Insight Magazine - Spring 2011

What do you see?

A partner who works as hard as you do.

You want to make your client’s vision a reality. So we make that our goal as well. Whether we provide treasury management, financing or simply act as a sounding board, we’ll help you be part of a success story. Because when your client succeeds, you succeed.

PROUD DIAMOND SPONSOR OF THE ILLINOIS CPA SOCIETY.®

d e x

34 Public Exodus

B y D er r i c k Li l l y

Why are public accounting pros looking for the exits?

38 Top Money Makers

B y Sel en a C h a vi s

Hot accountng careers set to sizzle

42 Six Reasons You Won’t Get the Job

B y K r i st i n e B l en k h o r n Ro d r i g u ez

10 Tax Insight Sellers Beware

B y Kei t h St a a t s, JD

Are you charging the proper sales tax?

12 Legislation Insight The Law of the Land

B y Ma r t y Gr een , E sq Challenge and change lie ahead for Illinois CPAs

14 Retirement Insight Fortune Hunting

B y Ma r k J Gi l b er t , C PA /PF S

A look at the unique needs of 30 to 50 year olds planning for retirement

16 Fraud Insight The Hiring Triangle

B y Brad Sargent, CPA/CFF, CFE, CFS, Cr FA , FABFA Use the principles of accounting fraud detection to land yourself your dream job

18 Promotion Eyeing the Corner Office

B y C a r o l yn Ta n g K m et Five things CFOs look for in the talent they groom to replace them

20 Management Do Good

B y D er r i c k Li l l y Why give employees time off for volunteerism?

24 Retention Best Incentives

B y Sh er yl N a n c e - N a sh

Four keys to winning and keeping the best and brightest accounting hires.

28 Networking Social Media Mixer

B y Lea h Jo n es

Logging on could mean a boost to your career and your book of business

32 Recession Transition People

B y B r i d g et Mc C r ea

Four ways to manage your career in-between jobs

4 First Word

A message from the Illinois CPA Society ’ s President & CEO 6 Seen & Heard News bytes, sound advice and practical business tips

For your department to tick, each piece has to fit. We get it.

Garelli Wong and Jackson Wabash are Chicagoland’s experts in financial recruiting and staffing.

Our team unites employers with the right accounting and finance talent for direct hire, temporary and consulting assignments. We look and listen beyond the job description, to combine the right skills with the desired experience.

To learn more about our dedication to finding the perfect fit, visit us on the web or call your local office.

FIRST W O R D

I N S I G H T S TA F F

Publisher/ICPAS President & CEO Elaine Weiss

Editor-in-Chief/Director of Publications Judy Giannetto

Creative Services Director Gene Levitan

Creative Services Manager Rosa Garcia

Publications Specialist Derrick Lilly

National Sales & Advertising Angie VanGorder

YGS Group, 3650 West Market Street, York, PA 17404

P: 800 501 9571 x176 F: 717 825 2171

E: angie vangorder@theygsgroup com

Circulation/Member Services Director Ron Jankowski

Editorial Offices: 550 W Jackson Blvd , Suite 900 Chicago, IL 60661

I C P A S O F F I C E R S

Chairperson, Robert E Cameron, CPA Cameron, Smith & Company PC

Vice Chairperson, James P Jones, CPA Edward Don & Company

Secretary, William P Graf, CPA Deloitte & Touche LLP

Treasurer, Daniel F Rahill, CPA, JD KPMG LLP

Immediate Past Chairperson, Sara J Mikuta, CPA Leaders Bank

I C PA S B O A R D O F D I R E C T O R S

Ann M Bourne, CPA, Ernst & Young LLP

Edward J Hannon, CPA, JD, Freeborn & Peters LLP

John A Hepp, PhD, CPA, Grant Thornton LLP

Geralyn R Hurd, CPA, Crowe Horwath LLP

Paul V Inserra, CPA, McClure, Inserra & Co , Chtd

Leif J Jensen, CPA, Leif Jensen & Associates Ltd

Kathleen M Kedrowski, CPA, Navigant Consulting

Michael J Maffei, CPA, GATX Corp

Elizabeth A Murphy, PhD, CPA, DePaul University

Michael J Pierce, CPA, RSM McGladrey Inc

J Bradley Sargent, CPA, Sargent Consulting Group LLC

Edward H Stassen, CPA, Golden County Food Holdings Inc

Reva B Steinberg, CPA, BDO USA LLP – Retired Consultant

Thomas L. Zeller, PhD, CPA, Loyola University of Chicago

CHANGE What a lightning rod of a word It has the power to inspire or intimidate, generate fear or excitement, all depending on our personal experiences But on a larger scale, change often signals progress, serving as a hopeful sign that an improvement lies ahead

The ability to change is essential to personal and professional success Chances are that all those people who grumbled through training sessions for a new word-processing program would never opt to revert to a typewriter

Change gives us the push we need to move ahead; changes in technology, design and the pace of our lives have prodded the ICPAS to make some changes on your behalf This issue of INSIGHT is one example of the kinds of changes you’ll be seeing from us.

INSIGHT is moving to a quarterly schedule, delivered in late April, July, October and January The timing is designed to be a better match for your work schedules (avoiding busy season pressures), and also to allow us to maximize advertising sales revenue potential The digital version of the magazine will now be produced using Nxtbook, the standard for digital magazines, which adds new interactive features like direct links to resources and advertisers, plus easier navigation. The digital version also will be viewable on an iPad and on smartphones such as the iPhone, Droid and BlackBerry

Enhancements also have been made to our ePublications They’ve been redesigned to be more visually appealing and contemporary, and formatted to make the news suited to your interests easier to find. All of our ePublications are now digitally cross-marketed. When you view one ePublication, links are provided to the others They’re also smartphone friendly and available via email or on our website. If you haven’t already done so, take a look at CareerSpace for career climbers, Newsfl ash for busy corporate leaders, Practi ce Advantage for members in public practice and Capi tol Di spatch (formerly Capi tol Assets), where all the latest regulatory and legislative news for CPAs will be provided monthly rather than quarterly

This issue of INSIGHT also welcomes two new columnists: VP of Government Relations Marty Green, who will keep us up-to-date on legislative and regulatory issues, and Grant Thornton’s Senior Manager, State and Local Taxes, Keith Staats, who will give us a new perspective on tax matters

The Society is here to help with the changes we’re all experiencing at our workplaces, in the profession and in the economy. If you’re ever feeling a little overwhelmed by all the changes in our world today, know you can always count on the Society to be there for you, providing a high level of quality content to guide you along your career path.

INSIGHT is the official magazine of the Illinois CPA Society, 550 W Jackson, Suite 900, Chicago, IL 60661, USA Its purpose is to serve as the primary news and information vehicle for some 23,000 CPA members and professional affiliates Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society The materials and information contained within INSIGHT are offered as information only and not as practice, financial, accounting, legal or other professional advice Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication It is INSIGHT’s policy not to knowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from its professional and ethical standards The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties about the products or services they may provide or their accuracy or claims The Illinois CPA Society does not guarantee

SEEN H E A R D

@Thriftitude: Financial Literacy on Twitter

The Illinois CPA Society has ventured onto Twitter for its latest financial literacy effort @Thriftitude provides links to interesting and useful personal finance information with the goal of increasing the public’s awareness of issues affecting their finances @Thriftitude also offers finance term definitions, information on local deals, and various tips and reminders to help people adjust their attitude towards saving, spending and managing money Start following at twitter com/thriftitude

New ICPAS Board

The Illinois CPA Society Board of Directors has a new line -up for FY2011 As of April 1, 2011, the officers see a partial roster rotation. Former vice chairperson Robert E Cameron takes over as chairperson, succeeding Sara J Mikuta, now serving as immediate past chairperson and the Society representative on the AICPA Council Former treasurer James P Jones succeeds Robert E Cameron as vice chairperson

Both Jones and Cameron will serve on the AICPA Council William P Graf takes over the secretary role from Daniel F Rahill, now serving as treasurer

Starting their first of a three-year term, new directors include Anna M Bourne, Paul V Inserra, Kathleen M. Kedrowski, Michael J. Maffei and Thomas L Zeller All other directors will continue to fulfill their full terms Retiring directors include Brent A Baccus, Lee A Gould, Cara C Hoffman and Annette O’Connor For more information, visit www icpas org

Stress Tests Needed

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Visit www freshbooks com for a free trial and complete overview

In a recent paper, Continual stress tests: Peace of mind for banks and regulators, Grant Thornton LLP [gt com] concludes that banks, bank holding companies and other financial institutions should conduct stress tests not solely in challenging economic climates, but rather on an ongoing basis Specifically, Grant Thornton believes financial institutions will be better able to analyze their risks and improve testing procedures, which in turn will better position them to control capital reserve requirements, core lending activity and loan portfolio performance, risk to deposits, and solvency expectations across different economic cycles

Grant Thornton also suggests that bank directors, officers and management teams incorporate differences across regions and other variables, to enable them to better identify asset concentration and credit quality, contagion risk, and overall capital structure and availability 8

Illinois nonprofits reporting delays in state reimbursements for services rendered Source: Urban Institute, Urban org

$16.6 trillion

Retirement assets held by Americans as of Q3 2010.

Source: www.ici.org

10 Signs of a Better Economy

According to Kiplinger ’ s Personal Finance Magazine, these dayto-day economic indicators offer invaluable insight into consumer and business sentiments So if you ’ re seeing or hearing about the following, chances are the economy really is improving:

1. Men’s underwear sales stabilize or rise.

2 Diners don’t skip appetizers and desserts

3 Web searches for “unemployment ” phrases decrease

4 Net revenues at baristas such as Starbucks increase

5. Rates for shipping and shipping supplies rise.

6 Car sales and taxi usage increase

7 Golfers play more rounds

8 More patients opt for cosmetic surgery

9. Casino revenues rise.

10 More couples split up

Looking for a Successor?

The CPA profession is in a state of change Fewer accounting grads are pursuing careers in public accounting Regulation overload and IFRS continue to create more challenges The CPA population is aging And there’s a feverish appetite for mergers and acquisitions With these factors in mind, the Illinois CPA Society has launched Project MATS (Merger, Acquisition, Transition and Succession) in conjunction with Accounting Transition Advisors Project MATS is a free on-demand

9 Ways to Get Tech Savvy

The Association for Accounting Administration’s 2011 paperless benchmarking survey results show that digital technologies continue to gain traction

service providing ICPAS members with content, advice, consultation, information, case studies and succession services This new service is dedicated to helping ICPAS members understand their practice value, gain knowledge of the succession and merger landscape, develop a basic plan for growth or succession, and enhance their potential for financial reward

Visit www icpas org/practicemanagement to learn more

7 Twitter Accounts to Follow

@IllinoisCPA: The official account of the Illinois CPA Society

@retheauditors: Francine McKenna is a Twitter powerhouse who writes about the Big 4 audit firms from Chicago

@sarajeang: Chicago -based Sara Jean Goodman is the assistant marketing manager at Advantage Futures

@kclmoneycoach: Kelley Long is a CPA in Illinois focused on financial coaching and personal finances

@uiucbusiness: Tweets from the UIUC College of Business

@allanschoenberg: Allan Schoenberg is the director of corporate communication for the CME Group

@taxgirl: Based in Philadelphia, Kelly Phillips Erb is a tax lawyer and blogger with more than 10,000 followers

Courtesy of Leah Jones, SpotOn, Inc

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Sellers Beware

Are you charging the proper sales tax?

Illinois retailers with multiple locations face uncertain territory when it comes to determining which jurisdiction sales should be sourced to, and therefore which tax rate to charge The financial impact of getting it wrong can be substantial In fact, the seller could be held accountable for any additional taxes assessed and that can run into the millions if not more

The Illinois “sales tax” is actually a combination of two taxes The Retailers’ Occupation Tax (the “ROT”) is imposed on sellers of tangible personal property. The Use Tax (the “UT”) is imposed on purchasers of tangible personal property. The basic state tax rate for both the ROT and the UT is 6 25 percent In addition, various units of local government are authorized to i m p o s e l o c a l r e t a i l e r s ’ o c c u p a t i o n t a x e s , w h i c h a r e administered and collected by the Illinois Department of Revenue (the “Department”) and distributed back to the local jurisdictions With certain limited except i o n s , t h e r e a r e n o c o r r e s p o n d i n g l o c a l u s e t a x e s . Rather, retailers are granted the right to collect reimbursement for local retailers’ occupation taxes from their customers

Keith Staats, JD is a senior manager of Grant Thornton’s State and Local Tax practice, based in Chicago. Keith previously served as general counsel of the Illinois Department of Revenue, where he was involved in the development of tax policy, the evaluation and review of tax-related legislation and the overview of tax-related litigation

To determine the proper tax rate to apply to a particular sale, the Department looks at the location in which the sale took place For example, a retailer located in the City of Chicago, with certain limited exceptions, charges the Chicago rate (9 75 percent), which is a combination of the state tax (6.25 percent for general merchandise), the Cook County Home Rule Tax (1 25 percent), the City of Chicago Home Rule Tax (1 25 percent) and the Regional Transportation Authority Tax (1 percent). A retailer located in Metropolis charges the Metropolis rate (6 25 percent) No local taxes are currently imposed in Metropolis

In situations where a customer simply walks into a store, makes a purchase and takes the product home, determining the proper tax rate is straightforward enough But when a seller has multiple locations, things become a bit more complicated For example, if a retailer has locations in the City of Chicago and Metropolis, a $100 sale sourced to Chicago results in $9 75 in tax, while the same sale sourced to Metropolis results in only $6 25

The Department’s rules step in when determining applicable local Retailers’ Occupation Taxes According to these rules, the basic standard for determining where a sale took place is that “enough of the selling activity must occur within the home rule municipality to justify that the seller is engaged in business with the home rule municipality with respect to that sale.” The Department’s rules further explain that, “[T]he seller ’s acceptance of the purchase order or other contracting action in the making of the sales contract is the most important single factor in the occupation of selling.”

In addition, the Department’s rules state that, “The Department will assume that the seller has accepted the purchase order at the place of business at which the seller receives the purchase order from the purchaser in the absence of clear proof to the contrary ”

F i n a l l y, t h e r u l e s p r o v i d e t h a t , “ [ i ] f a p u rc h a s e o r d e r i s a c c e p t e d o u t s i d e t h i s S ta te , b u t th e ta n g ib le p e rs o n a l p ro p e rty being sold is in an inventory of the retailer located within a home rule municipality at the time of its sale…the place where the p r o p e r t y i s l o c a t e d a t t h e t i m e o f t h e s a l e … w i l l d e t e r m i n e w h e r e t h e s e l l e r i s engaged in business for Home Rule Municipal Retailers’ Occupation Tax purposes with respect to such sale ”

Not surprisingly, sellers with multiple locations need to know, “How do I put these rules into practice?” “What is ‘enough of the selling activity’ for purposes of sourcing?” “How can I demonstrate that a purchase order has or has not been accepted at the location where I received the purchase order?” And “What will the Department consider ‘clear proof ’?”

For many years, the Department focused on the site at which the purchase order was accepted Savvy multiple-location retailers a n d t h e i r r e p r e s e n t a t i v e s t h e r e f o r e p u t together structures to source sales to lowtax jurisdictions Apparently in response to c o m p l a i n t s f r o m l o c a l g o v e r n m e n t s i n high-tax jurisdictions, the Department now takes a far closer look at the sourcing of sales, and has indicated that it will scrutinize whether more of the selling activity occurred at a location other than where the p u rc h a s e o r d e r w a s a c c e p t e d T h e e l e ctronic age has made determining where a p u rc h a s e o r d e r i s a c c e p t e d e v e n m o r e complex an undertaking.

Traditionally, a seller ’s staff will review o r d e r s t a k e n b y s a l e s p e o p l e , c o n f i r m i n g product availability and price In the case o f c r e d i t s a l e s , a c r e d i t m a n a g e r w i l l

r e v i e w a n d a p p r o v e t h e o r d e r. T h i s l a s t step in the process is often viewed as the “purchase order acceptance” for purposes of fixing the proper taxing jurisdiction As t e c h n o l o g y h a s a d v a n c e d , i n d i v i d u a l orders may not be reviewed individually. Companies have computer-based systems that automate the process. For example, a salesperson takes a telephone order from an established customer who has an open credit account The salesperson inputs the order information and the company computer system checks price, product availability and the customer ’s credit status. If the customer ’s purchase exceeds normal credit parameters, the order may be routed to the credit department for approval

N o w a s s u m e t h a t t h e c o m p a n y c r e d i t d e p a r t m e n t i s i n C i t y B , t h e c o m p u t e r server is located in City C, the company has salespeople located in Cities A, B, D and E and calls are routed randomly. Also assume that customers may order products o n l i n e w i t h o u t i n t e r a c t i n g w i t h a l i v e s a l e s p e r s o n , o r t h a t t h e y i n t e r a c t w i t h a salesperson via live web chat In these situations, what local tax should be charged a n d h o w d o e s a s e l l e r d e t e r m i n e t h e p r o p e r t a x r a t e ? I s i t d e t e r m i n e d b y t h e l o c a t i o n o f t h e s a l e s p e r s o n ? I s i t d e t e rmined by the location of the credit department? Or is it determined by the location of the computer server?

A January 27, 2011 Circuit Court case, Ha r tn e y F u e l O i l v D e pa r tm e n t o f R e ve n u e , h i g h l i g h t s t h e p o t e n t i a l f i n a n c i a l impact of a dispute over the sourcing of sales Hartney is a supplier of diesel fuel, g a s o l i n e a n d b u l k l u b e o i l T h e D e p a r tm e n t a u d i t e d t h e c o m p a n y a n d d e t e r -

mined that its sales were subject to state and local sales taxes in Forest View, Cook County, Ill., where Hartney’s main office is located, rather than being subject to state sales tax only, as dictated by the location of its sales office in Mark, Putnam County, Ill. Hartney was assessed $23,111,939 as a result of the audit.

H a r t n e y s u c c e s s f u l l y c h a l l e n g e d t h e D e p a r t m e n t ’s a s s e s s m e n t i n t h e C i rc u i t Court, which agreed that customers placed orders for products with sales represent a t i v e s a t t h e M a r k , I l l s a l e s o f f i c e , a n d that each sale was completed upon a sales r e p r e s e n t a t i v e ’s a c c e p t a n c e o f t h e p u rchase order at the Hartney sales office in Mark, Ill At the date of the writing of this c o l u m n w e d o n o t k n o w w h e t h e r t h e Department will appeal this decision

A s n o t e d b y t h e H a r t n e y c o u r t , t h e D e p a r t m e n t ’s r e g u l a t i o n p r o v i d e s t h a t , “ T h e D e p a r t m e n t w i l l a s s u m e t h a t t h e seller has accepted the purchase order at the place of business at which the seller receives the purchase order from the purchaser in the absence of clear proof to the c o n t r a r y. ” T h e c o u r t c o n c l u d e d t h a t t h e D e p a r t m e n t h a d n ’t e s t a b l i s h e d t h a t t h e sales should have been sourced to Forest View rather than Mark.

The case highlights the fact that the current regulations provide no bright line guidance, and this in turn causes potential exposure for retailers These retailers do have the option of seeking private letter rulings from the Department to confirm proper sourcing, although the Department has not issued many private letter rulings recently

The Law of the Land

Challenge and change lie ahead for Illinois CPAs

In this, the first of my legislative columns, I’d like to bring you up-to-date on some of the more dynamic legislative happenings impacting accounting and finance

First, the Senate recently passed the Patent Reform Act that addresses problems with tax patent strategies The measure now moves to the House Judiciary Committee The AICPA and the ICPAS worked closely in reaching out to Senators Durbin and Kirk to ensure their awareness of the profession’s concern in this area

Also, as many of you know, in the closing hours of the 96th Illinois General Assembly, both chambers passed an income tax increase of 5 percent for individuals and 9 5 percent for corporate (including 2 5 percent personal property replacement tax) Governors and mayors in neighboring states attempted to make hay out of the tax increase, essentially trying to lure businesses from Illinois with promises of lower corporate taxes A close analysis of the situation, however, reveals that their claims may have been exaggerated when comparing state and local taxes side by side

After many years of operating with a structural budget deficit, the General Assembly has taken steps to deal with Illinois’ fiscal woes. The tax increase legislation has many facets, including suspension of the net-operating-loss absorption, established spending limitations and reinstatement of the Illinois Estate and Generation-skipping Transfer Tax. The personal income tax rate will revert to 3.75 percent in 2015 and 3.25 percent in 2025. The corporate tax rate will revert to 7 75 percent in 2015 and 7 3 percent in 2025

Aside from the tax increase, legislators passed massive Medicaid reform legislation estimated to save the state more than $800 million over the next five years Medicaid currently costs Illinois in excess of $8 billion a year for more than 2 million participants That translates to an estimated 15 percent of the state operating budget

Legislators also considered a massive gaming expansion to provide the state with additional revenues The legislation failed to pass before adjournment of the 96th Illinois General Assembly, however Whether good or bad, the tax increase overshadowed the short-term focus on imposed service taxes, which were highlighted as a revenue generator by the well-known capitol political newsletter Capi tol Fax

Marty Green, Esq. is the Illinois CPA Society ’ s VP of Government Relations He previously served as executive assistant attorney general for Illinois Attorneys General Lisa Madigan and Jim Ryan, and as director of the Governor's Office of Citizens Assistance and assistant to the Governor for Public Affairs, both under Governor James Edgar A graduate of Western Illinois University and Saint Louis University Law School, Marty is a practicing lawyer and member of the Illinois Bar

Moving forward, the pendulum has swung both in Congress and the Illinois General Assembly, with the inauguration of the 112th Congress and the 97th Illinois General Assembly On the federal level, there’s an intense focus on the repeal of the onerous 1099 reporting requirements. On the state level, the Illinois CPA Society will be working to amend the Illinois Open Meetings Act, specifically seeking to add an exemption for narrow discussions between auditors and government entities.

Tax loopholes and tax rates will continue to be at the forefront of legislative scrutiny

In an interview with the State Journal Regi ste r , S e n a t e P r e s i d e n t J o h n C u l l e r t o n s t a t e d t h a t h e ’s “ w i l l i n g t o s l a s h t h e I l l i n o i s n e w corporate tax rate if Republicans are willing to look at modernizing the state’s tax structure, including expanding the sales tax base to services ” The Illinois Senate previously passed legislation that imposed a service tax o n 3 1 d i f f e r e n t c a t e g o r i e s ; t h e l e g i s l a t i o n failed to pass the House, however

In the closing hours of the 96th Illinois G e n e r a l A s s e m b l y, c o m p a n i o n l e g i s l a t i o n was introduced providing for a tax on specified services that didn’t include accounting or financial services As it happens, however, the legislation was not called for a vote in either chamber

C o n g r e s s h a s s e e n a n e w R e p u b l i c a n m a j o r i t y i n t h e H o u s e a n d a n i n c r e a s i n g focus on eliminating burdens on small busin e s s e s . A d d i t i o n a l l y, t h e r e a r e e i g h t n e w m e m b e r s o f t h e s t a t e S e n a t e a n d 2 4 n e w m e m b e r s o f t h e H o u s e A s o f t h i s w r i t i n g , t h e r e h a v e b e e n m o r e t h a n 4 , 0 0 0 n e w pieces of legislation introduced

Legislative leaders have expressed their desire to continue work on both education and workers compensation reform Clearly, there are many legislative challenges ahead for the profession both in Congress and in the State House The ICPAS Government Relations Office continues to work closely with members of the Illinois Congressional Delegation and the AICPA Federal Affairs Team on federal issues that impact the CPA profession, and also works with members of the Illinois General Assembly on state-level issues.

This past year, we saw great success with the retrenchment of the expansive Red Flags Rules, the pro-profession provisions of the Dodd-Frank legislation, the extension of the Registered CPA sunset and the adoption of peer review rules We will continue to advocate for the CPA profession, and I’ll keep you informed of developments along the way.

Succession Planning Services

for Illinois CPA Society members

The Illinois CPA Society, in conjunction with Accounting Transition Advisors, is here to help with Project MATS (Merger, Acquisition, Transition and Succession).

Project MATS is an on-demand service providing content, advice, consultation, information, case studies and succession services at no cost for members.

This new service is dedicated to helping you...

• evaluate your practice value

• understand the latest succession and merger trends

• develop a basic plan for growth or succession

• enhance your potential to realize a financial reward

Learn more and get advice from the experts at Accounting Transition Advisors today.

Visit www.icpas.org/practicemanagement or call Michele Haryasz at 800.993.0407, ext. 287

Merger, acquisition, transition and succession –big issues that keep practitioners up at night.

An independent consulting organization performing merger, acquisition, transition and succession services exclusively within the tax and accounting profession.

Fortune Hunting

A look at the unique needs of 30 to 50 year olds planning for retirement.

Mark J. Gilbert, CPA/PFS

is a principal in the financial advisory firm of Reason Financial Advisors, Inc

His 25+ years of finance and accounting experience includes 13 years in personal financial planning An ICPAS member since 1982, Mark currently serves in the Society ’ s IA/PFP Member Forum Group and on its Committee on Structure and Volunteerism

The whirlwind of financial events over the last three-plus years has proven to all that it’s never too early to start saving for retirement While techniques like flipping real estate, leveraging personal balance sheets and banking on consistent, double-digit stock returns have been used in years past to bolster r

have made it quite clear that it’s

order

Advisors need to encourage their clients, especially those in their 30s, to prudently plan, save and invest for retirement And if they ask why, tell them this: “The earlier you start investing in your retirement, the less you’ll have to set aside later, and the more your dividends and interest will be compounded ”

Build a Budget

S

budget and actually sticking to it, however, are probably the two hardest aspects of personal finance. Fortunately, although tracking and analyzing expenses can be a major chore for busy individuals, there are countless financial software packages and online tools available to make budgeting that much easier

How Much to Save

Once your client understands their finances, they’ll be able to determine where to trim costs, how much to set aside for current needs, and how much to set aside for the future

How much should your client save? For most, the answer is “as much as you can ” After all, it’s virtually impossible to precisely project the financial resources he or she will need in retirement, and the “how much to save” question is further complicated by the need to meet other financial goals such as buying a house, raising a family, saving for college, and so on Rather, simply encourage clients to prioritize retirement savings and educate them about the resources available to supplement savings for other goals

Auto-Pilot Retirement

Train your clients to think of saving for retirement as a budgeted expense, similar to a monthly rent, mortgage or utility bill In other words, get them to “pay” themselves rather than shuffling away whatever cash is left over at the end of the month.

By far the easiest option is for clients to set up automatic retirement savings payments much as they might for monthly cable or utility bills. Ideally, they should participate in an employer ’s 401(k), 403(b) or other qualified retirement plan Not only do these plans provide a simple way to set aside funds, but they also provide income tax savings on wages, taxdeferred appreciation, and the possibility of additional employer contributions.

For those not eligible to participate in an employer ’s plan, IRAs can be set up to accept regular contributions By establishing simple recurring fund transfers between checking, sav-

ings and investment accounts, any client can put their retirement savings plans on auto-pilot.

Reduce Debt

A good way to boost cash flow for retirement is to pay down or eliminate debt, particularly n o n - t a x - a d v a n t a g e d d e b t l i k e h i g h i n t e r e s t c o n s u m e r c r e d i t o r c r e d i t c a r d d e b t R a t h e r than allowing debt to burden your client’s personal balance sheet, encourage them to pay off t h e s e a m o u n t s a n d t o a v o i d a c c u m u l a t i n g credit card debt in the future.

Invest for Retirement

R e t i r e m e n t f u n d a c c u m u l a t o r s s h o u l d i n v e s t their retirement savings more aggressively than t h e y w o u l d t h e i r l i q u i d a s s e t s , w h i c h a r e n e e d e d f o r s h o r t - t e r m g o a l s o r o b l i g a t i o n s

Educate clients about the long-term benefits of investing their retirement assets more heavily in stocks or stock mutual funds with the goal of obtaining returns that can cover future withdrawals, taxes and inflation A personal financial planner can also help your clients quantitatively and qualitatively evaluate their investment risk tolerance

While investing more heavily in stocks carries greater risk and greater exposure to market fluctuations, this volatility can actually work in an investor ’s favor By making contributions to their accounts at regular intervals, they will be able to acquire more shares during market dips and achieve a lower average purchasing cost as prices eventually recover. For this reason, as long as clients are regularly adding to positions, stock market volatility is likely to be beneficial.

When investing in stocks, clients will sometimes ask what the best asset class is in which to invest. Retirement fund accumulators in particular are best served by investing in a divers i f i e d l i n e u p o f a s s e t c l a s s e s , i n c l u d i n g U S l a rg e a n d s m a l l c o m p a n i e s , i n t e r n a t i o n a l developed and emerging market companies, and possibly alternative investments such as REITs or commodities Historically, each asset c l a s s e x p e r i e n c e s p e r i o d s o f o u t p e r f o r m i n g and underperforming the broader market, and s o i t m a k e s s e n s e t o h a v e o n e ’s i n v e s t m e n t capital spread across each asset class

Keep in mind that all investors should keep some of their assets in fixed income vehicles, with the goal of providing some downside portfolio protection in times of economic stress.

By following these basic guidelines, retirement fund accumulators can both develop a n e s t e g g f o r r e t i r e m e n t a n d m e e t t h e i r o t h e r lifestyle and financial goals

The Hiring Triangle

Use

Statistics clearly show that today’s accountants make career moves with far greater frequency than their predecessors. Factor in a 9-percent plus unemployment rate and you have more accountants looking for new career opportunities than ever before So, you ask, what does this have to do with fraud and forensics? A lot. Using some very basic forensic techniques, you can differentiate yourself from the masses and get in front of the right people at the right time to open new doors

No matter where you are in your career, finding a new job involves some fundamental challenges: For example, finding the right contacts, figuring out how to get an audience with them, and, once you have y o u r f o o t i n t h e d o o r, k n o w i n g h o w t o “ s e a l t h e deal.” Applying a forensic accounting mindset and a few forensic methodologies can give you the knowledge you need.

Students of fraud detection are familiar with the concept of the Fraud Triangle, which identifies three key elements that have to be in place in order for a fraud to occur: Opportunity (having access to or control over the assets), motive (feeling pressure to commit fraud) and rationale (having a reason for committing fraud). Connect these dots in a fraud investigation and you can start identifying your fraud suspects

Now, what if you apply the Fraud Triangle to the hiring process? Let’s substitute “job” for “asset” and “hire me” for “commit fraud.” Who has access to or control over the jobs? How do I motivate them to see me? And, what reasons can I give them to hire me? Connect these dots and you can start identifying your career prospects

Brad Sargent, CPA/CFF, CFE, CFS, Cr.FA, FABFA

is the managing member of The Sargent Consulting Group, LLC, which specializes in forensic accounting and financial investigations. Brad is a frequent lecturer on forensics and fraud, and is chair emeritus of the American Board of Forensic Accounting He also serves on the Board of Directors of the Illinois CPA Society, and has been a member of the Society since 2002

First, who should you contact? Think like a forens i c a c c o u n t a n t Yo u n e e d b a c k g r o u n d i n f o r m a t i o n t o g e t started: What industry are you dealing with, where is the firm l o c a t e d , w h a t i s t h e f i r m s i z e b y h e a d c o u n t a n d r e v e n u e , what’s the ownership structure and who are the key players within the firm? Once you’ve found the organizations that fit your profile, identify the hiring managers. Sending a resume to the HR department might get the ball rolling, but sending your resume to the actual hiring manager by name may mean being called in for an interview rather than ending up buried in a stack of resumes Remember the Fraud Triangle: Who has access to or control over the job you’re after?

Second, how do you get their attention? Before I sit down to interview anyone in an investigation, I review the facts and outline the questions I want to ask I know the individual’s role in the organization, where they fit on the organizational chart, what their compensation structure is and even when they took their last vacation In other words, I am very prepared before I make the first contact.

T h i s p r e p a r a t i o n u s u a l l y g i v e s m e t w o d i s t i n c t a d v a n t a g e s : I t l e n d s a n a i r o f authority to my role if I point out factual errors in someone’s story during the interview, and I can play to the ego by complim e n t i n g s o m e o n e o n t h e g r e a t b u s i n e s s / process/system/team they have created or managed. Hearing “I see you’ve done your homework” is a tremendous compliment in forensics.

Getting on the hiring manager ’s radar involves the same process. Gather information about the organization and the individual you’re contacting. As a hiring manager, I tend to dismiss the blind resume email accompanied by a standard cover letter However, when the email feeds my ego (i e “I just read your column in INSIGHT ”), the sender has succeeded in getting my attention and I’m more likely to read the attached resume and respond to the email. Displaying knowledge of the organization and the hiring manager ’s professional background is a great way to get noticed

Third, how do you keep their attention? If you want to maintain interest in your candidacy, have a plan and be ready to engage Identify the goal and be willing to improvise along the way In this challenging labor market, just getting in front of a decision-maker is a formidable achievement

Asking direct, insightful and open-ended questions gets information flowing and shows that you are prepared and willing to listen (necessary qualities in a fraud investigation interview) One of the most basic questions a fraud investigator is taught to ask during an interview is “Did you do it?” On paper that seems like a simple task, but looking someone squarely in the face and pulling the trigger for the first time is not at all easy Asking for a face-to-face meeting,

or asking directly for the job, is no different in the employment context

Lastly, how do you get the offer? Today, s o l i c i t i n g a n o f f e r o f e m p l o y m e n t i s l i k e obtaining an admission of guilt in a forensic investigation; both require finesse, tact and a firm grasp of the facts Present your case and lay out what you know, leading the hiring manager to the logical conclusion that you are uniquely qualified for the position they need to fill. Be ready to ask for the job; it might be just the nudge that gets the offer on the table

If an offer doesn’t materialize, be persistent in your follow-up At certain points in an investigation, people with knowledge of bad acts are just not ready to talk. The successful investigator establishes a sense of inevitability that the truth will come out, and builds rapport based on that Stay in touch by sending brief, upbeat and creative messages, whether in an email or text, or by tweet or telephone.

Today’s labor market is extremely competitive and there simply aren’t that many jobs out there (yet) We accountants are in the “numbers game ” The rules might suggest that blasting your resume to a thousand people will increase the odds of a fair number of responses, which will increase the odds of a fair number of follow-up calls, which in turn will increase the odds of a greater number of interviews, etc Truthfully, though, the odds are not in your favor

Change the game! Target the job you really want, research the opportunity carefully, reach out thoughtfully and be patient and persistent At the very least, you will make new contacts and build your experience in career networking Best of all, you might just get that job.

Attend the 2011 Forensic Accounting Conference

June 8, 2011

Metropolitan Chicago Healthcare Council, Chicago, IL (8 CPE Credits)

Topics will include an analysis of legal and professional standards impacting forensic accounts; how they may provide value by serving as an expert witness or consultant; the financial analysis tools and techniques that forensic accountants can use on different assignments, depending on the complexities and needs of those assignments; how to determine lost profits and/or other economic damages; learning about the “ ex ante” and “ ex post ” methods of damages determination by looking at the case study, “Accounting for Janis Joplin’s Yearbook;” and gaining an understanding of the likely impact of IFRS on the work of forensic accountants in the years ahead The program will also have a session on ethics related to forensic accounting and will include one ethics credit as part of the eight CPE credit hours for the day Log onto www icpas org today to register

June 9, 2011 Milwaukee, WI

Deloitte Center for Multistate Taxation

✓A nationwide and regional perspective of the year’s most important state and local tax developments by the best in the business, including Frankel, Pomp, Gall, Kulwicki, Nachbar, Wethekam, Lindholm, Huddleston, Hardt, and Ertmer.

✓Expert insight into numerous money saving opportunities.

✓Cutting edge planning techniques being used in the nexus area.

✓Wisconsin Department of Revenue update on recent changes.

Eyeing the Corner Office

Five things CFOs look for in the talent they groom to replace them.

By Carolyn Tang Kmet

Stash Lisowski, director of business solutions at Accounting Management Solutions, Inc , says there are two distinct types of CFO a “Classic CFO” and a “Renaissance CFO ”

“The CFO of years ago, the Classic CFO, was focused on reporting the historical financial data of an organization These CFOs oversaw the accounting function to produce that data and an audit. They were also involved in compliance issues such as taxing authorities, bank covenants and other regulatory entities, as well as the preparation of information for the board of directors,” he explains.

Then the environment changed Scandals plagued the accounting industry, claiming companies such as Enron, Arthur Andersen and WorldCom. Regulatory changes, technological advances, shifts in the industry all these factors collided to irrevocably impact the image, role and wherewithal of the CFO

And so the Renaissance CFO was born

“This CFO is more forward-thinking; he or she is focused on looking ahead for the business The Renaissance CFO is generally involved in financial modeling, has closer interaction with the CEO and board of directors, and is a more integrated member of the management team,” Lisowski explains.

For aspiring professionals, the obvious question is, what does this new breed of CFO look for in a successor? We’ll tell you.

1. Integrity For All

Despite the rapidly evolving nature of the CFO role, the time-tested traits of honor, honesty and uprightness remain among the most sought-after qualities In fact, in a 2010 Robert Half International survey, one-third of CFOs stated that, outside of on-the-job expertise, integrity is top of the list for individuals they groom as future leaders

“Never compromise on ethics or integrity. It is highly unlikely your career can recover from an ethical lapse,” says James R Walker, Jr , CFO for Walch Education and a member of the IMA’s board of directors Walker believes that it’s the responsibility of the C-suite to set the ethical and professional tone of an organization, therefore leading by example When he considers potential successors to his role, he looks for competence, confidentiality and credibility However, “I look for integrity first,” he says, “then the technical competence and the ability to gain credibility with others I can teach or mentor someone on the latter two, but integrity cannot be taught ”

2. Circle of “Friends”

Practically speaking, a solid portfolio of contacts is critical Keith Ordan, partner at The Intersect Group, a finance, accounting and IT consulting and staffing firm with offices in Chicago, believes that, “A CFO successor must be able to build and manage external relationships with banks, vendors and external auditors.”

In essence, tomorrow’s CFO needs to be a people magnet, building a strong support structure both internally and externally. “They must be able to attract, motivate and retain top talent and have cultivated relationships with professionals outside the company who they can call for assistance and advice when appropriate, for example CPA firms, consultants, commercial loan officers, investment bankers, investors, law firms and industry peers,” explains Michael Shapow, senior vice president of Robert Half International

3. 360o Business View

It goes without saying, perhaps, that you have to be well-rounded to wear the CFO hat, and you have to have a history of successful senior-level leadership Included in your enviable list of accomplishments should be knowledge of capital markets, expertise in financial reporting, consistent profit growth or profit protection, and exemplary expense management strategizing

Added to the mix is an unquestionable understanding of the global marketplace “CFO successors will need to have the ability to help the company grow no matter the financial atmosphere

Marketing the firm and positive branding will be even more important than it is today,” says Marlene Putterman, CPA at NSBN LLP, Certified Public Accountants & Business Consultants, located in Beverly Hills, Calif. “The person who replaces me needs to be big picture oriented, but have a good understanding of the details ”

Walker expects future CFOs to be skilled in GAAP, IFRS and/or tax regulations; experts in risk management; and lifelong learners willing to mentor the next generation He says the role of tomorrow’s CFO also calls for mastery of soft skills, such as critical thinking and communication, and the ability to serve as a change agent capable of leading the organization through disruptive periods

4. Partners and Leaders

“It’s very important that a CFO successor have the ability to lead a company and people through periods of economic growth, while supporting the company’s needs for capital, processes and financial controls,” Ordan explains. “In addition, they must have the ability to lead through challenging economic periods, while protecting the bottom line To do both requires well-rounded experience and sound decision-making abilities.”

But “Perhaps the most important skill that the CFO has to have is something he or she didn’t learn in school,” says Ordan “Today, CFOs have to be good business partners to their companies.”

By this, Ordan means that CFOs have to be able to see beyond the finance function. “They really need to know and understand

company strategy, industry nuances and emerging trends that may impact the company, as well as global, national and local economic trends,”

he explains

In order to develop these qualities, Walker urges aspiring CFOs to “Volunteer for the difficult, different and new projects, and work very hard to make them successful This will sharpen all your techn

setbacks and failures.”

5. Resume Hot Topics

“A CPA and an MBA are usually must-haves, especially for CFOs in public companies. A JD is also good,” says Shapow. “Most aspiring CFOs would want to get experience with publically traded firms to gain exposure to SEC reporting, investor relations and the regulatory environment International, overseas exposure would make them even more marketable and valuable to an organization as we become more of a global economy ”

Furthermore, “To prepare oneself for the CFO role, take on leadership roles of key initiatives such as an ERP implementation, due diligence of a merger transaction, tax strategy sessions, a process improvement project, an outsourcing project, an office or plant r

Shapow advises.

In other words, you have to be pretty much ready for anything s o m e w o u l d c a

, needing to be in touch with every facet of the organization.

It’s a very tall order Will you be the one to fill it?

Do Good

Why give employees time off for volunteerism?

By Derrick Lilly

There’s a reason why leading businesses like Deloitte, Goldman Sachs, Eli Lilly and Intel a c t i v e l y s u p p o r t E m p l o y e e Vo l u n t e e r P r o g r a m s o r E V P s a n u m b r e l l a t e r m f o r e m p l o y e rorganized initiatives in which employees (and possibly their families, friends, retirees and even clients) volunteer their time and skills in the service of their community. Each year, corporate social responsibility grows in importance to shareholders, employees and consumers alike And, in turn, businesses are discovering that grassroots EVPs are one of the easiest and most cost-effective means to expand their socially responsible initiatives, make a real difference in their communities, and gain an edge in the marketplace. In fact, according to the Boston College Center for Corporate Citizenship’s State of Corporate Ci ti zenshi p Report, 84 percent of l a rg e c o m p a n y e x e c u t i v e s s a w d i r e c t bottom-line benefits from their corporate citizenship efforts

As Al Kutchins, CPA, president and founding partner of Kutchins, Robbins & D i a m o n d , L t d i n S c h a u m b u rg , I l l explains, “With all of the corruption in business and government, people find it refreshing to see a firm doing charit a b l e w o r k Vo l u n t e e r i s m c r e a t e s a good moral reflection on the firm ”

That positive reflection is exactly what firms need to build an identity that separates them from the herd. “Part of the challenge for professional services firms is that we all have a lot of proposal language that says all of the things we’re good at, but when you can actually demonstrate it, frankly, people get it,” says Cynthia A. Pierce, CPA, partner at Crowe Horwath LLP, Chicago “There are advantages to supporting volunteerism You certainly get broader exposure, and business promotion is a natural side benefit ”

However, warns Pierce, partner-incharge of Crowe Horwath’s national Not-For-Profit and Higher Education practice and chair of the Crowe Foundation, firms merely looking for a quick boost in publicity “run the risk of appearing phony if they’re considering volunteerism as a form of business promotion without a genuine interest in it.”

Truthfully, the firms that gain the most from their EVPs are the ones that integrate these programs seamlessly into their company culture. “We have to lead by example,” says Pierce. “Our actions are much more important than our words What we do is so impactful on our younger staff and management team, and that impact is significant to the growth and development of our staff ”

In fact, findings from Deloitte’s V ol unteer IMPACT Survey reveal that 91 percent of Fortune 500 HR managers consider volunteering business skills or expertise to a not-for-profit organi-

zation a successful means to further develop an employee’s business skills And research c o n d u c t e d b y T h e C o n f e r e n c e B o a r d i n d icates that community involvement enhances employees’ skills in written and verbal comm u n i c a t i o n ; o rg a n i z a t i o n a l a n d t i m e m a nagement; listening and negotiating; accountability and assessment reporting; objective p l a n n i n g ; b u d g e t i n g a n d a l l o c a t i o n ; a n d stress management.

Really, what better or more affordable way to advance and diversify an employee’s skill set, particularly for time- and revenuepressed small firms?

T h i n k i n g s t r a t e g i c a l l y, f i r m s c a n c h o o s e volunteer projects or structure their EVPs to a c h i e v e p r e d e f i n e d p r o f e s s i o n a l d e v e l o pm e n t g o a l s C r o w e H o r w a t h ’s l e a d e r s h i p d e v e l o p m e n t p r o g r a m , f o r e x a m p l e , “ p r esents a great opportunity for individuals to find an appropriate board position, and those experiences are very effective in overall leadership development,” says Pierce “A professional’s willingness to volunteer is a sign that they’re not all about themselves Those are the ones who become effective team members and ultimately effective leaders ”

Furthermore, you can count higher morale, loyalty, motivation, job satisfaction and teamwork among an EVP’s benefits “When you volunteer, you see firsthand that it helps employees build esteem and camaraderie,” says Kutchins

“While it’s not readily measurable, it’s evident that our programs have a very positive impact on our staff,” Pierce adds. “We are constantly working at different client locations, so one of the challenges is for our people to feel like they are part of something and r e a l l y p a r t o f a t e a m . Vo l u n t e e r i s m h e l p s them see what they have in common, it helps t h e m f e e l m o r e i n v e s t e d i n w h a t t h e y ’ r e doing, and it makes all of us more effective team members ”

Firms also can expect to see direct benef i t s t o t h e i r r e c r u i t i n g e f f o r t s A c c o r d i n g t o T h e C e n t e r f o r C o r p o r a t e C i t i z e n s h i p ’s report, Maki ng the Busi ness Case: Determi ni n g th e V a l u e o f C o r po r a te C o m m u n i ty Invol vement, companies that support corporate community involvement programs cons i s t e n t l y w i n b a t t l e s f o r t a l e n t , a n d t h e i r higher retention rates reduce the costs associated with recruiting and training

“We think our recruitment and retention b e n e f i t s f r o m t h e i n c r e a s e d m o r a l e a n d camaraderie as a result of our volunteer program,” says Edilberto Ortiz, CPA, managing p a r t n e r o f E C O r t i z & C o m p a n y L L P i n

C h i c a g o “ O v e r t h e l a s t t w o y e a r s we’ve seen very wide participation at o u r f i r m O u r p r o f e s s i o n a l s r e a l l y embrace the idea of volunteerism and i t h a s b u i l t s t r o n g e r r e l a t i o n s h i p s among them ”

Evidently, there’s a clear business case for establishing an EVP at your firm. Truthfully, there’s really no reason not to An EVP will change the dynamic of your firm It might just help to build your firm’s reputation, expand your book of business, sharpen employee soft and technical skills, reveal natural leaders, encourage a team culture, and positively impact your firm’s bottom line What’s more, the community your EVP serves will be better off as well

“ T h i s i s m o r e t h a n j u s t b u s i n e s s ; there’s a lot that’s personal in what we do,” says Pierce. “When we’re all connected to this common denominator of wanting to give back, it makes the profession a lot more fun ”

Establish an EVP at Your Firm

Take note of these tips from leaders who have found Employee Volunteer Program success

Do it for the right reasons: “I don’t think you can do charity work looking for benefits,” says Kutchins “ You have to do charity work because it ’ s the right thing to do ”

Align it with leadership: “ Volunteerism has to be part of your firm’s culture,” Pierce stresses “If our partners weren’t supporting this there would be a conflict ”

Identify common ground: “ We surveyed the whole firm when the Crowe Foundation was initially established and we learned there was a common theme in our passions and interests,” says Pierce. Be flexible: “ You aren’t successful if you push people into doing things versus being supportive of their ideas,” says Kutchins

Show support: “Any team member who wants to participate in a charity or volunteer project we support financially and time -wise,” says Kutchins “Our goal is for our employees to know it ’ s part of what they are supposed to be doing as a member of the firm ”

Get others involved: “ We send out over 1,000 poster kits to our clients and business associates to help support our annual toy drive,” says Kutchins. “It ’ s a good way to get everybody involved at an easy level Our clients enjoy it; it ’ s a feel-good way to participate ”

Don’t be afraid to ask for help: “ We had been trying to organize an employee volunteer program for a long time Because of the resources from the Illinois CPA Society ’ s community service arm, we were able to identify the opportunities needed to make our program work,” says Ortiz

If you need help identifying volunteer opportunities for your firm, or want to learn about the many opportunities available through the Illinois CPA Society, contact Jill Wiles Wolf, public service manager, at wilesj@icpas org or visit www icpas org/volunteer htm Also, turn to page 48 for the latest on the ICPAS volunteer community

Best Incentives

Four keys to winning and keeping the best and brightest accounting hires.

By Sheryl Nance -Nash

Gain the Hiring Edge

n Show instead of tell It ’ s one thing to say you offer career development; it ’ s another thing to show it

n Get up to speed on technology Make good use of social media in the hiring process and as a way t o m a r k e t y o u r f i r m Re m e m b e r t o t h i n k l i k e t h e generation of worker you ’ re after

n Go for the accolades There are all sorts of “ best places to work ” lists out there Get on one

n Toot your own horn Simply put, says Hall, “ When it comes to recruiting you have to play hard, just like you do when you ’ re trying to win business ”

Hiring is back...well, sort of. The national unemployment rate in December 2010 was “only” 9.4 percent the lowest of the year. While no one is predicting an onslaught of activity, finally there may be a few doors opening

In fact, a net 2 percent of CFOs interviewed for the Robert Hal f Fi nanci al Hi ri ng Index said they planned to hire full-time accounting and finance pros in the first quarter of 2011 Though modest, that number is the strongest showing in more than two years

“As business needs rise, companies are more open to hiring on both a fulltime and temporary basis,” said Max Messmer, chairman and CEO of Robert Half International in a prepared statement “Some firms that made deep personnel cuts are now finding their teams are too lean to maintain quality service and meet increased customer demands.”

For the first time in what may seem like forever, companies will need to gear up to attract and retain the best and brightest accounting talent The milliondollar question is, what will it really take to capture the attention of these superstars? After all, “Hiring is a different story for the best and brightest They will ask, ‘Why should I work for you? I have five other offers,’” explains Dave Bergstein, a CPA and director of strategic relationships with CCH, a Riverwoods, Illinois-based provider of tax, accounting, audit information, software and services for professionals Firms will need compelling answers to that question

1 Offer Outside-the-Box Benefits and Perks

An Accountemps survey released in late January revealed that companies are sweetening the pot with a variety of non-monetary benefits, including subsidized training and education (29 percent); flexible schedules or telecommuting (24 percent); mentoring programs (24 percent); matching gift programs (13 percent); free or subsidized lunches or snacks (11 percent); onsite childcare, dry-cleaning, fitness center or cafeteria services (11 percent); subsidized transportation (10 percent); subsidized gym memberships (9 percent); sabbaticals (8 percent); and housing or relocation assistance (7 percent).

“On the heels of the recession, perks are a cost-effective way employers can reward and retain staff and attract new employees,” said Messmer. “The most popular incentives are those that aid in career development and give employees some control over their work schedules ”

Flexible work arrangements cost little to implement, but show that a company values its staff ’s work-life balance demands Quite frankly, “Businesses need to understand the importance of work flexibility Technology allows us to work nearly anywhere and at any time Employers need to place more emphasis on results and less emphasis on time spent in the office,” says Dallon Christensen, CPA, CMA and president of the IMA’s Illowa (Illinois and Iowa) Chapter

Being family friendly goes a long way. “People want to be able to work from home sometimes,” says Bergstein, who spends a lot of time at conferences and firms asking partners about their recruitment and retention best practices. “Once some people get their CPA certificate they leave public accounting and go to private because of the work-life balance issue,” he explains 8

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2. Instill the Value of Values

“Often the best and the brightest want to be a part of something they believe in They want to represent a product or service that they can be proud of It’s not all about the money for the best accounting talent, although that doesn’t hurt,” says Kimberly Gottschalk, regional vice president with Accounting Principals, a Chicago recruiting firm specializing in finance and accounting Wi t h o u t a d o u b t , a f i r m ’s g r e e n a n d social responsibility initiatives do not go unnoticed “Our firm has gotten greener over the last few years and we have plans this year to measure our carbon footprint for the first time Our people are involved in this issue and they are asking the firm where we are on them,” says Grant Thornton’s Midwest Regional Managing Partner Mike Hall.

That green spirit goes hand in hand with the concept of volunteerism. “Our mission is to make a difference every day, to give b a c k t o t h e c o m m u n i t y. We e n c o u r a g e volunteerism, individually and in groups,” Hall explains.

Furthermore, according to The Do W el l D o G o o d P u bl i c O pi n i o n S u r v e y o n Cause- Marketi ng & Corporate Soci al Responsi bi l i ty, 90 percent of people aged 18 to 25 say that companies should give back financially “If companies want to recruit the next generation into their workforce, they better be able to address the fact that their recruitment pitches will fall on deaf ears if the company isn’t able to meet this expectation,” says James Epstein-Reeves, president of Do Well Do Good, a consulting firm in Chicago

3. Mature Your Mentoring

It’s not just show me the money Rather, it’s “show me my path ” “There is a desire to move up the ladder faster and faster,” says Bergstein. Smart firms will have the troops in place to provide career guidance.

“Candidates always want mentoring, particularly the younger Generation Y workers. The more mentoring a company can provide, the better,” says Gottschalk. However, the reality is that many companies don’t have enough resources to do a great job with mentoring or sponsorship programs because they don’t have a large enough, mature workforce to mentor the younger, Gen Y talent, she says “I believe it is critical to invest in the less tenured talent, in whatever form makes the most sense

for your company. It is also necessary to explain to newer employees that they create their own destiny, and if they are not getting timely feedback, they should ask for it in a professional and tactful manner.”

Hall calls it “empowerment,“ explaining that, “You have to be able to show junior a n d s e n i o r c a n d i d a t e s t h a t y o u h a v e a high-performance culture, that you are a premier learning organization You have to empower all employees to make a differe n c e w i t h c l i e n t s , t h e c o m m u n i t y, t h e firm, and more ”

W h a t ’s m o r e , o rg a n i z a t i o n s t h a t c a n o f f e r m o b i l i t y, e s p e c i a l l y i n t e r n a t i o n a l opp-ortunities, a range of industry expertise, and world-class training have a competitive advantage, says Hall. What’s new, he explains, is that employees are pushing for challenging, varied work and internat i o n a l o p p o r t u n i t i e s e a r l y o n i n t h e i r c a r e e r s I t ’s a g l o b a l w o r l d t o d a y ; t h e y want in on the possibilities.

Boredom is a deadly sin. If you want to attract and retain the kind of employees that will keep your organization at the top of its game, the work had better be challenging

“Even those just coming out of school don’t want to do the same functions over and over for a long period of time. They don’t want data entry; they want something meaningful,” says Bergstein Mid-level professionals increasingly want more decisionmaking power, opportunities to grow the organization and the chance to be a mentor and be mentored.

4. Give Them the Wow Factor

Wi t h s o m a n y s c a n d a l s i n r e c e n t y e a r s , employees want to know they’re hitching their wagons to the right post Things like a s t e r l i n g r e p u t a t i o n , l o n g e v i t y a n d a n impressive client list are top-of-mind for many candidates

“They want to know who your clients are because it’s a reflection of who you are If a company has high-quality firms as clients, that’s important,” says Cary McMillan, CEO of True Partners, a Chicago accounting firm.

Don’t underestimate a recent graduate’s capacity for strategic career planning In this day and age, money truly isn’t the be all and end all Today’s hot hires understand the value of a name in developing their careers. It’s not necessarily the size of a c o m p a n y o r f i r m t h a t m a t t e r s , b u t t h e caliber of its work, the extent of its influence, and its shine in the public eye

Social Media Mixer

Logging on could mean a boost to your career and your book of business

By Leah Jones

In the last five years, Facebook has grown from a social network exclusively for college students to an online hub for nearly 600 million people around the world In three years, Twitter has grown from the domain of a few technology enthusiasts in the Bay Area to a customer support tool for major brands, and it has replaced the Letter to the Editor as the way mainstream media hears from its audience

While it may not be front-of-mind at your firm, there are ways for CPAs and finance professionals to get involved in social media to grow business, network and get the inside scoop on both hot jobs and hot hires.

A Quick Tour

People who pay attention to Ars Technica, Mashable and Techcrunch know that new social media sites are launched every day. But which sites deserve the attention of accounting and finance professionals?

LinkedIn is a professional social network focused on maintaining your resume and professional connections both past and present The site’s alumni and association groups can be a great place to share information, learn about offline events and hear about job opportunities

Facebook is used by many professionals as a “friends and family only” space, but Facebook Business Pages are a great way to gain a presence online especially if you’re scouting for recent grads to hire

Twitter may limit messages to 140 characters, but short conversations function as small talk at a conference If LinkedIn and Facebook are where you connect with colleagues, then Twitter is the place to connect with people you didn’t know you needed know

g r o w i n g s i t e t h a t t a k e s a p a g e f r o m Ya h o o ! A n s w e r s a n d LinkedIn Questions, serving as a place for people to ask questions and provide in-depth answers Users find the conversations to be much more serious in tone than they are on other Q&A sites.

Three Tools for Managing Social Media

1. Tweetdeck is a free desktop and mobile application that helps you manage multiple Twitter accounts and Facebook pages

2 Postling is a free social media aggregator that delivers a daily email summary of all activity on your Facebook and Twitter accounts

3. WeFollow.com is a free Twitter directory and a great place to find followers who aren’t already in your address book.

RSS Readers such as Google Reader and NetVibes act like DVRs for the Internet. Instead of checking multiple sites every day and looking for new content, subscriptions to newspapers and blogs in Google Reader will allow you to store content until you have the time to devote to it.

Making Connections

One of the difficulties of trying new social media sites is that each is like an empty room when you first open your account Instead of saying, “There’s nobody here, why bother?”approach these sites the way you would a networking event.

n Find the people you already know and “friend” (in the case of LinkedIn and Facebook) or follow them (in the case of Twitter) Most sites allow you to check your Gmail, AOL, Hotmail and Yahoo! email address books through the system to see if your contacts are already using the site

n Find the people your friends are talking to and join in the conversation This may mean following a trail of @replies on Twitter or paying attention to the groups your colleagues belong to on LinkedIn 8

Work For You.

n Use site-specific search engines to find people talking about subjects that are important to you, and follow those people This is the networking equivalent to eavesdropping and joining a conversation.

n Also look for official groups and accounts of associations, colleges and companies you’re interested in learning more about Many large firms use Facebook for recruiting, while associations and college alumni groups are connecting on LinkedIn, Facebook and Twitter (the Illinois CPA Society included).

Building a Presence

After connecting to friends and colleagues online, it’s time to build a presence And the best way to do that is to commit to using the site for a few months and then share information, link to interesting articles, answer questions and join conversations within your industry

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In the case of important job search tools such as LinkedIn, make sure you build up your account before you need it Regularly give recommendations and ask to be recommended, so you aren’t scrambling if you find yourself looking for a new job

Everything doesn’t have to be all business all the time, however. After all, even business involves some small talk It’s okay to talk about the weather or a new restaurant in between tweets about the changing tax code

Managing Your Time

We all know what it’s like to sit down at the computer for a quick Internet search only to realize that two hours have been clicked away How can you use social media effectively without adding hours to your work day?

n Decide which sites you enjoy more than others. Do you find the conversations on Twitter to be more valuable than the news stream o n F a c e b o o k ? A r e

a chore and doesn’t add value to your business, then it’s the wrong site to spend time on

n Give yourself permission to miss out. Accept that you won’t read every tweet, every status update or every blog post Think of social media as a moving river of information When you have time to be involved, step into the information and read, comment and share When it’s time for you to move on to other tasks, close your browser and let the river flow by without you.

n Create a schedule for participating in social media. Check in on your favorite sites in the morning and towards the end of the day. Respond to people who have directly asked you questions, comment on other people’s statuses and share a bit of new content.

Online to Offline

The payoff for your time building connections online will eventually manifest itself offline You may find your next job through a connection you made online, grow your business by answering financial questions asked by people outside your industry or maintain professional relationships usually limited to annual conferences.

Social media sites may seem overwhelming the first time you log in, but commit to using them for a few months and see if your reaction changes If a site always feels like a chore, then stop logging in Find the site and online community that adds value to your career and make it a part of your daily routine.

Chi cago- based L eah Jones i s the di rector of customer ex peri ence at SpotOn, Inc W hen she i sn't teachi ng smal l - busi ness owners and fi nance professi onal s about soci al medi a, she's ri di ng bi kes or vol unteeri ng on bi ke advocacy proj ects around the ci ty

Transition People

Four ways to manage your career in-between jobs

By Bridget McCrea

Ok, so you’re the victim of the last wave of company staffing cuts. What do you do now? Take some “me time”? Relax a bit? Catch up with family and friends? Sit back and wait for a headhunter to knock on your door? Perhaps not.

Today’s job market is a tough nut to crack, and finance pros who don’t use the time in-between jobs wisely can quickly find themselves left on a dusty shelf with no hint of a way back down.

Consider the fact that the national unemployment rate is hovering in the 9-percent range, according to the U.S. Bureau of Labor Statistics’ most recent report, and that employers created just 36,000 jobs in January. The number of long-term unemployed (those jobless for 27 weeks or more) is hovering around 6 2 million a w h o p p i n g 4 3 8 p e rc e n t o f t h e t o t a l n u m b e r o f unemployed in the United States

However, Joe Pelayo, CEO at international recruitment firm Joseph Michaels, Inc , urges professionals to keep their perspectives in check. “When you look at the overall white-collar jobless rate, it’s only about 3 percent,” he says. “There are a lot of accounting jobs out there You just have to be proactive about going after them ”

T h a t m e a n s m a i n t a i n i n g y o u r p r o f e s s i o n a l r e l ationships, boosting your reputation and making new contacts both inside and outside your industry.

H e r e a r e s u g g e s t i o n s f o r m a k i n g y o u r t r a n s i t i o n period that much more productive.

1. In-Person Networking

Enough cannot be said about the importance of netw o r k i n g w h e n i t c o m e s t o i d e n t i f y i n g p o t e n t i a l career opportunities opportunities that may not be advertised, but instead are filled through recommendations and referrals. Often, it really is all about who you know

While maintaining regular contact with colleagues and peers within your industry is a given, it’s to your advantage to forge ties within related fields as well T h e s e i n d i v i d u a l s m a y b e a b l e t o f i l l g a p s i n t h e c a r e e r g r a p e v i n e , a n d w i l l b o l s t e r y o u r a r s e n a l o f b u s i n e s s p a r t n e r s a l w a y s a p l u s i n t h e e y e s o f potential employers

Being consistent in your networking endeavors is vital, so make a point of getting lunches and dinners on your calendar at regular intervals (at the very least quarterly). Also, remember that the relationship is a reciprocal one Look for ways to help your contacts achieve their goals, and they’ll be more than happy to help you achieve yours.

2. Social Media

Strengthen your in-person networking with social media vehicles such as LinkedIn. This powerful tool identifies your current connections, and then sets out to find any and all other links you may have to its members Let’s say you co-wrote an article with John Doe five years ago. If that article is posted online and if both your

names are on it then you can bet LinkedIn will identify John Doe (and probably most of his friends and connections as well) as potential networking contacts to add to your existing stable.

“These days, you really need to be tuned into social media because it plays a big role i n t h e j o b s e a rc h p r o c e s s , ” s a y s P e l a y o . “Remember that the exercise is as much about finding a new job as it is about setting yourself up to be ‘found’ by potential employers ”

Resources such as LinkedIn also offer the opportunity to take part in discussion groups and to canvass your peers all ways in which to get your name out there and to forge new professional ties.

3. Writing Credits

The fact that you’re currently in-between jobs doesn’t mean you can’t get some recognition f o r y o u r e x p e r t i s e a n d s o m e w e l l - e a r n e d n a m e e x p o s u r e C o n t a c t p u b l i c a t i o n s w i t h relevance to your field and offer to write articles for them based on your specific niche or area of knowledge Better still, go ahead and w r i t e a m a n u s c r i p t f o r t h e e d i t o r ’s r e v i e w. O n c e p u b l i s h e d , y o u c a n a d d t h e c r e d i t t o y o u r L i n k e d I n a n d o t h e r p r o f i l e s , t w e e t t h e fact that you’ve just been published, and generally get the word around

Alternatively, start your own blog, making sure, however, that you post new blogs regularly, and that you focus on a particular niche (say, manufacturing or the auto industry) versus accounting in general.

Essentially, you are building your reputation, and building name recognition amongst your peers

4. Volunteerism

A n o t h e r w a y t o c o n s t r u c t i v e l y f i l l t h e t i m e between jobs is to volunteer your professional e x p e r t i s e t o b e n e f i t a l o c a l c h a r i t y o r o t h e r nonprofit These organizations are often short o n c a s h a n d t h e r e f o r e s h o r t o n h i g h - l e v e l b u s i n e s s / f i n a n c e s t a f f t o h e l p t h e m m e e t reporting and budgeting requirements

N o t o n l y d o e s v o l u n t e e r i s m h e l p y o u t o keep your skills finely tuned and current, but it offers you the opportunity to network with h i g h - r a n k i n g p r o f e s s i o n a l s w h o s h a r e t h e same altruistic goals as you Remember that e v e r y n o n p r o f i t h a s a b o a r d , a n d o n t h a t board you’ll find some of the city’s leading business and finance professionals

The period in-between jobs is downtime in theory only Although the thought of finding work is undoubtedly daunting, there’s so much you can do beyond job boards and headhunters to be proactive in your search

2011 | call for nominations

Women toWatch AWARDS

The Illinois CPA Society, together with the AICPA, is once again looking for outstanding women who have made significant contributions to the accounting profession, their organizations, and to the development of women as leaders.

AWARDS WILL BE GIVEN IN TWO CATEGORIES:

experienced leaders

•mentoring other professionals

•community service

•major or unique contributions to the profession

•leadership in workplace improvements

•authorship of professional articles

emerging leaders

•demonstration of leadership

•contributions to the profession

•creation and implementation of unique initiatives in the workplace

•community service

•involvement with her alma mater

Candidates must be members of the Illinois CPA Society (ICPAS) and American Institute of Certified Public Accountants (AICPA). Not a member? Visit www.icpas.org and/or www.aicpa.org.

Applications must include information supporting the individual’s qualifications (resume, biography, letters of support, etc.) and can be sent to: Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, Illinois 60661-5742, Attn: Kimberly Johnson, Women to Watch Awards.

For more information, call 800.993.0407, ext. 220.

Deadline for submissions is June 6, 2011

PUBLIC EXODUS

Why are public accounting pros looking for the exits?

By Derrick Lilly

“

L o o k i n g t o l e a v e p u b l i c a c c o u n t i n g ? ” boldly headlines countless classified ads these days Should your public accounting firm be worried? You bet

It’s no secret that the success or failure of a public accounting f i r m i s l e v e r a g e d o n t h e p e r f o r m a n c e o f i t s h u m a n c a p i t a l . S o when that human capital is looking for the exits, your firm has a major problem

Seeking honest insights into why professionals choose to leave p u b l i c a c c o u n t i n g , t h e I l l i n o i s C PA S o c i e t y ’s ( I C PA S ) Wo m e n ’s Executive Committee (WEC) surveyed more than 500 ICPAS members who had left their public accounting roles in the past five y e a r s . T h e i r f i n d i n g s d i s m i s s e d t h e s t e r e o t y p i c a l g e n d e r- r e l a t e d reasons you’d expect to find, and instead discovered that both men and women share many of the same sentiments

“These responses were not skewed,” explains Wendy Kelly, CPA, principal at Corbett, Duncan & Hubly PC, and chairperson of the ICPAS WEC Research Subcommittee “It really reflects why people are leaving public accounting ”

To be fair, not all firms are created equal, and nobody ever says a career in public accounting is easy But, as if dealing with licensure, regulatory and client demands isn’t daunting enough, aggressive firm demands and ever-increasing expectations have elevated the concept of challenging work to dizzying levels

“What’s worse,” says Kelly, “is that in this tough economy, busin e s s i s d i f f i c u l t t o c o m e b y a n d c o m p e t i t i o n i s f i e rc e b e t w e e n firms. Firms are focused on doing more with fewer people, and that’s just compounding the problem ”

E x c e s s i v e h o u r s , c o n s t a n t d e a d l i n e s , s a l e s p r e s s u r e s , l o f t y billing goals, heavy travel, inflexible work arrangements, and limited personal time lead the list of factors pushing professionals out of firm doors Still, in many cases, these are the standards in public accounting

As one male survey respondent explained, “[Hours] kept getting longer because of increased projects and lack of [a] proper level of staffing.” Another respondent stated that his firm expected a regular time commitment of 70-80 hours per week

Putting it plainly, employees can only be asked to do so much and be pushed so far before they reach their physical and mental breaking points “It’s one thing if an occasional tight deadline i s l o o m i n g o r s o m e t h i n g u n u s u a l c o m e s u p a n d a l o t o f h o u r s need to be put in; that’s the nature of the profession But if week in, week out they’re working weekends and excessive hours, ultimately people are going to think about making a career change,” Kelly explains

And yet, in an industry offering little time to regroup between engagements, firms continue to increase demands and push their staffs beyond their limits.

“[Firms set] unrealistic goals for chargeable hours,” explained one female respondent. “Not only were the expectations impossible to meet, it was a stressful environment to go to each day; there was too much pressure to work too many hours ”

“Burnt-out professionals are more likely to miss things or use poor judgment, putting the firm at risk,” Kelly warns What’s more, she says, “Burn-out could negatively impact the employees’ health ”

“I felt unhealthy,” confirms one female respondent “Too many hours led to stress, migraines [and] poor health ”

Unhappiness, anxiety, heart and other significant wellness issues, and a lack of adequate sleep/rest round out the list of health worries weighing on public accountants’ minds Regrettably, those favoring their health and well-being are frequently finding that the only reprieve is to leave the stressors of public accounting far behind.

Achieving a manageable work-life balance is another significant s t r u g g l e f o r p u b l i

r

a l e , f e m a l e , s i n g l e , married, with children or without, survey respondents across the board expressed a strong need for enough time away from their

Plot a New Course

For too long public accounting firms have pushed aggressive demands, ignoring employee needs and therefore losing their best talent Now’s the time to build a better company culture Here are some pointers

1. Empower employees – Encourage them to voice their concerns, challenges, or troubles through safe, non-retaliatory even anonymous channels so leaders can work towards solutions that benefit or improve the whole firm

2. Be flexible – Offer responsible employees the option to telecommute, work remotely, or set their own schedules, therefore allowing them to attend to their personal needs without sacrificing productivity

3. Show support – Cultivate active and organized mentorship, professional development and career advancement programs Buy-in from top leadership is crucial for each program, along with a system for measuring results

4. Rethink rewards – The perception of personal sacrifices and billable hours being the benchmarks for promotion are out of date Firms should balance rewards and recognition with sales, expertise and service Remember that recognizing sustainable high-quality services likely will yield greater long-term returns and happier employees

5. Mind the exits – Firms should encourage candid responses during exit interviews to learn the real reasons behind an employee’s decision to leave Consider allowing exiting employees to select a superior or HR representative they are comfortable with to conduct the interview

careers to pursue personal interests. Survey respondents cited long hours, travel demands and inflexibility as the causes for stressed relationships and friendships, strained family life, and complications with child and family care

One male respondent explained that, “The firm professed to be ‘family friendly,’ but [its] actions toward my request for time off for the birth of my child spoke louder ” Another respondent was told, “There is plenty of time at night” to complete his work when he asked for time off during the birth of his second child

What firms really need to consider are the consequences of not providing their employees with the time they need for personal matters “Employee turnover disrupts all aspects of the firm and client relations,” warns Kelly. “When you have a star performer, there’s every reason to keep that person happy and at your firm. The accommodations you make in the grand business scheme are usually not that overwhelming. There’s usually more harm done to the firm by not making the accommodations should that star performer leave ”

M a k i n g m a t t e r s w o r s e i s t h e a p p a r e n t d i s c o n n e c t b e t w e e n upper management and lower ranking staff, which leads us to the next reason why public accounting pros are looking for the exits firm management

Summing up the consensus of survey respondents, one male survey-taker explained that, “Top management was not focused on the needs or issues of individuals ”

Professionals at all levels look for support and guidance from their superiors to help them advance their careers However, it seems that top management often loses sight of its role as mentor and knowledge-sharing leader.

“

p m a d e i t d i f f i c u l t t o advance,” explained one female respondent. In another instance, a female respondent stated that, “[The firm’s] mentoring program had been started but was not enforced, and the only female in a

leadership role was let go for not [having] enough billable time. Promotion was based strictly on sales goals rather than sharing technical expertise with others in the firm ”

Similarly, a male respondent stated that top management solely focused on financial goals that benefited its bonuses instead of the staff ’s needs

“When you get to a certain level, you are expected to bring in and maintain a book of business, and you are rewarded for that Professionals at these levels fall into a mindset of only focusing their time on what they’re rewarded for,” explains Kelly “We are all here to make money, but it is equally important for staff to have a g o o d j o b e x p e r i e n c e H o w f i r m s a n d l e a d e r s b a l a n c e t h a t i s what’s important, otherwise professionals are going to go out and find a new firm or career that does work for them.”

Survey respondents went on to list inadequate support or guidance from direct supervisors; ineffective mentoring programs; lack of transparent promotion plans; and inadequate coaching in external networking and client development skills as major shortfalls contributing to their decisions to leave public accounting

“Something has to change, otherwise there’s going to be a mass exit from public accounting. The message we are trying to communicate is that maybe firms need to look at how they approach all of these issues,” says Kelly. “It’s a global situation. For most of the people, and especially the new generations coming up, the current model is not going to work; professionals have a different set of values today The future of the profession all comes down to what type of culture firms are breeding ”

As it turns out, the exodus of talent from public accounting isn’t just about what a man or a woman wants; it’s about people, their lives and the power of choice. It’s up to firms to take action, and to identify and resolve the difficulties their human capital faces in order to build a better, stronger firm that will thrive in the years ahead

T O P M o n e y M a

Hot accounting careers set to sizzle .

By Selena Chavis

a k e r s

Jobs in accounting and finance may not be recession proof, but they canopy a range of careers that come pretty close to the mark. That’s what recruiters and experts in the field are saying, and the outlook only gets better going forward

“Even through the recession, accounting and finance has stayed strong and stable,” says Toby Coffey, director of permanent services for Robert Half Finance & Accounting in Chicago, adding that, while salaries haven’t grown overall in recent years, they maintained their levels “There are certain skill sets that will be in very high demand coming out of the recession,” he says.

PricewaterhouseCoopers’ (PwC) overall campus recruiting has increased by 25 percent, explains Holly Paul, PwC US recruiting leader, with Chicago numbers reaching as high as 50 percent “We have seen some unbelievable increases in need which have really fueled our recruiting efforts,” she states. “I think the need will continue Our forecasting projects growth for many years ”

In fact, according to salary guides recently released by Robert Half International, out of 11 careers that show notable increases in s t a r t i n g s a l a r i e s a n d g r o w i n g d e m a n d a m o n g e m p l o y e r s , t h r e e were related to accounting and finance specifically, senior business systems analyst, financial analyst and staff accountant

But these aren’t the only areas predicted to experience a notable uptick “The most desired positions sought out by companies are in the technical accounting arena,” says Jim Viola, CPA, senior partner and managing director with the Finance and Accounting Practice at Chicago recruiting firm Harmer Associates “There’s a shortage of people who make it through the high pass For those who are good at technical accounting and like the field, the market is really good.”

The highest compensation packages will be realized by those who not only have a finance and accounting background but also s p e c i a l i z e i n a p a r t i c u l a r i n d u s t r y, C o f f e y e x p l a i n s , p o i n t i n g t o industries such as financial services, manufacturing and healthcare. “It’s very difficult to find the right talent for these organizations. The caliber of professional is very high level,” he says, adding that some specializations are getting as much as a 14- to 18-percent compensation increase “That can only be demanded by certain candidates. Supply and demand will be the differentiator.”

H e r e , r e c r u i t e r s o f f e r i n s i g h t s i n t o t h o s e j o b s t h a t w i l l p l a c e a c c o u n t i n g a n d f i n a n c e p r o f e s s i o n a l s i n t h e u p p e r e c h e l o n s o f opportunity over the next decade

Financial Analyst

F i n a n c e p r o f e s s i o n a l s w h o h a v e t h e s k i l l s t o a n a l y z e b u s i n e s s trends and make strategic financial recommendations for departments such as sales, purchasing, production and marketing will realize some of the higher pay scales, according to Robert Half research Also classified as corporate planning and forecasting, financial analyst salaries are predicted to climb 4 8 percent for managers over the next year. Those employed by large organizations could see salaries ranging from $81,500 to $109,750, with midsize companies coming in at $72,750 to $95,000

Manufacturing will remain a hot sector for financial/cost analysts going forward, says Coffey, since these organizations have to ensure that the raw goods going into products are as cost effective

a s possible “E v e ry org a niz a tion is c ost foc use d, but e spe c ia lly manufacturing right now,” he explains

Senior Business Systems Analyst

Professionals who can help organizations identify the best systems and IT processes for getting products and services to market in the most efficient way possible are expected to realize some of the highest compensation increases, according to Robert Half Recent studies project that average base compensation will rise 5 percent to the range of $66,500 to $85,500 in the next year Paul notes that professionals with dual degrees such as accounting and information systems or accounting and engineering will be best positioned to demand even higher salaries.

Typically, those who take on the role of business systems analyst will need to pool their knowledge of financial systems, business systems and business processes to determine the best course of action for systems implementation, upgrade and enhancement The ability to respond quickly to market conditions and technological advancements is key to this role, in addition to the ability to be creative and crunch the numbers

Technical Accounting

While the specialized roles of a financial analyst and business systems analyst may garner some of the highest salaries going forward, the field of technical accounting will produce some of the greatest demand Not surprisingly, says Viola, that means salaries will remain strong typically in the $60,000 to $70,000 range

“A professional three years out of college from a Big 10 public accounting firm could get as much as $70,000 to $75,000, with upwards of 3- to 7-percent increases each year after that,” says Viola.

Technical accounting refers to the accounting skills needed to balance ever-evolving and increasingly complex reporting requirements with bottom-line activities Technical accounting touches a variety of areas, including research, policy development and SEC, GAAP and IFRS reporting compliance

The high demands and stresses of this area mean that professionals often suffer burn-out, creating a shortage of qualified candidates, says Paul. She notes that the constant regulatory changes that companies are facing will continue to fuel that growth.“

The healthcare industry in particular continues to present high demand for regulatory reporting and compliance pros on the accounting front “It seems as though there is a lot of need to restructure and prepare for the new regulatory environment,” says Paul

“There is a big gaping hole there as far as skilled individuals goes,” Coffey adds “That industry is just evolving so rapidly ”

Internal Auditor

The hardest position to fill today is that of the internal auditor, says Viola A function designed to improve internal controls and meet government compliance mandates, professionals hired as internal auditors may be responsible for ensuring that company assets are

maintaining financial reporting reliability

Coming off the heels of the last decade’s major scandals, Coffey explains that financial services is currently the hottest sector for compliance and auditing professionals. “Compliance and account-

ing professionals are becoming so important in these firms due to the risk out there,” he says, adding that professionals in this area can expect to earn 10 percent or more above the average We’re talking “people who clearly understand areas like fixed income, equities people who understand from a back-office view what is going on in the front office ”

Again, healthcare will remain a strong sector for auditing professionals, according to Paul, who sees these organizations on the lookout for business advisory services. “They are looking for professionals who can help to answer the question, ‘How do we set up infrastructure and technology to move our organization into the new environment?’” she explains

Staff Accountant

reports that staff accountants will remain in high demand going forward as businesses seek staff members who can perform fundamental duties such as maintaining the general ledger, compiling financial reports, and overseeing payroll and accounts payable and receivable

These positions also will realize an increase in starting salaries. Robert Half reports that professionals who join mid-size companies and who have one to three years experience should see

Resume Must Haves

Recruiting professionals agree that public accounting provides one of the best foundations upon which to develop career oppor tunities over the next decade “People who receive the highest compensation have some kind of public accounting experience , ” Coffey confirms, adding that, “Without question, people with an auditing background do well.”

“Public accounting gives you a broader view because you have t h e o p p o r t u n i t y t o l e a r n mu l t i p l e c o m p a n i e s a n d i n d u s t r i e s , ” Viola adds “We see many CFOs that go into corporate through public accounting ”

S a l a r i e s o n t h e p u b l i c a c c o u n t i n g f ro n t re m a i n s t ro n g a n d steady, says Paul “In general, when I look over compensation surveys, it seems as though the large public accounting firms are continuing to pay at a high level,” she says, pointing to entr y salaries ranging from $50,000 to $70,000. “The outlook for compensation in public accounting will remain strong ”

l a r y i n c r e a s e , b r i n g i n g c o m p e n s a t i o n t o t h e $42,000 to $55,500 range

p

And while it’s tempting to jump at higher pay scales in the corporate sector, Paul suggests that, “The longer you stay in public accounting, the more valuable you are in the market ” In fact, she s ay s , “ A n i n t e r n a l s t u d y reve a l e d t h a t t h o s e w h o l e ave p u b l i c accounting before reaching manager level were paid at significantly lower rates. If you stay in longer, you can move into some of those top positions CEO, CFO, etc ”

A l o n g s i d e a s t ro n g b a c k g ro u n d i n p u b l i c a c c o u n t i n g , V i o l a explains that companies are specifically asking for professionals who are IT savvy “Seek out classes on business intelligence tools,” he suggests. “Basic skills are good, but advanced skills are better.”

The CPA credential also is indispensable This is a cer tification that provides a key differentiator for many companies, says Viola “Having this cer tification in place provides a good litmus test for companies,” he explains “For all of these careers, you have to have the grades and pursue the CPA. As long as you are eligible to take it, you are in good shape ”

2 3 4 5

Six Reasons You Won’t Get the Job

By Kristine Blenkhorn Rodriguez

You don’t need me to tell you it’s a competitive world out there And you don’t need me to tell you it’s an unpredictable job market, either. But perhaps what you do need me to tell you is this: Given layoffs, pay cuts and slashed perks and benefits, there are more people vying for the top spots in your industry, which in turn means the ante has been officially upped in terms of what it takes to beat out all those candidates fighting for the same job. A high score on your CPA Exam or 10 years in a top firm won’t quite cut it anymore Don’t believe me? Maybe these six career killers will convince you.

What Happens in Vegas Stays on FB

It’s the Ashley Payne syndrome In 2009, Payne, a then 24year-old Georgia school teacher who had been in her post for two years, took a European vacation. During her trip, she sipped wine in Italy, enjoyed a pint in Dublin’s bar district and posted jubilant photos on her Facebook page

And when she got back? Well, she was fired.

According to news reports, Payne was dismissed because of a photograph she had posted in which she was holding aloft a wine and a beer glass, and because she used an expletive in her online comments WSBTV reported Payne as stating, “They’re not even of me drinking the drinks and I don’t look like I’m intoxicated in any way or doing anything provocative or inappropriate…I did not think that any of this could jeopardize my job because I was just doing what adults do and (having) drinks on vacation and being responsible about it.”

“We’re oh so lucky social media didn’t exist in the freewheeling ‘70s,” jokes Vickie Austin, a career coach and founder of CHOICES Wo r l d w i d e . “ M a n y p e o p l e m i g h t n o t b e g a i n f u l l y e m p l o y e d because of what would look like a checkered past The Internet is forever, and so is the content you or your friends place on it ”

Jim Wong, founder of Clear Focus Financial Search, sees differences based on generation “The recent college graduates, folks maybe one to four years out of college, think of their Facebook audience as strictly friends They understand that everything that

is on Facebook is public. However, they haven’t truly connected the dots; they don’t fully understand that because it’s in the public domain, those things can be viewed by your current employer and future employers ”

Twitter is an equally risky channel. Consider the story of the potential Cisco employee who tweeted: “Cisco just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating the work ” This candidate chose to announce in a public forum what most of us might say privately at the dinner table to a friend Consequences soon followed in the form of this response from a channel partner advocate for Cisco Alert: “Who is the hiring manager? I’m sure they would love to know that you will hate the work. We here at Cisco are versed in the web ” Ouch

Althea McIntyre, a career success coach and founder/president of The Best Career for Me, advises to always post with the hiring manager in mind. “Is your online profile the same as who you are in person? Is what you are posting contributing to your personal brand or detracting from it?”

And while many professionals are vigilant about what they post, do you have an indiscreet cousin or a wild former sorority sister who lacks filters? “Don’t feel guilty about unfriending those people,” says McIntyre “Better yet, have a personal policy about who you friend on Facebook and stay away from those people online ”

You Make Scrooge Look Good

Let’s face it, you’re busy When you’re not working you’re catching up with family and friends And even if you had time to spare, you’d be spending it on the golf course, or at a spa, or at your ceramics class.

Well, your desire for all that “me time” might leave you out in the cold when it comes to taking the hot seat in that all-important interview for that all-important job

“If all else is equal, giving will be the thing to push a candidate over another,” says Wong, who recalls a recent comptroller search in which civic activities were never cited as a requirement or even as a bonus quality, until the president of the company conducted an interview with the candidates. “It was a dead heat....The only thing the president wanted to focus on was how our candidate spent his personal time Was he involved in the community? Was he active in giving back to society? Our candidate was very active in a lot of charitable organizations and was a committee lead in some of those. That’s what pushed him over the edge to get the job ”

Devoting time to organizations, particularly those within your field, also allows you to shine in ways your current position may not.

“When you volunteer your time, people who could possibly be a good peer or boss in the future get to see how you lead, as well as your level of integrity and commitment to projects,” says Austin

“They see you in action and can take stock of you. Professional associations are these brilliant networking machines from pre-graduation to late career After all, employers are risk averse They’d much rather hire someone they know Through these types of organizations, people outside of your current employer get to know you.”

You Say “No” to Networ king

I m a g i n e t h i s : Yo u ’ v e c o m m i t t e d a l u n c h h o u r a w e e k t o catching up with past and present peers, and an evening a month to functions that introduce you to new potential contacts. Then you realize, “I’ve been working at this firm for three years, and the

opportunities just don’t seem to be there. I’d like to find a new job. Who should I tap for the inside scoop on positions?”

Well, thanks to all that professional socializing (better known as “networking,” although the word “working” might be a turn off for some) has you primed for the next big thing No starting at square one for you You’re already squares ahead

Now imagine this: You turn up to work one morning to the news that your firm has been forced into layoff mode You’ve kept your nose to the grindstone, turned down offers of lunch from peers, and hit the “delete” key every time the professional association you joined sends you an invitation to a networking breakfast or other event. “I don’t have the time or the energy,” you tell yourself.

But now, with the threat of job loss looming, you realize that you know no-one in the industry who can point you in the direction of a lucrative new position. You have to start at square one, and you’re up against a slew of people who realized from the beginning that networking is at the top of the career-building priority list

Wong is adamant that accounting professionals meet with former peers, staff and managers at least once per quarter for coffee or dinner to stay in touch. “And the focus here is not on how they can help you Figure out how you can help them ”

That reciprocal relationship will kick in when you need it most, a s l o n g a s y o u ’ v e b e e n g e n e r o u s w i t h y o u r t i m e , c o n t a c t s a n d resources “It’s an awfully small world The sophisticated employer may never mention that they know someone from one of your previous jobs, but they will go through their informal network channels and say, ‘Tell me about this candidate I just had in for an interview. What was he or she like at work?’” says McIntyre.

You Lost Them at “Hello”

“Many accountants go into the field because they love the numbers,” says Austin. “The social side of the profession is not attractive to them I think it’s a function of style versus substance If the substance is there, you still need the style so people get it Successful accountants are great listeners.”

McIntyre agrees, explaining that, “If we look at career progression, what it takes to be an excellent employee is different than w h a t i t t a k e s t o b e a n e x c e l l e n t m a n a g e r, w h i c h i s d i f f e r e n t than what it takes to be an excellent leader ” In the past, she says, your success in the accounting world was mostly based on technical expertise Often that was good enough to get you the promotion “But in today’s new work world, that’s not good enough,” she says. ”With the advent of outsourcing and the technical expertise available through those channels, now it’s important to be seen by y o u r c l i e n t s a s a t r u s t e d a d v i s o r, a p a r t n e r, s o m e o n e w h o c a n explain all the technical nuances in a way that makes it easy to understand for non-technical people ”

In other words, while technical astuteness is a must to get your foot on the first few rungs, soft skills the ability to communicate effectively, be adept in social situations, and know the intricacies of interpersonal and business etiquette are what will propel you to the top of the ladder

And nowhere are your soft skills under greater scrutiny than in an interview setting. It’s not only about work experience but cultural fit Are you a person that the interviewer feels they can get to know and enjoy working with? Or is the fact that your handshake was half-hearted, you couldn’t maintain eye contact and you were uncomfortable engaging in any convivial small talk leaving anything but a favorable impression? I think you know the answer

You’re S tuck in the Tech S tone Age

A survey cited in a Strategi c Fi nance article explained that, “39% of chief financial officers expect accounting professionals to have a greater influence on technology and information systems initiatives over the next five years This makes it even more important to assess and improve your technical proficiency on a regular basis. Take the initiative.”

Apropos advice for the times, right? Only “the times” were actually January 2003. The emphasis on a working knowledge of technology has only increased, says Wong. “The top-of-the-list requirement is some level of proficiency with tech. Microsoft Excel and Access. Then you need to know at least one ERP tool such as Oracle or SAP After that, you need proficiency in reporting tools like H y p e r i o n C o m p a n i e s g e n e r a l l y w o n ’t t r a i n y o u o n t h e s e p r ograms; you’re expected to come in with the skill

“Senior managers tend to think they don’t need much knowledge about the everyday software tools used,” Wong adds “However, today companies want hands-on strategic senior managers ” He cites a recent CFO search in which the company required the candidate to be proficient in Microsoft Excel “This person would have a fairly large staff reporting to them and they had members of the staff come in and quiz the candidate on the details to be sure he knew what he was talking about it’s part of the do-more-withless environment,” Wong explains

6

The Legislation is Over Your Head

The financial and accounting world is subject to ebbs and flows in reporting rules and regulations And as such, your astute knowledge of said rules and regulations, and the challenges of their implementation, will make you shine, like a supernova, in the galaxy known as “the job interview ”

“ E m p l o y e r s w a n t t o k n o w t h a t a c a n d i d a t e i s v e r y c a r e e rminded and focused, that he or she has an eye for and an awaren e s s o f c u r r e n t a c c o u n t i n g p r o n o u n c e m e n t s a n d i s s u e s , ” s a y s Wong. This is one of the best reasons to take advantage of the continuing professional education associations offer. These associations stay on the cutting edge of developments in your profession, and, in turn, the information they disseminate then keeps you on the cutting edge. All you have to do is enroll, turn up and listen.

It’s important for your future clients, too, to know that you are up-to-speed on the legislation that impacts them And it shows a potential employer two vital aspects of your professional personality: Your commitment to giving clients the best possible service, and your commitment to continuing education and professional growth Who can say no to that?

Looking for a Career Coach?

To learn more about career coaches with exper tise in the area of accounting and finance, and to find a coach who is suited to your specific needs, visit the Illinois CPA Society website at www icpas org/find career coach htm today

Lookatour DNA

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SchaumburgIllinoisfullservice CPAfirm.Comemeetwithusto hearfirst-handabouthowweare Different, Newand Attractive–our DNA

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VALUATION OF YOUR CLIENT’S BUSINESS OR PRACTICE

By: Crandall & Brackett, Ltd (630) 653 7922 email: robert@crandall-brackett.com Web: www.crandall-brackett.com

Our only service is performed on your behalf in a mutual engagement setting. From basic research to a full valuation, we tailor our services to your needs We author, teach and participate on policy setting committees and boards within the valuation profession

Thinking About Selling

ACCOUNTING OPPORTUNITY

Small CPA firm with many high earning clients located in Buffalo Grove looking to bring in a Junior CPA for future partnership My goal is to possibly retire in approximately 10 years. Please respond only if you have an established client base bonnie@fischmancpa.com

BUY OR SELL AN ACCOUNTING OR TAX PRACTICE

PRACTICES FOR SALE: Northern IL CPA Practice gross $204K; Joliet CPA Practice gross $360K; Rochelle CPA Practice gross $96K; Rural North Central IL CPA Practice gross $402K; Lombard CPA Practice gross $300K For practice details, call 1800-397-0249 or visit us at www accountingpracticesales com to inquire about available opportunities and register for free email updates

THINKING OF SELLING YOUR PRACTICE?

Accounting Practice Sales is the leading marketer of accounting and tax practices in North America We have a large pool of buyers, both individuals and firms, looking for practices now We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done To learn about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email trent@accountingpracticesales.com

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PHOENIX CPA SPECIALTY FIRM SEEKING QUALIFIED PARTNER

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Established CPA Firm specializing in audit and consulting services for not-for-profit and governmental entities is looking for partner to take over within two years Over 25 years of name brand recognition in the industry Established client base and 18 years at the same location Trained auditors and support staff in place Excellent opportunities for growth and expansion including audits of Stimulus Funds Current owner will be available for marketing to expand client base, assist transition and help assure client retention

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TIME TA L E N T &

Spring Junior Achievement Volunteer Opportunities

Volunteer to help elementary school students learn the basics of money management, economics and the value of an education For a glimpse of what a typical “JA in a Day ” might involve, visit our new blog at www.icpasvolunteerchronicles.typepad.com

Fall JA volunteers loved the experience, prompting comments like, “I can’t wait to do this again!” and “ The overall experience was amazing I enjoyed teaching the children about the economy and learning that the children understood the concepts related to the topic ”

Are you ready for a great spring morning in the classroom? Dates and locations, as well as FAQs about the program, are listed on the Illinois CPA Society website [www icpas org/volunteer htm]

As our Illinois CPA Society volunteer community continues to grow, we have sought new ways to help members connect to one another and share their volunteer experiences. The result? The launch of a new blog Volunteer Chronicles an interactive hub that brings you volunteer stories, photos, video, updates, and behind-the-scenes details of each of our volunteer programs

Check out www.icpasvolunteerchronicles typepad com regularly (or subscribe and add it to your blog feed) for the latest news from the ICPAS volunteer community Volunteer Chronicles also can be accessed via the ICPAS Publications hub page at www icpas org/publications htm

We look forward to hearing what you think

Paving the way for tomorrow’s CPAs.

CPA ENDOWMENT FUND OF ILLINOIS

The Illinois CPA Society and the CPA Endowment Fund of Illinois thank our generous supporters for their annual contribution or for their pledge*. For additional information or to make a donation, please visit www.icpas.org/Endowment.htm. June 1, 2010 – March 31, 2011

$25,000 and up

Crowe Horwath LLP

Ernst & Young LLP

Illinois CPA Society

$10,000–$24,999

ComEd

Deloitte & Touche LLP

KPMG LLP

Edilberto C. Ortiz, CPA

Washington, Pittman & McKeever, LLC

$5,000–$9,999

Grant Thornton LLP

Brian J. Hunt, CPA

Sikich LLP

$1,000–$4,999

BDO USA LLP

Therese M. Bobek, CPA

Anna M. Bourne, CPA

Daniel W. Cadigan, CPA

Chua Family Charitable Foundation

Cameron T. Clark, CPA

Lawrena J. Colombo, CPA

Joseph L. D’Amico, CPA

Laura M. Del Prato, CPA

Wayne R. Ebersberger, CPA

Arthur I. Farber, CPA

Howard A. Feinstein, CPA

William K. Flowers, CPA

William A. Gifford Jr., CPA

Lee A. Gould, CPA

Sharon J. Gregor, CPA

Thomas W. Havey, CPA

Sheldon P. Holzman, CPA

Kenneth J. Hull, CPA

Illinois CPA Society’s Young Professionals Group

James P. Jones, CPA

Rhonda G. Kodjayan, CPA

Anne M. Kohler, CPA

David L. Landsittel, CPA

Rocco J. Martino, CPA and Roxanne M. Martino, CPA

James M. Maurer, CPA

Lester H. McKeever Jr., CPA

L. Denise Moritz, CPA

Belverd E. Needles Jr., PhD, CPA

Annette O'Connor, CPA

Morris M. Oldham, CPA

Beth J. Pagnotta, CPA

Floyd D. Perkins, CPA

Kenneth R. Posner, CPA

Marian Powers, PhD

Stella B. Santos, CPA

The Sargent Consulting Group, LLC

Michelle M. Scheffki, CPA

Ronald S. Sonenthal, CPA

Scott D. Steffens, CPA

Reva B. Steinberg, CPA

Duane D. Suits, CPA

Vincent E. Villinski, CPA

Mary Ann Webb, CPA

Oliver R. Whittington, CPA

Cheryl S. Wilson, CPA

Lawrence A. Wojcik, CPA

Arthur R. Wyatt, CPA

Penelope J. Yunker, CPA

Donna F. Zarcone, CPA

$500–$999

Gilda M. Belmonte, CPA

Kathryn M. Carter, CPA

Jennifer L. Cavanaugh, CPA

Kathy T. Ford, CPA

Anthony Fuller

Ann Marie Goddard, CPA

Kathy H. Hannan, CPA

John A. Hepp, CPA

Margaret M. Hunn, CPA

Geralyn R. Hurd, CPA

Diane M. Lyons, CPA

R&M Consulting

Jennifer S. Roan, CPA

Lawrence H. Shanker, CPA

Edward H. Stassen, CPA

Marites U. Sy, CPA

Joan E. Waggoner, CPA

$250–$499

Jacqueline Berk Babb

BP America Inc.

Cameron, Smith & Company

Edwin Cohen, CPA

William P. Graf, CPA

Ronald R. Knakmuhs, CPA

Elise A. Kostka

Jeffrey W. Krol, CPA

Karla J. Mansfield, CPA

Gail L. Mathews, CPA

Sara J. Mikuta, CPA

Elizabeth A. Murphy, CPA

Erwin J. Ortiz, CPA

Michael D. Pakter, CPA

Michael J. Pierce, CPA

Daniel F. Rahill, CPA

Deborah J. Ringer, CPA

Rockoff, Harlan, Rasof Ltd.

Leilani N. Rodrigo, CPA

Elizabeth B. Roghair, CPA

Thomas W. Winkler, CPA

Up to $249

Anonymous (6)

Annabelle S. Abueg

Ernest Achtien, CPA

Evelyn D. Allam

Angela T. Allen, CPA

Solita M. Alvarez

Rhoanne C. Andrada

Elda B. Arriola, CPA

Brent A. Baccus, CPA

Villalyn S. Baluga

Lisa M. Benson, CPA

Jeannine M. Best, CPA

Gerald D. Brighton, CPA

Josephine B. Cabanos, CPA

M. David Cain Sr., CPA

Garry M. Caracas

Minerva L. Cariaga

Jay R. Castaneda

Joseph J. Castriano, CPA

Rose Lilly Cervantes

Jennifer Ciszewski, CPA

Julian G. Coleman Jr., CPA

Rhodora R. Credo

Edwin P. Czopek, CPA

Davidson, Nick & Co. CPAs Inc.

Nuthatai De Castro, CPA

Leah S. Dela Cruz

Barbara Dennison, CPA

Raquel Dinglasan

Leo Eatman, CPA

Kristoffer D. Evangelista

Fruto Fabros

Regina Falcon

Jeffrey S. Flores

Linda H. Forman, CPA

Genalyn F. Francisco

Judith S. Garber, CPA

The CPA Endowment Fund of Illinois has made every attempt to acknowledge all of our donors who have given during this time period. If you note a discrepancy please call (312) 993-0407 x290.

*Donors with a multi-year pledge are recognized for the full amount of their pledge in the first year of the donation and for the amount of their pledge installment paid in the remaining years of the pledge.

Harold N. Geiser, CPA

Sandra Gentry, CPA

Mary P. Geoghegan, CPA

Richard J. Gilman, CPA

Paul Goldberg, CPA

Robert L. Grottke, CPA

Edward J. Hannon, Esq., CPA

Molly Hartman, CPA

Noel T. Hastalis, CPA

Jo Ellen Helmer, CPA

Cara C. Hoffman, CPA

Russell W. Holmgren, CPA

Kathy L. Horton, CPA

Analie Hoyle

Susan L. Husselbee, CPA

Elaine Igelman, CPA

Jim A. Isaacs, CPA

Robert A. Johnson, CPA

John W. Kaiser, CPA

Ronald S. Katch, CPA

Wendy A. Kelly, CPA

Gary E. Kemnitz, CPA

Donald E. Kieso, CPA

Lloyd J. Kurkowski, CPA

Rona M. Lagdamen

Cecilia F. Lazaro

Leaders Bank

Daphne C. Lee, CPA

Leif Jensen & Associates Ltd.

Debra J. Lessin, CPA

Ludella Lewis

Deborah L. Lindberg, CPA

Mary Catherine Link, CPA

Jerome H. Lipman, CPA

Marcia J. Lucas, CPA

Richelle F. Lumakang

Catherine L. Lynch, CPA

Jeffery T. Marinier, CPA

Randy Markowitz, CPA

Gerald T. Maxim, CPA

Terry H. Michaels, CPA

Anne M. Mieleszuk, CPA

Netzyl Jeanne Miraflores, CPA

G. William Moore, CPA

Patricia G. Moss, CPA

Edward J. Nadler, CPA

Sy Z. Nagorsky, CPA

Rosemarie D. Ngo, CPA

Edward T. Odmark, CPA

Karen M. Olson, CPA

Norelli P. Ople

Maria P. Pagtalunan

Stephen R. Panfil, CPA

Bruce Pickens

Pier & Associates Ltd.

Ernest G. Potter, CPA

Janet L. Potter, CPA

Kathryn N. Preston, CPA

Prigge Simon & Hedrick LLC

James G. Quaid, CPA

Roy D. Raemer, CPA

Rhea Ramos

Starr M. Robinson, CPA

Bonifacio I. Rodrigo, CPA

Julio H. Rodriguez, CPA

Robert P. Rohleder, CPA

Deborah K. Rood, CPA

Jeffrey A. Sacks, CPA

Epifanio R. Sadural Jr., CPA

Jessica A. Samonte

Rosario A. Santana, CPA

Christina F. Santos

Jennifer L. Schultz, CPA

Judith A. Segal, CPA

Richard Shapiro, CPA

Vivian J. Sigue, CPA

John R. Simon, CPA

Myron L. Simon, CPA

Romil Sison

Barbara R. Sloan, CPA

Christine M. Smith, CPA

Laurence A. Sophian, CPA

Laura N. Spellman, CPA

Leonard W. Stoga, CPA

Kriss Michelle Suarez

Myra A. Swick, CPA

Gonzalo Sy

Michael K. Tadla, CPA

Maryrose Tayson

Shirley Q. Trinidad, CPA

Kathrina V. Vallarta

Monica L. Walker, CPA

Edward B. Walkowiak Jr., CPA

Nancy G. Wallace, CPA

Michael N. Wenzel, CPA

Jay D. Wilensky, CPA

Kenneth E. Wood, CPA

Kevin V. Wydra, CPA

Amanda J. Zhong, CPA

John W. Zick, CPA