Research Articles Base: Career Topics

Career Management

Career Management             Currently, the labor market has becoming more and more competitive. Job seekers should have the intelligence to manage their career in order for them to have their goals achieved. In addition, with today’s actively changing business landscape, businesses are also becoming more complex with the advancing of technology. In the current economic environment, education is becoming increasingly critical to career success. Therefore, the emphasis on life-long learning and personal development, whether formal through organized seminars, or informal through reading and self-learning, is vital to promote a learning attitude that will continually develop new skills and acquire new knowledge.             In this more competitive labor market, employees have to have also the competitive edge to cope with the dynamic change in the market. Businesses today seek for more flexible staff and with more technical knowledge. Employees have no choice but to constantly increase their technical knowledge to be more flexible. In connection with is, employees must also be able to apply these technical knowledge and skills to handle an increasingly diverse, non-routine set of situation and events to be more effective in the workplace and to satisfy customer and organizational needs. According to  (2000), employees must continually commit themselves to learning to enhance their knowledge and to increase their skills. Moreover, he enumerated some real challenges for today’s employees. These include the following: 1.                          Responding and coping with new and rapidly changing business environment and organizational structures. 2.                          Gathering and digesting more timely and relevant information. 3.                          Handling technology and e-commerce. 4.                          Quality – getting it right first time.   According to  (2000), job skills will continue to increase exponentially and not in a linear pattern, leaving those individuals who fail to adequately prepare and develop themselves continually out-of-work or with no opportunities for growth and professional development. With these challenges, career management becomes more critical in today’s world for everyone at all levels in the organization. In the past it was important however in today’s dynamic market, career management become more an essential. Career management is drastically different today than in the last decade. Career management is changing due to the change in the nature of career. The nature of careers is being affected radically by: 1.      Economic changes displacing large numbers of employees from old to new forms of employment, and frequently leading to reduced employment status for those whose skills are obsolete and who are unable to adapt to new businesses 2.      New technology resulting in the automation of formerly labor intensive processes, improved communication and information, and the growth of new kinds of organizations, occupations and jobs 3.      Changes in business culture ranging from privatization, with resultant pressures for new forms of regulation, to changes in organizational practices (such as refocusing around core business activities) have raised awareness of corporate culture as a source of strength, resourcefulness and flexibility In addition, according to  (1997), much of these changes can be attributed to the new contract between employer and employee. Part of this paradigm shift affects careers. It is no longer the company’s responsibility to manage our careers. This responsibility falls to each of you. Career management has been complicated by the current trends in restructuring, downsizing, rightsizing and outsourcing. Traditional upward mobility is no longer available and gone is the fast track. Today’s career progression is a complex maze of crisscrosses and lateral moves. The traditional, vertical career path was straightforward with little guess work. Today’s career paths are not so straightforward. Some are known as the network career path (with horizontal and vertical movement), the lateral skill path (with horizontal movement), and the dual career path (with movement for experts on the technical side of the business not desiring managerial positions). With the loss of the traditional, upward career path, organizations have developed alternatives to help employees. Two such alternatives are formal job revitalization and broad banding. Companies are attempting to “spice up” employees’ jobs where promotions are not possible with job revitalization. Broad banding gives organizations an opportunity to increase an employee’s compensation without an upward move. Both of these methods, however, require that the employee contribute more to the organization and acquire new skills. The key is to recognize the need for transferable skills as well as the imperative to continually be adding value to your position and to your organization. According to  (1997), career management does not just happen. Careers must be carefully managed. Determining where you are going and outlining a strategy whereby you can get there are some of the certain steps to manage careers. Career management is the process by which career goals are met. This requires, then, that you set career goals and objectives. You need to know where you are going to know how to set your course.             This paper focuses its discussion on the career management of top executives. This paper attempts to analyze the labor market of top executives and identifying their strengths, weaknesses, opportunities and threats they face in pursue of their careers. Included also is an updated personal development plan or CV.   Career Management Portfolio Labor Market Analysis             Top executives are expected to have keen competition because of the prestige and high pay attract a large number of qualified applicants. Top executives are among the highest paid workers; however, part of their job is working long hours, considerable travel, and intense pressure to succeed. The nature of their work is to strive to meet their organizations goals and objectives. Top executives devise strategies and formulate policies to ensure that these objectives are met. Long hours including evenings and weekends are standard for most top executives although their schedules are flexible. Substantial travel between international, national, regional, and local offices to monitor operations and meet with customers, staff, and other executives often is required of managers and executives. Many managers and executives also attend meetings and conferences sponsored by various associations. The conferences provide an opportunity to meet with prospective donors, customers, contractors, or government officials and allow managers and executives to keep abreast of technological and managerial innovations. Top executives are under intense pressure to succeed; depending on the organization, this may mean earning higher profits, providing better service, or attaining fundraising and charitable goals. Executives in charge of poorly performing organizations or departments usually find their jobs in jeopardy. Top executives must have highly developed personal skills. An analytical mind able to quickly assess large amounts of information and data is very important, as is the ability to consider and evaluate the relationships between numerous factors. Top executives also must be able to communicate clearly and persuasively. Other qualities critical for managerial success include leadership, self-confidence, motivation, decisiveness, flexibility, sound business judgment, and determination. Advancement may be accelerated by participation in company training programs that impart a broader knowledge of company policy and operations. It is expected that the position of the top executives are of the most competition due to its prestige and high salary. It is expected that many applicants who are qualified are attracted with the offer especially on the large companies. Because this is a large occupation, numerous openings will occur each year as executives transfer to other positions, start their own businesses, or retire. However, many executives who leave their jobs transfer to other executive positions, a pattern that tends to limit the number of job openings for new entrants. According to a survey by independent Remuneration Solutions and Manifest, although rises in total pay for top executives slowed sharply, it is still rising faster than average earnings and three times the rate of inflation (2006). Total pay, including base salaries, bonuses and the expected value of long-term incentive plans, rose 9 per cent to a median of £2.1m for chief executives of large companies last year. This compares with compound growth of 19 per cent a year for eight years or a total rise of 230 per cent since 1998. Over the same period, average earnings rose 38 per cent and the FTSE100 grew 4 per cent ( 2006). Use of bonuses, options and particularly long-term incentive plans have risen faster than base salaries. Performance-based awards now make up more than three-quarters of total remuneration for the average FTSE 100 CEO. Total pay at smaller companies rose just 6 per cent, according to a survey of 235 companies who have reported since January 1 ( 2006).             In connection, according to Rick Slayton, there is a rising demand for top executives. He notes that “The supply and demand dynamics have given high performing executives more career options than they’ve had in years.” There have been challenges in which top executives faces with the changes in the current economic environment. Technological advances, changes in social behavior, demographic shifts and economic conditions are driving fundamental changes in the structure of the labor market and the playing field on which we compete for labor. Our competitiveness with other employers is affected by general labor market forces.   However, according to  (2006), the supply and demand dynamics have given high performing executives more career options. Slayton points out that there is a rising demand for top executives. Slayton also points out recent studies documenting an increase in executive job transition and moves by employers to change their pay practices to match a more competitive job market.  (2006) commented that candidates as a general rule have more power today. For much of the past five years, employers were holding the cards in the executive employment market, because new opportunities were scarce. But today, it’s clear that the pendulum of the executive employment market has moved way over to the candidate or seller side. The bargaining advantage has shifted substantially beyond equilibrium in favor of the top candidates. Slayton suggested that recruiting season will keep corporate recruiters and executive search firms busy trying to market compelling opportunities to top management talent. According to him corporate employers will continue to  place a premium on the right mix of professional experience, advanced education, a track record of consistent performance and successive promotions and executive presence. Slayton notes an increasing number of executive job candidates are rejecting any company rumored to have a tyrannical CEO, high executive turnover, and/or business practices that might remotely evolve into corporate scandal. He advises employers not to underestimate the importance of their reputation, their brand, and their overall workplace experience and corporate mission, because top caliber management candidates are usually motivated by the challenge of a new job with a growth-oriented employer. Slayton concluded that “any company that can’t effectively articulate its vision for the future and a compelling employment proposition for world-class management executives will find its ability to recruit diminished or hampered until that changes.” Executives are increasingly opting to transfer to another company if the offer there is better. Executives have to learn how to manage their career well because they have become as vulnerable to unemployment as lower-ranking individuals. Executives preparing to be interviewed for a new job should make sure that they have certain qualities that will increase their chances of being selected for the position. Executives today face a different playing field than their predecessors. Before downsizing and restructuring, corporations sought lifetime employees whose commitment to the company was paramount. In turn, executives trusted their employers to develop their careers and protect their tenures. However, as change has become an accepted fact of life and re-engineering is no longer an emergency exercise, top executives are ever more likely to be blasted into the ranks of the unemployed with no safety net. It could happen more than once. Effective executive should executive presence, stature or social poise, ability to focus, charisma, ability to articulate, and hands-on management capabilities. Executive presence is hard to define but clients “know it when they see it.” Managers with executive presence speak without a significant regional accent and use strategic silences to appear thoughtful. Grooming such as men with dark, expensive suit, white shirt with French cuffs, Hermes-type tie, manicured fingernails; and women with dark suit or dress, high-quality accessories and jewelry is an important aspect of executive presence. An executive should be a top communicator. A top communicator must have stature, or social poise. Executives who have it are always onstage but never pretentious. They arrive on time and move crisply, but gracefully. They make the first move to shake hands The ability to focus is a key element of stature. Top communication executives are always balancing scores of issues, projects, personalities and outcomes. But when they handle one, they give it 100 percent of their attention. They lean forward slightly when they sit – a mark of attentiveness – and they listen carefully. In addition, executive should be articulate. Communication professionals know that how you say it is often more important than what you say. Articulate executives don’t simply speak clearly. They also respond with a framework for an answer rather than answering questions directly. Articulate executives speak in bullet points and avoid larding their conversations with jargon. The ability to explain a complex issue in simple language is something clients always look for in personal interviews. An executive’s charisma refers mainly to his or her ability to appear interested, caring and concerned.  Charismatic executives usually like to have people around them and mention others in conversation. They walk the halls of their companies and they chat easily with employees at all levels. While it’s difficult to assess charisma in a one-on-one interview, recruiters look for subtle cues like giving credit to team members or subordinates. Optimism is also a strong predictor of charisma. When one of our top candidates spent more than half an interview complaining about her current boss and her company’s misguided strategy, she fell to the bottom of the list. Finally, hands-on executives can do the job that they are managing other people to do. Thriving in a team-oriented environment, they avoid excessive delegation. To be “close to the action,” they meet with customers regularly, use computers extensively, place their own phone calls and sometimes fly coach. Sometimes it’s difficult to find a hands-on executive who has executive presence, but they do exist. In an age of constant change and declining corporate loyalty, communication professionals can build and strengthen their career clout by taking responsibility for their own job progressions, planning to change jobs every two to four years, and honing their interpersonal skills. If your current employer can’t or won’t help you polish your knowledge base and experience, find one that will. Survival is up to you – not the company.   Personal Development Plan Strengths and Weaknesses 1. Areas which needs development   2. Strengths Area of Focus             The area of focus is mainly on the area which needs development. <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Encourage innovation</li> Excellent performance in this area results in being able to: <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Ensure that there is a well communicated innovation strategy that fits with the overall vision of the business</li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Motivate people across the business to identify areas for new products or services. </li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Ensure the resources, particularly the time, and made available for idea generation, development and testing of ideas</li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> Evaluate business cases and plans, approve those that appear viable and monitor their progress</li> <li class="MsoNormal" style="color: #333333; text-align: justify; line-height: 200%"> ensure that the originators and developers of any ideas receive recognition for their achievement</li> </ul>   <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Plan change</li> Excellent performance in this area results in being able to: <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> assess the gap between the current and required future state of procedures, systems, structures and roles</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> assess the risks and benefits associated with your strategies and plans and develop contingency arrangements</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> make sure your plans include short-term “wins” as well as longer-term deliverables</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> develop systems for monitoring and assessing progress</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> develop a communication strategy that allows people to give feedback</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> identify training and support needs and plan how to meet these</li> </ul>     <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Lead Change</li> Excellent performance in this area results in being able to: <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Communicate vision for the future, the reason for change and the benefits to everyone</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Make sure people responsible for planning and implementing change understand their responsibilities</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Set and prioritize objectives for the change</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Identify strategies for achieving the vision and communicate them clearly to everyone involved</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Communicate progress to everyone involve and celebrate achievement</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Identify and deal with obstacles to change</li> </ul>   <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Make a program of projects</li> Excellent performance in this area will result to: <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Make sure everyone involved is clear about how the program links to strategic targets</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Take account of all essential needs and translate strategic targets into practical, efficient and effective actions</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Make sure everyone involved understands the critical aspects of the program and arrangement for dealing with contingencies</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Monitor and control the program so that it achieves the stated objectives on time and within budget</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Make recommendations </li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Tell the important issues and the results of putting the program into practice</li> </ul>   <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Implement Change</li> Excellent performance of this area will result to: <ul style="margin-top: 0in; margin-bottom: 0in" type="disc"> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Create a vision of where you area is going</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Communicate regularly</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Create a range of leadership styles and apply them to appropriate situation and people</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Give people support and advice</li> <li class="MsoNormal" style="text-align: justify; line-height: 200%; text-autospace: none"> Encourage people to take a lead in their own area of expertise</li> </ul>                         Action Plan             The following plan includes the actions selected and the suggested resources and time frame.   Action Resources Time Frame 1 Encourage innovation Find local courses about encouraging innovation Complete within 3 months   2 Plan Change Find local courses about planning change Complete in 3 months 3 Lead change Find local courses of planning change Complete within 6 months 4 Manage program of projects Find local courses about managing program of projects Complete within 9 months 5 Implement change Find local courses about implementing change Complete within 12 months               Credit:ivythesis.typepad.com

Career Management

Career Management Currently, the labor market has becoming more and more competitive. Job seekers should have the intelligenc...

A computing degree provides many career oppotunities

In this essay, the discussion is primarily about the broad spectrum of computing degree as to where a diploma in computing can take one with the wide array of career opportunities it offers.  Further, due to the increasing demands of computing professionals, the discussion on the response of the major schools and universities will be tackled.   Lastly, discussion will include an exploration of the existence of seemingly computer culture for the purposes to give an overview in the context of what to expect in computing industry granting an accomplishment in computing degree will be achieved.   A degree in computing course can take one to move in great heights in the industry, whether it will be in the field of marketing, engineering, economics, social science, communications and so on.  The computing degree scheme constitutes the degrees in the various areas such as computer science, with a choice of specialized field to master in, like in information system, multimedia technology or software engineering and in the area of computing itself.  Most graduates from a computing degree courses, gets to have a chance to work in the leading companies worldwide like in Microsoft or the IBM are just few of the prestigious companies that a computing major can aspire to be a part of.  The several common positions of a computing degree graduate include being a programmer, sales manager, database administrator, systems analyst, technician, lecturer and so many more.  Needless to say, computing majors becomes the organization leaders rather than a follower and a valuable and integrated part to any company or an organization. With the increasing demand of professionals that has adequate computing background and knowledge, it is no wonder that major schools and universities all over the world caters to the impending demand of computing professionals in the business world.  As part of the great demand, schools and universities continually challenged themselves to produce superb and high-caliber computing professionals and offers students with innovative facilities and as much as possible provide par excellence teaching to better equipped their students with sufficient knowledge and average expertise to be developed as they face the challenge in the real world of computing industry.  An emphasis in the computing degree for some schools is vital just like for example, in Lincoln University Studies Program in New Zealand which offers a specific computing degree course for students to fully concentrate on the applications of computing.  The Bachelor of Applied Computing being offered in the said school is said to be a malleable interdisciplinary studies which opens doors for a career in the fields of computer system management, systems engineering, system development, and the related fields.  Moreover, even some schools encourages the non-computing degree graduates to enroll in the short-term computing degree courses where non-computing degree graduates will be taught the basics of computing skills and all the pertinent computing applications that would be useful and can be a contributing factor for career advancement as a means in which to be adaptive with the changing world of business in general wherein the integration of the applications of computing is pervasive to a large extent.  For example, an accounting graduate to be more successful should come to terms in the use of a computer database, without any background of computing applications it would be stressful for the accountant to do his or her job readily if one only depends on the manual applications of accounting.  Nowadays and in the future, it is a fact that computer literacy is a must prerequisite to be able to make it have a career in the chosen industry.  Having had adequate knowledge in computing applications would prove to be an edge a professional can have in the pursuance of advancement of career. Presumably, that computing per se is undeniably a heck of a good thing that needs to be deployed to users with the right packages.  Is a computing degree works better for men and not so for the women?  To account this pressing issue of gender stereotyping in the computing degree course, according to Higher Education Statistical Agency or HESA (1994) statistics, revealed that women are said to be underrepresented in computing accounted only to more or less 22 percent of those who earned an undergraduate having a computing degree in the UK. The tendency of undermining the representation of women in computing degree, tends to be evident in the United States as well, wherein, the percentage of women taking computer science classes in the more illustrious institutions approaches only half the national average. For instance for the year 1986 and 1996, it is said that only 14 percent female students attends computer science classes in  ( 1987)  (1990) suggests that for a social space to constitute a specific culture it requires a somewhat different set of common understandings around which action is organized, and these differences will find expression in a language whose nuances are peculiar to those and fully understood only by its members. Simply stated, in relation to  (1990) suggestion, the internal social environment of computing should be distinct in key ways.  With this in mind, a reasonable ground of evidence supports the existence of computer culture.  A research by  (1984), found that university students engaging fully with computing for the first time indicates that such a social division is quickly established and thereafter maintained: ‘a we–they distinction’: the computationally competent and everyone else.  Moreover,  and  (1990) and  (1984) argued, that the ideological kernel of computing culture transcends the particulars of immediate time and space so that, although the particulars might differ, its general features are identifiable and widely shared across the diversity of computer settings. As oftentimes noticeable in the computing industry is the high degree of competitive behavior characterizing the technical interactions between experts and non-experts, with the former group observed to regularly ‘express considerable contempt’ (1990) and arrogance ( 1992) towards the latter.     Credit:ivythesis.typepad.com

A computing degree provides many career oppotunities

In this essay, the discussion is primarily about the broad spectrum of computing degree as to where a diploma in computing can take one w...

Careers in Accounting

Different Careers in Accounting                   While it is true that with the fast paced and unprecedented development of the workplace, every organisation must grow in correspondence with the changes taking place ( 1998;1995; 1996). It could also be deemed that careers do change. With the dynamic stages of globalization and world convergence, every person is obliged to deal with the demands of living.             This paper specifically discusses the different careers in accounting. To fully understand the concept of accounting, a brief theoretical discussion is included. Further, to give emphasis to the careers in accounting, its importance as a whole process is also stipulated.   Accounting   Accounting can be defined as the process of recording, classification, analysis and interpretation of financial information which in turn is reported to the concerned stakeholders through the financial statements ( 1974). It requires a record for each and every transaction the business enters into. Accounting has five (5) basic categories. The categories are (1) Assets; (2) Liabilities; (3) Equity; (4) Revenue; and (5) Expense. Many different stakeholders have the need for accounting information in order to make informed business decisions. These stakeholders include investors, creditors, governmental agencies and others. Because the main objective of accounting and financial information is the provision of reliable data and information for decision-making purposes, it is more commonly referred to as a means to an end, with the end pertaining to the decision that is supported by the presence of accurate and reliable accounting data and information. Information are used in making imperative decisions, served as basis for predicting and solving specific problems, and utilized in the daily operations in business management (1992). To be useful and helpful to the various stakeholders involved, accounting and financial information must be relevant, reliable, comparable, and consistent. With the aforementioned concepts of accounting and its processes involved, it could give a fundamental idea on what are the careers possible for accounting degree holders.   Careers for Accountants   Accountants play a very significant role in the corporate world – it has been known that accounting is the language of business. However, the accounting services industry has experienced major changes in the nature and scope of services provided in recent years. In an environment of increased competition and maturation of the traditional audit and tax business, accounting firms have become more diversified and more specialized (1997). Globalization and rapid fluctuation of the world markets are two main reasons why such changes took place ( 2003). There was no choice for CPAs to but to be flexible to the changing needs in business accountancy. As  (1995) have cited in a statement by (1995), “CPAs must revolutionize their thinking not only to endure the pace of this change, but to thrive on it.” CPAs are learning that their traditional services are inadequate to suit the needs of clients ( 1997), and as businesses become more complex and technology advances, accountants must work more creatively (1998). Thus, there is a need for continuous learning in the profession of business accountancy because it can help a CPA in adjusting to the current changing needs in the industry.             But still, regardless of what technological advancement is involve, the basic idea of accounting will never be changed. The processes involved are still the same and will remain to play its intended functions. People having a bachelor’s degree in accounting have many considerable opportunities in the job market. To name a few, the following are the most common.   Accountants               Traditionally, an accountant is a person involved in accounting practices. He/she classifies, analyzes, and interprets the financial records of an enterprise. It is important that he/she must be licensed. There are many regulating bodies – local and international in nature, which can grant license to practice the profession. Generally, the works of an accountant include:         Evaluation of records from the bookkeeper that contains the comprehensive result of the enterprise’s losses and gains, changes in value, economies, and leakages that will tell if the organization is failing or drawing back       Drawing up financial records in set and prescribing a system of accounts that will provide information needed by the firm’s stakeholders       Reviewing economic and legal aspects of the business taking into consideration the effect of every transaction made specially on the profit-and-loss statement       Supervising and determining the factors affecting the overall and true condition of the business environment       Showing actual records of cost over specified duration of time, services rendered, and production in cost accounting       Contributing to the decision-making process of the company in particular capital budgeting and line of business analysis However, the succeeding career opportunities for accounting degree holders are specialized segment of the general functions of the accountant. Among these are the following: v     Financial Officer v     Budget Manager v     Auditor v     Analyst v     Business Consultants   The financial structure of an organization serves as one of the most important and crucial area within the firm that needs effective management. There is a notion that a survival and profitability of the company lies within this structure. Financial structure also determines the accounting system that firms can have.  (1992) said that whatever accounting system a corporation adopts, it should be compatible with organizational structure and should be designed to supply needed information to all levels of decision making. Since finance is a major determinant of the accounting process, thus, there is a vital career opportunity of the accountant in this area. given the specified qualification for the position, a financial officer and staff must possess the fundamental skills needed on this challenging job.. The responsibilities of the financial officer and its staff are:       Preparing financial statements based on the records presented by the bookkeeper       Involving him/her self in significant decisions with regards to special areas and functions (e.g. mergers and acquisition, planning, and/or financial projections – short-term or long-term in nature)       Budgeting financial resources of the business in accordance to the objectives of the organization The essence of budgeting lies on the assumptions that the mere process of budgeting, (1) requires all levels of management to plan ahead, (2) provides definite objectives for evaluating performance at each level of responsibility, (3) creates an early warning system for potential problems; (4) facilities coordination of activities within the organization; (5) results in greater management awareness of entity’s overall operation and; (6) motivates personnel to meet planned objectives. These benefits are reasons enough to persuade managers to conduct a way to manage their budget. The process is sure to provide them foresight of the future of their business ventures. Furthermore, budgeting will also ensure the smooth flow of resources and wise use of the allocated budget.             Nonetheless, budgeting should be done following a multi-dimensional approach. Multi-dimensional budgeting must be complemented with computerized executive information systems (1992). In this way, managers can analyze information from several different angles and can address several of never-before-asked questions about the company’s present and future performance.             In addition, budgeting allows the managers to; (1) creates a better way to direct and control resources; (2) creates an explicit and clear relationship between budgets and the business strategies they fund; (3) permits comparisons of detailed expense information across organizations; (5) provides powerful framework frame work for measuring customer value, internally and externally and; (6) helps the company understand the costs of operating its organization (1992: 174). These speak of the fact that results are worth the efforts of embarking on “looking beyond budgeting” Budgeting does not have to be a financial form of fortune-telling. The organization must use a conservative approach when coming up with its sales and expenses.  It is also important that the budget tells what the organization intend to do with the business. Constantly evaluate actual numbers versus budgeted numbers to see how the organization is actually doing. Lastly, consider the budgeting process as a management tool to help keep the company profitable and keep it running as smoothly as possible. This is done by the budget manager and its staff. Auditing is also a crucial factor in the financial section of accounting. Effective management of finance means a balance of all the essential properties and assets of the organization. in auditing, the financial requirements of the firm must be supplemental to the firm’s continuous operations. It could be said that auditing goes hand in hand with budgeting and other finically-oriented transactions.             Accountants are known to have the special abilities to identify the most significant aspect of a business operation. May it be pioneering or already existing, accountants are reliable sources of vital business theory. This idea paves way to a career in consultancy. In general, the accounting functions are integrated in all these potential career offerings. The rationale for this can be easily stated with the understanding of the important sectors of accounting. For instance, the specialized area of budget and financial concerns are important in the company’s everyday operation. There is basically a need to understand financial issues and reports are needed to make sure that cash flow within the company is smooth and there is no problem whatsoever. However, structuring the financial system of the company also involves a crucial decision-making process. Companies can either choose if they want their financial structure to be bank-based, market-based, service-based or legal-based.   The Importance of Accounting             Accounting is the art of identifying, measuring, recording, interpreting and communicating the results of economic activities (   2000). It is the language of business being utilized by investors, managers, and business decision makers. It is utilized by individual file tax returns and supply information when applying for credit and at the same time government use it to control their resources and measure their accomplishments. Everyone benefits from comprehending accounting’s nature, significance, and limitations. Its purpose is to provide decision makers with information useful in making economic decisions concerning the allocation and the use of scarce economic resources.             In another source, accounting as the word implies, is a reckoning of the financial results of an enterprise between those who control the employment of capital or assets and those who provide the capital or assets ( 1993). Accounting responds to the needs of business and follows developments in commercial activity. The earliest records of business transactions, the essence of accounting, are over 5,500 years old. These are Egyptian and Sumarian records on agricultural production and tax collection. Other ancient records include both sides of a trade or barter and the amount of inventory in storehouses (1993). The earliest extant records of depreciation, an expression of the idea of the wasting away of physical assets, go back to the days of the Greek and Roman record keepers. A wall, for example, would be depreciated over a period of eighty years, which one might construe as a measure of its useful life and the efficacy of ancient construction practices.             Accounting is important especially if you don’t know how the business is doing, if you don’t want to have professional looking financial statements for your bank, potential vendors or interested parties and if you want to process sales order, purchase orders, invoices, payroll and other business functions manually. The accounting profession has participated in the development of cities, trade and the concepts of wealth and numbers. They are the ones who participated in the development of money and banking, do the company book keeping, saved companies from bankruptcy and helped developed the confidence in capital markets necessary for western capitalism and are central to the information revolution that is transforming the global economy.             Moreover, in management accounting, this job involves the development and interpretation of accounting information specifically to aid management in setting goals, evaluating performance, deciding to introduce a new product line and in every aspect of running a business. This is also utilized in non-financial information like political considerations, environmental factors, public image and worker productivity. They are also responsible for the decision which involves financial considerations. In general, accounting is the result of choices-choices made at the individual level (as management decides how it wishes to represent its transactions, events, and states) and choices made at the social level (as standards-setting and regulatory bodies decide which methods to mandate across firms and time) ( 2003). Kinney added that it is also used for both pre-decision and post-decision by managements so that businesses may be ran better, investors and analysts may value businesses, regulators and directors may oversee businesses, and trading partners and government to settle contracts and tax payments. Accordingly, accounting choice integrates concepts from different fields, such as information economics, measurement theory, information technology, economics, finance, individual, group and organizational behavior, industrial organization, ethical behavior and reputation, regulation, law (both civil and criminal), and political economy (Kinney, 2003). Although all these subjects are distinct from each other, all are important in understanding accounting today and also, they are important in order to make predictions about the future of accounting ( 2003). All in all, the accounting systems – serving as the financial structure of the company provides information for three broad objectives: internal routine reporting to managers to provide information and influence behavior regarding cost management and the planning and controlling of operations; internal non-routine, or special, reporting to managers for strategic and tactical decisions on matters such as pricing products or services, choosing which products to emphasize or de-emphasize, investing in equipment, and formulating overall policies and long- range planning; and external reporting through financial statements to investors, government authorities, and other outside parties (, 1991).   Accounting and Career Management In accounting, there is a need to plan the development of career. A careful planning and scrutiny will eventually help the individual focused on the chosen area of service in relation to accountancy. Thus, career management is important. In an interview,  of Fortify Services, he believed that: “full-on career management requires professionalism, total commitment and large reserves of enthusiasm and energy every step of the way.” He added that career management is not an innate talent but a process to be learned. It is not a ‘frivolous luxury’ but a ‘necessity’ in the workforce. Career management is, at its most fundamental level, all about survival in these increasingly uncertain times. It is about carefully building and nurturing people’s skills and reputation (2004). Career development describes the structure and longitudinal nature of career behaviour, as well as the psychological, cultural, economic, and political influences that involvement strategies might transform in order to facilitate more positive and purposeful career behaviour than would likely occur randomly ( 1990). Furthermore, agility, strength, precise movement and the ability to deal with continuous change are key attributes in career development (2000). Chances in accounting careers are high. A person can actually utilize chance as an opportunity. There are five attitudes that are essential to recognizing, creating, and using chance as an opportunity ( 2000): 1. curiosity – which will prompt you to explore new learning opportunities;   2. persistence – which means you exert extra effort despite setbacks;   3. flexibility – which enables you to change attitudes and circumstances;   4. optimism – which will allow you to view new opportunities as possible and attainable; and   5. the willingness to take risks, which will enable you to act in the face of uncertainty.               To fully develop a career in accounting, there is a need for continuous learning in the profession of business accountancy because it can help a CPA in adjusting to the current changing needs in the industry. One of the ways to improve knowledge is by earning a master’s degree. Earning a master’s degree can help a person become updated in the latest trends in accountancy, and furthermore, improves the professional status. According to  (1994), instruction in accounting must be focused on corporate accounting. This is evident with the fast growth of corporations that operate in global setting. According to (1997), at the master’s level, accounting graduates made progress compared to MBAs with technical undergraduate degrees. Because the aim of taking masteral studies is to refine skills, a CPA who has earned the degree will have the chance to perform better and to adapt to new types of CPA firms, characterized by reduced administrative structures and a reduced number of hierarchical levels, supports learning for all its personnel through policies, practices, structure and values. Because learning is an imperative requirement, any form of study can help an accounting professional met his or her goals. (2001) stated that accounting professionals who experience learning should have a more positive attitude toward their work and firm. Thus, it can be said that personal learning is significantly related to attitudinal outcomes among accounting professionals, and positively related to job satisfaction and organizational commitment.   Synthesis The skills of CPAs have great importance in many economic endeavors. All in all, any area in the business world that caters to the information necessary for the whole business operations is a potential venue for an accounting career. Truly, finance, management, and all related aspects in accountancy are integrated altogether in order to materialize a successful business endeavor. Thus, accountancy serves its main purpose.   Credit:ivythesis.typepad.com

Careers in Accounting

Different Careers in Accounting While it is true that with the fast paced and unprecedented development of the workp...

Networking: An Aide in Career Advancement

Networking: An Aide in Career Advancement Introduction             This chapter discusses economic backgrounds and situations of networking in parts of Asia and the United States.  It answers the question on how networking aide in career advancement.  This also suggests ways for an individual on how to be successful in the networking business.  While there are numerous types of networking, this paper focused on small entrepreneurial businesses.  A network can be defined as a system of relations and/or contacts that link firms and actors together and whose content can refer to material goods, information or technology.  From the perspective of economic activity, a network is the set of relations among firms or entrepreneurs, which facilitate the exchange of goods, services and information ( 1996). Whatever the definition adopted relations among entrepreneurs and actors may have the following features, among others ( 1993).  In the first place, a network refers to transactions within the context of reciprocity (not to market exchanges or hierarchical relations within a firm).  Second, these are interdependent relations between actors and firms; they are not relations of independence, as in the market, or of dependence, as in the hierarchic firms and organizations. Furthermore, networks refer to systems of multiple interconnections and of responses and reactions of firms and actors.  Networks are characterized by a series of weak links whose interaction strengthens the network through access to information, interactive learning and diffusion of innovation.  And finally, relations among firms and actors can be asymmetric, of a hierarchical nature, when power becomes a functional element in the network’s performance. Networks can vary greatly.  Therefore, in order to describe precisely their content and importance, it is necessary to classify them according to the kind of relations established among the firms and actors (1995).  First, relations can be formal, that is explicit, related to decisions on strategic goals of persons and organizations, or they can be informal, that is, tacit or spontaneous, specifically, personal contacts among actors and firms.  The former would refer to relations with organizations such as banks or service firms, while the latter would involve interaction of a casual nature with families, friends, colleagues or ex-employees. Firm networks may also refer to commercial transactions that are, to the exchange of goods and services, which facilitates relations with suppliers and clients, or to technical relations based on the exchange of codified information on technological applications, and of product, process, organization or market innovations.  Since the latter depend on technical cultures, the contacts and relations are based on specific rules that govern professional and personal ties. From the specific point of view of economic development and entrepreneurial activity, it is important to establish the distinction between personal networks and firm networks (1993; 1987; 1989).  Personal networks formed by individuals provide information and, over time, resources that are necessary for the emergence and start-up of a firm, but they also favor the exchange of goods and knowledge within local productive systems.  Firm networks, on the other hand, provide technical advice and information on business, financial and material resources and they even lead to strategic alliances against rival firms and groups.  The notion of network, its characteristics and typology, brings us to the concept of industrial networks, which are of particular interest to local development.   A Look on Business Networks in Asia The networks’ preeminence in Asia and the current economic crises provide an excellent laboratory for studying the interaction and evolution of the economic forces of Japanese keiretsu*, Korean chaebol*, Overseas Chinese networks and, increasingly, Overseas Indian networks. The emerging network organizations of mainland China are a further factor. Each of these players uses their own unique form of networking to compete in the market. This is why the study of the networking strategies of these players will serve to provide a greater understanding of the recent phenomenon of Asian economic development and may help us comprehend the current turmoil ( 1999). () Entrepreneurial Networking The study of entrepreneurial networks informs the field of entrepreneurship by highlighting the role of individual entrepreneurial action on the discovery of opportunities and mobilization of resources (1991; 1988;  2000).  Study of entrepreneurial networks at the individual level focuses on the relationships or ties of entrepreneurs–as agents of the firm–with other individuals and organizations ( 2003; 2003;  2002). The network ties of an emerging firm can provide the conduits, bridges and pathways through which the firm can find and access external opportunities and resources.  Thus an emerging firm’s network ties can facilitate successful firm emergence, growth and performance. However, the characteristics of these network ties can influence the extent to which opportunities and resources can be identified, accessed, mobilized and exploited.  When a network tie is embedded within the social relationship and influences the firm’s economic decision making, the tie is called relationally embedded (1985; 1996).  However,  (2003) suggests that these relationally embedded ties may differ based on the different characteristics of the social relationships.  In addition,  (1993) and Hite (2003) indicate that network ties may evolve in their degree of relational embeddedness due to an entrepreneur’s proactive management.  This potential for the evolution of relationally embedded network ties specifically suggests that entrepreneurial action can influence both opportunity discovery and resource mobilization. Therefore, a critical challenge for emerging entrepreneurial firms is to understand and manage the evolution of their relationally embedded ties and the effects of this evolution on entrepreneurial strategies for opportunity discovery, resource acquisition and firm governance.  From the scope of entrepreneurship as firm creation with the entrepreneur as a founder of the firm, this study explores and explains how network ties of an emerging firm might evolve toward increased relational embeddedness, specifically due to individual action.     Working out on Networking             Networking has always been a big part of a business individual’s marketing strategy.  The state of small business continues to be challenging, so networking is critical to being in business. Of course, there are several economists who claim the economy is starting to pick up steam thanks to federal tax rebates, lower federal income-tax rates increases in military spending low interest rates, and President Bush’s economic stimulus package, which will allow small businesses to write off up to ,000 worth of equipment purchases as expenses (instead of the previous ,000). But for many of the 22.9 million small businesses in the United States–some 820,000 of which are African American owned–the rise in unemployment and decrease in consumer spending translates into less revenue for their enterprises.  For small black businesses, changes in the economy tend to have an even greater impact. “When the economy offers challenges, many black businesses, in particular, do not fare as well,” says Ronald N. Langston, national director of the Minority Business Development Agency (MBDA), “mainly because they are unable to adjust to or absorb [extreme economic] challenges, making them particularly vulnerable”, says  (2003). To overcome these difficulties, small business owners are flexing their networking muscle. They are joining local chambers of commerce, obtaining memberships in industry-specific organizations and associations, forming strategic partnerships and alliances with their entrepreneurial peers, and attending trade shows and business conferences such as the annual Black Enterprise/ Microsoft Entrepreneurs Conference held in May in Nashville, Tennessee. But how you go about creating that social interaction is the key to landing the contracts, clients, financing opportunities, partnerships, and other things you’ll need to maintain and grow your business during lean times. Networking is more than just passing out a bunch of business cards at an arbitrary meet-and-greet function in your neighborhood. It is a step-by-step process to building relationships. In the business world, networking is considered social capital. Spending yours successfully requires a plan, the proper place, advance preparation, and a little bit of patience. Here are the steps developed by Harris, W. M. (2003) that you should take to make networking work for you: * Determine your objective.  Successful networking begins with setting goals for your business.  “A small business person who wants to strengthen their penetration in the marketplace through networking really has to define what they want to accomplish,” says Norm Dominguez, United States national director of Business Network International (BNI), a referral-based organization with 58,000 members in 15 countries. “The small business person has to ask themselves.  This will not only identify why you want to network but it will also help clarify where you should network. * Choose your location. Once you decide to build your business through networking, your next step is to identify what kinds of organizations, clubs, associations, conferences, and other events or places you think will help you achieve your goals.  Look for organizations and events dedicated to business networking, such as business conferences. * Be prepared to work it. Whether you’re attending a wine and cheese at a local organization or a series of workshops at a national business conference, you’ve got to be prepared. * Follow up and make a referral.  Once you leave the networking event, be prepared to follow up with the contacts you made in the next few days.   Networking Options             Many entrepreneurs join business and professional associations or private clubs to increase their networking power. These options give your company the constant visibility it needs to attract new clients and can also help you with aspects of running your operation.             Local chambers of commerce frequently hold smaller gatherings, such as morning coffees or evening meet-and-greets, where you may be able to form relationships. Trade shows provide a tailor-made business environment and face-to-face contact with prospective customers in your industry. Networking cart be done through strategic partnerships as well. Teaming up with businesses that complement what you do and that are a good source of referrals can help you expand your market area and target larger accounts.             The Internet is another networking option. Through bulletin boards and chat room communities you can cyber-meet potential customers and fellow entrepreneurs. Just keep in mind that when networking, nothing beats good old-fashioned face-to-face encounters. So although you may make initial contact with potential clients in cyberspace, the Internet should not be your sole vehicle for building networking relationships.   In addition to the abovementioned tips, . has suggested the following steps for a successful networking: 10 Steps to Successful Networking 1. Network in places and at events that would attract your target audience. Don’t choose venues and occasions where just your good friends hang out. Your friends may not have anything to do with furthering your business goals. 2. Sharpen your networking skills before attending an event. Have a few topics in mind to use as icebreakers. Ask open-ended questions to keep conversation flowing. 3. Set Specific goals and stick to them. If your objective is to meet three new people at a local chat-and-chew make it a point to do that before you leave. Dominguez suggests that you never spend more than 10 minutes with one person when you’re networking.  If you find yourself spending more time than that, politely introduce that person to someone else, then move on. 4. Describe your business in 60 seconds or less. No one wants to hear you ramble about every aspect of your company. Create a concise and interesting way to let others know what you do. 5. Be willing to listen. Business owners often make the mistake of talking to much when attending a networking event. Ask questions of the person you’re talking to and give your undivided attention. Don’t glance down at your watch too often or let your eyes wander over their shoulder. 6. Relax. When networking, don’t whip out your business card seconds after you shake the person’s hand. Create interesting dialogue first. That will begin the relationship-building process. 7. Take notes. Whether you attend a conference, organization meeting, or chamber event, gather information about potential clients and write it on the backs of their business cards. This will help you recall your conversations when it’s time to follow up. 8. Look for people to refer. Sometimes the fastest way to get referrals is to give referrals, so pull your entrepreneurial peers into your discussions. 9. Follow up. After the event, don’t throw all of the business cards you collected into a drawer. Follow up with a phone call, fax, letter, or e-mail. Or suggest a lunch meeting. 10. Be patient. Obtaining new clients through networking doesn’t happen it does happen. Stay focused, maintain contact with potential clients, and never give up.   Business Networking International (BNI), based in the United States, is a business and professional networking organization that offers members the opportunity to share ideas, contacts and most importantly, referrals.  So far, here are the following testimonials of networkers after training in the BNI’s Certified Networker Program (CNP):   “The Certified Networker Program is a must for business owners and sales professionals. Since taking the course, I have increased my sales 85 percent and at the same time established personal relationships that will last a lifetime.”  MDRT, Northwestern Mutual, Virginia Beach “By applying the systems and principles learned, I increased my sales 60 percent within eight weeks and all my business now comes from referrals.”   “CNP will help you reach a higher level and dramatically improve your understanding of how truly effective networking can be achieved. Just think if you could get all your referral sources to take this class how powerful your networking system could become.”  Collision Specialist, New Orleans ()   Credit:ivythesis.typepad.com

Networking: An Aide in Career Advancement

Networking: An Aide in Career Advancement Introduction This chapter discusses economic backgrounds and situations of networ...