Graduate Students

"The Curse of the Class of 2009"

2009-11-19T03:27:48Z

11/18/2009
Today I am thankful for my job. Today, I secretly celebrated my 6-month PERF anniversary. Not only is my job safe, I worked overtime today. I also qualified for tuition reimbursement today, which means that next semester's tuition will be reimbursed by my employer. Within the next few days, I will be enrolling in health benefits for next year. So I have to admit, today I am thankful for my job.

"For college grads lucky enough to get work this year, low wages are likely to haunt them for a decade or more"

As I pondered what to share with my readers tonight, I stumbled across an article that my Dad had emailed me the week of graduation. The statistic floating around at the time was that only one in five college graduates landed a job. The WSJ article was titled "The Curse of the Class of 2009".

The less-than-optimistic article cites several cases of graduates being forced to change career paths, settle for lower paying jobs and move back in with their parents to save money. As an added bonus, "Economic research shows that the consequences of graduating in a downturn are long-lasting. They include lower earnings, a slower climb up the occupational ladder and a widening gap between the least- and most-successful grads." Interestingly enough, none of the graduates mentioned graduated with a business degree.

The good news: it remains true that a degree in a bad economy is still better than no degree in any economy. The article went on to say "College graduates remain better off than those with only high-school diplomas, in good times and bad. The unemployment rate in April among four-year college graduates between 20 and 24 years old was 6.1%; among those the same age with only high-school diplomas, it was 19.6%." However, even with a college degree, there are no guarantees. Even before the recession, when those of us that graduated in 2009 were still in high school, wages were beginning to shrink. Between 2002 and 2007, the inflation-adjusted wages of college graduates were down 4.5% for men and 4.8% for women.

As an alternative to accepting lower paying jobs, some graduates opted to stay in school. According to the Council of Graduate Schools, graduate school applications increased 7%. Economists predict that those that stay out of the job market would not suffer the same wage loss. But I have to ask if the opportunity cost of attending school would actually decrease overall lifetime earnings? Particularly if the economy doesn't bounce back quickly?

Graduates, what were your experiences? Do you have any tips for December or May graduates?
Fellow grad students, are you in school as a way to avoid the job market or do you just love learning as much as I do?
Undergrads and future graduates, how is your job search coming along? Is it better for business grads or are the statistics still trickling through the business markets?

Today I am thankful for...

2009-11-17T05:04:55Z

It seems that this time of year, specifically 10 days from now, we each take inventory of all the things in our life. We make a list of the things that we are thankful for, make time for the important things like family, etc. Well, why do we wait for the holidays to incorporate these things into our daily lives?

Below is a project that I have been working on. A few friends on facebook are challenging themselves to name one thing they are thankful for each day, rather than just on Thanksgiving.

11/13/2009
Today I am thankful for the little gifts nature brings. Looked up this morning to a gorgeous sky filled with stars and it brightened my day.

11/14/2009
Today I am thankful for brotherhood. Today is initiation for the Kappa Sigma chapter of Delta Sigma Pi. My involvement with this fraternity has impacted my life in so many positive ways. An example? I am madly in love with my "little brother". But even more than that, I have grown professionally. I have developed my public speaking skills, my time management skills, my conflict resolution skills and more. Today will be a day of celebration, italian food and turtles. For the brothers I will share the day with, I am thankful.

11/15/2009
Today I am thankful for Iazy Sundays. Although I had meetings from noon til four today, I have spent the last several hours laying around with Tyler, visiting Target, eating pizza and watching football. It is nice to be with someone that I can just... be with. :o)

11/16/2009
Today I am thankful that my family lives a mere 2 miles away. I just got home from a tasty dinner (salmon patties, fried potatoes and cream style corn) which I helped my mom cook. We then sat down with my Dad, my two sisters and one of my brothers and had a good ole time. (My other brother is currently serving in Iraq, but he will be home soon!!!)

What are you thankful for?

Free Pizza for MST/MSA Students, November 18, 5pm-6pm, BS4032D

2009-11-16T01:32:06Z

A few days ago, I trudged into the Kelley office after work/before class to turn in my paperwork for blogging. To my surprise, Laura Owens handed me a large white envelope. I looked at the envelope, looked at her and looked back at the envelope. "Is this my degree?!", I asked. And it was. I technically graduated in May, but had to finish an incomplete over the summer, so I had completely forgotten how excited I was that I had finally graduated. The excitement and sense of accomplishment had faded after nearly 6 months of working my day job and going to grad school at night. Oddly enough, being handed a very expensive piece of paper renewed my spirit and made my day.

For introductions purposes, I suppose you've already guessed that I am an alumni and a graduate student. I graduated with three concentrations: accounting, finance and marketing. What can I say? I have diversified interests. I am currently working in the internal audit department at Indiana PERF (Public Employees Retirement Fund). I am pursuing my Masters of Accounting and hope to graduate by December 2010 or May 2011. My primary interest is in audit, but my parents have a tax business so I am familiar with tax and would like to learn more.

Enough of that boring stuff. Who am I outside of school and work? I am a girl (or a woman, I guess) that cherishes family. I am the oldest of five kids and have close relationships with my immediate and extended family. I am the girlfriend of an amazing boy (or man, I suppose). I am random in my interests, but like to categorize and organize the most insignificant things. I enjoy the little things. I am a Hoosier tried and true. I am a fan of Indiana sports and anything live: music, plays, etc. I am a gamer, although by games I mean Scrabble, Monopoly and Cafe World. Yes, I am ashamed to admit that I finally joined the world of online Facebook games.

As an undergraduate student, I was highly involved in Kelley. I was an executive member of KSBISG (Kelley School of Business Indianapolis Student Government) and am currently an VP in the Kappa Sigma Chapter of Delta Sigma Pi, a co-ed business fraternity. I am also a member of a newly revived graduate organization, GASB (Graduate Accounting Student Board). This week, we are hosting an event and enticing you all to come with FREE PIZZA.

Date: Wednesday, November 18th
Time: 5pm-6pm
Place: BS4032D
Open to all MSA and MST students

Join us on Wednesday, November 18th for a slice of pizza before class and meet the members of GASB! This is a great opportunity for you to get involved! Please RSVP to Nan Schulze at nvfische@umail.iu.edu by Monday November 16th.

Well, dear readers, it is time for kickoff and I must leave you now for the biggest game of the season. Go Horse!

Thoughts on Networking

2009-04-04T02:15:47Z

While reading the online WSJ this morning, I found a blog posting about networking made by Dawn Jordan, who is a former operations VP at Bank of America, and currently unemployed due to a laid-off.

She mentions that at the networking events she recently attended, the majority of people she had met were unemployed, so she thought it less possible to meet with prospective employers to land a job. But one day, she realized that networking with fellow unemployed folks can be as beneficial as meeting with prospective employers, because those fellow unemployed can give her the advice that they learned their own job search experience and share their network of connections with her.

Her posting was interesting enough for me to rethink how I've been doing my own networking effort, and to think twice about the real purpose of networking. I had thought that networking is a stressful, yet effective activity to land a job I want; meeting prospective employers, introducing myself to strangers, and trying to get a connection to get job interviews. I had probably done this most of my time at any networking event. It took my sprit to approach to strangers and try to carry a decent conversation with a person who I barely know. And at the end of the day, with business cards in my hand, I'd suddenly exhausted and wondering how many of these names actually help me get a job interview, despite the fact I spent hours to network.

After reading Dawn's posting, I realized that the networking doesn't need to be like this. Yes, it is a place where you can get connected with prospective employers hoping you can get a job at one of them, but it is also a place where you can get to know people, chat, share ideas, help others, and sometimes reconnect with. By thinking this way, I guess I can relax more, and enjoy meeting people in these events.

One other thing I use for my networking is the online networking community, Linkedin. I was introduced to this network by a classmate when I started the MSA program almost two years ago. My network has been growing since then (it is still small, though), and I enjoy using this tool. It is amazing how I can get connected (or reconnected) with people through this network community. Some of my classmates from previous semesters are regular users. One of them announced that she recently passed the CPA exam through a message sent to us through Linkedin and invited us to get together to celebrate the achievements each of us made since we had left the semester a year ago. How nice is this? The online networking may not produce the exact same effect as face-to-face networking can do, but it should be possible to get connected with new people. It is also a great place to "reconnect" with people. I use this online networking community primarily to reconnect with people I want to keep in touch with.

If you have experience that online networking is as good as the face-to-face networking, or if you have advice as to new ways to use it, please share your thoughts in the comment section.

63rd Annual Indiana University Business Conference

2009-03-13T01:10:09Z

I had the pleasure of attending the 63rd Annual Indiana University Business Conference put on by our very own Kelley School. This was my second time attending the conference and I was a little concerned that this year's event wouldn't live up to my expectations after last year's great event that featured presentations by the CEO's of FedEx Corporation, Simon Property Management, The Indianapolis Motor Speedway, and Langham Logistics as well as Indiana University President Michael McRobbie and Indiana Governor Mitch Daniels - but it did.

At first blush, this year's speakers didn't jump out at me as the same level of "household names" as before. However, that doesn't mean that they (and their companies) weren't impressive or didn't provide equal or greater value to those of us in attendance - they certainly did.

These year's lineup included Susan Dentzer, Editor-in-Chief of Health Affairs, Bill McKibben, Environmentalist, Amory Lovins, Co-founder and Chief Scientist of the Rocky Mountain Institute, Michael Evans, Founder and President of AIT Laboratories, Douglas Lattner, Chairman and CEO of Deloitte Consulting and Michael Rippey, President of ArcelorMittal USA.

The moderator and keynote speaker was New York Times Columnist David Brooks (who is a household name, despite what I mentioned earlier) was amusing, informative and insightful in his discussion of political leadership in the midst of this economic crisis. He offered behind-the-scenes stories and personal impressions of both President Obama and the second President Bush that put into perspective how I view those in power.

As good as Mr. Brooks keynote was, my favorite presentation was actually by Mr. Lovins, whose physical appearance matches his title of "Chief Scientist" but his communication skills do not. His presentation was quite understandable for the non-technical 50,000 foot decision makers in the room as well as compelling in its arguments (such as the value in automotive and aviation companies switching from steel to carbon fiber for construction materials).

In a first for me, I attempted to keep a running Twitter account of the goings on throughout the day and was joined in by others hailing from the Bloomington and IU East campuses (click here for the archive at #kelleyconf).

I would strongly recommend that any Kelley student, especially those of us evening MBA candidates who have lost our continuing education budgets in our full time jobs, take full advantage of the no-cost or low-cost opportunities provided for learning of this kind. The next one is coming up quickly - register now for the IU Entrepreneurial Connection event in Bloomington on March 27th.

CPA Exam Prep and Stuff...

2009-03-06T04:34:47Z

As one of those MSA students graduating soon and has started the CPA exam prep, I would like to add some comments to Susan's recent blog about CPA exam prep. I think what Susan said about the CPA exam prep in her blog is really true. The prep requires a lot of commitment. I would say that the degree of commitment is as large as accomplishing the MSA program, in terms of time commitment, the amount of effort to put in, sacrifices, etc..

I chose Becker CPA Review and Final Review (these are two separate materials) as my primary study source, and I am currently working on the auditing section. I like Becker's CPA Review Course, because their lectures are just great (I picked DVDs for lectures, but a choice of online or in-class lectures is available too). They tell you little tricks how to memorize important concepts in easy-and-quick ways, they tell you what you should take notes on in the review course textbook, which paragraphs you should highlight, etc (you may think "I am not a 8th grader", but those notes and highlights help a lot when you review the book later). The lectures are well condensed, and are an extract of the textbook. The lecturer also tells you which area you really need to focus on for the exam. Knowing what are more likely on the exam help me put more time in those areas. So overall, I am happy with using these materials as my primary source.

At the same time, while studying Becker materials, I go back to my class notes and A514 textbook quite often. My class notes and A514 textbook help me better understand what are explained in the CPA Review materials. Because CPA prep materials contain a lot of information in such a condensed manner, they sometimes just jump to the points without explaining well the process to get there. Of course, these CPA prep materials are for a CPA exam preparation, and not for teaching us from scratch, so from that viewpoint, they do excellent job. But occasionally, I simply don't get a good picture by just reading these materials, and then, my class notes and A514 textbook help fill the gaps. Sometimes, a little more explanation helps understand (or refresh my memory -- I should have known this stuff already, right?) the ideas/concepts behind the answers. While studying CPA prep materials for auditing, I realized how well A514 class (which I took last fall) prepared me for another round of study. The way we learned in class, the way Prof. Johnson explained, and the way we were tested on the exams (A514 exams covered, in a greater portion, questions that were actually on the CPA exams -- taken mainly from Gleim's EQE and CPA Review)... those were richer and more in-depth than the ones I can get from typical CPA prep materials. Also the class textbook takes good amount of time to explain the engagements other than auditing (ex. attestation), which was the area I went back to my notes the most. So my suggestion, take good class notes and don't sell the textbook!

And yes, I do have notebooks, folders, and binders full of pages and pages of notes, too...

To my fellow international students - The importance of "Informational Interviews"

2009-01-13T21:13:04Z

For many international students, getting a job isn't easy. As an international student, I have also struggled to get a job I want. But there are ways to increase a chance to get a job. From my experience, "Informational Interviews" (remember X420?) can be one of them. Our positions, as international students, in the job market are unique and how we position ourselves in the job market is key to landing a job we want. This requires extensive research, and that's why information interviews are so helpful. Below, let me share my experience about "informational interviews".

From 2001 to 2006, I worked for a mid-size Japanese subsidiary of an automotive parts manufacturer in Columbus, IN as a Japanese-speaking sales staff. From one of my business acquintances at this company and through my job, I learned that there were better job opportunities in the professional services industry that targets its business to the Japanese-owned companies in the Midwest. Being an undergrad finance major (I was also a student of IUPUI at that time), I had begun doing "informational interviews" with people in banking/brokerage firms, had a couple of job interviews, and eventually had gotten a job at an insurance brokerage firm. However, after staying with this job for a rather short period of time, I decided to pursue my career in accounting profession for a better utilization of the professional skills and my bilingual skill. For this reason, I came back to IUPUI as a MSA student to acquire such professional skills - accounting education and CPA preparation.

By starting over the "informational interview" process, this time with accounting professionals, I came to the conclusion that there is an even better job market in this field (compared to my previous research in banking/brokerage firms) for someone who has bilingual skills. More importantly for my getting-a-job-I-want purpose, through the continued process of informational interviews, I was able to build my career plan, with my confidence, that I feel is my passion. After getting through the accounting recruiting season last fall, I accepted an offer from one of the international accounting firms. I am very happy.

As we know, informational interviews are very helpful means to get a job we want. Through this process, not only doing job research, we also learn how to shape our own career plans. From my experience, I believe that the passion and well-demonstrated career plan make the candidate stand out from the crowd at the interview. I've heard a partner of a local accounting firm make a similar comment about getting business (as a firm). So I guess these things - passion and a well-demonstrated plan - work well when talking to people. As an international student, I've also learned a couple of useful things that helped me increase a chance of getting a job I want. I am going to share these with you below, hoping they are useful to you too;

1)   Do informational interviews (this is important!) - You learn a lot about the job/job market/how to network. Also, it improves interview skill/communication skill at the real job interview. We may not have enough real job interviews to practice, so practice at the informational interviews.
2)   Read WSJ - This helps build professional and sophisticated vocabularies. I also recommend reading any career planning books to be familiarized with good vocabularies for job interviews (remember, English is NOT our primary language. We have to work a lot in this area!).
3)   Utilize professors' office hours - Professors are full of resources, and the office hours are good research/networking opportunities. Try your vocabularies gained through reading by chatting with professors about the recent news from WSJ.
4)   Build a good story that tells your passion and career plan - Repeating the informational interviews will help you do this. Get used to express your opinion in English in a persuasive manner as we do in our mother language.
5)   Learn good presentation skills to demonstrate your abilities. Sometimes, expressing/demonstrating your ability/capability in the US has quite different form from the one we are accustomed in our own country. Watching good TV/DVD programs help build a good presentation skill (also increases vocabularies and a listening skill). I enjoyed watching the presidential debates for this purpose.
6)   Tell your story by "communicating" with the interviewer - Practice in front of the mirror to improve your communication skill, or do interview practice with another person. Record your interview practice to check your progress. Pay extra attention to your conversational skills (ex. articulation, accent, word pronunciations, grammar, formal conversational skill, etc - again, English is NOT our primary language. Try to reduce possible interviewer's distractions).
7)   Be confident and positive (this improves your non-verbal skills). We are good and competitive as the other non-international students are, and demonstrate so in a positive manner. Always look for opportunities (any opportunities!) and be appreciative, if they are given, as they may open another door for you!

Scheduling Advice for the Future: See the Advisors

2009-01-06T21:00:01Z

Classes start next week and so begins the last twelve months of my MBA career. For those keeping track, I'm in the Fall `07 Cohort which is scheduled to finish in May `10 but I'm on track to finish a semester early.

How can this be? It's because of Susan Cauble, otherwise known as the "best kept secret in the Kelley School". Ms. Cauble is the Assistant Directory of Graduate Programs for Kelley Indianapolis and advises MBA students - at least those who take her up on it.

Registering for classes may have been one of most frustrating aspects in my time at Kelley. A few weeks ago at registration I had three browser windows open attempting to discern A.) what classes I wanted to take, B.) what classes are available this Spring, and C.) what classes I need to finish the program. I had planned on majoring in Entrepreneurship but that was secondary to actually scheduling classes.

I received a tip from a buddy in class to see Ms. Cauble. I placed a call and had an appointment the next day. Our appointment started with her asking a few questions: do you want to Major and if so in what? I told her "yes" and "Entrepreneurship". I then asked her if I could finish in December `09 rather than May `10. She consulted some hard copy information and said "sure". Next thing I know she was plotting out the requirements for Spring `09, both Summer sessions and Fall `09. A couple more questions here and there about if I'd prefer to take one class over another and I'm good to go for the rest of my Kelley Career (knock on wood), graduating when I want to and with my choice of major. Oh, and it all took about 15 minutes. It took longer to find parking.

Mark it down for Summer Session registration - see the Advisers.

Learning about myself...

2008-12-13T21:05:59Z

My last (for this current semester) final exam will be on Monday at 6:00pm for "Corporate Taxation". This will be the last exam for this year, and after that, in four days, I and my husband will be heading to Mexico for a vacation!! I've been waiting for this vacation since earlier this year. A lot of things happened during this year with a lot of hard work that I've made. But my hard work paid off, so I would say that all things happened were good for me. One of the professors said to me that my hard work now begins establishing my career. Yes, Prof. Hassell, I've just set another goal for me. School is almost done (one more semester to go!), and I needed another challenge. A good thing is, when I set a goal, I am almost certain that I accomplish that goal, and I can almost visualize myself achieving my goal and cheering myself. I know when I can make it, and I know how I will make it.

I guess I've been this way for a quite long time, both in a good way and a bad way. It is funny, but sometimes, I can even impress someone else by just being this way. There was one particular occasion that made me feel so.

I had a job interview while back. During the interview with the partner in this firm (I talked with five persons this day), a typical job interview question came to me; tell me about yourself. So I told my quick history starting from how I've come to US in 2001, why I decided going back to school (undergrad) while working, why I chose to work for an insurance company as an insurance agent for a while after graduating, why going back to school once again and switching my field from finance to accounting, and how I came to choose my career in the assurance field. When I finished talking, he looked like he was in a deep thought, trying to choose his words very scholastically and carefully to make a comment. And finally, without looking at me, he started; "hmm....(silence)... Very, well planned..... (silence)". I didn't know how to respond, and finally, I said "thank you", thinking it was a compliment to me. It was somewhat an impressive moment for me, and I frequently recall this moment since then. I don't know why, but something in his look and the way he made a comment about my short speech made me feel so. I must have impressed him someway (hoping it was a good one). After the interview, he made a comment about me to the other interviewer. I heard him describing me as a "very determined" person. Another person I had interview with this day also described me "very determined" coincidentally, so I guess I must be a very determined person. It was nice to know myself objectively, because until then, I have not particularly thought that I am a determined person. I knew I do planning a lot, and try to follow what I've planned. I just didn't see being this way as being determined.

Life is a full of learning opportunities. Learning who I am is certainly one of the things I learn through my life. Cheers!!

Need a Bilingual Accountant?

2008-10-22T17:22:09Z

It's been almost 3 months since I started working for a regional public accounting firm as a part-time employee. I work part-time as a Japanese translator to assist with communication between the prospective Japanese clients and the partners in this firm. Whenever they need me as a translator, I get a call, and either I go work with them or work from home.

Last month, I had a chance to visit a prospective client located in Eastern Indiana with two partners. The company we visited was a Japanese-owned subsidiary of a manufacturing company. So I thought I would be doing interpretation. It turned out that there were no Japanese personnel at the meeting, and we all spoke in English. Although I didn't do much this time (other than introducing myself, and sitting next to the lead partner), it was nice to observe the business. On another occasion, I attended a seminar held by the Japan-America Society of Indiana in August. The seminar was about the Japanese craftsmanship in the Japanese automotive industry, and focus of the event was learning the typical Japanese business style and networking with many mid-to-small size Japanese-owned companies in the Midwest. It was nice. I could see some of my ex-coworkers, friends, and acquaintances there, which was a bonus.

It was somewhat a surprise to me, knowing local public accounting firms (like the firm I work) have connections to Japanese businesses in the Midwest. I thought most (or all) of such businesses are in the Big 4's field. I've never imagined a need of bilingual staff at a local public accounting firm until recently. Maybe because of some unknown reason, or maybe because of an increasing pressure from Big 4s to the mid-to-small size companies for the quality standard strain (like we've learned in A514), some type of "distribution of business" within the public accounting field may be happening. It looks like for the regional public accounting firms, this particular business segment is a growing potential. I will report more, when I do more work.

How many is enough?

2008-09-29T17:19:53Z

This is my first semester of college in the US I don't have a regular job. Now, I have no work, other than the "as-needed" part-time job at a local public accounting firm. I should have plenty of time to study, shouldn't I? Well, things aren't as easy as they seem. Having more free time doesn't necessarily mean that free time is used for studying. As I have more free time, I do goof off (a little, conservatively speaking). And one month has passed just like that.

To change this situation, I've recently started keeping my study time in a record. Since I started, my study-time has dramatically increased. This week, I studied ten hours more than the previous week. This finding was quite shocking to me, realizing how many hours I would have been wasting. What I am doing now for my time-keeping is I track how many hours I studied for one class subject every day, and add them at the end of the week to see how many hours I've studied in a week. I guess this way, I am now more conscious about how to use my time. So far, this little idea is working great, and I enjoy banking more study hours in my book of record, just like pinching pennies to save money.

I am not sure how long this simple idea keeps inspiring me for adding more time for study. Maybe not that long. There are only 24 hours a day, and I need a certain amount of time a day for my basic daily needs. I just wonder...how many hours are enough for study? And how many hours does a typical full-time student study a day (or a week)?

Back for Year Two

2008-09-17T01:26:02Z

Its hard to believe that we're already five weeks into the semester. I feel like things are still getting started but in consulting the syllabi for my two classes, Operations and Marketing, the mid-semester projects aren't very far away. We're now a month or so into Year Two of the three year Kelley program. There are times when it feels like its flying by - like when you think about the fact that it's been about thirteen months since we met for our welcome dinner at University Place. There are also times when it feels like this program may go on forever - like when I consult my handy Vista Sidebar gadget to see that there are still over 600 days until graduation. Regardless of your perspective on the speed of time, there's no getting around the notion that choices are imminent. We don't have that many "core" classes remaining so we'll soon need to choose our electives, and as part of that, if we're going to Major, and if so, what our Major will be. We have to choose if we're going to participate in an Enterprise, and if so which one. We have to decide if we're going to do the China experience early next summer or the Brazil experience over Spring Break. That may not seem like a lot of choices but the choices we make can certainly be impactful on the rest of our professional careers. Have you made your choices, yet?

The Value of Education

2008-08-05T16:29:08Z

Three months have past since I started working as a full-time intern at a local accounting firm in north-side. So far I've made 8 trips (a week-long or longer) to GA since then, including one trip to Japan. I am expecting one more trip to Japan (departing US this Friday!) for a fieldwork (testing). This will be my last business trip, and my 1-year internship with this firm will end as I go back to school for a fall semester.

This internship have been quite invaluable to me, not only gaining a real experience as an auditor, but also giving me the opportunities that I could apply a lot of bits and dots that I've learned in class to the real job. I remember someone said something like this; Education that we gain at school is not necessarily helpful in a real life situation. But it has certainly been "a lot" of help to me with this internship. Let me tell you one example I just had today:

I was working on the audit steps related to the "other expenses" cycle. I needed to perform an analysis for the two pension accounts; SERP Pension and Pension Expenses (Defined Benefit Plan). There were work papers provided by the Company showing the actual pension fund amounts and the Company's general ledger prints. When I first looked at these work papers, I immediately recalled the worksheets we've used so many times in A511; Defined Benefit Plan worksheet - showing the general journal entries and the memo indicating the actual fund status. I cannot forget how much work I've done for the pension expense calculation; it was a complicated concept for me to understand at that time. But because I've worked hard in class, it was somewhat easy for me to understand the overall process that the Company did for its pension fund recording, and I could complete the steps without confusion. I do remember that Prof. Hassell said that we may even never encounter the company which uses Defined Benefit Plan - because nowadays the most of the companies are leaning toward Defined Contribution Plan - , and here I did see one real life example!

This is just a small example that I had with my internship. But there have been many, many small situations where I could actually apply the concepts I've learned in class (especially the concepts from the intermediate accounting). Honestly speaking, the intermediate accounting classes were such a pain for me to get through, although, it has been a joy for me to reinforcing what I've leaned through a real life situation. I guess this "is" the value of education!

Summer Break

2008-07-07T19:06:38Z

I don't think I've looked forward to summer break this much since grade school. My summer classes ended on Wednesday evening with the Business Law final and for the first time in more than ten months I've officially whittled my major daily commitments down to, um, work (at least until late next month).

I was a bit surprised to find that summer classes are considerably different than semester classes. First of all, they meet for fewer weeks than semester classes (which is a good thing). However the expectations aren't any less than normal so the class hours are extended and the out of class work and reading is increased. On top of all that, it's summer time and sitting in a classroom a couple of nights a week after a full day of work is not everyone's first choice when the alternatives are grilling out, boating, cycling, etc.

Anyway even though grades aren't posted, classes are complete and so is Year One of the Kelley MBA. It's a good feeling to be this far but we still have a considerable amount to go (676 days for those keeping track).

Though it sounds a bit juvenile for graduate school, I feel prompted to ask the question "what do you have planned for your summer vacation?"

Personally, I'm going to make the most of the break. In a little less than two weeks I'll be taking to the highways of my home state (the ones still intact after the floods) on my road bike with 10,000 of my closest friends for the 36th Annual RAGBRAI, a 471 mile trek across Iowa.

See you in late August!

Summer Internship in Japan

2008-06-15T16:24:49Z

It's been a while since I posted my blog last time. I've been in Japan for two weeks, and came back beg. of this month. Since then, I've made week long trips to Columbus, GA every week. Weekend is the only time I can come home and let my hair down for a while, and then, go back to do some house-keeping things (they are piling up!), and work for my summer class.

The trip to Japan was part of my internship I've been doing since last September. I've been working as an intern for a firm in north-side Indianapolis. This firm does financial examination (kind of auditing) for insurance companies nationwide. One of its clients has a Japan branch, and that's why I was in part of this. We conducted some interviews at Japan, and met some key persons at Financial Management Department. My major task was to assist and help with staff both US side and Japan side, including translation and interpretation.

The Japan branch of the client was located in Shinjuku, Tokyo, in the middle of the business district. Every morning, we walked to the building where its office is located (the office building was only 3 minutes away from the hotel we stayed). Typically, we had one or two meetings (interviews) with different people in a day. I learned how interview should be conducted, what kind of questions need to be asked, and how the overall process goes for the examination, etc. The most important thing I learned was, being bilingual (or understanding two languages) is not enough! You really have to know more than just the language! Knowing language and knowing business is different! I thought I did good amount of prep before going Japan by translating lots of financial/IS documents and by looking some documents that the firm did last examination. But it was certainly not enough. One of the things I could have done before going was reading the client's last year's Annual Statement, and maybe knowing their main products and their features.

I am expecting to visit Japan again in August for the same client, so this time, I should be fully prepared!