility. Many start careers at public accounting firms, but there are other options. Businesses, nonprofits and governments all need accountants, and the CPA license enhances the careers of those who specialize in management accounting. The Institute of Management Accountantsâ&#x20AC;&#x2122; 2019 Global Salary Survey found that, in the United States, those with a CPA and Certified Management Accountant (CMA) credential made approximately 15% more than those with a CMA only. CPAs also have the option of starting their own firm and specializing in an area of interest. Job flexibility allows the CPA to tailor work to their lifestyle and life stage.

According to the U.S. Bureau of Labor Statistics, the median salary for accountants and auditors in 2018 was $70,500. Keep in mind that there are many factors that contribute to salaries, including geographic locations and size of employer. Accounting graduates who passed the CPA Exam with one year of experience can earn, on average, between $46,000 and $68,000, again depending on the geographic location and size of the firm. Without the CPA license, earnings drop to between $44,000 and $60,000.

Public accounting firms, with their wide variety of services, can offer satisfying careers and opportunities for advancement. A 2016 survey3 in the Journal of Accountancy showed what areas of public accounting had the happiest employees. The survey used a five-point scale; a score of five indicated the happiest employees. Auditing and assurance employees were the happiest and financial advisory the least happy, with taxation and consulting in the middle.

Putting it into accounting terminology, one approach is to use the net present value method to evaluate the CPA license as an investment. In a 2016 Journal of Accountancy article,4 the authors used a conservative approach, considering all the expenses of acquiring and maintaining a CPA license. They found that the net present value of the license when obtained right after college graduation, over a 37-year career at a small firm, is approximately $130,000. This value increases for those working at a large firm. Based on both research and anecdotal evidence, accounting students have a high probability of receiving a satisfying return on their investment and having respected, challenging and flexible careers. blog.aicpa.org/2016/05/cpa-brand-research-the-good-the-challengeand-the-opportunity.html 1

ideas.repec.org/a/ovi/oviste/vxviiiy2018i2p684-689.html

journalofaccountancy.com/issues/2016/jun/increase-happiness-at-work. html 3

journalofaccountancy.com/issues/2016/may/cpa-credential-delivershigh-value.html 4

To maintain job satisfaction, public accounting firms must be proactive. Firm leadership should be flexible in creating work-life balance for their CPAs. Compensation packages should not be overlooked to retain top talent. Young CPAs should be mentored for leadership positions and given the opportunities to learn about the different services offered.

Barry R. Palatnik, CPA, EdD, MBA, is assistant professor of accounting at Stockton University. Contact him at barry.palatnik@stockton.edu. Jean Ingersoll Abbott, CPA, EdD, MBA, CIRA, CDBV, is associate professor of business studies in accounting at Stockton University. Contact her at jean.abbott@stockton.edu. Reprinted from New Jersey CPA with permission of the New Jersey Society of CPAs (njcpa.org).

CPA2b Fall 2020 | wicpa.org

aware | education in a pandemic

THE COLLEGE CLASSROOM EXPERIENCE IN THE TIME OF COVID-19

CPA2b Fall 2020 | wicpa.org

As college students return to campus for the fall 2020 term, most are encountering a very different classroom experience.

OVID-19 rocked the educational world back in March when colleges and universities needed to rapidly shift to an all-virtual learning modality for their courses. Instructors had a very By Brett Killion, short time to convert CPA their face-to-face classes into a virtual format, and students needed to quickly adjust to online learning. Now as the fall 2020 semester is upon us, higher education institutions have had the summer months to create a reopening plan for the 2020-21 school year. This article describes what college accounting students can expect from their academic experience during the COVID-19 pandemic and provides advice on how they can successfully adapt to this new reality.

The new classroom For years, most colleges and universities have offered their courses in a variety of modalities: face-to-face, online, hybrid. However, from my experience as a college professor, the vast majority of traditional-age college students (18- to 22-year-olds) still prefer to take their courses in a face-to-face format. As of the date of writing this article, many Wisconsin colleges and universities have released their plans for classroom

experiences during the fall 2020 semester. Below are a few examples of how courses have been modified to address safety concerns: • UW–Madison: Larger course sections are delivered through remote instruction, with some in-person small discussion and problem-set sessions. • UW–Milwaukee: Many classes are offered in a hybrid format. Hybrid classes include face-toface and online learning, with no more than half of the students meeting in person at a given time. • UW–Oshkosh: Some courses are offered in two different versions of a hybrid format: 1) “HyFlex” modality, in which all class sessions are held through both face-to-face and alternative delivery methods. 2) “Modified Tutorial” modality, in which a required on-site component meets at least one day a week while other class sessions are held entirely online. • Lakeland University: Some courses require students to be split into two different cohorts. Cohort A attends class in person one week, while Cohort B attends class virtually. Every subsequent week is reversed. Each of the universities mentioned above still plans to hold some courses in a traditional faceto-face format, but all include plans to significantly increase their online and hybrid course offerings to students.

CPA2b Fall 2020 | wicpa.org

aware | education in a pandemic

Synchronous vs. asynchronous virtual models Back in March of this year, Wisconsin higher education institutions needed to quickly alter the learning environment due to onset of the pandemic. There is the possibility of this happening again during the 2020-21 academic year, depending on the spread of the virus. Faculty have had the summer months to receive additional training and technology tools to help deliver their courses through high-quality online instruction. Part of this training addresses the topic of delivering courses using a synchronous or asynchronous format. • Synchronous classes – These classes are fully online but simulate virtual classrooms. They meet virtually at the designated dates and times and allow students to interact with each other and instructors. • Asynchronous classes – These classes are also completely online, but there are no dedicated dates or times for the entire class to meet virtually. Students are provided flexibility on when they engage with the class material. Compared to earlier this year, faculty have had more time and resources to determine whether synchronous or asynchronous instruction will be the best for their courses if colleges need to change to an all-virtual model again.

Ability to adapt What does this mean for college students? Be prepared to adapt to a variety of different class formats. For example, hypothetically assume the college you are attending needs to change all of its classes to an online format in late October due to an unexpected surge in COVID-19. Perhaps your Intermediate Accounting I instructor will want to continue to meet every Tuesday and Thursday morning from 9 to 10:30 a.m. virtually using a synchronous format. However, your Managerial Accounting instructor decides to use an asynchronous format by using prerecorded video

CPA2b Fall 2020 | wicpa.org

lectures. At the same time, your Business Finance instructor uses a mix of both, having live virtual classes only once a week and prerecorded video lectures the rest of the time. If this scenario seems overwhelming, it could be a good training ground for what accounting students might encounter in their first internship or full-time position upon graduating. Several of my Lakeland University accounting students have had a mix of training methods when starting an internship: some in-person, some virtual with “live” sessions and some with pre-recorded training videos. According to the National Association of Colleges and Employers (NACE) 2020 Job Outlook, 62.7% of employers who responded stated they look for evidence of flexibility/ adaptability when reviewing college graduates’ résumés. Accounting students can highlight their experiences of being able to successfully adapt to various learning formats when applying for future job opportunities.

Advice to accounting students As we enter the 2020-21 academic year, college students are encountering a classroom experience unlike any other. Below are a few tips to help accounting students succeed during this time: • Know yourself, your learning style and your study habits. Be honest with yourself. If you

“

Accounting students can highlight their experiences of being able to successfully adapt to various learning formats when applying for future job opportunities.” know you are self-disciplined and can stick to a strong study routine, perhaps registering for online and hybrid courses could work to your benefit by opening time during the day to work more hours at an internship. If you know you are a natural procrastinator or struggle with maintaining study schedules, then register for as many in-person courses as possible.

• When taking an asynchronous course, carve out specific days and times of the week to focus specifically on that course. For example, you might tell yourself every Monday, Wednesday and Friday from 9 to 11 a.m. is study time for Accounting Information Systems. • Consider taking any nonmajor courses in a virtual or hybrid format, but find as many in-person options as possible for courses in your major. • Seek help from tutors and your instructors if you are struggling in a particular hybrid or online course. Remember, asking for help is not a weakness; it is a strength. • If possible, work ahead the first two weeks of the semester in as many courses as you can. If your instructor assigns you Chapter 1 for the first week, complete Chapters 1 and 2. Getting ahead of the game early will provide you flexibility if you personally become sick during the semester.

Optimism This academic year will be a challenge for colleges. Faculty are doing their best to provide high-quality instruction in a variety of class formats, and students need to quickly acclimate themselves to a variety of classroom environments. Based on my experience working with accounting students over the past several years, I believe they will be up to meeting this challenge. References https://uwosh.edu/titans-return/course-delivery/ https://smartrestart.wisc.edu/plan/ https://uwm.edu/coronavirus/students/ https://www.vidteamcc.com/stadistics/2020-nace-job-outlook%20(1).pdf

Brett Killion, CPA, is an associate professor of accounting at Lakeland University in Plymouth. He joined the Lakeland faculty in 2012 and has experience teaching courses in face-to-face, hybrid and online modalities. Contact him at killionb@lakeland.edu.

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savvy | financial planning

MANAGING STUDENT LOAN DEBT Putting a plan in place now can help you navigate debt after graduation

tudent loan debt is becoming a bigger issue for many individuals and families. It is now the second largest consumer debt category, behind only mortgage debt. It ranks ahead of both credit cards and auto loans. By Brian According to Forbes.com,1 Ellenbecker, student loan debt now totals CFP, EA, CPWA, $1.56 trillion spread out over CIMA, CLTC 44.7 million borrowers, for an average loan balance of $32,731. Almost $120 billion of that debt, representing 10.8% of borrowers, is at least 90 days delinquent. It’s clear that student loan debt is becoming a financial burden for more and more individuals and families. It’s critical that those with student loan debt manage this aspect of their financial lives effectively or risk running into problems down the road. Fortunately, it’s possible to put a plan in place to manage student loan debt and make sure it doesn’t become a problem — and doing so while you’re still in school will put you ahead of the curve.

Understand your loan terms First and foremost, you need to understand the terms of the student loans you have. This step is essential to ensure you know all the options available to you and also to avoid making any critical mistakes. Make sure you know the loan type, amount borrowed, interest rate, repayment options and repayment status. Knowing the type of loan you have also determines what, if any, grace period might be available. Most federal student loans have a six-month grace period before you need to start making payments, but not all of them do. PLUS loans and other private loans typically do not.

https://www.forbes.com/sites/zackfriedman/2020/02/03/student-loan-debt-

statistics/#ecff640281fe

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Choose the right repayment option Understanding your loan repayment options is a complicated area. Many loans have multiple repayment options, so it’s important to explore the options available to you based on the type of loan you have. Federal loans have two main categories of repayment plans: traditional and income-driven. Traditional Repayment Plans offer standard, graduated and extended options. With the Standard Repayment Plan, you have up to 10 years to repay the loan, and the payments are fixed at a minimum of $50 per month. With this option, you’ll pay the least amount of interest on your loan. The Graduated Repayment Plan also has a term of up to 10 years, but the payments will vary. They will start out low

and increase every two years, although the minimum payment must at least cover the monthly interest due. It cannot be more than three times greater than any other monthly payment you have. You’ll pay more in interest for this loan than you would under the standard plan. The Extended Repayment Plan gives you up to 25 years to repay the loan. You can make either fixed or graduated payments, which will be lower than the 10-year Standard Repayment Plan. However, you’ll pay more in interest over time than with either of the other two options. Income-Driven Repayment Plans offer four options: Revised Pay As You Earn Repayment (REPAYE), Pay As You Earn Repayment (PAYE), IncomeBased Repayment (IBR) and Income-Contingent Repayment (ICR).

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savvy | financial planning

Each of these options allows you to vary your monthly payment based on your income. Not all payment options are available on all types of loans. Because the income-driven payment options are quite nuanced, it’s best to consult with an expert at your loan servicer to ensure you understand the options available to you.

Develop a payment plan Developing a repayment plan can be a daunting task, especially if this is your first time dealing with debt. The situation can be even more complicated if you have different types of debt — such as mortgages, car loans or credit cards — on top of your student loans. All of these different loans can make it difficult to figure out a payment plan. Typically, paying down the loan with the highest interest rate first is the best strategy. When evaluating your interest rates, be sure to factor in tax benefits that certain loans may have. For example, interest on mortgages and student loans may be tax deductible in some cases. Interest on personal loans, such as credit cards and car loans, is not normally deductible. If you deduct interest on any of your loans, be sure to factor that into the equation when determining the true cost of the loan. The cost of a loan on which the interest is deductible is lower than its stated interest rate. Under this strategy, you would pay the minimum payments on all loans except the one with the highest interest rate. All extra cash flow would be directed toward that loan with the highest rate. Once the loan with the highest rate is paid off, direct your excess funds to the one with the next highest rate and so on until all your loans are paid off. Creating a budget can help you determine how much extra money you have each month to help pay down the higher interest rate loans.

The main benefits to loan consolidation may include reducing the number of loans you have, a lower interest rate, lower monthly payments and more options if your loan is in deferment or forbearance. There are also trade-offs to consider. For example, if you consolidate your loans during your grace period, you give up the remainder of your grace period and have to begin repayment right after the consolidation process is finished. Other things to be aware of include the amount of interest you pay over time and the potential reduction or loss of loan forgiveness.

Is your loan forgivable? Student loan forgiveness can be an incredibly valuable provision. Forgiveness means you are no longer required to pay some or all of your loan. The type of loan you have determines which forgiveness provisions might be available. If you meet any of the following criteria, you may want to look further into loan forgiveness with your lender: • You are employed by a government or nonprofit organization. • You teach full time at a low-income school or educational service agency. • You have a Perkins Loan and taught certain subjects full time in a public or nonprofit elementary or secondary school system. • You are totally and permanently disabled. • Your school closed while you were enrolled. There are a few other much less common reasons that also qualify for loan forgiveness. For a complete list and further information, see https://studentaid. gov/manage-loans/forgiveness-cancellation.

Should you consolidate your loans? Student loan consolidation is similar to refinancing a loan. There are several benefits to consolidating, but beware — you may give up some of the unique features or benefits of certain loans by consolidating them.

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Brian J. Ellenbecker, CFP, EA, CPWA, CIMA, CLTC, is a financial planner with Shakespeare Wealth Management in Pewaukee. Contact him at 262-814-1600 or brian@shakespearewm.com.

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

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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 2020 | wicpa.org

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