Monroe Shine & Co. CPAs

Politics- Not Just in Washington

2011-11-28T12:03:00.000-08:00

Office politics can be a tricky labyrinth for new professionals to navigate. You are fresh out of school (or still in school working as an intern) and full of optimism and, yes, maybe even a little naive about the world around you (I know I was). The sad truth may be that your new colleagues will capitalize on your lack of political experience, instead of coaching you through political landmines as this article suggests they should.

Often the best thing a new hire can do is lay low. Be friendly to everyone, but watch what you say until you know the office dynamics.

What IS the Best Way to Study???

2011-10-27T06:06:00.000-07:00

Eventhough you're past the SAT and ACT stage of life, the testing doesn't end. Besides your regular tests in class, many of you will start studying for the CPA exam, GMAT, or maybe even the GRE. As technology's influence on test taking increases, so do the "fail safe" methods/tricks for studying and test taking.

What foods are best to eat before a high-stakes test? When is the best time to review the toughest material? A growing body of research on the best study techniques offers some answers:
http://online.wsj.com/article/SB10001424052970204644504576653004073453880.html?mod=WSJ_hp_mostpop_read

Hope this is helpful!

Catch Up on Some Reading

2011-10-19T06:59:00.000-07:00

I ran across some really great articles today, and wanted to share:

The first one is great and timely since you accounting students are winding down interviews and getting back into your hectic school routine: "Five Tips to Manage Your 'Overwhlem' Level"
http://cpatrendlines.com/2011/10/16/five-tips-to-manage-your-overwhelm-level/?utm_source=iContact&utm_medium=email&utm_campaign=CPA%20Trendlines&utm_content=2011+10+19%3A+RU+vFF

Good news: "CPA Firms on Rebound"!
http://cpatrendlines.com/2011/10/04/rosenberg-survey-2011-cpa-firms-on-the-rebound/?utm_source=iContact&utm_medium=email&utm_campaign=CPA%20Trendlines&utm_content=2011+10+19%3A+RU+vFF

Even better news: "2012 Starting Salaries Set to Rise 3.5%"!!!
http://cpatrendlines.com/2011/10/15/2012-starting-salaries-set-to-rise-3-5/?utm_source=iContact&utm_medium=email&utm_campaign=CPA%20Trendlines&utm_content=2011+10+19%3A+RU+vFF

Happy Wednesday!

3,300 New Accounting Jobs!

2011-10-13T11:49:00.001-07:00

For all you accounting undergraduates, it looks like you picked the right profession! Things in the accounting world are looking up: http://cpatrendlines.com/2011/10/07/accounting-sector-adds-3300-jobs-in-september/?utm_source=iContact&utm_medium=email&utm_campaign=CPA%20Trendlines&utm_content=2011+10+12%3A+RU+v1

Looking for a Life? Look Past the Big Four

2011-10-05T05:51:00.000-07:00

Looking for a Life? Look Past the Big Four

Vault.com ranks accounting firms by “quality of life” issues.

Leading the way was Elliot Davis, which took the top spot in four categories, with WithumSmith+Brown and Deloitte each earning No. 1 rankings in three categories.

S&G Financial Services took the lead in two categories, and Armanino McKenna, PricewaterhouseCoopers, and Rothstein Kass each grabbed one top spot in this year’s rankings.

Vault.com calculates the “Accounting Quality of Life Rankings” by 15 areas, ranging from overall job satisfaction to diversity.

“Combined, Elliot Davis and WS+B ranking number one in almost half the categories underlines how strong some of the smaller accounting firms are when it comes to workplace issues,” said Vault Senior Finance Editor Derek Loosvelt.

“Although the giant Big-Four firm Deloitte is the industry leader when it comes to diversity, non-Big Four firms are leading the way in firm culture, job satisfaction, training, manager relations, and business outlook—important categories on which students and young professionals are increasingly basing their employment decisions.”

In the survey, accountants were asked to rate their own firms in a variety of categories on a scale of 1 to 10, with 1 being the lowest and 10 being the highest. A firm’s score in each category is simply the average of accountants’ ratings of their firms in that category. Vault’s rankings indicate the top firms in each area, offering jobseekers in this industry a tool to aid in their career search.

Based on their votes, the Top Ranked Firms in each Quality of Life Category are (along with quotes from employees at the firms):

Overall satisfaction: WithumSmith+Brown

“I have been with four CPA Firms, and the culture, caring, and professionalism at Withum is by far the best of the bunch. It truly is a great place to work.”

Firm culture: WithumSmith+Brown

“The firm really believes in creating a solid work environment for the employees. It is more of a laid back atmosphere while still remaining professional and focused. I believe it helps creating efficient and effective work.”

Hours: Armanino McKenna

“Armanino is very flexible regarding hours. As long as you get your work done we can take personal time as needed. Some days I leave early to be with my family and I make up the time on the weekend or by working a bit longer another day.”

Manager Relations: Elliott Davis

“The relationship between management and juniors is great. That’s the aspect I love the most about Elliott Davis. Our shareholders will stop by our offices and joke around all the time. They never seem to show their power and push anyone around.”

Formal Training: Elliott Davis

“We constantly look to improve our technical and professional careers. We have scheduled training for different levels. We provide in house and external training. We try to cover topics that are pertinent to our profession. We have formal coaching and mentoring programs to help develop our people.”

Informal Training: Elliott Davis

“People are always willing to sit down and show or explain how to do something.”

Office Space: Elliott Davis

“Very nice first-class office space in a very prominent and convenient area of Charleston.”

Compensation: SS&G Financial Services, Inc.

“I believe that I am compensated very well for what I do.”

Selectivity: PricewaterhouseCoopers

“In my opinion, the interview and callback process is very effective. The HR department keeps candidates updated on interview dates and times, and any changes on those. They are with you through the entire process and keep you informed of any updates on the interview results. The ideal candidate my firm is seeking is a responsible, straight-forward, hard working, and outgoing individual.”

Green initiatives: Rothstein, Kass & Company

“The firm is striving to develop more environmentally friendly policies and is implementing new initiatives fairly often, such as offering recycling drives for different materials like magazines, batteries, electronic devices. Often the firm couples these initiatives with contests that offer prizes to the winner.”

Overall business outlook: WithumSmith+Brown

“Company morale is high, as employees are excited to work for the firm and passionate about their work. Reports from management concerning competition seem to be positive and the company is constantly gaining new clients.”

Overall diversity: Deloitte

“Deloitte fosters an extremely diverse community with many internal groups, outreach programs, as well as other types of support.”

Diversity—Women: SS&G Financial Services, Inc.

“About one-third of the director group is women, which is amazing compared to where I’ve worked in the past and other firms I know about. Everyone is treated equally here.”

Diversity—Minorities: Deloitte

“Deloitte seems to definitely go out of its way to hire a diverse mix of employees, including women and minorities. Additionally, promotion is not affected by race or gender.”

Diversity—GLBTs: Deloitte

“I’m a gay employee and everyone I’ve dealt with has been completely accepting. The environment today at Deloitte is what we dreamed of 15 to 20 years ago.”

Posted September 30, 2011
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Interview With a Vampire??

2011-09-27T08:21:00.000-07:00

Interviewing is the most important aspect of the job hunting process. It is also one of the hardest parts to master because it is a very subjective thing. No matter what anyone says, there is no science to recruiting- just ask NFL scouts! The fact of the matter is, you have to make your interviewer like you (or at least not DISlike you!). The good news is interviewers are generally trying to get you to like them too (or at least not DISlike them!), so that makes your job a little easier.

The next couple of weeks are on-campus interviews for you accounting undergrads, so I hope you find this blog post timely. I want to keep it short and sweet, because I know you are busy and because I’m actually between interviews at the moment.

Keep these things in mind for your next interview:

1. As we have talked about- you are interviewing all the time, not just when you’re wearing a suit.

2. You need to “package” the experiences you have listed on your resume. If an interviewer asks, “So tell me about your time at XYZ?” they don’t want a laundry list of duties and tasks. Prepare ahead and “package” your experience with a pretty bow- a couple sentences about your role, but focus the most on what you learned and how you can apply that knowledge to a future role.

3. Be genuine and enthusiastic. It is important to be yourself; interviewers have seen it all, so they can spot a fake personality a mile away with their eyes closed. With that said, studies show that people favor others who are similar to them; therefore, it is also important to take your interviewer’s temperature. If they are a more laid-back person, you might consider taking your style down a notch and mirroring their energy level. The same is true if your interviewer is high energy- you want to keep your true personality but take your energy level up a notch.

4. Some companies ask behavioral questions (we never do, because you have a canned answer and I don’t want to hear it!) so be prepared. Take advantage of the fact that you already know what the questions will be and polish your answers. The idea is to appear effortless in your response- polished but not canned (even though it really is).

5. Interview your interviewer! With accounting firms, you will be doing pretty much the same work no matter where you go. You will also be spending the majority of your time with the people you work with (especially during tax season) so be sure that you are comfortable with and like the people you meet during the interview process!

GOOD LUCK!!!

Don't Pay More Than You Have To!

2011-08-31T08:27:00.001-07:00

Here is a great article about how to save money on those pricey textbooks!
http://www.kiplinger.com/features/archives/how-to-cut-your-textbook-costs-in-half-or-more.html

AICPA Student Competition

2011-08-30T09:47:00.000-07:00

AICPA Launches Second Annual Case Competition for Accounting Students

Undergraduates will test their fraud and forensics skills and compete for $10,000 top award

08.30.2011– New York – The American Institute of Certified Public Accountants today launched its second annual case competition, challenging college students across the country to test their fraud and forensic accounting skills in a complex scenario that will earn the top performing team a $10,000 award.

The 2011 AICPA Accounting Competition, which unfolds in three stages, focuses on a fictional Texas company looking to expand its business into the Nigerian oil fields. The competition is open to undergraduate students at 2-year and 4-year degree institutions in all 50 states, the District of Columbia, Puerto Rico, Guam, American Samoa, the Northern Mariana Islands and the U.S. Virgin Islands.

“The competition is an opportunity for students to get a hands-on, real-life understanding of one of the fastest-growing interest areas in accounting: fraud and forensics,” said Jeannie Patton, AICPA vice president for students, academics and membership. “Those who participate will hone their teamwork and leadership skills, deepen their understanding of financial risks in international business strategy and potentially bring national attention to their college or university.”

Teams may register and find complete details on the 2011 AICPA Accounting Competition section of the This Way to CPA website.

Contact:
Jonathan Cox
jcox@aicpa.org

See Whole Story:

http://www.pitchengine.com/aicpa/aicpa-launches-second-annual-case-competition-for-accounting-students/169383/

Do You Have What it Takes?

2011-08-25T06:03:00.000-07:00

Recently, the Indiana CPA Society published an article entitled "A Day In the Life" in their quarterly CPA INPerspective magazine. The article features Monroe Shine's past President, Dale Gettelfinger and "gives us a peak into a day in his life".

If you are wondering what it really is like to be a CPA in public accounting, you might take a look at this article. Sure, not every single day is like this, and I'm sure Dale spruced it up a little to make sure the article was a good read. However, it's not too far off. I work with these guys every day and am amazed at the amount of work/events/family time they are able to pack into a 24 hour day. I'm still not convinced some of them sleep, but they never complain or act like they are pulling a heavier load than anyone else. So, as you start back to school, I hope this article will help give you a sense of the bigger picture. It's not just about the classes you are taking now, it's about learning how to balance those classes with your social and extra-curricular activities, which make your resume look so shiny.

INCPA posted a You Tube interview with Dale as well! Take a look...

Resuménia

2011-08-18T09:45:00.000-07:00

Simply put, resume writing is torture. How do you make a resume that appeals to everyone? It is completely subjective. Which format do I use? Will my resume go in the trash if it’s over one page? Should I use color/different font to make it stand out? Should I customize each resume to match the potential employer’s logo? Or even make it pink and scented like Elle Woods (too much?).

Because you are accounting students, I know you are detail oriented. However, make sure the particulars of your resume layout do not preoccupy you too much. Most recruiters care less about how your resume looks, and more about what is on it. I’m sure your admissions office has gone over these tips with you ad nauseum, but let’s talk about them one more time, recruiter to student. What do recruiters look for?

1. GPA- the first little number a recruiter’s eyes scan for. That is not to say the higher the better, but we just want to make sure you make the cut- usually 3.0. I can’t speak for all recruiters, but in my opinion, if you meet our minimum GPA, we do not assume that a 3.8 will be a better candidate than a 3.1. Grades are such a small portion of what encompasses defines a successful accountant. If you have a 4.0 and cannot communicate, then you might as well have a 2.0. Bigger firms may be different, but for local/regional firms like ours, all accountants need to be able to communicate with clients and build their professional network. Besides, we’ll have to train you anyway, so what you learn in class really won’t get you too far.

2. Graduation Year- Most recruiter just want to know how much longer you have until you graduate. We usually will take interns that are between sophomore-senior year. I know some recruiters however will only take juniors or seniors. In my experience, the seniors don’t have a huge advantage over the sophomores. Classes only offer a small foundation of what you need to work on tax returns and audits. You will basically be starting from scratch no matter what classes you’ve taken.

3. Involvement- Can you handle more than just your course load? If not, we can only assume you won’t get involved in the community if we hire you. We are not interested in those who only want a “job” (8:00-5:00). We are looking for students who are eager to build a career- get involved and take leadership roles in the community and at the office.

Along the same line, a lot of resumes include a list of qualities, which is great. But, let’s be honest, if you say you are a self-starter, honest, dependable, and work well under pressure, but don’t give an example (use the work description bullet points) of a time you worked well under pressure then a recruiter won’t know how great you really are! (Example: Worked with a team to complete task XYZ with a two day deadline) Everyone has a list of great qualities, but few can demonstrate those qualities.

4. Job Experience- Depending on what grade you are in, you may have a lot or a little work experience. I like to see work experience no matter what/where it is. Being in school is drastically different from working. If you are starting in the work place cold turkey, it will take more time and training on our end to catch you up to speed. Accounting work experience is preferable. Working anywhere is drastically different from working in public accounting. So if you start working in public accounting cold turkey, that means more time and training on our end to catch you up to speed.

5. The Combination Factor- Basically, if you have a low GPA and no involvement/work experience, then your chance of getting an interview is slim. BUT, you might get away with a lower GPA if you have a lot of quality involvement/work experience on your resume.

6. Spelling/Grammar- This pretty much speaks for itself. Have someone else proof read your resume. You have looked at it too much and might not catch a mistake.

The bottom line is, everyone has a different opinion about what to put on a resume, and there are about a million different “silver-bullet” technics. But, at the end of the day, it is your resume and it reflects you. The best advice you can get is: keep it real.

More tips: http://www.dailywritingtips.com/resume-writing-tips/

If you have any questions or want to get my opinion on something, I am more than happy to help out!

Cheers!

Amelia Smith

Manager, Practice Development

asmith@monroeshine.com

812.945.2311

www.monroeshine.com

The Job Hunt… what an understatement

2011-08-11T07:10:00.000-07:00

Before getting into the actual blog post, I want to introduce you to Monroe Shine, this blog and myself. Monroe Shine & Co. CPAs is a full service accounting and consulting firm with offices in Louisville, KY, New Albany and Bedford, IN. I am Amelia Smith, the Manager of Practice Development, which basically means I head up the firm’s marketing, business development, and recruiting efforts. I love my job, but particularly enjoy the recruiting aspect. The purpose of this blog is to offer college students, specifically accounting undergrads, tips on recruiting, interviewing, and, in general, the transition between college life and the corporate world. I had my share of job hunting and job disasters, but was finally lucky enough to find a profession I love. The road is tough for most of us, and I hope to help you by sharing all the things I didn’t know as an undergrad and learned the hard way. So, without further ado, here we go!

The 2011/2012 school year is upon us, and Monroe Shine is gearing up for the fall 2011 recruiting season! It wasn’t too long ago that I was in college (no, I’m not that much older than you, so if you meet me on campus, please don’t call me ma’am). My biggest dilemmas were what to eat for lunch and finding a date for the upcoming football game... tough life. I knew that the task of finding a job came at the end of college, but it never occurred to me that the job market was about to crumble under my feet. I definitely wasn’t prepared to hunt for a job; we’re talking hunt like a caveman hunting a buffalo with a toothpick. Just getting an interview was an occasion worth celebrating at the finest steakhouse. And that was just the beginning of things. You face a day that is even more difficult. Jobs are scarce, and just as things started to look up, the market changed its mind. My intention is not to stress you out, but to sympathize and hopefully offer help.

Whether you are a sophomore or a senior, you are excited to get back to college life, friends, parties, and maybe even class… right? What you may not realize is that every party and every committee meeting offers just as much value as attending class. The people you meet in college (and their families, friends, etc.) are your ticket to getting a job after you graduate. Of course, I am not suggesting that you skip class to attend a party (I’m not allowed to say that) or that you make friends only with people who are well connected. But, what I am saying is- go. Just go. Go out and meet your friend’s friends; go to a meeting for a new organization; go to lunch with people; make connections! You never know who you will meet and what bonds you will form that will help you in the future. It might sound a little self-serving, but chances are your friends and connections will be asking for your help as well. We have to lean on each other in today’s world. Offer your hand to someone, and you will receive their hand in return.

At the risk of being too lengthy, (this blog also acts as a method of work-related procrastination) the following article not only inspired this blog, but it also offers excellent tips for networking and interviewing. There are 2 main take-aways from this article: 1. Networking is a way of life. 2. Job-fairs, internships, etc. are all just informal job interviews. Just because you’re not wearing a suit or sitting across the table from a future employer does not mean they aren’t interviewing you. And trust me, recruiters always remember who made a bad first impression!

The article that inspired this Blog: http://www.foxbusiness.com/personal-finance/2011/08/10/tips-for-young-professionals-on-how-to-become-master-networker/

Cheers!

Amelia Smith

Manager, Practice Development

asmith@monroeshine.com

812.945.2311

www.monroeshine.com