Category: Career Center

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How Do I Prioritize Taking the CPA Exam, Finishing a Masters in Accounting and Getting a Job?

If you have a career related question that also involves the CPA exam (like “should I take it before I try to get this awesome job at x firm?” or “Will I still get hired if I have a CPA and therefore scare the crap out of recruiters who want me to be as moldable to their whims as possible?”), please email me directly. Emailing advice@goingconcern.com will just mean you getting trapped in Caleb’s inbox for weeks.

Now then, today’s reader question comes from a finance world immigrant looking to elbow his way into public accounting:

I graduated in 2005 with a Finance degree, I spent one year as a Staff Accountant then moved onto to become a Corporate Financial Analyst for the past 4 years. I am interested in making the change to public accounting and began the MSA program last year to get the requisite hours, I’ll be eligible for the CPA at the end of the Spring Semester but won’t quite be finished with the MSA program. There is the background…

…now my question is would I be better off staying in my current position and finishing the master’s program before I take the CPA and find a new job? Or would it be more beneficial for me to attempt to find a lower level job at a firm during the spring semester to start getting some experience, then attempting to take the CPA next fall? I’m eager for a change, but I would like to know what the best course of action might be and if it’s realistic to think I could find a CPA firm job before I have finished the master’s program or taken the CPA exam. Thanks for your help.

Here’s the obvious disclaimer: I am heavily biased towards the CPA designation for many reasons.

Firstly, having one obviously makes you more employable because it shows a level of dedication that employers salivate over. Forget all that junk about a CPA showing that you know your stuff, getting one shows that you have the ability to grind through months or even years of studying your ass off, which employers are into because it means that you might just show the same sort of dedication to ticking and tying.

Secondly, having a CPA allows access to a professional network that cannot quite be accessed from the fringes (read: unlicensed fringes) and puts you in a different caliber. For someone trying to break into public accounting, having a CPA (or being darn close minus the work experience) right off the bat can put you on the fast track to career advancement that might otherwise be out of reach were you to both come from another industry and lack a CPA. Just my 2¢.

All that being said (possibly in more words than were necessary), yes you can find a job with a CPA firm before you have passed the exam but the best avenue to take is always to tackle the exam as early as you can before you get involved in life, work, family… you know, all that stuff that will turn into excuses for not having time to study later. Even your best-laid plans don’t always turn out as well as they appeared on paper, so that low level gig at a firm (if you can get one) might turn into a longer-term position that you can’t or won’t walk away from. Ask anyone who has studied for the CPA exam while grinding out their first year in public accounting if you need more clarification on just how large a pain in the ass that plan can be. You know, if you’re planning on having a life.

My suggestion: take the CPA exam as soon as possible and put your feelers out in the job market. Don’t bank on a CPA firm position landing in your lap but if you find one, it will be best to have as much of the exam done as you can get before you actually start. Good luck!

Turns Out, CPAs Making Nice with Lawyers Is a Good Business Practice

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

There’s nothing better than a warm referral – and most CPAs are always on the hunt for new sources. One great potential lead source that is often overlooked is the attorney who practices in areas that are complementary to your expertise.

“I find that networking with attorneys is one of those few win-win opportunities for both of us,” said Steven J. Elliott, tax director at Schwartz & Co, LLP. “There are often many referral opportunities for work that the other professional provides.”

Elliott believes the attorney benefits in two ways. First, he benefits by making a known referral; second, by receiving referrals regarding a need for an attorney related to his area of practice.

Sound’s like a great win-win, so I interviewed a number of CPAs who have been successful in working with attorneys in order to learn about their best practices for developing meaningful, productive, mutually beneficial relationships.


How to build, cultivate relationships with attorneys

Howard Grobstein, a partner and leader of Forensic Services group in Crowe Horwath’s Audit and Financial Advisory practice, believes that best practices to build relationships with attorneys for business development involves two main components.

“First and foremost is providing high-quality work and exceptional service,” said Grobstein. “Attorneys have different styles and expectations, so CPAs should listen to what the attorney needs. They need to make sure they can present their expertise in a style that will be acceptable to the attorney and only take on those engagements where they can meet expectations, and perform with high quality and efficiency. My practice has developed because I make sure that I can do the project based on how that specific attorney works.

Importance of building strong, genuine relationships

Many CPAs agree that strong relationships are the real key – it’s better to have a smaller number of close relationships, than a larger network that is loosely tied together.

Jacob Renick, chair of the New York State Society of CPAs Litigation Services Committee, elaborated: “You can’t expect attorneys to send you business unless you have a very strong relationship with them. It has to be a one-to-one relationship. You’re better off having relationships with five attorneys rather than 30, if you have deep and solid relationships with those five.”

Mark Eiger, CPA, a New Jersey-based accountant, agreed: “The best way to strengthen the relationship between accountants and attorneys is to actually build a relationship. It takes time to develop quality referral partners. You’ll have more of an appreciation for the person’s work and capabilities if you get to know that person personally.”

What attorneys want

Renick emphasizes that attorneys are looking for someone to be honest with them, and to share their expertise and knowledge.

“If you don’t have the expertise, refer them to someone who has it,” he said. “Don’t be afraid to refer somebody – if you’re good, they’re going to use you. In addition, keep them up to date with respect to your expertise. For example, share recent changes you’ve become aware of, and give them a heads-up of what’s coming down the pike.”

Connect with attorneys who share similar interests, beliefs

Most CPAs I spoke with agreed that you’ll do best by connecting with like-minded attorneys. Michael D. Greaney, CPA, MBA, got a referral to a client by being in the same choir with an attorney. He talked to the attorney about law topics he had expertise in and figured out the two of them had a similar orientation toward the law.

“What clinched the referral is that it turned out that we share a natural law orientation from the Aristotelian perspective,” Greaney said. “An attorney will not feel comfortable referring a client to someone whom he or she thinks will not have the client’s best interests at heart, which means thinking along the same general lines as the attorney in ethical matters.”

Focus on serving the attorney’s best interest

Rob Siddoway with Cambridge Financial believes the No. 1 must-ask question to an attorney is: “What are the characteristics of your ideal client?” He then advises that CPAs do their best to find an ideal client for the attorney and make the introduction.

“After you have had a few lunches and sent a client or two to the attorney, set an appointment to explain what you do, the relationships you are seeking, and let them know what your ideal client looks like,” Siddoway said. “The focus is to give, give, and give some more without the expectation of anything coming back to you. The results of doing this are not mere referrals, but strong recommendations that generally lead to very good clients. There are those who understand giving first. You will quickly learn who the givers are, but always make it a point to give first and you will be successful.”

Good ways to initially strike up relationships with attorneys

Gail Rosen, CPA, recommended you do their taxes!

“The best way to get referrals from attorneys is to be the CPA who does the attorney’s tax return – then they do not forget you,” she said. “Attorneys have unique tax returns that include the tax treatment of costs recovered. If you learn about these tax laws, you will be in a better position to get attorneys as clients.”

Howard M. Rosen, a CPA with Conner Ash P.C., holds internal marketing events, where his firm invites a law firm to come to its office.

“We put together three or four 4-minute presentations on subjects the attorneys would not necessarily think of when they think about CPA firms,” he said. “If the attorneys are estate and probate specialists, we talk about how we can assist to ensure trusts are funded and that the plans make sense after time due to asset growth. If they are litigators, we talk about how we can help them build damage claims from business interruption, breach of contract, and so on. It’s unique, it’s fun, and it gets us business.”

John Sensiba, managing partner at Sensiba San Filippo LLP, believes the first thing you should do is find out who your clients are working with in order to get on the same page, and make sure the advice your client is receiving is consistent. This, incidentally, provides a good opportunity to meet and connect with their attorney.

Sensiba’s firm also has had great success hosting events for law firms at his office. These typically consist of 10-minute presentations from 5 to 7 p.m. about what the firm does and why it is different. He’s found that law firms generally are eager to attend; in the current economy, law firms also are very open to events that could potentially generate new business.

Howard Grobstein has had success getting involved in organizations that include attorneys with similar practices. For example, he became a member of the California Receivers Forum, and soon after became an officer and ultimately the co-chair. He followed the same track with the Los Angeles Bankruptcy Forum, and is positioned to take on additional roles within the organization.

“These types of organizations provide me with opportunities to attend educational, social, and networking events with attorneys who may need CPA consultants for their work. The goal is to develop a genuine relationship that runs beyond work.”

American Association of Attorney-Certified Public Accountants

The AAA-CPA is an organization of dually licensed attorney-CPAs, highly recommended by Tom Simeone, a partner at Simeone & Miller LLP. Simeone, a practicing trial lawyer and a dually licensed professional in his own right, has found this organization to be a great resource for connecting with new colleagues on the other side of the fence. The AAA-CPA offers a number of networking and referral opportunities for its members, and Simeone considers this to be his top source for generating new referrals.

Consider focusing on your niche practice

Andrew Schwartz, CPA, of Schwartz & Schwartz P.C., networks specifically with attorneys who practice in the health care field where 90 percent of his client base is located.

“We have the most success dealing with attorneys who also have a niche practice within health care,” said Schwartz. “We feel comfortable referring our clients to an attorney with a health care niche, knowing they will get timely advice and information.

“These attorneys know that they can refer their health care clients to us, and feel confident that we have dealt with other clients in a similar situation,” said Schwartz. “Our clients are happy that neither my firm nor the attorney is learning on their dime, so the common niche is the basis for the most productive relationships my firm has with a handful of the lawyers in the Boston area.”

Pay attention to estate attorneys (Hint: most Americans don’t have a will)

Kelley Long, CPA recommends connecting with estate attorneys, in particular, because they have more ongoing relationships with their clients.

“I’ve found estate attorneys to be easier to get to know – and easier to refer my clients to as well,” Long said. “Most of them do not have a will in place, and they are usually eager to speak with an estate planning attorney.”

Estate planning attorney Brian Raftery, a partner with Herrick, Feinstein LLP, works closely with several CPAs himself and concurs that the majority of Americans do not have a will in place. He tries to refer his clients to CPAs if he sees a need for professional tax assistance.

“I always look for issues my clients face that can potentially be resolved if the proper professional is brought into place,” said Raftery, who often spots obvious opportunities when his high net-worth clients are filing their own tax returns via TurboTax.

“When I see an opportunity, I try to match up my clients not only with the appropriate skill need, but also I do my best to ensure a proper personality fit.” As a result, Raftery concurs with his fellow CPAs in the need to not only align professional goals, but also personal beliefs and philosophies.

What to do when you get a referral

This is another area where everyone we spoke with agreed emphatically – go above and beyond the call of duty when you receive a referral.

Joe Epps, of Epps CPA Consulting, cited this as his top piece of advice: “You’ve got to give top quality service. It’s extremely important to do a very professional job when you do get a referral.”

Renick agreed – and adds that if you don’t have the expertise, or are conflicted out of the engagement, you should refer someone. “Don’t be afraid to refer somebody. If you’re good, they’re going to use you.”

About the author:
Brett Owens is CEO and co-founder of Chrometa, a Sacramento, CA-based provider of time-tracking software that records activity in real time. Previously marketed to only the legal community, Chrometa is branching out to accounting prospects. Gains include the ability to discover previously undocumented billable time, saving time on billing reconciliation and improving personal productivity. Owens also is a blogger and founder at ContraryInvesting.com, as well as a regular contributor to two leading financial media sites, SeekingAlpha.com and Minyanville.

Five Ways to Communicate Better with the Boss

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

Would you like to be more appreciated by your boss? Feel more comfortable apprith requests? Stop worrying about what he thinks of you? Why not do something about it?

As with any human relationship, your behavior and attitude can make a difference in your relationship with your boss. If you want a different type of relationship with him, start behaving differently and results will follow.

First, be conscious of the type of relationship you’re going for – you don’t want to build a connection that’s too friendly or intimate; keep it professional but rewarding.


“The ideal boss-employee relationship is one of trust and respect where both individuals work as a team to achieve the goals of the company,” said Deborah Millhouse, president of CEO Inc., which specializes in direct hire placement, temporary staffing, and human capital services. “The employee should be supportive of the needs and requirements of the boss so that the boss can reach the goals and complete the job with success.”

Millhouse offers five tips for building a better relationship with your boss:

1. Make a genuine effort to learn about him or her. “Understand your boss’s personality style and communicate with him in an effective way that supports his temperament,” Millhouse said. “Ask good questions about his or her goals, and then support them.”

2. Check your bad mood at the door. “Attitude is more important than aptitude,” Millhouse said. “Be full of energy and ready to try anything.”

3. Use good manners. Just like your mom taught you, simple courtesies like saying please and thank you can go a long way. Also, “deliver results without being asked or prompted a million times,” Millhouse said.

4. Communicate openly and clearly. Don’t be stingy with your ideas; contribute good ideas to the team and you’ll be appreciated. Also, “speak up, be accurate, clear, and to the point; don’t play the cloaking game,” Millhouse said. No boss wants to spend time trying to figure out what you meant by what you said – just say what you mean in a polite, clear way.

5. Take initiative. Don’t always wait to be told what to do; when you see something that needs to be done, just do it. “Set good goals,” Millhouse said. And then, “do what you say you will do.”

If your boss is particularly difficult, improving your relationship with him might take more time. View it as a challenge and make an ongoing effort to make improvements.

“Most difficult relationships lack trust, so building trust is the first step,” Millhouse said. “Trust is achieved through understanding and communicating effectively with each other. With a boss who is especially difficult, the employee can attempt to improve relations with efforts to open the lines of communications.”

About the author:
Nancy Mann Jackson is an award-winning journalist and corporate communicator who writes regularly about small business, parenting, and workplace issues. Since 2001, she has worked as a freelance writer and has written hundreds of articles for publications including Working Mother, CNNMoney.com, Entrepreneur.com, and MyBusiness. She also writes and edits annual reports, blogs, and newsletters for companies in industries including finance, technology, and construction. Jackson also is a member of the American Society of Journalists and Authors.

Reprinted with permission from glassdoor.com.

PwC Reject Wants to Know If Making Another Run at the Firm Is a Good Idea

Welcome to the Hump Day edition of Accounting Career Couch (or as Adrienne puts it, “advice from a bunch of asshole accountants”). Today we have a PwC reject who is going back for round two. Does previous rejection mean that P. Dubs has its mind up about how big of a loser you are? Maybe!

Feeling rejected and looking job soon? Unhappy at your current firm who doesn’t provide any training to turn the frown upside down? Need some advice on to get your co-workers to loosen up? Email us at advice@goingconcern.com and we’ll make everyone happy.

Returning to our glutton for punishment:

Dear Going Concern:

I interviewed earlier this year for a full time tax position with PwC. I made it to the final round and was given an office tour, lunch, 3 interviews and all that good stuff. Unfortunately, I did not receive an offer.

It is now the fall on campus recruiting season and again I am applying for a full time tax position with PwC. The lead recruiter already knows me from the recruiting process earlier this year. I’ve managed to speak with him once already at an on campus event and will see him at a career fair again next week. My question is can the fact that I’ve been rejected earlier this year hurt me in my attempt to get another interview and hopefully a full time offer. I plan on asking the recruiter this question next week but I get the feeling he will tell me that it’s okay and it won’t hurt me in anyway. However, being the cynical and skeptical person that I am, I need some perspective.

Dear Cynical and Skeptical,

Dealing with rejection, eh? Lots of that going around today. Unlike the Democrats, you have done nothing wrong. You made it to the very end and you simply didn’t make the cut. That happens. However, you are taking it in stride (not cursing PwC, blamestorming, etc.) although you are carrying the standard neurosis that comes with said rejection.

Your previous rejection by PwC should not dissuade you from your chances at a job with the firm. For whatever reason unbeknownst to you, the firm passed you over. It’s likely that it was a difficult decision on their part and your interest in the firm will be seen as a positive.

We understand that somewhere in your head, you’re thinking that the firm was just toying with you. Stringing you along, only to crush your Big 4 dreams at the last minute. The only scenario we can foresee where this would be a reality is if a recruiter/partner had the hots for you and eventually their belief in your “talents” were overruled. Fortunately, the odds of this being reality are slim.

So make another run at P. Dubs, reiterating your interest in the firm, reminding them why you’ll be a kick-ass associate and what you’ve done in the last few months that will get them hot for you all over again. Taking the “You made a biggest mistake of your life” is probably not the way to go, but a subtle hint at why you are everything they want and more may get them to see the error of their ways.

Do Women In Accounting Get the Shaft When It Comes to Pay?

Ed. note: delirious from a cross-country move this past week, AG mistakenly switched around percentages. This has been corrected and she will be meditating on the matter hoping for forgiveness.

A recent Mergis Group survey reveals 47 percent of women in accounting are less than content with compensation and the always popular with the ladies work-life balance, leaving us scratching our heads wondering who these 47 percent are (we already know plenty of the 53%). If any of you are in that group or know someone who is, please get in touch, we’re desperate to connect with a woman in accounting who actually feels appropriately compensated for her work and redeemed by the challenges of her career while rewarded with a perfect balance of work and family. Seriously. Anybody?

Anyway, the details from the survey if you are still interested:

Women are less satisfied with the progression of their accounting and finance careers than men. Specifically, 60 percent of male workers in accounting and finance consider themselves to be satisfied, as opposed to 47 percent of women.

Women in accounting and finance ranked being challenged (31 percent), compensation (25 percent) and flexibility (15 percent) as the most important factors to satisfaction in their career.

On the other hand, men in accounting and finance ranked compensation (32 percent), being challenged 26 percent) and flexibility (15 percent) as the most important factors to satisfaction in their career.

Mergis breaks down these results further, pointing out that women in accounting and finance are more than generally upset with the challenges and opportunities offered to them. Hey, they don’t say “it’s a man’s world” for nothing.

“Based on the findings of our Women in Finance survey, more than half of the women surveyed are dissatisfied with the progression of their careers and nearly three-quarters believe they face a separate set of professional challenges in comparison to their male counterparts,” stated Patricia Dinunzio, regional managing director of The Mergis Group. “While there are certainly many different viewpoints in how workers in general define career satisfaction and success , it is interesting to note that both men and women are highly likely to recommend the profession to others. One of the greatest take-aways from this survey is that there is a clear need for mentorship programs within the profession. It is our personal and professional responsibility to enable existing and future accounting and finance professionals to achieve their full career potential. Doing so will only contribute to the future development of the profession.”

My 2¢? The profession – and your career – is what you make of it. Mentors don’t just come along and decide to kick down their knowledge, you’ve got to get out there and find one. We don’t need the AICPA to set up play dates with young CPAs and OGs of the industry in order to accomplish this; instead need to take matters into our own hands if we are upset with how things are working out at the moment. In other words, get off your lazy ass and stop expecting everything to be handed to you, go out and get it if you don’t think you have enough of it.

The disparity is greater between generations than the sexes if you ask me but who is asking me?

Full survey results and methodology may be found here. As always, you are welcome to submit your opinion on surveyed subjects in the comments.

Big 4 Tax Associate Feels Pigeonholed; Is an Ultimatum Necessary?

Welcome to the All Saints/Election Day Eve edition of Accounting Career Couch. Today a Big 4 tax associate is concerned that their career experience has been too narrow and has been begging TPTB to rotate to a different group. Will a fist-pounding ultimatum finally get the point across?

Have a question about your next career move? Wondering if you should wear your Benjamin Bankes costume all week in order to get your money’s worth? Is your unpatriotic boss refusing to let you leave work tomorrow to vote and you’re thinking of emailing Glenn Beck? Stop! Email us at advice@goingconcern.com and we’ll give you a sane solution.

Back to our trapped tax guru:

I’m currently a 1st year senior at a Big 4 company and I have specialized in the R&D Tax Credit since I started here. Ever since passing my CPA I have been requesting a rotation in other parts of tax such as provision work and FAS109. I keep on getting the ring around from both my Partner and HR who say a rotation is coming but that I just need to be patient.

Since the R&D Tax Credit is such a specialized area I understand that they don’t want to just give me up because they have invested 3 years in me to learn the Credit but it is not fair to my career development to be stuck in one of the many areas of tax. From talking to recruiters and searching the Internet it does not seem like there is really a secondary market for R&D Tax Credit Specialist such as myself and I believe not being able to earn experience in other areas of tax with negatively effect me when I start looking for a private job in the next year or so. What do you recommend that I do? Should I put my foot down and let my partner and HR know I am going to start looking for another job if I don’t get a rotation in the near future or should I start interviewing with other Big 4 firms to find the kind of experience I am looking for? Please help!

Dear R&DTC Associate,

It’s true that some partners/managers will hold on to some SAs or associates like grim death the moment they express interest in doing something different. The concern is typically they don’t want to lose a talented staff person to a more provocative practice or they’re simply too lazy to train someone new. So your concern is valid and it sounds as though you’ve been proactive but you’ve still have some options before going the “take this job” route.

First, go back to both HR and your partner and ask if the rotation is a realistic possibility and requestthe specifics behind the delay. It sounds as though you’ve taken the Job approach and it has gotten you nowhere. Reiterate your patience and express your concerns about your narrow experience.

If that stalls, try reaching out to some partners and managers in the division where you would like to work. Maybe you were recruited by one of them or you have a friend in that group. Explain the situation and perhaps they can broker a solution for you. Going behind your partner and HR probably won’t feel so great but seeing as though you’ve exhausted every other possibility, you have little choice.

If that fails, then it’s time to have the Come to Jesus meeting to get things moving. You don’t sound like you’ve got issues with your firm other than the snail’s pace of the rotation process. Explain your position (again) and this time state that you have little choice but to go somewhere else to get the work experience you desire. Keep it cordial but definitely make your frustration known. Hysterics rarely work. This should get you some answers one way or another. But we don’t think it should have to come to this.

Good luck.

Should You Forgo Job Security for a KPMG Advisory Gig?

Welcome to the Friday edition of “Accounting Career Couch” (aka “I’d like some advice from a Big 4 expat turned blogger and a bunch of bitter bean counters”). Today we hear from a prospective KPMG advisory associate who has a secure job but is also looking for a little payoff after going back to grad school. Is joining the House of Klynveld a smart move or the stupidest idea ever? [effect]

Unsatisfied with your career choices to date? Are you an old school type not sure what to make of the Millenials? Having second thoughts about thr this weekend? Email us at advice@goingconcern.com and we’ll get you on the path to peace with subordinates or just getting a piece.

Returning to the career conundrum du jour:

Hi! I’ve started reading your blog because I’d accepted an entry level offer with KPMG that got deferred for a few years as I finished a graduate degree. I have an engineering background and went to work for Accenture after graduation. Left after a year and a half to get a graduate degree (in NO way related to technical consulting or accounting. Yes, the folly of youth and following a passion), during which time I began doing Business Analyst/SAP functional work for a state government agency (Child Support). I applied to KPMG because I felt like I tanked my career, and needed to get back into consulting to open my career options.This decision was driven mostly by the salary increase and not the work. I’m also risk averse, and don’t want to leave a secure job (in a rather boring city) to possibly get laid off in nine months.

So, my question is, do you think it is wise to take an IT advisory with KPMG? Do you think the economic climate would be productive? Am I taking a step back by starting again at entry level?

Thanks,

Between A Rock and KPMG

Dear Between,

Motivated by money, eh? Wow, you’re a rare case.

Look, like most people that write in, you list out everything that you want without prioritizing. “I want a good salary, work with smart, attractive people, job security and enjoy my work. Oh! And it would be really great if I could keep to 50 hours a week max. What do I do?” and that’s the first thing you need to do here. Somewhere in the back of your gray matter you’ve got to know that you’ll have to sacrifice something. Remember in the old days when winners on Wheel of Fortune had to spend all their cash winnings on the various material garbage? Did you ever see someone buy that ugly-ass Dalmatian first? Of course not. Figure out what you covet the most and let that lead your decision.

That being said, good money (relative term) and job security don’t usually correlate within a Big 4 firm. That is, if you want the big bucks, you work in Advisory Services. If you want job security, you work in audit or tax (although not even that is guaranteed).

In your case, you’re looking at a job in IT Advisory services. Will it pay well compared to what you’re doing? Yes. Will it open more doors for you down the road? You bet. If the demand in your market dries up in the next 9 to 12 months are your chances of getting let go good? Maybe. What you accomplish in that 9 to 12 months makes the difference. You have to ask yourself if the risk is worth it.

Here’s our advice friend – take the risk and go with KPMG. You went back to school to give yourself more options didn’t you? This is a pretty good one. You’ll get great experience, expand your professional network and if there’s plenty of work you may just have a decent career on your hands. Unless, of course, that doesn’t interest you.

The Role of a CPA in an IPO: Open Thread

Back with another edition of “Accounting Career Couch” a undergrad senior wants to hear about some experiences the working stiffs of accounting world have had with initial public offerings.

Need advice on your next career move? Want to educate some rubes without coming off like a total jerk? Looking for a way to broach your co-workers body odor problem while not making it too personal? Email us at advice@goingconcern.com and we’ll help you let everyone done gently.

Meanwhile, back on campus:

Hello Caleb,

I am an undergraduate senior, and I have a presenta Special Financial Reporting Topics course. My group chose “The Role of a CPA in an IPO”, and I was wondering if this topic has been discussed on your site before, if not, could you make a post so I can gather related information, issues, success/failure stories, and personal experiences in order to complement my research? It seems this topic does not get a lot of coverage, and I believe it would be interesting and beneficial to all your readers.


To our recollection, this is a topic that has not been discussed on GC, so our reader’s inquiry makes for a good jumping off point.

If you’re not familiar with initial public offerings, then you can get the wiki cliff notes here and the SEC’s own fast answers under “I.”

Form S-1 outlines (check out the gory details below) everything a company needs to submit in order to register its securities and there are plenty of ways a CPA can assist a smooth and pleasant experience. If you’re client has less than $25 million in revenues and isn’t registering more than $10 million in securities, Form SB-1 can be used in lieu of the big boy.

Generally, when a company files its S-1, the SEC usually has lots of questions about the financial statements and the accompanying information. The back and forth can be grueling and if your client isn’t organized or financially savvy the temptation to strangle someone and everyone can be high. But hey, if you manage to stick it out with them to the filing date, there’s usually a pretty good party and your client should be grateful for your service.

So at our reader’s request, anyone with recent (or not so recent) experience working on IPOs is invited to share their war stories – the good, the bad, etc.

S-1

Accounting and Finance Professionals Like Their Job Prospects While the Rest of the Workforce Is Screwed

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

The Accounting and Finance Employee Confidence Index increased 0.6 points to 53.9 in the third quarter of 2010, according to a recent survey. The index is a measure of overall confidence among U.S. accounting and finance workers.

The survey indicates a decline in employee confidence in the economy and job market, while workers’ optimism in their own personal employment situations increased. The survey was conducted by Harris Interactive and commissioned by The Mergis Group, the professional placement division of SFN Group, Inc.

Additional results from the Accounting & Finance Employment Report:


• Twenty-three percent of accounting and finance workers believe the economy is getting stronger, representing a 10 percentage point drop from the second quarter of 2010.

• More than half of accounting and finance workers (60 percent) believe there are fewer jobs available, up 10 percentage points from the previous quarter.

• Nearly three-fourths (73 percent) of accounting and finance workers are confident in the future of their current employer, an increase of 11 percentage points from the second quarter of 2010.

• More accounting and finance workers are confident in their ability to find a new job, with 44 percent reporting confidence as compared to 36 percent the previous quarter.

“While our Accounting and Finance Confidence Index showed little movement in the third quarter, our latest report reveals significant fluctuations in workers’ viewpoints,” Brendan Courtney, president of The Mergis Group, said of the report’s findings.

“The report illustrates that workers’ confidence in the economy and job market have dimmed. Conversely, workers are now indicating greater confidence in the future of their current employers and in their ability to find a new job. Moreover, three in ten workers indicate that they are likely to make a job change in the next 12 months,” Courtney said.

“With 2011 right around the corner, employers are encouraged to make an extra effort by acknowledging employees who have weathered the economic turbulence with the company,” he said. “Employers who heed these statistics are less likely to be faced with an unhappy workforce that jumps ship at the first sign of a full economic recovery.”

Additional demographic and survey background information.

How To Explain Why Fantasy Football Is Always on Your Computer

Back with another edition of “Accountants’ Questions: ANSWERED!” – a reader needs advice on the age-old question (for about a decade or so) of explaining why fantasy football is always on your laptop.

Caught in an accounting career conundrum? Looking for some atypical icebreakers for your next firm event? Want advice on how break free from the unwelcome massage that creepy co-worker always tries to give you? Email us at advice@goingconcern.com and we’ll dish it out.

Back to our gridiron geek:

How do I explain why fantasy football is always up on my laptop?


Many cube dwellers have had the unenviable experience of explaining why an imaginary roster of players is constantly on their laptop screens. The temptation to always have it available at a moment’s notice is completely understandable since at the drop of a hat someone’s penis (allegedly!) can end up on the web and his backup is instantly becomes a hot commodity.

For many of you vets out there, years of experience has afforded you to develop your own techniques, so please share your best methods. As for some general advice, there are some key things to remember/consider:

1. Include a manager/partner in your league – That will allow you invoke “team building” and “rapport.”

2. Key Shortcuts are your friend – Two words: Alt-tab. You don’t have to explain anything if you’re fast enough.

3. Cite research – Studies show that time on the web boosts productivity. Explain to your taskmaster that you’re simply saving time by keeping the Fantasy screen available at all times. Further explain that the amount of time that you actually spend looking at it is miniscule compared to the spreadsheet for that analytic.

4. You’re human – If you find yourself schelping for a fantasy-hating superior, simply point to everything you’ve accomplished in the past hour/day/week and you’re simply taking a break. What are you, a robot?

The most important thing to remember is to have other tabs in your browser with things that are, at the very least semi-related to work. This way, you don’t have to explain yourself every time someone pops in. Keep a relevant section of the tax code open. Or a SFAS that is currently giving you fits (even if it isn’t). Or a substantive article from this fine publication.

Just because you have an imaginary football roster available at all times, doesn’t mean that you also aren’t struggling through a mind bending financial reporting issue or keeping abreast of the haps in the industry.

Oh, and for the love of God, keep your cool and play like it’s NBD. “Oh, that? Yeah. I’ve been sitting on this trade and this stupid person in my league was bothering me about it. Just trying to get them off my back.” There’s nothing worse than someone stammering for an awkward answer to an awkward question.

Again, we’re sure there are many advanced techniques out there, so we invite you to share yours below.

An Accounting Job Search Strategy for the International Student

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

In my experience, the most important thing you need to consider when looking for a job in the U.S. as a foreigner is how to work here legally. International students looking for part-time work are allowed to work no more than 20 hours a week to maintain F-1 visa. After graduation, to stay in the United States, one must find an employer willing to sponsor your working visa (called an H-1B visa).

I came to the U.S. last August from China, and am enrolled in a master of accounting program at George Washington University in Washington, DC. Like other international students in a completely new place, I initially felt hopeless as to where to start my job search. I began searching recruiting websites, but found that these websites aren’t as helpful for students without experience.

Another method I tried was to take advantage of all the resources my school offered, including a career center. These often offer more entry-level opportunities. You can often find networking opportunities through career centers as well.


I was honored to act as the president of the student chapter of IMA® at my university in my first semester and actively took part in the events held by the local professional chapter every month. During this time, I not only got to know some professionals but also got an understanding about business culture in the U.S. – a great help in my job hunting.

In my second semester, I secured my first unpaid internship with a nonprofit organization located in Washington, DC. At the same time, I volunteered to help prepare tax returns. These experiences helped build up my résumé and enhanced my communication skills. Likewise, for those international students who do not have any working experience, it might be a good start to focus on volunteer opportunities and unpaid internships. Nonprofit and international institutions are more willing to sponsor foreign students since they know the process quite well. For those who work in companies that are hesitant to sponsor your working visa, try talking with your supervisor or the HR department to explain that the visa sponsorship process is simple.

This past summer, through on-campus recruiting, I was offered a challenging internship with a government contractor. After spending the summer there, I gained a deeper understanding of accounting issues on daily basis and had more responsibilities.

In addition to adding professional experience to my résumé, I was also looking to strengthen my academic background and social skills, which included passing the CMA® exam and becoming more involved with IMA. I will also attend the 11th annual IMA Student Leadership Conference in California this November. Currently, I am working as an intern at a financial institution which has relationships with banks in China. In addition to assuming some financial and accounting responsibilities, I will also be involved in projects aimed at the Chinese market.

Thanks to my former experience, I got used to my new position quickly and was able to perform my work with minimal supervision. The company even expressed their willingness to sponsor me for the H-1B when I graduate. This shows how it is very useful to rely on your educational and professional background and seek out job opportunities with links to your home country.

Big 4 Recruit Needs Advice on Table Manners, Office Visits

Today in “I need advice from strange accountants and Going Concern trolls,” a Big 4 recruit needs some insight into the office visit and how to behave when breaking bread with Big 4 professionals.

Need to know what to expect for your first busy season? Looking for pointers on how to subtly attract your rival’s employees? Want ideas that aren’t über-lame for your team’s next happy hour? Email us at advice@goingconcern.com and we’ll put our heads together like the Stooges.

Back to our aspiring Big 4 rube (KIDDING, we know some of you are sensitive):

What should I expect at an office visit for the Big 4? Also, how do I behave at a dinner or lunch?


Simple enough. The Big 4 office visit is standard operating procedure in the recruiting process and we asked our resident Kool-Aid™ mixer, DWB to give his take on these show and tell excursions:

I apologize in advance if my answer comes off as salty; someone must have spit in my Cheerios this morning. But really – what kind of question is this? I’ll remind everyone about my rant the other day about providing Caleb with greater details when submitting questions. So with that, I have some questions for you – are you a college recruit? What practice? What office? Is this a one-off tour or is it part of an official recruiting program?

Because your submitted question was useless, I will make the assumption that you’re going on an official visit. Expect a tour, an interview (I hope – why else would you be going?), and the normal HR run-around of work-life balance, salary growth, etc. I advise you to talk to as many individuals as possible – on the record, off the record, etc. Get business cards, and follow up with questions you might have later. NETWORK your ass off. The people you meet in the “casual” settings have just as much of an influence on whether you receive an offer as your interviewer does.

Well, the bad accountant angle is obviously out, so regarding your behavior at chowtime, some good rules of thumb:

1) No booze. We realize this sucks but you don’t get bonus points for being able to hold your liquor.

2) CHEW WITH YOUR MOUTH CLOSED.

3) Don’t be too chatty or too quiet. Nobody likes someone who talks without breathing throughout the entire meal but you will be noticed if you say nothing.

4) Topics of conversation to avoid: recent campus ragers; office visits that you’ve gone to at other firms; negative news about the firm you’re currently visiting; the hot server’s physical attributes.

These are just a few but in general, if you have to ask yourself, “could this make things awkward?” then avoid the behavior. If that doesn’t clear things up then ask Emily Post.

If we’re way off base here or anything crucial is missing, let us know in the comments.