I must apologize for taking the recruiting slogan of one of the Big 4 accounting firms. This post will discuss the qualities that are in demand in the audit profession. A later post following this one will focus on interests and personality fit.
What employers look for in a candidate (The following qualities can apply to all types of professions, but I have also put them in context with the profession):
Attention to detail - You go through stacks of working paper everyday. Sometimes, it is the ability to spot small inconsistencies that lead to a discovery of big errors.
Analytical skills - is not the ability to be able to perform complex mathematical calculations. It is the skill in critically analyzing whether a process or calculation is logical. It is the ability to critique the accuracy of calculations and other people's analysis. Alertness to errors is reduced when one is evaluating an analysis rather than perform the analysis him/herself for the first time, especially under stressful or tiring situations.
Problem solving - this is the ability to generate your own procedures or satisfy an objective when new issues arise (which have not been addressed in prior year files). It is also the ability to identify the source of information. Knowing where to find the right information is an important (and a developed) ability of an auditor.
Team-player - if you are not good in working with others, don't bother to look into this profession. There are very few audits that involve a one-man team. 2 to 3 years into your career, you might be asked to lead fellow colleagues into an audit. Patience is key in the role. You can easily spend 30-50% of your time helping out your juniors or answering answers. This leaves you with little time to do your own work. Therefore, time- and project- management skills are important.
Communication - both written and spoken. Strong written skills in this field means following proper working paper formats, being able to express your procedures and conclusions in a short, objective and precise manner. Spoken communication is more important. A big part of it relates to client interaction skills. We are inherently put in an unfavorable position as our job is to uncover the client's mistakes. Our existence also impede's the client's productivity. It is 100% understandable that the client employees hate auditors. It is up to your attitude and your relationship management skills to reduce the tension between the two parties. Remember, partners and managers spend years to nurture a working relationship with the client. You do not want to be the one to add a blemish to this relationship.
Thursday, June 24, 2010
Tuesday, June 8, 2010
Year-end Performance ratings
The recent stir in large accounting firms is that the year-end managers' consensus meeting is just around the corner. In most of the Big 4, these meetings are held annually by managers. In this meeting, managers will discuss the performance and growth of each staff and senior and will determine a rating for each of them.
There has been much speculation among the staff and seniors about who will get what rating, who will get double-promoted, etc etc. In my opinion, seniority play a bigger role than it should in terms of promotions. It is in fact very common to see some Staff 1s outperform some Staff 2s and certain members in the Staff levels outperform those in the senior levels. The harsh reality of life is: your relationship with the higher-ups have a significant role in defining your performance rating.
You may see two Staff: one performing over expectations, but does not spend any effort in developing relationships with his colleagues (specifically managers); the other staff performing poorly, but has maintained a positive impression amongst managers and seniors. It will not be surprising to see them both getting the same rating. The over-performing individual would probably be disgruntled, considering the greater amount of time and effort put in to make a bigger contribution to the firm.
I am not saying that one should forget about his/her work ethics in an attempt in becoming a social butterfly in the office, but relationships should not be taken lightly. Being able to please and impress is just as important after securing a job as it is during the job-search phase. There is a saying: "it is not what you know that matters, but who you know." Despite down-playing the significance of actual productivity, this saying has some validity as it correctly emphasizes the importance of relationships and networks.
There has been much speculation among the staff and seniors about who will get what rating, who will get double-promoted, etc etc. In my opinion, seniority play a bigger role than it should in terms of promotions. It is in fact very common to see some Staff 1s outperform some Staff 2s and certain members in the Staff levels outperform those in the senior levels. The harsh reality of life is: your relationship with the higher-ups have a significant role in defining your performance rating.
You may see two Staff: one performing over expectations, but does not spend any effort in developing relationships with his colleagues (specifically managers); the other staff performing poorly, but has maintained a positive impression amongst managers and seniors. It will not be surprising to see them both getting the same rating. The over-performing individual would probably be disgruntled, considering the greater amount of time and effort put in to make a bigger contribution to the firm.
I am not saying that one should forget about his/her work ethics in an attempt in becoming a social butterfly in the office, but relationships should not be taken lightly. Being able to please and impress is just as important after securing a job as it is during the job-search phase. There is a saying: "it is not what you know that matters, but who you know." Despite down-playing the significance of actual productivity, this saying has some validity as it correctly emphasizes the importance of relationships and networks.
Subscribe to:
Posts (Atom)