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Thoughts on Networking

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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. 

CPA Exam Prep and Stuff...

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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...

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!

Learning about myself...

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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?

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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?

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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)?

The Value of Education

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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 Internship in Japan

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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!

Get Connected!

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On Monday, I attended a meeting of the Accounting Club.  The topic was about the accounting recruiting cycle and how to get an internship or a permanent job.  The information was beneficial very much to me, and I was kind of shocked that I missed information like this, when I was an undergrad student looking for a new job.   

I didn't know about the Accounting Club until recently.  There was a Dinner Etiquette event held by CPO a few weeks ago, and it was when I got to know about this club.  I sat a same table with Jessica, who is an accounting major student and also a representative of the Club. She talked a bit about the club at that time.     
 
At the etiquette dinner, the guests of our table were representatives from a CPA firm, S&H.  I was excited about having a table with them.  There was a reason for that.  Last summer, just after I enrolled MPA (at that time) program, I attended a local toastmasters meeting as a guest, and met a lady who recently graduated from IUPUI MPA program.  She was working for S&H.  What made this incidental acquaintance with this lady memorable to me was, as soon as I said to her that I just enrolled MPA, she immediately brought up a name of an accounting professor who's been teaching classes in the MPA program.  She told me how wonderful this professor was, and I felt that I should take his class ASAP and find out how true that is.  I also wanted to ask about the firm for which she was working, but the chance was missed.  The toastmasters meeting started. I could barely get her business card, and I hadn't made any move on that since then. On the day of dinner event, I was able to sit with the representatives of this firm, and could ask what I wanted to ask almost a year earlier.  

Now, let me quickly review what I had: A lady at toastmasters meeting left me two names, a name of the firm for which she was working and a name of an accounting professor at IUPUI.  I soon afterword took one of his classes, and I felt that it was one of the most exciting classes I've ever taken (Ok, let me be honest here.  I have two classes so far that I most enjoyed.  Those were F402: Corporate Finance Strategy/Governance, taught by Prof. S, and A515: Federal Income Taxation taught by Dr. K). 

Going back to my quick review: I attended the dinner event and met S&H representatives.  I met Jessica at the dinner, and learned about the Accounting Club.  The club meeting was beneficial, and I was thankful that I could attend.  One another thing: at the meeting, I met an accounting graduate student.  She is from China.  We exchanged contact info, so we may keep in touch.  I realized how interconnected people can be across situations, and how easy it is to start networking.  

A little thing that I keep in mind when I do my small networking effort is that I keep the things going forward.  I pass the information to the next person (or simply anyone), hoping someone at the end of this network-web may be feeling "I got connected!".

Making the Magic Happen

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Since I started my graduate school work last fall, I've taken the courses of taxation, financial accounting, and business law.  I particularly enjoyed tax courses, since they are so practical that I can immediately take advantage of the knowledge and information I got (I love saving money on taxes just like everyone else!).  "Estate and Gift Taxation and Income Taxation of Estates and Trust" was another class that gave me useful information.  I was aware some of the disadvantages of not being a US citizen and keeping my status as a permanent resident.  The quickest example of such disadvantage is the right to vote.  I, as a permanent resident, obviously have no rights to vote.  From this estate and trust course, I learned that disadvantages exist in the area of taxation, too.  The course taught me the importance of being proactive as to estate planning.  Maybe I should think twice what I want to do about my nationality. 

As the spring semester is almost half over, it's time to pick classes for summer and fall.  Believe it or not, the day of my graduation will come quickly, and I will soon start working full-time.  But, before that happens, there is still plenty of stuff that has to be done.  Choosing the right classes, keeping up with the classes, researching for my career, networking, studying for CPA exams, passing the exams, and so forth...  I am still not sure, after a couple of major career changes and years of education (and for that matter, it's still ongoing), whether I will be able to finally get "my dream job".  Or does such thing really exist?  Or do I deserve to earn it?  

Someone said to me that we all are doing soul searching no matter what we are looking for.  She said that all the efforts you've made (and speaking myself, I am still making) will someday get you where you feel it's a good fit for you.  It may not be something you dreamed of, or even thought of.  That's fine.  Satisfaction comes in a variety of ways, and it can change over time.  While worrying about what will happen later, I just do what I can do now, and enjoy my endeavor.  The important thing is having fun while doing.  I know that's the key to making the magic happen. 

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