Author: GoingConcern

Job of the Day: Western Asset Management Needs a Financial Analyst

Western Asset Management Company is looking for an experienced professional to fill a Senior Financial Analyst position in Pasadena, CA.

Responsibilities include performing valuations, analyses, financial reporting, budgeting and related activities specific to various legal entities, business units, and special project initiatives.

Qualifications include five to seven years of experience, a CPA is a plus.


Company: Western Asset Management Company

Title: Senior Financial Analyst

Location: Pasadena, CA

Description: Reporting to the CFO, the Senior Financial Analyst will conduct comprehensive analyses, provide perspectives on business-specific initiatives, and be involved in strategic, operational and valuation related projects.

Responsibilities: Analyze the financial implications of business initiatives including but not limited to providing information about the firm, business units, product lines, and/or financial results, etc.; Compile research and analyze data in support of management committee initiatives and/or business planning activities (quarterly initiative updates, planning committee presentations, metrics, etc.); Perform valuations, analyses, financial reporting, budgeting and related activities specific to various legal entities, business units, and special project initiatives; Perform valuations, research and analysis related to Mergers and Acquisitions; Conduct financial statement reviews; Analyze management reports (internal/external, etc.); Work as liaison between Corporate Finance function and WA business units while maintaining good working relationships and knowledge of customers and/or departments; Spearhead and manage projects while working closely with the CFO; Work on initiatives designed to track the overall effectiveness of Company operations.

Qualifications/Skills: Five to seven years of proven effectiveness in a finance or accounting related position; Investment management industry knowledge desired; Investment banking experience a plus; Strong valuation skills with regard to Mergers, Acquisitions and Business Combinations; CFA designation highly desired; Strong accounting acumen including working knowledge of GAAP. CPA is a plus; Proven ability to deliver excellent results within established timeframes while managing multiple priorities effectively; Ability to work at a strategic level; excellent analytical and critical thinking skills; Quantitative skills; overall high level of numerical reasoning

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Willing But Not Always Able: The Latest on Small Business Lending

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

We hear a lot from small businesses about how hard it is to get a loan and a lot from bankers that demand from credit-worthy borrowers is down. Now a new study provides insights into the situation, by exploring the top reasons why banks are turning down applicants, along with plenty of other data. And because it includes asset-based lenders and other funding sources, it offers a wider view of just what’s going on in the financing landscape.

The study, from researchers at Pepperdine University, surveyed 1,430 borrowers, lenders and investors, looking at changes over the past six months. Since the most detailed analysis focused on banks and asset-based lenders, here’s a look at the most salient points:


Banks – Demand certainly does seem to be down, judging from responses from the 56 banks studied. About 11 percent reported an increase in applications over the past six months compared to 77.2 percent who had a decrease. But the quality of borrowers is up, according to 55.6 percent of those surveyed. That’s compared to 22 percent who reported a drop. And the number of approvals? That’s gone through the roof. About 76.5 percent reported an increase.
What are the reasons for turning down applicants? Top on the list is quality of cash flow. Almost 25 percent cited that as the reason. And 20.8 percent pointed to quality of earnings.

Asset-based lenders – The 52 asset-based lenders reported the mirror opposite, at least when it comes to demand. Sixty percent had an increase in applications vs. 8.7 percent who experienced a decline. Also while more lenders reported a drop in the credit quality of applicants, a majority saw an increase in the quality of borrowers who were approved.

As you might expect, the top reason for rejecting an application was insufficient collateral (30 percent). “In the weak economic environment, the valuation of collateral is going down,” John Paglia, an associate professor at Pepperdine and author of the study, said to me. Second on the list was quality of earnings (15.8 percent).

What’s it all mean? For one thing, asset-based lenders are attracting more interest from prospective borrowers, but the economy has done a number on their most important criteria, collateral. As for bankers, it seems they’re on the level when they say they want to make loans, but they can’t find suitable prospects.

Apparently when they do get a live one, bankers are more than ready to lend.

Job of the Day: Bloomberg Needs a Travel Expense Auditor

Bloomberg is looking for an experienced professional to fill a Travel Expense Auditor position in New York.

Qualifications include four to seven years of experience,a CPA is a plus.


Company: Bloomberg

Title: Travel Expense Auditor

Location: New York

Responsibilities: Bloomberg is seeking an experienced expense auditor to perform T & E expense audits and investigate activities that do not comply with program guidelines or Corporate Card policies. Experience in a professional services environment with high volume exposure is a must. The auditor will also, develop and prepare management reporting and analysis of findings. Maintain an up to date understanding of Company T & E expense policies, procedures, and reporting systems. Provide recommendations on procedures, and implement workflow process improvements.Develop and improve internal controls and/or new audit plans to control risk. Monitor T&E trends. Ad hoc project work as directed.

Qualifications/Skills: Bachelors degree in Accounting or Finance; CPA a plus; 4-7 years of audit or related experience in a professional services environment; Advanced knowledge of Microsoft Office (Excel, Word, and Access); SAP system experience is preferred; Excellent analytical skills; Successful organizational skills, attention to detail and follow-through are critical; Excellent written and verbal communication skills and ability to effectively interact with senior management; Discretion is a must as this position works with confidential personal information.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: J.P. Morgan Needs a Tax Manager

J.P. Morgan is looking for an experienced tax professional to fill at Registered Investment Company Tax Manager position in its Boston office.

Qualifications include five to seven years of RIC tax experience with three years of supervisory experience required. A CPA and/or MST is strongly preferred.


Company: J.P. Morgan

Title: RIC Tax Manager

Location: Boston, MA

Responsibilities: Plan and monitor tax department activities and provide review and guidance in regards to the preparation of: Fiscal and excise tax provisions, including complete and accurate disclosures (ie. ROCSOP, 60 day IRS Notices) for financial statement purposes, as well as, verifying the accuracy of proposed excise and subchapter M distributions; Federal (Forms 1120RIC, 8613, 1065, K-1 and other applicable filings) and state tax returns; Year-end shareholder information in accordance with IRS timetables; Identify potential tax issues and provide guidance on the tax treatments of complex financial instruments and transactions; When necessary, perform a review of the IRS regulated investment company (RIC) qualification tests and provide guidance under IRC section 852; Monitor federal and state tax law changes by referencing resources such as CCH and becoming involved in outside tax committees; Through research, propose enhancements to fund policies and procedures to address evolving RIC and security tax laws; Develop supervisors and staff through technical training and providing assignments that are challenging and thought provoking. In addition, allow supervisors to become more visible to the client through their participation in meetings and involvement in client specific issues; Conduct semi annual performance reviews for supervisors by providing timely and concise feedback. This process includes developing clear objectives and a development plan for each supervisor to follow; Hire and maintain, a well educated, experienced diverse workforce.

Qualifications/Skills: BS in Accountancy or Finance is required, CPA and/or MST is preferred; Five to Seven Years of RIC Tax experience required; Three years of supervisory experience necessary; Thorough knowledge of RIC taxation and security tax law; Solid understanding of general tax concepts outside of the RIC field (ie calculation of foreign tax credit limitation, taxability of reorganizations etc.); Ability to challenge the status quo;

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

AFP Survey: Financial Staff Salary Growth Outpaced CFO’s in 2009

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

Salaries of financial executives and their staff continued to outpace national averages in 2009, and raises were also larger than other white-collar professionals. But the pay of lower level finance professionals outpaced those of CFOs and other senior-level types.

Average annual salaries for financial professionals increased by 2.5 percent in 2009 and were 13 percent above the national average, according to the Association for Financial Professionals’ 2010 compensation survey.


But like other workers, CFOs, treasurers and their staff also enjoyed smaller salary growth than what they had been used to. The average salary increase for financial professionals in 2009 was a full percentage point below the average increase reported in 2008. Salaries went up 3.4 percent in 2008 and 4.5 percent in 2007.

But in previous surveys, executives and management-level financial professionals earned the largest salary increases, but that wasn’t the case in 2009. Instead, staff-level financial professionals experienced the highest salary growth, with a 2.7 percent increase on average compared with 2.5 percent for executives and management.

On a more granular level, budget analysts averaged the highest base salary increase within staff professionals, with a 3.4 percent increase. Treasurers saw the highest average increase of all senior executives, with a 3.2 percent boost, and assistant cash managers received the highest average salary increase within the middle management tier, with a 3.8 percent increase, also the highest increase of all positions.

With high losses at banks and the prospect of regulatory changes impacting Wall Street as well as great technological innovation in 2009, financial professionals in the Western half of the US earned the most, although those in the East had earned the most in prior years. Financial executives at technology companies earned the most in 2009.

The latest AFP compensation survey also found that the economy had almost no impact on bonuses of financial professionals. In 2009, 71 percent of organization awarded incentive-based compensation bonuses to financial professionals, down four percentage points from 2008. Incentive pay in 2009 was stable at about 14 percent of base salary.

Job of the Day: Itron Needs a Revenue Manager

Itron, Inc. is looking for an experienced professional to join its Software Operations Group in its Oakland, CA office.

Qualifications include five years of experience with a Big 4 firm, a sophisticated knowledge of revenue recognition accounting and the FASB’s ASC.


Company: Itron, Inc.

Title: Revenue Manager

Location: Oakland, CA

Description: Position is an integral part of the Software Operations Group within Itron, Inc. with primary responsibility for software revenue recognition/revenue accounting processes.

Responsibilities: Prepare monthly and quarterly analytics of changes in revenue and cost of sales and variances from annual budget/quarterly forecasts by software product line; Perform special projects as requested by Controller; Coordinate documentation and testing of SOX controls related to software revenue for US, Australia and Canada; Identify and strategize the implementation of process improvements in current and future revenue accounting systems; Prepare authoritative memoranda and other audit schedules required to substantiate the company’s position for revenue recognition in accordance with GAAP.

Qualifications/Skills: Sophisticated understanding of revenue recognition accounting pronouncements including SAB 101, SAB 104, FTB 90-1, EITF 00-21, SOP 81-1, SOP 97-2, and SOP 98-9, with preference to candidates who have extensive practical experience in implementing these accounting rules; Familiar with The Financial Accounting Standards Board’s Accounting Standards Codification (ASC) that became effective July 1, 2009; Experience with Oracle and Oracle Projects Module a plus; Big 4 experience and/or public company experience in a software technology company is highly preferred; Minimum of 5 years experience in a public accounting firm or corporate financial supervisory role required, 6+ years preferred.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: AFEX Needs an Internal Auditor

Associated Foreign Exchange is looking for an experienced auditor to join its Los Angeles office.

Qualifications include five years of experience and a strong knowledge of audit practices. Some travel is required.


Company: Associated Foreign Exchange

Title: Internal Auditor

Location: Los Angeles, CA

Description: This position is responsible to ensure that policies and procedures are being followed consistently throughout the Company to improve internal, operational and management control systems, verify the accuracy and reliability of Accounting Data and promote adherence to the recommended changes.

This position reports to the Internal Audit and Risk Management Officer. The nature of this position requires contact with AFEX Employees and may include communications with Vendors and other business-related representatives as well.

Responsibilities: Familiarize with the Company’s Policies and Procedures for each area; Develop a comprehensive internal audit program for the Company; Review transactions, documents, records, reports and methods for accuracy and effectiveness; Prepare working papers that summarize the result of each audit assignment; Hold preliminary discussions on apparent weaknesses with appropriate staff to verify and obtain explanations and document the responses; Submit the written audit findings, inclusive of the recommendations, to the IA/RMO; Monitor that recommended changes are being implemented

Qualifications/Skills: Bachelors Degree in Accounting; At least 5 years experience in Internal Audit for Financial Institutions; strong knowledge of the standard audit practices and ability to apply them; Strong knowledge of Microsoft Office; Excellent analytical skills and attention to details; Ability to work with little or no supervision; Excellent interpersonal skills; Excellent written and verbal communication skills; Will be required to travel to the different offices.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Peak6 Investments Needs an Assistant Controller

Peak6 Investments is looking for an experienced accountant to join their team in Chicago as the Assistant Controller.

Qualifications include a Bachelors Degree in Accounting, at least five to seven years of experience with two years in a senior role required, CPA and experience with Dynamics GP are strongly preferred.


Company: Peak6 Investments, LP

Title: Assistant Controller

Location: Chicago, IL

Responsibilities: Perform assigned monthly, quarterly, and annual general ledger closing and reporting processes; Perform journal entries and complex account reconciliations including identification and remediation of all issues in compliance with audit requirements; Assist the Controller in operational and transactional processes impacting the financial statements, including closing/reporting, cash, intercompany expenses and accounts payable; Prepare income statement and balance sheet packages and related comprehensive analysis for variances and trends; Participate in the internal and external audit process; Collaborate with teammates and management to identify, design, and implement process improvements and policies for greater efficiency; Actively participate in improvements to and recommendations for company outsourced systems impacting financial reporting and processes; Communicate with and advise business leaders within your given business unit; Understand and apply regulatory business rules to accounting procedures; Ensure that adequate internal financial controls exist in the business to safeguard company assets and limit risk; Participate in and lead ad hoc projects as needed.

Qualifications/Skills: 5-7+ years of progressive accounting experience with at least 2+ years in a senior role; Bachelor’s degree in Accounting required and Certified Public Accountant (CPA) licensing strongly preferred; Prior Broker Dealer or similar industry experience preferred; Experience with Dynamics GP software is preferred; Minimum 5 years experience with automated accounting systems in a customer service, high volume, deadline driven production environment is required; Strong analytical ability, including expert level MS Excel skills, and perseverance to solve problems with high attention to detail; Strong month end close experience; Ability to professionally interact with employees and management; Extensive knowledge of general ledgers.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Will Governments Finally Recognize Their Fiscal Responsibility?

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

If you live or work in New York City you know how the subway can be both a blessing (when it runs on time) and a curse (when it doesn’t) or for reasons that on Wednesday became clear: fare hikes.

If you don’t live in New York you can appreciate why the agency responsible for public transit, the Metropolitan Transportation Authority, is having such a difficult time making ends meet. At the top of the list is compensation and benefits costs, which account for two-thirds of the MTA’s $12 billion operating budget for 2011.

The MTA says its health care costs are going up about 9 percent annually-which is actually in line with national increases. The challenge for a public agency of course is that it is locked into contracts with its heavily unionized workforce. Making changes is not easy.


The plan the MTA put forward Wednesday was to enter in what it called “net zero” contracts with its unions-contracts in which any raise would be “paid” for by givebacks in productivity, changes in work rules or increased contributions to health care benefits. The unions took exception to this proposal but no one doubts that the compensation structure of government employees needs to come in-line with their private sector counterparts. Andrew Cuomo, the Democratic nominee for governor, has made reforming this imbalance part of his platform.

Debt service aside (and the MTA’s debt service totals $1.8 billion this year, growing to $2.5 billion by 2014), the MTA, like so many government entities throughout the country, has long term health care challenges ahead. Its health care retirement obligation totals $1.4 billion growing to $1.7 billion by 2014. While the MTA continues to pay enough into its retiree health care fund to pay for its current retirees’ health care, the authority, citing this year’s cash-flow problems, will not pay $57 million this year into a fund for future obligations.

The Great Recession has helped bring the issue of government post-retirement obligations to light. As government revenues shrink and obligations grow, taxpayers sense an inherent injustice between their own grim retirement prospects and the assurances given to public sector workers. Subway service cuts and fare hikes are only meaningful if they address the long-term problems rather than enable government to deal with short term crisis.

Cuomo is banking on this public displeasure, as is the MTA. Next year the MTA’s contract with its largest union is up for renewal. The transit authority will be able to test whether it has public support for changing the way the state entity does business with unions. Bringing government into the 21st century by reducing health care and other post-retirement obligations will be good for taxpayers and for businesses, including those with heavily unionized workforces.

Job of the Day: BlackRock Needs a SAS 70 Associate

BlackRock is looking for an experienced professional to fill an associate role concentrating in coordination and oversight of SAS 70 reports.

The position requires 3-8 years experience and a CPA license or CPA in progress is preferred.


Company: BlackRock

Title: Associate – SAS 70

Location: New York

Description: BlackRock has professionals dedicated to the production and delivery of internal control reports (Service Organization Reports or SAS 70 Reports) to clients. These individuals actively work with the business, including groups such as client relationship group, portfolio management, business operations, legal, compliance and technology, as well as the external service auditor. In this SAS 70 coordination and oversight role, the group is able to provide an organized and effective approach to documenting and testing controls with the business and service auditors. On a regular basis, this group provides status updates and discusses SAS 70 related hot topics with senior management within the firm. This group also works very closely with other control disciplines, such as the Sarbanes Oxley team, Internal Audit, Technology Risk Management and Operational Risk. A successful candidate in this role will develop strong relationships across BlackRock, while developing a broad understanding of the products and services offered by the Firm.

Responsibilities: Assist in the coordination and delivery of multiple SAS 70 Reports globally; Work with the business and external service auditor to enhance report content, update report details and provide relevant testing documentation to the service auditor; Support the implementation of a coordinated SAS 70 approach by participating in walkthroughs with key business resources, recommending potential control enhancements and conducting follow-up in preparation for the annual SAS 70 reviews; Assist in the day-to-day follow-up with service auditors during their fieldwork to ensure projected timelines and budget stay on-track; Assist in the distribution of SAS 70 reports based on requests from clients and prospective clients; Demonstrate knowledge of professional standards/practices and apply knowledge in performing work; Effectively communicate both internally and externally to build positive relationships and understand key aspects of services provided to clients.

Qualifications/Skills: Bachelors degree in Accounting or Finance; CPA or CPA in progress preferred; 3 – 8 years of prior work experience; Strong project management, organizational and interpersonal skills; Possess a strong internal drive and motivation for continuous improvement; Possess a high degree of integrity and confidentiality, as well as ability to adhere to both company policies and best practices; Ability to manage multiple priorities successfully within a deadline-driven environment

See the entire description over at the GC Career Center and visit the main page for all your job search needs.