Academics, Career, Darrin, Student Life

2010

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Going home to four feet of snow and -26 degree weather was not exactly optimum conditions, but I would not have it any other way. This past Christmas break in Nebraska was the last time I would return home for an extended period of time. There will always be the occasional weekend trip or a few days here and there for the holidays, but no more “month long” vacations to a place that I have found to be so peaceful. I thought that leaving home would get easier as I got older…that I would be more prepared because I have had four and a half years of practice; I was so wrong. Dorothy had it right…there is no place like home.

And now 2010 is upon us, and 75 degrees with sunshine is not a bad way to start off the new year! Graduation is near, with only Non-Profit/Government Accounting and Strategic Control Systems standing in my way from finishing this 160-academic-hour trip. I am also beginning my CPA Exam studies; I would have liked to have started two weeks ago but an unfortunate mistake by Becker has set me back. I still believe I will have enough time to finish before work begins.

*Cough Cough* Speaking of work…I have a job…a career! WOOHOOOO! A year ago, in the middle of a terrible recession, I was sick to my stomach for turning down my full-time offer in hopes of finding something better. Friday, January 8, made it all worth it. I will be working for Ernst & Young in Dallas. Even more exciting is that I am doing a new joint program between Audit and Transaction Advisory Services (TAS), where I get to do a little of both for the first three years.

This year has started out great and I am grateful for the opportunities I have been given; I hope we can all finish out this year in the best of spirits (even those of us who are not graduating). Best of luck during the semester everyone.

Academics, Austin, Career, Darrin, Student Life

The Big Picture

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Many students come to UT knowing which major they wish to enroll in and which career field they hope to enter upon graduation.  A lot of these students change their minds, some multiple times.  At the same time, there are students who have no idea what they want until graduation is staring them in the face.  Each path is a product of choices and preferences and no one way is a best fit for all.

I entered UT knowing full well that I wished to be a MPA student.  My mind was set because of an experience I had in seventh grade and I even took two years of accounting in high school to confirm that I knew what I wanted.  I chose my school, my major, my career field and a lifestyle so long ago that I sometimes wonder…why was I so sure?

After a decade of striving after a childhood dream I look back and wonder; Did I do the right thing?  Is this really what I want?  Spring 2010 will be my final semester here at Texas and with only two classes standing between me and graduation…I search within myself for reassurance; reassurance that I have made the right choices and I will not leave with any regrets.

Five years of homework, group projects, pop quizzes, midterms, and late night three-hour finals…it has all become such a blur.  The only way I can justify years of hard work is by stepping back and looking at the big picture.  Sure, if I think of each day as just another day to learn GAAP, Porter’s Five Forces, Supply-Chain optimization formulas, and put-call strategies, only to be later regurgitated on an exam that can never fully test what I have learned…then yeah, I may walk out of here thinking that I wasted five years of my life and “$150,000 on a tuition that I could have got for $1.50 in late charges from the public library.”  This is a very bleak outlook on life and I refuse to be this way.  I refuse to think that I went a thousand miles from everything I ever knew just for a piece of paper with a fancy seal on it.

Looking at the big picture, I see that each remarkable professor that I have had the pleasure of learning from has shaped me in a way that a book never could.  I see that every group project and student organization I have been a part of has helped to develop team-building and leadership skills that are a necessity for successf in my career.  I see that this school’s reputation gives me an advantage over all others across this country.  I see that each day at this school was a puzzle piece to the most complex case study I have had to tackle yet, with the final corner piece to be placed on May 20, 2010.

The big picture is what has motivated me each day since I came to Austin.  Knowing that the MPA program is the best stepping stone towards my future goals, I am able to stay focused and driven to perform in class. Quoting Professor Lil Mills, a Tax Guru here at UT…”To all of you who are questioning your time here, I encourage you to step back and look at the forest, don’t get tangled up in the trees!”

Academics, Jaanki

Thinking Lean

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Jaanki Jeevan
Jaanki Jeevan

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.  😉

Bart, Career, Uncategorized

Three Months In

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I’ve been an associate auditor at a Big 4 firm for three months now, and am currently assigned to my third client, a nonprofit. My first two assignments involved public company interim testing, and this one is a 9/30/09 year-end audit.

Considering there will be a lot of year-end testing to do during busy season in January, February and March, I’m glad to be learning now how to do year-end audit work in what I think is probably a less stressful environment than the busy season will be. It’ll be nice to know to some extent what I’m doing when busy season starts.

There’s a lot to learn. I mean, from one perspective, most audit work sounds fairly simple. For Cash, you confirm account balances with the bank, tie and agree the comparative summary to the general ledger (or trial balance), examine the reconciliation, and look into any significant reconciling items such as deposits in transit or outstanding checks that haven’t yet hit the bank account. Sounds fairly simple. And it can be, especially if the client is organized and provides you with coherent, easy-to-follow reports and documentation.

But in large companies, there’s a lot going on and things can get more complicated, or at least seem so, by just the sheer volume of transactions and supporting documentation.

For example, let’s say you’re working on PP&E. You want to look at any fixed assets that were purchased or built during the year and added to the PP&E balance. So you get a detailed listing of fixed asset additions, make selections, and request supporting invoices, checks, requisition forms, etc. You want to see what the supporting documentation tells you about the additions. Were they approved? Were they added at the proper amounts and in the right period? These seem like fairly simple questions. Continue reading Three Months In →

Belem, Career

All about the perfect fit

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El Cerro de la Silla!
El Cerro de la Silla!

I feel like I haven’t written in a long time, and I am truly sorry for that, but these past few weeks have been pretty intense. I went to an office visit with a company I loved, had a second round of midterms, and even got to go back to Monterrey for a weekend.

Anyway, today I am really excited because I can finally say that my recruiting process is over. I accepted an offer to work for an accounting firm in Houston, starting in January 2011 (right after my graduation in Mexico).

It is not that I didn’t like the recruiting process; I liked being able to network with a lot people and I think a learned A LOT. Pretty much everything was new for me, but I am sincerely grateful for all the support I received from the people in Career Services. They all helped me review my resume a thousand times, answered all my doubts, and even helped me improve my interviewing skills with a mock interview.

What I am really excited about is the opportunity to work at a great company with great people. Throughout the recruiting process everybody says that finding a job is all about finding “the perfect fit,” but to be truly honest, I don’t think I really believed that. Right now, I can only say that they really mean it and now I understand why that is true. During one interview with one manager, she suggested that I look at the people in the company and the other interviewees and imagine if I saw myself working with them. Well, now I feel I found the place I fit in and the people I want to work with.

It all started with the pre-interview dinner, when one partner approached me by name. I know that I had my name tag, but I really appreciated that he had already seen my resume, he remembered me, and he was interested enough to remember my name and ask about my background. Besides, during the dinner I met a lot of people from the staff and I enjoyed talking to each of them. The next day I talked with two partners during the interviews and I ended up even more interested in the firm. After that, going to the office visit just made me want to work there even more.

Now you can imagine how excited I was when I received the offer, and even now, when I officially accepted it. I just can’t wait to be there.

MPA Student Life Blog