Accounting is strong and growing throughout the Connecticut State University System (CSUS), which is good news for students and the state’s businesses.
Among the fastest growing programs at Southern Connecticut State University, and among the largest, most-popular programs at Central Connecticut State University, Western Connecticut State University, and Eastern Connecticut State University, accounting is proving to be a key stepping stone towards future employment for CSUS students.
State Department of Labor data indicates that “accountants and auditors” are among the leading growth fields for students with bachelor’s degrees seeking to enter the workforce through 2018.
Southern, which offers a business degree with a concentration in accounting, has seen the most dramatic growth. Its program now has 271 students, increasing from 159 only four years ago – a jump of 70 percent. Currently, Central has the largest number of students pursuing an accounting major, with 621 students; Western has 285 accounting majors; and Eastern has 213 accounting students. All four universities have seen an increase in the number of accounting students during the past year. In addition, many non-majors are also taking accounting courses at the universities.
CSUS graduates pursue career opportunities in accounting, forensics, management advisory services, governmental and not-for-profit accounting, internal auditing, cost management, and financial analysis. Graduates tend to stay in Connecticut. Some are employed by public accounting firms and pursue Certified Public Accountant (CPA) designation, the professional certification in public accounting. Others seek employment with corporations and pursue professional certifications in managerial accounting, Certificate in Management Accounting (CMA).
Business-Ready Graduates
Leading Connecticut businesses – as well as CPA firms large and small – benefit from the expertise and professional skills of graduates of Central, Eastern, Southern and Western. A major component of the accounting programs is preparing students to work alongside accountants and financial advisors at local and international firms. Students are required by each university program to complete a co-op or an internship before graduating. First-hand experiences are important when students graduate and apply for jobs.
Among the internship programs that students participate in are the United Technologies Financial Leadership Program in which they rotate through the company’s business units – getting global experience in a Connecticut-based company. John Cantillon, an Eastern graduate and vice president and controller at Pratt & Whitney, now supervises 100 people in global finance reporting, accounting and controls.
“Pratt & Whitney hires CSUS students for internships or co-ops that may develop into permanent positions. We are getting a high quality, diverse workforce with a great work ethic,” said Cantillon.
Professor Lawrence Grasso, accounting chair at Central, said the insurance and financial service industries are particularly in need of accountants, which enhance the ability of companies to expand operations. Through the accounting program, students acquire technical knowledge about accounting principles and an understanding of the rapidly changing guidelines of the industry.
Professor Richard Proctor, accounting chair at Western, said that accounting is the “life-blood” of an organization. While students study the general skills of accounting –like recording and analyzing data –they are also learning about financial fraud. Western pays particular attention to the subject of forensic accounting –a career field that combines accounting with information technology to analyze financial data and find evidence that would be legally valid during a court proceeding. Western seniors are required to complete courses in fraud examination and business valuation.
Western also offers Accounting 4+1 – a program that permits undergraduate accounting students to begin M.B.A. courses during their senior year. A recent survey of graduates of the Ancell School of Business at Western indicated that 93 percent of accounting graduates were satisfied that Western’s accounting education prepared them for their career.
To sit for Connecticut’s CPA certificate exam, individuals must have a BS or BA degree and a minimum of 36 credits in accounting and 30 credits in economics and business administration. To obtain licensing and certification in Connecticut, students must have a total of 150 credit hours, as well as two years working experience in accounting under the supervision of a CPA.
Frederick Hughes, a 1987 Eastern graduate, is a partner in BlumShapiro’s Construction Industry Group, and has worked with Eastern’s Office of Career Services to recruit students for competitive internships. “At BlumShapiro, we start them through our internship program which gives them an ability to prove themselves. It’s a win-win situation for students,” said Hughes. “We get to see how students interact and what they are capable of, and they get to see what we’re all about.”
Volunteering in the Community
Many accounting students join the Accounting Society at their university, where professional skills are developed outside the classroom, and participate in Volunteer Income Tax Assistance (VITA) –an organization where students take a certification course about current tax laws and prepare income tax forms for low income families free of charge.
Recently, five Eastern students were awarded a Volunteer Recognition Award for their work with VITA in Windham. For the past few years at Central, some 50 accounting students each year have participated in the VITA program, assisting New Britain, Hartford, and Manchester residents in preparing their taxes – making a difference in people’s lives while developing professional skills.
At Southern, students earn a bachelor of science in business administration, with a concentration in accounting. The concentrations are very similar to majors at the other universities. The Business Administration major is the most popular at Southern. The State Bond Commission is expected to consider allocating funds to refurbish an existing building on the Southern campus to become the new home to the university’s School of Business.
Relatively small class size at each of the universities helps students learn and interact with professors. University faculty has been vital to students gaining a strong foundation in accounting. Before becoming professors, some were chief financial officers, forensic accountants or have had their work published in professional journals. The ranks of professors also include alumni of the universities.
