Looking Back - 2010 for Accountants

As we are on the brink of the festive season, I find it's a good time to reflect back on the events of the year that's just about to close. For accountants, 2010 has been quite an eventful year. Here are a few highlights of just a few of the items that have come up on the accounting profession's barometer in 2010:

- Passage of the Financial Reform Bill - hailed by the NY Times as "the biggest overhaul of American financial regulation in decades" (NY Times July 30, 2010), it seeks to tighten up the US financial regulatory system in order to ameliorate some of the issues that are purported to have caused the worst economic downturn since 1929. Of note to accountants, the SEC got wider reaching powers to oversee hedge funds and also credit rating agencies, and derivatives became subject to new regulations that seek to increase transparency.

- Foundation of the International Integrated Reporting Committee - in August 2010 the Global Reporting Initiative and the Prince of Wales' Accounting for Sustainability Project combined forces to establish a committee whose purpose is to promulgate a global framework for sustainability reporting and move towards establishing this reporting within the framework of standard financial reporting.

- European Debt Crisis - significant government bond crises in Ireland and Greece and concerns over Spain are noteworthy for anyone engaged in an accounting or finance role within a multi-national. The sheer impact to foreign exchange alone is enough to make the these professional take note as they consolidate their company's financials into US dollars. Beyond this, there are real and potential issues to consumer purchasing power in Europe which could impact current and future revenues.

- Action Reported to be Imminent Against Ernst & Young for their Role in Lehman Brothers - according to the NY Times and the Wall Street Journal, civil legal action may be brought by the New York attorney general against the Big 4 accounting firm for issues surrounding their role in certifying the financial statements of the now failed brokerage firm from 2001 to 2008. It is of note to the accounting profession that this action, if it is brought forward, would be directed at EY rather than Lehman.

Happy Holidays everyone! I hope you have a peaceful and restorative season.

Career Search Ideas for Japanese Students

In today's job marker, F1 students or non-US native speakers can feel that they have an uphill struggle trying to land a position.  Many of these students have performed at very high levels academically, have strong work ethics, and would be an asset to any accounting firm.  Having all the necessary qualifications to excel in an accounting or tax position, but receiving no job interviews can be frustrating!  Therefore, it is always refreshing to hear about avenues that can be of assistance in such situations.

One such avenue is the Career Forum (http://www.careerforum.net/).  This company organizes what are essentially career fairs (or forums) for Japanese bilingual speakers.  The forums take place in New York, Boston, Los Angeles, London, and Tokyo each year.  The Boston forum is taking place next - from October 22-24, 2010.

The forums build on the growing need for multi national companies to hire qualified candidates who can function professionally, culturally, and linguistically in today's global marketplace.  Although the focus is on hiring Japanese - English bilinguals, some companies are looking for other language proficiencies such as German.  Over 400 companies participate in the forums annually.  Companies are looking to hire not just for full time positions but also internship opportunities.

Although you need to arrange for your own travel to these events, the forum itself is free of charge.  To attend, you just need to become a member of careerforum.net and register on-line for the event.

Lisa Slater

How to Succeed in an Interview (cont.)

Welcome back, as stated in the previous blog, I would like to discuss some tips to help you succeed in an interview.  First of all some basics:

• Make sure to show up early for the interview.  I'm talking about arriving 15-30 minutes early.  We know what commuting is like in the Bay Area, you don't want to risk running late when you could have been early.  Worse is not showing up at all.
• Accept the interview time the employer gives you.  Barring death or illness, you should not try to reschedule to make it convenient for you.  For one interview slot there are dozens if not hundreds of applicants vying for the position.  You want the job, then you do what they want.
• When you are seated at the reception area do not slouch, this is part of the interview.  Make sure to sit up straight, stay alert and be ready for the interview to start.  Do not fidget or remove any clothing such as jackets or ties.  Look eager for the job from the moment you set foot in the office and have a positive and sincere attitude.
• Dress appropriately from start to finish.  What I mean is the second you are anywhere near the building, you want to dress the part.  Just because your interview is at 1:30 pm, there is no reason for you to be caught by the employer wearing short shorts in the hallway at 1:00 pm.
• Know the company - make it a priority to have thoroughly researched the company by reviewing their website and Googling the company for any new information regarding any recent changes.  
• Know your resume - review your resume prior to the interview.  You don't want to go into the interview, have the interviewer ask you a question about your resume, to have you ask, "What are you talking about?"
• Be confident, project your voice, look the interviewer in the eye and maintain good posture.  Do not confuse confident with cocky - no one wants to hire someone who comes across as arrogant.
• Think about the types of questions that you may be asked but make sure to sound natural when answering the questions.  The last thing you want to do is to sound like you have rehearsed your responses.
• Remember that even if you're meeting in a restaurant, you are still being interviewed and you should keep your conversation professional and courteous.  Remember table manners and when it comes to ordering for yourself, keep your order within reason.
• Ask everyone you meet for business cards and email thank you's individually to each person shortly after your interview concludes.  Try to make each thank you unique - for example refer to something that came up during your conversation with that person.
• Even if you don't get the job offer, remain courteous and professional - you never know when you might cross paths again or when the door might unexpectedly reopen.  Keep your bridges with everyone you meet intact!

There are many things to keep in mind when interviewing and these tips should help with the process.  Best wishes to all of you and do not hesitate to reach out to me personally if you need any one on one coaching.

Lisa Slater

How to Succeed in an Interview

First of all a little background about myself, I am currently a full-time faculty member for the School of Accounting.  However, in the past I have gained knowledge about interviewing through years in finance and accounting functions in the corporate world.  I also learned a lot while working as an external recruiter because part of my job was to prepare others for interviews.

One of my favorite things about Sundays is reading the New York Times and one of my favorite columns to read is Corner Office in the Business section.  You may be familiar with this column.  A CEO of a corporation is interviewed about their leadership style and other tips.  Last Sunday's interview was with the CEO of VMware, Paul Mariz.  Towards the end of the interview, the CEO is always asked, how do you hire?  I've gained so many insights through reading the answer to just that one question from CEO after CEO every Sunday.  One of the interesting elements of these answers is how similar they are across the board.  Therefore, I wanted to share some of similar concepts that were noticed:

• Companies are looking for people who have the intellectual capability to do the job.
• They are looking for insight into how a person handles tough situations - how a person handles failure is as important as how they handle success.  In fact, maybe more so.
• Employers are hoping to get a sense of who you are - not just your resume or who you are as an employee, buy who you are as a person, as a friend - who you are deep down.
• They want to hire people who are passionate about their work, their career, and the industry they are in.
• Companies want to hire people who are articulate, communicative, and ultimately have the potential to lead.

Essentially the question, how do you hire, is the mirror of this topic, how to succeed in an interview.  If you know how someone hires, this provides insight on how to successfully interview with them.  Therefore, not only would I recommend reading that column, but also leverage it to gain a perspective on interviewing success.

In the next blog, I will provide more in-depth tips about how to succeed in an interview.

Lisa Slater

IRS Realigns and Renames Large Business Division

Check out the full-store here: IRS Enhances Focus on International Tax Administration

What the 2011 Exam Changes Mean for You

The 2011 CPA Exam: What’s so different?

The CPA Exam is changing, and Roger CPA Review wants to make sure that all GGU students are prepared! Below are the five most FAQs about the exam and their answers.

How will the CPA Exam be different in 2011?

In 2011 the CPA Exam will be changing in two ways--the entire exam will be formatted differently and new content on International Standards will be introduced to different sections of the Exam. We've outlined all the details here.

How will IFRS be tested on the CPA Exam?

IFRS is going to be incorporated into FAR, AUD, and BEC. Below is a list of the possible questions types that will be in each section:

FAR
1. The differences between financial statements that are prepared using GAAP standards vs. those that are prepared using IFRS.
2. How the first-time integration of IFRS standards will affect financial reporting, presentation, and disclosures.

BEC
1. The effects of globalization on the business environment.
2. Candidates may be asked to explain the underlying economic substance of transactions.

AUD
1. The role of the International Auditing and Assurance Board (IAASB) in establishing International Standards on Auditing (ISAs).
2. The differences between ISAs and U.S. Auditing Standards.
3. The role of International Ethics Standards Board for Accountants (IESBA) in establishing requirements for the Code of Ethics for Professional Accountants of the International Federation of Accountants (IFAC).
4. An understanding of AICPA Codification of Statements on Auditing Standards, AU Appendix B, Analysis of International Standards on Auditing.

Will the changes make the Exam more difficult?

The Exam will not be "more difficult" per se, but will require an understanding of International Standards and the differences between IFRS and GAAP. For more information on the details of the changes, go here.

Why is the CPA Exam changing?

The AICPA is responsible for ensuring that the content on the CPA Exam is consistent with the knowledge and skills required of entry level CPAs. The AICPA conducted a survey of CPAs with varying levels of experience and determined that entry level CPAs must have some knowledge of IFRS in addition to GAAP. IFRS is already being used by major companies in the U.S.

Which exams should I take in 2010 vs 2011?

If you are not able to sit for and pass all 4 sections of the Exam before Jan 2011, there are a few tips and tricks to consider when you are scheduling your exams:

1. BEC currently does not have a written component, but in 2011 BEC will contain three Written Communication tasks. If you struggle with written communication, take BEC before 2011.
2. REG is the only section that will not have IFRS introduced in 2011. If you're trying to avoid some IFRS, take REG in 2011.
3. AUD will be 1/2 hour shorter in 2011. If time is a serious factor for you, take AUD in 2011.

If I need to sit for sections of the Exam in 2011, will my 2010 scores count?

Any sections you passed in 2010 will still count as long as you are still within your 18 month window from passing the first section.

If I pass three sections in 2010 and have one section left to take in 2011, can I take that part using the old exam format?

No. Even if you only need to pass one more section, or sat for a section in 2010 and did not pass, you will need to retake the section in the new format.

Roger CPA Review is one of the only providers ensuring that their students receive free options for updates for the 2011 changes. We will be providing students with all the appropriate materials for studying and passing the exam in 2011, this includes students who are already enrolled in our course and have not passed all four sections in 2010. No gimmicks, tricks, or fine print.

www.rogerCPAreview.com 877.ROG.4CPA

Which is right for me, tax or accounting?

Many prospective students come to us with the same question, "Which is right for me, tax or accounting?"  While there is no simple answer, it is important to note that both career paths are highly regarded professions among employers.  Each path has nearly identical starting salaries and career progression opportunities.

An accounting education can lead to a future career in a variety of professional activities including the following:

• Auditing - Certified public accountants (CPA) play the very important role of expressing an opinion on financial statements for both for-profit businesses as well as not-for-profit organizations.  To be able to express such an opinion, audits must be preformed.
• Financial Statement Preparation and Accounting Information Management - For-profit businesses and not-for-profit organizations need accountants to create and operate accounting information systems which will accumulate information used to prepare financial statements.  Financial accounting experts participate in the process at all levels.  Entry level accountants will likely focus on details of the information gathering and input while more experienced accountants will be responsible for the preparation of financial statements through the review of ledgers.
• Management Accounting - Accountants participate in financial decision making including development and application of budgets, capital budgeting and special project business analysis.  Strong quantitative and personal skills are a must for this type of accountant.  Accountants commonly develop specialized expertise such as mergers and acquisitions and financial forecasts.
• Forensic Accounting - Accounting expertise can lead to an area of specialized consulting related to legal disputes that require financial analysis and/or accounting expertise.  This expertise is required in subjects can range from divorce cases to complex business litigation.

 A graduate education in tax likely will create career opportunities requiring tax expert level knowledge and skills.

•  Tax Law Compliance - Tax accountants either prepare or help in the process of preparing corporate and personal income tax returns.  Tax accountants commonly manage the process of tax payer/government communication and tax audits.
• Tax Law Enforcement - Tax accountants are employed by all levels of government responsible for enforcing the tax law.  As employees of the Internal Revenue Service (IRS), tax accountants are responsible for the process of reviewing taxpayer compliance with the tax law.  IRS audits are a key part of the design of the federal income tax system.
• Tax Planning - How the complete tax law applies to personal and business financial activities is a very important area of consulting activities for tax accountants.  A well educated tax accountant has the skill and knowledge to help businesses and individuals to minimize their tax cost.  Employment opportunities exist with CPA firms and corporate tax departments.

Starting in one field, doesn't mean that you cannot transition to the other.  MAc students commonly complete their degree and then begin working on the tax side continuing their education by taking MS Tax courses while working.  On the other-hand, tax graduates will begin working in tax and as a natural career evolution, grow into broader management responsibilities beyond taxation.  Both degrees offer a solid knowledge and skill foundation that individuals can use to create diverse career paths.

Communication in the Workplace

We've all read job descriptions asking for strong oral and written communication skills, but surprisingly many of us aren't as strong in communicating as we think we are.  Communication is essential for any position held as it allows for upward movement in any business.  We communicate to convey our opinions, interact with clients, network, etc.  There is no way to avoid communication.  With that said, there are several rules people should follow and be aware that non-verbal communication is just as important as the verbal.

Verbal and Written Communication

1.  Keep your communication short and concise.  There is no need to embellish, use unnecessary jargon, or use complex words in lieu of simple ones (i.e. elucidate vs. clarify).  The lengthier the communication, the higher the probability of losing your listeners.  Remember, most people have a 10-12 minute attention span so expect that for every 10 minutes of conversation, the listener may tune out for 30 seconds.  Ever wonder why tv shows have commercial breaks every 12 minutes - that's one of the reasons. 

2.  Remember that the tones used when communicating verbally can lead listeners to the wrong conclusion.  Like sarcasm.  We might say "I would LOVE more work," but in this case emphasis on the word "love" might imply that the speaker is being sarcastic.  If we said "I would love more work," the implication would be the individual does in fact want more work.  This is also true for written communication.  Capitalizing certain words or using punctuation marks in certain places will once again create a tone in writing that may not necessarily convey what you mean.

Non-verbal Communication

1.  Facial expressions.  Unless you have the poker face of champions, what you're communicating is written all over your face - whether good or bad.  This can affect your standing in the workplace as co-workers and clients may decide they should work with someone else.

2.  Postures and gestures.  Many of us do not realize how much our posture or hand gestures affect the messages we are trying to convey.  Think back to when you were dating.  Seeing someone with their arms crossed was not exactly the warm cuddly feeling you were hoping to have on the date.  Similarly having someone pointing their finger at you, would more than likely make you feel like you were being punished. 

Behavioral Inteviewing (Cont.)

Last time we discussed what behavioral interviewing is and why we have seen a transition to this style of interviewing.  It is helpful to think of your response in the form of a story.  The interviewer will typically have follow-up questions after you have responded to the initial question.  During the conversation be very specific for example, rather than stating, "I completed a project." a better response would be "I coordinated with various departments and supervised 10 individuals to ensure that the project was completed on time."

Keep in mind that some behavioral interview questions will require you to think about situations with unexpected results to see how you handled yourself and what you learned.  Make sure to figure out what the interviewer is looking for and demonstrate those skills through your response to the behavioral interview questions.  It is unlikely that you will know or have see every single behavioral interview question before the interview; however, the STAR approach will help you work your way through these types of questions.

Example of a Behavioral Question

Describe a time when you faced many deadlines and were concerned about completing all the tasks on time.

Example of a STAR Response

• S - Situation: During my last term in college I had to focus on my senior project and at the same time study for finals and completed term papers to graduate.
• T - Task:  I wanted to ensure that I was prepared for my finals and that my senior project and term papers were not only completed on time but also accurate and correct.
• A - Action: I decided to list all of my tasks that I had to complete on a spreadsheet and then created a schedule to prioritize each task and coordinate with my group for our senior project.
• R - Result: As a result of my planning and communication with my group, I was able to complete my project and terms papers early, leaving extra time to prep for finals.  In the end I successfully completed the term and was able to graduate

Please keep in mind that this is in no way the only correct answer and responses to the question will vary.  However, each response should touch upon the skills that the question is looking for.  This particular question is trying to see how the individual performs under pressure and if they are able to prioritize.

More Examples of Behavioral Questions

• Give an example of a risk that you took.  Why did you decide to take the risk?  What was the outcome?
• Describe a situation when you had to convince others.  What was the outcome?
• Describe a time where you had to deal with an angry customer.  What steps did you take?  What was the outcome?
• Have you had a situation where you had to make a difficult decision between your personal and professional life.  What was the outcome?  What did you learn from the situation?

Please let us know if you have any questions concerning behavioral interviewing, we would be more than happy to discuss in the comments section.

Behavioral Interviewing

In the past, most interviews consisted of the typical questions such as, "where do you see yourself in 5, 10 years?"  While these types of questions served a purpose they are quite limited and don't demonstrate skill sets or how individuals react to situations.  As a result more organizations have turned to open-ended questions that make the candidate think about situations and how they were handled.

These types of questions are better known as behavioral questions and are used to provide an organization with a better idea of how a candidate handles themselves in certain situations and what results were obtained through their actions.  Typically the interviewer will have a particular skill set in mind and will tailor their questions around these skill sets.  The interviewer is hoping to see these skill sets demonstrated through the responses to the behavioral questions.

Make sure to pay attention to the question and begin to think of situations that will help demonstrate your skills to the interviewer.  The one thing you really want to avoid is providing a one word answer.  The interviewer really wants to hear your thought process and the outcomes of your action.  Your answer, should be thorough and a good way to approach these questions is by keeping the following acronym in mind: S.T.A.R.  The S.T.A.R. approach should contain the following four steps:

• S - Situation: describe the situation that relates to the question
• T - Task: describe the tasks taken during the situation
• A - Action: describe in detail, the actions taken during the task
• R - Result: what happened due to your actions

In the upcoming blog we will go over a few examples of these questions and what type of responses organizations are looking for.  Please feel free to post any questions or comments that you may have about behavioral interviewing.

Welcome!

This career blog was created to assist students in answering questions they may have about anything and everything job related - from resume writing, to securing an interview, to networking, to concerns regarding the job market and your marketability - this blog is designed to help you. As this is a new venture, we would appreciate any comments you have, however, please abide by all the standard rules regarding postings - no profanity, etc.

Resume Submission 101

Many, if not most of us have written resumes at one time or another. While we feel we have the perfect resume, it is always a good idea to get a second or third opinion (or fourth or fifth if you're unsure). Here are a few rules to abide by when writing a resume for a tax accountant or assurance position:

1) NO ERRORS! In this day and age with spell check and grammar check available there should be no spelling or grammatical errors. If a red or green squiggle line appears below a word or phrase, please double check it. Please be sure you also have the correct email and phone number on the resume as this is how the recruiters will contact you. There is no room for error and no second chance for a first impression.

2) CONSISTENCY! I cannot tell you how many times I have reviewed a resume where the dashes, periods and/or bullet points are inconsistent. You want to present yourself as a polished individual which means maintaining consistency throughout your resume. If you wish to have a space between the dates or your employment, please be sure that all the dashes are the same. Similarly make sure all bullet points, regardless of which section - education, employment or hobbies - are consistent.

3) OBJECTIVE. Please be sure that you state an objective, but keep it short and concise. If you specify a firm name or a group of firms (i.e. Big Four), please be sure you update your objective as appropriate when submitting to other firms.

4) GPA. Please list your GPA, both graduate (if applicable) and undergraduate. Recruiters may throw out your resume if you don't have your GPA listed. If your GPA is below a 3.0, you still need to list it. Not listing your GPA creates a negative image as they feel you are trying to hide something.

5) HOBBIES. Believe it or not, firms are interested in getting to know you as a person. However, be honest about your hobbies as you never know whether or not the interviewer has the same hobby. You don't want to walk into the interview saying you are interested in fishing, only to find out that your interviewer is a fishing aficionado.