Isn't Day Light Savings Coming Early This Year?

When I worked at Dow Jones, a bunch of us in the newsroom would whisper about a manager who acted like a vice president years before he became a vice president. Eventually, he did it - he moved into the executive wing and was responsible for several hundred staffers and millions of dollars of budget. The lesson: There's value in emulating people whose rank you want to rise to. (I should note this executive isn't an arrogant man. He simply modeled his work habits on those of his superiors.)

So over on Yahoo! Finance, Jim Citrin details the joys of an early-morning routine. His impetus was a survey he sent to 20 "CEOs and top executives" about how they start their day. Even if you can't take a weekly morning walk through Central Park with a young person seeking your advice, as does one of his sources, his strategy is easily tailored for folks in the trenches. His advice:

• Start early
• Get a jump on e-mail
• Exercise every morning (OK, I skip this one)
• Be thoughtful about the source, form, and timing of your news
• Problem-solve
• Make family time
• Be creative with your morning routine

As one of those who gets up at 5 in the morning - much to the annoyance of my wife and my dog (the only terrier in the world who likes to sleep in) - I've always felt like I get a jump on the day in those hours when it's quiet, the coffee's fresh, the phone isn't ringing, and no new e-mails are coming in. The article's worth two minutes of your time, maybe with your coffee.

Tapping the Power of Your Morning Routine [Yahoo! Finance]

Are You Feeling GOOD?

Accounting and finance professionals were feeling pretty chipper in January: Hudson's employment index jumped 14.5 points, to 120.5, during the month. What's behind their general contentment: the state of their personal finances, their job satisfaction and less concern about layoffs. The broader, national index rose 1.5 points, to 104.2. Dig into the numbers at www.hudson-index.com/finance. [Hudson]

You Already Knew This, But...

This is one of those things everyone thinks, but doesn't like to talk about: Accounting firms tell love to tell how options for work-life balance are key components of their hiring and retention strategies. Now comes research indicating that maybe they aren't so whole-heartedly behind the concept, after all.

Three business school professors - Philip Reckers of the W. P. Carey School of Business, Eric N. Johnson of Indiana University and D. Jordan Lowe of Arizona State University - found that employees who take advantage of flextime, telecommuting and part-time work arrangements are often penalized when it comes to gaining visible assignments and earning promotions.

Their findings uncover a disconnect between staff members, who often leave accounting because of the hours involved, and firm leaders who put in their own long hours on their way to the top. A survey published in 2006 by the American Institute of Certified Public Accountants found that 70 percent of the men who left the field said work-life balance was the main reason.

"You hear what the firms say publicly about work-life balance, and then you hear what your former students say about their actual jobs," Reckers told in-house journal Knowledge@W.P.Carey. "Hype and reality simply don't jibe … Even partners, after a beer or two, would admit that work-life balance programs are largely window dressing."

The researchers found that workers taking advantage of flextime or part-time hours run the risk of being viewed as "not carrying their load." In addition, men were viewed more unkindly than women in such situations. "Managers may tolerate flextime or part-time work with a woman - maybe," Reckers said. "But if you're a man and you take flextime, the perception is that there's something really wrong with you."

The findings show the need for fundamental cultural change in the accounting profession, the professors said. Alternative work arrangements must be "viewed as an acceptable career path for men and women seeking more balance between their work and non-work lives," they wrote.

Flexibility's price tag: gain time, lose career footing [Knowledge @ W.P Carey]

Realities Hit Even A Tight Labor Market

CFO magazine's February edition packaged together a series of stories on the evolving relationship between employers and employees. In its intro, the magazine notes:

The tight labor market and improving economy have made workers - especially the good ones - more demanding in terms of compensation, benefits, and working conditions. But companies remain determined to cut costs even as they acknowledge a renewed "war on talent."

It goes on to note the widespread discussion about how employee stacks up against sky-high executive compensation. Then it makes an interesting observation:

The compensation picture is clouded by soaring health-care costs, which leave companies feeling hamstrung and employees shortchanged. The move to consumer-driven health care may provide at a partial solution, but can companies in good conscience give employees more control over health-care decisions if there are few dependable sources of information on which to base those decisions?

Finally, the package delves into the consequences of treating employees badly: among them, lawsuits. And, again, the editors make a good observation:

Even if companies botch the nuances of employment law, they can create corporate cultures in which managers know how important it is to listen to employee grievances and to act on them before the matter ends in court. Such cultures may do far more than forestall lawsuits: They may demonstrate that employees are, in fact, true stakeholders, which in turn may help ensure that the employer-employee relationship is rewarding to both parties.

This is one of those packages that, although written for managers, provides a lot of good information to people who want to be smart about the way they operate in today's office environment. Links to three stories are below.

Just Rewards [CFO]
Pin the Tail on the Doctor [CFO]
The Enemy Within [CFO]

California's Corbin & Company Changing Name, Expanding

Irvine, Calif., firm Corbin & Company is changing its name to KMJ Corbin & Company. The "KMJ" seems to come from the first names of the firm's managing partner, Kendall Merkley, and audit and tax partners-in-charge Mike Faddoul and Jim Nagengast. But that's just a guess. Tony Price and David Reule were recently made partners, and will "assume a variety of roles, including overseeing expansion into San Diego, participating in business development opportunities and ensuring the firm’s ability to deliver a high level of client service," the firm said.

Good Management

Yesterday's Wall Street Journal has an account of what reporter David Reilly calls the "near-death experience" of KPMG as the firm faced accusations of selling illegal tax shelters. How Chairman Timothy Flynn led the firm, it appears successfully, through the legal and business fallout shows a good manager at work. Among other tidbits:

To calm partners, he personally reached out to hundreds of them, often singling out younger ones. Michael R. Gervasio, a young tax partner in Chicago, says he was impressed as much by Mr. Flynn's persistence as by what he said. Mr. Flynn phoned eight times over two days before finally connecting with Mr. Gervasio at home at 10 one night. 'We really want you to stay,' Mr. Gervasio recalls being told. He did.

How a Chastened KPMG Got By Tax-Shelter Crisis [WSJ - $]

Are You Exempt? Are You Sure?

Barbara Freet, president of Human Resource Advisors in Lafayette, Calif., and one of the speakers slated for next month's California CPA Education Foundation's business conferences, says approaches to alternative work arrangements in the state have changed drastically since the California Workplace Flexibility Act was passed in 2000.

The law created stricter rules for paying overtime, and requires employers to stipulate in advance how the work hours of non-exempt employees will be allocated over a week. In our world, uncertified accountants have non-exempt status and must be paid for overtime. A number of companies have been sued - successfully - because they failed to correctly classify groups of workers.

Freet told our James Rubin that uncertified accountants, including employees who fill bookkeeping roles, are non-exempt because they rely so much on Generally Accepted Accounting Procedures. In other words, they follow rules more than their own judgment. "People who are exempt have to spend over 50 percent of their time on issues requiring independent judgment," Freet explained. "Staff accountants aren't making these types of judgments."

She adds that classification depends on job function, not a company's determination. "Employers think they can decide if someone is exempt or non-exempt," Freet says. "They can't."

Career Information in California

The California CPA Education Foundation's third annual business and industry conferences will have a career and hiring flavor when they take place in Long Beach and San Francisco late in March. Each one-day event will feature sessions on career management, recruiting and employee retention. An additional session will offer advice on compensation, a timely subject in the present job market. The Long Beach event will be held March 22, with San Francisco's taking place on March 23. Details are here. (Thanks, James Rubin)

You'd Think They'd Ask

The lead of this item on AccountingWeb says it all:

CPA firm partners believe compensation is the driving force behind a new recruit’s decision to join and stay with the organization. But young professionals say that’s not the case, that growth opportunities are the principal factor.

New CPA Recruits Choose Growth Potential Over Compensation [AccountingWeb]

Balance Strategies

I'm a bit skeptical of all this talk about work-life balance. All the big accounting firms embrace the concept, and, sure, everyone wants more balance in their life, but you hear precious little about the trade-offs that might be required if you're serious about it. Still Emma Johnson wrote what I think is a pretty balanced view of what's going on along Wall Street for eFinancialCareers, and much of what she found applies to accounting.

In an economy that's hot and spurring a demand for qualified people, employers are being forced to make such arrangements more common. However, (Wharton's Stewart) Friedman says it takes initiative on the part of the individual - as well as the organization - to create a win-win proposition for alternative work situations. Strategies might include proposing telecommuting one day per week, or shutting off your Blackberry at 6 p.m. - all with an eye toward making your work time more productive. The specifics, of course, depend on your role within the firm.

"The big enabler is the digital revolution," says Friedman. "The trick we all have to learn is how to use these tools to tap into their promise - which is liberation. It's up to each one of us to determine when and how we get things done."

Of course, if anyone feels like adding their two cents, I'd love to know if you've ever tried to work out a more balanced approach to work with your firm - and what the results were.

Balance Programs Make Inroads [eFinancialCareers]

Career Tips for Boomers

From the alumni magazine of the University of Massachusetts - Amherst, tips for baby boomers who aren't thinking their 60s means retirement in Florida. (Among the alumni profiled is Margery Wells Piercey, a principal at Wolf & Co.)

Build a Job Network: Whenever you can do someone a favor without violating professional ethics, do it. The strongest relationships with people are built when you do not need anything from them.

Tell the Truth: Being truthful is often a selling point in itself. Nobody is perfect. In fact, people who walk on water often leave puddles.

Keep It Simple: If you need a lawyer to defend your résumé or a philosopher to explain it, rewrite your résumé.

Have a Two-Way Interview: You should prepare at least five good questions to ask your
interviewer. At least two should be about doing the job and two about the company.

Dress the Part: Your goal is not to look like a 30-year-old if you are a 60-year-old.

Mind Your Manners: Courtesy doesn’t go out of season. Yes, you should write a thank-you note to the person who interviewed you.

Mind the Bottom Line: Ask for a higher salary only when all other issues are settled.

Greener Pastures [UMass]

Dough and Spreadsheets

Alexandra Defelice of WebCPA posted a nice piece about a CPA who combines the joy of running with the joy of spreadsheets, then weaves in Mrs. Fields' Cookies to make her point about passion and work.

Possessing passion for our careers is a gift not many people are fortunate enough to receive. Those that do tend to stand out from their competitors and the really lucky ones enjoy a higher level of success.

Sure, you've heard it all before, but she tells the story well.

The Passion of the Cookie [WebCPA]

Scholarships for Pa. Accounting Students

Undergraduate accounting students can apply for scholarships worth up to $15,000, sponsored by Pennsylvania Institute of Certified Public Accountants. To be eligible, students must be full-time undergraduates, majoring in accounting at a Pennsylvania college or university, and have completed at least 36 credit hours. The scholarships range from $1,000 to $15,000, and the deadline to apply is March 15. Last year, the PICPA awarded $185,000 to 78 accounting majors. Click here for details and an application. [PICPA]

Glass Ceiling or Balance?

A British firm, CareersinAudit, believes women aren't rising to the top of accounting because of work-life balance more than discrimination in the workplace. A report by the firm - entitled "Battle of the Sexes?" - also says 90 percent of male accountants in the UK believe efforts to create more opportunities for women are impacting their prospects for promotion.

Male accountants slam female-friendly policies [Management-Issues.com]

Yes, Even Bloggers Go Out of Town

Sometimes circumstances get even beyond the most well-intentioned correspondents. So, please forgive me, but I'll be offline for the week of Feb. 5, returning to service (as it were) on Feb 12. If you're in the Northeast, stay warm. If you're in, say, Palm Desert, California, where I hear the temperature was 85 degrees today - All I can tell you is I'm insanely jealous.

Queenly Managment

When I first saw that Bob Rosner of ABC News was trying to draw parallels between Queen Elizabeth II and run-of-the-mill managers, I balked. (Well, I sneered.) But his article actually makes some good points about management that can be drawn from the movie The Queen, an account of Britain's royal family in the days following the death of Princess Diana. So, all you managers out there:

What does this have to do with managing? Many of us are like the queen. We think we understand what is in the minds of our people. But we are often woefully out of touch with what they really think or feel about work.

Don't believe me? Think about the last time you were in a meeting when someone offered a criticism they'd heard from the rank and file. What happened? Chances are that someone said it just came from a chronic complainer … or that the critic didn't really understand the reason for the new initiative … or some other excuse was raised to discredit the criticism.

Watch this movie, but don't think about the queen. Think about all your queenlike tendencies and all the beliefs that you hold much too tightly where you work.

Management Lessons From 'The Queen' [ABC News]

Aid to Massachusetts CPA Exam-Takers

The Massachusetts Society of CPAs will hold a lottery to award $350 vouchers to 25 candidates planning to sit for the commonwealth's CPA exam between May 1, 2007 and April 30, 2008. To be eligible, candidates cannot receive payments or reimbursements for exam fees or review courses from their employers, or a bonus on passing. Download the application here.

A Market Check for Accounting, Finance Executives

James Rubin interviews Shane Hill of Hudson Highland Group on JobsintheMoney. I hate to sound like a broken record, but here's another career insider talking about the importance of communications skills:

The higher you go on the organizational chart, the more paramount are communication skills. I know when I've got a good candidate, even if their technical skills aren't exactly what the client's after, if the candidate articulates well, you can teach them a lot of other things.

A Recruiter's View of Accounting and Finance [JITM]

Ryan & Co. Names Sweet a Principal

Jon Sweet has joined Ryan & Company as a principal. He'll lead the firm's Strategic Business Advisory Services practice and will oversee strategy, marketing and business development from its Phoenix office. Sweet has a BA in Business Economics from Wheaton College. (Here's a press release.)

Business Skills, Too

Bryant University is creating a "master of professional accountancy" program that will teach a mix of advanced accounting and other business skills.

...the new two-semester, 10-course master’s program will include corporate-focused courses such as corporate governance, strategic cost management and multinational accounting, as well as project management for accounting leadership and research and communications.

These courses are intended to complement the five technical accounting courses that are required for most graduate accounting degrees.

Here's the story from Providence Business News:

It's about more than accounting [PBN]

California Non-Profits Looking for Finance Pros

An increasing number of California non-profits are creating or expanding their in-house financial operations because of SOX-like legislation, increased funder demands and a move toward standarized accounting procedures.

Previously, many non-profits relied on outside accounting firms to handle their affairs. Now they believe creating their own financial units will enable them to handle the heavier workload brought on by the more vigilant environment. This, in turn, will create job opportunities.

James Rubin reports.

Non-Profits in Calif. Seek Financial Expertise [JITM]

Opportunities in Hospitality

On JobsintheMoney, I just posted a story by Scott Krady about the demand for accounting and financial professionals in the hotel business. The economy's pretty good, businesspeople are traveling, and that's leading to a need for CPAs, controllers and the like throughout the industry.

"It's more difficult to find people than it is to find clients," says Kelly Nelson, vice president at Bristol Associates, a firm specializing in the placement of hospitality professionals. Nelson estimates that the top talent is commanding 10 to 15 percent higher compensation than they were two years ago.

Hotel Industry Needs Accounting Staff [JITM]

The Plight of the CFO

Fortune has an article on how the job of the CFO is changing, and how the market is evolving with it. Among other things, more companies are turning to temporary CFOs. Below are links to my summary on JobsintheMoney, and the full article.

CFOs find the job's just not worth it [Fortune]
Change Afoot in the CFO's Role, Approach [JITM]

Be Prepared

In today's Wall Street Journal, Perri Cappell answers this question:

During a second interview, the employer asked my earnings requirements. I gave a range, and he agreed to the top number. Later, I learned companies typically pay more for this job. Can I bring up salary again?

The answer, it turns out, is "probably." And the article makes it clear why you should be sure to do your research on companies and salaries before you head into for your interview.

The Right Time to Talk About Salary [WSJ - $]

Looking for the Power Behind the Ad

Here's an article from The Wall Street Journal on why you should try to find the actual hiring manager who's behind the job postings you're looking at. It's not accounting/finance-focused, but it's still a good perspective.

It's a myth that HR staffers will be offended if you go around them, say senior HR executives. "To be perfectly honest, if I were her, I would be trying to get to the hiring manager," says Patrick Manion, vice president of global human resources for Flextronics International Ltd., a Singapore-based electronics design and manufacturing company with U.S. headquarters in San Jose, Calif. "Everyone else is just a gatekeeper."

Want That Job? You Should Call Hiring Manager [WSJ - $]

Deloitte Launches 'Balance' Blog

Deloitte & Touche launched what is claims to be "the first corporate blog to explore the issues and personal experiences women and men face in pursuit of career advancement and work/life balance."

Hosted by Cathy Benko, Principal and High Technology Sector Leader for Deloitte Consulting LLP and National Managing Director of Deloitte’s Women’s Initiative, the blog provides a forum for candid discussions that aim to help professionals enhance their careers and find ways to make flexibility and choice a staple of the workplace.

The blog will be updated every Thursday. It's at www.deloitte.com/us/winblog.

Long Island Firm Finds the Right Candidates

Somehow, Melville, N.Y., accounting firm Marcum & Kliegman is finding the people it needs to accomodate its expanding practice. It hired 120 people last year, and is looking for 175 to 200 more in 2007. One part of its strategy: Convince New York City accountants that Long Island is a better place to live.

Despite accounting crunch, it’s long addition at M&K [L.I. Business News]

Five Sales Secrets for CPAs

"Over the last 20 years I have delivered customized sales training for over 500 CPA firms and have eight published books on selling professional services," writes Allan Boress, CPA, CFE, on AccountingWEB. "Unfortunately, we were never taught in school how to bring in business. And most CPAs and consultants make these costly mistakes without realizing it."

His "Hidden Sales Secrets for CPAs" include:

#5: Learn how to state your idea concisely – and quickly - in a manner people
understand and see value in immediately.

#4: Never conduct the initial sales interview on the client’s turf.

#3: Learn to listen to the client without interruption, without interjecting your brilliant ideas at the wrong time, by not using unexplained terms of law, and being so open that they are open with you.

#2: There must be enough marketing and contact to catch the potential client at the right time in the buying cycle.

#1: Utilizing a systematic approach to conducting a sales examination is critical. It will tell you where you are in the sales process, and inform you if and when to close the sale or secure commitments.

Read it, print it, save it - it's an excellent primer on sales which - whether we want to admit it or not - is something all of us have to think about.

The 5 Hidden Secrets to Boost Your Sales Now [AccountingWEB]

Back to the Big 8?

Will the push toward greater corporate responsibility create more Big Four-sized accounting firms? Jay Whitehead, chief executive of the magazine the CRO, seems to think so.

Sure, Sarbox accelerated CPA scarcity in 2002. Then SEC Chairman Christopher Cox’s stock-option enforcement layered on more pressure. As a result of a CPA shortage and SEC-inspired anxieties, both the NYSE and NASDAQ report up to a ten-fold increase in companies that have delayed their quarterly or annual financial filings since 2005. Both trends cause CFOs pain. But the bigger CFO challenge comes from their lack of choice in accounting firms.

He lays out a good case.

CRO POV: Final 4 Fears [CRO]

Life After An IRS Career

KPMG's Forensic Practice has hired former IRS Special Agents James Dowling and Don Temple as directors in its anti-money laundering group. Dowling, a former senior policy advisor to the White House Drug Policy Office, will work from Los Angeles on fraud and money laundering issues. Temple will be based in Baltimore office, working with KPMG clients on anti-money laundering and anti-terrorist financing activities. [KPMG]

Urban Accounting

Came across two interesting profiles in local newspapers today.

The first is on Linda Swift, whose firm, United Tax Service, has seven employees in two offices in Milwaukee's central city district. She's one of the eight percent of CPAs who are of color, and one percent of CPAs who are African-American.

Given the dearth of minorities in the accounting profession, Swift believes it's critical that African-American children see more role models like her in the community. That is why she chooses to operate her accounting and tax service in the central city, where the only finance professionals many kids are exposed to are tellers and bookkeepers.

The second item is an interview with Tommie Vassel, president of the Society of Louisiana Certified Public Accountants. Of the hiring situation in New Orleans, he says:

What I’m hearing in the accounting profession as far as firms are concerned is that most of them have an abundance of work but they lack the more experienced
personnel to actually do the work. Some firms are actually starting to turn down
potential clients because they just don’t have the staff to fulfill the workload.

She sees — and fills — a need for accountants in central city [Journal Sentinel]
Look Who's Talking: Tommie Vassel [New Orleans City Business]

Dissension in IRS Ranks

IRS agents are being pushed to close corporate audits so quickly, the service is leaving real money on the table when it reviews the returns of medium and large businesses, reports David Cay Johnston of today's New York Times.

One longtime auditor in New York said that when ordered not to pursue an issue “you just write ‘closed per case manager’ to cover yourself.”

The auditor was asked why she did not file an official memo indicating that she disagreed and that she believed it was premature or improper to close the audit.

“Why would I do that?” the auditor replied. “So my manager will give me a bad performance review?” Others gave similar explanations.

IRS officials - including Deborah M. Nolan, Commissioner of the IRS's Large and Mid-Size Business Division - say the complaints are either misinformed or misguided.

Ms. Nolan said agents who believed that an important issue should have been ursued should report the matter to higher-level supervisors or go to the inspector general’s office. She said she was not aware of any such complaints.

Whatever's going on behind the scenes, the Times says the end result is many experienced corporate auditors have set their sets on retiring as quickly as possible. Said one auditor: "A lot of audit experience is about to walk out the door … And then what will happen?”

Agents Say Fast Audits Hurt I.R.S. [NY Times]

Can't Find A Job?

I get a surprising amount of e-mail from accounting staffers who aren't able to find work nowadays. At first, I have to admit, I wondered what was wrong with them. Turns out nothing's wrong, but they need better credentials, specifically their CPA.

"The transition from accounting pro to CPA does require work, but it's well worth the effort," says Steve Riordan, a professional recruiter in the New York office of Manpower Professional, a staffing firm. He points out that the salary boost financial professionals realize with a CPA, plus the demand for those with the licensure, more than justify the time and effort needed to obtain the designation. Today, firms aren't interested in training people to understand the more complex accounting rules and regulations. The CPA shows you have the needed skills. Says Riordan: "The folks without the designation often find themselves stuck and not moving up the ladder."

Read Myra Thomas's story about this on jobsinthemoney.com. The link's below

Licensure a Key to Accounting Success [JITM]

Big 4 On Best Companies to Work For

All the Big Four are on this year's Fortune list of the best 100 companies to work for. You can read the whole list here. While a number of investment and financial companies made the list, no mid-sized accounting firms did.

For a reality check on the list, read the comments posted on Fortune's Web site (here). A notable one:

I worked for Crowe Chizek for a few year, not one of the big 4 (accounting firms) but in their words "The Unique alternative to the big four" and while the firm likes to trumpet how GREAT our jobs are, how HAPPY all the employees are, what a SPECTACULAR work life balance they have...BS. Working 80-90 hours a week in order to have your Fridays off...not fun at all. There was always this HUGE push for more billable hours, more billable time, etc. etc. (ad-nauseum). "Productivity" was something the bigwigs wanted us to focus on constantly, which turns out means..you guessed it...more billable hours. I spent so much darn time entering and tracking down to 15 minute intervals exactly what I worked on, it was silly. I hated it. Politics were very important as well, if you were liked, you advanced. If you weren't, you would languish for years as a staff accountant, and then get fired, or you would just be fired. I had one relationship fall apart due to the hour/time commitment. I now work for a non-profit as an accounting manager, very easy going office, no OT, no Busy Season, and several old Crowe employees work here as well. It's very easy to get burnt out in public accounting. Very Very Easy.

Anyone who works for a Big 4 and wants to chime in, just add your comment below.

100 Best Companies to Work For [Fortune]

CPA Opportunities in Wealth Management

Vince Pallitto is a CPA in Florham Park, N.J., who's expanded his business to offer wealth-management services to his clients. He told Myra Thomas:

The reason I originally got into financial planning was because of the years of poor financial advice that others gave my tax clients. CPAs are the best people to handle investment planning for individuals. I don't know how you can give investment advice without understanding the tax implications. Tax preparation is a reactive approach. Tax consulting is a different story, as it's more proactive.

Honestly, tax practices are dwindling. Younger generations are more computer savvy, and they are more willing to prepare their returns on their own with retail software packages. The IRS is moving to having people file online. If you're relying purely on tax prep for your income, then moving into financial planning is a good move.

You can see their entire conversation on jobsinthemoney.com.

In N.J.: CPA Clients Seek Wealth Management Advice [JITM]

Out of the Frying Pan...

Here's an article from the Payson (Ariz.) Roundup (one of the best-named newspapers I've ever stumbled across), about a CPA and her husband going into the restaurant business:

The Kirschbaums share a common ambition, one that balances the extremes of their personalities. Brenda, 33, is the bean counter. She pays attention to the details and makes sure business runs smoothly on the back end. John taps into the energy created by social interaction. He's the customer service half of their partnership.

Couple buy into Payson through landmark restaurant [Payson Roundup]

From CPA to CFO?

The importance of having a CPA may waning if you're following a path to the CFO's office. James Rubin recently spoke with Scott W. Simmons of financial recruiter Crist Associates:

What types of positions should a candidate have before a comptroller or divisional CFO role?

FP&A roles, director of financial planning and analysis roles, are good. Not too long in the tooth in staff roles - somehow moving out into the operating roles. You should look for three-, four-year stints in each of your movements. The market likes to see progression. An international assignment, CFO of a region, is key.

Is a CPA essential?

Case by case. Some companies require a CPA. It really came back into fashion over the last few years when Sarbanes-Oxley hit the street. But I will tell you over the last 12 months, I've felt it softening.

How important are softer skills?

In a research study we put out every year, we have seen the COO position vanishing. What we have seen is the rising prominence of the CFO from just a straight finance focus to a strategic part of the puzzle. And because of that clients tell us, "Don’t get me a bean counter. Get me somebody who I can sit in a room with and talk with from a strategic perspective about where our company's going, what decisions need to be made near- and long-term."

James, as usual, had a great conversation with Mr. Simmons, which includes a lot of food for thought if becoming a CFO appeals to you. It's all on jobsinthemoney.com.

Plotting Your Path to the CFO's Office [JITM]

Who's Blogging Now?

You're not alone in reading blogs. SEC Chairman Christopher Cox reads the to get a sense of what people out in the real world are saying:

... he also uses technology to get an early peek at how the public will react to SEC action on issues.

"Blogs are a great way to infer passion and depth of feeling," he said at the summit. "They give you an early read on the ... response you might expect."

But Cox said he does not rely on blogs to find the way forward on tough issues. "Blogs in many cases are so irreverent," he said. "They don't wait for facts."

Well, some don't wait for facts. Anyway, the article makes a point of saying Cox has actually posted comments on a blog - that of Sun Microsystems CEO Jonathan Schwartz. On CFO.com, Marie Leone uses that tidbit as a jumping off point to say:

But now we see that the Chairman speaks from experience, albeit a little blogging does not make an XBRL expert. Nevertheless, when President Roosevelt named alleged bootlegger and business mogul Joseph Kennedy, Sr. as the first chairman of the SEC in 1934, reports at the time speculated that part of FDR's rationale was to appoint a former law breaker because he would recognize an illegal scheme better than anyone.

Maybe President Bush had a similar motivation. He appointed a blogger to champion the technology movement at the SEC. Or perhaps, Cox—a former California Congressman—has larger political aspirations and knows that a skillful grassroots blogger can win the hearts, minds, and pocketbooks, of the voting public.

I'm thinking all that might be a stretch - well, not the part about Cox having larger political aspirations (He's smart, articulate and he smiles like a Kennedy; I'd have larger political aspirations, too). But you know blogs are going mainstream when the head of the SEC uses them.

SEC's Cox uses blogs to gauge public sentiment [Reuters via Yahoo]
The Blogging Regulator [CFO.com]

Face to Face with E&Y

Ernst & Young is looking for 5,500 interns and new graduates this year, and it's adopting social networking as part of the hunt. The Wall Street Journal says E&Y has launched a page on Facebook, complete with discussion boards and other information aimed at college students. (The firm has to pay a fee for the privilege.)

About 5,100 Facebook users have signed up as "members" of the Ernst & Young page. Ernst & Young recruiters monitor the site and respond to some queries, such as how to get a job at the firm and what types of educational backgrounds it seeks. The recruiters identify themselves as Ernst & Young employees and word their responses informally.

In one of those dangers-of-the-Internet exercises, I went over to MySpace and searched for user Ernst & Young. E&Y's not there - but the resulting text ads lead off with a link to the Web site of… Deloitte & Touche.

Ernst & Young Reaches Out To Recruits on Facebook [WSJ - $]

What Armanino McKenna Looks for in CPAs

Our own James Rubin talked with Zandy Ryder, recruiting manager at recruiting manager for Armanino McKenna LLP, one of the 100 largest accounting firms in the country. Among other things, she told James:

The CPA licensure is always preferable, and recent public accounting experience. Someone who has come from a Big Four firm is always a plus. Someone who has experience performing professional services for a variety of industries and clients of different sizes is also a plus. We're looking for people with experience in such areas as high-tech, SEC regulations, Sarbanes-Oxley, and individuals who have previous managerial or supervisory experience.

The reason a Big Four background is attractive is because those people have had
exposure to different industries and to (clients who have to deal with the) SEC, among other areas. They seem to be able to assimilate to our firm the quickest.

The full interview is here.

Calif. CPA Firm Seeks Experience, Communication Skills [JITM]

Here's A Quiz

Who are survey respondents talking about when that say ________ has given them the silent treatment, taken credit for work they didn't do, and broken promises? Is it:

1. Their pre-schooler
2. Their spouse
3. Their boss

The Answer: 3.

Yup, the boss. Wayne Hochwarter, an associate professor of management at Florida State University's College of Business surveyed 700 people in a range of fields about how they were treated by their supervisors. Among other things, they said:

• Thirty-one percent of respondents reported that their supervisor gave them the "silent treatment" in the past year.
• Thirty-seven percent reported that their supervisor failed to give credit when due.
• Thirty-nine percent noted that their supervisor failed to keep promises.

Such behavior had a real impact. Hochwarter says employees stuck with such bosses "experienced more exhaustion, job tension, nervousness, depressed mood and mistrust." They were also less likely to put in extra hours and - no surprise - were less satisfied about their work. It doesn't take a great leap to figure out, as Hochwarter did, that employees with putzy bosses are more likely to leave than those who aren't happy with their pay.

So, what do you do if you have such a boss? First, stay visible, Hochwarter says. Staffers tend to blame themselves - a common theme in abusive relationships - and their instinct may be to hide. Don't do it. Remember, that others probably know your boss is a jerk, and you shouldn't prevent them from noticing your good work.

His second suggestion is, I think, tougher: Keep your chin up. "It is important to stay positive, even when you get irritated or discouraged, because few subordinate-supervisor relationships last forever," he says. "You want the next boss to know what you can do for the company." That's very nice, but if you've ever lived through a bad boss, you know how hard it can be to face going into the office every day. So, I'd add be realistic when weighing how much you like your work against how much you want to work in a decent environment. It's not a bad time to be looking for work in accounting, after all.

Finally, remember there is a not-so-fine line between being a bully and real harassment, discrimination or violence. If you've got a boss like this, be sure you know where to get help, whether it's through HR, a lawyer or even the authorities.

Who's afraid of the big bad boss? Plenty of us, new FSU study shows [FSU.com]

Off-Topic #4: The Worst Credit Card in the World

My friend Ellen Cannon, an editor at Bankrate.com, has just started a blog about credit cards. Ellen's the kind of person who can read things like, say, the Statistical Abstract of the United States and then produce 400 or so actually readable words on its Table 1167, "Percent of U.S. Households That Use Selected Payment Instruments from 1995 to 2004."

One of the tasks Ellen's taken on is digesting all of the fine print that's run at the very very bottom of credit card offers (in what's called "mice type"). It's a quest to find what she calls "the worst credit card in the world." Her current candidate is Tribute MasterCard, whose terms include:

Available Credit Limitations: Your initial credit limit will be $300 and the following fees will appear on your first statement: Annual Fee of $150, and an Account Opening Fee of $29. After making your initial minimum monthly payment of $20, following the receipt of your card mailer, your available credit will be $141. You will be billed a Monthly Maintenance Fee of $6.50 ($78 per year), beginning after you make your first purchase. Your available credit may also be limited, from time to time, if you give your account number or card to a merchant that processes advance authorization, such as a hotel, motel or car rental office. Such an authorization may limit your ability to make purchases and take cash advance on your account until the authorization is cancelled by the merchant and your available credit released.

Take a minute and do the math. Ellen's blog, "Plastic Rap," is here.

Where People Make the Difference

Last year, Wal-Mart begin using a new scheduling system that called in workers - accounting staff, among others - based on store traffic in almost real-time. Today, news broke the retailing giant is about to move many of its 1.3 million workers to such a system, de-emphasizing predictable shifts in favor of more dynamic "personal availability."

Because Wal-Mart is Wal-Mart, it's a safe bet that other retailers will begin moving in the same direction. The Wall Street Journal says Payless ShoeSource, RadioShack and Mervyns already have. On the site Blogging Stocks, Peter Cohan coined a good term for this: Just-in-time employees.

Wal-Mart Inc.'s latest innovation is to treat its employees just the same as its inventory. For too long, many of Wal-Mart's employees have had regular work schedules. Wal-Mart excels at stocking each store with the items that customers want to buy and shunning the rest; and it's finally dawned on management that Wal-Mart can apply this same just-in-time approach to putting employees in its stores.

Now, before you think I'm going off-topic remember Wal-Mart saddled accounting employees with this system early on. And let's also remember that the workload of many accountants depends on the daily flow of traffic in their business - think hotels or other retailers. If you base your decision-making on pure numbers, I suppose there's much to be said for this approach. You only pay for staff when you actually need them. If you're on the staff, however, your pay becomes a lot less predictable, as does the time you get to spend with your family or just doing things outside of work.

I daresay, there's a good bit of difference between a cashier at Wal-Mart and an accountant or other professional in the back-office. But approaches like this have a way of creeping through the corporate world, so I wouldn't call this a happy development.

Wal-Mart Seeks New FlexibilityIn Worker Shifts [WSJ - $]
Wal-Mart's Just In Time Employees [Blogging Stocks]

Off-Topic #3: Things I Learned This New Year's

In no particular order:

• The test of a good butcher is whether they've got a sign on the door that reads Bring Deer to Side.
• My wife and I are no longer capable of killing a bottle of champagne between the two of us, even on New Year's Eve.
• When grilling king crab legs and New York strip at the same time, don't forget the meat keeps cooking even after you've taken it off the heat.
• When people in your neighborhood start banging pots and pans at midnight, it doesn't sound as impressive as they think it does.
• You don't need a full bottle of champagne to sleep well (See #2).
• Dogs don't care that it's the morning after.

Robert Half Salary Guide Available

Robert Half Finance has published its 2007 Salary Guide, which provides estimated starting salary ranges for more than 100 accounting, finance and banking positions, as well as an overview of the issues currently impacting the industry. You can request a copy here.

...and to All a Good Night

It doesn't seem right to just end the year without saying something, well... you know. So, Happy New Year, everyone. Have wonderful weekends and safe travels, and I'll see you back here Tuesday.

Accounting Firm Mergers

An article on AccountingWEB says Sarbanes-Oxley is spurring a merger of accounting firms. The increasing workload is pushing smaller firms to merge as a way to bulk up their staffs, and thus their capabilities.

“Local and regional firms are getting more opportunities than they probably ever could have dreamed of. Big Four resources are stretched to the max, so smaller clients are either leaving the Big Four on their own or the Big Four are resigning engagement, because they don’t have the resources to serve them without charging higher prices. For the local firms picking this up, it’s right in their strike zone. We’re seeing it from coast to coast,” Jonathan Hamilton told AccountingWEB. Hamilton is the editor of the accounting newsletter Public Accounting Report.

You've seen this all before, but it's a good snapshot of a trend that keeps on going.

California Accounting Firms Merge [AccountingWEB]

More on Women Leaders

The Baltimore firm KAWG&F (Katz Abosch Windesheim Gershman & Friedman) is profiled in the Baltimore Examiner for the unusually large proportion of women on its staff. The firm's certainly doing better than the Big Four: Of 104 employees, 73 are female, as are 10 of the firm's 26 shareholders. This is a quick, interesting article.

Local accounting firm breaks its own glass ceiling [Baltimore Examiner]

Lessons of the Rich and Famous

Sometimes you just have to leave your desk and go talk to your boss - or make a presentation to a client - or even (Lord help you) talk to the media. So, what happens if somehow you put your foot in touch mouth? In today's Wall Street Journal, Jeff Zaslow talks about ways to dig yourself out of whatever hole you happen to have landed in. Turns out you really can learn from the likes of Mel Gibson, Donald Rumsfeld and Judith Regan.

Fox TV executives and book publisher Judith Regan thought America would see nothing wrong with their O.J. project.

"All of us have audiences -- our bosses, colleagues, students, families, vendors, in-laws," says Mr. Levick. "You can't violate the trust with your audience." As Ms. Friedman asks: "Who is that family member, friend, co-worker? What will they put up with? What will offend each of them?"

If you misread the temperature of your "audience," you must apologize, even if you're late doing so. Crisis managers mention Oprah Winfrey. At first, she defended Mr. Frey after news broke that he'd fabricated parts of his book. After her initial efforts offended her audience, she admitted she had made a mistake.

Mistakes Were Made: What to Take Away From the High-Profile Blunders of 2006 [WSJ - $]

Deloitte Leads in Percentage of Women Executives

Deloitte & Touche has a greater percentage of women partners, principals and directors than its Big Four competitors - 19.3 percent, compared to 16.8 percent at KPMG, 15.8 percent at PricewaterhouseCoopers and 13.5 percent at Ernst & Young - according to a survey by Public Accounting Report. The firm has led the Big Four every since the survey was begun in 1997.

I suppose its progress, but it's still less than 20 percent.

Deloitte Leads Big Four Accounting Firms in Percentage of Women Partners, Principals and Directors [Deloitte]

The Trials of The Tax Executive

It's not new for tax executives to feel underappreciated. Few people get into the down-and-dirty details of a company's numbers like they do, but they get pigeonholed in the eyes of corporate leadership. Worry about the effective tax rate and leave the rest to us, and all that. Never mind that, say, SALT expertise can lead to all sorts of savings if it's used to help locate stores in areas where tax credits apply. And that's just one example.

Hudson Financial Solutions and CFO Research Services have published Building a Better Tax Function, which recommends a better-defined relationship - and closer collaboration - between finance and tax. It suggests companies hire tax professionals with more broad-based experience. As James Peter Rubin writes this morning on jobsinthemoney.com:

(...these are) the kind of people who have the experience and skills necessary to participate in business planning. "Recruiting and fostering tax personnel with sophisticated tax technical skills - and a broad perspective on business issues - is high on the tax function agenda, according to those we interviewed," the report says.

It makes sense that people who can put their tax work into the broader context of the business would be seen as more valuable. It's also another reason that tax professionals need good communications skills: to know how to write, to speak, to present ideas.

Broad View Helps Tax Executives [JITM]

Tomorrow Fer Sure

So, I've fallen into the blown-it-with-the-best-of-intentions category. Here I was, coming back into the office after the long weekend, intent on posting today and... I didn't. I can't even say I was snowed with e-mails, though I did spend much of the day wrestling with an e-mail broadcast - and lost.

Anyway, I'll be back again tomorrow with posts. Retailers, I notice from this afternoon's Wall Street Journal Online, are cutting prices some more to try and get one last surge of revenue in between Christmas and the end of the year. Best I keep out of the stores unless I lost my contest of willpower with whichever flat-screen TV is out there, waiting for me to bring it home...

I hope everyone had a good holiday.

Rising Along With Others

It's one of those uncomfortable realities of work that not all of us our superstars. (I know: How cheerful and holiday-spirited of me to point that out today.) But I don't mean that as a slam on anyone - including me, a 20-year writer who has yet to win a Pulitzer. I mean that in any company there are talented professionals who do good work, and also a smaller number of people who writer Emma Johnson describes as being the ones named as team leaders, picked for plumb projects and hanging out in the vice president's office. When the circumstances are right, these can be good folks to ally yourself with. On jobsinthemoney.com, Emma examines how to go about this:

In an ideal world, professionals can attach themselves to flourishing peers, learn from their strengths, contribute to their successful projects, and develop relationships with those who might one day be able to help them get ahead.

However, don't get the idea you can simply ride somebody else's coattails. It makes no sense to "just coast to success based on the success of another," says Doug Rickart, a division director for Robert Half Finance and Accounting in Minneapolis. "It becomes quite obvious you're spending time with someone just to get yourself noticed. That's meaningless."

Meanwhile, over at CareerJournal is a piece by Kayleen Schaefer on handling peers who are trying dump their work on you. (Another uncomfortable reality is that a lot of people who think they are superstars, aren't.).

When your peer asks if you will do his work, he is in charge of the situation and setting the agenda. And as soon as you answer the question, you lose. If you say yes, you're stuck with your peer's work. If you say no, you feel bad. The key is to pose your own question: Why are you asking me to do your work?

How to Catch a Rising Star - and Not Get Burned [JITM]
Stopping a Bossy Peer From Dumping on You [WSJ via CareerJournal]

PWC Returns to Nashville

PricewaterhouseCoopers is restablishing its presence in Nashville to focus on the region's health care companies. The Tennessean says:

By February, PricewaterhouseCoopers plans to set up shop in space in the Brentwood-Cool Springs area to house a local staff of about 20 people, Sheidy said.

That includes people transferring from other locations, new hires and some staff who continued to work from their Nashville-area homes after the firm closed its office here in 2001.

Earlier this week, Chicago-based BDO Seidman announced plans to set up shop in the city.

PricewaterhouseCoopers to return to Nashville area [The Tennessean]

Finding the Hiring Manager

Job candidates complain a lot about the wall that's often erected between them and a company's hiring manager. If you're responding to a blind ad - where the manager's identity, and maybe even the company's identity, is hidden - how can you get in touch with the actual right person? The key is to use as many identifying details as you can find in the ad as clues, to figure out the company doing the hiring. Once you've done that, you may have to reach out to your extended network to determine who is responsible for screening job applicants - or making the final hiring decision. Myra Thomas gives some pointers on jobsinthemoney.com.

Finding the Manager Behind the Ad [JITM]

More Online Education in California

Next year, the California CPA Education Foundation plans to triple the number of webcasts it hosts for those seeking to renew their state credentials. James Rubin's piece on jobsinthemoney.com details their coverage, but points out that you shouldn't always stick too closely to your desktop. He cites Robert Half's Susan Afan as saying conferences and other live events have advantages: "When you go to a conference or similar event, it gives you the opportunity to network," she told him.

More Online Options for California CPA Credits [JITM]

Blatant Self-Promotion #1

Jobsinthemoney.com has been ranked the #3 niche job site by TopJobsSites.com (yes, there really is a site that ranks employment Web sites, and people like me read them.) The #2 site is our companion, eFinancialCareers, and the niche leader is Dice.com, an IT site published by our new parent company. The full listings are here.

BDO Seidman Moves Into Nashville

Chicago-based BDO Seidman is opening an office in Nashville, its second in Tennessee and one of more than 30 around the U.S., in addition to alliance offices. The Nashville Business Journal says the firm has leased 7,000 square feet of office space downtown. The firm said "the time is right" to establish a presence in the city.

Michael Musick, a partner in the firm, will be the practice leader, according to the Nashville City Paper. The downtown office will open next month.

BDO Seidman announces entry into Nashville [Nashville Business Journal]
National accounting firm to open Nashville location [Nashville City Paper]

Wake Forest Rocks (the Exam)

Wake Forest University says the performance of its accounting graduates ranks first in the 2005 CPA exam, according to the most recent scores from the National Association of State Boards of Accountancy. It's the holidays. Let's allow them a little hype. Here's a press release.

Wake Forest accounting graduates rank first in nation on CPA exam [WFU]

No Response to Your Application? A Reality Check

Over on ABCNews.com, Bob Rosner has a slightly cynical review of why you may be getting interviews, but no job offers. (Should I be surprised his take is a tad tough? The name of his column is "Working Wounded" after all.) Well, I've always been once of those sensitive guys, so maybe I just picked up on his tough, clear-eyed, and completely accurate observations.

Rosner's column is a good reality check. The job you've applied for may have been filled, an unscrupulous headhunter may be using fake job ads to build his resume database, or the company you've applied to may just be disorganized or rude. Take two minutes to read this.

Working Wounded: Why Can't You Get Hired? [ABCNews.com]

Speaking of Reality

This being a blog and all, I'd love to get any tips, story ideas, rumors, comments, criticisms (be gentle) or what have you. Post your comments to any story, or send an e-mail to mfeffer at jobsinthemoney.com.

Sign of the Times

The tighter the job market, the more companies want to stay on good terms with their former employees. The Associated Press ran a piece on this today:

Departed employees are courted with official employee alumni networks that offer electronic directories of former colleagues, job listings, continuing education, even discounted group insurance. Microsoft's alumni group rented the entire Seattle Aquarium for its after-the-holidays party last year. Accenture toasted its alumni with drinks and appetizers at New York's Museum of Natural History.

Alumni from Big Four firms gather online and off, I'm told by, among other people, a former Peat Marwick CPA who gets testy when he's not treated "right" by folks at successor firm KPMG.

Companies court former employees [AP via N.Y. Daily News]

Answers on Massachusetts Exam Eligibility

Beginning in January, CPA candidates in Massachusetts will be able to sit for the CPA exam after completing 120 hours of college-level education, instead of the 150 hours that has been required to this point. The Massachusetts Society of CPAs is quite pleased with the change, which it hopes will encourage more prospective accountants to enter the field. (Yes, you still have to complete a total of 150 hours of course work to practice, but you can at least get the exams done first.)

The MSCPA has posted a series of FAQs about the change, and certification in general, on its Web site. Also, for some background on jobs in the Boston area, see the article we published in November.

CPA Exam Regulation FAQs [MSCPA]
Experience in Demand for Boston CPAs [JITM]

Accounting Fraud Doesn't Pay

Former Enron chief executive and novice federal convict Jeffrey Skilling has a lot of time now to ponder what happens when what goes around comes around. Of all the press coverage yesterday about Skilling's reporting to jail, the tidbit I like best is this:

Inmates at the prison have access to exercise facilities including a basketball court, running track and a pingpong table. Like most inmates, Skilling is likely to be required to work in prison labor jobs such as food service, plumbing and painting, where he would earn 12 to 40 cents an hour.

That's a far cry from what Skilling earned at the helm of Enron -- more than $151.7 million from 1999 to 2001, the time span of the indictment.

So not only are multiple felonies bad for your career, they wreak havoc on your compensation too. One can only wonder what all the old Andersen hands have to say - and if you are one, please feel free to comment.

Ex-Enron CEO Skilling Reports to Prison [AP via Chicago Tribune]

Reznick Group To Open Los Angeles Office

Scott Farb, CPA, has joined Reznick Group and will lead the firm's expansion into Los Angeles as a managing principal. He'll also be responsible for growing the firm's commercial real estate practice. He'll hire between 20 and 25 new employees from the L.A. area initially, then grow the office "in the coming years." The office is in Century City, at 1888 Century Park East, Suite 1625, Los Angeles CA 90067.

Previously, Farb was principal in charge of Gumbiner Savett Inc.'s national real estate group. Before that he headed the national real estate practice at Rothstein Kass, and was a senior partner at Kenneth Leventhal & Company (and was partner in charge of its entrepreneurial services group before the firm's 1995 merger with Ernst & Young). He received his bachelor's degree from Hofstra University, is a member of the Urban Land Institute and serves on the board of the Southern California chapter of the National Association of Industrial and Office Properties (NAIOP).

Coincidentally, we posted a story on the employment landscape for CPAs in California last week. It's here.

Reznick Group Announces Its Expansion Into Los Angeles; Scott Farb, CPA Joins Firm [Reznick Group]
Accounting, Finance Professionals Sought in California [JITM]

Feeling Good - 117.2 Good

Could it be all the talk about wars for talent and too many jobs chasing too few candidates is making accountants and financial pros feel good? The Hudson Employment Index for accounting and finance professionals - which measures worker confidence in the employment market - spiked in November to a high for the year - 117.2, 10 points up from October. The survey also found 77 percent of accounting and finance workers are happy at their jobs, up from 72 percent in October.

A red flag, though: While 58 percent had a favorable view of their finances in November, the percentage reporting their finances were getting worse rose from 34 to 37 percent.

The index results from a survey of 9,000 U.S. workers conducted by the recruiting and staffing firm Hudson, a division of the Hudson Highland Group. It's one of those measures that can be a useful indicators of how people in the real world view employment trends. If you like numbers, dig in here.

Worker Confidence Increased Significantly in November [Hudson Employment Index]

What is Balance Anyway?

I'm not sure, but I'm wondering whether the pendulum is going to swing soon in discussions about work-life balance. The notion of improving balance is a cornerstone of recruiting in many accounting firms - at least the larger ones. Many smaller firms seem to regard it as one of those issues big concerns can afford to worry about while they make sure the bills get paid. The Wall Street Journal's Jared Sandberg points out that former GE chief Jack Welch wrote in his book Winning that "the work-life policies in the company brochure are mainly for recruiting purposes… People who publicly struggle with work-life balance problems...get pigeonholed as ambivalent, entitled, uncommitted or incompetent - or all of the above."

Sandberg writes about work-life balance in today's Cubicle Culture column in the Journal. He says that today, cell phones, BlackBerries and the like haven't so much extended the work day so much as they stirred work and home life into "a stew that often satisfies neither quarter." He then goes on to say that (a) the notion of completely separate work and home lives is a product of the 1950s and 60s, (b) people spend less of their life working now than they have in the past and (c) for many people work-life balance is really about blending work and home life through the course of the day. One financial consultant:

...sees farmers working long hours in the same way her great-grandparents did; they milked cows at 5 a.m. and fixed tools after supper. "They didn't see it as a work-home balance, it was just all the stuff you did," she says. "With technology, we have to relearn those skills that our great-grandparents already had."

One of the folks commenting on the story had this to say:

Pager, take home laptops, cell phones and the rest are oddly comforting. Before that all came along I used to login at all times of the day and night to make sure systems were up and tasks were getting completed. Now I login only when the pager or my boss goes off.

Good story, with a lot of food for thought.

Back to the Future:Mixing Work, HomeIs a Very Old Dilemma [WSJ - $]

The Essay You've Always Wanted to Write

Journyx - which provides time-tracking and project accounting products - will award a $500 scholarship to the U.S. graduate student who writes the best essay on… time tracking.

Interested students should contribute an essay of 1,000 words or less on one of the following two topics:

* Persuade someone who doesn't want to track his time on a per-product per-activity basis why it is in his best interests to do so.

* Describe a real situation that you've encountered where project oriented time tracking has made a positive difference in the world.

Don’t be intimidated. You've got until June 1, 2007 to come up with your entry. Details are here.

Last Week's Poll: The Disconnect

More than 60 percent of jobsinthemoney.com's users apply for jobs they're either over or underqualified for, according to the poll we ran last week. Only 38.8 percent said they apply for jobs that are a good fit. To drill down, about 21 percent said they apply for positions they're overqualified for. What really got my attention was this: 40.3 percent apply for jobs they know they're not a match for - they figure they can learn the job after they've been hired.

Well. I wonder how many can't figure out why they don't get responses to their resumes. Not many employers are interested in providing lots of on-the-job training if they can find a qualified candidate for a job. And if your credentials are way out of sync with a job's requirements, odds are managers and HR folks are simply going to think you're goofy for applying.

Dona Dezube wrote about this for JITM in August:

Before you reply, digest the job description and make sure you have the required experience and education, suggests Timothy Wujcik, chairman of Chase Winters Worldwide, a Chicago recruitment firm. He estimates about 10 percent of the candidates who e-mail their replies to Internet job postings don't do that. "We were looking for an individual with compensation of $450,000 and we received a resume from a candidate who was a messenger," Wujcik recalls as an example. "There was no correlation whatsoever between this job and his job as a messenger."

Tips for Responding to Online Ads [JITM]

Ready to Move Up?

How promotable are you? Or, more important, how promotable does your company think you are? ClearRock, a Massachusetts coaching and outplacing company surveyed 100 companies and found most of them think their middle managers are qualified to move up. A solid third, though, thought they were unqualified:

"At best, most companies rate their middle managers as being in the middle of the pack and sorely in need of the strategic thinking and leadership skills that will help raise them to the next level." said Greg Gostanian, a ClearRock managing partner.

Strategic thinking and leadership skills ranked as the top one and two skills companies believe that middle managers need to develop. Communication, developing direct reports and motivating people followed.

Where do you get these skills? The Louisville Courier-Journal says 25 percent of the companies are providing more coaching than they were two years ago, but another 25 percent are providing less.

One-quarter of companies are providing more coaching and management development than two years ago while another quarter are giving less management preparation. Instead, companies are spending more time developing employees who are early in their careers, according to Stevens.

Many middle managers viewed as not promotable [Louisville Courier-Journal]

Food for Thought on Wall Street

If you believe Wall Street's health is a barometer of the overall economy's, you'd best take a deep breath and read today's Financial News article on the plans investment banks have to cut jobs and make contingency plans for a possible market slowdown in the second half of 2007.

Most banks cut between 1% and 5% of their staff each year as part of performance reviews. In the past few years the cuts have been at the lower end of this range, as banks struggle to keep up with high volumes of business.

The head of one investment bank in London said: “We are applying greater economic discipline to our costs this year than for several years. We can only afford to pay our best staff competitively if we don’t waste money on those who do not deliver. For the past few years, the industry has been growing rapidly. While next year looks like it will remain strong for investment banking, there are concerns over the interest rate environment, trading profits and levels of leverage.”

One big US bank recently held an offsite meeting for its senior directors, where one of the sessions was called “Preparing for the Downturn”.

Earlier this year, the Securities Industry Association (now the Securities Industry and Financial Markets Association) estimated Wall Street's profits could drop 22 percent next year, and a number of investment banks have been tightening their belts lately through cost-containment programs or job reductions. All food for thought.

Banks get tough on performance [Financial News]

Doings in California

The job market for accountants and other financial professionals remains strong in California.

In Los Angeles, a robust 10 percent of CFOs expected to add staff while three percent anticipated cutting jobs. The net seven-percent rise was one point higher than the previous quarter's figure, and three points above the national average. In San Francisco, seven percent of the executives said they would probably add personnel. Three percent expected to reduce staff. The increase was one point higher than the forecast for the third quarter of 2006.

Net increases in San Diego and Sacramento were three and two points respectively - below the national average but still strong.

James Rubin takes a look for jobsinthemoney.com.

Accounting, Finance Professionals Sought in California [JITM]

Work-Life Balance in Action

MSNBC profiles CPA Allen Sheffield, who stepped off the partnership track of Coopers & Lybrand so he could spend more time working with a local youth ministry. He went to work in Kmart's auditing department - he loves accounting, but the long hours at Coopers didn't allow much time for ministry work. Then he worked full-time in the ministry until his former colleagues called:

In the summer of 2005, partner Mark Matthews asked if Sheffield wanted to meet for lunch to discuss the possibility of him coming back to the firm.

“I laughed at him,” he recounted, because he had already tried and failed to get the kind of flexible schedule he needed. “Mark told me things had changed.”

Sheffield decided to check it out, calling former co-workers and managers at the company to make sure they had indeed changed their ways when it came to work and family initiatives, and after discussing it with his wife, Paula, came up with a schedule that would fit his many obligations and proposed it to the managers at PricewaterhouseCoopers.

Be sure to read the comments that go along with article (they're here). Folks have posted good and helpful thoughts.

Chase your dream job, but keep your day job [MSNBC]

Struggling for GAAP Talent

"As businesses are becoming global, it becomes more difficult and complex within a company to structure the accounting function and skill sets. It's difficult to find personnel throughout the world familiar with local standards and U.S. GAAP."

So said Marsha Hunt, vice president and corporate controller at diesel engine manufacturer Cummins, during a discussion at the FEI's New York conference on current financial reporting issues. Writer Carol Lippert Gray was there, and reported on Hunt's remarks for jobsinthemoney.com.

The Need for GAAP Knowledge Overseas [JITM]

Off-Topic Post #2

At five o'clock last night, I'm walking through Grand Central Station when there's a jingle of bells and music begins to play. I stop in the middle of the concourse - which, if you've never been there, is this high, open, echoing space - and watch as a cascade of lights begin to fall along the walls. It a nightly holiday show, and it's quite lovely.

I took the picture below with my cell phone, from the top of the stairs by Park Avenue. The quality's not great, but to give you an idea of the scale, the series of horizontal white lights toward the lower left are the train schedules, which stand about 10 or 12 feet off the main floor. To see a larger version, click on the picture.

Finance: It's More Than Just Numbers

Accounting managers, tax directors, CFOs - I've heard all of them say that communication is important if you're going to get ahead. James Rubin spoke at length with Petter Wendel, chief financial officer of the investment firm Greystone & Co., about why that is.

You've got to work with people to pull together numbers and get financial statements out. Communicating what needs to be done is important. Secondly, a lot of the information we create in the accounting department is used by people who are not accounting types. Finding a way to communicate that information so it's useful is also important.

Communicating is Vital - Even in Finance [JITM]

Radical Retention Strategies

The single most impressive corporate campus I've ever visited is that of Best Buy, the retailing giant based outside of Minneapolis. When BusinessWeek describes the place as "ultramodern," it's not saying half of it. There are coffee shops, multimedia presentations playing in the walls, dry cleaning services, child care on sight, and an energy like you feel in top-end shopping centers.

Now Best Buy is in the midst of experimenting with a "results-only work environment," or ROWE. As BusinessWeek describes it:

Hence workers pulling into the company's amenity-packed headquarters at 2 p.m. aren't considered late. Nor are those pulling out at 2 p.m. seen as leaving early. There are no schedules. No mandatory meetings. No impression-management hustles. Work is no longer a place where you go, but something you do. It's O.K. to take conference calls while you hunt, collaborate from your lakeside cabin, or log on after dinner so you can spend the afternoon with your kid.

and

... arguably no big business has smashed the clock quite so resolutely as Best Buy. The official policy for this post-face-time, location-agnostic way of working is that people are free to work wherever they want, whenever they want, as long as they get their work done. "This is like TiVo for your work," says the program's co-founder, Jody Thompson. By the end of 2007, all 4,000 staffers working at corporate will be on ROWE. Starting in February, the new work environment will become an official part of Best Buy's recruiting pitch as well as its orientation for new hires. And the company plans to take its clockless campaign to its stores - a high-stakes challenge that no company has tried before in a retail environment.

The article goes onto to discuss how other companies have approached Best Buy to learn more about the strategy, with an eye toward adopting it themselves. For good reason:

Best Buy notes that productivity is up an average 35% in departments that have switched to ROWE. Employee engagement, which measures employee satisfaction and is often a barometer for retention, is way up too, according to the Gallup Organization, which audits corporate cultures.

I bring all this up because not only does Best Buy employ accountants, auditors and tax professionals (though there's no word on whether those departments are involved in ROWE just yet), but because the challenges the program addresses are the same as those faced by any number of accounting and auditing firms struggling to hang on to their people: Long hours, high stress, no life.

Best Buy smashes the clock [BusinessWeek via MSNBC]

Cool Under Fire

MassMutual and Harris Interactive conducted a survey to see if they could draw correlations between job descriptions and how nervous people are about potential disabilities, ie: the financial impact of, say, getting hit by a truck. Turns out accountants are pretty sanguine about such things. Just 27 percent would worry they'd never be able to work again in the wake of a disability, the survey found. This earns them the designation "Cool Cucumber." Advertising and marketing professionals are the ones most anxious about the impact. They get the tag "Nervous Nellies."

Can you just imagine the meeting where they came up with this?

Nervous Nellies and Cool Cucumbers [MassMutual]

Last Week's Poll

Thanksgiving kicks off the holiday season, and last week most of our users said they'll travel at some point between now and the end of the year. Their destination? Either a vacation spot or to wherever their family happens to be. Less than a quarter of those answering the poll on jobsinthemoney.com said they'll be working over the holidays. But more than 25 percent - 28.2 percent, to be exact - said they'll be job-hunting.

Do you plan to use the quiet of the holidays to plan or make a job move? Let us know. Add your comment by clicking on the link below.

Tax Departments Still Need Staff

KPMG released the summary of its 2006 Tax Department Survey, which includes this:

…attracting and keeping the right people - and enough of them - appears to be of widespread interest. Many executives report making headway in increasing the head count they now need for a more demanding environment. However, as more
organizations implement and plan an increase in full-time equivalents (FTEs) from the existing talent pool, the potential for people shortages seem clear.

In other words, tax departments still need accountants, and the need is widespread enough to continue the talent shortage a lot of tax directors have complained about in recent years. The survey also says "Staffing shortages are also cited as a significant issue in the struggle for fuller reporting in less time.

The report's 55 pages long and I'm just reading it now. I suspect there might be some more posts about it coming soon. Meantime, if you want to read it yourself, it's available in pdf format at the link below.

2006 Tax Department Survey [KPMG - pdf]

Recruiters and LinkedIn.com

Workforce Management profiles the networking site LinkedIn.com and how recruiters use it to connect with candidates. "LinkedIn is actively courting the headhunting set with new services. But new potential competitors are emerging and it remains to be seen whether business-focused networking sites will become central to most recruiters," writes Ed Frauenheim.

For those of you who haven't used it, LinkedIn is a networking site that's designed to connect people for business reasons. I've used it to find sources for articles, to re-connect with old colleagues, or sometimes just to browse around one industry group or another to see who's there. It doesn't replace old-fashioned networking methods like, say, coffee, but it can be a handy tool. And, I find, more and more people are using it from a variety of industries.

It’s hard to gauge exactly what percentage of recruiters have profiles on LinkedIn, given imprecise numbers for the profession. A few years ago, industry publication Recruiter Magazine Online estimated there were 200,000 internal, contract and human resources recruiting professionals working full time for corporations throughout North America, as well as more than 100,000 retained and contingency-based recruiters working at some 25,000 firms.

LinkedIn’s attractiveness to this population has a lot to do with not touting its recruiting role to most users. (Co-founder Konstantin) Guericke and four colleagues started LinkedIn three years ago with a vision of making money from professionals such as recruiters, attorneys and management consultants, who could benefit from a network of high-powered people by pitching their services or snaring job candidates.

The average LinkedIn member, however, would come to the site and use it for free to keep track of colleagues, arrange deals and otherwise make business connections. So far, the plan seems to be working.

LinkedIn’s membership doubled in the past year, and revenue at the site is growing at twice the rate of membership growth, Guericke says. The privately held company, which employs about 70 people, became profitable earlier this year.

Company Profile: Recruiters Get LinkedIn in Search of Job Candidates [Workforce.com]

Off-Topic Post #1

When you start a blog, everyone tells you to make it "personal." You know, include little tidbits about things that are interesting even if they're not necessarily related to your main topic. I don't want to muddy the waters too much, but sometimes I come across something that's just too good not to share.

So: For anyone coming to New York this holiday season - or sometime else - try out the Comfort Diner at 214 E 45th St, New York. Truly amazing milk shakes, and I want to publicly thank whoever came up with the idea of a pulled pork and cheese casadeia.

Here's a link with more information from Google.