Is it possible for auditing work to one day be outsourced like some of the IT sector has? Or do the various exams, credit hours etc prevent that?
We've slowly started outsourcing work already - the testing of documents clerically, the testing of journal entries for completeness and filtering the entries using certain criteria, independence work, rollforwards of prior year schedules,financial statement tie-outs, etc. I'd say about 10-15% of our work is being outsourced, and I can probably see it keep going up.
At the same time, I can never see it fully being outsourced since there is still a matter of face to face conversations with your clients to discuss accounting issues, to build relationships so as to increase the Firms' revenues, to make inquiries of key client personnel. Plus, in order for staff to go through the heirarchy and become partners, they'd probably need to understand all the procedures that an audit entails.
Are we completely immune from globalization? No, but I can't see the entire job being outsourced. Who knows, maybe the Firms will give it a shot and it will become the new normal. As of now, I like that such work is being outsourced, it frees up the staff to do focus on other areas.
Friday, 31 August 2012
bolstering your resume
I am graduating in December and it seems the big hiring season is in September. I don't know if I should apply in Sept. or after I graduate. The thing is, I only have like a 3.2 GPA so I don't know if that would get me an interview at a Big4. So I was going to start studying for the CPA exam and hopefully pass at least a couple tests so that I can put that on my resume when I apply. Would being able to put that you passed two sections so far help land an interview?
A 3.2 GPA is tough, but it depends on the school. If your college has a reputation for strict grades, recruiting lowers its GPA requirement. Otherwise it's usually 3.5 and up. The GPAs below 3.5 are usually references or have something unique that caught the individual's eye. So in your case, you can always apply in september, and if you don't get an interview, try again in december - this time with the CPA sections under your belt.
I also was looking to distinguish myself more since I have a light load this semester, I was thinking of taking a course that teaches you MS Access. Is that something that can be useful and look good on a resume for a Public firm?
Not really. Excel - absolutely, Access - sure it'll help, but not for recruiting. While we're at it - can everyone please take an advanced excel class prior to working? You can really differentiate yourself if you can.
I haven't done a public accounting internship or even an accounting internship, but this Summer I did an internship at Blue Cross Blue Shield in a Learning & Development department. Does that matter at all?
Any kind of corporate work experience will help, it's better than working at your nearby ice cream shop (nothing against ice cream shop employees). For intern applicants, it's not a big deal since you're applying to get your first corporate experience. For entry level hires, it's pretty important, and differentiates yourself from others.
A 3.2 GPA is tough, but it depends on the school. If your college has a reputation for strict grades, recruiting lowers its GPA requirement. Otherwise it's usually 3.5 and up. The GPAs below 3.5 are usually references or have something unique that caught the individual's eye. So in your case, you can always apply in september, and if you don't get an interview, try again in december - this time with the CPA sections under your belt.
I also was looking to distinguish myself more since I have a light load this semester, I was thinking of taking a course that teaches you MS Access. Is that something that can be useful and look good on a resume for a Public firm?
Not really. Excel - absolutely, Access - sure it'll help, but not for recruiting. While we're at it - can everyone please take an advanced excel class prior to working? You can really differentiate yourself if you can.
I haven't done a public accounting internship or even an accounting internship, but this Summer I did an internship at Blue Cross Blue Shield in a Learning & Development department. Does that matter at all?
Any kind of corporate work experience will help, it's better than working at your nearby ice cream shop (nothing against ice cream shop employees). For intern applicants, it's not a big deal since you're applying to get your first corporate experience. For entry level hires, it's pretty important, and differentiates yourself from others.
perception vs reality
A partner recently told me that she thinks a certain individual is on the partner-track, and somebody who she would mention to leadership amongst a few others. I was flabbergasted by this, because I worked with this individual for many years, and would not ever pick him voluntarily again, or hire someone like him if i start a new business. But why did this person have such a good reputation?
Because he was very good at manipulating perception...
There are many individuals who possess this trait. They spend a lot of their time chatting with others instead of working, and taking work from other engagements and calling it their own. They hear other people bring up issues on their engagements, and decide to bring it up to the partners without doing the research themselves.
Look, I have to problem with making sure you look good. To succeed, you sometimes have to do it. I just don't like it when you can't back it up with actual work, but convince others that you do.
Because he was very good at manipulating perception...
There are many individuals who possess this trait. They spend a lot of their time chatting with others instead of working, and taking work from other engagements and calling it their own. They hear other people bring up issues on their engagements, and decide to bring it up to the partners without doing the research themselves.
Look, I have to problem with making sure you look good. To succeed, you sometimes have to do it. I just don't like it when you can't back it up with actual work, but convince others that you do.
Tuesday, 14 August 2012
submitting resumes
I'm an Accounting major going into my senior year. I was wondering if you could touch on resumes, when to submit them, and interviewing. How early is too early for submitting a resume for entry level? I've heard some firms look for them the beginning of your senior year and for others that's too early. Any insight would be great.
Sophomore year - Submit your resumes for the Firms' special programs geared for Sophomores. These programs range from 1 day to 2 weeks depending on the Firm. If you get in here, it gives you an automatic interview for an internship.
Junior year - Submit your resume for a summer/winter internship during your junior year. This is key. You should do this if you have every intention of trying to get into public accounting. Interns are almost guaranteed job offers unless they do something stupid during their internships.
Senior year - If you didn't get an internship, it's not too late. Try again, the Firms still have slots for non-interns.
MBA part two
Going to tackle some questions that related to my previous post -
What are the chances of a CPA finding work in the financial sector without an MBA? And is the learning curve manageable, going from accounting to investments?
It's really hard to do so unless you have contacts in the investment world. You can always become a controller at one of the hedge funds or investment bank and then use your political skills to get into the investments side.
It is very rare to see someone go from public accounting to an investments type job without an MBA.
Don't worry about the learning curve. Heck, the ibanks love hiring from liberal arts colleges - most of these students have taken nothing in finance - just a few economics courses here and there.
If you really want to go into banking, get out - NOW!
Do auditors place well as far as top MBA schools go? Life/Work experience is THE most important factor in MBA admissions. You see banking/consulting people place at top institutions all the time. What about auditors?
I've seen auditors get into top schools, absolutely. You actually separate yourself from the bankers and the consultants since they comprise the majority of applications to these top schools. A big 4 name is nothing to sneer at. While we may not work the insane hours that bankers do, we get enough client experience and technical experience to conjure up a solid application to the top schools.
Are partners and senior managers willing to write a letter of recommendation, knowing that your intention is to leave and go to b-school?
Absolutely, but this is subjective. It really depends on your relationships with the partners and senior managers. While I'm sure they don't you to go, they'll certainly understand.
What are the chances of a CPA finding work in the financial sector without an MBA? And is the learning curve manageable, going from accounting to investments?
It's really hard to do so unless you have contacts in the investment world. You can always become a controller at one of the hedge funds or investment bank and then use your political skills to get into the investments side.
It is very rare to see someone go from public accounting to an investments type job without an MBA.
Don't worry about the learning curve. Heck, the ibanks love hiring from liberal arts colleges - most of these students have taken nothing in finance - just a few economics courses here and there.
If you really want to go into banking, get out - NOW!
Do auditors place well as far as top MBA schools go? Life/Work experience is THE most important factor in MBA admissions. You see banking/consulting people place at top institutions all the time. What about auditors?
I've seen auditors get into top schools, absolutely. You actually separate yourself from the bankers and the consultants since they comprise the majority of applications to these top schools. A big 4 name is nothing to sneer at. While we may not work the insane hours that bankers do, we get enough client experience and technical experience to conjure up a solid application to the top schools.
Are partners and senior managers willing to write a letter of recommendation, knowing that your intention is to leave and go to b-school?
Absolutely, but this is subjective. It really depends on your relationships with the partners and senior managers. While I'm sure they don't you to go, they'll certainly understand.
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