Category: Uncategorized

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

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

More Grant Thornton Details: Declining Revenues, Raises in 2010, and Stephen Chipman Will Be Blogging

stephen chipman.jpgWe stumbled across the playback of the all-personnel call that went out to Grant Thornton professionals last Friday and we decided to give it a listen. It was about as snoozerific as we expected but we did come away with some additional information to share with you
Stephen Chipman, GT’s new CEO in the States spent about 40 minutes explaining the good the bad and the ugly at G to the T and here are some highlights:

• 81% of those survey and Grant Thornton are proud to work there. High? Low? Completely made up? Does this consider the Sue Sachdeva effect?

• Chip is going to be focusing on various new forms of communication including his own blog. This makes him the second CEO to do so, following Newman over at BDO. We hope, for your sake, that Chip won’t moderate the comments. We insist that you notify us of this as soon as it goes live.


• The new CEO got pretty somber when he described the prospects for GT’s revenue in FY 2010, stating revenues for core services were declining 11% year over year. Global Six…slipping…away.

• Because of this decline, it was decided that layoffs at the senior manager and partner level would occur (many have been notified already) along with those in the “internal client services function”.

• Despite the bad news, Steve-o did his best Bob Moritz, and made it clear: “We will be giving pay raises this summer.” He did qualify that this would be based on 1) the performance of the firm and 2) individual performance.

So that’s the long/short. Like we said, dude went on for 40 minutes and we didn’t have the thing transcribed to give it to you verbatim. If you happened to be one of the unfortunate senior managers, partners or support professionals that aren’t making the “next stage of the journey” get in touch with us about your experience.

For those that remain on team GT, discuss the big guy’s big promise of raises, the blog, revenue issues, etc.

UK Code Requires ‘Independent Non-Executives’ for Big 4

demand.jpgIn a development that will destroy the secret society of Big 4 management in the UK, a “radical” governance code has been implemented that will require the Big 4 to appoint outside “independent non-executives” that will oversee “public interest matters; and/or be members of other relevant governance structures within the firm.”
According to the code, these new independent non-executives will make us all feel way better about what audit firms by “enhanc[ing] shareholder confidence in the public interest aspects of the firm’s decision making, stakeholder dialogue and management of reputational risks including those in the firm’s businesses that are not otherwise effectively addressed by regulation.”
But that’s not all! According to the introduction, “It should also benefit capital markets by enhancing choice and helping to reduce the risk of a firm exiting the market for large audits because it has lost public trust.” In other words, everyone still is freaking out about who the next Andersen will be. Apparently this “should” help your concerns by encouraging companies to consider other audit firms.
What a coinky-dink, Grant Thornton was just asking for help on this last week! Not really sure if this what they had in mind for but hey, beggars can’t be choosers, right?


The Financial Times claims that “Accountants broadly welcomed the move, although some in the firms’ international networks were unhappy about the possibility the UK code might pave the way for ‘creeping regulation’ worldwide.” In other words, people in the U.S. don’t like it one bit.
Plus, the FT didn’t quote any accountants that “welcomed the move”. The exception, of course, is the chair of the group, Norman Murray, who said that the new code was “‘as user-friendly as possible but seen to have some teeth.'” Not sure what that means but it sounds like he’s a believer.
Another member of the board, John Griffith-Jones, co-head of KPMG Europe, was less enthused. All he could manage was that he hoped that the move would put the “‘Enron query to bed.'”
Something tells us your hopes will be dashed, JGJ. Enron is the story that never ends. Especially in the MSM. Plus it’s on the stage now. Those tunes will be in your nightmares.
Auditors required to adopt UK code [FT]
audit firm governance code.pdf

MLK Day: You’re Working, We Know

MLKJr.jpgAs we mentioned in the prelims, today is Martin Luther King, Jr. Day and we’re assuming that nearly all of you are serving clients today as opposed to enjoying a day off observing the holiday as you see fit.
While it may cause some bellyaching among the newbies, the more seasoned of you have come to accept the fact that because it’s busy season, you are expected to work today.
So let this function as the sounding board for your frustration or acceptance of working today while many are not. Since we’re feeling nostalgic, we’ll hang in there with you today (as long as possible anyway).

Layoff Watch ’10: Grant Thornton January Edition

We’ve confirmed that an all-personnel call went out at Grant Thornton today warning everyone at the firm about upcoming layoffs.
One of our sources told us that the audit practice leader stated that it would primarily be cuts at the senior manager and partner level and that they are to take place “immediately”. Our source indicated that non-client serving personnel would also be affected.
Another source told us that there would be restructuring at the partner level which could be coming down from the new senior leadership team that the firm announced yesterday.
We are still trying to obtain details about the timing and number of professionals that may be affected. A Grant Thornton spokesperson has yet to return our email seeking comment. If you’ve got more details to share about the call discuss below or if you prefer to send us the details, get in touch.
Earlier coverage of Grant Thornton Layoffs:
Layoff Watch ’09: Grant Thornton December Edition
Layoff Watch ’09: Grant Thornton Update
Layoff Watch ’09: Grant Thornton

Grant Thornton Wants Help Breaking Into the Global 6

Thumbnail image for Thumbnail image for Grant-thornton-logo.JPGBoy, a firm gets fired a couple times and you’d think the sky was falling.
GT isn’t literally saying, “Help us, for the love of God, the Big 4 is just too powerful” but it’s close enough for us:

Mid-tier accounting firm Grant Thornton has described the current audit market as unsustainable and is calling for new rules to promote greater competition.
In a letter to the International Organization of Securities Commissions, the firm put together a four point plan aimed at increasing diversity in the concentrated audit industry.


The firm want regulators to require companies to disclose third party agreements that limit auditor choice, discourage companies and financial intermediaries from entering agreements containing restrictive clauses, and publish balanced findings of their inspections of individual audit firms.
The firm claims that in the event of a Big Four collapse, 20% of the 7200 largest businesses in the G20 would be left stranded without an auditor.

Hell, maybe they have a point? If their claims are legit, we are talking over 1,000 companies that just up and don’t have an auditor any more. And the firm can’t instantly quintuple its global revenue.
We asked a frequent commenter on the subject of Big 4 failure, Jim Peterson of Re:Balance, for his thoughts and he told us:

[W]hen the next of the Big Four goes down — which will be in a highly visible and ugly burst of flame and wreckage — the other 3 will quickly enough leave the assurance business themselves. What incentive would they have to stay? They would not have the resources or the political agility to take up the slack, and there would be no upside for them in the face of relentless attacks from the blame-mongers.
So it’s not 20% — it’s 100% — and then the re-building process starts with a blank page.

That sounds kinda serious. Maybe governments do need to get involved. Seems like the going trend these days anyway.
Global audit industry is unsustainable: GT [Accountancy Age]

Pictures of the Day: One Idea to Help Keep the Utilization Up

As you well know, it’s key for all of you to stay as fully utilized as possible this busy season, and sometimes little things make all the difference.
A reader provided us with the following idea:
bathroom23.jpg
The strategically placed marker board will come in handy when all those great ideas pop into the grey matter.
bathroom3.jpg
Or you can just memorize Giants statistics.


bathroom10.jpg
Say what you will about the impracticalities of this set up but at least you won’t have to chase down a key.
We strongly encourage you to submit any chicanery that you might cook up this busy season. We’re here to help you stay sane.

But Does She Get a Key to the Bathroom?

porta.jpgOne of the best things about making partner is that, if you’re lucky, you’ll end up on a board of directors someday. You get a nice chunk of change for sitting in some meetings pretending like you’re responsible for a company. Pretty simple.
Just like Sue James, a former E&Y partner. She was introduced as one of the new directors at Yahoo! The 8-K filed by Yahoo lays out her comp:

Ms. James will participate in the current director compensation arrangements applicable to non-employee directors. Under the terms of those arrangements, Ms. James will receive an annual retainer of $80,000 for her service on the Board, an additional annual retainer of $35,000 for serving as Chair of the Audit Committee of the Board, and will participate in Yahoo!’s other compensation programs for its non-employee directors. In addition, Ms. James is expected to receive in February, subject to Board approval, a grant of restricted stock units under the Company’s 1996 Directors’ Stock Plan with the number of such units to be determined by the Board at the time of the grant

Not too shabby. The filing doesn’t outline her rights to the facilities but for that kind of money she could, at the very least, arrange to have a rent-a-john parked outside Yahoo! HQ.

Mr. Comptroller, John Liu, Demands That You Recognize the Seriousness of His Office

john-liu.jpgEveryone runs into a quirky boss at some point in their careers. Whether you’re answering to a higher power like Team Jehovah (just do as I say, or it’s eternal damnation) or just the new partner at your firm that keeps all the keys to the john in his office, people have to make adjustments to keep things on an even keel.
Well here’s a new one: The Post has reported that New York City’s new comptroller, John Liu, has ordered his staff to rise and address him as “Mr. Comptroller” whenever he enters the room.
In addition to the new formalities, The Post also reported that Mr. Comptroller is eliminating casual Fridays and is requiring everyone to arrive for work by 8 am. This is not a country club, people!
What’s the reason for all this, you ask? It’s quite simple actually. Mr. Comptroller is obviously aware the less than prestigious image that accountants (even elected ones) have and he wanted to nip this notion in the bud:

Liu’s new protocols were the brainchild of First Deputy Comptroller Eric Eve, an ex-Citigroup banker and adviser to former state Comptroller H. Carl McCall, according to Lee.
“It is important to note John is the same John, and he hasn’t changed,” Lee said. “At the same time, we want to address the office with the seriousness it demands.”

See, it was the ex-banker’s idea? Mr. Comptroller is the same guy, just wants to point out that the Office of the Comptroller is to be taken seriously. Make no mistake, it’s a real elected position. Mr. Comptroller is also ex-PwC so that could have something to do with it. Or not, you can sort that out for yourselves.

Accenture Loves Animals, Just Not Tigers

Thumbnail image for Tiger accenture ad.jpgAfter taking a stab at making the Tiger image still work and then realizing that the Andersen treatment was the only way to go, Accenture has rolled out their new advertising campaign.
Rather than take your suggestion that an ultimate fighter — with an accounting degree no less — would be the best route, Accenture has decided that sticking with the animal mantra was the best way to go.

The Journal spent 1,100 words telling us about the new Earth shattering idea:

After nearly a month of focus-group testing and production work, Accenture is rolling out the new global marketing campaign this week. The creatures, which include an elephant, a chameleon and some frogs and fish, will star in a series of TV, print and online spots.
…
One of the posters shows an elephant balancing precariously on a surfboard. The text reads, “Who says you can’t be big and nimble?” Another ad shows a frog leaping over three others, with the tagline, “Play quantum leapfrog.”


So the marketing team is sitting around, drinking bottled water, drumming on the conference table and suddenly, someone blurts out “You know, Tiger is man but it’s also an animal.”

Everyone stares at this fool that just said the stupidest thing they’d ever heard, “And?” one team member snaps back.
“Well, since everyone is used to Tiger, which is also an animal, we’ll just replace the man with animals that aren’t tigers. That way, people will still think ‘animals = Accenture is good’ but not ‘the guy named after an animal is a cheating bastard.’ Get it?”

The light bulb finally clicks on for everyone else. “You’re right. We’ll just put animals that aren’t tigers in the ads. No one cares if animals cheat on their spouses. Brilliant!”

Prior to this revelation, Accenture apparently considered jugglers and jump ropers. We understand this was five alarm blaze for the company but elephants on surfboards and leap frog was the solution? Maybe they’re just had the whole animal thing on the brain and couldn’t shake it.

But hey, what do we know? We’re sure it’ll be a huge success. Can’t wait for the Super Bowl commercials. Get those frogs to drink beer and then you’ll have a winner for sure.
After Ditching Tiger, Accenture Tries New Game [WSJ]

More Details on the Year That Was at Crowe Horwath

Thumbnail image for Crowe_Horwath_2c_lo.jpgLast month we had a couple of posts on the year that was in Crowe Horwath layoffs. After learning about three rounds of layoffs and a CH exodus, we figured we had exhausted the details on 2009 for Crowe.
Not so! The latest on CH is that, like everyone else, the firm is gearing up for busy season desperately shortstaffed despite the end of their “Alternative Staffing Program”.
We’ve also learned that there were pay freezes across the board at CH last year. This included a couple of instances where newly promoted managers had their pay frozen despite being told “substantial changes in duties would be exempt from pay freeze.”
Right now our sources aren’t sure what to expect from CH in 2010 as communication from their leadership has been minimal. So all in all, it doesn’t sound like Crowe is all that different from the Big 4 despite claiming to be “a unique alternative” to them. Good luck to all the professionals at the firm in 2010 and keep us updated with all the happenings during your busy season.