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Table of Contents
FOREWORD INTRODUCTION ADVICE FROM FINANCE PROFESSIONALS XI 1 5
Amper Politziner & Mattia, P.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Bear, Stearns & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Beard Miller Company LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Berdon LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Capital One Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 Citrin Cooperman & Company, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Clifton Gunderson LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Commerce Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Convergent Wealth Advisors, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36
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Credit Suisse Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Crowe Chizek and Company, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 Duff & Phelps Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Eide Bailly LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 Ernst & Young Global Limited. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 First Horizon National Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 Houlihan Lokey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 Invesco Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 KPMG LLPl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68 LarsonAllen LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 Legg Mason, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76 Margolin, Winer & Evens LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 McGladrey & Pullen, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84 Merrill Lynch & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 Moss Adams LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Nationwide Mutual Insurance Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Parente Randolph, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98 Perella Weinberg Partners LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
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View from the Top: Advice from Finance Professionals Table of Contents
Peter J. Solomon Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 PNC Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110 Prudential Insurance Company of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114 Raymond James Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120 Reznick Group, P.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 Rothstein Kass . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .128 RSM EquiCo, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132 Schneider Downs & Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136 Scottrade Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 SS&G Financial Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 TD Securities Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .146 Tofias PC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 Vitale, Caturano & Company, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154 William Blair & Co, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158 WithumSmith+Brown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162
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Foreword
The financial services profession is, at its heart, about making dreams come true. Dreams of creating a secure future for loved ones; of achieving personal wealth that enables individuals to experience everything from extreme adventure vacations to helping others in a significant way; of establishing businesses that enrich employees, shareholders, community and the markets they serve. The financial services profession translates those dreams into black and white, puts them onto spreadsheets, into policies and portfolios, and helps them become reality. Finance, for the purpose of this book, includes the entire spectrum of accounting firms, commercial banks, insurance providers, investment banks, brokerages and specialty professional firms. Not so long ago, these were distinct entities with specific functions. But over the past decade or so, this industry has changed a great deal. Successful professionals have had to adapt to a changing marketplace; one where the average worker participates in the stock market, where banks sell insurance and insurance providers offer retirement accounts, and individuals decide where to invest their retirement plan assets. In such a diverse and vibrant arena, there are many paths to success. On the pages of this guide, youll find executives from many different disciplines sharing the steps on which their career path took themwhether those steps were taken as a result of careful forethought or in agile reaction to some of the truly seismic shifts that have altered the financial services landscape over recent decades. In addition to major changes in how the industry operates, generational shifts are creating exciting opportunities in the field now and for many years to come. There are essentially four generational waves impacting financial services today:
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The first wave is one of the largest wealth transfers in history. It is estimated that boomers will inherit trillions of dollars from their parents estates over the next few decades. The second wave is the retirement of the boomers. This massive demographic has already begun to retire, but most of its number is expected to live well into their 90s. This decades-long, post-employment period is creating new challenges and opportunities for the financial industry. The third and fourth waves are the Gen Xers and Millenials. These generations represent exciting prospects as they work to secure their financial futures, buy homes and send their kids to college. Many financial services companies are anxiously eyeing their experienced baby boomer employees and representatives, and wondering where their replacements will come from. The upcoming exodus creates a great opening for people looking to enter the lucrative world of finance. Perhaps youve already decided youd like to be part of this exciting, evolving industry and are looking for some tips on how best to get ahead. Speaking from my own experienceand as the president of the Society of Financial Service ProfessionalsI believe there are three factors within your control that will make all the difference.
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These factorseducation, ethics and networkingare the core values of our society. First of all, there is no true profession that doesnt require continuing education. Excellence in this field requires indepth understanding of complex and sophisticated tools, products and regulations. Continuing education provides that understanding and keeps financial service professionals at the top of their game. Having good professional ethics is another key component of success. For many in this business, our livelihoods are based upon the relationships weve built with our clients. In the long run, making sure you wouldnt have a problem telling your client about any action youve taken is the best recipe for continued success. Networking is the final critical leg supporting professional success. Whether you work for a multinational operation where your colleagues are on the other side of the globe or you are an entrepreneur working for yourselfand both are real possibilities in the financial services professionyou will need to build those crucial relationships to help to advance your career. Look for opportunities to be part of your professional communityit will pay off in surprising and worthwhile ways. This guide can serve as a one-way version of that networking. An eclectic mixture of executives from a broad range of companies provide an excellent peek into the finance world, its positives and negatives, talked about in rare moments of truth. Students looking to enter this field can gain extraordinary pieces of advice and tips on how not only to cope with its sometimes intense demands but also on how to find work/life balance amid those demands. Wishing you success in all your endeavors,
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James J. Tyrpak, CLU, ChFC, MSFS, AEP 2007-2008 President Society of Financial Service Professionals
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Introduction
What makes a good leader? Perseverance? Hard work? Tenacity? An opinion? Someone who mentors her staff until they surpass her in skill and knowledge? All this and more is encapsulated in the pages of View from the Top: Advice from Finance Professionals. These finance professionals serve as chief executive officers, senior directors, partners, shareholders and vice presidents across the finance industry. They were asked to discuss their career, their experiences on the way to the top echelons of the financial world, how they balance work and their personal life, and what it has all meant to them professionally as well as personally. Finance was defined to include accounting, investment banking, commercial banks, specialty services firms and insurance providers. We received many candid responses concerning balancing a family life and professional excellence in the financial world, while others focused on emphasizing academic excellence and solid knowledge of the many products offered by the industry. What connected them all was the repeated insistence on diligence, hard work and accurate knowledge of the many functions and skills required. Build your knowledge bank While it might be unsurprising to advise an aspiring finance professional to concentrate on grades, one executive says, However corny it may sound, you really have to study hard and get good grades in order to get a better job. A basic education and skill set lays the foundation for an individual, especially in a highly regulated industry like finance, where the multitude of products and services can be bewildering without proper knowledge. As one of our interviewees says, It isnt like the retail world, where if you are a good talker, you can sell anything. They also emphasized gaining a well-rounded academic experience and taking courses outside the main workload. Whether its understanding how marketing works or organizational behavior or business strategy, make sure you branch out in school. At first it wont feel like the right information to really understand, but over time youll tend to use it more than you think. Getting soft skills on the jobeven through failure While college teaches the hard skills or the technical aspects, the soft skills can be acquired only on the job itself. School prepares you for the technical aspects of your job, but the job teaches you the practical application of it, says one executive while another aptly states, we come out of school as technicians and we understand our trade, what were not trained well to do in many cases is to communicate, a very basic skill needed to be successful. Communication, delegating, building and maintaining relationships with clients and co-workers are some of the aspects that you learn on the job. Accepting and learning from bad decisions and failure was another topic of discussion. Learn from your mistakes and failures, but dont dwell too long on your successes. Experience is obtained through learning from both failures and successes, says a CEO.
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Its your careerbe proactive Volunteering for assignments, accepting new job responsibilities and the willingness to consider the companys success your own priorities when our interviewees were asked for advice. One of our executives crafted her own climb in the company by suggesting areas of improvement and demonstrating the willingness to reassign herself and craft her job around what the firm required for its growth. I was an individual that was always looking for ways for the firm to provide more and more resources to our field personnel, and I was vocal on [the] best practices that we should implement, she says about her proactiveness in creating her own niche within the firm. Another director relocated from New York to Chicago, predicting a two-year stint before he returned to the city he grew up in and never originally thought of leaving. He instead ended up moving around the globe to London where he spent six years before returning to Chicago. I always thought that it would be two years in ChicagoId never been there beforeand I would, of course, move back to New York. Ten years later, after spending six years in London, I am back in Chicago, he says. Respondents also emphasize the need for flexibility if you want to grow with the company. Like one interviewee says, Embrace your career; dont treat it like a job. Take ownership of it. Dont wait for things to come to you. You need to aggressively go for it. Finance is boring?acknowledging the myth Most of the executives interviewed vocalized their concerns and surprise at how misunderstood the finance industry is. Im always surprised that I frequently have to be on guard against assuming people know what I think they know, and really try to explain to them in fairly simple terms how things work, says one executive. Another individual expressed concern over the traditional attitude about the industry viewed as a strictly number-crunching institution. Its not just about numbers. Its also cultivating and growing relationships with my colleagues, my clients and the business community, he says. Traditionally, accounting has had to deal with the stigma of being boring and straitlaced. Not so anymore, with corporate America becoming technologically more savvy, the finance field, including accounting, has slowly but surely begun to attain a more smart, techno-savvy image. Wall Street has been hiring public relations and advertising firms to change its boring image for a while now, yet misunderstandings remain. The work/life balanceattainable With the long hours and working weekends, it has often scared many graduates from stepping into the finance field for fear of losing all thats important to them personally. Yet these executives not only are successful professionally but also have managed to have a steady family life and keep their personal interests intact. While they all stressed the importance of a work/life balance, what they all differed in was their approach to achieving that. You cant have a calendar for work and a calendar for home; you need a calendar for life, says one woman executive. She asserts the need to prioritize days, activities and have one big picture. Another executive offered an example: Work/life balance can be compared to filling a container (time) with rocks and pebbles. The rocks signify the major items in your life and those are placed into the container first. Once those are placed, the less important items, or pebbles, find their space. The key is making sure the important items go in first.
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Another executive feels, the word balance implies that you have to give up something thats very important to you to be able to conduct your life. Step back and ask yourself what is really important to you professionally, personally, spiritually and physically. There are certain things that just arent that important, so take the burden off yourself and say, I dont have to do this, she advises. Others suggest taking full advantage of benefits like time off, from a CEO who feels that, by taking a vacation himself, he is telling his workers that it is okay to have other interests in life and that it isnt all about work, to another respondent who describes how he has always kept Friday nights exclusively for his family. Yet another executive suggests, Youre going to have periods in investment banking when youre really busy and then youll have a free weekend or two, and if you stay in touch with your friends, and they invite you for a weekend getaway, you should be able to spontaneously say yes, knowing that you might not get the chance again soon. Communication was yet again highlighted as a core element of keeping the balance. From one partner who travels a lot calling his wife religiously every day to a director who makes sure his spouse knows his schedule so there were no surprises, they all stress that in a work life full of curve balls and sudden developments, it was essential to keep the family in the loop. One interviewee chose an idiom to define the fine balance: You need to be able to see the forest through the trees, and in order to do that, you really need to have a balance between work and your life outside of work. Know that you are making a differenceits more than a deal While executives spoke about the importance of hard work, etc., they also stressed the importance of self-confidence and knowing that what you do is contributing to the bigger picture. As one of them says, Everything you do has an impact on someone and its important to understand that, and to value the significance of the impact you might be having. Another executive describes the feeling he gets after a good deal as very rewarding. Knowing the transaction youre doing likely is the most important transaction your client is going to do in their entire life and being able to work with them when theyre going through the entire emotional roller coaster of the deal is rewarding, he says. Even if you are starting at the bottom, they say, know that you are part of the bigger project and that each efficient detail you craft and every suggestion you implement can impact the company in an irreversible way. Find mentors Most of our interviewees acknowledge the importance of having mentors in their lives. While most companies today offer formal mentoring programs, our respondents emphasize informal mentor-mentee relationships, noting that most successful relationships result from a gradual informal interaction rather than a rigid assignment of a senior executive in the company by the human resources department. They also stress being proactive in seeking someone that you want to emulate to become your mentor. Make sure you have a direct conversation with your mentors and say, Id like you to help me along the way, one interviewee says. When you approach someone, however, they caution that you make sure they are someone you respect and would like to emulate, be it in skills, decision-making or personality. You want to deal with someone who feels comfortable with you in terms of his or her personality traits as well as [his or her] skills sets. If youre a mentee, you want to seek someone out who can help you provide those intangibles to make you more successful, says a managing principal.
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Others encourage mentees to seek professional associations and alumni groups to find someone outside their industry. One executive says it is important to ask for constant feedback, noting that feedback is not always an easy thing to hear, but you cant improve without it. Words of advice for the next finance wizardstake charge There are many sacrifices and joys in making it to the top. Those who have the capability will need all of the skills, time management abilities and leadership qualities. They advise prudence in assuming the level of competition in the industry and suggest narrowing down what you enjoy doing before picking a career based on remuneration or appeal. One interviewee notes that the financial field requires longtime commitments, adapting to a busy, rigorous lifestyle that often leaves no time for oneself and family, and, many times, postponement of personal plans to accommodate professional deadlines. Figure out what your strengths are, what it is you want to do and how much of your time youre willing to devote to this before you pick the career, he advises. These finance heads, who have anchored many important mergers and acquisitions, crossed many accounting hurdles and pioneered the complex arsenal of products offered by investment and commercial banks, are clearing the path for the future. They all found their niche in this vast industry. It is now your turn.
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Ms. Day is a member of the American Society of Certified Public Accountants, the New Jersey Society of Certified Public Accountants and the New York State Society of Certified Public Accountants. She is also a founding trustee and treasurer for the Franklin Township Foundation of Educational Excellence, which serves her Somerset, New Jersey community. Ms. Day received her BS in accounting and associates degree in business administration from St. Francis College, where she graduated magna cum laude.
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View from the Top: Advice from Finance Professionals Amper Politziner & Mattia P.C.
What are some things that you learned on the job and not in the classroom?
I learned to be flexible. Its really important to realize that the day you start out with might not be the day youve ended up with. You need to prioritize. One thing that is essential for both my professional and personal life is my value system, and thats something I learned from my family. I always tell everybody you cant have a calendar for work and a calendar for home, you need a calendar for life. The only way to make work/life work, particularly as people get older and have other distractions apart from work, is to take your value system and apply it to everything.
What personality traits or attributes do you think make for a good, effective executive?
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They need to be approachable, intelligent, definitive, opinionated, personable and they need to have a good value system. I absolutely believe they need to have an opinion. It doesnt have to be opinionated in a negative way, but in order to lead you need to be able to make decisions and communicate those decisions, including your thought process for your conclusions and ideas. That is not to say that other people cannot have opinions and you may be influenced to change your mind. You also need to be a good listener. But I think its important for people to have an opinion. You cant be wishy-washy. That doesnt really inspire people to follow you, it doesnt instill confidence in your abilities and it doesnt afford your business the opportunity to grow.
What impact has your career had on your personal and family life?
You need to schedule your life. It all needs to be one picture. As a professional, you dont work between particular hours and then get to go home, conversely you dont have children or parents or activities that only happen after you leave the office. Its one big life. Sometimes I need to volunteer at the school for read-alouds during the middle of the day, sometimes I need to have a repair done on my car or home in the middle of the day, and sometimes I have to go to a work function at night. Its a matter of prioritizing and using your value system as a guide. So keep your value systems intact at all times and remain professional. Also, I really value both my work and family life, so I have a heightened awareness of how lucky I am. Obviously there have been some financial opportunities resulting from being a working mom. Ive been able to provide some nicer opportunities for myself, my children, my husband, my dad. There are some days when its tough to juggle and there are days when the work/life balance doesnt seem to be working. There are days when you wish you could work all the time and days when you wish you could be home all the time. But, overall, working has enabled my family to have a lovely home, nice vacations, good educations for my children, and some continuous learning and pride for me personally. It serves a lot of purpose for all of us, but Id be nave in saying that its perfect all the time. I treasure my time with my family. I think my workmy girls are young, theyre 7 and 9 is fairly seamless to them. They know mommy works but I think theyre proud of the fact that I do.
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View from the Top: Advice from Finance Professionals Amper Politziner & Mattia P.C.
Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
You need to be flexible; you need to keep one constant calendar that you share with your family. The only way it works is that I inform my family where I am going to be and when. I only keep one cell phone. I know a lot of people have different mobile technologies but trying to maintain a variety of phone numbers and things is just confusing so one calendar for everybody, a really good reliable car that gets me back and forth, and a support system, some really good friends.
What has surprised you the most about working in your industry?
I started out at PricewaterhouseCoopers and now I work at Amper, Politiziner & Mattia, which is a big change as far as firm and client th size. I was at the biggest firm in the world and now I am at the 30 -largest firm in the United States. I went from being part of a firm that probably has 40,000 professionals to one that has 400 to 500 professionals, and what surprised me is that despite its obvious differences a lot is exactly the same. Im still using the same reference material; Im still using the same thought processes, my clients face similar issues and Im referring to the same research tools. So a lot of people are really concerned about what if I dont get into the big four?, what about a national firm, what about a regional firm? Before I came to Amper, I didnt really have any awareness of anything outside the Big Eight; because I started there out of school, thats all I knew about, thats all I was interested in, but now I know better. Amper is my home away from home What really surprised me about Amper is that its a really great place with really smart people and I knew nothing about it. On a more personal level, what surprised me is how small the world of public accounting is. Its a very traditional environment with a lot of hardworking people no matter how big or small the headcount.
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What advice would you give a young person considering a career in public accounting?
Its a wonderful option. The immense diversity of clients and colleagues is unsurpassed. At any one time I could be working with 10 or 12 different clients, its amazing. I get to see not only who prepares a companys financial statements but also how they run their business, and no matter what your long-term goals are, whether you want to be an officer or a partner in a public accounting firm or whether you want to be a COO somewhere, that exposure is invaluable. I get to see how manufacturing company A makes their product and how manufacturing company B makes their product and that enables me to come up with best practices, even if you dont have the long-term aspiration of becoming a partner or officer, and you can use that knowledge wherever you might be in the private sector.
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View from the Top: Advice from Finance Professionals Amper Politziner & Mattia P.C.
mentor who is a good person but isnt the professional you want to be because then you wont have as much in common and you wont be honest with each other during your interactions.
What other careers and life choices did you consider before deciding on a career in public accounting? What would your dream career be?
I do Irish dancing, my maiden name was Quinn and I am first generation American. Irish culture was very important in my family and to me personally; it still is. Just when I was about to graduate from college, the first Riverdance came out. I knew some of the people who danced in Riverdance and I knew Michael Flatley. I had an opportunity to try out for the production. But I decided that there was no future in Irish dancing; I decided I was going to become an accountant. Now Michael Flatley owns a castle and I work at Amper! I also considered being an attorney for a while but law school scared me away. I really wanted to get out there and work, I went through college in three years; I took a semester of advanced credits from high school with me, and then went to school over the summer. I worked and I commuted to school, and I just wanted, for whatever reason, to be done with school. When I heard that law school was another three years on top of that, I said no, accountings good.
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What are some steps that you took to get to the position that you are in now?
I began my career with an accounting degree and a MBA with a concentration in finance. My first job was a financial analyst at a competing firm serving in a proprietary accounting and risk analysis role. I supported the fixed income markets and after a few years, I moved to the Japan office to undertake a management role in a similar department. When I returned, I was asked to take a senior role in compliance supporting fixed income. The role was similar in that it was still in the fixed income space; however the focus was much different. I was now responsible for the legal and regulatory aspects of the business as opposed to the financial aspects. I utilized my experience and skills in the financial arena as well as my expanding product knowledge to tackle my new role. After five years, I was recruited by another firm to set up a fixed income compliance department. Another four years after that, I was approached by Bear Stearns to set up a similar department. Within the first six months, I was promoted to the global head of compliance at Bear Stearns.
What are some things that you learned on the job and not in the classroom?
I think in the classroom people usually take very little risks whereas in the business world, in order to be successful, people need to take risks, show initiative and strive to achieve their fullest potential. Sometimes in the classroom, people become too focused on gauging their performance solely on a grade, and this may limit their ability to excel and grow.
What personality traits or attributes do you think make for a good, effective executive?
It is important for a good, effective executive to be open-minded, a self-starter, determined and well rounded.
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View from the Top: Advice from Finance Professionals Bear, Stearns & Co., Inc.
What impact has your career had on your personal and family life?
Im the mother of three boys, and as a woman in a high-profile industry at a high-profile firm, my boys see the role of women in a totally different light than many others. I always say, my biggest achievement to the womens initiative is that Im raising three boys. My children have the unique opportunity to view successful working women as the norm and not an exception.
Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
I think the work/life balance has made me a better manager and more productive. I am able to work very hard while Im in the office and yet turn it off when I leave. Im definitely available for phone calls and e-mails but, psychologically, I switch gears when I am not here and focus on my family.
What advice would you give a young person considering a career in finance?
The first thing is be true to yourself, look at your strengths and weaknesses, and decide what type of business you want to pursue. Then go and chase your dreams! Also, today, grades are much more important than when I was in school. People should not fool themselves as to the level of competition out there. Always strive to get the best grades that you can and dont wait until tomorrow or next semester to get serious about school.
I have never been formally mentored. There have been people throughout my life that I have considered mentors, whether they have been people that I ascribe to be like or have provided bits and pieces of advice along the way. I have mentored people throughout my career. Firms such as Bear Stearns sponsor formal mentoring programs for young adults outside the firm. If possible, I recommend getting involved in mentoring, whether it is through an organized program or informally.
What other careers and life choices did you consider before deciding on a career in finance?
I really didnt consider any other career or life choices. I went to school for accounting and got an MBA, and a logical career choice with that educational background was a financial analyst at a Wall Street firm.
If you were not in the field, what would your dream career be now?
After working for several years, I realized that I would have enjoyed and made a great veterinarianas I love animalbut at that point, I thought it was too late to start all over again. So if I had to do it again, I may have been a vet.
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He is also a past member of the AICPA National Banking & Savings Institution Committee and its Regulatory Task Force and the Pennsylvania Institute of Certified Public Accountants Financial Institutions Committee; a past Chairman of the Pennsylvania Institute of Certified Public Accountants Financial Institution committee and the Annual Statewide Financial Institution Conference; an associate member of the Pennsylvania Association of Community Banks, the Pennsylvania Bankers Association, the New Jersey Bankers Association; a member of the Berks Economic Partnership, Berks Business Executives Forum, Manufacturers Association of Berks County; and a board member and past president of the Hawk Mountain of Boy Scouts of America. Mr. Stoltzfus received his BA in accounting from Shippensburg University.
What are some things that you learned on the job and not in the classroom?
No business school can adequately prepare you for the requirements of the job. While technical skills are the foundation, many so-called soft skills have been integral to my career growth, such as communication skills, teamwork, leadership and consensus building. I
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View from the Top: Advice from Finance Professionals Beard Miller Company LLP
I consider myself a lifelong learner and take advantage of opportunities to expand my business knowledge through professional programs, conferences and networking with my peers. My advice to young professionals is to learn from your mistakes and failures, but dont dwell too long on your successes. Experience is obtained through learning from both failures and successes.
What is the most rewarding aspect of your career? What would you most like to change?
The most rewarding aspect of my career has been to see the growth and success of our firm. I take great pride in the accomplishments of the firm, not in my own individual accomplishments. Ive been fortunate to be able to follow the career track of my choice and have the opportunities to advance and grow. While it has all worked out pretty well, it took some time until I discovered that I had the aptitude and interest in management and business development. I wish I would have been more focused on these activities sooner in my career.
What personality traits or attributes do you think make for a good, effective executive?
Being an effective leader requires an even disposition and the ability to be compassionate. At the same time, setting high standards for yourself and others is critical to personal and professional success, and in turn the business. A good leader is a visionary, is goaloriented and focused on building a dynamic, highly functional and productive team.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Balancing work and family life requires planning and structure, but can be effectively accomplished. I was actively involved in my familys activities and attended all of my childrens school, sports and civic activities. I did this by planning my workday around these activities, often splitting my workday around my family and personal commitments. There have been many positive effects for my family stemming from my success in the field of accounting. In addition to strong family values, my children have seen the work ethic, passion, leadership and accomplishments, which they now carry into their own pursuits.
What has surprised you the most about working in the finance industry?
There is much more variety in the field of accounting than I expected as I entered the profession after college. On the technical side, the practice of accounting requires more interpretation and judgment than presented in the classroom. As an industry, accounting is a dynamic and changing business, with all the inherent challenge that comes with running a business. As a college student, I had no idea of the opportunities that existed and the depth and breadth of the choices that would be presented to me over the course of my career.
What advice would you give a young person considering a career in finance?
Try to get as much practical experience as you can before you enter the job market. Take advantage of internships and shadowing experiences. This will help you understand if it is the right career for you, get you ahead of the curve on job offers and help you become acclimated to the profession more quickly.
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View from the Top: Advice from Finance Professionals Beard Miller Company LLP
I suggest choosing a mentor with different skills & experience than your own, rather than a friend or co-worker with similar background. I gained a new respect for his knowledge and business acumen in observing him working with our clients and in time, we developed a strong relationship and I learned much about the business aspect of serving clients.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
I always wanted to run my own business. Interestingly, being a partner in an accounting firm is very much like running your own business. I also thought I might like to be a college professor after 20 years or so of professional practice. Honestly, I cant imagine doing anything else.
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View from the Top: Advice from Finance Professionals Beard Miller Company LLP
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Learn from your mistakes and failures, but dont dwell too long on your successes. Experience is obtained through learning from both failures and successes.
Lamar R. Stoltzfus, Chairman & CEO, Beard Miller Company LLP
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Berdon LLP
Scott T. Ditman, CPA/PFSTax Partner
Partner Scott T. Ditman has been with Berdon LLP, a full-service accounting and advisory firm, for more than two decades. Mr. Ditman has developed a specialty in the area of trust and estate taxation and financial planning. As one of the leaders of Berdons personal wealth management group, Mr. Ditman advises many of the firms most prominent high-net-worth individual and family/owner-managed business clients. Mr. Ditman received his BS in accounting from Brooklyn College and an MBA in taxation at Baruch College. He obtained his license as a certified public accountant in New York in 1984. In addition, he has earned the designation of Personal Financial Specialist (PFS)the AICPAs recognition for excellencein estate and financial planning.
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What are some of the things that you learned on the job and not necessarily in the classroom?
The most important thing I learned was how to bridge the gap and connect the clients needs to the best technical solutions and do it in a way that is readily understandable by the client. An important step in this process is learning to first listen to what the client really wants. And sometimes the client may not be sure of what he wants or needs, or may not be able to fully articulate it. So asking questions that bring you closer to the need is key. Breaking your suggested technical solutions down into understandable terms isnt always easy since accounting and tax terminology can seem like a foreign language to those outside the profession. But when you do bridge that gap, your clients will be confident that what you are recommending will help them meet their goals and needs.
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View from the Top: Advice from Finance Professionals Berdon LLP
What do you think are some personality traits or attributes that make for a good, effective executive?
A good executive needs to be a good listener and that means not only listening to clients and coworkers, but also being sensitive to their needs. You should be able to demonstrate your firms visionboth in words and in actionto those within and outside the firm. To be effective, stay focused and help make a positive impact in places where you can be effective and dont get bogged down in areas where you cannot make an immediate impact. As a leader and an effective executive, people are always looking to you for direction so its important to be consistent, patient, persistent and forward thinking. And there is great value in showing people that youre passionate about your work and having fun doing what youre doing.
What impact has your career had on your personal and family life?
Its had a very positive impact on my personal life. Because Ive been successful, its certainly been financially rewarding. Also, I like what Im doing and that makes me feel good about myself. This confidence and sense of accomplishment contributes to me being a better family member and friend.
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Do you have any special techniques, methods or philosophies that help you maintain a work/life balance and be a successful professional at the same time?
I try not to compartmentalize myself. I dont say from 8 in the morning until 6 at night Im a tax partner and afterwards Im a spouse or a friend. Instead, I look at myself in a holistic way. Some of the techniques I use to achieve this include planning around my priorities, whether theyre personal or business-related, based on the roles and the goals that I have set for myself. I first set long-term goalswhat I want to accomplish over the next year. Then I break it down into weekly goals. From there, I create day-to-day to-do lists for both my work and personal life. Within my day-to-day, I take a first things first approach. I try to devote time to whats most important in my business and personal life based on the priorities that I have set, rather than to what appears to be urgent, but is not necessarily that important.
What has surprised you the most about working in the finance industry?
For clients, there is an unbelievable amount of information out there with so many differing opinions and so much contradictory advice being expressed in print, broadcasting and on the Web. Early in my career, I was surprised at just how complicated and confusing it could be for clients. Today, I see it as my role to offer our clients independent, objective advice based on whats important to them while always keeping their big picture in mind. In this way, I help them stay on track and not get caught up with the latest craze or product.
How do you deal with everything? Any special techniques that help you deal with the entire information overload?
I try to stay very grounded. As Ive said, it is very important to always keep the clients big picture in mind. I cut through all the information overload and make sure that no matter what aspect of their financial life Im working on, my focus remains on what needs to be done to meet the clients goals.
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View from the Top: Advice from Finance Professionals Berdon LLP
What advice would you give a young person considering a career in finance or accounting?
Accounting in particular is a great profession and I strongly encourage anyone who wants to consider it to do so. My niece was just in from Boston and we had a conversation because she isnt sure what she wants to do with her life. She took off half a year from school and is working full time. I know that she is a hardworking person who is very good with numbers. I suggested that she take a few accounting courses to try it out. Having an accounting background builds a broad foundation for everything that goes on in the business world and it can open up many opportunities. You dont have to have a career in public accounting like I do; you can work for a company, or even open your own business. All the successful businesspeople I know are very grounded in the numbers. An accounting background gives you many options and career paths to consider and it can be very rewarding financially. But, most importantly, you should follow your passion and find something you can enjoy doing every day.
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What other careers and life choices did you consider before deciding to enter accounting?
I have played the trumpet since I was nine years old and always wanted to be a professional trumpet player. For years and right up until I started working at Berdon, that was my dream. I played professionally when I was in high school and college. But my mother was an accountant, and she knew I was very good at math, so she basically told me I was going to be an accountant and that was the end of that. I dont regret my decision at all!
If you were not in the field, then what would your dream career be?
Oh, definitely professional musician. Or shortstop for the Yankees. One or the other. Of course, the Yankees already have a good one of those.
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View from the Top: Advice from Finance Professionals Berdon LLP
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What are some steps that you took to get to the position that you are in now?
I worked hard. I was always interested in advancement and career development. It was important to me to understand all aspects of my job and how it related to the larger company strategy. At North Fork Bank, and now Capital One, I have had the opportunity to have good mentors along with tools and resources available to help me learn new skills and advance my current skill set.
What are some things that you learned on the job and not in the classroom?
While working in banking, most of my learning has been on the job. My banking career began as a teller in Long Island City, Queens. About a year after I started, I was transferred to another location also in Long Island City as an assistant head teller. It was there that I had the opportunity to assist with client inquiries. I was very comfortable dealing with customers and when a position opened I was transferred to a new role in customer service. I made it my business to learn as much as I was could, so that I could advance. After some time, I was transferred to the Wall Street area. Richard Reinhardt, a bank manager, was an inspiration and role model to me. He insisted I take over the operations for that branch. It was during this time that I learned to manage people and run all banking operations. Several years later, I was running the operations for several downtown branches.
What is the most rewarding aspect of your career? What would you most like to change?
I attended the American Institute of Banking after my children were older. Going back to school helped me advance my career while I continued learning new skills. I grew up in the projects in Spanish Harlem, went to school there, and now being a branch manager in the neighborhood in which I grew up is extremely rewarding to me. Being able to provide services, including teaching financial education, to people who really need it is extremely satisfying.
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View from the Top: Advice from Finance Professionals Capital One Services, Inc.
What personality traits or attributes do you think make for a good, effective executive?
To run a bank branch you have to be aware of many people who depend on you. You have to know how to be a good role model and mentor to your associates, be able to highlight their strengths. You have to be able to build relationships with consumers and small businesses in the community and play a role in giving back. As a manager, its not just about business, but how can you truly be involved and make a difference in the communities where you live and work.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Theres always a fine line to tow with the work/life balance but its something you need to do. I was fortunate to have people who believed in me and encouraged me to follow my dreams. I learned a lot through trial and error. I think theres something to be said for maintaining a positive attitude. I work hard to keep that attitude and it gets me through difficult times as well.
What has surprised you the most about working in the finance industry?
The financial services industry isnt just about providing services or products, but the reward comes from seeing others achieve economic self-sufficiency. Writing checks and managing a household budget are not topics typically taught in schools. I think reaching out and teaching members of the community about this critical life skill is something thats overlooked when people talk about financial services. Knowing that you are making a tangible and important difference in someones life, their ability to buy their own home, or save enough for retirement or send their kids to college, is a substantial reward.
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What advice would you give a young person considering a career in finance?
I would tell them how rewarding it is to be involved at the community level. I would also say that the industry is vast and there are a variety of careers to be explored in financial services. Even at just one company, such as Capital One, you could work in banking, or credit cards or even health care finance. Theres room to grow and learn along the way.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
I think that being a mentor is rewarding in that you are passing along your lessons learned to someone else. Its also important to reach out to others and ask them to mentor you. Each step of your career typically has different needs and responsibilities, reaching out to others who you can relate to and who can guide you is important to career development. Its up to you to guide your own career. You have to take control of your career and finding mentors is just one step.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
When I was younger, I did actually pursue being an airline stewardess. Life has a way, though, of throwing you curve balls and now here I am in financial services. Im quite content with where I am and have not considered anything else. Its quite a rewarding and satisfying job. But if I had to choose, I have always enjoyed the idea of being in politics.
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What are some things that you learned on the job and not in the classroom?
I learned how to manage people, I learned how to be fair, I learned how to be consistent in my approach, and I learned that discipline in the organization with both partners and the staff is critical for success.
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View from the Top: Advice from Finance Professionals Citrin Cooperman & Company, LLP
What personality traits or attributes do you think make for a good, effective executive?
I think the traits for a good executive are the kind of traits that can be found in any business. Without prioritizing, organizational skills are critical, discipline is critical, consistency is critical, fairness is very important because people need to be able to trust what you say and trust you to be fair. You need to be firm with people, you need to tell them whats on your mind and not let them guess what youre thinking. I think its very important to have an open exchange with all your people, not just your partners. Theres an old adage that you want to treat people the way you want to be treated, and I hope that employees and partners here would say that they know what to expect from me and that they know that Im going to be fair and consistent.
What impact has your career had on your personal and family life?
Well certainly the good aspect is the financial rewards and the ability to provide a comfortable life for my family. The bad aspect is that this work is an intense, time-consuming business and commuting makes it extra difficult. It can be tempting to bring the pressures of the job home with you, but Ive learned through the years that I need to leave my work at the office and really be there for my family. I think that when you look back over 30 years, and Ive been here now for 28, you really see how far youve come, how much youve changed. Of course there are certain aspects you wish you could do over again, but thankfully I dont have very many regrets. I coached my sons sports teams, attended father-daughter dances and took many wonderful family vacations over the years. Overall I would say Ive done a pretty good job of balancing my career and home life.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
I see my children all the time. Theyre little bit older now but they live close by so I get to see them all the time. I like to exercise, so I try to exercise regularly. I love sports so I got into coaching with the kids as a way to be away from work and have the ability to have a relationship with them. I wouldnt tell you that my work-life balance is in perfect order, because thats not true. But I would tell you that I am aware of a work/life balance and I try very hard, my very best to achieve it. Ive also learned that as you get older, things that were critically important when I was 35 dont seem all that important today. What is important is having a relationship with people who love you. Im amazed at the evolution and growth as you get older, and I can say that at 54 its been an interesting journey.
What has surprised you the most about working in the finance industry?
I would say what surprised me most probably is that youve got to be on your game everyday. When the clients call you, you need to understand their problems immediately. I equate it to having an old time card filing system in my brain. When they call me, I have to immediately remember if anyone in their immediate family is sick, what their industry is, what their gross profits are, what their key problems are, what theyre strategically looking to do. I am surprised that after having the business for 28 years, how intense every day still is. There are very few days when I can sit back and really have a day where I have very little to do. I am even more surprised by that because I was always hoping by now I might be putting golf balls in the hallways here, but that clearly hasnt happened. Im also very surprised about how well respected accountants have become in the business community. I think its finally becoming clear to business owners and CFOs that top-flight accountants and accounting firms can make a lasting and positive impact on their companies and their futures. Im also a little surprisedin a good wayto see how many people work here in different positions in the firm and view the firm, as their home and take a lot of pride in what weve built together.
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View from the Top: Advice from Finance Professionals Citrin Cooperman & Company, LLP
What advice would you give a young person considering a career in accounting?
The advice would be the same no matter what the career. Id advise anyone to map out a plan for themselvesa plan that encompasses both the financial and technical aspirations of either accounting or whatever discipline theyre in. Do that with a five-year or a 10-year window realizing that theyre going to have to adjust it periodically. Young people today do not conceptualize where they want to be and therefore they often dont work towards any goals. Here at the firm our constant effort with clients is to get the focus back on planning strategically on a five-year and a 10-year period scale. Similarly, we spend a lot of time with our young staff trying to make them understand that along with wanting to work hard at their career, they also need to think of how much money they want to make in todays dollars and what that could provide for them. If its going to be a five-year plan, they cant start planning in the fourth year. Its got to be a day-by-day, brick-by-brick occurrence of energy and intensity and we work pretty hard at that.
In the absence of a formal program, how can students or new and young employees look for a mentor?
When I grew up, there was no such thing as a mentoring program, so I took the matter into my own hands. I studied the four or five people who were most successful at the firm and I tried to emulate a couple of things from each, whether it was their personality, or the way they dealt with people, or the way they spoke to clients, or the way they comported themselves in the office. I tried to take the best of the five and make bits and pieces of it my own and that worked very well for me.
What other careers and life choices did you consider before deciding on a career in accounting?
I really didnt consider anything else. My parents told me I was going to be an accountant or a doctor and I said I dont like blood, so here we are. Thats pretty much my story.
If you were not in the field, what would your dream career be now?
If I wasnt in the accounting profession and I could choose what to do, I would choose to run a professional sports franchise. Im a lifelong Philadelphia sports fan, and would love to play a role in helping my hometown teams succeed. But the phone hasnt been ringing with any offers, so I figure thats not happening at my age.
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View from the Top: Advice from Finance Professionals Citrin Cooperman & Co., LLP
I think going into the industry has been made very difficult due to stricter educational requirements, i.e., the 150-hour rule. Students who have to choose whether to go into investment banking right out of college, or spend extra time and money to qualify as a CPA might think twice about choosing public accounting as a career, thereby narrowing the number of people entering the field. If this continues, it could drive up compensation to a level that would be dangerous down the road, particularly if we hit a recession. But in any business or industry, good or bad, I think the management is going to prove to be the difference-maker. In accounting as an example, I find most successful firms tend to have the best managing partners and the firms that have a lot of talent but are not well managed tend to be okay but not great. So just like we try to get our staff and our clients to run as efficiently and smartly as they can, the managing partners have to be as good as they can be. In the next five to 15-year cycle, there are going to be tremendous changes in the industry in terms of mergers and acquisitions, retirements and generational replacements. Those with their eye on the ball, and their focus squarely on meeting the changing needs of their partners, staff and clients, will have the edge. As the Chinese saying goes, May you live in interesting times. These are interesting times indeed and Im actually looking forward to seeing what the future will bring. One things for sure. It wont be dull.
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What are some things that you learned on the job and not in the classroom?
You learn so much on the job. The classroom teaches you the techniques, but experience helps you apply those techniques and make them real.
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View from the Top: Advice from Finance Professionals Clifton Gunderson LLP
What personality traits or attributes do you think make for a good, effective executive?
Primarily, having integrity, always being honest and being someone who can be trusted. Its also critical that you believe and live in the importance of developing people. I believe your goal as an executive should be to develop those that you supervise to the point where they surpass you in knowledge and skill.
What impact has your career had on your personal and family life?
The good thing about public accounting is that it allows you flexibility to control your career and personal life, and work the way it works best for you depending on your individual goals and needs. In my case, my personal life is pretty integrated with my work life but thats my choice and thats whats great about public accounting.
Do you have any special techniques or philosophies that help you maintain a work/life balance and be a successful professional?
For me to be at my best, I have to really focus on maintaining a healthy lifestyle. Im really faithful to exercise and eating responsibly. Its also important that I get away from work completely at times. Thats very difficult today with 24/7 access to everyone and everything between e-mail and text messaging, and all of those avenues. But, its very important that I take time to enjoy what I enjoy most, spending time with my husband, reading, exercising, traveling, anything apart from Clifton Gunderson. I always come back refreshed and complete.
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What has surprised you the most about working in the accounting industry?
Each day is very different, at all staff levels, because of the diverse nature of all of our clients and all the different services we provide. That was a surprise.
What advice would you give a young person considering a career in accounting?
Public accounting is a tremendous career with unlimited opportunities if you really invest in it. Its challenging, diverse, rewarding but flexible enough to allow you to mold it to whats best for you. Its also great that there are opportunities in all geographical areas of the country and all size firms.
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View from the Top: Advice from Finance Professionals Clifton Gunderson LLP
People need to look within their firm, the best mentors are going to be people they work with or work around on a daily basis because they are really going to understand what they do.
What other careers and life choices did you consider before deciding on a career in accounting?
I knew in high school that I really wanted to go into accounting in college so I didnt really look very hard at other careers. When accounting got difficult in the latter part of college while studying for the CPA exam and taking college classes at the same time, I thought briefly of doing something other than accounting, but I stuck with it and it certainly all worked out.
If you were not in the field, what would your dream career be now?
I would love to be a novelist, specifically fiction and murder mysteries. That would be a dream job.
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View from the Top: Advice from Finance Professionals Clifton Gunderson LLP
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Public accounting allows you flexibility to control your career and personal life, and work the way it works best for you depending on your individual goals and needs.
Krista McMasters, Chief Practice Officer, Clifton Gunderson
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Ms. Verba has served on the board of directors of the South Jersey Chamber of Commerce, American Heart Association and Arts & Business Council/Greater Philadelphia Chamber of Commerce. In 2005, she was honored with a Shatter the Glass Ceiling Award from the National Association of Women Business Owners. She was the chairperson of the board and keynote speaker for the Metavante FURST Senior Management Conference in 2007. Ms. Verba received her BS from Penn State University.
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View from the Top: Advice from Finance Professionals Commerce Bancorp, Inc.
What are some things you feel that you have learned on the job and not in the classroom?
I would tell you from a practical perspective, most of what I learned, I learned on the job. Im degree-ed, Ive gone back to school, Ive been in classroom situations, but I think each and every one of us has a healthy dose of a fear of failure. We learn more from our failures than we do from our successes. So its okay to have a fear of failure, but I also think its how you recover from failure that teaches you the most. It could be small, it could be large, but I think the failures are probably what have catapulted me a little faster.
Well Im pretty straightforward and impatient, and sometimes those two could be a very dangerous combination. So one of the things I work on is learning when to bite my tongue and listen more. Id like to listen more; I still have a tendency to get on to the end so much that I interrupt.
What personality traits or attributes do you think make for a good, effective executive?
I think, first of all youve got to work hard. Youve got to work harder than everybody else. Being smart is important because you cant teach people to be smart. But smart only takes you so far. I think you have to be functionally schizophrenic, I think you need to know when to get into the details and when to keep your eye on the long-term ball. Whats also important is the ability to talk to people at every levelI have as much of a good relation with our van drivers, who breathe our culture in such a way, that it just warms my heart to give them a hug. I think you need to be able to talk to people in every single walk of life. Ive always believed, in job interviews or when Ive been with people, that a measure of their character is watching how they treat the help. Whether that help be in a restaurant, whether it be in a service station, whether it be in a fast food restaurant, watching how people treat the help, to me, is just a real defining moment in their character.
What has surprised you the most about working in the finance industry?
Its what I refer to, in banking in particular, as a herd mentality. For example, if an article gets published and somebody indicates that they had great success with it, everybody follows. So if you look at online banking and billpay, everybody does it for free now but everybody gave up a revenue stream and so none of us can go backwards. So I think theres a bit of a herd mentality in the financial
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View from the Top: Advice from Finance Professionals Commerce Bancorp, Inc.
services business and that surprises me, because outsiders look at banking and the finance industry as the movers and shakers in the world, so I would hope that they would be a whole lot more creative I guess than some of what Ive seen. I think thats why we [Commerce Bank] are different and the reason why I am successful here. Im not convinced I could be as successful in another financial services business.
What impact has your career had on your personal and family life?
Its been pretty cool for my daughter to see my ability to multitask. From the time she was bornshes 18 nowIve worked her entire life. Ive not missed much of what shes done, whether it was soccer or field hockey games or plays or presentations. Ive been able to juggle my schedule to be able to be at work and be where she needs me to be, so as I watch her getting ready to go to college, she has a greater appreciation for that ability to multitask. But its also kind of cool for her to see that she can be all she wants to be, that there is no box; people talk a lot about thinking outside the box, but I think my daughter has kind of learned that for women in particular, there is no box. When I watch her, Im really very, very proud of that. I also think Im married to a really cool guy who has been an excellent corporate spouse. So I think its always good to get yourself hooked up with somebody who understands, to choose your mate carefully, because we work a lot, and its important for them to understand that. I dont make dinner during the week every night, but I know how to do a family dinner, I know when we need to do a family dinner, even though it may be a little less traditional than the way my mother did it. Also, because my husband is not in the financial services business, I think my family has probably done more for me than I for them, because my husband can look at situations and get to the crux of the matter in a nanosecond, because hes not in the fray of it. However, when you go through trying times in business, I shield. When I say I shield my family from it, I mean I dont talk to them about it and thats something that I learned over the years, sometimes its just better for them not to know, and theyve learned not to ask. That allows us to focus on dialogue that is not work-related, and I think thats a good thing for families.
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Do you have any special techniques or philosophies that help you maintain this balance between work and life?
I think its helpful if you have a whole lot of energy, and I do. So whatever you need to do, whether you have a glass of wine, whether you go and work out, whether you run, whether you go out and have dinner with your girlfriends, whatever it is that energizes you, make sure you take time out for it, because it is important. I call it mental food, or food for your headwhatever you do to get yourself food for your head, and I think everybodys different. Like, if I go out for a long walk, or if Im running or exercising, I find that it clears my head, and I miss it when I dont do it. But its always one of the first things to go when Im busy, so you almost have to like smack yourself upside the head and say, Okay, its time to do whatever.
What advice would you give a young person considering a career in finance or banking?
If they are going into college, my suggestion would be that they broaden their horizons. They need the finance courses, they need the business courses, those are important, but the electives should be in liberal arts so that they can talk about something other than the numbers and business. I would encourage them to have a broad brush of education experiences. I would also say that some form of either community service or a part-time job shows that you have balance in your life, and that balance is very important to me. If I were interviewing somebody and they had a B average but they were active in sports, maybe did some things at school, maybe had a parttime job, versus somebody that only went to school, I always feel better about hiring somebody that can juggle a variety of their priorities. I think that folks need to learn to speak for themselves. I think one of the things about young people in this day and age that drives me to distraction is when somebodys mother calls me, or grandfather calls me, to plead their case. Like, hello? Clearly as a parent, I would coach my daughter, but I dont speak for her. At the same time, I think young people today take themselves way too seriously and in their quest for a career and good gradesand maybe some of that is our fault, because everybodys got to competepeople just dont take a break to smell the roses, have fun, go to the ball game, and do something that theyve never done before. To me, those are the kind of things that broaden your horizon, and
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View from the Top: Advice from Finance Professionals Commerce Bancorp, Inc.
thats why, I did anything that anybody asked me to do, even in a social sort of environment. I had a boss that collected Chinese porcelain. I knew nothing about it, but when he would go to antique stores, I would go with him. He would take me to the opera, and the ballet. I had never gone before but I went. I still go to the ballet today, not a lot, because Im really more of a sports person, but you balance out all of those different experiences.
How can someone find a mentor within their company/industry in the absence of a formal program?
I would suggest that they find someone whose work they admire, or whose skill set they admire, and ask them. I dont think that they even need to use the word mentor, but I think they could say things like, I really admire how you handled yourself. Its being in charge of your own destiny.
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What other careers and life choices did you consider before deciding on this career?
I thought about teaching and retailing, because I was in retail. I was in manufacturing for a very brief period of time, as an HR/chief operating officer of a small company. But in my day and age, women chose more traditional careers. So when I say I took advantage of opportunities, it was because, quite frankly, I didnt know what my opportunities were. I think now young people have opportunities, and so my advice would be, its got to feel right. If your mother and father want you to be a doctor, or an engineer, or an actress, if it doesnt feel right, youll never be happy at it, which most likely is going to translate into: youre not going to be good at it. So kids out of college should take a job, and if its not right, theyre going to know. Sometimes theyre going to luck out in the most unlikely places. I dont think that your first job out of college is life-threatening, particularly in this day and age. I mean, I dont think the rules of engagement about, Ive had x amount of jobs in so many years, are quite as tight as they were perhaps when I was starting out.
If you were not in this field, what would your dream career be now?
Actually, as I come closer to the end of my career, or start at least to have it somewhere in the horizon, I think I would always be in some form of a service business. But the things I toy around with are doing some form of community service or working for a nonprofit, because I think those kinds of folks cant afford people like me, but probably need my talents.
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View from the Top: Advice from Finance Professionals Commerce Bancorp, Inc.
I also think about how much fun it would to go work for an airline and try to revolutionize their whole concept of service because airline services, for all intents and purposes, are terrible. I think one of the things I would like to do is go see if I can run an airline from a service perspective and turn it around. I think that would be great fun. Sometimes I toy around with the concept of teaching, but teaching at a higher level, on a college level.
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View from the Top: Advice from Finance Professionals Commerce Bancorp, Inc.
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People talk a lot about thinking outside the box but I think for women in particular, there is no box.
Linda Verba, EVP, Chief Retail Officer, Commerce Bancorp, Inc.
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Mr. Scully received his BS in business administration from the University of Delaware and an MBA in real estate finance from Temple University.
What are some things that you think you learned on the job and not in the classroom?
That the job becomes much less about investment and much more about psychology, and understanding what makes clients tick, knowing what their hopes and fears and needs and dreams and aspirations are. Client-specific information cant really be taught. You just have to live through it with clients in good and bad markets, and good and challenging life situations, and help guide them through it.
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View from the Top: Advice from Finance Professionals Convergent Wealth Advisors, LLC
What personality traits or attributes do you think make for a good, effective executive?
Being patient and empathetic, and being a very good listener. Really trying to understand what the client is saying and trying not to filter through your own personal experience or biases, but absorbing what makes the client react the way they do.
What impact has your career had on your personal and family life?
It has generally had a very positive impact. Fortunately, its a career where you can do well financially and where I have a fair amount of flexibility in my scheduling. I have two daughters, and my office is pretty close to my home, so its not difficult if I want to leave at 4 oclock on a Tuesday afternoon and go watch a softball game, and come back to the office. Also, I can manage my travel to be pretty much when I want it to be, rather than having somebody dictate to me when I need to be somewhere.
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Do you have any special techniques and methods or philosophies that help you maintain the good work/life balance that you have?
Im pretty good at compartmentalizing things, so I generally dont bring work home. When Im at home, I try to be devoted to my family and when Im at work, Im devoted to my work. Until I joined this firm I never had a BlackBerry and I avoided it because I thought it would be a real infringement on my personal freedom. But I have to say that having one is an enormous help, because every time you have a little bit of spare time, you can catch up on e-mails and projects. I find it invaluable.
What has surprised you the most about working in the finance industry?
How many misconceptions that clients have, and how much misinformation they have, and how nave they are about various investments. We deal with fairly wealthy peopleour average client is probably about $40 millionand theyve been very successful in their business, but that doesnt necessarily translate into a high level of understanding about investments. I spend an enormous amount of time just educating clients about what investments they have, what investments they should have, how the investments they have work, what the pros and cons are, how they generate returns, what the risks involved are. Im always surprised that I frequently have to be on guard against assuming people know what I think they know, and really try to explain to them in fairly simple terms how things work.
What advice would you give a young person considering a career in finance?
Find a great mentor, serve as an intern under them, and work for them or follow them around and learn the business.
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View from the Top: Advice from Finance Professionals Convergent Wealth Advisors, LLC
How would someone find a mentor at their company/industry in the absence of a formal program?
There are very few firms that really have a great formal program. Its almost always informal, because part of it is just personality and chemistryits hard to say you go mentor with Mr. Smith. I mean, Mr. Smith may be a great mentor for me and a terrible mentor for you. You have to, to some degree of comfort; talk to a lot of people and figure out how various people conduct their practice and what would be the most complementary chemistry or relationship that would fit your personality.
What other careers and life choices did you consider before deciding on finance?
Looking back, it seems like my career has been a random series of events. After college, I worked for a couple of years for a trucking company, and realized that wasnt my lifes calling. I went back to graduate school and got an MBA in finance, and started my postgraduate school career in real estate with Prudential Insurance. Then I was buying, selling and developing buildingsand in the course of developing buildings, I thought Id make my fortune as a real estate developer, and I moved to New Orleans and developed an office park down there. It was initially successfully and then, when the local economy cratered, not so successful. Then I started syndicating real estate for a couple of firms in San Diego and New York and for the one in New York we were raising most of our money through Paine Webber, so I got to know those people and when the real estate market became somewhat soft in the early 1990s, I transitioned from a pure real estate investment banking career into a broader investment management and consulting career at Paine Webber. I was then dealing directly with the brokers, and I was traveling virtually every week, and as my daughters got older, I decided I didnt want to be away from home that much and I decided to build a practice directly with private clients in Washington. Initially I did that with Bernstein, and six years ago moved over to this firm. So there were several forks in the road that I can look back on and say, from a purely financial perspective, that I could have probably made more money if I had continued on the real estate path. But Im very happy with where I am nowweve got a great firm, and weve had a lot of success in the six years Ive been here, and I think were poised to have as much or more success in the next 10 or 12 [years].
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If you were not in this field, what would your dream career be now?
If I won the lottery, Id probably move to Sun Valley and become a ski instructor or a teacher. Ive always been involved in coaching sports, so if money were no object, Id probably do something that had to do with sports and teaching, or coaching.
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View from the Top: Advice from Finance Professionals Convergent Wealth Advisors, LLC
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Its always surprising that I frequently have to be on guard against assuming [that] people know what I think they know, and really trying to explain to them in fairly simple terms how things work.
John Scully, Director, Convergent Wealth Advisors, LLC
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Mr. Yorke received his BS in economics summa cum laude, beta gamma sigma from The Wharton School of University of Pennsylvania and a JD from New York University Law School.
What has surprised you the most about working in the finance industry?
After two decades, the one thing that surprised me the most is the resiliency of the business. There were certainly time periods in the 1980s, 1990s, and even in the early 2000 that were difficult to see whether there was going to ultimately be a light at the end of the tunnel and whether we were going to have functioning markets again. What Ive been able to gain through that experience is that the markets do come back so Im much more optimistic now than I would have been at a similar time in the market 10 to 20 years ago.
What are some things that you learned on the job and not in the classroom?
One thing that you really understand is that personal relationships with your colleagues and with your clients are extremely important, and its really hard to appreciate that when youre sitting in a classroom, learning about the fine points of accounting or finance.
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View from the Top: Advice from Finance Professionals Credit Suisse Group
What advice would you give a young person considering a career in finance?
Make sure you are willing to work hard, understand that there are ups and downs in the business and make sure you go to work with people that you enjoy being with. Ultimately, thats the most important part of your career decision, making sure you are working with people you are comfortable with. You can have great offices, you can have prestigious titles, you can have great views but the most important thing is to be working with people you enjoy being with.
What personality traits or attributes do you think make for a good, effective executive?
There are obviously many, including hardworking, respect for others, pleasant demeanor, desire to win and many others. One that often gets overlooked is listening. Im often shocked at meetings with colleagues or competitors where youre sitting across the table from people and its so apparent that the people are not listening and not reacting to what clients or colleagues or senior bankers are really looking for. So, listening is a really important skill. I think one other important thing to have is a very strong sense of responsibility. Do not count on others to do the right thing. You need to have the mind-set that it is up to you to make sure projects are completed on time and properly. Having said that, make sure you treat both your senior and junior colleagues with respect.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Its definitely important to have a work/life balance. You need to have perspective on life. I think you need to have this view when youre doing deals, when youre negotiating transactions; you need to have perspective on whats important and whats not. You need to be able to see the forest through the trees, and I think in order to be able to have all that, you really need to have a balance between work and your life outside of work. It doesnt mean there arent time periods where youre working around the clock through the weekends. I think thats appropriate at many times, particularly in the financial world. But during down periods, dont worry about face time, make sure youre enjoying your family and friends or catching up on the things you need to take care of away from work.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would be your dream career be now?
Well I actually started off as an attorney for two years after graduating from law school. I decided that was not the right career for me. Im not sure I considered many other professions, but I think that if at the end of the day I decided to get completely out of the finance world, Id probably like to be a teacher and a coach.
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What are some things that you learned on the job and not in the classroom?
I have learned how to evaluate risks and to make decisions that involve risks. If you remove risk from business, you also remove the opportunity for great success. Learning which risks to take and when to take them comes with experience, including both success and failure. The universities cannot teach this.
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View from the Top: Advice from Finance Professionals Crowe Chizek and Company, LLP
What personality traits or attributes do you think make for a good, effective executive?
Well I think with each decision and every decision process you go through, finding a balance is important. The way we manage at Crowe is to try to make sure that we balance things and we evaluate all three stakeholders: our clients, our people and the firm. I use this model daily as I make decisions. The model we have developed has definitely served me well. I believe if you become too focused on any one of those stakeholders, you let the other two down.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
I relocated three times to support my career, and I have a very strong sense of family. I believe there is no success in business that will make up for a failure at home and that we need to invest first in the family. I have worked long hours, continue to have long hours, have traveled much, but there are some things that I have done personally from a family perspective to keep the balance. We take long family vacations; I still do this even today with my kids who are in their 20s. My wife, Cathy, and I have been married for 32 years and we insist that the children make time for all of us to be together periodically. I try to get home on Friday nights and have dinner with Cathy. We have what we call date night. Every Friday night we try to be together and since Ive traveled throughout my career, I always try to connect at home each night. I used to do it by telephone but now I find myself doing it by e-mail because of the connectivity. But we try to connect every day, no matter where I am.
What has surprised you the most about working in the accounting industry?
What surprised me most about taking over as the CEO of this public accounting firm was the need for skills to better communicate with all the stakeholders I mentioned earlier. Each step along the way it has been required of me to be a better communicator. We come out of school as technicians and we understand our trade, but, in many cases, were not trained well to communicate. Its always been a surprise to me how much I need to communicate to be successful.
What advice would you give a young person considering a career in public accounting?
Theres enormous opportunity today for young people in this industry. The paths are many, there are also many different avenues you can take and each of them can lead to a fulfilling career and success.
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View from the Top: Advice from Finance Professionals Crowe Chizek and Company, LLP
As I look back, I didnt know why Crowe was the right firm for me but I now know that the values matched up with the values I have, and thats why it felt right to me.
What other careers and life choices did you consider before deciding on a career in public accounting?
I chose public accounting when I was a junior in high school. I have had many opportunities along the road to leave the profession and join private industry, but each time I looked at it, there were none that offered the challenge and opportunity that I saw in public accounting and at Crowe. Ive been dedicated to this profession a really long time.
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If you were not in the field, what would your dream career be now?
Not that Im qualified to do it, but it would probably have to be some type of an outdoor athlete, maybe tennis or golf.
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View from the Top: Advice from Finance Professionals Crowe Chizek and Company, LLP
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We come out of school as technicians and we understand our trade, what were not trained well to do in many cases is to communicate, a very basic skill needed to be successful.
Charles Allen, CEO, Crowe Chizek and Company LLP, subsidiary of Crowe Group LLP
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View from the Top: Advice from Finance Professionals Duff & Phelps Corporation
What are some things that you learned on the job and not in the classroom?
Being successful in this career has a lot to do with your interpersonal skills and your relationships with other people, and how you manage conflicts, and issues and problems on a day-to-day basis. That is something that you dont learn much about in the classroom and only develop with work experience.
What impact has your career had on your personal and family life?
Its been both good and bad. The bad, of course, is the amount of time that I spend traveling and the time I spend away from home. But I tend to look on the positive side, as its been very rewarding for us. Weve had an opportunity to live abroad and weve been able to do a lot of things that we wouldnt otherwise have been able to do.
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Do you have any special techniques, methods, or philosophies that help you maintain the balance?
I have three sons, and my sons are all very active in sports, so Im involved in coaching them. My sons and I fly-fish and ski together. Those things arent really techniques, but in my choice of outside-office pursuits, our time together is the driving force, rather than my own personal interests.
What personality traits or attributes do you think make for a good executive?
Over time, I hope that Ive become better at what I do. I dont react emotionally as much as I used to. I think that to be calm and levelheaded are the personality traits that are really important in this business because typically youre managing interpersonal issues, and you cant do that well if your emotions get in the way. When I was younger, I often did let my emotions get the better of me, but now Ive become more detached and factual on managing these issues.
What has surprised you the most about working in the finance industry?
I provide clients advice regarding transfer pricing. I never knew that there was even a transfer pricing industry. When I started, back in 1992, there might have been 25 people in the world who could have legitimately said that they were a transfer-pricing advisor. Today, that number is 5,000 professionals and its nearly an $800 million global industry. When I was a younger person, I thought of finance as investment banking and CFO-type roles. I never realized that there were so many diverse job opportunities and little niches that are finance-oriented, and that are quite robust and exciting and can mean rewarding careers for people.
What advice would you give a young person considering a career in finance?
Im surprised how many young people go into finance and dont really love business, they dont read The Wall Street Journal and they dont understand whats going on in the world around them as it relates to finance. I think if youre going to be in finance, you need to have that same kind of love for it that successful people in any profession have for what they do.
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View from the Top: Advice from Finance Professionals Duff & Phelps Corporation
You really have to embrace it and live it. You cant be a numbers guy, and then turn it off at 6 oclock at night.
How can someone find a mentor within their company/industry in the absence of a formal program that some companies have?
I have found that, like myself, people like to talk about themselves, and I think the way to find a mentor is to ask people to relay their experiences and see how they might be applicable to you. If you do that, youll find people are more than willing to share and help, and most people are happy to help younger people. You really just have to ask did you ever face this? and youll find that people will open up to you and share their experiences, and those can be tremendously valuable.
What other careers and life choice did you consider before deciding on a career in finance?
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I grew up in a western Pennsylvania mill town, and in my hometown, the only thing better than being a doctor or a lawyer, was to be an engineer. So I went to engineering school and became an engineer, and worked in the metals industry. I later went back to school and got my MBA in finance.
If you were not in the field, what would your dream career be now?
If I cant play shortstop for the Pittsburgh Pirates, which I dont think at this age I could do, Id probably go back to being an engineer. When I was growing up in the 1970s in western Pennsylvania, it was a very difficult, depressing time and factories were closing. So when I was young, my view was that Id really like to help these people; Id like to run one of these big factories, run a big steel mill. That was my dream and if I wasnt in finance, I probably would go back to my original career.
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View from the Top: Advice from Finance Professionals Duff & Phelps Corporation
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Im surprised how many young people go into finance and dont really love business, they dont read The Wall Street Journal and they dont understand whats going on in the world around them as it relates to finance.
Daniel Peters, Segment Leader, Financial Advisory Services Business, Duff & Phelps Corporation
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What are some things you learned on the job and not necessarily in the classroom?
How to interact with people. Simple tools like Meyers Briggs, predictive index or any of those tools you can learn yourself, but learning how to interact with other people is something not taught in the classroom.
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View from the Top: Advice from Finance Professionals Eide Bailly LLP
What has surprised you most about working in the accounting industry?
Id say it would be the human interaction. Most people become accountants or number crunchers so they dont have to deal with people and thats all this business is, it is dealing with people and having to sell your ideas. Its the human aspect, which is the most surprising.
What impact has your career had on your personal and family life?
Work/life balance is really a very personal matter as far as how you define it. I have colleagues that work 70 hours a week and they swear they have the ultimate perfect work/life balance, and its getting that understanding with your spouse and your family, and trying to identify and communicate with them.
Do you have any special techniques or methods that you use to maintain this balance?
Just good old-fashioned open communication.
What advice would you give a young person considering a career in accounting?
Accounting deals with human interaction. Again, doing things like taking Dale Carnegie courses or joining toastmasters and trying to hone their own personal development skills because technical skills youll learn along the way, but if you can get a leg up on those personal skills, youll accelerate your career.
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If you were not in this field, what would your dream career be now?
You know, as crazy as it sounds, I like what I do. I like getting up every day and coming to work. I love the career Im in. I think accounting is actually a very exciting career.
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Mr. Campo is a certified public accountant and is a member of the New Jersey Society of Certified Public Accountants and the American Institute of Certified Public Accountants, and currently serves as a member of the ASF Board-Level Subprime Mortgage Finance Task Force.
What is the most rewarding aspect of your career? What would you most like to change?
Each of the steps of my career has been incredibly enjoyable. I would not trade my experience in the public accounting arena in the early days for anything in the world. It was a phenomenal education. That said I also enjoy working with peoplebeing challenged
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View from the Top: Advice from Finance Professionals Ernst & Young Global Limited
to solve difficult problems. Im pretty good at building businesses. Im good at fixing problems and because of that it has made each chapter along the way very interesting. For instance, I came here to Ernst & Young exactly eight years ago to become the managing partner of what was then being started as the structured finance advisory service practice. I inherited a very small team of people and built it to a team of almost 200 people before we realigned the practices last year. Now Im over on the advisory side where Im currently part of the global financial services risk management team. What Ive truly enjoyed is the challenge of solving problems. Helping clients build their businesses, helping Ernst & Young build its practice, working with people and finding ways to make things work within has been extremely rewarding and very enjoyable. I also find the recruiting side interesting because it is an opportunity to find great young people to join Ernst & Young. We have very diverse, dedicated teams who are not only interested in meeting students, but in helping faculty and universities achieve their goals. Working with the junior folks keeps your thinking young. They keep challenging you and they find new and better ways to do things. It makes me look forward to coming to the office every day.
What are some things that you learned on the job and not in the classroom?
One of the things that I struggled with in school was cost accounting. But after I was in the business for a couple of years, I had this sort of epiphany. I was working with a client on auditing cost accounting measures when suddenly, this lightbulb went off and I said, Wow, thats what that cost accounting course was all about. But Im sure everyone has those little chapters in their lives that they can relate to. Perhaps one of the biggest things Ive learned on the job is the importance of building relationships and being a consummate team player. At school a lot of the focus is on learning the technical aspects of a discipline. When you are serving clients, you need to master the technical aspects but you also need to work with people who have different styles and skill-sets and different priorities. It was very exciting to develop these other skills that end up being equally important.
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What has surprised you the most about working in the finance industry?
Two things, one is that the accounting and finance industry today is so different from the one I entered over 30 years ago. There are different considerations, different drivers, and it is certainly a different environment in terms of being a regulated versus a self-regulated industry. But the pleasant surprise is the wealth of knowledge and experience that is housed within Ernst & Young. I find it amazing that no matter what client I am working with, or what problem I encounter, somewhere in the firm I can find someone who can help solve the problem. I find this incredibly amazing and very gratifying.
What personality traits or attributes do you think make for a good, effective executive?
Well, patiencea lot of it. We are challenged everyday to manage very challenging situations. Youve got to be a good listener, you have to be very patient, you have to be even-keeled, youve got to be able to maintain balance. And, youve got to know youre setting an example for everyone; because whether you know it or not, people are measuring your every move, whether its the most junior staff person, your assistant or your superiors. Everything you do has an impact on someone and its important that you understand that, and that you value the significance of the impact you might be having.
What impact has your career had on your personal and family life? Do you have any special methods, techniques or philosophies that help you maintain a balance and be a successful professional?
Honestly I can say I feel very gifted and blessed to have a family who understands that I have worked very hard to maintain the balance between my professional and personal life. Its important to me beyond belief that my kids have verbalized that they know Ive done everything I can to be at their important events and to know that Ive made it home for those school night functions. And that has a sacrifice to it.
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View from the Top: Advice from Finance Professionals Ernst & Young Global Limited
At Ernst & Young, we emphasize flexibility and we encourage people to make sure that they keep their work and life in balance. Its perfectly okay with me if I made it home for dinner that night and somebody needs to call me at 9 o clock because we have an issue that needs to be resolved. Thats just fine with me. Certainly there are things in everyones career that you cant control and Ive been blessed to have a family that understands that. But Ive also tried very hard, and been successful, at keeping a good balance.
What advice would you give a young person considering a career in finance?
Well, these are truly unique times, in that weve gone from the absolute hottest period in history to a period now where the market has cooled off for a little bit. Its finding a new level of operation, whether its in the accounting side or the finance side. You cant ignore the current credit crisis, and it certainly has an impact. But we have found, and I strongly believe, that there are lots of great students that are coming out into the marketplace that have either an accounting degree or a finance degree or in some cases both. They are phenomenally talented young people, and theyre well positioned to take on lots of different tasks out here and you have got to explore them. For anyone starting a career, be it finance, accounting or another field, having a great attitude, being intellectually curious and making everyone on your team shine will help position you for great success. Be passionate about what you do and focus on always being the best at your current job.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
When I came out of school, accounting just seemed like a good place to be. I grew up in a very blue collar family; there were very few people in the family who even went to college. Accounting seemed like a good honest living and I took a liking to it. I enjoyed it and it provided me a rewarding career path. Finance just became a natural transition, because I found that the accounting path led me to an interesting area in finance. It capitalized on what Id already learned, but I certainly needed to learn some new things through on-thejob training. The truth is I dont know that Id want any other position and industry. I truly love what Im doing. In my youth, I was a pretty good musician. At one point, I had to choose which of those paths I would take and I have no regrets about the one I chose.
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View from the Top: Advice from Finance Professionals Ernst & Young Global Limited
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Everything you do has an impact on someone and its important to understand that, and to value the significance of the impact you might be having.
Steve Campo, Partner, Ernst & Young Global Limited
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Ms. Meyerrose received her BA in business administration from Vanderbilt University and an executive MBA from Vanderbilts Owen School of Management. She has been married to her husband, Mike, for 29 years and they have an 18-year-old daughter, Anna.
What advice would you give a young person considering a career in finance?
First of all, find a place that really fits your personality, or you fit the culture. Because its very important that you feel comfortable working with the people that youre with. That gives you the opportunity to grow, to be curious, to be able to ask questions and get good answers for them and once youre in the right company, then do the very best you can. Dont be looking for the next job until you really know that youve conquered the one that youre doing. And as you do that, prepare yourself for other things that might come along by reading, by volunteering for committees or assignments that might be outside your related work, whatever your particular job is at the time. The biggest thing I like to tell people is be willing to take a chance on yourself.
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View from the Top: Advice from Finance Professionals First Horizon National Corporation
What are some things you learned on the job and not in the classroom?
Oh, gosh, just about everything. Although, school is very important, it teaches you how to think critically. But when you get into financial services, you really have to think about how it works, does it make practical sense, what is the ultimate goal, and how does what youre doing lead to whatever the ultimate goal might be with a real focus on customers and how to get things done. So I would say, school prepares you for the technical aspects of your job, but the job teaches you the practical application of it, of how things work and particularly of how you really collaborate with people. While learning to collaborate in school can be helpful, its when youre on the job striving for a similar goal, that you really learn how to operate within a team.
What has been the most rewarding aspect of your career? What would you most like to change?
I would say the most rewarding aspect is that I have had the opportunity to do a lot of different things in different roles, particularly in the last few years. Ive been in sort of a fix-it role, and the most important thing that I learned from that and really the most gratifying, is finding the right people to get things done, putting the right people in the right seats and helping them develop so they could become more than they were before. That is absolutely the most gratifying. In terms of change, things I would change? I dont know that theres a whole lot that comes to mind other than the moments when you look back and say, I wish Id taken that opportunity. But I dont think there were too many opportunities that I didnt take.
What has surprised you the most about working in the finance industry?
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I think the thing that surprised me in the first few years was the perception about financial services. A lot of people think its really boring. I had a professor many years ago who said if you talk to a banker, you have to talk very slowly, which is what people think about it. But the interesting part is how highly regulated we are as an industry. We have regulators for everything, and what I found surprising and interesting is that while the regulations can be somewhat of a burden, it actually makes the puzzle a little bit more interesting. Because you have to figure out how to do whats right for your customers and your employees and your shareholders, while at the same time making sure that youre following all the regulations. So it just makes it a little bit more complex to come to the right answer.
What personality traits or attributes do you think make for a good, effective executive?
I think you have to really appreciate the talent that everybody brings to the table, whatever that is. You have to be able to work with the individuals to identify what their talents and passions are, so they are motivated when they come to work and then take those various talents and put them to work in the right way. So you have a team that is balanced, you have a team that can accomplish things. You have people on the team who are good at strategy, people who are good at details, people who are good at process. Matching the talents and capabilities and strengths of the individuals to the tasks and the goals is the most important thing that a leader needs to be able to do.
Have you ever been mentored, or mentored? How can someone find a mentor within their company/industry?
Well, our mentoring tends to be more informal. We dont have specific programs, and so usually when asked that question I like to say that you can learn from everybody. You can learn from every situation. And so you will naturally end up with someone that you can see and use as a mentor. But I think its important in every situation to say, why did that go so well, and what can I learn from it, and what did that person do so well that I can learn from and vice versa, what have I just learned not to do because of what happened in that particular situation. The bottom line in all this is, dont tie everything to an individual. Take responsibility for yourself, and learn from whomever you can and whatever situation you can.
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View from the Top: Advice from Finance Professionals First Horizon National Corporation
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Yes. I spent about nine years heading up the human resources department for this company and one of the terms that I grew to dislike greatly was work/life balance. The reason is I feel the word balance implies that you have to give up something thats very important to you to be able to conduct your life. And so I feel at various stages of your life you have to step back and ask yourself what is really important to you, professionally, personally, spiritually, physically. There are certain things that just arent that important and so you can take the burden off yourself and say, then, I dont have to do this. As a personal example, I have a daughter who is now about to graduate from high school. If, while she was growing up, I had felt that it was important for me to be at school as a room mother for her, I would have been frustrated and I wouldnt have been able to have the career I have. Well, that wasnt important to me and it wasnt important to her. So I didnt have to worry about it. It was one of those things where I could say, thats not important, Im going to interact with my daughter a different way. I think its all about knowing yourself and being honest with whats really important. Then you can manage your time, career and your personal life in a way that brings you satisfaction.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
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Honestly, I have been in financial services ever since I graduated from college. I ended up in the business because I took a finance course when I was in college and absolutely loved it, ended up in the banking industry and have stayed ever since. But what I really love is the people aspect, and thats something Ive kind of grown into, feeling good about my ability to mentor people, to help people develop themselves and be good contributors. Ive been very lucky about embracing whats important to me. Ive got a very stable family and a very stable marriage and that for me has been very good and very important.
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View from the Top: Advice from Finance Professionals First Horizon National Corporation
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I feel the word balance implies that you have to give up something thats very important to you to be able to conduct your life ... step back and ask yourself what is really important to you professionally, personally, spiritually and physically. There are certain things that just arent that important, so take the burden off yourself and say, I dont have to do this.
Sarah Meyerrose, President of Emerging Businesses, First Horizon National Corporation
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Houlihan Lokey
Jeffrey I. WerbalowskyCo-Chief Executive Officer
Co-CEO Jeffrey I. Werbalowsky also serves as a senior managing director with Houlihan Lokey. He is a member of the board of directors and vice-chairman of the board of directors for Fram, Inc. Mr. Werbalowsky has led many of the firms largest restructuring engagements in his position as co-founder and global co-director of the financial restructuring group since 1988. Before joining the firm, Mr. Werbalowsky was CEO of Cheviot Capital Corporation, an investment firm engaged in transactions involving bankruptcy and distressed situations. Prior to that, he was a member of Levene and Eisenberg after serving as an associate with Gibson, Dunn & Crutcher, where he practiced law and specialized in cases involving bankruptcy, corporate reorganization and insolvency. Mr. Werbalowsky has written a number of articles including; Reforming Chapter 11: Building an International Restructuring Model, Allocating Value In Canadian and American Restructuring Transactions, Advising the Distressed Company, Evaluating Distressed Securities, Buying and Selling the Distressed Company and Deleveraging the Troubled Company, and has testified as an expert witness on a variety of restructuring and distressed security issues.
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Mr. Werbalowsky earned his BA in economics, magna cum laude, from the University of Virginia and a JD from Columbia University, where he was a Stone Scholar for three years and an editor of the Columbia Law Review.
What are some things you have learned on the job and not in the classroom?
One of the biggest lessons is that you need a huge amount of focus and energy to bring into the field of the deal. You have to figure out what the facts are on the ground at the company yourselfin school a lot of times youre given these complicated problems, but the facts are all there! Developing the facts accurately is the first step in creating a good plan and thats not easy. Its very easy for people to come in and look at the facts in the way they feel most comfortable and say, Oh well, based upon my perspective of this issue , its the whole key issue and they got it wrong! If you have a hammer, everything looks like a nail. If you really dont focus on the facts, youll probably smash the deal.
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View from the Top: Advice from Finance Professionals Houlihan Lokey
Its hard to focus on the facts; its hard to determine them, because normally you need to do that with senior, intermediate and junior people in a team all contributing. That means people have to be coordinated, you have to have great team work and people need to be energized. That means that the junior people have to understand the whole view at least conceptually. So figuring out what the facts are is kind of a critical predicate for applying all the things we love to do, all our great analytical abilities and creativity. You can apply them, and a great many people do, to a wrong set of facts that come up to the absolute wrong answer and people in school sometimes dont realize that figuring out the facts is just as important as applying the creativity and the analysis.
What has surprised you the most about working in the finance industry?
Well, a lot of times in complicated deals you find that people, very fallible people, are making decisions based upon incorrect information and incorrect analysis. From afar it looks like geniuses are at work doing brilliant projects. From close by what surprises you is that theyre just people making decisions, some good and some bad, and youd be surprised how many bad decisions people high up in the world make on a continual basis. Even though that is initially a little scary, you just say, Thats life, thats the world. In some ways, if everybody always got the right answer then we all wouldnt have jobsI certainly wouldnt.
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What personality traits or attributes do you think make for a good effective executive?
For a CEO, I think the two most important attributes, at least for me, are the ability to inspire and the ability to responsibly delegate. That means you need to let people do the fun jobs and some of the not-fun jobs, and make sure you follow up with them, make sure you supervise them and give them enough input to do a good job. All those things are really important because CEOs who try to do it all themselves will find that they ultimately dont do a good job. So people sometimes get to be CEOs by doing a great job and a lot of times they do a lot of it by themselves, but when you get to be a CEO that stops being an effective strategy. For me, I never did it all myself, so it wasnt that hard a transition. I always was a believer in allocating and delegating responsibilities. Some may call it lazy, not to my face so much anymore, but I call it responsible delegation. Employing the proper terminology is always important. In terms of being a good executive, important dual qualities are being able to listen and communicate. Youve got to be able to listen to people all around you, figure out what they know and make decisions based on that input, and then communicate those decisions and the reasoning behind them in a credible manner.
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View from the Top: Advice from Finance Professionals Houlihan Lokey
What impact has your career had on your personal and family life? Do you have any special techniques, methods or philosophies that help you maintain a work/life balance and be a successful professional?
Ultimately to be a good CEO and a good member of a firm you have to take your responsibilities seriously and put a huge priority on your responsibilities to the firm. But on the other hand, the most important issues in life revolve around your family. So, notwithstanding the criticality of what you need to do for your work, you need to put your family first. At the same time, putting your family first doesnt mean you drop everything about workyou need to continually prioritize. You need to plan ahead. There have been years when we were building our restructuring group, when I neglected my family, and spent way too much time working on the thought that I was investing my time then and the benefits would ultimately inure to me and my family in a way that made it all worthwhile. My thought was that I was working hard to create financial security in the long term for my family. I am not sure that all those trade-offs were wise looking back, but you do the best job you can with that balancing at the time. So its important in your career to have a real, sit down discussion with your spouse early on as to what your collective goals are and what trade-offs you are collectively willing to make and that often does not happen. Today, Im a massive believer in technology; I have a BlackBerry everywhere I go. I know some people think its intrusive but I believe it frees me up to spend more time with my family. Because I dont have to keep checking in, I dont need to keep feeling like theres an emergency waiting for me. I can track all the fires and know when I need to jump in and can just relax and it makes me feel calmer to have a BlackBerry on vacation with my family. I think its a great invention for people who want to balance life and family.
What advice would you give a young person considering a career in finance?
I think finance is a great area, from an effort-to-benefit ratio theres a potentially great professional satisfaction and monetary payoff. But on the other hand, you have to do what you love. You have to figure out earlier rather than later whether you love finance, because its hard to escape once you start down the road. So figure out early whether you really love it and if you do, go for it. Be passionate about it. If you dont love it, go do something else because money by itself does not buy happiness, it really cant. It helps! But the best of all worlds is when youre doing something that you love and if that something is good for you and your family monetarily, thats a great correlation. But its not always possible to get there. The worst thing to do is be done with your career, made a lot of money, and realized you really didnt enjoy what youre doing, and that its too late to go back.
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Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
I really havent been mentored much in my career to my detriment. Its one of those things you dont realize youre missing until you look back and see you kind of missed it. There were two people in my career who couldve been in a position to mentor me and they both did some positive things and were well meaning but they were both dealing with their own serious issues. Both very smart, capable people, but they never really got around to mentoring me in a way that I look back on and sayWow that was critical. It makes me all the more sensitive to making sure that we have good mentors at our firm. I have tried to mentor other people in our firm and I certainly got a lot out of it and I sure hope they did. I had close relationships and still do with people I mentored and who are now senior officers. We have a formal mentor program now throughout our firm. Everyone in our firm all the way up to the vice president level has assigned mentors.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
I was a lawyer initially and I thought about doing other things in business. My real dream career would be a rock star. I was talking to my son the other day about how walking out with a guitar around your neck to 100,000 people screaming your name would be worth more than making a lot of dollars a year. Also, after Im done with this career, I have a big interest in writing. Ive got some books in my head that Im going to write.
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View from the Top: Advice from Finance Professionals Houlihan Lokey
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Invesco Ltd.
Andrew SchlossbergChief Marketing Officer, U.S. Retail & Head of North American Retail Strategy
Chief Marketing Officer Andrew Schlossberg joined Invesco Ltd. in 2002. Mr. Schlossberg most recently served as head of global strategic planning and corporate development for Invesco, where he focused on business strategy and mergers and acquisitions. He has served in multiple roles within Invescos businesses including head of business strategy for the North American Institutional division from 2003 to 2005 and manager of product development for the companys Retirement division from 2002 to 2003. Mr. Schlossberg served at Citigroup Asset Management and its predecessors from 1996 to 2000 as an equity research analyst on the U.S. large-cap value equity team, prior to joining Invesco. Mr. Schlossberg received his BS in finance and international business from the University of Delaware and an MBA from Northwestern Universitys Kellogg School.
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What are some things that you learned on the job and not necessarily in the classroom?
Being a good listener is probably the most important thing that they dont teach you in school, but you definitely have to pick up, especially in the financial services industry where there are a lot of smart people with a lot of good ideas, and talking less sometimes is better.
What personality traits or attributes do you think make for a good, effective executive?
Surrounding yourself with good people. In a people business like asset management, finding the right people and keeping them challenged and motivated is the most important thing.
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View from the Top: Advice from Finance Professionals Invesco Ltd.
What impact has your career had on your personal and family life?
Ive had an opportunity to live in a number of different places, and thats been eye-opening and very rewarding. I think its been a challenge, but I believe its been positive. When you work at a global company you continue to have those kinds of opportunities.
Do you have any special techniques and philosophies that help you maintain a work/life balance?
Nothat is something I need to improve. Interestingly, sharing things about work with your family is actually a good thing, not to let it totally absorb you, but so they understand and appreciate what youre going through is helpful.
What has surprised you the most about working in the finance industry?
How challenging it is, because its always changing and that means there is always something new all the time. You always have to be constantly learning and improving.
What advice would you give a young person considering a career in finance?
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If youre still in school, make sure you actually study some things other than finance. As meaningful as all the academics and technical skills, accounting, financial analysis, etc., its the softer skills that will be more relevant as you advance in your career. Whether its understanding how marketing works, or understanding organizational behavior or business strategy, make sure you branch out and expand your learning opportunities. At first it wont feel like you are learning the right information to really understand, but over time youll tend to use it more than you think.
What other careers and life choices did you consider before deciding on finance?
Ive always wanted to do something in financial services. Truthfully, I didnt know it was called financial services, but I always liked understanding how it all worked and how money moved around, and those sorts of things, so it just became more natural for me.
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View from the Top: Advice from Finance Professionals Invesco Ltd.
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View from the Top: Advice from Finance Professionals Invesco Ltd.
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Whether its understanding how marketing works or organizational behavior or business strategy, make sure you branch out in school. At first it wont feel like the right information to really understand, but over time youll tend to use it more than you think.
Andrew Schlossberg, Chief Marketing Officer, U.S. Retail & Head of North American Retail Strategy, Invesco Ltd.
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KPMG LLP
Manny FernandezNational Managing Partner, University Relations and Recruiting
National Managing Partner Manny Fernandez is responsible for KPMGs recruiting strategy and execution, including faculty relations. He is a member of the firms Operations Committee and the co-chair of the firms national Hispanic/Latino Network. He previously served as partner in charge of KPMGs Audit & Risk Advisory practice for Colorado. Mr. Fernandez has extensive experience with large national and international companies. He is also a member of the Chairmans 25 leadership program. He currently serves as the trustee of the KPMG Foundation, and the PhD Project, is a member of the Colorado Society of CPAs, AICPA, and is a member of the Mile High United Way Alexis de Tocqueville Society. Mr. Fernandez received his BS in accounting from Fairleigh Dickinson University.
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Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
Over my career Ive had informal mentors and formal mentors, depending on the corporate culture and programs in place where Ive been. Today at KPMG, we have formal mentoring programs available to all our employees. In fact, there are more than 9,500 mentoring relationships involving more than 15,000 people participating through internet-based tools where you can sync up with your mentors based on particular needs and preferences. Weve found that mentoring is highly sought by our people and is really a key to successful career development. When I speak with individuals outside KPMG, I strongly encourage that mentoring relationships be pursued whether through formal processes or informal relationships.
What are some things you learned on the job and not in the classroom?
I view the classroom as the place to build your technical knowledge in finance or accounting. Working outside the classroom is where you find skill sets such as working in teams, client conflict resolution and other types of interpersonal development skills, which primarily come from experience. Thats really the major difference between real live action versus just reading the playbook, both of which are critical.
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View from the Top: Advice from Finance Professionals KPMG LLP
What advice would you give a young person considering a career in finance?
I had an internship with KPMG. Weve been offering internships for more than 30 years. So one piece of advice I would give a young college student is to make sure you explore various companies and firms, and take advantage of internships during your college career as possible. I would also look at the different opportunities within finance and accounting. One way to get an idea of what a career at a Big Four firm is like, is to log on to KPMGs career architecture web site (www.kpmgcareers.com/eca/index.asp). Weve recently opened the site to the public to provide students and others considering a career in finance with a realistic view of potential career pathsalong with the necessary skills, compensation and responsibilities expected at each stage of an individuals development. Whether its in audit, tax or advisory, today there are more options than ever to find a rewarding career.
What is the most rewarding aspect of your career? What would you most like to change?
I think the most rewarding part of my career is having the opportunity to experience a variety of areas within public accounting. Ive worked in four different offices and had eight different roles within KPMG over my career. Ive really enjoyed the people interaction. At KPMG, 75 to 85 percent of our professional employees are under the age of 30. So its a very fast moving, very vibrant, exciting place to work with great opportunities to work globally and with a variety of clients and industries.
What has surprised you the most about working in the finance industry?
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I think the biggest surprise to me is how the industry has evolved, especially in public accounting, which five to 10 years ago wasnt the first choice of finance or business school majors. In recent years the importance of public accounting and finance to the capital markets has come to the forefront, which is great to see.
What personality traits or attributes do you think make for a good, effective executive?
I think its being able to have a very broad understanding of business and the environment youre working in whether its specific to a company or an industry. Also, good communication skills are crucial, whether articulating issues succinctly or being a good listener and understanding the positions of others, so you can formulate your position based on sound knowledge and information. I think communication and interpersonal skills with a broad industry understanding are key components of successful executives.
What impact has your career had on your personal and family life? Do you have any special techniques, methods or philosophies that help you maintain a worklife balance and be a successful professional?
In order to be successful in any career I think you have to make certain commitments and sacrifices, but at the same time, be effective in managing your personal life. Ive been married for almost 15 years and Ive got two children, so I have been doing it for a fair amount of time. Its a matter of blocking your calendar for those specific personal times versus work commitment. Planning ahead is a critical success factor for me, because Ill put my calendar out a month or two or even six months but Ill know when the kids games are. Ill know when I have personal commitments with my family.
What other careers and life choices did you consider before deciding on a career in accounting? If you were not in the field, what would your dream career be now?
Starting pitcher for the Mets or the Rockies would be a good choice!
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View from the Top: Advice from Finance Professionals KPMG LLP
I considered other career tracks, such as architecture and engineering. I loved history when I was in high school, but my choice was between finance and accounting. My dad was actually an accountant as well, so I kind of fell into it a little bit in the preliminary classes I had in high school. Choosing accounting as a major after my first year of college was a natural fit and very attractive to me.
It seems like youre very involved in giving back to your community. How are you involved in your Latino network group?
Im on KPMGs National Diversity Advisory Board and I co-chair, as part of that, the Hispanic-Latino network with another partner out of San Francisco. Were very much engaged as a firm in making KPMG a more inclusive and diverse place, and our goals are to attract, retain, develop and promote more Hispanic and Latino professionals. Its really working to increase the pool of talent coming into KPMG, and then finding ways to develop and mentor them so they stay longer and hopefully develop skills that will improve their careers.
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View from the Top: Advice from Finance Professionals KPMG LLP
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There are so many examples of CFOs and CEOs across corporate America who started their careers in accounting. The profession is an ideal place to launch a career and lends itself very well to other career tracks in finance.
Manny Fernandez, KPMG LLPs National Managing Partner, University Relations and Recruiting
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LarsonAllen LLP
Gordy A. ViereChief Executive Officer
CEO Gordy A. Viere has served in his current capacity with LarsonAllen LLP since 1989. Mr. Viere has full responsibility for leadership and management of the firm, including the development of its strategic direction. Mr. Viere is a member of the American Institute of Certified Public Accountants (AICPA), and currently serves as chair of the strategic planning committee, as well as having served on both its board of directors and council in prior years. He is a board member of Accountants Liability Assurance Company, Ltd. (ALAC) incorporated in Bermuda to offer professional liability insurance to its members and is a member of the World Presidents Organization (WPO) and currently serves as a board member and education chair of its Twin Cities chapter. Mr. Viere also serves on the board of directors of Junior Achievement of the Upper Midwest, as an advisory board member for various companies, and has served on many nonprofit and university boards and committees. Mr. Viere considers his most satisfying experiences to be those connected with helping children of troubled families. He and his wife, Diane, have had over 20 foster children live with them over the years, and have been involved with organizations committed to matching adoptive parents with children in situations where parental rights have been terminated.
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What are some things that you learned on the job and not in the classroom?
The most significant thing I learned on the job is leadership and doing what is right for those around you even though it might be difficult for you to do so at times. I also learned that people really want to be part of something special; almost all people want to do a good job. If they dont, sometimes its fear, or lack of confidence, so they need encouragement, and I think one of the things we as a society forget is that we all need accountability. Someone to come up and say how are you doing? and why do you seem to be struggling in this area? People want to be part of something special and will do a phenomenal job if you are willing to encourage them, empower them to use their own leadership skills and then hold them accountable to do what they said they would do.
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View from the Top: Advice from Finance Professionals LarsonAllen LLP
What has surprised you the most about working in the accounting industry?
Its the stereotype that accounting professionals are these backroom types of people. It couldnt be further from the truth. Most people in the accounting profession are very outgoing, caring people, who are very concerned and capable in working with their client base.
What personality attributes or traits do you think make for a good, effective executive?
I think good executives need to be able to make decisions. In other words, take the information from every aspect, look for input from anyone and everyone whos willing to give it and be willing to make a decision and act upon it. Another attribute is that to advance your personal agenda, put the people around you and the organization ahead of your own agenda. And remember that the employees of your organization are people like you and me.
What impact has your career had on your personal and family life? Do you have any techniques or philosophies that help you maintain the work/life balance?
I think my career has had a positive influence on my family. We work very hard as a family so that no single element of our life (like work) becomes more important than our family life. Ive always recognized that when things are going well with my family, things go a whole lot better at the workplace. We make it a high priority to make sure that we spend the appropriate amount of time together. If I feel that Im under more stress than normal or I feel overwhelmed, I know that if I am disciplined enough to take some time off and spend it with my family, Ill come back a day or two or a week later, a whole lot better prepared to deal with those stressful issues.
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What advice would you give a young person considering a career in accounting?
If youre going to go in any sort of business career, accounting is one of the best places to start in terms of giving you a breadth of experience you really cant get anywhere else. You get the opportunity to work with multiple businesses and all types of management teams, including CEOs, CFOs and HR and marketing professionals. It allows you to see the many different ways that businesses are successful or are not successful. The accounting experience can only be an asset. So when people talk to me and say, I want to go into a business career, where should I start? I encourage people to start out in accounting because you have so many opportunities to move to when you start there.
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View from the Top: Advice from Finance Professionals LarsonAllen LLP
What other careers and life choices did you consider before deciding on a career in accounting?
I really didnt entertain any other choices once I became an accounting major, but I was convinced that I would only be in there two or three years and that I would use that experience to go get a real job, an exciting job. After being in accounting for two or three years, I realized it was actually really fun and exciting. A large part of this was because of the culture in our firm where we allow people to change careers and take a different approach to their career or take a different direction. Ive always found that when I was ready to move or take on something more interesting or challenging or different, the firm was always willing to let me do it. So I never seriously considered a career outside the accounting industry.
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View from the Top: Advice from Finance Professionals LarsonAllen LLP
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To advance your personal agenda put the people around you and the organization ahead of your own agenda.
Gordy Viere, CEO, LarsonAllen LLP
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Mr. OMealia received his BA in English and history from the University of Pennsylvania, a JD from Boston College Law School and an MBA in finance from Columbia University.
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View from the Top: Advice from Finance Professionals Legg Mason, Inc.
When I went to college, I continued to work hard. I took a lot of different courses. I took most of my courses in the liberal arts program and in the end was an English and history major. I also took business courses in the business school and a few in the sciences. Each of them was important in its own way. I am happy that I took so many courses in so many disciplines at that point. I think they have helped me understand issues from a lot of different perspectives in a way that I would not have had I focused on any one discipline. I went to law school and business school after college where I learned more specific skills so I am lucky that I got a broad education first and then specialized later on.
What are some things you feel you have learned on the job and not in the classroom?
Its about understanding people, understanding what motivates them, what their perspective is, what theyre trying to accomplish and how you work with them. I counsel younger people to expose themselves to a lot of other things, a lot of other people. At the end of the day if you see yourself in a leadership position, a lot of what you have to do is motivate people or work with other people. Thats where the liberal arts are very helpful. Whether youre taking art, psychology, English, history or literature, what you learn in those fields are going to be very helpful to you later on, because youve done some things vicariously, seeing things from other perspectives. Science and math help you analyze problems and see processes better. Foreign languages and music expose you to other cultures. I could go on and on. Understanding the ability to work with imperfect information is one thing I have learned on the job. Having to work within a world of increasing complexity and accelerating speed of change has been a great challenge. It is very different from an academic setting where you have a teacher, a curriculum, you have your course load, and you do your reading and show what you learned at the end of the term. There are few set time frames and no set syllabus. In the business world I dont think people are as impressed with how smart you are and what youve learned as they are with what you can do and how you do it. Results matter.
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What sort of personality traits or attributes do you think make for a good effective executive?
The most important thing is to understand who you are. Have certain principles and stand by them. Make it clear to those you work with how you will deal with issues. People respect clarity. That being said, you need to always be willing to accept the fact that you may need to take a fresh look. Circumstances change. You have to understand what your particularly strong traits or best attributes are. If I tried to be Jack Welch, for example, it wouldnt work. I manage differently. Im a different person. But I respect him as an executive, try to learn from him and then apply it to my own style of managing. I could say the same thing about the chairman of my company, Chip Mason. He is a great manager and leader. He has more experience than I do. I watch him, learn from him and then try to apply what Ive learned in my own way. Its really important to understand what motivates you, what your style is and then put yourself in the right spot for your particular style. I wouldnt be good in some things, but Im very good at others. With my background, Im more of an integrative person, I like consensus. Then I make a decision at the end of the day, but I try to do it in the context of a lot of inputs. As opposed to a person who drives decisions primarily from his or her own worldview, I tend to be more collegial. There are people who dont want to have to deal with the sort of complexities of running a group. Theyre very good at getting things done in their specific disciplines and thats a critical part of business. Sometimes they are more valuable than the executive or boss. However, to be the boss you have to understand your business well, you have to understand the critical elements for success, and you have to understand how each of the specific elements should work together. Thats what I call managing the seams between disciplines. Its really the arts as opposed to the science of managing. To be an effective executive you have to have a general and realistic plan as to how youre going to get where you want to get. You have to have goals in mind; you have to have a plan of how youre going to get there. You also have to be able to maintain a certain amount of flexibility.
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View from the Top: Advice from Finance Professionals Legg Mason, Inc.
Finally, you need to have a certain amount of humility. The world is too complexso many inputs, so many seemingly contradictory elements for any one person to have all of the answers. Most progress is made through groups of people, teams of people, working together, bringing their unique contributions, their unique perspectives, bringing those to the leader who is someone who can integrate those things well and get the pieces to work well together. An effective executive is more like an orchestra conductor than somebody whos showing up with the Ten Commandments.
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What has surprised you the most about working in the finance industry?
Its multidimensionality. When you think of finance, you think of it as a quantitative field, and theres no doubt that the base of it is quantitative but the fact of the matter is that while the basics are critical, once you understand the basics, youre working with people from other disciplines and suddenly those numbers almost start speaking to you, telling a story, as opposed to just being facts.
What advice would you give a young person considering a career in finance?
One is to have as broad a perspective as you can. The other is to gain specific technical knowledge. The world is opening up. Were much more global, things are moving much more quickly, theres a proliferation of products and of complexity in the market. But we still need common sense. So, read broadly, understand the world, force yourself to meet lots of people, expose yourself to smart people, good people, people who think differently than you do or who have had different experiences than you have had. You will come to understand that all things have an impact on finance. Also, you have to have a strong grounding in the fundamentals. You cannot fake it in this business and for my love of literature, there is math involved. You have to be able to block and tackle, you have to understand basic accounting, basic finance, basic economics, theyre all important. So at some point during your career whether you do it through formal education or on the job with a great mentor, you have to work from the bottom up. You may understand people better from reading Tolstoy, or complex adaptive systems through studying biology, but you absolutely need to know how the numbers work. Dont believe it when someone tells you that the numbers dont lie. Im telling you that they can be made to squeal by whomever put them together.
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View from the Top: Advice from Finance Professionals Legg Mason, Inc.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Ive been lucky in terms of my career; its provided a good financial basis for my family. Im married, have four kids and I think that whether its your family or your other interests, its important that you have outlets. By that I mean things that broaden you, force you to think of somebody else other than yourself, something other than your business; sometimes it gives a mental break. Ive met folks who proudly say that they havent taken a vacation in 20 years and I dont think thats healthy. I work very hard in challenging environments, which forces me to be disciplined about time. It isnt always easy. You tend to get wrapped up in your job if you enjoy it, so I have had to force myself to carve out time for other things that are important. My wife is extremely organized and disciplined so she tends to keep things in line. I travel with my wife and my kids a little bit. I spend time with each of them individually. We have a shore house where I spend decent chunks of time during the year and I have tried to keep weekends as sacrosanct as I could over the course of the last 35 years or so to be with my family. My job has certainly had an impact on my family. There have been times when I couldnt make it to events or I have been away from home a lot, but my kids and my wife appreciate the fact that I really do try. I consider them more important than my job but they recognize that my job is important too. Its important that they see me doing everything I can to balance things and that if push came to shove they would come first.
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View from the Top: Advice from Finance Professionals Legg Mason, Inc.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
I considered teaching when I was in school. I was in a relatively rigorous academic program in college, I was a dual major. I did well in each one and I liked each one. I was asked whether I wanted to go into postgraduate studies in each and I thought about it, but life took care of that for me. My dad got very ill so I had to stop and go home and get into the family business. In terms of a dream career, Id like to play centerfield for the Yankees or defense in the NHL but I dont have the skills and am now too old, so those are out! Golf on the PGA tour would be nice. I love to play golf and I love to travel. They go to nice places and make a good living out there. Being Tiger Woods best friend would cover a lot of bases.
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View from the Top: Advice from Finance Professionals Legg Mason, Inc.
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Our world is overcome with short termism, whether it is early career success, instant gratification or shortterm financial results; I think that everybody is trying to compress things too much.
Harry OMealia, President & CEO of Legg Mason Investment Counsel, Legg Mason, Inc.
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What are some things that you learned on the job and not in the classroom?
On the job, I learned real life tax issues and problems and how to deal with them. It is a lot different getting a wrong answer on an exam than giving a wrong answer to a client.
What is the most rewarding aspect of your career? What would you most like to change?
The most rewarding aspect of my career is that the tax law and its application are challenging and each day is different from the last. You never know what to expect when you sit at your desk each day.
What personality traits or attributes do you think make for a good, effective executive?
I believe you have to treat each and every employee with respect and to lead by example.
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View from the Top: Advice from Finance Professionals Margolin, Winer & Evens LLP
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
In an age of instant communication, it is a challenge to maintain a healthy work/life balance. I have three young sons and I keep hearing from others that I must enjoy the moment as the toddler years go by quickly. I dont ever want to regret not spending more time with my wife and kids. If I need to leave work early for any reason, I have the ability to remotely access my computer from home to catch up. However, it is easier said than done at times.
What has surprised you the most about working in the finance industry?
In public accounting, you have many clients with different personalities, needs and issues. Each day brings its own challenges and stresses but it is rewarding.
What advice would you give a young person considering a career in finance?
I would definitely recommend a career in public accounting as a tax accountant. It is exciting and ever evolving as the tax law changes both at a federal and state level. I have never felt bored or unchallenged in my profession.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
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Mentoring is very important. I have been blessed with formal as well as informal mentors that have taken an interest in my career. They have given me great advice and have also focused on areas that needed change, etc. At our firm, we have a mentoring program whereby employees can review several biographies and can speak to potential mentors before a mentor is chosen.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
My father is a CPA specializing in taxes and I pretty much knew at an early age that I wanted to do the same thing. However, my dream job would be the general manager of the Boston Red Sox.
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Mr. Scudder received his BS in business from Illinois Monmouth College and an MBA in finance from DePaul University.
What are some things that you feel you have learned on the job and not necessarily in the classroom?
In the accounting and financial area, much of what you learn in the classroom is a foundation and it isntas much as I hate to say this used on a day-to-day basis. Much of what you do on a day-to-day basis is interaction with people, and reviewing multiple systems and other peoples accounting. So the basis that you had in college is focused on building that foundation that you take forward. The nuances of different companies, people interaction, analysis and analytical skills are built on the job and not so much in the classroom.
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View from the Top: Advice from Finance Professionals McGladrey & Pullen, LLP
What has most surprised you about working in the accounting industry?
The biggest surprise is that its traditionally viewed as an independent and internally-focused job. Many folks go into accounting because theyre not very comfortable in what they perceive to be more of a sales or an externally-focused environmentand thats not the case. You learn very quickly that those same kinds of skills that you need in the rest of the business world are just as important in the finance area. You need to be able to communicate with people, lead large or multiple groups of people, and you have to be out there and know the sales side of the business just as well.
What personality traits or attributes do you think make for a good, effective executive?
If youre going to lead a big organization, youre going to have to have the skills to lead a diverse group of people who have different motivations, priorities and skills. Youve got to be able to get the most out of people who have different priorities than you do.
What impact has your career had on your personal and family life?
Its always a balance. I think Ive been pretty lucky along the way, from the standpoint that it hasnt been a conflict. I have a very supportive family and thats been very helpful. But theres a give and take that you have to have and priorities are different at certain points in time. So you need a long-term view and you have to be highly interactive and have a lot of communication. Otherwise things can get in the way. Its a difficult balance. As long as youre not exclusively focused too much on one or the other, youre going to be able to succeed.
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Do you have any special techniques, methods or a philosophy that helps you maintain this balance and be a successful professional?
From a philosophy standpoint, what you really have to do is give your full attention to whatever it is youre working on at the time. If youre at work and distracted by things related to your personal life, thats not going to be beneficial. And vice versawhen you are away from work you need to concentrate and give your full attention to those parts of your life.
What advice would you give a young person considering a career in public accounting?
What you have to learn very quickly is that interactive and communication skillsboth verbal and writtenare absolutely key. I think its perceived that when you think finance and accounting, you think of communicating in numbers. Theres a lot more to it than that. If youre going to get ahead, you absolutely have to have good communication skills.
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View from the Top: Advice from Finance Professionals McGladrey & Pullen, LLP
What other career and life choices did you consider before deciding on a career in public accounting?
I didnt actively seek many other career choices, and a lot of that was based on internal assessments of my skills when I was making those choices through school. What I really think I did was keep my eyes open as I went through school, even though many of the perceptions I had at the beginning about accounting and financeand what skills were necessaryended up being wrong or incomplete. I always felt like I could still conquer the new things that were thrown my way. I really didnt consider a lot of other choices. To me, finance is a component of business, and business is a very broad career choice and can take many directions. I never felt limited.
If you were not in the field, what would your dream career be now?
A leadership role, like running a business where I can apply all the skills I have learned.
There are a lot of concerns. Depending on the growth and where information technology advances take usand depending on where government regulation moves us and what skills are neededtheres lots of concern that ultimately information technology and systems will make the accounting and the auditing side of things go away. Certainly, information technology has a big impact on the way we work. What you get with that is more transparency. If systems and data can be manipulated and accumulated so that you dont potentially need the auditor to come in and verify or analyze, that could have an impact on us. But I still feel that technology may just lessen the need to find data. Theres always going to be a need to interpret data. I just dont think that is going to change significantly. The biggest change I think that we will see in the short-term is a global economy and global markets and internationalization. We still have a lot of disparity between the way things are done and the amount of transparency that exists internationally.
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View from the Top: Advice from Finance Professionals McGladrey & Pullen, LLP
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Were a highly regulated business, and generally not very well understood.
David Scudder, Managing Partner, McGladrey & Pullen, LLP
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What are some things that you learned on the job and not in the classroom?
The first thing I learned is that business isnt as linear as what you learn in class. A lot of unexplained variables are what you have to deal with on the job. When youre dealing with human beings, you sometimes deal with people making irrational decisions, or that the problem you have to analyze is not as straight forward as you learned in class. So thats where judgment and ability to assess the situation comes in. So for me it was appreciating what I learned in the classroom and adjusting it to the facts on the ground.
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View from the Top: Advice from Finance Professionals Merrill Lynch & Co., Inc.
What personality traits or attributes do you think make for a good, effective executive?
I think the first trait is hard work. You really cant replace hard work with anything else. Youve got to be someone whos willing to come in and work harder than others to succeed. Second is honesty, in two ways, first of all, in terms of your assessment of yourself, what are you doing well, where do you need to improve, how are other peoples assessments of you matching your own personal perspective. Also, honesty with your colleagues and clients; you have to be someone who people view as being credible and honest when they ask for feedback or when they give suggestions or when youre presenting work product to them. Third, confidence, you have to be confident in this business. Finally, passion. If youre in a business like this long term, you really have to enjoy what youre doing. This business involves a lot of pressure, a lot of sacrifice, a lot of challenges, extremely long hours, but if you are passionate about what youre doing, you succeed in the end because passion enables you to get over a lot of hurdles.
What impact has your career had on your personal and family life?
The work/life-family balance is very challenging. The way I break it up, I say you have your work life, your family life and your nonwork, non-family life, which is your recreation, your religion and volunteer work. I try to create zones for each. So when I am in the office, I try to focus very specifically on my job. When I am at home, I try my best to focus on my family. Then I try to carve time out for the other sort of non-work, non-family life. My job, which involves a lot of travel and long hours, creates a lot of pressure to make the time I am at home as effective as possible and so for me what generally gets squeezed out is my non-work, non-family life. It is tough to make it all work in a 24-hour day. Though I must say, as you get more senior it gets a great deal better.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
If you find a job that you enjoy, that you are good at and youre working with people you like and respect, you can go a long way down the road to having a successful career and getting over the bumps that are inevitable. In a business like this you are going to make mistakes. The challenge is to make as few as possible, not to make the same mistake twice and to make sure your successes outdo your failures and its a lot easier to do that when you put yourself in an environment to be successful.
What has surprised you the most about working in the finance industry?
Its a never a dull moment. The market is very dynamic and people tend to over-invest in things. When I came to this business, I assumed that there were certain principles that would enable you to predict certain outcomes with some level of certainty and that is definitely not the case. There are so many variables of life that impact our business that you could never predict day to day whats going to happen. So I find myself always trying to react to the events around me more so than I would have expected to coming into this business.
What advice would you give a young person considering a career in finance?
The most important advice I would give them is figure out what your strengths are, what it is you want to do and how much of your time youre willing to devote to this before you pick the career. Often times I find a lot of folks thinking of careers, they look for what they feel is the hottest area to go into and they pick the area before they figure out what their strengths are, what time and emotional commitments they are willing to give it, and what they actually enjoy doing. I would figure all that out first and then find a job that fits into those criteria. The good news about the finance industry is that theres a wide swath of jobs. Everything from the most qualitative to the most quantitative are in finance, whether you are doing retail or institutional sales or some kind of complicated arbitrage or a sophisticated structuring job, theres a lot of different jobs a person can do. The key in this business is to be very good at the job you select and the
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View from the Top: Advice from Finance Professionals Merrill Lynch & Co., Inc.
chances of you being good at it are a lot higher if its something that you enjoy, something that your skill set is suited for, and something where the hours and other demands they are requiring fit what you want to give it.
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What other careers and life choices did you consider before deciding on a career in finance?
In a perfect world, I would be a retired NBA point-guard. But that not being an option, I was a public accountant for a couple of years and then went to law school before I entered the investment banking world.
Any regrets?
I find investment banking to be for me the closest thing to a quasi-professional career in sports in the sense that its a highly competitive business, with extremely accomplished people and theres never a dull moment, and youre in a position where you are always proving your value on a daily basis. So for me, I couldnt have found a better job category for what I like to do.
If you were not in the field, what would your dream career be now?
I struggle with that. Im not sure what else I am qualified to do. I enjoy this job. I think if I wasnt doing this, I would probably work as either a professor or running somebodys political campaign or something thats very different from what I am doing now, something very unstructured but yet active and dynamic.
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View from the Top: Advice from Finance Professionals Merrill Lynch & Co., Inc.
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You have to be confident in this business. And passionate. This business involves a lot of pressure, a lot of sacrifice, a lot of challenges, extremely long hours, but if you are passionate about what youre doing, you succeed in the end because passion enables you to get over a lot of hurdles.
Erick Bronner, Managing Director, Merrill Lynch & Co., Inc.
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What are some things you feel you have learned on the job and not in the classroom?
The importance of written and verbal communication. People have to understand clearly what you want them to do and in what direction you want to take them on. People who communicate clearly and in a simple way tend to be more effective than others. You learn technical skill-building in the classroom but you truly realize what a people business this is only when you get out into the business world. The perception from the outside is youre sitting at a desk and youre crunching numbers, when really youre interacting with the client, with vendors, with attorneys, with bankers. Its such a dynamic business. Then your interpersonal skills are so important to how you move up inside the organization.
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View from the Top: Advice from Finance Professionals Moss Adams LLP
What personality traits or attributes do you think make for a good, effective executive?
I think if youre going to be an effective executive you have to have a high energy level and it doesnt have to be an extroverted energy, but you have to be able to sustain effort. You have to be patient as an executive because it takes time for the entire organization to wrap their minds and operations around the strategic direction youre going. So patience is very important, communications skills are key, learning how to talk differently to different groups of people, and communicating with clarity that you want the organization to communicate is very important.
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What has surprised you the most about working in the accounting industry?
The importance that interpersonal people skills have in all that we do, whether its dealing with the tax client or an assurance or consultancy project or in a partner meeting or a staff meeting with your peers.
What advice would you give a young person considering a career in accounting?
When you look at all the different choices you have as a young student, you want to make sure that what you choose, youre passionate about. Part of choosing a career in public accounting would be to try to get a look inside an accounting firm. Network with your friends and students and classmates; get involved in some of the campus clubs so you can see what its really like inside a firm. Sometimes perception and reality are two different things. Its much more dynamic working in a public accounting firm than what the classroom or even the public would think. When people think about CPAs they think about tax returns, personal tax returns and when
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View from the Top: Advice from Finance Professionals Moss Adams LLP
someone in the profession thinks about the business, you think about information technology consulting, organizational development consulting, auditing and tax projects for very complex clients. Once youre inside you realize how many different avenues you have to have a successful career in this business, and thats something thats very important. You need to figure out ways and network as much as you can to see what its like inside a firm and make sure its something you truly are passionate about.
What impact has your career had on your personal and family life?
When you like what you do, it drips down into your personal life in a positive way. My family knows that Ive always liked my career, Ive always enjoyed what I do, and Ive always worked very hard to maintain a balance between my family and the things that I like to do personally and work. Ive always focused on that, long before work/life balance became a buzzword in the business.
Do you have any special techniques or philosophies that help you maintain the work/life balance and be a successful professional?
I think time management is an overused buzzword. However, it is something I think thats very effective. When I come into the office, or I go out to an office and Im with partners and staff, I make sure that my time is effective, efficient time. You can let the day manage you or you can manage the day and that doesnt mean that Im a linear person and I have to check the box, because sometimes, as an executive in a large firm, things happen that you cant schedule for. There are important things that happen in the firm and then there are things that happen around you and I call that noise. If you can move yourself away from the noise and into the important things, you manage your schedule a lot better and when you manage your schedule a lot better, youre able to strive towards that balanced life that everybody talks about so much and thats really what I try to do.
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Also, Im a strong believer in delegating down to your team and surrounding yourself with really good people who are very capable of doing stretch assignments, which allows them to grow as leaders. Rely on that team, and give that team the opportunity to perform and give them reinforcements when they have small failures because that truly is a learning process.
What other careers and life choices did you consider before decided on accounting?
I always wanted to be a business major. I contemplated selling, marketing and sales because I was naturally good at that. I chose public accounting because, without knowing how far or where my career would go, I thought it would be a great transferable skill. I could stay and go into public accounting; I could go into private industry or government.
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View from the Top: Advice from Finance Professionals Moss Adams LLP
place and it continues to take place is the number of women and minorities that are entering the business world and our profession. At Moss Adams, approximately 20 percent of our partners are women and I believe these numbers are just going to continue to increase. I think more women business owners are just going to start dominating the market over the next 10 to 20. Also, the other significant thing that we will face is the continued globalization of our business and dealing with Pacific Rim companies, Asia.
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He subsequently earned the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) designations from the American College. He also holds the Chartered Property Casualty Underwriter (CPCU) designation and as well as the 6, 7, 24, 26 and 66 FINRA registrations. Mr. Houle received his bachelors of business administration from Western Michigan University in Kalamazoo, Michigan.
What are some things that you learned on the job and not in the classroom?
Most of everything. How to effectively motivate and inspire people, leadership skills were learned more on the job than in the classroom.
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View from the Top: Advice from Finance Professionals Nationwide Mutual Insurance Co.
What impact has your career had on your personal and family life?
Professional success has allowed me to grow personally. This includes travel to 49 states, which has been a great experience.
Do you have any special philosophies or techniques that help you maintain your work/life balance and be a successful professional?
Its always a challenge. I think just trying hard to separate yourself personally and professionally and carve out quality time, all help achieve this. I stay in physical shape, which provides more energy and keeps me focused. Thats really important for me.
What has surprised you most about working in the finance industry?
The greater need that people have for retirement planning, which products that our customers continue to need advice on and services continues to surprise me. We are in a noble profession in that regard.
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What advice would you give a young person considering a career in finance?
I love the quote when youre green youre growing. When youre ripe youre ready to rot. Definitely get a strong base of knowledge, including product knowledge. Im a big believer in continuing education, so whether its a designation or an MBA, just continue to stretch yourself.
What other career and life choices did you consider before deciding on a career in finance?
I just kind of evolved into it. I was in the property and casualty insurance and moved over to financial services within Nationwide. So it became a natural move and a smooth transition.
If you were not in this field, what would your dream career be now?
Probably a park ranger! I love the outdoors and that would be the real office.
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Mr. Ferro received his BS in accounting from Pennsylvania State University and has supplemented his education with a variety of continuing education courses.
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View from the Top: Advice from Finance Professionals Parente Randolph, LLC
What personality traits or attributes do you think make for a good, effective executive?
You need to be a good listener. You need to be fair and people have to look at you as if they can trust you and know that youll do the right thing. They may not always agree with what youre doing and they may not always like what youre doing, but the bottom line is they always need to believe what youre doing is fair and that youre not playing favorites and that youre treating everybody the same. A certain amount of empathy is also necessary. You need to be able to put yourself in their shoes and although you may not make the same decisions that they would you need to at least understand where theyre coming from and their point of view. I think some of this comes naturally and some you can learn. I believe these types of leadership skills are important. You also need to be able to walk the talk. You cant dictate and preach one set of ideals and one set of rules and then have a different set for yourself.
What are some things that youve learned on the job and not in the classroom?
Id say that in order to do my job, most of what Ive learned was on the job. Now that doesnt mean that the classroom is not important. Its the foundation. It would be difficult for me to say that theres a direct correlation of things that I learned in a college classroom setting that I apply to my job today. I would actually say I learned more in college outside the classroom. For example, the things outside of the classroom that helped most were, growing up, coming into early adulthood, being able to deal with people on your own and being away from a home or family environment. I believe that the college experience is much more than just the classroom. Im not trying to discount that the classroom is not important. You need to do it and you need to do well in it, but its really just a foundation for whats about to come.
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What advice would you give a young person considering a career in finance?
There is no substitute for hard work. Most people dont just step into this and its not luck or being lucky. I define luck as being prepared at the opportune time. Hard work is part of being prepared. I think you also need to be a team player and you need to be open to other peoples suggestions. I think some of the best advice that I received as a young professional was, you may be correct, and the way you do things may be accurate and they may be right but that doesnt necessarily mean that the way other people do things are wrong. So you need to be open to suggestions, try not to be rigid, and try to be a team player. Try to move the entire group ahead, and dont think of yourself, because if the group moves ahead, and youre part of the group, youll move ahead as well. Also, you need to be dedicated. I think dedication is an attribute that all successful people have. I also have to go back to: you need to enjoy what you do. That would be some of the strongest advice Id give. If youre pursuing a career or you have a degree in something that you really dont like or you are really struggling to stay with, youre just compounding things by going into it as a profession. You really need to find something that you like, something you enjoy and that doesnt necessarily mean being easy. It may take hard work, but at the end of the day, you have to feel some self-achievement, you have to be rewarded internally to be able to do a good job. Its just too hard the next morning to get up and go do something you dont like.
What is the most rewarding aspect of your career? What would you most like to change?
Probably the most rewarding aspect of my career has been the ability for me to move up from position to position, in what I would define as relatively short periods of time. Ive always been considered a young, aggressive professional whos going to achieve a lot in his career, and the most rewarding aspects for me, were working hard and having other people take notice and being rewarded for it and getting that pat on the back. Its not always just a promotion, and its not always salary increases. Its a pat on the back, its people recognizing that youre doing a good job and people actually willing to follow your lead and recognizing that you do have leadership attributes and you do have leadership qualities. Theyre willing to trust what youre doing and put their career in your hands as well. What would I like to change, is the 24/7 work week perception. I think that a lot of people believe if youre going to be extremely successful you need to work or be on call 24 hours a day, seven days a week. I think that BlackBerries, PDAs, voicemail and laptops
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View from the Top: Advice from Finance Professionals Parente Randolph, LLC
have all probably added to that perception. If I could change one thing, it would be the 24/7 work week perception and its importance as it relates to success. Individuals can be successful without being tied to their BlackBerry or being tied to their PDA.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a good work/life balance and be a successful professional?
I think you need to prioritize to maintain a work/life balance. Its not a one or the other situation as well as one cannot dominate the other. You need to really determine what your priorities are and you need to maintain the ability to do certain things that keep those priorities balanced and in check. Sometimes you will need to make difficult choices but in the long run those choices need to match up with the priorities that you have. Having a successful career includes being able to balance your priorities. I have witnessed too many people who have put 100 percent of their efforts on the work component and have ended up with a disaster on the personal side. It is also all about the quality of time and not the quantity of time you spend on the personal side of the equation. I realize that my career will not allow me to attend every one of my childrens events but I most definitely plan on attending the ones that count or mean the most to my family. I often remind the people that work with me that we are accountants and most likely no one is going to live or die if we do or dont get that last spreadsheet or tax return out today. That also does not mean that we can abandon our sense of urgency or ignore deadlines. We must continue to know what is important to us and make a continuous effort to balance our work/life priorities.
What has surprised you the most about working in the finance industry?
I think the pace of change has really surprised me the most. Change is something that you need to embrace, and you need to deal with. You dont necessarily have to like it, but you have to go through your career recognizing that change provides opportunity. Your ability to react to change and successfully deal with change is going to give you an advantage.
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The second thing thats surprised me the most is just how competitive its become. It has become brutally competitive and there is no end in sight. I believe its going to get even more competitive than it is today as our economic model become more global.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
I have been mentored and I still am being mentored. I also mentor others and am considered a counselor to several people who report to me. I think there are two pieces to that. First, a good organization is going to have a formal mentoring program and if youre a young professional seeking employment you want to make sure that the organization that youre working for has some type of formal communication program where you have an opportunity to get feedback upward and downward, and receive and give feedback regarding your career. Second, you need to also find people that you respect and trust. Basically people that you like. You can see what theyve done with their careers and you can picture yourself being like them or having similar characteristics to them. I think you need to go towards those individuals and try to create a relationship. In my career Ive picked successful people who happened to be my bosses and I would consider them to be my more important mentors.
What other careers and life choices did you consider before deciding on a career in accounting? If you were not in the field, what would your dream career be now?
There really were no serious contenders to accounting. The real turning point was my first accounting class in freshman year at Penn State. In the first 10 minutes, I liked the professor, and I really connected. Theres been no looking back. If I had to stop being an accountant and I had a good enough story to tell, I wouldnt mind being a public speaker.
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View from the Top: Advice from Finance Professionals Parente Randolph, LLC
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What are some things that you learned on the job and not in the classroom?
One of the most important things that I learned on the job was being able to deal with difficult people. There are a lot of smart, capable people in our industry but there are also a number of people who are not easy to deal with. I really learned a lot about how to engage with such people and its been something Ive enjoyed and found to be a real challenge.
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View from the Top: Advice from Finance Professionals Perella Weinberg Partners LP
What personality traits or attributes do you think make for a good, effective executive?
I think transparency and honesty is very important, people need to be able to trust their leaders. For that to happen you need to be open and straightforward with people, even if it means delivering a tough message. Thats very important. I also think that a good executive must be able to have the ability to delegate effectively. Picking the right people and delegating is very important because if you dont, your people wont develop and you will be less effective.
What impact has your career had on your personal and family life?
I feel its enhanced my personal and family life. Ive always been very focused on putting my family first, which is a very essential thing for me, because in the end your family is all you have and its been very important to me to keep that front and center.
Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
I get in very early in the morning, around 5:30 to 6:00 a.m. in the morning so I dont get to see my family then but I do that in order to get home in the evening. As a younger person in the business, you need to show flexibility in your commitment to work but at the same time, I think theres always a way to step out and be with your friends and your family. Its very healthy to have other interests and it helps you perform better at work.
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What has surprised you the most about working in the finance industry?
The growth of the industry has been the most surprising by far. When I joined Wall Street in 1979, the value of the Wall Street firms was probably 1/100th of what it is today. The growth of this industry has been absolutely extraordinary and its been exciting to be part of that growth, both at Morgan Stanley early in my career and then Goldman Sachs later; and now in our new firm.
What advice would you give a young person considering a career in finance?
Its all about the people you work with and you have to make sure most importantly, that those people share your values, that you respect them as professionals and individuals, and that its a comfortable and appealing working environment. Those are the three factors that transcend the kind of industry you select and are by far the most important issues to me.
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View from the Top: Advice from Finance Professionals Perella Weinberg Partners LP
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
When I got out of Harvard Business School in 1983, I was considering working for a medical products startup company in Baltimore and I was very excited about the idea of being an entrepreneur. I remembered that thought, but I started working at Morgan Stanley and then went on to Goldman Sachs, both very large companies, and it wasnt till 2006 when I really become an entrepreneur at our new firm. In my next career, I may try to get involved in some project in the Middle East that has to do with bringing the Palestinians and Israelis together. I am a founding trustee of Kings Academy in Jordan. Ive also been involved in a number of projects in Israel and am very committed to and interested in that area.
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View from the Top: Advice from Finance Professionals Perella Weinberg Partners LP
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The pendulum swings back and forth in the financial services industry and now it is swinging a bit toward the negative but its a very exciting industry and there is enormous potential, itll be very fast changing over the years ahead and I think that provides for a fantastic career opportunity. Its a place for smart, creative people, unencumbered by conventional thinking.
Peter A. Weinberg, Founding Partner, Perella Weinberg Partners LP
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What are some things that you learned on the job and not in the classroom?
I had a great experience in the classroom at NYUs executive program. The valuation, corporate finance and M&A classes were invaluable, but at the end of the day, those are really building blocks and the real world puts limitations on the theoretical abstracts. For instance, in graduate school they want you to look at valuation based on a companys financial projections and thats the purest way to value a business. Well, many times in the real world, you dont have a good set of financial projections, so you have to use alternative methodologies such as how comparable public companies trade or precedent transactions to figure out what the valuation might be. So, the classrooms knowledge is limited sometimes by what you can use in practice.
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View from the Top: Advice from Finance Professionals Peter J. Solomon Company
In real life, theres much more complexity and theres no way to teach that in a classroom setting. Also, its a lot harder to teach someone what happens when a deal doesnt go the way its supposed to; when a company misses its numbers in the middle of a process or the CEO gets fired or one of the buyers of the company that youre looking to sell backs out.
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What personality traits or attributes do you think make for a good, effective executive?
If the ultimate goal is to help your clients achieve their tactical goals, you really have to listen and understand what those objectives are. You have to get a good read on your client (e.g., What are their strengths and weaknesses? What is their relationship with their board of directors?) You have to be a good listener and then you need to be a good communicator because much of dealing effectively at a high level in investment banking is not just understanding complex problems and analysis but being able to convey and synthesize those issues into a series of very clearly understood principles for others. Also, you have to be driven because the work is hard and the time commitments are demanding. You have to have a strong tool kit because there is a confluence of accounting, tax, legal and finance issues. Finally, you have to have good ideas because much of this business involves going in front of clients and showing them acquisition ideas.
What impact has your career had on your personal and family life?
I went into investment banking with a very clear understanding of what it involved and my wife did too, so I think thats really important because it is a big time commitment and both of us understanding that upfront helped a lot. As you become older and more experienced and if you have children, you really have to work hard to stay involved and relevant to your children both on the weekend and during the week. So if someones having a recital at the end of their school year you may think its not important but it is. Also, it helps to live close to your workplace early on in your career because when youre working intense hours, commuting really gets in the way. For junior people, one of the most important things is to stay connected to your friends and retain the ability to be spontaneous. You will have periods in investment banking when youre really busy and then youll have a free weekend or two and if you stay in touch with your friends, and they invite you for a weekend getaway, you should be able to spontaneously say yes. This way you dont have the tendency to look back 20 years later and say, I wish I had done that.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
From the moment I started in investment banking, my wife and I had a policy where we go out every Saturday night. I have two children and she works hard taking care of them all week, so its our time to be together alone. Call it date night or whatever, its our time. For me, thats the most important part. I try to get home in time at night to see my kids, and if I cant, I try to see them in the morning before they go to school.
What has surprised you the most about working in the finance industry?
I think what surprised me the most is how cyclical the business is and how history repeats itself. In October of 1989, the United Airlines buyout blew up and the rest of the M&A market went into a slump for a couple of years. Later, Long Term Capital Management blew up. Today you have the subprime lending debacle. Over the course of these cycles, people have a tendency to lose sight of absolute values and completely focus on relative values. They base decisions relative to the deal before and lose all sight of the fact that youre at an all time high. You get to the end of these cycles and then the bubble bursts and everyone gets back to reality and the bubble starts building again.
What advice would you give a young person considering a career in finance?
Understand what youre getting into. Understand the job of an investment banking analyst or associate. From a recruiting standpoint, when I go out and talk to analyst and associate candidates, Im not looking for someone who spent 10 hours on our web site because thats one-dimensional. I want someone who went through our web site and thought, OK where have all these people gone to college, maybe theres a connection there or maybe Im going to talk to people in the class ahead of me or my class who had summer analysts positions. Person to person contact, there are so many nuances about what someones experience was like and what firms are like.
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At the end of the day you need to be sure you want investment banking, because it is a big time commitment. A lot of people do this because they want a career in investment banking, but a lot of people do it because they think its the best training theyll get and then go out and do something else. The important thing is, no matter which is your reason, you ought to come into this thinking and wanting to be a success. Youre not going to have a great experience if you look to cut corners. You should really want to be here and treat every new deal as an opportunity to learn something new, work with a new person or have another person in the firm compliment your work.
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View from the Top: Advice from Finance Professionals Peter J. Solomon Company
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
Several years ago, before I came to PJSC, I took a white sheet of paper approach to my job search and considered what I wanted to do next. I considered investment management and corporate development but came to the conclusion that I really liked investment banking and that this is what I really wanted to do. However, if I am fortunate enough to have a second career after this one, then Id like to be a history teacher. People have different ways of giving back and that would be my way.
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What are some things that you learned on the job and not in the classroom?
One is that information is power and information leads to a more effective organization. Often managers guard information because they believe it makes them more powerful, but it doesnt make their employees effective. I am a firm believer in sharing information with my subordinates as well as my peers, to increase employees effectiveness. This empowers the team and makes the company more successful. The second is the importance of supporting a culture where employees are willing to challenge the status quo, figure out where the current business practices make sense and where they dont, and, then, raise their hands and challenge what were doing today. Too often an employee new to a group walks in and does not ask: Why are you doing it this way? Or, when they do ask, they accept too quickly: We have always been doing it this way! Their insights could be very helpful in enabling us to break out of a pattern that isnt as effective as it could be.
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View from the Top: Advice from Finance Professionals PNC Financial Services Group, Inc.
What personality traits or attributes do you think make for a good, effective executive?
There are many, but I always come back to the same three. You need to be a strong strategic thinker: someone who understands market forces, customers needs and preferences, and how the company should respond. Second, you need excellent communication skills, and by that I mean talking as well as listening. Third, you have to be decisive and possess a backbone. You must be willing to stand up for what you think is right.
What impact has your career had on your personal and family life?
In one obvious way its been rewarding financially. Its given my wife and me a lot of opportunities to do things that we wouldnt have been able to do otherwise. But it has also been time consuming. We have sacrificed time together and some of our flexibility for the financial rewards my career has provided.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
There are two things I do. One, I talk with my wife to make sure we are aligned in terms of expectations. I dont want there to be any surprises in terms of the time I need to spend at work, because its tough enough not being able to get home, but if shes not aware of that and shes making plans, that really doesnt work out well. So we spend lots of time talking. Second, a more tactical thing, I make sure I take every one of my vacation days. I do that for two reasons: one is to help keep me in balance, and two is to serve as a role model for the employees who work for me. If they see me take my vacation, theyll take their vacation. I think it sends a positive message to them about the importance of a work/life balance.
What has surprised you the most about working in the finance industry?
The biggest surprise, and disappointment, is the mismatch between the complexity of products and services we have created as an industry and our customers understanding of that complexity. Their understanding is so limited, and the industry keeps introducing complicated products for sale to customers. Im not sure customers understand what they are buying. It is surprising that an industry as sophisticated and regulated as financial services ended up with this large a disconnect. Also, the number of regulatory bodies involved in our industry today surprised me. There is a different regulatory body for each aspect of a financial services company. Just coordinating your activities with all of these different regulatory bodies takes a lot of time and expertise.
What advice would you give a young person considering a career in finance?
First and foremost, you need to pick a career that you think youll enjoy. You should have some fun at work. If you choose financial services, you need to take the time to understand the fundamentals of the financial markets. Financial services careers require technical
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View from the Top: Advice from Finance Professionals PNC Financial Services Group, Inc.
expertise in diverse areas: capital markets, credit, payment systems, for example. While you do not need to be an expert in everything, you do need a solid foundation concerning the fundamentals. Serving customers successfully requires this understanding.
What other careers and life choices did you consider before deciding on a career in finance?
I was in health care consulting with one of the big firms before banking. While it was a rewarding career, I really wanted to get into a company where I was involved in the implementation and management of solutions versus the development of recommendations for someone else to implement and manage.
If you were not in the field, what would your dream career be now?
Since were talking about dreaming, Id love to be a professional baseball player. Since I grew up in Los Angeles, if I could be a Dodger that would be great!
The one thing that has been very clear in my 24 years at PNC is that the industry is continually changing and that we better be ready for a lot more change. For people who are starting their careers in banking and financial services today, the issues they will be dealing with 10 years from now will be very different.
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View from the Top: Advice from Finance Professionals PNC Financial Services Group, Inc.
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You need to pick a career that you think youll enjoy. You should have some fun at work. If you choose financial services, you need to take the time to understand the fundamentals of the financial markets. Financial services careers require technical expertise in diverse areas: capital markets, credit, payment systems.
Tom Whitford, Chief Administrative Officer, PNC Financial Services Group, Inc.
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View from the Top: Advice from Finance Professionals Prudential Financial Company of America
What are some things that you learned on the job and not in the classroom?
Thats an easy one. I learned about people! I dont think the classroom can totally prepare you for understanding human behavior. My experience proved that actual work experience was the best way to learn how to effectively lead a team. Early on its important to determine whether a leadership role is something you want to pursue, because its not for everyone. Some people are better served and find more gratification from being an individual contributor. If you do choose a path of leadership, then I would suggest that it begins with learning about developing people, developing your own leadership qualities and continuing to study human behavior. Good leaders excel in these areas and are critical to the success of corporate America and, I might add, theyre quite rare. Good leaders take people to places they wouldnt have traveled on their own. They create environments where people want to participate; they want to be part of something big. Theyre proud of their results and they work collectively and collaboratively for the good of the team. Good leaders cannot fully educate themselves in a classroom; it is acquired through work experience and maturation.
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What personality traits or attributes do you think make for a good, effective executive?
What come to mind in no particular order are quite a few things. Conceptual thinkingHaving the ability to think through decisions about a business with its many moving parts, and to be able to clarify the key issues in complex situations is a critical attribute of good leaders. Ethical BehaviorEffective executives act with integrity and demonstrate a commitment to company values and principles. Through his or her leadership and personal example, they set an exemplary tone at the top. CourageEffective leaders know when the course of action is right based on business judgment, customer needs, ethics and values. They are willing to take personal and career risks to serve the long-term interests of the company and the constituents they serve, such as customers, shareholders and employees.
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View from the Top: Advice from Finance Professionals Prudential Financial Company of America
Strategic LeadershipThis is needed in order to drive a compelling business vision that does not accept the status quo. Drive for ResultsLeaders who have a strong drive for results demonstrate an underlying passion for continuous improvement every day. InitiativeIt is another important attribute that is required to understand and recognize changes in the marketplace, and to know what customers need and being passionate about filling those needs. Seeking InformationGood executives continually seek out information; stay up to date on trends, opportunities and problems that occur in the workplace. Building Organizational CapabilitiesLastly, effective executives build organizational capabilities. No one can do it alone. Actively engaging and retaining talented people in essential positions and developing a bench of successors for these positions are absolutely critical.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Many years ago, someone once told me that you cant have it all. I disagreed then, and I disagree now. I aspire to have it all; and all for me is making time for my family, having time to myself and being a solid contributor in my professional life. I think this requires incredible focus, organization and prioritization. Ive watched many people who were entirely committed to their profession burn out. I look at a career as a marathon, not a 100-yard dash. I found its important to have time blocksTime blocks for my family, time blocks for my career and time blocks for me. Once you make appointments for those important things in your life, you cant cancel them. Its important to remain focused.
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As an example, I am an avid runner. I run every day, 365 days a year, and sometimes, as absurd as it may sound, Ill do a six-mile run at 2:30 in the morning so I can reach the airport for a 6 a.m. flight. Someone once told me that if you are too busy to run, you are just simply too busy. For me, its important because its something I need to do, and ultimately my work benefits from it.
What has surprised you the most about working in the financial services industry?
What surprised me 29 years ago and continues to surprise me today is that many financial and insurance protection products that are so needed, are not owned by more people. We sell dreams, we sell promises for the future, but these are promises that customers cant hold or touch or see, and because of that, we compete with consumer dollars that are often allocated to more tangible commodities. We have people in the insurance and financial services industry that come to work every day with a burning, continuous desire to educate and help individuals secure a better financial future. I cant think of many industries that have done more good for more people for a longer amount of time.
What advice would you give a young person considering a career in finance?
I would encourage any young person considering a career as a financial services professional to learn as much as they can about the financial services industry. A career as a financial services professional has a compensation structure that allows people to be compensated as much as their talents permit. Theres potential for excellent compensation. It is an incredible career, but it is not for everyone. To be successful in this career, an individual must be self-driven, highly focused and be able to keep pace with changes in the marketplace. In order to understand what that means, I would suggest interviewing men and women who are presently financial services professionals and who have built their own successful practices, and learn as much as you can from them. This is an industry that has done a lot of good for a lot of people and if someone has a desire to make an impact and not just a living, this may be the right career for them. Once an individual determines that this is the right career, then its time for due diligence in search
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View from the Top: Advice from Finance Professionals Prudential Financial Company of America
of the right company. There are lots of companies in this industry so I suggest an interview with several to determine whether or not the company shares their values. Find out if its a company that will provide training and expertise in the specific area he/she wants to pursue. I would also encourage examining a companys value proposition. Basically, it is evaluating a companys training programs, health and welfare benefits, salary structure, and understanding the advancement opportunities they offer.
First, understand your strengths and developmental areas. Once you have a good handle on what your dreams are and what you need to do to achieve them, seek out people in your company who have the attributes that you want to have or that you need to improve upon. Go to your manager, go to co-workers, look internally in the company, but also look externally. Try to find a match that is very strong in the areas you want to develop. Dont rely on your boss or your company to develop you. Its about being pro-active, dreaming, and mobilizing. A lot of people say in corporate America that there is a lot of competition vying for advancement, and I suggest to my mentees that there may be far less competition than they think. If you have a plan, if you develop yourself, if you add value and if you are committed to continuous growth, I dont think there are as many qualified competitors as you may have think.
What other careers and life choices did you consider before deciding on a career in finance?
I started with Prudential when I was 20 years old, so I didnt have a long list of things I wanted to do at that point of my life. I was involved in a family business that was going to transfer to me, but it was a transfer I was not looking forward to. I was looking for a different life than my fathers, and so that is how I began. I had a desire to help others and this industry provides that opportunity. I have been fortunate in that I have been with one company for 29 years. Ive grown, my priorities have changed, and Ive developed. Ive had the privilege of taking on new and larger responsibilities, and Ive worked with a great company that has allowed me to grow and has grown with me.
If you were not in this field, what would your dream career be now?
I started my first management assignment when I was 23 years old, so Ive spent most of my 29 years managing people. That has allowed me to develop good management and leadership skills. I believe that there will be a point in time when I close this chapter and open a new one. When I do that, I would like to apply what Ive learned about general management and leadership to the nonprofit world. I believe at some point, I will give back to communities on a full-time basis using the professional skills that I have developed.
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View from the Top: Advice from Finance Professionals Prudential Financial Company of America
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View from the Top: Advice from Finance Professionals Prudential Insurance Company of America
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High-performance teams dont just happen. They are developed. You cant put a collection of people together in a room and call them a performing team. You have to develop them and common thinking does not create highperformance teams. In fact, it can prevent their formation.
John Greene, President of Agency Distribution in Prudentials Domestic Individual Life Insurance Business, The Prudential Insurance Company of America
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View from the Top: Advice from Finance Professionals Raymond James Financial, Inc.
Earlier, when I was a senior in college, a professor gave us some very good advice about choosing a career. He said, Take a notebook with you wherever you go for two weeks. Write down words that reflect the things you enjoy. After two weeks look at those words and write a job description that includes those things and then see what kind of job you should seek based on the things you enjoy. I wrote down: technical design, industrial management (my degree), travel (I had been on an airplane once), photography (a friend had just bought a camera I thought was cool), music (I was in a band) and public speaking (I felt pretty comfortable in that role). So my ideal job was to work with technical people in a company, taking new product designs off the drawing board, creating multimedia expressions of the capabilities that had been designed into the products; and to create sales and marketing materials to help sell those products in the marketplace. Surprisingly, one company had this jobit was the combine-harvester division of John Deere in Moline, Illinois. I wasnt sure I knew how to properly pronounce combine or Moline, but I interviewed for the job. I didnt get it; they hired the son of a John Deere dealer who obviously knew a lot more about the product than me. But, in being told no, I attempted to persuade the HR manager that he should call his counterpart in the lawn mower division (because I really knew a lot about lawn mowers having mowed yards since I was a boy) and to get them to hire me in for the same type job in their area. Though it took a while for him to say no again, he did let me down gently. But about an hour later the phone rang. The HR manager was calling back to invite me to become the first trainee in a new management development program. I said, Sign me up. So, persistence helps. Years later I joined Raymond James, with a subsidiary company based in Atlanta. By then I was able to demonstrate knowledge of the business from experience and an aptitude and a passion for management.
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What are some things that you learned on the job and not in the classroom?
Make sure you identify what you can be passionate about and transpose those things into a job. If you are passionate about something, you can be good at it. Being good at it is the key to success. You have to know something about what you are doing, and to really learn you usually have to start with the basics. You have to get your hands dirty, you have to get it in your blood, and you have to know a business experientially, not just academically. I often tell some of these incredibly bright young people who come through our management training program, who say they want to play a strategic role with P&L responsibility that they really dont know squat about our business and they had better go learn it first.
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View from the Top: Advice from Finance Professionals Raymond James Financial, Inc.
What personality traits or attributes do you think make for a good, effective executive?
Have integrity. Do what you say you are going to do. Tell the truth and the whole truth. Be reliable. No one will lose confidence in someone more quickly than having them not do what they say they are going to do. Its not just the big things that can ruin you. Its the little things. Ill call you tomorrowand you dont. Ill have that report to you on Mondayand you dont. Ill get you an answerand you dont. Its those fundamental little things that create the relationship of trust, or lack of it, that will make or break a career. Demonstrate humility. My mother always said, Remember where you came from.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Ones work life affects everythingand family is the most affected. Traveling is hard on a family and many successful careers involve a fair amount of travel. Having to be away when important things happen is hard. Working long hours, developing relationships with colleagues all make for competition with your family. You must not lose sight of the fact that these conflicts exist, and if your family is supportive and understanding, thats not a license to take them for granted. I dont have any particular system but I try to be a part of whats going on. I did spend time with my son when he was a boy scout and went on field trips and camping weekends, and I knowingly gave up some business to accomplish that, but it was important. Yes, you will have to make sacrifices with both family and work, but if you maintain a healthy family life and a healthy attitude, over time, you will outperform others.
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What has surprised you the most about working in the finance industry?
The perception others have about our industry. There seems to be an assumption that people in the financial services industry can predict the future. You see talking heads on TV, executives quoted in the newspaper all making predictions about what is going to happen. They have about them an air of credibility that they really do know the future. Well, its a myth. We cannot see the future. We get surprised along with everyone else, but we have to have a plan in place to deal with a broad range of possible outcomes. So, in financial planning terms, you need to be able to diversify and manage risk and in financial management terms you need to have a solid business plan and a commitment to it, but also have a backup plan.
What advice would you give a young person considering a career in finance?
Learn from the ground up. I know there are students who can get good grades without really learning anything; they can score well using their intelligence. But I would advise students to really learn. Take the educational process seriously, absorbing the knowledge is important. Study those who are good at what they do. Emulate winners. Theres a practice youll often find in business, especially with young people in business, where there are two groups. Theres a small group who outperforms, who know their stuff and who are thinking of the possibilities, and the other bigger group who are the complainers, the negative ones. My advice is to hang out with the positive group. The negative people are rationalizing their own underperformance and blaming someone else. Attitude is the most important factor to success, assuming you have the fundamentals and the basic attributes. Managing your attitude is incredibly important but it is hardits much harder than doing your homework.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
Yes, I have been mentored, but I will always be able to benefit from more mentoring.
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View from the Top: Advice from Finance Professionals Raymond James Financial, Inc.
I try to mentor the people who demonstrate the most ability to contribute. I look for those who are engaged, have the best attitude, and are willing to commit to you that they are on board helping you achieve your objectives. A lesson to learn is that the young aspiring person must reach out to the mentor. Ask to go to lunch, meet, etc. Take the first step.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
I think seeing my fingerprints all over something that really matters is wonderful. I have my dream job right now. I want to continue in this role so long as I can make a relevant contribution. Maybe years from now I will take my boat to the Bahamas for three months and go diving.
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What are some things you feel youve learned on the job and not in the classroom?
I have learned the importance of fostering solid relationships. In my current position, I am responsible for managing a group of professionals who provide audit, consulting and tax services. Developing strong relationships with my team is essential. Understanding, listening and recognizing each persons goals, strengths and what truly motivates them is an important part of building a successful group. As a result, the whole team is more likely to be successful in achieving both the individual and group goals. Recognizing the value of a team is more vital than any one contributor. A cohesive team will naturally build rewarding relationships with clients. In school you are taught the technical skills that serve as the foundation for your career. Once youre on the job, you continue to expand your technical knowledge and learn when and how to apply this knowledge. Each business transaction has distinct elements; learning
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View from the Top: Advice from Finance Professionals Reznick Group, P.C.
to understand the economics of the transaction, the objectives and goals of the transaction and the risks and rewards for each party involved is essential. On-the-job training includes learning what questions to ask, learning how to listen to the answers, understanding the issues involved and the decisions made in structuring a transaction, learning how to creatively resolve issues and learning to think outside of the box. Acquiring, developing and enhancing your business acumen are achieved throughout your career. In addition to learning how to build, foster and sustain relationships, I have also learned to adapt. My on-the-job experiences have taught me that to be truly successfulyou have to be agile in your thinking and your approach to clients and staff. You have to be capable of making adjustments to every situation you encounter and you absolutely must be able to cope and manage through constant change. To win at thislearning to communicate effectively and consistently has been critical. Most of allI have learned that integrity is paramount to everything we do. Both staff and clients must have trust in my judgment and know that they can depend on me do to what is right and reasonable even if it is not uniquely popular.
I love my career and public accounting. When youre in public accounting, you know very early on whether your personality is suited to the field. Public accounting is very fast-paced, dynamic and unpredictable. It is not the type of position where you come to work each morning and know exactly what youre going to be working on. Each day brings new challenges, new opportunities and new ideas. Public accounting provides opportunities for continually expanding your knowledge and developing management skills. If there were any one thing that I could changeit would be the perception that public accounting is a great place to launch a career but then transition into industry. Public accounting is an amazing arena to grow a career that can move in a multitude of directions all while remaining in public accounting. Developing exceptional technical skills, mastering the art of consulting, the exceptional leadership opportunities that abound coupled with the ability to provide exceptional client service are not readily found anywhere other then public accounting.
What personality traits or attributes do you think make for a good, effective executive?
To be an effective executive, you should be passionate about your work and love what you do. Second, you need to really care for the people with whom you work. Third, you need to be an effective communicator. Fourth, constant preparation and the ability to anticipate issues are essential. You must be proactive versus reactive. Fifth, you have to set goals and objectives. Sixth, develop an entrepreneurial spirit; be optimistic and innovative and establish yourself as a visionary leader. People who are creative and lead the way with bold new ideas and strategies, and have the ability to actually implement them, will always be the most successful executives in any business.
What impact has your career had on your personal and family life?
My generation is among the first for women to enter the workforce in earnest. There haven't been many role models to demonstrate how to juggle all the demands of work and home life, and furthermore, how women could and should interact with one another in their chosen profession. The flexibility I have been afforded at work has been essential in managing my career and raising my children with my husband. Reznick Group accommodates flexible schedules and adopts a results-oriented focus. My son is in his sophomore year at Emory and
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View from the Top: Advice from Finance Professionals Reznick Group, P.C.
soon will be applying to the business school. My daughter is a senior in high school and will be entering college next year. I have always worked throughout my childrens lives and have dealt through the common work/life balance issues. There have been times where certain family events have been missed and times when certain business events have been missed. But I would hope that in looking at the whole picture, I have demonstrated to my children that you can really have both a career and a happy family so long as the communication is open and compromises can be made.
Do you have any special techniques or philosophies that help you maintain your work balance?
Its about knowing your priorities, sometimes even on a daily basis. You just need to be flexible, go with the flow, and not expect perfection from yourself all of the time.
What has surprised you most about working in the accounting industry?
The constant change. There have been significant changes to the accounting profession throughout my career. The quantity of accounting rules and financial pronouncements issued has increased tremendously during the past five years. Balancing the pace of change with training and implementation continues to be a challenge. In addition, the need to integrate specialists onto the audit team has increased significantly. Many transactions today are completed entirely using information technology so information technology specialists are added on the audit team to gain an understanding of a clients electronic data interchange and to test its output. Other examples might include utilizing valuation specialists as well as state, federal and international tax professionals on a particular engagement.
What advice would you give a young person considering a career in accounting?
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Choose something that youre passionate about. My father used to say that people like what they are good at and they are good at what they like. This is a challenging and ever changing environment so it is important to have a passion to succeed and a hunger for knowledge.
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View from the Top: Advice from Finance Professionals Reznick Group, P.C.
What other careers and life choices did you consider before deciding on accounting?
I originally intended to be a stockbroker and chose finance as my major at the University of Maryland. But when I took my first accounting class, I really enjoyed the course work and did well. During the spring semester of my junior year, I interned with a public accounting firm and experienced the energy, the enthusiasm and the intellectual challenges of tax season. This experience sealed my decision and I changed my major from finance to accounting.
If you were not in accounting, what would your dream career be now?
I would probably choose something involving the travel industry as I love to travel.
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Rothstein Kass
Steven A. KassCo-Managing Principal
Co-Managing Principal Steven Kass has served at Rothstein Kass for the past 21 years. He is also a member of the firms board of directors he has extensive experience promoting audit, tax and advisory services to a wide range of public and private businesses and their owners, and he frequently lectures before industry groups and professional associations. Mr. Kass began his career with Arthur Young (now Ernst & Young). After three years, he joined Rothstein Kass. Bringing strong skills and a fresh mindset to the firm, Mr. Kass has played an integral role in the firms growth and national presence over the last 21 years. Additionally, he has been extensively involved with advising clients within the firms financial services group. Mr. Kass serves on the advisory board for the Lubin School of Accounting at Syracuse University and recently completed a two-year term as international chairman of AGN International Ltd., an association of separate and independent accounting and consulting firms in 80 countries. He was honored in January 2004 with a Distinguished Achievement award by the banking and finance unit of Bnai Brith International. Mr. Kass is a member of the American Institute of Certified Public Accountants, the New Jersey Society of Certified Public Accountants and the New York State Society of Certified Public Accountants. He is certified to practice in the states of New Jersey, New York, Pennsylvania and Florida. Mr. Kass received his BS in accounting from Syracuse University.
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What are some things that you learned on the job and not in the classroom?
You need to have both technical skills and experience, and you need a range of skills and experience that you can develop only in the field. You need to have a keen awareness of circumstances around youwhat are the dynamics of the situation, what is influencing the outcome and you need to learn to trust your instincts. You cannot be afraid to make a decision. The classroom does give you a
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View from the Top: Advice from Finance Professionals Rothstein Kass
foundation, especially a technical foundation, but at the end of the day you need to develop leadership and people skills, and you need to know when to trust your instincts.
What personality traits or attributes do you think make for a good, effective executive?
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A good leader needs to have vision. He or she needs to see the big picture and have a good sense of where the firm needs to go. He or she needs to be nimble, flexible, adaptable and observant. A good leader needs to be able to motivate people. And, for that matter, a good leader needs to make sure he or she is surrounded by good people who can become good leaders. Charisma doesnt hurt either. Being charismatic is good.
What impact has your career had on your personal and family life?
Balancing your career and family life is always a challenge to highly motivated people, the type-A personalities that we are. You need to schedule your family time as if its your most important client. That way it stays a priority, and you make sure you do take the time needed to take care of obligations and interests.
Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
I think its simply a matter of keeping work/life balance a priority. I literally do schedule my family time, although there are times that I can certainly be better at it. I am far from the best role model, and it is something I do work hard to improve upon. Sometimes you need to have the flexibility to schedule your leave to deal with family-related issues, and my most effective technique is literally to schedule my family time. I put it in my calendar. Actually, its a firm philosophy to disengage during time off, and we practice this concept at all levels of the firm. We try not to interrupt anyones scheduled time off with work issues. Another technique is that I only have one calendar for work and home, because both work and family are important and deserve appropriate attention. The more I combine my databases and have all information in one central place, the easier it is to control my life. I have one email address also. I dont go for multiple email addresses. I try to simplify my life, not make it any more complicated.
What has surprised you the most about working in the accounting industry?
Ive always understood accounting to be a dynamic profession. What surprised me the most is the dynamic effect Arthur Andersen imploding and Sarbanes-Oxley being created had on the profession. The profession has gone through tremendous growth have and I always understood and even expected change, but the remarkable evolution in the profession exceeded my expectations.
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View from the Top: Advice from Finance Professionals Rothstein Kass
What advice would you give a young person considering a career in accounting?
Accounting is a great career. I would tell a young person that you need to embrace your career; dont treat it like a job. Take ownership of it. Dont wait for things to come to you. You need to aggressively go for it. I would advise a person embarking on a career in accounting to take it seriously, and to put yourself in a position where youve earned the positionand shown proven yourself in the positionthat youre looking to achieve the needed expertise or experience for the next position, as opposed to waiting for it to get to you and waiting for someone to acknowledge you. In any career you need a vision of where you want to go and how you will get there. And, while some people will help you along the way, you are responsible for developing and implementing your career plan.
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What other careers and life choices did you consider before deciding on a career in accounting?
I thought about a career in finance. I did consider a Wall Street career. Accounting felt more comfortable to me and, as I reflect on it today, it was the right decision. Accounting has been great.
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View from the Top: Advice from Finance Professionals Rothstein Kass
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Embrace your career; dont treat it like a job. Take ownership of it. Dont wait for things to come to you. You need to aggressively go for it.
Steven Kass, Co-Managing Principal, Rothstein Kass
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View from the Top: Advice from Finance Professionals RSM EquiCo, Inc.
to develop an in-depth understanding of relationships as well as of a particular industry. Knowing a lot about aerospace and defense has been hugely beneficial to me. Developing relationships with some of the major industry players has been even more valuable.
What are some things that you learned on the job and not in the classroom?
Lessons can be learned in a lot places outside the classroom: at home, in the office, on the street. In this business, an absolutely essential attribute is trust, and there are no shortcuts to gaining it; you must earn it, patiently. That cant be learned in a class. The art of negotiation, which at its core is what deal-making is, is not a book-learned talent. Client management is another crucial skill that has to be learned on the job. Of course, the need to constantly stay abreast of industry trends requires lifelong learning.
What is the most rewarding aspect of your career? What would you most like to change?
I have found this to be an extraordinarily exciting career, one that has helped me grow as a person both on and off the job. Investment banking in particular has given me a very broad perspective, a global point of view, which I think has made me more sensitive to cultural differences. Thats useful in an increasingly interconnected and interdependent world. Ive also had a chance to work with some really bright people, not only colleagues and clients, but other advisors such as lawyers, private equity investors and tax specialists. There is not much I would change. I suppose I might have left Banc of America Securities a little earlier.
What personality traits or attributes do you think make for a good, effective executive?
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In this business, a strong work ethic is an absolute prerequisite. If youre not willing to work hard, youre not likely to succeed. You also should have good analytical and financial modeling skills, as well as a solid grasp of accounting, corporate finance and business valuation. This is a demanding field, and youre often juggling multiple assignments, so time management skills are essential. If you want to move up the executive ranks, you also must learn to be a decision-maker and an effective manager of people. Leadership requires a well-honed sense of fairness. A leader must be willing to walk the walk and not ask people to do anything he or she is unwilling to do. He or she should serve as an example to others.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
To be candid, my not-inconsiderable ambitions have put pressure on my family and created challenges in my personal life. Investment banking can be lucrative career, but it can also be extremely demanding. There is a lot of travel, a lot of stress. Its also incredibly stimulating and at times even exhilarating. Im still learning to manage and improve the balance in my life. One thing thats definitely helped: bringing my wife with me when I travel abroad. I also strongly urge people to take advantage of their time off. Dont skip vacations.
What has surprised you the most about working in the finance industry?
Im surprised at how much fun this business has turned out to be. Im also somewhat surprised, and definitely pleased, by how well this field aligns with my personality, interests and passions. There is no boredom in this arena. Deregulation and globalization have helped stimulate rapid evolution, and nowadays banking requires long hours and involves considerable risk. At the same time, the upside potential is better than ever.
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View from the Top: Advice from Finance Professionals RSM EquiCo, Inc.
What advice would you give a young person considering a career in finance?
Do your best to determine your desired end game; that is, decide where you want to end up in your career. Then do your homework to assess the skills, experience and attributes youll need to get there. Develop the requisite technical abilities, and then steadily add other skills that will help you achieve your long-term goals. Develop and maintain relationships. Dont compromise your integrity; develop a reputation as a straight shooter with high ethics. Finally, take responsibility for managing your own career. Dont count on a company or institution to do it for you.
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View from the Top: Advice from Finance Professionals RSM EquiCo, Inc.
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Take responsibility for managing your own career. Dont count on a company or institution to do it for you.
Hector J. Cuellar, President, RSM EquiCo, Inc.
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What are some things that you learned on the job and not in the classroom?
I attended Duquesne University. The education was great; I learned about the profession and became enthused about public accounting. The education was critical as it was a foundational stepping stone for my career. Id certainly encourage people to continue to learn, not just in the college classroom, but through practical experience and continuing education. Ive learned by doing, the classroom is
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View from the Top: Advice from Finance Professionals Schneider Downs & Co., Inc.
very theoretical, the workplace is very practical. People skills are very, very critical in our business, whether for public accounting or any area of finance. Communication skills are key.
What is the most rewarding aspect of your career? What would you most like to change?
There are actually a few. It has been incredibly rewarding here to be part of a management team that has helped our firm reach unprecedented levels of growth. We are recognized as a top 50 accounting firm (No. 44) in the United States, and Im very proud to be a part of this organization. Ive grown up with this organization and Im very proud of the achievements that Ive been part of through my involvement on the client service side and with our governance helping to lead the firm into the future. I dont know that I would change much. If there was something in particular, it is the work compression during the January-April time frame, which can cause a lot of stress both on the family and the professional fronts. I enjoy marketing the firm and new business development and, quite honestly, to find time to pursue those interests is challenging during busy season. I wish there was a way we could spread the workload compression.
What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Im blessed with a wife and a family who understand what I do. Im also blessed that our organization recognizes the importance of work/life balance. Without question, at the end of the day its up to me to keep and maintain that balance. Its never perfect. As I mentioned, we have the work compression in the January to April time frame and that certainly gets to be one sided. Our culture has been wonderful here. Ive made very close friends here and theres a tremendous amount of interaction with my co-workers and their families. Its never easy to achieve that balance, but its very important in a professionals life. My support network is tremendous. Part of the work/life balance is being able to achieve and enjoy. Along those lines, I try to find time to enjoy with the family, whether it is a vacation or just time away from the office.
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What personality traits or attributes do you think make for a good, effective executive leader?
I think an effective leader is someone who is absolutely comfortable with taking responsibility and being held accountable. You also need to have excellent interpersonal skills. Ive got a quote on my desk from Vince LombardiLeaders are not born, they are made through effort and hard work. I remind myself of that everyday. Along with excellent interpersonal skills you need to be a good communicator. An effective leader also develops the younger talent, empowers them, and then ultimately trusts them. In order to be effective, you need to have the ability to change gears, fast and often. There are no two days alike in a finance professionals life. Day to day its a whole new set of issues. You need to be able to react to the needs of business, not being afraid of change.
What has surprised you the most working in the finance industry?
The biggest surprise is that theres a misconception that the finance industry is mostly number crunching, a lot of statistics. It is essential that to work in our industry, you must have good critical, written and verbal communication skills. The development of relationships with clients and with the business community is very important. Its not just about numbers. Its also cultivating and growing relationships with my colleagues, my clients and the business community. Some of my family members think that I sit all day at an adding machine and thats certainly not what I do on a day to day basis. Its about continuous relationship building.
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View from the Top: Advice from Finance Professionals Schneider Downs & Co., Inc.
What advice would you give a young person considering a career in finance?
Learn through your supervisors, take challenges. Its a competitive industry. Stand out. Be open-minded, be ambitious and learn from those you work with. Take time each day to think about what you can do to help your organization and its clients. Dont be afraid to ask questions. Dont be afraid to have the courage to go out and find the answers on your own. I think a lot of people like to be told what to do and those that stand out are those that take some initiative to try to seek out answers and solutions on their own. To be a problem solver is very critical in our business. You need to be inquisitive and you need to have some ambition to do it.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
Have I been mentored? Yes. Am I mentoring others? Yes. I owe much of my success to those who took the time to mentor me. Currently I am mentoring young team members and shareholders within our organization. I think in any organizationfor any new kids coming out of schoolthrough the interview process, it would be a great question to ask: Do you have a mentoring program? We have a mentoring program for our staff. I think young professionals entering the finance industry should find a mentor. Take a look at those you work with. Look to see who you admire and respect, who is holding themselves out as the leader, or has those traits, someone whos credible, has a lot of energy, and dont be afraid to emulate them. I think as leaders were also finding informal ways to mentor. Whether its conversations in a car, or discussions in our lobby or water fountain discussions, we need to take the time to mentor the future leaders of our organization.
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What other careers and life choices did you consider before deciding on a career in accounting? If you were not in this field, what would your dream career be now?
Interestingly its part of the goal set that I had once I entered public accounting. I had set goals for when I wanted to become a shareholder or a partner. To the extent that it didnt happen, my fall back was going to be running the family business. My father has been self-employed for 45 years, hes approaching 72 years old, and I think the slow down is starting to happen. Had I not attained my goals, I saw myself running the family business. Coming out of college, and getting into public practice, the typical protocol is that you get three to four years of experience and you end up in industry somewhere. When I was new in the business I always thought at some point in time, I would be the CFO for a publicly traded company. I enjoy the challenges of each day and public accounting has been very professionally rewarding for me. If I had a dream job, Id love to be playing golf professionally. Itd be an interesting job and an interesting ambition. I have an eightyear-old son, and he said to me a couple of weeks ago, Dad, when I get older I want a job thats going to be fun and one that I can make a lot of money and I said, Son, I got two words for you: Tiger Woods.
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View from the Top: Advice from Finance Professionals Schneider Downs & Co., Inc.
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You need to be inquisitive and you need to have some ambition to do it.
Gennaro DiBello, Tax Advisory Services Shareholder, Schneider Downs & Co., Inc.
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Scottrade, Inc.
Catherine MaherExecutive Director of Operations
Executive Director Catherine Maher has served with Scottrade, Inc. for the last 12 years and is responsible for managing all back office operations. She is a Certified IRA Services Professional. Ms. Maher maintains a Series 27 registration. Ms. Maher received her BS in business administration from St. Louis University.
What are some steps you took to get to the position that you are in now?
I dont think I consciously took specific steps for this role. I am fortunate enough to work for a firm that firmly believes in promoting from within. I did the jobs I had along the way to the best of my ability. It helps if you love the company you work for and you do truly believe in its mission.
What personality traits and attributes do you think make for a good and effective executive?
Someone who can make a rational decision. You have to balance. You cant be completely emotional or completely rational. Someone thats very observant of what goes on, specifically at the ground level. So much happens there and you must pay attention to it.
What are some things that you learned on the job and not in the classroom?
The biggest thing is to think of things from all angles. When you have a problem, dont just think about what you need to do your job correctly or to keep your report in balance. You really need to step back and think about the downstream implications of your work and how the customer could be impacted by that and how other departments could be impacted by that. So dont just get your report in balance, get to the end of your day and get home. Youve got to think about first, the customer, what impact this is going to have on the customer, and secondly, on other departments. I dont think that is touched on in the classroom a whole lot.
What is the most rewarding aspect of your career? What would you most like to change?
As far as changing, I am probably the luckiest woman there is. I dont know that theres anything Id like to change about my career. The most rewarding aspect? Again, I am just so lucky to work for a firm that is really committed to its mission. I have our mission statement hanging on the wall in my office. That mission statement talks about our corporate culture, providing our associates with
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View from the Top: Advice from Finance Professionals Scottrade, Inc.
opportunities, about fostering success, and about providing our customers with the products and services they need. To work for a firm that believes in the same things I do has really been fantastic.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
I would say, officially, no. But at our firm, we dont sit in the office with our doors closed all day. Were approachable. You knock on the door and you ask a question. In finding a mentor, I think you look for someone with sound judgment, who makes good decisions, someone whose behavior is nothing less than ethical, who really has the passion and compassionthe passion for Scottrade and the compassion for customers and for employees.
What has surprised you the most about working in the financial industry?
I started this job two years out of college and one of the things that surprised me was the warmth of the place. Its really a very warm, family place.
What advice would you give a young person considering a career in finance?
Read as much as you can about business. Expose yourself to as much as you can. All aspects of business are important: consider marketing, legal, accounting. Find an interesting corporation and read about it, study what worked for them and what did not. Follow the financial markets. Find an internship.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a worklife balance and be a successful professional?
Some days are better than others. I keep saying how lucky I am, but thats really true. I am fortunate enough to work for a CEO and company that really preaches, Your family comes first. Its all give and take, too. I work at home in the evenings. But if my son gets sick and I have to go pick him up, they understand that, too. I really think its a give and take, and our firm does believe, fortunately, in family. Now dont get me wrong, there have been some tough days, but that comes with any job. I feel very lucky to have such a healthy balance.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
I graduated with majors in MIS and finance, and when I came out of college I wanted to work in MIS. I knew I did. I actually interviewed while I was still in college with one of our competitors and I thought, I dont want to do that. I look back on that and chuckle at that day. So, probably it would have not been entirely different. I probably would have been in our IT building! It would be the only other career I really considered. What would my dream career be? Thats a tough question, because since I have been here I have never once considered doing anything other than this. Im fortunate to have landed in a company that believes in the same thing I do. I have not one day considered anything else.
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Ms. Rubin received her BS in accounting from Miami University in Oxford, Ohio.
What are some things that you learned on the job and not in the classroom?
In college, if you are planning on a career in public accounting or even finance, you take entry-level accounting, intermediate accounting, and probably one tax and two audit classes, so maybe five accounting-related courses. When you come out of school, youve had a brush with accounting but, unless youve had internships, you are not really taught how to do actual accounting work. You really learn the job on the job. Your accounting classes give you a good overview of the industry and a little about the world you are about to enter, but everything else is on the job. I basically learned everything I know about business hands on: how to be an auditor and how to manage people. Everything I do pretty much everyday I learned on the job.
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View from the Top: Advice from Finance Professionals SS&G Financial Services, Inc.
What personality traits or attributes do you think make for a good, effective executive?
You need to be flexible, have strong organizational skills, be a good listener, and be knowledgeable about the business youre in.
What impact has your career had on your personal and family life?
Ive always worked full time. I have a husband and two children, and they are understanding and very supportive. As a family unit were very close, but as individuals were very independent due, in part, to my career. There have been times when I might not have been able to do something they wanted me to do and they had to be understanding, but at this point, I have a fairly good work-life balance. I make them a priority and dont really feel like I am missing out on anything. I think every man and woman wants some sort of work/life balance and a lot of companies preach it, but our company lives it. Everyone has their tricks-of-the-trade. I worked with a partner who always left early on Wednesdays. Hed say, My wife knows Im coming home, its my family night. He went home at 4:30 p.m. or 5 p.m. every Wednesday night and it worked for him. I never work late on Friday nights; I never have in my entire career. The good thing about SS&G is that every combination works because its a resultoriented place, and you do not have to be sitting at your desk from eight in the morning to eight at night.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
There are a few things Ive done over the years. First of all, I try to stay on top of what is going on with my family. If theres something I need to attend or something I want to do, I block the time on my calendar just as I would for a client or a doctors appointment. I try to stay on top of my childrens lives by meeting teachers in the beginning of the year, and making sure to be on top of their school calendar. I always look ahead to when vacations are and do not let events and days off sneak up on me. By being organized and always being a step ahead of the curve, I am able to avoid running around in crisis-mode the night before saying, I have to be at the school and have this huge presentation at the same time tomorrow.
What has surprised you the most about working in the accounting industry?
Its constantly changing. The technology advances in the last three or four years have been significant. At SS&G, we catapulted into the paperless world, which was a challenge and a learning process but has made us a more efficient firm.
What advice would you give a young person considering a career in accounting?
Public accounting is a great career and a fun industry. It can be very demanding, particularly in the winter, but its rewarding as well. It may sound corny, but you really have to study hard and get good grades in order to get a better job. Once youre out of school, there are a lot of career paths that you can choose from and your first position will help you along the way.
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View from the Top: Advice from Finance Professionals SS&G Financial Services, Inc.
I also think that accounting has the misconception of being boring and that you just move numbers around all day. Accounting is really a people business. To really be good at your job as an auditor or tax professional, you have to have strong communication skills. You must have the technical skills but as a student, you should really develop your people skills because those with the strong people skills are the ones who advance the fastest and the furthest.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
SS&G has a formal mentoring program in which I have been both a mentor and a mentee. An employee looking for a mentor at SS&G just needs to contact HR and make a list of desired mentors, and then they are matched up. When I look back, a lot of my mentors resulted from having a strong working relationship, which turned into a mentor relationship. Ive had a couple mentors that had a big influence on me. You have to find someone you really feel comfortable with and be able to say, Im not really sure I want to do this, or Im struggling with this, Im not sure what direction I want to take. You have to like the person and respect them personally and professionally.
What other careers and life choices did you consider before deciding on a career in accounting?
When I think back to school, I remember thinking I have to go to college and Im good with numbers so I think Im going to become an accountant. It sounds nerdy but I was that person! I liked math. I wanted to go to a four-year college and be something when I finished, so I decided to become an accountant. I didnt really know what it was although I did have some family members who were accountants. Honestly, moving from a national firm to a regional firm was a real life choice for me. I had a one-year-old child and the job at the national firm required frequent travel and I didnt have as much control of my schedule. Also I really wanted to be a little closer to home, so I changed jobs in order to accomplish that work/life balance that I just didnt see happening in the early 1990s at a national CPA firm.
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View from the Top: Advice from Finance Professionals SS&G Financial Services, Inc.
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It may sound corny, but you really have to study hard and get good grades in order to get a better job.
Patricia B. Rubin, CPA, Director, Accounting & Auditing, SS&G Financial Services, Inc.
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TD Securities, Inc.
Brendan J. OHalloranVice Chair and Regional Head USA, TD Securities & Senior Vice President, TD Bank Financial Group
Vice Chair and Regional Head Brendan OHalloran has responsibility for TD Bank Financial Groups investment banking, sales and trading, and operational activities in the U.S. Mr. OHalloran provides strategic guidance to all levels of management of businesses in the U.S. As a member of the TD Securities Management Committee, he plays a key role on the firms senior leadership team. Mr. OHalloran joined the New York corporate finance business at TD in 1989 and has gained extensive origination and market experience during his career. Prior to his current position, he was head of U.S. Debt Capital Markets where he oversaw loan origination, loan sales & trading, high yield origination, and fixed income origination and distribution. He has also served as head of global loan syndications responsible for all syndicated loan underwritings for TD Securities worldwide. Before joining TD Securities, Mr. OHalloran worked at The First Boston Corporation. Mr. OHalloran serves on the Canadian Association of New York Advisory Board and the Governing Board of the University College Club of Princeton, and is a Trustee for the Institute of International Bankers. Mr. OHalloran received his BA from Princeton University and an MBA from the Harvard Graduate School of Business.
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What are some things you learned on the job and not in the classroom?
Things like persistence in winning transactions, getting new business. Its hard to teach what goes into actually being successful in the banking world. Its not necessarily about being able to calculate the best weighted average cost of capital in the quickest way. You learn those tools in schools, but what it comes down to is competing against other firms, other bright individuals on Wall Street and coming away with the deal or the transaction or the mandate. Also, on the people side, motivating people is an important part of my job today and thats also not something youre necessarily going to learn in the classroom.
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View from the Top: Advice from Finance Professionals TD Securities Inc.
What personality traits or attributes do you think make for a good, effective executive?
Its a balance of intensity and desire to win new business and generate revenues or execute trades, along with a genuine concern for the people working for you at the firm. I dont think these two things are necessarily in conflict. I think every firm has a different culture and the culture here is very much one of wanting to see you succeed in a motivated and aggressive manner. But not ever at the expense of the ideals that we have here about what sort of environment we should be creating for people.
Our industry lends itself to mentoring although not so much in a formal manner where you meet every Monday at 5 oclock. But the finance world is a great place to have informal mentoring and its just by virtue of the fact that youre working in deal teams, youre learning a lot from the people above you. Thats how you learn and develop friendships and collegial relationships with people and then you turn around and you become the associate and you feel it incumbent to pass those lessons on to the analyst on the team. Unless youre all working intelligently together, your team will suffer. That is the sort of the mentoring that goes on here at TD. It is strong, but its more informal in nature.
What impact has your career had on your personal and family life? Do you have any special techniques or philosophies that help you maintain a work/life balance?
Finance is a fast-paced career; its not a 9-to-5 career, especially in the beginning of your career. You have to put the hours in. I think as you progress through the organization, travel becomes more of an issue than putting books together at midnight. So it is a challenge for your family and you really are on call seven days a week. You may not work every day of the weekend, but I really cant think of a time where, even on a vacation, I am completely disconnected from work. Its probably the same throughout the industry. Theres always a BlackBerry email that needs to be responded to, or a conference call. The key in balancing that is finding an organization that understands you work hard and that thats your personality and you want to succeed. They, in turn, respect the important personal events in your life and allow you to feel that those things can come first when they should come first. Its a culture, because Ive worked for other organizations where the guilt factor was huge. People will cancel
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View from the Top: Advice from Finance Professionals TD Securities Inc.
their trips to be at their sisters high school graduation because theyre so deep in the mindset of Ive got to be here. At TD its very much a culture of listen, we understand you give a lot of your life to the firm, you work a lot of hours, so when there are emergencies, when there are issues at home, when there are outside interests you need to attend to, you should feel comfortable doing that. It comes with the confidence that you work for an organization where youre allowed to balance your life. When you work for an organization that treats people with respect, then employees give back even more.
What has surprised you most about working in the finance industry?
Being surrounded by really great people with similar motivations who want to work on sophisticated financings and trades, is what has surprised me the most. It does make for a fun way to spend your day. There are a lot of other jobs out there in the world and everybody has their tough days, whether it is in finance or elsewhere. But I think over all, its a privilege to be surrounded by people who are so bright and who are really all trying to accomplish the same thing you are.
What advice would you give a young person considering a career in finance?
Make sure its what you want. If it is, you have to be prepared to work hard. Its a great industry to enjoy the fruits of your labor. Finance really provides open-ended opportunities for those who choose it as a career. The one thing people have to do whether theyre choosing finance as an industry to go into, or whether theyre choosing subsets within finance, you have to spend some time and make sure that its not only something you love but something that is going to be growing. You do have to put in a little homework and find out if you want to be in high yield or investment grade or public finance and make sure youre comfortable with how those subsectors are viewed within the industry.
What other careers and life choices did you consider before deciding on finance?
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Right out of college I worked for First Boston, and to some extent that was because thats what everyone else was doing. If you could get a job at a Wall Street firm, you took it. After business school, I considered working in sports marketing for one of the professional sports leagues for whom I had done consulting work or as a manager for a manufacturing plant. But, in retrospect, Im very happy I chose finance. You could be the best general manager in the world, but if youre working at a manufacturing plant that makes staples, that may not be the most financially rewarding way to spend your life. I think with finance youre given a wide perspective on various industries. So in some ways you get to work in a bunch of different industries, because youre doing financing for them or providing M&A advice, etc. You have the ability to execute a myriad of products, so youre not stuck on staples. You could be offering your client high yield bonds, leveraged loan financings, swaps and that makes for a career that is different every day.
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View from the Top: Advice from Finance Professionals TD Securities Inc.
Here at TD weve taken a different strategy. Were very excited about our growth in the U.S. on the retail side, TD Banknorth and were in the process of acquiring Commerce Bank. Well soon have over 1,000 branches in the United States stretching from Maine to Florida. We also own a significant portion of TD Ameritrade. So weve taken a little bit of a different tact with respect to our investment banking and trading activities. Its been a lower risk strategy, but we think the opportunity for growth, building around TD Banknorth and Commerce and TD Ameritrade are huge. Were in a unique position right now and very bullish on the future.
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Tofias PC
Michael T. BurnsShareholder
Shareholder Michael T. Burns, CPA has served with Tofias PC heading up the not-for-profit practice since July 2004. Mr. Burns has more than 20 years of experience serving many prestigious institutions, and has a reputation for quality service in the not-for-profit community. He assists his clients in the areas of financial statements, audits under OMB Circular A-133, internal control reviews and debt offerings, accounting matters and related business concerns. Mr. Burns joined Tofias from Grant Thornton, where he was the audit department head as well as the partner in charge of the not-for-profit practice. He was the lead partner on over a dozen college and university accounts in addition to most of the not-for-profit accounts of the office. Mr. Burns is a member of the American Institute of Certified Public Accountants, the Massachusetts Society of Certified Public Accountants and the Board of Trustees at Mount Ida College. He is also a member of the budget and finance committee at United Way of Massachusetts Bay. Mr. Burns received his BS from Bentley College.
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What are some things that you learned on the job and not in the classroom?
The biggest thing that Ive learned is that at the end of the day, the business of professional services is a relationship business and not really a numbers business, even though I am a CPA and that may seem counter-intuitive, but it really is a relationship business. Do people trust me? Can they count on me for the substance and business knowledge that they view as key? These things transcend beyond the accounting and management classes that might have been core to my formal education.
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What personality traits or attributes do you think make for a good, effective executive?
Passion is key; you have to care about what youre doing and why youre doing it. I also think you have to have intellectual substance to be an effective executive.
What impact has your career had on your personal and family life?
As with many careers it may take time to figure out the best work/life balance system that is effective for you and/or your family. Many companies are focused on helping employees find this balance, offering flexible/alternative work schedules and other amenities to retain talent, and Tofias is no exception. We are afforded some flexibility and control of our schedule. If I need to go to the doctor today or need to take a day off, Im in charge of managing my client relationships and making it all work. Some people need more predictability than flexibility and this job offers flexibility more than predictability.
Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
My philosophy is to accept that we are in a client service business. Its when clients call and surprise you or throw you a curve ball that you realize sometimes the best laid plans have to be re-laid; once you accept that about this business, it makes it easier for you to adjust and thrive.
What has surprised you the most about working in the accounting industry?
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For me, its the pace of change. Although this is an old line of business, continuous improvement is a must and the pace of change will amaze you. Outsiders view it as a numbers business and although numbers are the basis of decision-making, decision-making in this world of ours today is different. Whether its the effect of international competition or other reasons, its much more than just cranking numbers. Also, theres more ambiguity today than theres ever been. When you think about the crisis were going through in the financial services arena and the banks and the elegance of some of the products that financial institutions have created over the last 10 to 20 years, those create challenges for the accounting industry. Did we properly measure, account for and quantify the risks that existed? Its anything but static and numbers. I only have a very small calculator, which I keep behind me on the desk and every once in a while, I pull it out.
What advice would you give a young person considering a career in accounting?
Young people are well-served by the skills they can gain with a career in public accounting. Its a business education and a great place to get on-the-job knowledge of how businesses function and operate. Whether somebody stays in this as their career choice or does this as part of their career, they will gain tremendous value for the rest of their career.
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What other careers and life choices did you consider before deciding on a career in accounting? If you were not in the field, what would your dream career be now?
I thought about owning my own business. But I came into accounting, and I stuck with it. This is what Ive done from the start and if I wasnt in this today, I would have to go into sales and marketing because Im past the point of creating a business for myself. My dream job would be a sales and marketing role. Thats a big part of a CPA Partners job, i.e., attracting new business so Im certainly doing a lot of that now.
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Its when clients call and surprise you or throw you a curve ball that you realize sometimes the best laid plans have to be re-laid; once you accept that about this business, it makes it easier for you to adjust and thrive.
Michael T. Burns, Shareholder, Tofias PC
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What are some things that you learned on the job and not in the classroom?
This is a customer service industry, and client relationships are essential to ones career path. When youre in the classroom, youre looking more at the mechanics of how the accounting works, but when you get into the industry, its about developing and maintaining client relationships. In addition, in the classroom, you are trained to work out a problem to the exact dollar, especially in accounting. When you are working on actual client engagements that is rarely the case. Things are not always going to be to the pennybut you learn the concept of materialityhow inexact something can be before it is an issue.
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View from the Top: Advice from Finance Professionals Vitale, Caturano & Company, Ltd.
What personality traits or attributes do you think make for a good, effective executive?
Communication skills are essential. You need to be able to develop relationships with clients and employees with varying personalities and learn how to work with each one of them most effectively. In addition, being able to problem-solve is key. Many times, problems dont work out exactly. Determining the best way to work through these problems to get to the correct answer is key.
What impact has your career had on your personal and family life?
Work/life balance is a constant battle. Technology makes working anywhere possibleso you need to keep yourself in check. It is important to remember that family always comes first, and major work items follow. Its a constant juggling situation but you have to make sure the major things are taken care of firstand the rest kind of fits in where it can.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Work/life balance can be compared to a container (time) that you fill with rocks and pebbles. The rocks signify the major items in your life and those are placed into the container first. Once those are placed, the less important items, or pebbles, find their space. The key is making sure the important items go in first.
What has surprised you the most about working in the finance industry?
Every day is a different experience. Every engagement, client and employee, brings different personalities, challenges, demands and issues. It is a very dynamic environment. You never know what the next day is going to bring, and I enjoy the unpredictability. Youre never doing the same thing twice. It may have the same underlying mechanics when you get down to it but the fact that every day brings a new challenge makes each day very rewarding.
What advice would you give a young person considering a career in finance?
Its a very rewarding, yet demanding career. A successful career in finance is a marathon, not a sprint. You have to think of the long term, work through your career, and avoid having a shortsighted view of things. Its not a get-rich-quick type of industry. You have to earn your stripes.
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View from the Top: Advice from Finance Professionals Vitale, Caturano & Company, Ltd.
How can a student or a new employee approach someone to be a mentor in the absence of a formal system in place at a company?
Having open communication. In the public accounting industry, all engagements are set up in teams where you have a partner, a manager, a senior and then sometimes an experienced staff person and a new staff person. The staff people spend a lot of time with seniors especially, and just by talking to them and asking them questions they can develop that relationship. I also recommend that once they get to know some of the managers and partners, they should schedule some time and ask questionsperhaps even ask them to be a mentor.
What other careers and life choices did you consider before deciding on public accounting?
As a kid, I thought of becoming a doctor. But I always had an interest in numbers, whether it was science or math. I took some accounting classes in high school and really felt a connection. I focused on accounting in college as my major. Public accounting was a natural succession for me.
If you were not in the field, what would your dream career be now?
A professional golfer! Thats my dream. On a more realistic basis, I think I would like to be a college professor in accounting.
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View from the Top: Advice from Finance Professionals Vitale, Caturano & Company, Ltd.
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Work/life balance can be compared to filling a container (time) with rocks and pebbles. The rocks signify the major items in your life and those are placed into the container first. Once those are placed, the less important items, or pebbles, find their space. The key is making sure the important items go in first.
Michael Forast, Shareholder, Vitale, Caturano & Company, Ltd.
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What are some things that you learned on the job and not in the classroom?
During college I interned in the investment banking division of a bulge bracket firm. There, a deal team would be 10 people, and your role was strictly support. One of the main reasons I decided to join William Blair was that our deal teams here are three or four people, and the great thing about that is that you get to have great involvement with your clients and get an understanding of building relationships with them. This is something I never learned in school. Another thing that is crucial in investment banking is understanding that the transaction youre doing likely is the most important transaction your client is going to do in their entire life and being able to work with them when theyre going through the entire emotional roller coaster of the deal.
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View from the Top: Advice from Finance Professionals William Blair & Company, LLC
What personality traits or attributes do you think make for a good, effective executive?
You have to be very rational. You have to be someone who can evaluate a situation and communicate it to a client clearly and not be afraid of giving the hard news to a client. A lot of times, bankers will say Oh, no problem; well get you out of these things, or dont worry about that; theres sunshine around the corner. Thats the easy thing to say. But the hard thing to say is, This business is not worth all the money youre losing; youre going to have to hand the keys back to the bank. Lets figure out the steps and ways to make this as least painful as possible. The ability to not shirk away from that kind of responsibility, not take the easy way, is crucial.
What impact has your career had on your personal and family life?
Im engaged to be married.
Congratulations!
Thank you! I started in William Blairs Chicago office and spent three years here and then spent six years in the London office. When I was in our London office, the guy who ran the office set me up on a blind date seven years ago with my current fiance. So, I think that William Blair has been rewarding professionally, as well as personally! My fianc is a consultant with a major strategy consulting firm. She travels a lot, and I travel quite a bit, as well. And I think it makes you realize that you must take advantage of the time you have together. It makes you realize that everything is precious. I think that if I were to work 35 hours a week and not travel, I would be more apt to crash on the couch and watch television. I think that when youre traveling as much and working as much as I am, I am always thinking about how to get the most out of every hour.
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Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
A work/life balance is part of our culture at William Blair, and I think its real important to involve your spouse. My fianc and I dont talk about the individual clients or the specific situations that we are working on, but we talk in general about the different issues were dealing with, and she gives me thoughts and then I give her thoughts. It makes for a much more interesting conversation than What did you do at the office today, honey? Being able to discuss work with my fiance helps strengthen our relationship. Also, you have to be good at your job. If you dont generally love it, youre not going to be good at it. Its hard for money to motivate someone over a prolonged period of time. So if you love it, youre doing a good job at it, but youre also thinking about it outside of work.
What has surprised you the most about working in the finance industry?
The inefficiency of markets. I got my MBA from the University of Chicago, and they teach you there that markets are efficient. They may be efficient when youre trying to get a price on General Electric or Microsoft, but in the middle market, especially in the M&A world, its not efficient. And thats been a real surprise for me. You could have someone bidding $200 million and someone bidding $700 million for the same company! Literally, there are such huge differences, and it highlights the importance of having a good banker.
What advice would you give a young person considering a career in finance?
I encourage them to consider finance. When you look at the core components of the United States right now, finance is one of the strongest parts of our economy. Finance is a very broad field, and you need to figure out what you want to be and what specific area
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View from the Top: Advice from Finance Professionals William Blair & Company, LLC
of finance that you want to be in. I also encourage them to realize that if theyre 21 years old and coming out of college, as much as they think they know what they want to do, they probably dont even know what the real function of what they think they want to do is. So enter the field that gives you as many alternatives as possible. I really like the corporate finance programs, which have limited durations, so you get to see a lot of different aspects and get great training.
What other careers and life choices did you consider before deciding on a career in finance?
My dad has a successful small business, and I considered joining that. But it was really between that and finance. As far as life decisions go, I grew up in the New York area. When I interned at the bulge bracket firm, I had worked with William Blair on an equity offering, and I really liked the people I worked with. When William Blair asked me to join them, I always thought that it would be two years in ChicagoId never been there beforeand I would of course move back to New York. Ten years later, after spending six years in London, I am back in Chicago.
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If you were not in the field, what would your dream career be now?
Formula 1 race car driver, but only if I couldnt be in finance!
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View from the Top: Advice from Finance Professionals William Blair & Company, LLC
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If youre 21 years old and coming out of college, as much as you think you know what you want to do, you probably dont even know what the real function is of what you think you want to doget a broad experience before deciding.
Matthew Gooch, Principal & Co-head of Special Situations, William Blair & Company, LLC
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WithumSmith+Brown
James C. BourkeShareholder & Director of Information Technology
Shareholder and Director of Information Technology James C. Bourke serves in WithumSmith+Browns Red Bank, New Jersey office. Mr. Bourke is a member of the American Institute of Certified Public Accountants and the New Jersey Society of CPAs. He was one of the first CPAs in the nation to receive the Certified Information Technology Professional designation from the AICPA. He currently serves on the executive committee as immediate past president for the New Jersey Society of Certified Public Accountants and is past-chairman of the NJSCPA Chapter operations committee and past-president of the Monmouth/Ocean Chapter of the NJSCPA. Mr. Bourke also serves on the AICPAs CITP Credential Committee and the AICPA Top Technology Initiatives Task Force and is a current member of AICPA Council. Mr. Bourke is a frequent speaker at many State CPA Societies, the AICPA, New Jersey Technology Council and NJ Biz Magazine on topics specifically related to technologies employed within a CPA Firm. He has been consulted by numerous CPA Firms throughout the U.S. on appropriateness of technologies being employed within firms. He has has authored many articles dealing with firm technology issues and was featured on the cover of past issues of Accounting Technology Magazine and Practical Accountant Magazine. In addition to Mr. Bourkes vast industry service, he has the responsibility for overseeing all technology issues and operations for the firms eleven offices and over 500 employees. Mr. Bourkes responsibilities consist of network design and implementation, internet connectivity solutions, wireless network configuration, technology strategic planning, as well as overseeing the acquisition, implementation and training of new applications and technologies throughout the firm. In addition, he is also responsible for the annual technology budget. Mr. Bourke received his BS in accounting from Kean University, N.J. He lives in Manasquan, N.J. with his wife and children.
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What are some things that you learned on the job and not in the classroom?
School prepares us all to be accountants, but it does not teach us how to take it to the next level, to be a great accountant. That is something that you learn to do on the job. It is Withum philosophy to provide that on-the-job training, so even early on in my career I was going out to clients and working on challenging engagements. Through this, I learned how important it is that I listen to my clients, their concerns, their needs. Understanding the needs of your clients and fulfilling them is what makes you a great accountant.
What is the most rewarding aspect of your career? What would you most like to change?
It is most rewarding when I see how appreciative clients are when you go out of your way to service them. We know that we are not the least expensive firm in town but we provide our clients with the highest level of service. All of my clients know this and that is the reason why they have no problem paying a premium, they get better, hands-on, responsive service. I would love to change the timing of tax season. Tax season is so busy that I wish we could spend more time engaging with our clients day to day than the ins and outs of the tax process.
What personality traits or attributes do you think make for a good, effective executive?
Good listening skills and the ability to give compliments in addition to criticism.
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What impact has your career had on your personal and family life? Do you have any special techniques, methods and philosophies that help you maintain a work/life balance and be a successful professional?
Family is No. 1 in my life. I have always found ways to bring my family and work life together, and fortunately for me, I work at a firm where this belief is part of firm culture. I have managed all of my sons and daughters baseball and soccer teams from t-ball through majors. We spend a significant amount of time together. Every year my son and I fly to the MLB All Star Game and Home Run Derby, we go as a family to all of the NJSCPA Get-Away conventions, Ill bring my kids on due diligence trips if they are off from school and they will learn about the business our client is buying or selling. Most recently my son accompanied me on a trip to a cedar oil production plan in Arkansas where he learned how cedar oil is produced from scrap cedar wood chips.
What has surprised you the most about working in the finance industry?
The fact that there are so many people out there with so many unique ideas to make money. Its always inspiring to see these very successful people who so passionately pursue themthe most unexpected endeavors that you wouldnt imagine could be so successful.
What advice would you give a young person considering a career in finance?
Intern within the industry while you are in college. Instead of flipping burgers, find a firm, like WithumSmith+Brown that has a great intern program. You will get real-life experience that looks unbelievable on a resume and will put you in the front of the lines when employers are evaluating other candidates.
Have you ever been mentored, or mentored others? How can someone find a mentor within their company/industry?
Our firm has a formal mentoring program where we identify those to be mentored and we associate someone their senior to mentor and guide them throughout their career. However, when I started here our firm was very small with no structured mentor program. So, I focused on the traits and characteristics exhibited by our managing partner. I watched what he did, how he balanced work and life, how he always made time for his family and the activities that his children were involved in, as well as his passion for what he did and our profession. Although we had no formal mentor program, he didnt realize it, but his actions were mentoring me.
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If your firm doesnt have a formal mentoring program look for that person whom you admire and let him/her become your informal mentor.
What other careers and life choices did you consider before deciding on a career in finance? If you were not in the field, what would your dream career be now?
This was my only career choice. In high school I had a CPA as my accounting teacher. I took three years of accounting in high school. He brought real-life experiences into the classroom. I made a decision to be a CPA when I was in high school. He was an unbelievable inspiration.
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School prepares us all to be accountants, but it does not teach us how to take it to the next level, to be a great accountant. That is something that you learn to do on the job.
James C. Bourke, Shareholder and Director of Information Technology, WithumSmith+Brown
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APPENDIX
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Ernst & Young Global Limited: Steve Campo, Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52 First Horizon National Corporation: Sarah Meyyerose, President of Emerging Businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 Houlihan Lokey: Jeffrey I. Werbalowsky, Co-Chief Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 Invesco Ltd.: Andrew Schlossberg, Chief Marketing Officer, U.S. Retail & Head of North American Retail Strategy . . . . . . . . . .64 KPMG LLP: Manny Fernandez, National Managing Partner, University Relations and Recruiting . . . . . . . . . . . . . . . . . . . . . . . . .68 LarsonAllen LLP: Gordon Viere, Chief Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 Legg Mason, Inc.: Harry O'Mealia, President & CEO of Legg Mason Investment Counsel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76 Margolin, Winer & Evens LLP: Scott O'Sullivan, Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82 McGladrey & Pullen, LLP: David Scudder, Managing Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84 Merrill Lynch & Co., Inc.: Erick Bronner, Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 Moss Adams LLP: Christopher G. Schmidt, President & Chief Operations Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92 Nationwide Mutual Insurance Co.: Thomas F. Houle, Vice President, Exclusive Agency, Nationwide Financial Network . . . . . .96 Parente Randolph, LLC: Jeffrey Ferro, Chief Operating Officer & Principal In-Charge, Philadelphia Region . . . . . . . . . . . . . . . .98 Perella Weinberg Partners LP: Peter A. Weinberg, Founding Partner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102 Peter J. Solomon Company: Andrew Quigley, Managing Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106 PNC Financial Services Group, Inc.: Thomas Whitford, Chief Administrative Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110 Prudential Insurance Company of America: John Greene, President of Agency Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . .114 Raymond James Financial, Inc.: Chet Helck, President & Chief Operating Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120 Reznick Group, P.C.: Joyce S. Price, Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 Rothstein Kass: Steven Kass, Co-Managing Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .128 RSM EquiCo, Inc.: Hector J. Cuellar, President, Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .132
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Schneider Downs & Co., Inc.: Gennaro DiBello, Tax Advisory Services Shareholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .136 Scottrade Inc.: Catherine Maher, Executive Director of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 SS&G Financial Services, Inc.: Patricia Rubin, Director, Assurance Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 TD Securities Inc.: Brendan O'Halloran, Vice Chair & Region Head, TD Securities USA, LLC . . . . . . . . . . . . . . . . . . . . . . . . . .146 Tofias PC: Michael Burns, Shareholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 Vitale, Caturano & Company Ltd.: Michael Forast, Shareholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154 William Blair & Co., LLC: Matthew Gooch, Principal & Co-head of Special Situations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .158 WithumSmith+Brown: James C. Bourke, Shareholder and Director of Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . .162
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