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BY SECTORS Hedge Funds Private Equity / VC Investment Banking Retail Asset Management Institutional Securities, Trading Exchange, Market Data, Fin Tech Insurance, Risk Management Commercial / Retail Banking Accounting	GETTING HIRED BY SECTOR Investment Banking » As in any other industry, some trends can be found in investment banking which makes it a unique profession. One of the first characteristics many will realize is that investment banks pay their employees fairly significant performance bonuses in addition to healthy base salaries. » Continued Hedge Funds » In the hedge fund industry in particular, a college education is close to mandatory, and without a concentration in a financial discipline from a top school, it will likely be difficult to get a foot in the door with most funds. » Continued	RANKINGS BY SECTOR Hedge Funds » Top 50 Hedge Funds » Top 25 Hedge Funds - 2011 Private Equity » 10 Most Active VC Firms of 2011 (So Far...) » Private Equity 100: 2005 - 2010 Investment Banking » Worldwide Announced Mid-Market M&A Q1 2011 » Top 10 Worldwide Announced Emerging Markets M&A Q1 2011

GETTING HIRED BY SECTOR Investment Banking » As in any other industry, some trends can be found in investment banking which makes it a unique profession. One of the first characteristics many will realize is that investment banks pay their employees fairly significant performance bonuses in addition to healthy base salaries. » Continued Hedge Funds » In the hedge fund industry in particular, a college education is close to mandatory, and without a concentration in a financial discipline from a top school, it will likely be difficult to get a foot in the door with most funds. » Continued

RANKINGS BY SECTOR Hedge Funds Private Equity Investment Banking

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NEWS AND BLOGS Jefferies Posts $71.6 Million Profi... 5 months 14 hours ago Under New Rules, Goldman Ponders a ... 6 months 5 days ago How to create a branded resume that... Jan 31, 2012	RANKINGS Most Popular Ranking » Private Equity 100 » Top 20 Institutional Securities and Trading Firms – Who’s Working the Most in 2012? » World's Largest Hedge-Fund Firms 2012 » Top 30 Best firms to work for on Wall Street 2012	FINANCIAL GLOSSARY Search our database of more than 8,500 financial terms ...

Accounting

ACCOUNTING OVERVIEW

“You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization.” - Charles Munger

According to the Glossary of Financial terms on Finbox accounting is defined thusly: To provide a record such as funds paid or received for a person or business. Accounting summarizes and submits this information in reports and statements. The reports are intended both for the firm itself and for outside parties.

There are several genres of accounting to account for when speaking on the subject of accounting, and those working within this field are held accountable for a lot…accounting can sometimes be a little repetitive, and incredibly broad. Accounting firms can and do a large array of services which include but are not limited to Auditing, Tax & Regulation, Financial Accounting, Assurance, and Transaction Services.

Auditing according to Finbox, is an unbiased examina ...

ACCOUNTING OVERVIEW

Auditing according to Finbox, is an unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization like a CPA) or externally (by an outside firm like KPMG).

The Sarbanes-Oxley Act of 2002 requires that companies of a certain size conduct internal audits and enact a number of internal checks and balances to make certain there are fewer financial scandals and embezzlement cases. This has lead to a number of new positions for internal auditors. Outside CPAs are also often hired on as consultants by large companies to perform audits, since they have absolutely no connection to the company and can act as neutral, unbiased third parties. Source

Tax & Regulation: “Tax is right at the heart of business, its managing cost, creating value and managing risk. So tax should be viewed as part of the fundamentals of business.” Loughlin Hickey, Global Head of Tax.

Taxation according to investorwords.com are “A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes. Source

If one wants to work in Tax and Regulation this means you will essentially be making sure all company money and transactions are monitored and compliant to keep Johnny Law out of the picture. Paying all the right taxes, at all the right rates, at all the right times.

Financial Accounting: Financial accounting relates to the preparation of financial statements for external users such as creditors, investors, and suppliers. The financial statements include the balance sheet, income statement, and statement of changes in financial position. These statements, including related footnotes, President's letter, management's discussion of operations, etc., appear in the annual report as defined by allbusiness.com. Source

Investopia.com explains that the key difference betweenfinancial and managerial accounting is that financial accounting isaimed at providing information to parties outside the organization, whereas managerial accounting information is aimed at helping managers within the organization make decisions. Source

Assurance:

The American Institute of Certified Public Accountants (AICPA) defines assurance as “Independent Professional Services that improve the quality of information, or its context, for decision makers. ”The information a CPA provides might be financial or non-financial. The most famous assurance service is when accounting firm PricewaterhouseCoopers tallies the ballots for the Oscars ceremony each year. Assurance services are generally not considered consulting because they test the validity of past business cycles rather than offering recommendations for the future.

The Big Four public accounting firms offer assurance services, as do smaller firms. Accounting firms started promoting more assurance services to their clients starting in the late 1990s. Examples of assurance services areas include comprehensive risk assessments and business performance measures. Other services are electronic commerce, systems reliability, elder care services and policy compliance. Accountants who work in assurance generally have at least a bachelor’s degree in accounting, business or a similar field. Since they are public accountants, they also need to pass the CPA exam.

According to the AICPA, “Assurance services is one of the newest, hottest growth areas for CPAs.” The Bureau of Labor Statistics (BLS) expects the employment of accountants and auditors to increase by 18 percent between 2006 and 2016. The BLS says that the median annual wage for accountants and auditors during 2007 was $63,180. Source

Accounting Transaction Services:

Vault.com explains Accounting Transactions well in a small essay they wrote: “Now more than ever, companies must display the savvy and smarts to carry out strategic initiatives in order to achieve and maintain success. Often, these initiatives are met through business transactions such as acquisitions, divestitures and alliances, all of which require meticulous research, planning and management. The companies that do the best job of this will often out source this function to a transaction services group, which oversees and carries out those functions to ensure a successful transaction. Transaction services is a growing sector of the public accounting industry and provides a wealth of opportunities if you are looking for a departure from the traditional tax or audit functions.

As a member of a transaction services team, you would be responsible for a variety of tasks, including researching market trends and regulatory changes, screening acquisition or alliance candidates, providing transaction-oriented accounting, uncovering potential hidden risks or opportunities, negotiating, and documenting and integrating the transaction. The environment might be right for you if you are not afraid of working with a lot of potential risk, as you will be asked to speculate on potential issues and evaluate the risk and price of transactions for major public companies.

If a position in transaction services interests you, you don’t necessarily need an MBA, but you will eventually have to obtain a CPA License. You will likely need to have experience in accounting and auditing, or at least a combination of accounting or auditing and industry experience relevant to the types of companies you will be working with. Additionally, prospective employers will want you to demonstrate proficient knowledge of industry regulations, and of course excellent written and verbal communication skills. Because negotiation and direct communication with organizations will be required, you should expect to travel a fair amount in this role.” Source

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CORPORATE STRUCTURE

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions including computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

There's a lot to get out of a job in accounting. Perhaps most important: you will learn how business works. Accounting jobs offer stimulating and challenging work that is constantly evolving. Because accountants spend a lot of time looking under the hoods of businesses they really learn the nuts and bolts of business. It's no surprise that many successful players in business began their careers in accounting jobs. It's also no surprise that most Chief Financial Officers of large corporations have a ba ...

It's also worth bearing in mind that accountants are in perennial short supply. Accounting jobs are plentiful even in the current weak economy and the money for well trained accountants is good. Taxes, audits, book keeping will always need to be done. With the various financial scandals in recent years, the field has expanded.

To begin your career, your first accounting job will most likely be at a public accounting firm such as Ernst & Young or PriceWaterhouseCoopers. Most people do not make partner at public accounting firms but the experience and training can be excellent. From there, many move on to careers with an accounting focus in business or government.

Over 20,000 join public accounting firms in entry level job seach year. These positions open up primarily to newly minted business graduates, many of whom already had accounting internships in college. Key hiring factors are major in college, communication skills and your grades. A typical starting job will be in auditing of businesses - both large and small. There are, of course, many job options available in this area to those without a four year college degree. Most book keepers have two years of college. Source

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ACCOUNTING PRINCIPLES & STRATEGIES

Financial Accounting is information that must be assembled and reported objectively. Third-parties who must rely on such information have a right to be assured that the data are free from bias and inconsistency, whether deliberate or not. For this reason, financial accounting relies on certain standards or guides that are called "Generally Accepted Accounting Principles" (GAAP).

Principles derive from tradition, such as the concept of matching. In any report of financial statements (audit, compilation, review, etc.), the preparer/auditor must indicate to the reader whether or not the information contained within the statements complies with GAAP.

    * Principle of regularity: Regularity can be defined as conformity to enforced rules and laws.

    * Principle of consistency: This principle states that when a business has once fixed a method for the accounting treatment of an item, it will enter all similar items that follow in exactly the same way.

    * Principle of sincerity: According to this principle, the accounting unit should reflect in good faith the reality of the company's financial status.

    * Principle of the permanence of methods: This principle aims at allowing the coherence and comparison of the financial information published by the company.

    * Principle of non-compensation: One should show the full details of the financial information and not seek to compensate a debt with an asset, a revenue with an expense, etc.

    * Principle of prudence: This principle aims at showing the reality "as is": one should not try to make things look prettier than they are. Typically, a revenue should be recorded only when it is certain and a provision should be entered for an expense which is probable.

    * Principle of continuity: When stating financial information, one should assume that the business will not be interrupted. This principle mitigates the principle of prudence: assets do not have to be accounted at their disposable value, but it is accepted that they are at their historical value (see depreciation and going concern).

    * Principle of periodicity: Each accounting entry should be allocated to a given period, and split accordingly if it covers several periods. If a client pre-pays a subscription (or lease, etc.), the given revenue should be split to the entire time-span and not counted for entirely on the date of the transaction.

    * Principle of Full Disclosure/Materiality: All information and values pertaining to the financial position of a business must be disclosed in the records.

    * Principle of Utmost Good Faith: All the information regarding to the firm should be disclosed to the insurer before the insurance policy is taken.

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Post an Anonymous Salary

The median entry level salary in public accounting in 2009 was$59,000. After four years you can expect to make something approximating$70,000 to $85,000. Accounting salaries are usually similar in the privatesector and slightly lower in government. They tend to higher in major cities.There is huge upside in the Big 4 accounting firms at the top. While not widelypublicized, annual payouts to top partners at PWC, E&Y, Deloitte and KPMGoften run north of $1,000,000.

Recent salary ranges in accounting are: Source

Big 4 Firm

	Overall	Typical Experience
Entry Level	$55,000	$50,000 - 70,000	First year
Junior Staff Accountant	$46,000 - 63,000	$40,000 - 80,000	1-2 years
Senior Staff Accountant	$65,000-95,000	$70,000	3-5 years
Manager	$65-140,000	$85,000	5-7 years
Senior Manager	$72-160,000	$115,000	7 years plus
Partner	$200,000 - 3,000,000	$150,000	10 years plus

EDUCATION:

In the accounting industry it is mandatory that you have a minimum of a bachelor’s degree in accounting, and it has largely been suggested that a focus or study on compliance and regulation is key. Another key component to advance your accounting career is completing your CPA exam. An MBA is generally not required but certainly does not hurt. An MBA can come in handy

Top 10 undergrad schools for accounting:

http://colleges.usnews.rankingsandreviews.com/best-colleges/spec-accounting

Top 10 grad schools for accounting:

http://grad-schools.usnews.rankingsandreviews.com/best-graduate-schools/top-business-schools/accounting

RESEARCHING THE INDUSTRY:

There will always be a need for accountants but knowing what kind of accountant you want to be is the key. Listed in the overview are a few of the different kinds of accounting fields one can get into.

Practice Accountant Interview: Source

1. ...

Comming Soon - a list of the 100 largest accounting firms!

Accounting Rankings

» Top 25 Accounting Firms - 2011

» The 2010 Top 100 Accounting firms

Featured Accounting Company Reports

Post an Anonymous Company Review

KPMG Corporate Finance

New York, NY

Investment Banking

65Contacts 2Salaries 0Jobs 2Reviews

Full Report

Deloitte

New York, NY

Investment Banking, Accounting

19,534Contacts 2,852Salaries 2Jobs 530Reviews

Full Report

Ernst & Young

New York, NY

Investment Banking, Insurance, Risk Management, Accounting

23Contacts 1,364Salaries 0Jobs 351Reviews

Full Report

PriceWaterhouseCoopers

New York, NY

Investment Banking, Institutional Securities, Trading, Exchange, Market Data, Fin Tech, Insurance, Risk Management, Accounting

31Contacts 6Salaries 0Jobs 535Reviews

Full Report

Accounting News

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Downgrade Q&A: Is AA+ So Bad?

August 07, 2011

Source: Source

By Mark Gongloff Q: What’s the difference between AAA and AA+? That doesn’t sound so bad. A: It’s not so bad — and there’s not much difference. Technically, AA+ is considered “high grade” credit, while AAA is “prime.” The li ...

Women Break Down Barriers in Mideast Finance

June 28, 2011

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BY CHRIS V. NICHOLSON Hoda Abou-Jamra still remembers the meeting when potential investors for her private equity fund thought she was the secretary. “I would ask a question, and they would answer to the man next to me. I would answer their q ...

Employees Become Front Line in Cybersecurity Fight

June 23, 2011

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If your company gets hacked, it may very well be your fault, and if your bank account gets broken into by digital thieves, you might be to blame too. The question, though, is whether you'll ever actually be punished for your transgressions. D ...

The Financial Sector Keeps Shrinking

June 09, 2011

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By Michael J. Moore Financial firms are becoming a smaller part of the U.S. economy as they deal with a past that won't go away and a future of lower revenue and fewer jobs. Persistent low interest rates and stagnant loan growth are shrinking inte ...

The 39 Most Influential People In The Financial Markets

June 06, 2011

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Here's our list of the 39 most influential people in the finacial markets. 1. Ben Bernanke - Chairman of the US Federal Reserve2. Tim Geithner - US Treasury Secretary3. Jean-Claude Trichet - President of the European Central Bank4. Zhou Xiaochua ...

Advocates and Bankers Join to Fight Loan Rules

June 02, 2011

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The weight of the mortgage crisis fell heavily on lower-income and minority communities, where first-time home buyers often fell victim to the predatory lending practices that resulted in an explosion of defaults and foreclosures. That left consum ...

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