Career marketing plan assignment

In accounting industry, the size of the firm determines its customers, service mix, office location, and annual income. 1) International accounting firms. The Big Four are the most famous and largest accounting firms worldwide. Mentioned above, the Big Four are Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PricewaterhouseCoopers. They all have over 135, 000 employees, 100 offices, and $22 billion revenues for the fiscal year of 2009. ( Big Four Reports 2009 ) According to the industry overview on hoovers. com, the whole industry generates about $120 billion in US.

In bigfouralumni. com, I found that they totally generated $31. 6 gross revenues in 2009, which means that the Big Four hold over 25% of the whole accounting market in the US. (Top 100 firms reveal) Their clients are mainly world’s largest firms. That decides the main service line is auditing. A multinational client will need guidance on the tax regimes in all the countries it operates in, for example. Also, to maintain investor confidence, a corporation needs to engage an accountancy firm with a high reputation for probity, which may tend to favor the more established majors.

Also, another opportunity I found in small business is that the small-size companies need help from banks in transitions going on from cash and checks to electronic and cards in order to save money and be more efficient in their operations, both in terms of collecting receivables and accelerating their availability on their deposits. (March, 2007 issue of Bank System & Technology) But banks won’t give enough priorities in serving the small segment of market, because they won’t get enough return if they provide these services to small businesses. This slot is also what small ccounting firms can fill with customized consulting, bookkeeping, and accounts management services. In a bigger picture, more and more companies are outsourcing their accounting staff. Regardless of the company size, outsourcing is a trend to save cost and thus create opportunities in the accounting field. Tax preparation service line has been expanding in Big Four’s business, though auditing has always been their No 1 service line. The economic recovery and outsourcing trend give me plenty opportunities either to enter large accounting firms or to start small company.

Threats Despite the opportunities, there are also some threats. Competition is always the biggest threat in the industry. Many people see opportunities in this field as I see, so the competition is becoming fiercer and fiercer. Globalization is an opportunity, but also a threat to my career. As big companies have offices almost in every country in the world, accountants, especially auditors in large accounting firms have to travel to different places to audit their clients. This means that knows only tax policies and accounting standards in my own country is not enough.

Getting to know what lies under the technical system is very helpful if I want to open my own accounting firm and choose an accounting system that really fits the business. In all, I choose big public accounting firms as my target market after graduation, and as a career starting. Product Strategy Strengths Professional knowledge. I have taken CPA required accounting courses and will take more auditing and tax courses to graduate with a bachelor degree in Business Administration specializing in Accounting. My major accumulated GPA is 3. 3 till now. International vision.

Having studied in Asia and the US equipped me with two different ways to see a problem and understanding of the importance of cultural differences in business world. I also had an internship in San Francisco during the summer, 2010. Working with people with a different culture is different with studying abroad. There were more differences in working styles and problem-solving process. Having experienced and been used to work and communicate with people from different cultures, I gained great communication skills and the ability to adapt to a new working environment.

I am a good listener and can always get people’s points quickly, but I am a little weak at persuading others. That might be a problem that I respect others’ opinion too much that I don’t feel very comfortable make people accept my points. I can clearly state my views, and list out reasons that lead to my conclusion. What I need to improve is my persuasion skills. Lack of work experience Although I had an internship relating to accounting, I do not have experience working in a public accounting firm. I know little about how can I use accounting theories in real business.

With a lot of competition out there in the market, I know being a new graduate is a weakness. But this can have an advantage from another aspect. Newly graduates have fewer restrictions in their minds and are more creative and innovative. Not a multi-tasker I can do at most two things at one time. This may have effects on my working efficiency. I can only finish my job better when I am totally focused on it. If it was the tax season, a multi-tasker would work on his or her projects a lot easier and more efficient than I do. Product Review ??? Core Product: Increasing customers’ satisfaction.

Develop my strengths First, I have to take advanced accounting classes, tax classes, and auditing classes to meet the requirements of CPA exams. (Ohio CPA exam requirement) I also want to get two internships in public accounting firms. Getting to know the differences between public accounting and corporate accounting will allow me to be sure whether I really want to work in public accounting after graduation. Internships will also lead me to see more of the whole accounting industry. If I could I would also like to have an internship even during school months. Internships are very important for future career.

I may end up having a full-time job from an internship. So I will take any chance to get internships related to accounting to see where my interests lie, to dig out my passion for the job, and to build network with employers. Improve my weaknesses To improve my persuasive skills and raise my confidence, I will take speech classes and psychology classes in the next two years. Speech classes can help me overcome the nervousness when I talk in front of people and improve my presentation skills. I choose psychology class because I want to know how a person will react to different ways of persuasion.

I believe this is the most distinctive competency I have over other competitors. Another thing is that I got an internship in corporate accounting area in college. Although the internship was not in public accounting, it taught me how different college and real-life accounting jobs could be, and what accountants do every day. I could get into my role quicker as I have had a peak of the industry. So among thousands of accounting graduates every year, I position myself as an accounting major student who had a lot of cultural experiences as an exchange student and working experiences in accounting field.

Value Proposition Hi, my name is Wenzhu Mou. I am a junior accounting student from Hong Kong, and I am looking for a job in public accounting. I got a chance to study abroad for one year, and that’s why I’m here in Bowling Green. This special year is critical to my study and career. Living in another country for one year has broadened my horizon, opened my eyes to a new world and equipped me with better communication skills. I will be comfortable communicating with clients from different countries, thus providing professional and satisfied service. I had an accounting internship this summer in a hotel San Francisco.

The reason is the shortage of land. (orientexpat. com) Prices are high in Hong Kong, but taxes are low. Normal families get to keep more than 90% of their income. Hong Kong is also a very lively city. I like it because there are always restaurants open no matter how late it is, and the malls are closed very late at night. It is a crowded, high-paced, and passionate city. Working overtime is like a working habit. It is common to see business elites going home at 10 or 11pm. That is another sign showing the city is a world’s financial center. Pricing Strategy

Because the entire report is based on situations in the US, I will choose the New York City as my working location and continue to illustrate my pricing strategy. From indeed. com, I got the information that the average accountant salary in New York is $70, 000, which is 25% higher than national average, while average salary for training accountants is $50, 000. (Accountants’ average income in New York) As discussed above, accountants’ salary range in the city is from $46, 000 to $56, 000. Also, according to Bureau of Labor Statistics, the national salary for starting accountants is $48, 933 in 2009. In goingconcern. om(a business forum), people give Big Four’s starting salaries in different regions. I found that in New York City, PwC offers $57, 000 base salary, $2, 000 signing bonus, and $5, 000 CPA bonus for Audit Staff. Considering Big Four is giving better offers, and the fact that New York has higher income index as well as its high cost index, I price myself $53, 000-$58, 000 in total when I first graduate. From another forum whirlpool. net, I found out that senior staff can have $70, 000-$80, 000 pay. It will take 2-3 year to get promoted from Junior Staff to Senior. National salary index is expected to grow in the future. indeed. com See next page) According to all these, I’ll expect a $5, 000 to $5, 500 raise per year in the Big Four for the first 5-7 years. [pic] Marketing Communication/Promotion Strategy Advertising 1. Campus job fair. There are three job fairs on campus throughout the year, fall, spring, and summer. Employers will come and meet students, tell us what they expect from us, and offer internships and jobs. This is a great chance to advertise myself to employers whom I am interested in. Brand You suggests that we bring our “ advertising”–printed-out resumes and cover letters. 2. Direct mail.

From Brand You homework, I began to take a look at myself from a different view, a business product’s view. This felt weird, but great. Standing on a totally objective point looking at myself helped me discover my potential and business sense. I did a lot of research to finish my career marketing plan. The whole process is not only about marketing, but also, it led me to the accounting industry. I understood the marketing concepts we discussed in class, and I also explored the job market and the US society in this project. Now I have a better understanding of myself, of what I really want to do, and of where my future is.

Appendices Appendix A Resume See Next Page Wenzhu Mou[email protected]edu Mobile phone: (415)570-3661 524 N. Enterprise, Apt 21, Bowling Green, Ohio, 43402 [pic] Objective A job in a public accounting firm having several service lines, utilizing skills in daily cash dealing and accounts management. Education Hong Kong Baptist University, Hong Kong Bachelor of Business Administration, Accounting Concentration Expected June 2012 Overall GPA: 3. 13 Recipient of Admission Scholarship Scheme for the Mainland Applicants on the basis of academic merit, for the academic years 2008-2009, 2009-2010.

I had an internship working in a hotel, keeping records of AP and AR, cash, and billing process. I also had experience sorting, filtering, and filing documents for college interviews. I am excellent with MS Word and Excel. I am very interested in this position. Can I give you a call next Friday to discuss m qualifications in detail? If you have any question about me, I can be reached at 415-570-3661 or via e-mail at[email protected]edu. Thank you very much for your time. Sincerely, Wenzhu Mou Appendix C Industry profile: Accountancy in the United States, Data Monitor Appendix D

ADP National Employment Report Work Cited 1. Marketing segmentation. Descriptions of different segments in accounting industry. http://www. wetfeet. com/Careers-and-Industries/Industries/Accounting. aspx 2. Accounting career overview http://www. careeroverview. com/accounting-careers. html 3. Overview of the Big Four accounting firms http://en. wikipedia. org/wiki/Big_Four_(audit_firms) 4. Description of government accounting http://en. wikipedia. org/wiki/Governmental_accounting 5. Job Description Bureau of Labor Statistics, Accountants and Auditors http://www. ls. gov/oco/ocos001. htm 6. Big Four 2009 Combined Report http://www. docstoc. com/docs/24726105/The-Big-Four-Accounting-Firms 7. Top 100 US firms reveal http://bigfouralumni. blogspot. com/2010/04/top-100-us-accounting-firms-reveal. html 8. Industry profile: Accountancy in the United States, Data Monitor (See in Appendix C) 9. ADP National Employment Report (See in Appendix D) 10. PwC Annual Report–Growth http://www. pwc. com/gx/en/annual-review/growth/index. jhtml 11. Accounting Industry Overview Hoovers. com 12. Ohio CPA exam requirement http://www. becker. om/accounting/cpaexamreview/ohio/index. cfm 13. How to become a multi-tasker Ehow. com 14. Cost of living in New York City (Kiplinger’s best cities 2010) http://www. kiplinger. com/tools/bestcities_sort/ 15. Cost of living in Hong Kong http://www. orientexpat. com/hong-kong-expat/costs 16. Average income in New York http://www. indeed. com/salary/q-Accountant-l-New-York,-NY. html http://www. salary. com 17. Goingconcern. com average salary http://goingconcern. com/2010/08/starting-salaries-for-the-big-4-class-of-2010/# 18. Apartment in Bronx, New York Apartment. com