The Student's Perspective: An Unlikely Turn of Events

By Paul Fitzsimmons
President, Beta Alpha Psi, James Madison University

Editor's note: This is part of a series of guest posts from members of the James Madison University (JMU) chapter of Beta Alpha Psi, an honors fraternity for accounting students. These posts will cover topics of interest to accounting students. If you have a question you'd like a Beta Alpha Psi member to cover, please email VSCPA Communications Specialist Chip Knighton.

Growing up, I always struggled with the question of what I wanted to be when I grew up. I could never quite picture myself as a businessman, let alone an accountant. Actually, the only thing I knew for sure was that I didn’t want to be an accountant. As far as I was concerned, anything else was a possibility. My dad is a CPA, and when I was younger I’d go into work with him occasionally. I remember thinking how boring it looked to have to sit in a desk all day and crunch numbers. This stereotype of the accounting profession is one that I think is shared by a lot of people and can deter otherwise potential CPAs from pursuing the career.

I entered JMU as a Justice Studies major; I thought being in the FBI would be pretty cool. It was only until I took my first Justice class that I quickly realized the major was not the path for me. In fact, the teacher emphasized the fact that the program at JMU was designed to be completely different from traditional criminal justice tracks. I began to peruse other majors but continued running into the same tough question- what did I want to be when I grew up?

I eventually made the decision to become a business major- marketing actually. My rationalization was that if by the end of my freshman year at JMU I still didn’t know what I wanted to do, I couldn’t go wrong with getting a business degree and figuring it out later. After all, everyone I knew who was a business major had been able to find pretty good jobs. As I embarked on the string of required pre-requisite classes for the College of Business, I had my first interaction with accounting. I was kind of dreading the class to be honest, with the stereotype of the work still fresh in my head.

I performed well in both of the introductory accounting classes and realized that there was way more to the profession than I thought. I remember doing some research and learning that accountants could become fraud examiners, do forensic investigations, and even help solve crimes. I was intrigued, and saw this as an opportunity to incorporate my interest in criminal justice with the accounting skillset I’d developed. I changed my major to accounting that spring. I would have never guessed I’d wind up as an accounting major, but what I’ve slowly learned over time is that the skillset you develop through the courses we take equips you with a marketable set of analytical skills that are transferrable to nearly any profession.

I had the opportunity to intern with Baker Tilly’s Consulting practice last summer in Mclean, VA, where I worked with the Government Contract Advisory Services team. I participated closely on a project that involved litigation support for a compliance infraction facing one of our client’s. I recently received an offer to join Ernst and Young’s Fraud Investigation and Dispute Services team in Washington, DC next summer. Among the services offered by the team are fraud investigations, litigation support, and data analytics. I have been able to take the skills I’ve learned in the classroom and pair them with career opportunities that I find fulfilling and challenging. My advice to any student in a similar position is to never let a stereotype cloud your judgment and prevent you from trying something new. I would have never guessed that I would wind up in accounting; however, the skills I’ve developed as a result have allowed me to find success in incorporating my personal interests into meaningful career opportunities.

Paul Fitzsimmons is a senior accounting major at James Madison University and Co-President of the Eta Delta chapter of Beta Alpha Psi. He will return to JMU next fall to embark on his Masters of Science in Accounting before starting full time work in the fall of 2015.

The Student's Perspective: Tax, Audit...or Other?

By Samantha Burch
Social Coordinator, Beta Alpha Psi, James Madison University

Editor's note: This is part of a series of guest posts from members of the James Madison University (JMU) chapter of Beta Alpha Psi, an honors fraternity for accounting students. These posts will cover topics of interest to accounting students. If you have a question you'd like a Beta Alpha Psi member to cover, please email VSCPA Communications Specialist Chip Knighton.

“Oh, you’re an Accounting major? Are you interested in tax or audit?”

This question is one that every accounting student has encountered multiple times during his or her time in college.  During the first two or three years of school, the answer is likely, “I’m not sure yet”, but by the time senior year rolls around, most of us have discovered which sector of accounting we fit into.  Taking classes, participating in externships and internships, and talking with professionals in various lines of service provide valuable exposure to the sectors and can help you make the decision.  However, an easy mistake for students to make is to believe that they are limited in choosing between audit and tax because these are usually the two most highlighted sectors.  Students are presented with two general stereotypes:  Tax professionals travel less, have less client interaction and have an intense busy season from January to April while audit professionals travel more frequently and have more extensive client interaction. Most people can easily identify with one of those descriptions over the other; but what happens if you are like me, and unable to imagine yourself in either line of service?  What happens if you do not “fit”?

When someone asks me that question, I smile and reply, “Neither”.  I will not yet say for certain what I am interested in, but I feel that neither tax nor audit is the right field for me.  At first, this was concerning, and I wondered if I had chosen the right major at all. But with some research and the help of mentors, I discovered that there are a multitude of other opportunities to pursue, such as forensic accounting, accounting outsourcing, and consulting.

Fellow students, if you find yourself feeling less than enthusiastic about tax and audit, do not be discouraged. There are several steps you can take to conduct your own research and find your own perfect fit.

• Talk to your professors. They are knowledgeable about different careers that you can access with an accounting degree. They also have contacts that can give you more information about areas that interest you.
• Know what concentrations or upper level classes universities offer before you choose which to attend for a graduate degree.  Look for a place that offers a variety of courses unrelated to tax or audit so that you can sample them before you decide.
• Research accounting firms in your area that have service lines other than tax and audit. Apply for an externship program if they have one; chances are they will spend a portion of that time introducing you to the service lines you may not be familiar with.  I recently participated in such an externship, where I discovered that accounting outsourcing greatly appeals to me.
• Look for firms that do rotational internships.  This means that you will get to work in each of their lines of service during your internship.  Real world experience is the best way for you to know whether you enjoy something or not because you will be doing it all day long, five days per week. Even if you do not fall in love with any particular service line, you may be able to rule one out.

These steps may take a bit of extra effort, and additional time to explore everything that the accounting world has to offer. You may even feel downright maverick when someone asks you the dreaded audit/tax question. But it will have been worth it when you find your own personal niche.

Samantha Burch is a rising senior at JMU seeking a master's degree in forensic accounting. She is the social coordinator of the Eta Delta chapter of Beta Alpha Psi, as well as a student member of the VSCPA and a 2012 Leaders' Institute attendee. She works in JMU's financial reporting department and is currently interning with Robinson, Farmer, Cox Associates.

The Student's Perspective: Landing the All-Important Internship

By Michael Gears
Vice President of Communications, Beta Alpha Psi, James Madison University

Editor's note: This is part of a series of guest posts from members of the James Madison University (JMU) chapter of Beta Alpha Psi, an honors fraternity for accounting students. These posts will cover topics of interest to accounting students. If you have a question you'd like a Beta Alpha Psi member to cover, please email VSCPA Communications Specialist Chip Knighton.

Graduating college is scary. Not only are my friends and I about to finish their college career with

huge amounts of student loans, but half of them are unable to find a job to start earning income and paying it back. Luckily for us future CPAs, we often find ourselves deciding between job offers, instead of hoping to receive one.  However, the recruiting process for accounting students still takes a lot of effort, and I’d like to share with you a few things I’ve learned along the way.
 

Many firms will host informational and casual meetings at a local restaurant the night before they come for interviews. It’s very important that candidates getting interviewed go to these. The most important thing at these is that you make an effort to meet both the recruiter, and the person who will be conducting the interview. If you are able to chat with them for a short while, they will usually have a positive impression of you before you even sit down for the interview. It will also separate you from other candidates who didn’t show up, by proving that you are dedicated to the application process and truly do want the position. Other key points for these events are to not overstay your welcome, don’t bring up controversial topics, and don’t just go with a friend and stick with them the whole time. This event is about meeting the office employees on a personal level, so keep the conversation casual, but keep in mind that this is still a very important part of the interview process, and you will be judged on how you handle yourself.
 

Externships were a real eye-opening experience for my recruiting process. These are short programs with firms that educate the candidate more about the firm they might be interested in. I got a much better feeling for the firms by doing these and seeing the working environment I would be in. The recruiter describing the firm to you only can do so until you see the actual office. Another benefit of these externships too is that you will often get interviewed for internships with the firms, before any other applicants do. The key on these externships is to really try and get a sense of the culture of the firm, talk to as many employees as you’re able to meet. Just like you had to picture yourself in the colleges you were applying for, you have to see yourself fitting into the culture of the office. Externships are the best place to do this.
 

If you’re lucky, your school might have mock interviews. These are where actual recruiters will come in and interview you as if you were applying for a job. The great benefit here though is they will critique you afterwards and tell you where you need improvements, and review and edit your resume that you bring in. Mock interview are great for sophomores to get out some of the first interview jitters, or juniors and seniors to perhaps knock some rust off. Professors and advisors can be great to get advice from, but the ability to be critiqued by a recruiter actually in the current field provides a whole different benefit.
 

As students, we are reinforced with the same tips constantly for recruiting; introduce yourself, make sure to smile, a firm handshake. However, there are a few pieces of original advice that I’ve learned along the way through the recruiting process:
 

• When wearing a name tag, make sure to wear it high on the right side of your chest. When you’re shaking somebody’s hand, it will be easier for them to maintain eye contact.
• If you choose to eat appetizers while meeting with firm personnel, always keep your shaking hand free. Keep a napkin under the plate you’re eating on to make cleaning your hands before shaking easier.
• Ask a few quality questions at the end of an interview. Some of my favorites are, why did you choose to work at this firm. What would be expected of me on my first year of working?
• The easiest and safest small talk conversations are usually over sports, family, hobbies, college experiences, and certainly the firm itself.

Don’t be afraid of what lies ahead. You chose a very employable major and just need to polish yourself up a bit before hitting the recruiting field. Follow these tips, get those A’s and you’ll be starting your internship before you know it. 

Michael Gears is an accounting graduate student, concentrating in tax, at James Madison University. He is the Vice President of Communications of the Eta Delta chapter of Beta Alpha Psi and a student member of the VSCPA. He will be interning at Veris Consulting this summer in Reston, VA. 

The Student's Perspective: Decisions, Decisions ... Audit or Tax?

By Paul Hong
President, Beta Alpha Psi, James Madison University

Editor's note: This is part of a series of guest posts from members of the James Madison University (JMU) chapter of Beta Alpha Psi, an honors fraternity for accounting students. These posts will cover topics of interest to accounting students. If you have a question you'd like a Beta Alpha Psi member to cover, please email VSCPA Communications Specialist Chip Knighton.

In the popular film The Matrix, Morpheus asks Keanu Reeves's character, Neo, to make a critical, life changing decision: either take the blue pill and go back to your normal fabricated life, or take the red pill, and face reality and save the world. Although not AS dramatic as this situation described, we as students preparing for the "real" world have some very essential decisions to make. For those of us in accounting, that can be directly related to choosing between careers in audit or tax.

For many students, the only exposure to the topics of audit and tax boil down to the experiences we have in a single audit class and a single tax class. So how do we make such a critical decision based on such limited information? The truth is, it is difficult to know whether audit or tax will be the best fit for any given person without actually having real-life experience in the field. Yet, there are still a few tips to help you make a more informed decision and decrease your chances of frowning behind the wrong desk.

1. Analyze your strengths and weaknesses

The first and most obvious step: pay attention in your audit and tax classes. You need to give both topics an equal chance and equal effort so that you will have a well-rounded view of each course to fairly assess your strengths and weaknesses. Don't just say, "There is no way I am doing tax it's so hard", which is something I have heard frequently, but actually give both a chance and don't let a difficult professor or grade make the choice for you. With that said, the majority of people will make their decision at this stage as they realize whether they are more inclined as a "tax person" or an "audit person".

2. Gain perspective

Ask as many questions to as many people as you can. You (or your parents) pay your professors to teach and prepare you for your careers so use them! Most of your professors have in-depth knowledge and personal experiences as tax and/or audit professionals. Next, especially for those of you in Beta Alpha Psi, come out to every professional event possible and delve into the minds of firm employees and their perspectives between audit and tax. But be wary, many people will have personal biases supporting their field of expertise so take the advice, thank them, and combine the different perspectives to compare similarities/differences and pros/cons in the responses you've received.

3. Apply for internships (rotational if offered)

You wouldn't marry a girl without meeting her first right? Well the best way to "date" a company and a certain position is by interning with them. You will get a quick glance at what life with the firm in that particular position would be like if you happen to join full-time. Also, if possible choose a rotational internship which allows interns to try out various positions in tax, audit, or IT/advisory so that they may have a glimpse into a variety of career paths.

4. Look for flexibility

The bottom line is firms want to make their employees happy. Seek out companies who are willing to be flexible with your career decisions. Worst comes to worse, you may realize you have made the wrong career decision and wish to switch from one position to another. If you follow this tip and initially join a flexible company, there should be no problem. They would be more than happy to accommodate your needs as long as you are a strong performer. Keep them happy and they will make you happy.

5. Identify what personally fits YOU best

Here are a few very basic and GENERALIZED differences I have learned about between audit and tax for entry level positions:

Audit: majority of time spent at client-site, more travel, shared personal desks and area, more client interaction, more team work, client interaction not completely positive (no biases or offense intended)

Tax: majority of time spent in company office, less travel, own personal desks and area, less client interaction, less team work, client interaction slightly more positive (no biases or offense intended)

In closing, I believe a tax partner I spoke with at Ernst & Young said it best, "Tax is like driving a car forward planning for what is ahead, while audit is like looking in the rear view mirror and checking on what was behind."

Paul Hong is an accounting graduate student at James Madison University and president of the Eta Delta chapter of Beta Alpha Psi. He is a student member of the VSCPA. He has interned in the finance department at Minnieville Animal Hospital in Woodbridge. He chose audit.

The Student's Perspective: Firm Campus Visits

What Do Students Expect When Firms Visit College Campuses?

By Michael Thiele
President, Beta Alpha Psi, James Madison University

Editor's note: This is the first in a series of guest posts from members of the James Madison University (JMU) chapter of Beta Alpha Psi, an honors fraternity for accounting students. These posts will cover topics of interest to accounting students.

The first and foremost item I look for when firms visit campus is a solid presentation. When a firm comes and gives a well-planned, well-rehearsed, engaging presentation it shows that they are serious about hiring and are really aiming to impress. At some point during the presentation I am also looking for the firm to provide a cultural overview of their company. This may be the most important area that the firm can cover. If we as students are going to be spending the next chapter of our lives at this company, we want to know that the culture there will coagulate with our own. Immediately following that should be what sets their firm apart from other similar firms. It is no mystery that many public accounting firms do very similar work, but what we really want to know is, “what makes your firm so special?” Many of the firms that visit highlight their financial success and awards they have won which is nice, but what we are really looking for is that special trait that sets their firm apart from the rest. Whether it be jean Fridays or paid time for community service, certain attributes attract different people and highlighting them is critical to picking the right future employees. Another area where firms can set themselves apart from the others is highlighting their work-life balance initiatives. We have all heard by now that public accounting may not be the most stress free profession at times so hearing what firms do to balance out the work can be a deciding factor.

Aside from the general overview of the firm, students also like hearing certain specific key details such as the types of clients the firm deals with. While none of us have experienced firsthand what it is like to deal with different types of clients, some people may be particularly interested in working with federal or non-profit clients as opposed to huge public companies and vice versa. Thus, it is important to showcase what industries the firm is associated with.

Other key details that must be conveyed to student include credentials needed for hiring as well as the general interview process. Firms need to let students know what criteria they must meet for employment for the student’s sake as well as their own. This can save a tremendous amount of time on both ends as students won’t apply for a position where they clearly don’t meet the requirements. An overview of the interview process is also important so that students have time to rearrange their class schedules and such. This is especially important if the firm conducts office visits at locations far away from campus. Giving the students a heads up about the process can also take some of the anxiety away which allows the interviewer to get a better assessment of the interviewee.

Finally, in my opinion, the most critical question that a recruiter can answer is, “why did you choose to work there?” The answer to this question reveals more than you can imagine because it puts the recruiter on the spot and often forces them to give a genuine, sincere answer. Many recruiters will say they chose their firm because of the people. While this is a good answer, a better answer would be to go into detail as to why the people at your firm are different from others.

All in all, it is important to be thorough while still keeping the audience engaged. The recruiters should act in a professional manner but be approachable at the same time. Putting all these elements together fits the description of a perfect visit to campus.

Michael Thiele is a senior accounting major at James Madison University and president of the Eta Delta chapter of Beta Alpha Psi. He is a student member of the VSCPA and the New Jersey Society of CPAs (NJSCPA). He has interned at Fannie Mae and KPMG.