Category Archives: Academics

classes, degree planning, academic workshops, CPA exam planning and preparation

Thinking Lean

November 23, 2009 jaanki jeevan 5 Comments

Before I start spouting lean accounting ideas, here’s a brief introduction of the Lean Accounting Summit. It is an annual event where companies come together to learn about lean concepts that can be applied in their operations. Ten professor-student teams from different schools are also selected for scholarships to attend the summit, and this year I was fortunate to get the opportunity!

So, what is lean? It is simply the identification of waste and then the removal of that waste. It can be applied to any process within any function of an organization. This may sound really easy but what makes it such a hot topic? Companies today are so complex and there is resistance to change processes that are already seemingly functional. But as any lean proponent or company that has gone lean will tell you, it has a lot of benefits, some of them being cost reductions, empowering employees and reducing information redundancy.

If we need to identify waste we need to know exactly what it is. Waste is “non-value-added work.” Value-added work TRANSFORMS the MATERIAL or INFORMATION in a way that fulfills a CUSTOMER NEED. Any process or task that does not fit this description is basically waste and should either be eliminated or improved to a point where it does add value.

You must be wondering how all of this relates to accounting. Accounting is a source of a lot of information for the company. In order for this information to be relevant and useful to all other functions, lean is the way to go. There are two definitions for lean accounting: “Lean for Accounting” vs. “Accounting for Lean.” Lean for accounting is making the accounting function within a company lean and removing waste from its processes. Accounting for lean, on the other hand, is accounting for a company that is lean in their manufacturing so that production can make sense of accounting information. This involves modifying traditional financial statements to provide “Plain English Statements.”

Well, I think that is a lot of information to brood over. In my next post I will provide some examples of how companies have implemented lean and the benefits they have derived from it. Of course, the main content of this information is from the lectures at the summit and all the credit goes to the speakers. I’m just a medium to reach out to you fellow MPAs who are interested in lean ideas. I personally find it extremely interesting that just small changes can have huge savings and benefits over the long term. Just like a few more hours of exercise during the week can have a long-term effect. 😉

Academics, Grace, Student Life

Love the place that you study in!

November 18, 2009 grace yeh Leave a comment

It is hard to imagine that the second run of fall exams have already come to a close. After spending many days hiding from my furry roommate during the last two exam seasons, I have visited quite a few libraries on campus (and there ARE quite a few on campus!). I know that some people prefer to study at coffee shops or in their rooms. I prefer libraries mostly because I have problems concentrating for a long period of time (yes, the secret is out), and I need to be around people who are hard at work to force myself to stay on task. Plus, I can do without another excuse to drink more caffeine. Anyway, for the people who might have the same preference as I for the same or different reasons, allow me to share my thoughts on each library that I have visited below.

1. Perry Castaneda Library (PCL)

I like the PCL mainly for its convenience, because the West Campus shuttle picks up right in front of the PCL until as late as 10:23 p.m. on weekdays, which saves some walking for me when I am already tired from studying. Also, I have checked out a locker in the library that allows me to leave my textbooks and binders there. The PCL also has very long hours that could accommodate anyone’s schedule, though I have not stayed past midnight at the PCL. Finally, PCL’s policies on food and drink in the library are lax, so it is a good place for continuous studying. However, the PCL is sometimes too cold, especially on the higher floors. It is also in serious shortage of electrical outlets during exam seasons when everyone is vying for a table close to an outlet, which is not the most helpful when I need to be on my laptop. Furthermore, some of my friends have complained that they cannot stop sneezing when they are in the PCL if they are studying among the stacks. I guess being allergic to books definitely makes studying in a library like PCL somewhat more painful.

2. Architecture Library Reading Room

The architecture building is right across from the Texas Union, and the library has a side facing the lawn in front of the Main Building. The library itself is very beautiful with dark furnishing and plenty of natural lighting. Windows are important to me because I just need to have a piece of the gorgeous late autumn weather while I am studying. It also provides large desk spaces for people who like to spread their things out like me. However, one downside to this library is similar to that of the PCL, which is an outlet shortage. Another is that its hours are more limited, especially in the evenings and on the weekends. But, overall, the architecture library reading room is one of my favorite spots on campus.

3. Law Library

To be honest, I was only in the law library once to study, though it was a ten-hour stay. The law library opens earlier than most other libraries on campus on Sundays, so I trekked over there one Sunday before the first exam season. When I said I “trekked,” I really did. The law library is located past San Jacinto Blvd. on Dean Keeton St., which is unfortunately a good twenty-plus-minute walk from my apartment. It is also far from any food places that I am familiar with. The library itself has many tables and natural lighting. It was also a treasure trove of legal documents and periodicals, which are interesting to look at during study breaks. The thing I enjoyed the most about the law library is that it is definitely in no shortage of hardworking students. Once I saw the law students with the stacks of books by their laptops, I felt comforted by the amount of studying that still awaited me. However, evidently, the inconvenience of the library’s location from my usual whereabouts has kept me from visiting it again.

4. Engineering Buildings

The engineering library is also another option that is easily accessible to me, since it is on the West Campus shuttle route and not too far from McCombs. The library itself is smaller than some of the other libraries on campus, but it has plenty of large tables for students to work on. However, I spent my first finals reading period in Engineering Teaching Center II (ETC) on San Jacinto Blvd. and Dean Keeton St. There is a long row of cubicles along the eastern side of the building with windows that is an ideal studying location for me. Each cubicle has more than one electrical outlet and plenty of workspace. The temperature is comfortable in the building, and it has just the right amount of white noise and diligent students to keep me on track. I think I will reconsider this location for the upcoming finals this semester.

I hope the list gives some new options to other diligent MPA students who are getting ready for finals!

Note: All the pictures of buildings in this post are taken from utexas.edu.

Academics, Belem

Beyond those professionals

October 21, 2009 belem garcia Leave a comment

One of the most valuable things the MPA Program has to offer is its great faculty. In every class you have an outstanding professor with great experience in the subject and a true commitment to share that experience with the students. Besides, all the professors have an open door to students (whether it is during office hours, after class, or even via e-mail), so they really give you a chance to approach them with any doubts you have. I am really grateful that I have never been neglected an opportunity to talk to one professor and clarify my doubts.

However, seeing the professor in class or during office hours might not be enough to develop a positive, constructive relationship between students and professors. As part of the MPA Faculty Lunch Series, students are invited to have lunch with their professors so that they can meet in a more relaxed atmosphere. Last Tuesday I was able to attend a lunch with Professor Mark Bradshaw, from my Introduction to Assurance class.

I think it was a very valuable experience, since it gave me the opportunity to meet my professor outside the typical class environment and with only 10 more people in the room. This allowed for a more personal conversation, where we could talk about almost everything we wanted (from the professor’s professional experience to his life outside the university to the things we like/dislike about his class).

Sometimes it is easy to see professors just as proficient professionals highly commited to teaching you about a certain subject. However, I think my experience in the MPA has been far more valuable after learning to see beyond the professionals standing in front of the classroom, to see them as the persons they are, with many experiences that had lead them down this road. It is even inspirational to see how someone who started probably just as you are right now, has succeeded and accomplished many things.

I would highly recommend attending one of these lunches if you are presented with the opportunity of doing so. I will certainly do it again if I can.

Academics, Darrin, Student Life

Advanced – Well, it wasn’t ACC311.

October 14, 2009 darrin harvey Leave a comment

I still contend that Intermediate Accounting for MPAs (Not ACC 329) is the hardest class in the business school, but Advanced Accounting is no “walk in the park.” This past week was the first exam, or as Professor Deitrick likes to call it, “the first scrimmage.” Professor Deitrick is a phenomenal accounting teacher considering he was a math major and he uses a repetition based technique that drives his core points into memory rather effectively. He did a great job preparing us, especially with the use of a course packet with detailed examples and practice problems.

My technique was a little different than Natalie’s (see previous post) but my circumstances were different. Coming off an ITAC exam, TX/OU ticket draw, and continuous homework in all of my classes, it was difficult to start preparing a week in advance. I had kept up on all of my reading (each chapter twice), all the practice problems, and I never missed a class so I was able to minimize the need for playing catch-up.

The three days before the exam I really began to study hard-core for it, with problem after problem of practice. Is it weird to say that I find business combination accounting to be REALLY COOL?!?!?! Continue reading Advanced – Well, it wasn’t ACC311. →

Academics, Natalie

The Dreaded ACC380k.1

October 5, 2009 natalie jacobs Leave a comment

I am so happy, thankful, and somewhat surprised that I’ve made it to this Saturday, still alive and well. Several times over the past couple of weeks I have wondered whether that’d be the case. You see, Thursday night was my first Intermediate Accounting midterm, and I’ve heard horror stories about this class, not only from other recent MPA students, but also from my father, an ’82 graduate of the McCombs accounting program.

But as it turns out, it wasn’t so bad. For maybe the second or third time in my college career, I can truthfully say I didn’t procrastinate when it came to studying for this test. I started last Sunday, and tackled a different topic each day, doing practice problem after practice problem after practice problem. On the night before the midterm, I timed myself as I took the 2008 midterm 1. I felt pretty comfortable with it at 10:30 p.m. and decided the best thing I could do at that point was get plenty of sleep. If there was one important thing I realized by doing all the practice problems, it was that an all-nighter before one of these exams would be a terrible idea. Solving these problems certainly takes an alert mind!

The test was long. It was during dinnertime. And it was tough. But it wasn’t impossible, and I felt well-prepared.

My professor, Dr. Shuping Chen, has done a terrific job at preparing in-depth answers and explanations to ALL of our practice problems, and this really helped me study well. And because she gave us the first exam from last year, I was prepared for the format and level of difficulty of the exam. One of the things that motivated me to keep studying hour after hour was the level of detail that Dr. Chen put in to the solutions manual. If she was going to spend THAT much time and effort on answers to optional problems, then it must be important and I had better keep studying. Time and time again, I am thankful and appreciative of the professors in this program. There is a reason the MPA program is ranked No. 1! It’s very tough but also very well-taught.

So maybe ACC 380k.1 isn’t as terrible as everyone makes it out to be. Or maybe they make the first midterm easier so that we don’t all suffer anxiety attacks. Who knows! I’ll have my answer by October 29, the date of our second midterm.

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