Author: Caleb Newquist

Founding editor, Going Concern.

Job of the Day: Prudential Needs a Manager of Financial Planning & Analysis

Thumbnail image for Need_a_job.jpgYes, The Rock needs your help. In Hartford, not Spain.
And they’d prefer if you have a CPA, MBA, or CFA. What’s that you say? You’ve got all three? You’re a shoe-in.
Check out the details for a Manager of Financial Planning and Analysis at Prudential in Hartford, CT after the jump.


Company: Prudential
Title: Manager, Financial Planning & Analysis
Location: Hartford, CT
Minimum experience: 5 years
Description: This position is responsible for forecasting all capital requirements, net customer flows (plan sales, plan lapses, and participant contributions and withdrawals), earnings, and investment cash flows for the Full Service segment. Additionally, this position is responsible for analyzing and communicating data and trends that will drive business decisions regarding participant activity, capital positions/flows and investment results. This position has significant interaction with Senior Finance Management within the division.
Responsibilities: Maintain and enhance Full Service planning models consistently and efficiently while meeting deadlines; Manage all aspects of cash flow forecasting and analysis; including monthly cash flow forecasts to senior management and quarterly/annual cash flow forecasts to business partners; Responsible for various forecasting and attribution analysis of specialized items including investment income and equity market appreciation
Skills/Requirements: Bachelors degree in Accounting, Finance, Actuarial Science or related field. MBA, CFA, or CPA preferred; Minimum of 5 years experience in financial planning or reporting; Strong analytical skills including the ability to identify interrelationships between components of financial information in order to identify key drivers of earnings and other significant trends; Financial services industry experience a strong plus, especially in retirement and/or investments; Advanced Excel skills required; Experience with relational databases (Access) strongly preferred.
See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Hit the Books Before Interviewing at Marcum

If you ever get an interview at Marcum, we suggest you break out whatever textbooks you have left, find some stimulants and cram the night before:

[My friend] had some crazy ancient partner interview her and he was talking to her and asked what her favorite grad class was and she told him one…so he wrote down 3 problems gave her code sections etc. and said i’ll be back in an hour and walked out and she was left there alone to solve them. He came back in and said i give this a B+ and then they offered her a position.

Or you could just ask the Accountant of the Decade to develop a new review course.

Nasty CEO Patrick Byrne; Blogging Is a Good Idea; Against Tax Breaks for Haiti Relief

America’s Nastiest CEO [The Big Money via Gary Weiss]
We’re still wondering if the KPMG Salt Lake City office knows what they got themselves into by taking Overstock.com on as a client.
Gary Weiss notes:

The Big Money this afternoon came out with a devastating (and gutsy) article by former Fortune writer Roddy Boyd on the corporate crime petri dish that is Overstock.com, and its nuts CEO Patrick Byrne. The title is “America’s Nastiest CEO,” and it descristematically harassed and attacked critics to cover up his own incompetence and wrongdoing–stuff that actually is a lot worse than has previously been acknowledged.

Calling all Manchester United fans [AccMan]
Dennis Howlett — never shy with his opinion — segues into an argument for blogging after noting that the Manchester United don’t need to:

There is a blog post over on Social Media Today that demonstrates as well as just about anything I’ve seen written why you should almost never listen to folk who call themselves ‘social media experts/gurus/consultants.’ Awarding itself the grand title: World’s Most Valuable Soccer Team Doesn’t Get Social Media the author proceeds to show almost zero understanding of The Beautiful Game or the people who are part of that world.


After blowing up one person’s argument for social media, DH turns the tables back to why it’s a good idea:

I have for the longest time said that professionals should write blogs. Many seem bemused by the question: we’re too busy, what would we say? we don’t want to blatantly promote, we’re not sure clients would care…the list goes on. Many talk about networking and the need for face to face meetings in order to make the kind of marketing impression they believe will win business.

In case you still think that the traditional networking is still more your speed, DH continues:

Unlike football fans, clients don’t congregate in large numbers every Saturday afternoon although they may do so in smaller numbers in industry specific associations from time to time. And of course you should be making an effort to attend those kinds of event. But in the meantime and if you are serious about running a business as opposed to a practice, then surely it makes sense to stand alongside your clients?

Have you run out of excuses for your firm having a blog?
Don’t Give Special Tax Breaks for Haiti Relief [Tax Vox]
Before everyone gets excited about the possibility of your contributions to the Red Cross, Doctors without Borders, et al. being deductible for 2009, don’t forget that many of you won’t benefit from a tax standpoint:

The proposal won’t help the two-thirds of taxpayers who take the standard deduction since it only accelerates itemized deductions. Even among itemizers, those millions of givers who are contributing $10 by text message are not going to care much about whether they can write off those few dollars this year or next.
Those who might benefit–relatively high-earning itemizers who give substantial gifts–can easily address this cash flow problem under current law. All they’d need to do is change their withholding or estimated tax payments to reflect any unusually large gifts to Haiti relief.

And not only that, what about other charities that are not subject to the timing change? Don’t they still need money?

Btw, a 2008 paper by Jon Bakija and Bradley Heim finds that higher-income taxpayers are more likely to adjust their giving to reflect changes in their after-tax cost–another reason they’d be the biggest beneficiaries of this bill. But even for them, this small temporary timing change is not likely to matter very much.
Still, some people would change their behavior, and that troubles me. Will they reduce gifts to other worthy causes in favor of newly tax-favored Haiti-related charities? Many organizations are already struggling with major recession-driven reductions in contributions and this would hurt even more.

Haiti still needs everyone’s help, no question but don’t be shocked if Congress’ latest attempt at helping out doesn’t turn out to be that helpful.

Quote of the Day | 01.19.10

“Audits are of limited usefulness – the scope of work is so small and is done in such a compressed time, usually at the end of the year. And the work that auditors do is predictable.”
~ Tracy Coenen, of Fraud Files Blog, in regards to the how Sue Sachdeva allegedly pulled off a $31 million embezzlement at Koss under the nose of Grant Thornton (Steve Chipman may need a pair of these to drown out the attorneys). [Milwaukee and Southeastern Wisconsin Business News]

Deloitte, All Out of Cost-Saving Ideas, Launches Project JARED

Thumbnail image for salzberg-barry.jpgWhen we first received the tip about Project JARED we thought that Big D had struck a deal with Subway in order to help you lose those extra pounds you’ve been carrying around.
Unfortunately, “Project: Jointly Address Reducing Expenses at Deloitte” won’t be getting you sandies on the cheap; rather it’s a solicitiation of your ideas for saving the Firm money. Apparently Deloitte is plumb out and needs some help

This is your chance to help make Deloitte fitter and stronger — by contributing your ideas to Project JARED.
Project JARED was launched in the U.S. earlier this year to enable our organization to ‘shape up’ by building organizational muscle ― devoting maximum resources to our people and market opportunities. Hence, Project JARED: Jointly Address Reducing Expenses at Deloitte.
“Jointly is a key word here,” said Tony Forcum, Deloitte Consulting LLP, who leads Project JARED.
“More than 600 partners, principals and directors have already been involved in detailed discussions and input sessions, generating over 1600 cost-reduction ideas. We are certain that opening up the dialogue to all of our people will generate additional insights. We need transformational ideas if we are to reach our goal of permanently eliminating $750 million of costs by FY12. We have made a good start toward our goal. The team has validated more than $120 million in sustainable cost savings from the changes made in FY09,” he said.


Changes have produced savings and improvements in all kinds of ways ― for example, by using our telesuite facilities to reduce business travel, thus not only saving money but also reducing the time everyone spends away from home: a win-win for all.
The Project JARED team is looking for suggestions from those who know the organization best — its people. If you have often thought: “We could save a lot if only we…” now is the time to share your idea. It could be a day-to-day activity, a fresh approach to leveraging technology, an enhancement to a process, a way to change behavior that saves money―all cost-saving suggestions are welcomed.
Visit the Project JARED site to submit your ideas, learn more about the project and ask questions.

This latest plan struck at least one person as dubious and they asked the question on probably everyone’s mind:

Q: Is this just a fancy way of saying we’re going to be losing more jobs?
A: It is impossible to predict the future, but that is not the focus of the project. The organization is casting a wide net for cost savings, looking at tactical savings (printing on both sides of the paper), operational savings (streamlining the process by which work gets done from inception to completion) and transformational savings (transforming some of the ways we do business). All of the decisions we make about Project JARED will be consistent with our core values, brand and strategy.

So “not the focus of the project” should put your concerns to rest, no? And it looks like your bright idea of printing on both sides of the paper is already taken, so don’t bother submitting that one.
Let’s put our heads together gang and figure out how we can save Deloitte money. Should Barry Salzberg stop getting haircuts? Pull the plug on Deloitte University? Give up on training male employees to better understand their female colleagues?
Nothing is too crazy people. Get on this.

(UPDATE 2) We Knew Accounting Firms Were Helping Haiti

Thumbnail image for thumbs up2.jpgWe just had to ask. In response to our post from this morning we’ve received several emails about what firms have done so far in the response to the devastation that was caused by the earthquake in Haiti:
• Deloitte – The firm contributed $100,000 to the Red Cross and Deloitte professionals are encouraged to donate to either the Red Cross/International Response Fund (immediate disaster assistance) or to the United Way Worldwide Disaster Fund are for long-term relief efforts. Donations will be earmarked for Earthquake Recovery.
• Moss Adams – The Firm is matching 100% of employee contributions up to $100,000. As of today, partner and employee contributions amounted to $30,000 and the firm is matching these contributions with $30,000 donations to both the Red Cross and World Vision.
• Ernst & Young – The Firm has created the “Ernst & Young Haiti Earthquake Relief Fund” and donated to $100,000 to get things started. All the funds donated by the firm and its professionals will go directly to Save the Children, Doctors without Borders, and Partners in Health.
• BDO – Jeremy Newman posted today on his blog about the firm’s efforts, including the office in The British Virgin Islands.
• Grant Thornton – The firm is matching employee contributions up to $50,000. The funds will be donated to the Red Cross and The Salvation Army.
• McKonly & Asbury – Scott Heintzelman — The Exuberant Accountant — along with his fellow partners and employees are working with Hope International to raise funds for the relief efforts. A spokesperson for the firm told GC that the firm is expecting to raise several thousands dollars.
• Crowe Horwath – Matching employee contributions up to $50,000. All funds are going to the Red Cross and UNICEF.
Keep us updated with your firm’s efforts and we’ll continue to post them.

Job of the Day: Real Estate Fund Controller Needed with Knowledge of GAAP and IFRS

Thumbnail image for Thumbnail image for hire me2.jpgHere’s a controller position that has a good salary that beats the average controller salary from our earlier post on salaries for jobs that you may want.
Check out the details for an open end real estate fund controller available in New York City, after the jump.


Title: Controller
Compensation: $150,000 – $185,000
Location: New York, NY
Minimum experience: 8 years
Description/Responsibilities: Define client services for open end investment funds, liaison with client financial advisors and build a staff. Manage relationships, operations and reporting re: US GAAP and IFRS.
Requirements: Requirement is for CPA/ Controller with 8/10 year yrs in open ended real estate investment vehicles utilizing CORE or CORE+ strategy. Good GAAP and client facing experience. Working knowledge of MRI/YARDI and Investran, PEFS real estate and fund administration is a plus. Position can be based in New York, Luxembourg or London.
See the entire description over at the GC Career Center and visit the main page for all your job search needs.

RSM McGladrey Does the PGA a Solid, Sponsors Golf Tournament

RSM McGladrey’s C.E. Andrews was on CNBC today to plug the The McGladrey Classic, the new PGA Tour event that has NOTHING TO DO WITH TIGER WOODS.
C to the E to the A also isn’t too worried whether or not his firm got a deal sponsoring the tournament at the rumored $3 – $3.5 million since the wheels were already in motion before the “Tiger event” (read: everyone on Earth knows that he’ll screw anything). He’s just stoked that the firm has their name on a tournament (although it’s not so obv from his demeanor).
As for PGA commish Tim Finchem, he hasn’t talked to him and he says he won’t until T Dubs is ready. According to the commish, they’ll prepare appropriately at that time which will probably involve having local hookers on site at the events.
Basically the unspoken element here is how grateful the PGA is to have RSM do them a favor in their time of need.

Salaries for Accounting and Finance Jobs You May Want

Thumbnail image for money.jpgThe good folks at Accounting Principals (they’re your pals) and Parker & Lynch put out their salary guide for 2010 last week and we managed to pour through the thing as superficially as possible.
With that in mind we present to you the top five average base salaries at various levels as presented by the guide:
Accountants and Financial Personnel
• Senior Budget Analyst – $75,200
• Tax Accountant – $74,000
• Senior Financial Analyst – $72,900
• Senior Treasury Analyst – $72,400
• Senior Internal Auditor – $72,300
Supervisor
• Financial Reporting Supervisor – $80,400
• Tax Supervisor – $77,800
• Budgeting Supervisor – $77,300
• Auditing Supervisor – $73,600
• Cost Accounting Supervisor – $71,900


Mid-Level Managers
• Audit Manager – $109,300
• Tax Manager – $105,400
• Sarbanes Oxley Manager – $99,800
• Financial Analysis Manager – $99,500
• Financial Reporting Manager – $95,700
Executive and Senior Managers
• CFO – $329,600
• Finance Director – $210,600
• Treasurer – $183,900
• Top Audit Executive – $179,200
• Controller – $175,500
It’s pretty clear that the first big jump is at the manager level and then we see another even bigger jump at the executive/senior manager level. The guide doesn’t appear to include partner salary data which as it has been discussed, varies widely.
For anyone that’s looking for a job based primarily on salary (you know who you are), these positions may be the ones to look at first.
Abrashoff-Salary-Guide-2010.pdf

KPMG Advisory Has Another Potentially Awkward Meeting, Sans Dog

Thumbnail image for Thumbnail image for Thumbnail image for PomeranianSP1324.jpgIf you’ve been hanging around these parts long, you’ll remember back in the fall when Klynveldians were sitting down for their compensation discussions which gave birth to one of our favorite mascots. All professionals in the Southeast region of the advisory practice witnessed an awkward moment when the then partner-in-charge of advisory phoned in, along with his dog, to break the news to the troops that they weren’t getting squat for raises.
Well today, there’s another call down in the Southeast — the “SE Advisory Market Development Staff Update Call” to be precise — and apparently there’s more bad news. It seems that the SE advisory practice (the largest in the firm, according to one source) is a bit behind on its revenue targets for the first three months of the new fiscal year and January isn’t shaping up so well either. The actual revenues are trailing the planned targets by approximately 15%, according to slides from the presentation obtained by GC.


Sources have indicated that while there is significant pipeline revenues, as of January 11th, only ten percent have either verbally committed to an engagement or are currently being negotiated. More than one-third of the pipeline is classified as being in the “identification” stage which is largest group. Now perhaps that is a normal ratio but another slide indicated that the number of client wins are on pace to be down considerably (~50%) for the month of January as compared to the prior three months.
One of our sources indicated to us that a major problem is that “identification” of a potential client was enough to have it included in the pipeline. In other words, if your Pomeranian sniffs a Boston Terrier’s ass at the dog run and you talk shop with the owner of said Boston T, that person is more or less in the pipeline. The conversion of the BT apparently is not crucial and even if the Boston Terrier is converted to realized revenue, it was a far smaller percentage than initially estimated.
The problem, as it appears to us, is that business in the advisory practice in the Southeast could be drying up (or maybe just getting more competitive) and that conversion of potential business is slipping. It’s far too early in the fiscal year to speculate — but by all means go right ahead — about what this all will mean and if business picks up, then it will be moot. But after the shake-ups that went down in that part of the country, the pressure is most certainly on.
If you were on the call today or have more insight, discuss and get in touch.

Why Haven’t We Heard About Accounting Firms Helping Out Haiti?

Relief efforts.jpgBecause we’ve been looking for some PR and haven’t seen much.
We’ve got no doubt that accounting firms large and small are doing their part to help out the relief efforts there but we’re surprised about the lack of PR. Other than a brief memo (PDF below) from the AICPA that we saw on Twitter this morning, we haven’t seen much of anything.
Our sister site Above the Law has covered the many law firms that have donated to the efforts in Haiti but we haven’t seen anything on accounting firm donations efforts. Even, everyone’s favorite ward of the state, Citi, is helping out in the big way.
Maybe it’s being kept internal but it seems like an opportunity to demonstrate what firms are doing to help.
If your firm has made efforts, or if you’re a PR professional for your firm and you have a press release describing your firm’s efforts let us know and we’ll spread the good word.
AICPA.pdf