Professor Elam

Arnold on Training

11/11/2023

Extreme on body building but great on a trainingpartner 

Mock CPA Exam

11/2/23

Don't Miss This Free Opportunity

When: November 15 | 2 to 6 p.m. CT Registration deadline: November 12   Are you truly ready to pass the CPA Exam? Have you studied enough? Are you focusing on the right material? There’s only one way to find out – give it a try! This FREE opportunity will allow you to experience what it is like to sit for any CPA Exam section as you immerse yourself in questions pulled from the actual CPA Exam Blueprints. You'll leave the session with your own personalized ReadySCORE™ (an accurate measurement of your actual exam score) and a detailed report showing your areas of strength and weakness.

REGISTER TODAY

TPA Educator Conference

 All

Ankur Chopra and I attended the TXCPA Educator Conference in Austin this past weekend

If you have any interest in the cpa exam I suggest you watch these sections of the presentations

 

_______________

The link to  all slides is below, I suggest you view two in particular both on the first day Friday

the url disapears Friday  I saved these in pdsf working on how to display  in typepad.

 

CPA Exam Update with Michael Potenza at  10 45

 

 

General Session Pipeline with Jodi Ray at 4 00 PM

 

 

 

Jodi was candid in my discussion with her at the reception, AICPA  is foot dragging, too slow to respond

to draw down in those taking the exam.                           

 

TXCPA Scholarship andMock CPA Exam

10/10/23

 

TXCPA has several opportunities for students and faculty this fall! Please share these with others on your campus!

 

October

 

TXCPA is now accepting applications for the Accounting Education Foundation scholarships. Applications are accepted through the end of October. You can find details about eligibility, as well as a link to the online application here. Students must be members to apply (membership is free!).

 

The annual Accounting Education Conference is coming up on Oct. 27-28, with limited seating still available for the in-person program in Austin and a webcast opportunity. With so many changes impacting the profession, this is a learning and networking opportunity Texas accounting faculty don’t want to miss! Register here.

 

November

 

TXCPA is hosting a Mock CPA Exam on Wednesday, Nov. 16 from 2-6 p.m. CT. This is a FREE opportunity open only for members of TXCPA.

 

Participants will experience what it is like to sit for any CPA Exam section with questions pulled from the actual CPA Exam Blueprints. Everyone will leave the session with a personalized ReadySCORE™ (an accurate measurement of your actual exam score) and a detailed report showing areas of strength and weakness.

 

Please note the registration deadline is Sunday, Nov. 12.

 

Learn more and register here.

 

November is also Accounting Opportunities Month where AICPA, TXCPA and more than 30 other state CPA societies are mobilizing our members to share their stories with students across the country. We encourage you to volunteer to visit a school and consider inviting a guest speaker for your classes or student groups on campus. You can volunteer and request a visit here.

             

Please let us know how we can help you this semester and thank you for serving as a TXCPA ambassador!

 

Melinda Bentley, CAE

Chief Operating Officer

Texas Society of CPAs

800-428-0272, ext. 8579 | [email protected]

 

 

Many CPAs Quitting the Profession

9/25/23 WSJ article

After more than six years working as an accountant, Omer Khokhar knew he wanted out.

The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked.

“The job security and the ability to have a comfortable life motivated me at first,” said Khokhar, who served as a senior accountant at two construction firms and senior auditor at an accounting firm. “But once I started, had some work and life experience, I realized there are better options out there.”

Khokhar earlier this year joined

JPMorgan Chase

as a treasury sales associate in its commercial real-estate banking division. 

---

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WSJ | CFO Journal

The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.

 

 

 

 

 

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---

The 30-year-old isn’t alone in his discontent with the industry. Accountants have long been viewed by people in the profession as underpaid and undervalued compared with positions in tech and banking. Now the foot soldiers of the profession are leaving the field in droves. Accountants cite low salaries, mundane tasks, burnout and the threat of new technology like generative AI as reasons for considering other industries.

Professionals in any field may find it isn’t a fit for them, but accountants are moving on or considering doing so at a time of an already widening shortage of these workers, who often specialize in either auditing financials or preparing taxes. 

There were about 1.65 million accountants and auditors in the U.S. in 2022, up 1.3% from the previous year but down 2.6% from 2020 and down 15.9% from 2019, according to the Bureau of Labor Statistics’ current population survey. More than 300,000 accountants quit their jobs between 2019 and 2021, data show.

Fewer people are pursuing degrees in accounting and entering the field, leading to more open positions and for longer periods. The shortage is expected to worsen as more accountants retire without a robust pipeline of replacements.

The profession carries a barrier to entry of 150 college credit hours, which are required to become a certified public accountant, essentially resulting in a fifth year of school. Accounting representatives in states such as South Carolina and Minnesota are rallying to loosen the mandates. 

Much of the industry’s focus has been on filling the void left by retirees rather than on the discontent of the entrenched workers. Several professional groups have stepped up their outreach to prospective new entrants by increasing awareness about accounting opportunities among high-school and college students. 

Former accountants have largely moved to nonaccounting roles in finance, as well as working as financial analysts or in business operations, human resources and banking, according to employment data provider Live Data Technologies. 

 

A greater percentage of accountants are leaving the profession later in their careers now than in years past. About 82% of workers who exited accounting this year through Sept. 1 had at least six years’ experience, up from 77% and 71% in full years 2022 and 2021 respectively, Live Data said.

The average tenure and age of accountants are increasing, meaning that any given exit is likely to be someone with a longer tenure, said Jason Saltzman, director of growth at Live Data. 

Other accountants, increasingly dissatisfied with their careers, are weighing their options. Zach Madel, for example, plans to evaluate whether to switch careers after the tax season ends in April, potentially counseling people who are struggling with substance abuse or mental-health issues. 

The 28-year-old owns a one-person accounting business in Clearwater, Fla., in which he does monthly accounting work for healthcare businesses and tax planning throughout the year for a mix of companies and individuals. He started working in accounting in 2018, graduated with a bachelor’s degree in accounting in 2019 and earned his CPA license in January 2021. 

While Madel has the flexibility of running his own business, he said the work is often tedious and he doesn’t feel as if he’s making a difference in his clients’ lives. “We’re there to help people, we’re there to make scary things like taxation better, and I feel like that’s not the message a lot of people view us as giving,” Madel said. “I think it’s somewhat rare that you can say your CPA changed your life.” 

Zach Madel, an accountant in Clearwater, Fla. Photo: Carissa Madel

The exodus of auditors and tax accountants isn’t surprising given the wear and tear fueled by long hours and a relatively low salary in relation to the extent of education and related costs, he said. “There are good things about the profession,” Madel said. “It’s just that some of the negatives are so negative sometimes, it’s hard to always dwell on the positive.”

The sentiment recurs in other parts of the country as well. A 33-year-old tax accountant in Kansas City, Mo., said she feels overworked year-round and is carefully looking at career options after more than six years in the field. “Because of the burnout that I feel, I really just want a job where you show up, do your 40 [hours a week] and go home. I don’t even know what that would be,” she said.

A 32-year-old senior accountant and CPA in Levittown, Pa., said she is considering going back to school for nursing because that career likely would yield more meaningful work and potentially a better work-life balance. 

 

 

By

Mark Maurer

 

Sept. 22, 2023 7:00 am ET

 

 

 

508

---

---

 

 

After more than six years working as an accountant, Omer Khokhar knew he wanted out.

The New York resident found accounting work monotonous, with little room for creativity or growth, and maximum salaries weren’t as high as he would have liked.

“The job security and the ability to have a comfortable life motivated me at first,” said Khokhar, who served as a senior accountant at two construction firms and senior auditor at an accounting firm. “But once I started, had some work and life experience, I realized there are better options out there.”

Khokhar earlier this year joined

JPMorgan Chase

as a treasury sales associate in its commercial real-estate banking division. 

---

Newsletter Sign-up

WSJ | CFO Journal

The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.

 

 

 

 

 

Subscribe

---

The 30-year-old isn’t alone in his discontent with the industry. Accountants have long been viewed by people in the profession as underpaid and undervalued compared with positions in tech and banking. Now the foot soldiers of the profession are leaving the field in droves. Accountants cite low salaries, mundane tasks, burnout and the threat of new technology like generative AI as reasons for considering other industries.

Professionals in any field may find it isn’t a fit for them, but accountants are moving on or considering doing so at a time of an already widening shortage of these workers, who often specialize in either auditing financials or preparing taxes. 

There were about 1.65 million accountants and auditors in the U.S. in 2022, up 1.3% from the previous year but down 2.6% from 2020 and down 15.9% from 2019, according to the Bureau of Labor Statistics’ current population survey. More than 300,000 accountants quit their jobs between 2019 and 2021, data show.

Fewer people are pursuing degrees in accounting and entering the field, leading to more open positions and for longer periods. The shortage is expected to worsen as more accountants retire without a robust pipeline of replacements.

The profession carries a barrier to entry of 150 college credit hours, which are required to become a certified public accountant, essentially resulting in a fifth year of school. Accounting representatives in states such as South Carolina and Minnesota are rallying to loosen the mandates. 

Much of the industry’s focus has been on filling the void left by retirees rather than on the discontent of the entrenched workers. Several professional groups have stepped up their outreach to prospective new entrants by increasing awareness about accounting opportunities among high-school and college students. 

Former accountants have largely moved to nonaccounting roles in finance, as well as working as financial analysts or in business operations, human resources and banking, according to employment data provider Live Data Technologies. 

 

A greater percentage of accountants are leaving the profession later in their careers now than in years past. About 82% of workers who exited accounting this year through Sept. 1 had at least six years’ experience, up from 77% and 71% in full years 2022 and 2021 respectively, Live Data said.

The average tenure and age of accountants are increasing, meaning that any given exit is likely to be someone with a longer tenure, said Jason Saltzman, director of growth at Live Data. 

Other accountants, increasingly dissatisfied with their careers, are weighing their options. Zach Madel, for example, plans to evaluate whether to switch careers after the tax season ends in April, potentially counseling people who are struggling with substance abuse or mental-health issues. 

The 28-year-old owns a one-person accounting business in Clearwater, Fla., in which he does monthly accounting work for healthcare businesses and tax planning throughout the year for a mix of companies and individuals. He started working in accounting in 2018, graduated with a bachelor’s degree in accounting in 2019 and earned his CPA license in January 2021. 

While Madel has the flexibility of running his own business, he said the work is often tedious and he doesn’t feel as if he’s making a difference in his clients’ lives. “We’re there to help people, we’re there to make scary things like taxation better, and I feel like that’s not the message a lot of people view us as giving,” Madel said. “I think it’s somewhat rare that you can say your CPA changed your life.” 

Zach Madel, an accountant in Clearwater, Fla. Photo: Carissa Madel

The exodus of auditors and tax accountants isn’t surprising given the wear and tear fueled by long hours and a relatively low salary in relation to the extent of education and related costs, he said. “There are good things about the profession,” Madel said. “It’s just that some of the negatives are so negative sometimes, it’s hard to always dwell on the positive.”

The sentiment recurs in other parts of the country as well. A 33-year-old tax accountant in Kansas City, Mo., said she feels overworked year-round and is carefully looking at career options after more than six years in the field. “Because of the burnout that I feel, I really just want a job where you show up, do your 40 [hours a week] and go home. I don’t even know what that would be,” she said.

A 32-year-old senior accountant and CPA in Levittown, Pa., said she is considering going back to school for nursing because that career likely would yield more meaningful work and potentially a better work-life balance. 

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To be sure, there are accountants who believe their work has significant value to their clients. Nicole Davis, a 42-year-old CPA who runs a 14-person Covington, Ga.-based firm that performs accounting, tax and payroll services, said she feels gratitude and fulfillment from her work, for example, by helping small businesses get their books in order and often improving their financial health. Her role took on more meaning for her during the pandemic, when small businesses were especially vulnerable, Davis said. “For me, it’s all about helping them achieve the goals that they set out for themselves.” 

In one common trajectory, people in the field start their careers at an accounting firm, burn out and move to accounting roles in-house at companies for a less hectic life but ultimately less thrilling work, accountants say.

“That definitely exacerbates the shortage if you lose people in the middle too,” said Troy Janes, clinical accounting professor at Purdue University. 

To retain people, firms don’t just need to raise salaries and offer training in new capabilities. More accounting firms in recent years have been willing to allow managers to remain at the same level, rather than dismiss them, even if they don’t plan to make them partner, a move to keep personnel who might otherwise leave, Janes said. “We don’t think that you’re going to be a partner, but if you want to stay here as just a manager, then you can do that,” he said. 

SHARE YOUR THOUGHTS

What would make the accounting profession more appealing to those already in it? Join the conversation below.

Accountants also increasingly face the risk of generative artificial intelligence endangering their roles, fueling their frustration. “As technology gets further and further ahead, we’re stuck in place and the gap is getting wider,” said Ben Wann, who runs an accounting-education company. 

Some professionals are optimistic that AI will do more of the mundane tasks and allow them to tackle complex tasks earlier in their careers.

Jesse Fu, a 39-year-old senior director of automation and business transformation at satellite-radio giant

Sirius XM Holdings

, left the accounting world last year after a combined 15 years at Big Four firms PricewaterhouseCoopers and KPMG. At Sirius XM, he trains accountants on how to automate more of their work but doesn’t do any accounting on his own anymore. Repetitive tasks, long hours and high pressure around tax work led Fu to look elsewhere, he said. 

“I definitely do not want to do repetitive work,” said Fu, who has an enrolled-agent designation from the Internal Revenue Service that supported his tax work. 

In a time of economic uncertainty, accounting careers can offer a stable path unlike some other areas of business, though for some people who left, that may not be enough of an incentive to return. 

“I feel like it’s a good safety net to have, but would I consider moving back?” Khokhar said. “Probably not.

 

SA TXCPA Career Night

9/22/23

several current and former TAMUSA students attended the annual SA TXCPA Career Fair.  Our  exec director Jacqui Belcher did a great job of recruiting sponsors, a necessity when renting the Norris Conference Center.

Here is Jacqui with the principals of FHK CPA, Alan Rich Land Bob Herbst R.  Yes these are tall guys!

Dang I took another dozen  or so photos but for some reason they are not uploading, anyway, great turnout,  tables were labeled with cruise locations,  CPAs moved from table to table explaining what they did in their career via CPA.

 

 

 

 

 

Arnold's Six Rules For Success

9/21/2023

Click here for the rules

 

Arnold after heart surgery

Terminator

 

Arnold has a sense of humor watch this to the end, and do not smoke cigars!

Arnold is flexibler

Ed Polansky Oct 4 Webinar

Sept 20 2023

Acct Career Workshop

weekend  910/23

SA TXCPA Webinar

 

wed Sept 5 2023

TXCPA San Antonio Student Auxiliary - Wednesday Webinar

Use the link below to 'join' the conversation with Bryan Morgan, on Wednesday, September 6!   Join Zoom Meeting https://tamusa.zoom.us/j/6593690994  Meeting ID: 659 369 0994

Join the TXCPA San Antonio Student Auxiliary:   Webinar on Wednesdays is a monthly webinar hosted by a CPA Speaker. Students will have the opportunity to connect with CPAs and listen to their stories and careers. Students will also have the chance to learn about various topics in Accounting, ask questions, and network with other students in and around the San Antonio area. Each month will be a new speaker covering a different topic. This is a great opportunity to stay connected with the Student Auxiliary while learning more about building a career in accounting!

Don't Miss the Next FREE Student Event Mark your calendars and register to attend! Thursday, September 14, 2023 (5:30 pm - 7:30 pm) LIVE EVENT!!

Click Here to Register for September 14 (5:30 pm-7:30 pm)