Beyond Balance Sheets

Why Baruch Accounting Majors Add Value to Your Company

While accounting has always played an important role in a company’s operations, lately it has been in the spotlight. The well-publicized cases of Andersen, Enron, and other outfits underscored the need for experienced, well-qualified professionals – both internal and external – who have a solid background in the field. The passage of Sarbanes-Oxley only increased this demand; with compliance becoming a high-profile function, more and more companies now look favorably on resumes with accounting experience, even for positions historically filled by finance majors. In this environment, Baruch accounting students are uniquely qualified to hit the ground running.

“There is a demand for students trained to conduct the external financial audits of companies, to prepare and generate statements according to the rules,” says Steven B. Lilien, Weinstein Professor of Accountancy at Baruch. “It has been heightened in light of the regulatory events we’ve seen in the last several years. While our students are still versed in financial accounting and the various regulatory considerations, we recognize that there are changes in the skill sets companies need. And we’re serious about responding to the changes in the marketplace.”

Lilien notes that as a result, Baruch students are trained not only in the regulations surrounding financial statements but also in how the numbers are put into place – the reporting systems and controls for getting the right numbers into those statements. “There are groups within companies that are looking at management’s responsibilities and internal controls, and then there are external auditors reporting on those controls,” he says. “We’re also preparing our students for looking into reporting cycles and control systems for preparing financial reports – and for interacting with people who audit the information systems.”

Within companies, internal audit functions are growing dramatically, Lilien adds. “That not only encompasses controls of financial reporting but also controls and regulations assessing risk and operational efficiency. So we’re producing students who can do these things.”

Kevin Feehan, vice president and staffing manager at Lehman Brothers, finds that Baruch MBAs with accounting backgrounds have been very helpful in his company’s CFO organization. “At Lehman, we’ve always liked students with an accountancy background, but as with other companies, the visibility of our CFO organization is increasing. It’s even more important that we bring in employees with those skills, so we are focusing heavily on hiring CPAs and accounting majors,” says Feehan. “The quality of Baruch accountancy candidates is very high. They have had internships and work experience, so they have extensive industry knowledge, which is very helpful. They also have a clear understanding of what the position is – it may be at Lehman, but it’s not investment banking -- and it’s what they want to do. We’ve been very pleased with our hires from Baruch.”