international financial reporting career success factors
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International Financial Reporting Career Success Factors. Greg Jonas Boston College April 22, 2014. Caveat. The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff. Two types of factors. Technical. Career. - PowerPoint PPT PresentationTRANSCRIPT
International Financial ReportingCareer Success Factors
1Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83
Greg JonasBoston CollegeApril 22, 2014
Caveat
The views expressed are my own views and do not necessarily reflect the views of the Board, its members, or other staff.
2
Two types of factors
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 3
Technical Career
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 4
Know your stuff
Technical success factors
TechnicalSkills
Reporting
Economics
Incentives
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 5
Know your stuff
Technical success factors
Have ideas
Ideas = value
Bad form: what now boss?
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 6
Know your stuff
Technical success factors
Have ideas
Think strategically
Detail is important but dangerous.Don’t get lost in it!
Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
Sound judgment?
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 8
?
Insightful
Savvy ProvenRight
AvoidsMistakes
ForwardLooking
Reasoned View
Use Judgment Framework, when it really matters
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 9
Rationale Alternatives
Evidence Proof Facts
Smart Money
Persuasive
Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
Consider many sources
Use many sources for insight…
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 11
Reporting Economics Incentives
10-K
TransactionDocuments
Staff CommentLetters
Firm Pubs
Authoritative Proxy
S Forms
10-Q
Contracts
Sell-Side Research
Rating Agency ReportsGovernment Reports
Business Press
Know your stuff
Technical success factors
Have ideas
Think strategically
Use sound judgment
Consider many sources
Keep a global perspective
Two types of factors
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 13
Technical Career
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 14
Be a team player
Career success factors
Team > Self
Play to strengths
Shore-up weaknesses
Carry your weight
Consult
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 15
Be a team player
Career suggestions
Don’t be a fool in poker
Illusion!Worldly!
Skepticism!Incentives!
Economics!Requirements!
Professional skepticism
What it is… Questioning mindset Critical assessment Driven by evidence Neutral outcome
What it is not… Pleasing mindset Confirming assessment Selection bias Hoped for outcome
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 16
Beware of Impediments!• Excessive time pressure• Fatigue• Little incentive to find bad news• Client service = yes
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 17
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Top downDon’t bury lead
PointsPictures
Simple language
Concise
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 18
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Create
50%
Sell
50%
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 19
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
3 minutes!
Practice!Few second chances!
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 20
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
InfluentialCritic
AdvocateCoach
Time
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 21
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 22
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 23
Be a team player
Career success factors
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
Grow your asset
Confidential Treatment Requested by PCAOB Pursuant to 17 C.F.R. 200.83 24