Intermediate Accounting–every time I hear these words, I can feel a chill going down my spine. It is probably the most challenging class I have taken in my life; yet, even though I spend some sleepless nights trying to unravel the concepts of Intermediate Accounting, I still find myself enjoying the class. So what is it about this class that makes it intimidating yet enthralling at the same time?
Professor Lisa Koonce
ACC 380K.1 is the Intermediate Accounting class that every MPA student takes. Some MBA students also take the class under a different course number, ACC 380D, but the content is basically the same. The course focuses mainly on examining issues in financial reporting and how these issues affect investor’s and creditor’s decision-making. We learn how to form conclusions about the company’s operations based on the information they provided on their financial statements. Furthermore, this class teaches you how to use basic accounting concepts and principles on a larger scale and in a real-world perspective, which makes the course more complex and challenging. As the accounting industry shifts to the adoption of IFRS, we also learn how these accounting applications would differ upon the official implementation of IFRS.
Students are evaluated based on three exams that are very challenging, homework assignments, and team cases, which engage students in using concepts we learn in class and accounting standards to solve issues that have no conclusive answers.
Professor Lisa Koonce makes class discussion interesting by providing us with examples derived from an actual company’s financial statements. She has taught the course almost every year that she has been at UT. According to Professor Koonce, “The real challenge [in teaching the course] is that we go quickly, so [my] goal is to give the essence of the topic in a short time period, enough so that students can work problems on their own and come to really ‘appreciate’ the topic.”
Professor Koonce thinks that the hardest topic in the course is “Deferred Taxes–it’s the difference between two sets of rules (GAAP and tax) over multiple time periods. So differences of differences.” Continue reading Class Spotlight: Intermediate Accounting→
Fall recruiting is beginning to ebb, a second round of midterm exams is coming to a close, and Thanksgiving is less than three weeks away. After two and a half months of frantic rushing around and playing a seemingly sisyphean game of catch-up, I am seem to be getting the fall semester under control. With a summer and more than half a semester gone, here are a few big-view observations about my first academic semester in the MPA program.
The fall semester is front-loaded: In terms of time commitment and importance, the first month is the most significant of the semester, probably the most significant of the program. Most of the key foundation-laying material in the accounting classes is taught in the first month. Accordingly, there is a huge chunk of homework doled out in the first few weeks of class. Students who are enrolled in 2-credit Finance classes will have their first graded quiz within ten days. The first round of exams, including the first intermediate exam–it’s a monster–come four weeks into semester.
At the same time, recruiting is already in full swing by the end of August. First are the meet-and-greets, where firms hold information sessions about their available positions and offices. Then there are the actual job application deadlines and first round interviews, which generally fall between September and the first week of October.
Sorry for my late posting. I was in and out of connectivity all week. If you read my last post, you can see that I was traveling a lot last week. But after this week, life will return somewhat to normal as the formal fall recruiting season for public accounting comes to a close. It has been quite a ride this semester, to say the least.
I thought for this blog post I might give a little background into how I fell into the accounting world. It’s not often you meet someone who studied public relations and Spanish as an undergraduate who is now pursuing a graduate degree in accounting.
When I started college, I went in thinking I wanted to be a journalist. I loved writing, and I thought journalism would be a great way to see and experience many different things in life. And I still believe that. Though as anyone who has followed the media industry these past couple of years knows, faster and more modern forms of media are overtaking newspapers.
Knowing this, I quickly changed my major to public relations. Studying public relations allowed me to stay within the College of Communication while pursuing studies that I found interesting. I was always pulled more toward the promotion and marketing aspects of public relations. As such, I decided that it would be a good idea to complement my degree with a minor in general business.
Here is where the story starts to come together. In spring 2009, I enrolled in the Fundamentals of Accounting class that all business majors and minors have to take. It changed my life! Continue reading Accounting: My New Pursuit→
Two of the most respected professionals in the business field were having a conversation onstage and I couldn’t pass up the opportunity to become a part of the audience. Deloitte’s CEO Barry Salzberg was interviewed by Dean Thomas Gilligan through the Distinguished Speakers Series hosted by the Undergraduate Business Council. It was interesting to hear the insight of someone who truly excels in his field. After hearing him speak, I thought of Mr. Salzberg not only as a very intelligent professional, but a true leader that everyone should look up to.
The Leader
Mr. Salzberg talked about his very first job as a payroll clerk at the New York City Board of Education. From a young age, he was already acquainted with numbers, calculating teachers’ income. Because he was working for educators, Mr. Salzberg developed a passion for education and the value it brings to every individual.
Moving on in his career, Mr. Salzberg worked as a tax accountant. He established himself as the “go-to person” of clients and co-workers by being accessible and by teaching himself to be technically knowledgeable. He did more than just serve his clients; he took every opportunity to learn and broaden his skills. He even went to law school, not with the goal of practicing law, but to expand his way of thinking and be a better tax professional. This determination has catapulted him to become a partner. As a partner, he focused on working with people –promoting diversity, developing a harmonious environment, and being open to all kinds of people. He emphasized the importance of communication, transparency, and the ability to lead in difficult times as tools to become an effective leader.
Although Mr. Salzberg has been very successful in his field, he said that he also had made some mistakes in the past. Mr. Salzberg recalled an incident he encountered as a partner. He and his team had successfully resolved a major client issue, but he failed to communicate that to the then-chairman of Deloitte what his team had accomplished. This miscommunication caught the chairman off guard when he had a conversation with the client. Since then, Mr. Salzberg says has been enlightened to the true importance of communication, and of not catching someone off guard.
Having a leadership coach was also something that helped Mr. Salzberg become a more promising leader. As the CEO of a multibillion dollar company, there were some areas that he needed to improve on to become a better leader. He mentioned that he has been working with his leadership coach to handle dissenting situations more effectively. No wonder he shines not only in the accounting field, but in the leadership arena as well.
Deloitte and Globalization
Mr. Salzberg also talked about what differentiates Deloitte, LLP from other professional services firms. He emphasized the firm’s “breadth of competencies” and the “depth of services” it provides. It is also a culture-focused firm that has become more diverse through the years and has continued to keep up with economic globalization. Although the firm continues to face the challenge of uncertainty and strain on human resources, the firm maintains to provide meaningful service and participate in promoting the “interconnectedness of the world economy.”
Words from the Leader
Who wouldn’t want to seek the advice of one of the most respected professionals in the business field?
Mr. Salzberg mentioned the importance of having a mentor that provides one with objective advice and criticism. Mentors “broaden [one’s] experience base.” Mentors make a person realize things that an individual would not have seen otherwise. He advised the students to “have different mentors today than what you’ll have tomorrow” and that we must pick our own mentors and believe in their advice.
He also stressed the significance of having a work-life balance. Effective time management and planning are both very important. “You should not believe for one second that you have to choose [between the two].”
In terms of finding your place in the business world, he mentioned that the company you should pick is the one that “has passion for the cause of what you’re doing,” and must have the value set that matches your own.
Last, Mr. Salzberg affirmed the value of having a personal brand in order to stand out. “You need to be who you are–someone who really understands that they are a person unto themselves…and you know that person is somebody who is filled with integrity, sincere, no issues whatsoever about what they are saying. Somebody who has the trust of others, and who themselves is trustworthy.”
After a week’s hiatus, I’m back to address some questions that I have been asked by some third-year students. As my usual blog style, though, I’d like to talk about some of the week’s tidbits first.
Congratulations to Texas Basketball
Tristan Thompson (13) shoots over a defender.
Congratulations to the Texas Men’s Basketball Team for kicking off the season with two victories in the 2K Sports Classic benefiting Coaches vs. Cancer. Good luck this season, and I look forward to supporting the team in their next game against Illinois on November 18.
New Concept Statement?
Don’t look now, but it looks like Concept Statements No.1 and No.2 may be gone! Check out SFAC No.8, which was completed with collaboration from the IASB.
The Fed will Buy $600B of Treasury Securities
(Why is this important again? Umm, because we’re business students, and we live in this country.) The Fed announced last week that it will buy Treasury securities in an attempt to stimulate the economy. The hope is that interest rates will be pushed even lower, encouraging people to go out and spend. (Recall the composition of GDP.) There are concerns about what this policy will do to inflation and asset bubbles. Here is the Fed’s official statement, and here is an article to supplement it.
Anyway, onto the main topic.
What do I Talk About When I’m Talking With Recruiters?
Johnny Carson hosted The Tonight Show from 1962-1992.
There will only be one Johnny Carson, but that doesn’t mean you have the option to remain unseen and unheard during recruiting season. One of the questions I receive from third-year students is What do I talk about?! This is totally a valid question, and it’s more of an art than a science. From being there, I know that I had to somewhat reinvent myself in order to survive. From being the quiet guy in the corner to being a guy who would orchestrate the conversation, I’m going to relate what I had to do in order to escape anonymity in recruiting season.
First off, before telling you topics to talk about, know that I am not the best at this skill. The art of conversation is extremely difficult, and it is still something that I am learning today. (Just when I thought I had mastered the skill, I realized I had developed the opposite problem—I don’t shut up.) Learn from classmates who are really good at this. Second, I can’t stress the importance of being well-rested during recruiting events. You’ll be energized, and, perhaps even more importantly, you’ll be better able to think before you speak. There’s nothing worse than finally having the confidence to carry a solid conversation, and then blurting some faux pas….with confidence. You need to be mentally alert, and when you are, then you have the opportunity to get crafty and use elements such as wit, humor, emotion, etc. Continue reading Recruiting Series: I. What Do I Talk About?→
