United States General Accounting Office

GAO Report to Congressional Requesters

January 1998 FINANCIAL

MANAGEMENT

Profile of Financial

Personnel in Large

Private Sector

Corporations and State

Governments

GAO/AIMD-98-34

GAO United States

General Accounting Office

Washington, D.C. 20548

Accounting and Information

Management Division

B-273002 

January 2, 1998

Congressional Requesters

Well qualified financial management personnel are essential to the federal

government’s ability to manage its affairs effectively and provide accurate

and useful information to the Congress and executive branch managers.

With the passage of legislation such as the Chief Financial Officers Act, the

Government Management Reform Act, and the Government Performance

and Results Act, federal agency financial personnel are in the initial stages

of establishing the systems and strengthening the accountability structures

needed to prepare their first auditable financial statements and are

increasingly expected to implement more businesslike accounting and

management practices. In contrast, financial management personnel with

private corporations and state governments have considerable experience

in operating the systems and practices necessary to produce audited

consolidated financial statements to report on those activities for which

their organizations are accountable to their stockholders and taxpayers,

respectively.

As the federal government strives to improve its financial management

operations, it may be able to draw upon the expertise and experience of

the private sector and state governments. Consequently, you asked us to

survey the qualifications of key financial management personnel at

Fortune 100 companies and state governments. This information can help

provide a frame of reference for federal departments and agencies to

consider as part of their efforts to strengthen the qualifications of federal

financial management personnel. In this regard, we are issuing a series of

reports describing the background and training of key financial

management personnel in the Department of Defense.1

 The final report in

this series will compare the profile information on these personnel to that

of their Fortune 100 and state government counterparts.

About the Study This report presents the results of our survey of the background and

training of key financial management personnel at 34 of the largest private

corporations and 19 of the largest state governments in the United States.

We asked surveyed organizations for information on the education, work

experience, training, and professional certifications of their key financial

management personnel—chief financial officers (CFO), controllers, and

1

The other reports in the series are Financial Management: Profile of DOD Comptroller/CFO Financial

Managers (GAO/AIMD-97-97, June 27, 1997) and Financial Management: Profile of Air Force Financial

Managers (GAO/AIMD-98-4, November 28, 1997).

Page 1 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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managers and supervisors—working in financial reporting, financial

analysis, and accounting operations positions. In addition, we asked for

information on training and qualification requirements for these personnel.

Overall, our survey results provide information on about 4,900 private

sector and state government financial management personnel.

Results in Brief While a majority of Fortune 100 and state government financial

management personnel held undergraduate degrees in accounting or other

business fields, personnel in CFO and controller positions were more likely

to also hold advanced degrees. In both sectors, managers and supervisors

of financial analysis were more likely to hold advanced degrees than their

counterparts in financial reporting and accounting operations. In the

Fortune 100 companies, the most common advanced degree was a Master

of Business Administration (MBA). In the state governments, MBAs and

other master’s degrees were both prevalent.

Accounting, auditing, and systems experience of financial management

personnel averaged about 14 years for Fortune 100 companies and about

20 years for state government organizations. For each sector, the majority

of the work experience was in corporate or governmental accounting and

finance, respectively. Combined experience in public accounting, internal

auditing, and accounting systems design and maintenance averaged 2.5

years for the Fortune 100 respondents and about 4 years for state

government respondents. These fields often provide personnel with a

broad base of experience with accounting, and other organizationwide

issues.

Continuing professional education (CPE) training was encouraged in

Fortune 100 and state government organizations responding to our survey.

On average, Fortune 100 and state government financial management

personnel completed about 26 and 31 hours of training, respectively, in

1996. Respondents from both groups received the majority of their training

in technical accounting subjects. About 70 percent of Fortune 100

respondents and 45 percent of state government respondents set aside

from 1 to 2 percent of their budgets for financial management staff salaries

and benefits to train these staff each year.

As for professional certifications, over 40 percent of the Fortune 100 and

about 30 percent of state controllers and managers and supervisors of

financial reporting were certified public accountants (CPA). In addition,

Page 2 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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about 10 percent of state government personnel—across positions—were

certified government financial managers (CGFM).

Background Qualified personnel can play a variety of important roles in establishing

and maintaining a strong, successful financial management organization.

Specifically, qualified personnel can

• provide leadership in the efficient use of an organization’s financial

resources by promoting effective general and financial management

practices;

• serve as an integral part of an organization’s decision-making by providing

timely and reliable financial and performance information and by

analyzing the implications of this information for the organization’s goals

and objectives; and

• help ensure that the organization’s assets are safeguarded from fraud,

waste, and abuse by improving its accounting systems and internal

controls.

While the accounting profession has focused on the first and last roles for

many years, a number of studies indicate that financial personnel are

increasingly being asked to take on the second of their potential roles, that

of a “business partner” in organizational decision-making.

The Expected Role of

Accountants Is Evolving

In the past, the accounting function was paper-driven, human resource

intensive, and clerical in nature. In many organizations today, recent

advances in information technology, as well as competitive pressures and

corporate restructuring, have combined to dramatically change the

accounting function from a clerical to an analytical and consultative focus.

According to a 1996 report by the Institute of Management Accountants

(IMA),2

 the management accounting profession has been in transition for

the past 5 to 10 years.3

 The study found that management accountants are

increasingly being asked to supplement their traditional accounting role

with more financial analysis and management consulting. Specifically, the

IMA study reported that accountant work activities most critical to

2

The IMA was established in 1919. It has approximately 80,000 members and is dedicated to advancing

management accounting and financial management. The Institute administers the Certified

Management Accountant and Certified in Financial Management programs and offers continuing

professional education and corporate training programs.

3

The Practice Analysis of Management Accounting, Institute of Management Accountants (Montvale,

New Jersey: 1996).

Page 3 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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company success now include not only traditional financial management

skills—those associated with accounting systems and financial

reporting—but also strategic planning, internal consulting, and short-term

budgeting processes. The IMA study characterized this change as a 

“. . . shift from number cruncher and corporate cop to decision-support

specialist.” A recent study by a major public accounting firm also

underscored the need for financial management personnel to have

financial expertise, augmented by interpersonal and communication skills,

an enterprise perspective, initiative, and overall organizational savvy.4

These evolving expectations for accountants parallel a similar movement

in the auditing profession. As a result of technological innovations,

coupled with complex business structures and other economic forces,

auditors are being asked to provide a wide range of services that go

beyond the traditional audit of historical financial statements, such as

management consulting services. Auditors are increasingly being asked to

be substantially more involved with the functioning of business systems

than just attesting to the reliability of reported financial data.5

Recent Legislative Focus

on Financial Management

Improvement

Major change is also underway in the federal financial management arena.

The Congress has taken various steps to help ensure that federal agencies

improve their financial management. One of the key pieces of legislation

was the Chief Financial Officers Act of 1990. The CFO Act spelled out an

ambitious agenda for financial management reform, including

expectations for the (1) deployment of modern systems to replace existing

antiquated, often manual, processes, (2) development of better

performance and cost measures, and (3) design of results-oriented reports

on the government’s financial condition and operating performance by

integrating budget, accounting, and program information. The Government

Management Reform Act of 1994 expanded and made permanent the

requirement in the CFO Act for audited financial statements to the 24

largest federal departments and agencies and mandated annual audited

governmentwide financial statements.

The CFO Act also established chief financial officers throughout

government to provide needed leadership. One of the key responsibilities

assigned to agency CFOs is overseeing the recruitment, selection, and

4

Reinventing the CFO: Moving from Financial Management to Strategic Management, Coopers and

Lybrand, New York, New York: 1997.

5

The Accounting Profession: Major Issues: Progress and Concerns (GAO/AIMD-96-98, September 24,

1996).

Page 4 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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training of personnel to carry out agency financial management functions.

The development of highly qualified financial managers will be crucial to

successfully implementing the CFO Act. We have reported many instances

in which the federal government’s ability to produce accurate financial

data was undermined simply because personnel with financial

management responsibilities did not follow rudimentary policies and

procedures, such as accurate transaction processing and routine account

reconciliations.6

Further, the requirements of the Government Performance and Results Act

of 1993 call for federal managers to fundamentally shift their focus from a

preoccupation with rigid adherence to prescribed processes to assessing

the extent to which federal programs have achieved desired outcomes and

results. Accordingly, agency financial personnel are increasingly being

asked to draw on new sets of skills to produce cost and other

performance-based financial data. Such data are essential if congressional

and executive branch decisionmakers are to make well-informed decisions

on the relative efficiency and effectiveness of federal programs.

While these financial management improvement efforts may be new to

many financial personnel in the federal government, similar requirements

have been in place for personnel in the private sector and in state

governments for many years. The disciplined process required to generate

reliable, accurate financial data has been in place in the private sector for

over 60 years following the 1929 stock market crash, and in state

governments since the early 1980s. The financial personnel in these

organizations have also had extensive experience in developing and

implementing meaningful financial performance measures.

Objectives, Scope,

and Methodology

The objectives for this report were to identify (1) the background and

training profiles of key financial management personnel working at large

private sector corporations and state governments and (2) the

qualification requirements applicable to personnel in these positions. To

accomplish these objectives, we surveyed the organizations closest in size

and complexity to federal agencies. Accordingly, we requested

information on the qualifications of key financial management personnel

6

See High Risk Series: Defense Financial Management (GAO/HR-97-3, February 1997); Financial Audit:

Examination of IRS’ Fiscal Year 1995 Financial Statements (GAO/AIMD-96-101, July 11, 1996);

Financial Management: Continued Momentum Essential to Achieve CFO Act Goals

(GAO/T-AIMD-96-10, December 14, 1995); and Transition Series: Financial Management Issues

(GAO/OGC-93-4TR, December 1992).

Page 5 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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in the 100 largest private corporations in the United States,7 commonly

referred to as the “Fortune 100,” and the 25 largest state governments.8

To collect profile information on key corporate and state financial

management personnel, we designed a questionnaire which was sent to

Fortune 100 and selected state CFO/controller offices and their five largest

divisions or departments. The design of the questionnaire used in our

study was based on a framework for measuring the quality of the federal

workforce presented in a previous GAO report.9

 That framework identified

education, work experience, training, and professional certifications as

quantifiable factors for assessing the qualifications of federal government

personnel.

In using this framework, we asked surveyed organizations for information

on the education, work experience, and professional certifications of their

key financial management personnel: chief financial officers, controllers,

and managers and supervisors working in financial reporting, financial

analysis, and accounting operations positions.10 We also asked for

information on training and qualification requirements for the above

mentioned managers and supervisors.

To help ensure that the questionnaire was clear and that the respondents’

information would be most relevant to the federal CFO community, we

obtained comments from a variety of interested parties and pretested the

questionnaire. Specifically, we requested and incorporated, as appropriate,

comments on our questionnaire received from representatives of the

Private Sector Council;11 the National Association of State Auditors,

7

We determined corporate size based on 1995 revenues as reported in the April 29, 1996, Fortune—the

latest available issue at the time of our survey.

8

We determined state government size based on revenues received in 1993—the latest available

information at the time of our survey—reported in the Statistical Abstract of the United States 1995:

The National Data Book, U.S. Department of Commerce, Economics and Statistics Administration,

Bureau of the Census, p. 308.

9

Federal Workforce: A Framework for Studying Its Quality Over Time (GAO/PEMD-88-27, August 4,

1988).

10We provided the surveyed Fortune 100 and state government organizations with definitions of each

position listed and asked that they provide responses for financial management personnel in these

positions. Accordingly, this report refers to the personnel by these position titles, even though the

actual titles used by the organizations may differ.

11The Private Sector Council, founded in 1983, is a nonprofit organization dedicated to assisting the

federal government in improving its efficiency, productivity, and management through a cooperative

effort of the public and private sectors. The Council is privately funded by member companies

representing the nation’s largest corporations, private businesses, and associations.

Page 6 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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Comptrollers, and Treasurers;12 and the federal CFO Council Human

Resources Committee.13 In addition, an academic consultant from the

University of Denver School of Accountancy with expertise in this area

reviewed the questionnaire and provided comments. The survey

instrument was also pretested at one Fortune 100 company and two state

governments. The pretests were conducted through interviews to observe

respondents as they completed the questionnaire and to debrief them

immediately afterward. On the basis of the advisors’ comments and

pretesting results, the questionnaire was revised. Appendix III provides a

copy of the final survey instrument.

Responses were received from 34 Fortune 100 companies and from 19 of

the 25 largest state governments. The 34 Fortune 100 companies from

which we received responses represent all major industry groupings

except agriculture. Ten of the companies were finance, insurance, or real

estate companies, such as BankAmerica Corporation, Citibank, and the

Metropolitan Life Insurance Company. Fifteen manufacturing and mining

companies responded to our survey, including the Lockheed Martin

Corporation, the Hewlett-Packard Company, AlliedSignal, and the Mobil

Corporation. We also received responses from nine transportation,

communication, and wholesale/retail trade companies, including AT&T,

MCI Communications, United Airlines, and SuperValu. The 1995 revenues

of the Fortune 100 respondents ranged from $12.7 billion to $79.6 billion.14

Appendix I lists the Fortune 100 companies, divisions, and subsidiaries

responding to our survey.

State government comptroller offices and operational departments

responding to our survey were located throughout the country and

included responses from an average of over four of the major

organizations within each of the states responding, ranging from one to six

per state, and also included the largest states. For example, we received

responses from California, Florida, Illinois, Michigan, New York, Virginia,

12The National Association of State Auditors, Comptrollers, and Treasurers (NASACT), founded in

1915, works to ensure that government fiscal and financial management is effective, efficient, and

professional. Its membership is comprised of statewide elected and duly appointed top fiscal and

financial state officials having the positions of auditor, comptroller, and treasurer. NASACT staff serve

as a technical, educational, and programming resource for its members. NASACT is involved in

research, sponsoring technical conferences, and providing seminars to government officials in the

United States and overseas.

13The members of the Chief Financial Officers Council—the CFOs and Deputy CFOs of the largest

federal agencies and senior officials at OMB and Treasury—work collaboratively to improve financial

management in the federal government. The Council members created the Human Resources

Committee to improve the recruitment, retention, performance and training of financial management

personnel within the federal government.

14As listed in Fortune, April 29, 1996, Vol. 133, No. 8, pp. F-1-F-3.

Page 7 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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and Washington. The revenues of the state government respondents

ranged from $10.8 billion to $108.2 billion. The state government

comptroller offices and other departments that responded to our survey

are listed in appendix II.

We did not verify the accuracy of the information provided by the Fortune

100 and state government respondents. However, we provided a draft of

this report to the parties commenting on the initial survey instrument and

have incorporated their comments as appropriate. We conducted our work

from June 1996 through December 1997 in accordance with generally

accepted government auditing standards.

Profile of Survey

Respondents

Overall, the survey respondents provided information on 4,930 financial

management personnel: 3,621 (73 percent) in Fortune 100 companies and

1,309 (27 percent) in state governments. Table 1 shows the positions held

by the financial management personnel about whom information was

provided.

Table 1: Positions Held by Financial

Management Personnel in Fortune 100

Companies and State Governments

Surveyed

Number of employees about whom

information was provided

Positiona Fortune 100

State

government Total

Chief financial officer 79 83 162

Controller 92 99 191

Manager of financial reporting 328 111 439

Manager of financial analysis 595 133 728

Manager of accounting operations 549 182 731

Supervisor of financial reporting 389 169 558

Supervisor of financial analysis 951 218 1,169

Supervisor of accounting operations 638 314 952

Total 3,621 1,309 4,930

aNot all respondents reported personnel for each category. For example, some respondents

combined their managers into one category, rather than reporting them separately as managers

of either financial reporting, financial analysis, or accounting operations.

The Fortune 100 personnel about whom information was provided worked

in 1 of 34 corporate offices or 54 corporate divisions or subsidiaries, as

listed in appendix I. The state government personnel about whom

Page 8 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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information was provided worked in 1 of 18 state comptroller offices (or

the equivalent) or 67 operational departments, as listed in appendix II.

Formal Education The following sections present information on the educational

backgrounds and related education requirements for key financial

management personnel at the Fortune 100 companies and state

governments responding to our survey.

Education

Attained—Fortune 100

Companies

In the Fortune 100 companies, more than 90 percent of financial

management personnel held undergraduate degrees, with about 75 percent

holding either accounting or other business degrees.15 Accounting degrees

were more commonly held by managers and supervisors of financial

reporting and accounting operations. CFOs, controllers, and managers and

supervisors of financial analysis commonly held either accounting or other

business degrees. Senior executives were more likely than managers and

supervisors to hold nonbusiness degrees. Figure 1 shows, by position, the

undergraduate degrees attained by Fortune 100 financial management

personnel.

15Some respondents reported the total number of personnel holding bachelor’s and advanced degrees

but did not provide information on degree majors. Education attainments of these personnel are not

included in the following charts which report, by major, the percent of personnel holding bachelor’s

and advanced degrees.

Page 9 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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Figure 1: Undergraduate Degrees Held

by Fortune 100 Personnel Percent with undergraduate degree

0

10

20

30

40

50

60

70

80

90

100

Chief financial officers (79)

Controllers (92)

Managers of financial reporting (328)

Managers of financial analysis (595)

Managers of accounting operations (549)

Supervisors of financial reporting (389)

Supervisors of

financial analysis (951)

Supervisors of accounting operations (638)

Position

Nonbusiness degree

Other business degree

Accounting degree

Note: Includes only personnel who held a degree and provided information on the degree major.

Some personnel held more than one degree.

Overall, about 40 percent of the Fortune 100 personnel held advanced

degrees. The percentage of personnel with advanced degrees ranged from

over 60 percent of CFOs and controllers to about 24 percent of supervisors

of accounting operations. For example, about 39 percent of the Fortune

100 managers of accounting operations held advanced degrees. In

addition, managers and supervisors of financial analysis were more likely

to hold an advanced degree than were other managers and supervisors. In

the Fortune 100 companies, the majority of advanced degrees held were

Page 10 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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MBAs. Figure 2 shows, by position, the advanced degrees attained by

Fortune 100 financial management personnel.

Figure 2: Advanced Degrees Held by

Fortune 100 Personnel Percent with advanced degree

0

10

20

30

40

50

60

70

80

90

100

Chief financial officers (79)

Controllers (92)

Managers of financial reporting (328)

Managers of financial analysis (595)

Managers of accounting operations (549)

Supervisors of financial reporting (389)

Supervisors of

financial analysis (951)

Supervisors of accounting operations (638)

Position

Other degree

Accounting degree

MBA

Note: Includes only personnel who held a degree and provided information on the degree major.

Some personnel held more than one degree.

Education

Requirements—Fortune

100 Companies

Almost 60 percent of Fortune 100 respondents required bachelor’s

degrees—in either accounting or another business field—for manager and

supervisor positions in financial reporting, financial analysis, and

accounting operations. For example, about 45 percent of the respondents

required their managers of financial reporting to have accounting degrees

and another 23 percent required such managers to have either accounting

Page 11 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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or other business degrees. About 34 percent of the respondents required

their managers of accounting operations to have accounting degrees, and

another 20 percent required such managers to have either accounting or

other business degrees. In addition, several of the organizations without

any formal bachelor’s degree requirements for their financial management

personnel said that they preferred hiring personnel with bachelor’s

degrees for these positions.

In some cases, Fortune 100 organizations required advanced degrees for

their managerial and supervisory financial management positions. Overall,

about 12 percent of the respondents required advanced degrees, most

commonly MBAs, for the financial management positions examined. For

example, 11 percent of respondents required managers of financial

reporting and accounting operations to have advanced degrees, while

about 19 percent of respondents required their managers of financial

analysis to have advanced degrees. Further, 18 respondents added that

advanced degrees, while not formally required, were preferred for these

positions.

Also, 43 Fortune 100 respondents said that they had recently upgraded or

planned to upgrade their education requirements. For example, one

Fortune 100 respondent had established a new requirement that all its

financial management personnel have CPAs and MBAs or other advanced

financial degrees. Another respondent told us that it recently had

established a policy encouraging its financial management personnel to

obtain advanced degrees and professional certifications because of the

increased knowledge they had to possess to report the organization’s

financial results in accordance with generally accepted accounting

principles and because of the sophisticated nature of its business,

including diverse products and markets. Yet another respondent indicated

that its vision for upgrading the qualifications of its financial personnel

focused on building broader business awareness and related analytic

skills.

Education Attained—State

Organizations

On average, about 78 percent of the state government financial

management personnel held bachelor’s degrees. The percentage of

personnel holding bachelor’s degrees varied by position, ranging from

about 96 percent of CFOs and controllers to 58 percent of supervisors of

accounting operations.16 Depending on the position, from 50 to 80 percent

of personnel held either accounting or other business degrees. CFOs were

16Some respondents held more than one advanced degree.

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more likely than controllers, managers, and supervisors to hold

nonbusiness degrees. About one-third of the CFOs held nonbusiness

degrees. Figure 3 shows, by position, the undergraduate degrees attained

by state government personnel.

Figure 3: Undergraduate Degrees Held

by State Government Personnel Percent with undergraduate degree

0

10

20

30

40

50

60

70

80

90

100

Chief financial officers (83)

Controllers (99)

Managers of financial reporting (111)

Managers of financial analysis (133)

Managers of accounting operations (182)

Supervisors of financial reporting (169)

Supervisors of

financial analysis (218)

Supervisors of accounting operations (314)

Position

Nonbusiness degree

Other business degree

Accounting degree

Note: Includes only personnel who held a degree and provided information on the degree major.

Some personnel held more than one degree.

About 16 percent of the financial management personnel working for state

government respondents held advanced degrees. The percentage of

Page 13 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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personnel with advanced degrees ranged from about 41 percent of CFOs to

about 6 percent of supervisors of accounting operations.17 For instance,

about 11 percent of managers of accounting operations held advanced

degrees. In addition, CFOs, controllers, and managers and supervisors of

financial analysis were more likely to hold advanced degrees other than

MBAs or master’s degrees in accounting. For other positions, MBAs were the

most commonly held advanced degrees. Figure 4 shows, by position, the

advanced degrees attained by state government personnel.

Figure 4: Advanced Degrees Held by

State Government Personnel Percent with advanced degree

0

10

20

30

40

50

60

70

80

90

100

Chief financial officers (83)

Controllers (99)

Managers of financial reporting (111)

Managers of financial analysis (133)

Managers of accounting operations (182)

Supervisors of financial reporting (169)

Supervisors of

financial analysis (218)

Supervisors of accounting operations (314)

Position

Other degree

Accounting degree

MBA

Note: Includes only personnel who held a degree and provided information on the degree major.

Some personnel held more than one degree.

17Some respondents held more than one advanced degree.

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Education

Requirements—State

Organizations

About 44 percent of the state government respondents required either

accounting or other business degrees for manager and supervisor

positions in financial reporting, financial analysis, and accounting

operations. For example, about 27 percent of respondents required their

managers of financial analysis to have accounting degrees, and another

18 percent of respondents required these managers to have either

accounting degrees or other business degrees. About 35 percent of

respondents required their managers of accounting operations to have

accounting degrees, and another 9 percent of the respondents required

such managers to have either accounting or other business degrees.

In addition, 23 state government departments reported that they had

recently upgraded or planned to upgrade their education requirements.

For example, one state government department stated that in the past few

years, it had begun to require bachelor’s degrees, instead of those degrees

being a preference item. A department in another state is requiring all its

professional level accountants to have degrees in accounting starting this

year. Yet another state put it this way:

“The evolution of accounting functions has resulted in increased need for personnel with

four year accounting degrees. The typical make-up of office staff over the past 15 years has

changed mostly from clerical individuals to individuals with accounting degrees. The

increased use of computers requires a high degree of computer skills and analytical

capabilities.”

Further, several of the state organizations that said they did not have

formal bachelor’s degree requirements for their financial management

personnel said they preferred that these personnel have bachelor’s

degrees. One state department informed us that it had raised the number

of college accounting hours needed for all its professional level accounting

positions from 12 to 24 approximately 2 years ago.

In only a few cases did state government organizations require advanced

degrees for their manager and supervisor positions in financial

management. On average, less than 3 percent of state government

respondents required advanced degrees—either MBAs or other master’s

degrees—for these positions. For example, while 4 percent of respondents

required their managers of financial reporting to have advanced degrees,

none of the respondents to our study required their supervisors of

financial reporting or accounting operations to have advanced degrees.

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Work Experience Financial management personnel in the Fortune 100 companies

responding to the survey had, on average, about 14 years of total

experience in corporate accounting, public accounting, internal auditing,

or accounting systems design and maintenance.18 This overall experience

included an average of 2.5 years combined experience in public

accounting, internal auditing, or accounting systems design and

maintenance. These three areas of experience are particularly noteworthy

because they often provide exposure to a wide variety of accounting

issues and decision-making processes throughout an organization.

The years of work experience in corporate accounting and the other three

areas varied by position. Controllers and CFOs averaged about 19 and 17

years of work experience, respectively, while managers and supervisors

averaged from 12 to 16 years of experience, depending on position. Figure

5 shows, by position, the average years of work experience in these four

areas for financial management personnel in the Fortune 100 companies

surveyed.

18On average, these personnel also had several years of operational and other experience that is not

included in these totals.

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Figure 5: Work Experience of Fortune

100 Personnel Average number of years

0

5

10

15

20

25

30

Chief financial officers (79)

Controllers (92)

Managers of financial reporting (321)

Managers of financial analysis (498)

Managers of accounting operations (408)

Supervisors of financial reporting (373)

Supervisors of

financial analysis (696)

Supervisors of accounting operations (495)

Position

Internal audit and accounting systems

Public accounting

Corporate accounting

Overall, state government personnel had about 20 years of work

experience in government accounting, public accounting, internal

auditing, and accounting systems design and maintenance. The state

governments’ CFOs and controllers averaged 20 and 21 years of work

experience, respectively, in these areas. Managers and supervisors

averaged 16 to 24 years, depending on the position. This total experience

included an average of 4 years combined experience in public accounting,

internal auditing, or systems design and maintenance, fields which often

provide exposure to a broad base of accounting issues throughout an

organization. Figure 6 shows, by position, the average years of work

experience in these four areas for financial management personnel in the

state governments surveyed.

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Figure 6: Work Experience of State

Government Personnel Average number of years

0

5

10

15

20

25

30

Chief financial officers (83)

Controllers (99)

Managers of financial reporting (110)

Managers of financial analysis (132)

Managers of accounting operations (180)

Supervisors of financial reporting (165)

Supervisors of

financial analysis (215)

Supervisors of accounting operations (310)

Position

Internal audit and accounting systems

Public accounting

Government accounting and finance

Continuing

Professional

Education

The following sections present information on the training attained and

required for financial management personnel for those Fortune 100 and

state government organizations responding to our survey.

Training

Attained—Fortune 100

Companies

Overall, Fortune 100 financial management personnel completed an

average of 26 hours of training in 1996. The number of training hours

ranged from about 20 to 40, depending on financial management position.

Most of the hours completed were in technical accounting subjects. For

example, one respondent told us that over the past few years the company

had strongly encouraged managers throughout the organization to

increase their technical skills by taking classes, becoming certified, and

working toward advanced degrees. Another respondent stressed the

Page 18 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

importance of employee development programs to not only emphasize

both customer and market knowledge but also broaden and upgrade

financial skills.

In addition, a number of Fortune 100 respondents cited the need to tailor

their CPE programs so that their financial management personnel could

maintain their professional certifications, such as CPAs. For example, one

company subsidiary stated that its CPE requirements are tailored toward

the requirements of the professional certifications that its financial

management personnel possess. The subsidiary also indicated that it

planned to greatly increase its training curriculum and requirements for all

its financial management personnel in the near future.

Figure 7 shows, by position, the average number of continuing

professional education hours completed in 1996 by financial management

personnel in the Fortune 100 companies surveyed.

Page 19 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Figure 7: Continuing Professional

Education Obtained by Fortune 100

Personnel in 1996

Average CPE hours obtained

0

5

10

15

20

25

30

35

40

45

50

Managers of financial reporting (178)

Managers of financial analysis (313)

Managers of accounting operations (202)

Supervisors of financial reporting (202)

Supervisors of

financial analysis (348)

Supervisors of accounting operations (223)

Position

Other training

Computer training

Technical accounting training

About 70 percent of Fortune 100 respondents set aside between 1 and

2 percent of their budget for financial management salaries and benefits

for training financial management personnel. In addition, another

15 percent of the Fortune 100 respondents set aside more than 2 percent.

However, while all Fortune 100 respondents set aside some portion of

their budgets for training, 15 percent set aside less than 1 percent.

Training

Requirements—Fortune

100 Companies

Few of the Fortune 100 respondents had any financial management

training requirements. However, those respondents with such

requirements had, on average, 31 total hours of required training in 1996,

including 18 hours in technical accounting. The total average number of

Page 20 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

hours of training required of financial management personnel in these

corporations ranged from 15 to 45 hours, depending on position. In

addition, 36 respondents commented that they encouraged their

employees to obtain additional training. Also, they commented that

employees tend to seek out training on their own, particularly those with

professional certifications. In order to maintain their CPA certifications,

employees are generally required to complete at least 80 hours of

continuing professional education every 2 years.

Training Attained—State

Government Organizations

State government financial management personnel completed, on average,

about 31 hours of training in 1996. (The number of hours ranged from

about 25 to 35, depending on position.) Most of the hours completed were

in technical accounting subjects.

Several state government respondents also stressed that their CPE training

programs were, in part, driven by the CPE requirements needed to maintain

the various professional certifications held by their financial management

personnel. One respondent noted that its policy for financial management

personnel at the manager and supervisor level who are not certified was to

develop individual training plans tailored to the individual’s area of

expertise, with a goal of 24 hours of training a year. Another state

indicated that it provided training to its financial management personnel

on an as-needed basis in order for personnel to successfully perform job

requirements. It further informed us that it encourages its financial

personnel to attend CPE training courses by allowing administrative time

off and, to the extent that funds are available, paying for the cost of such

training.

Figure 8 shows, by position, the average number of continuing

professional education hours completed in 1996 by financial management

personnel in state governments surveyed.

Page 21 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Figure 8: Continuing Professional

Education Obtained by State

Government Personnel in 1996

Average CPE hours obtained

0

5

10

15

20

25

30

35

40

45

50

Managers of financial reporting (73)

Managers of financial analysis (91)

Managers of accounting operations (123)

Supervisors of financial reporting (102)

Supervisors of

financial analysis (143)

Supervisors of accounting operations (191)

Position

Other

Computer training

Technical accounting training

In addition, over half of the state government organizations set aside

1 percent or more of their financial management salaries and benefits

budget for training. Forty-five percent of respondents set aside from 1 to

2 percent of their budgets for training, with another 8 percent setting aside

more than 2 percent. However, 47 percent of the state government

respondents set aside less than 1 percent of their budgets for training,

including 15 respondents (21 percent) who said that they did not set aside

any funds.

Page 22 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Training

Requirements—State

Government Organizations

Few state government respondents had any financial management training

requirements. However, those states with such requirements had, on

average, 36 hours of required training in 1996, including 26 hours in

technical accounting. Total required training for financial management

personnel in these state organizations ranged from 31 to 40 hours,

depending on position. In addition, similar to many Fortune 100

respondents, 24 state government respondents commented that they

encouraged their employees to obtain training, even though it was not

required. In order to maintain their CPA and CGFM certifications, employees

are generally required to complete at least 80 hours of continuing

professional education every 2 years.

Professional

Certifications

The following sections describe the certifications attained and required for

Fortune 100 and state government financial management personnel.

Professional Certifications

Attained—Fortune 100

Companies

Among Fortune 100 respondents, the CPA was the most commonly held

professional certification.19 Overall, about 25 percent of Fortune 100

financial managers were CPAs. Specifically, this included about 42 percent

of the controllers, 43 percent of managers of financial reporting, and

41 percent of supervisors of financial reporting. For other positions, the

percentage of CPAs ranged from 32 percent of the CFOs to 16 percent of the

supervisors of financial analysis. Few financial management personnel

were certified management accountants (CMA)20 or certified internal

auditors (CIA).21

Figure 9 shows, by position, the professional certifications held by

financial management personnel in the Fortune 100 companies surveyed.

19The CPA certification program has existed since 1917. State organizations administer this program,

awarding the certificate based on the applicant’s formal education, professional work experience, and

successful completion of a comprehensive examination developed by the American Institute of

Certified Public Accountants.

20The certified management accountant certification program has existed since 1972. The certificate is

awarded based on the applicant’s formal education, professional work experience, and successful

completion of a comprehensive examination developed by the Institute of Management Accountants.

21The certified internal auditor certification program is implemented by the Institute of Internal

Auditors, an international professional association dedicated to the promotion and practice of internal

auditing. To become a CIA, candidates must have a bachelor’s degree (or equivalent) and 24 months of

internal auditing work experience and must pass a four-part written examination.

Page 23 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Figure 9: Professional Certifications

Held by Fortune 100 Personnel Percent with certification

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

Chief financial officers (79)

Controllers (92)

Managers of financial reporting (328)

Managers of financial analysis (595)

Managers of accounting operations (549)

Supervisors of financial reporting (389)

Supervisors of

financial analysis (951)

Supervisors of accounting operations (638)

Position

Certified internal auditor

Certified management accountant

Certified public accountant

Note: Some personnel had more than one certification.

Certification

Requirements—Fortune

100 Companies

Fortune 100 organizations generally did not require professional

certifications for the financial management positions examined in our

study, although 13 respondents said that they preferred that their

managers and supervisors be CPAs. On average, about 18 percent of

respondents required a CPA for the manager and supervisor positions

examined in our survey. For example, about 31 percent of Fortune 100

respondents required a CPA for their managers of financial reporting, and

11 percent to 21 percent required a CPA for other positions. Requirements

for other certifications (CMA and CIA) were rare.

Page 24 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Professional Certifications

Attained—State

Organizations

Two types of certifications were common among state government

financial managers—CPA and certified government financial manager

(CGFM).22 On average, about 21 percent of state government financial

management personnel were CPAs. About 30 percent of CFOs, controllers,

and managers and supervisors of financial reporting held CPAs. The

percentage of personnel in other positions holding CPAs ranged from

21 percent of managers of accounting operations to 10 percent of

supervisors of accounting operations. For example, one state informed us

that certifications, such as CPA or CGFM, have replaced a bachelor’s degree

as preference items in its hiring and promotion programs. In addition, the

percentage of personnel across all positions that held CGFM certificates

ranged from 3 percent to 18 percent.

Figure 10 shows, by position, the professional certifications held by

financial management personnel in the state governments surveyed.

22The CGFM program was initiated by the Association of Government Accountants in July 1994. Until

June 30, 1996, the certificate was awarded based on an evaluation of an applicant’s formal education

and professional work experience in government financial management. Future certifications will

require the successful completion of three comprehensive examinations covering (1) the government

environment, (2) governmental accounting, financial reporting, and budgeting, and (3) governmental

financial management and control.

Page 25 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Figure 10: Professional Certifications

Held by State Government Personnel Percent with certification

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

75

Chief financial officers (83)

Controllers (99)

Managers of financial reporting (111)

Managers of financial analysis (133)

Managers of accounting operations (182)

Supervisors of financial reporting (169)

Supervisors of

financial analysis (218)

Supervisors of accounting operations (314)

Position

Certified government financial manager

Certified management accountant

Certified public accountant

Note: Some personnel had more than one certification.

Certification

Requirements—State

Government Organizations

Few state organizations required professional certifications for the

financial management positions examined in the study. For example,

about 13 percent of state government respondents required a CPA for their

managers of financial reporting. For other positions, a lower percentage of

respondents required CPAs, although five respondents said that they

preferred that their managers and supervisors be CPAs. One state

department told us that for the past 8 years, it has required all its financial

management personnel to be CPAs. Another indicated that it now required

all financial reporting and accounting operations managers to be CPAs and

that, because of a perceived increase in personnel with CPAs available in

recruitment pools, it has established a CPA as a desired credential for all

Page 26 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

professional positions in the accounting, financial analysis, and financial

reporting areas. Requirements for other certifications—CGFM and

CMA—were rare.

Conclusions Like Fortune 100 companies and large state governments, federal agencies

must respond creatively to the challenges posed by new technologies,

downsizing and restructuring, and increased reporting requirements.

Consequently, the experiences of the nonfederal organizations in our

review may provide important lessons learned for future federal efforts to

improve the qualifications and professionalism of its financial

management workforce in response to the challenge of moving from a

strict accounting role to that of a “business partner.” These lessons learned

include upgrading requirements for hiring personnel and ensuring that

personnel on board acquire the appropriate training needed to effectively

carry out their evolving responsibilities.

We are sending copies of this report to the Ranking Minority Member of

the House Committee on Government Reform and Oversight, CFOs and

inspectors general for the 24 largest federal agencies and departments, the

Directors of the Office of Management and Budget and the Office of

Personnel Management, and the Human Resource Committee of the Chief

Financial Officers’ Council. We will make copies available to others on

request.

Please contact me at (202) 512-9095 if you or your staffs have any

questions. Major contributors to this report are listed in appendix IV.

Lisa G. Jacobson

Director, Defense Audits

Page 27 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
B-273002 

Congressional Requesters

The Honorable Fred Thompson

Chairman

The Honorable John Glenn

Ranking Minority Member

Committee on Governmental Affairs

United States Senate

The Honorable Dan Burton

Chairman, Committee on Government

 Reform and Oversight

House of Representatives

The Honorable Stephen Horn

Chairman

The Honorable Carolyn B. Maloney

Ranking Minority Member

Subcommittee on Government Management,

 Information and Technology

Committee on Government Reform and Oversight

House of Representatives

Page 28 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Page 29 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Contents

Letter 1

Appendix I 

Fortune 100 Survey

Respondents

32

Appendix II 

State Government

Survey Respondents

36

Appendix III 

Survey Instrument

39

Appendix IV 

Major Contributors to

This Report

43

Bibliography 44

Table Table 1: Positions Held by Financial Management Personnel in

Fortune 100 Companies and State Governments Surveyed

8

Figures Figure 1: Undergraduate Degrees Held by Fortune 100 Personnel 10

Figure 2: Advanced Degrees Held by Fortune 100 Personnel 11

Figure 3: Undergraduate Degrees Held by State Government

Personnel

13

Figure 4: Advanced Degrees Held by State Government Personnel 14

Figure 5: Work Experience of Fortune 100 Personnel 17

Figure 6: Work Experience of State Government Personnel 18

Figure 7: Continuing Professional Education Obtained by Fortune

100 Personnel in 1996

20

Figure 8: Continuing Professional Education Obtained by State

Government Personnel in 1996

22

Figure 9: Professional Certifications Held by Fortune 100

Personnel

24

Page 30 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Contents

Figure 10: Professional Certifications Held by State Government

Personnel

26

Abbreviations

CFO chief financial officer

CGFM certified government financial manager

CIA certified internal auditor

CMA certified management accountant

CPA certified public accountant

CPE continuing professional education

DOD Department of Defense

GAAP generally accepted accounting principles

IMA Institute of Management Accountants

MBA Master of Business Administration

Page 31 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix I 

Fortune 100 Survey Respondents

We received survey responses from the corporate-level CFO office of 34

Fortune 100 companies and from 54 divisions or subsidiaries of these

companies. While no corporate offices requested anonymity, one

subsidiary did request not to be listed and we honored their request.

Respondents agreeing to be listed as participants in our study are the

following:

AlliedSignal

Corporate-level CFO Office

Engineered Materials Division

American Airlines

Corporate-level CFO Office

The SABRE Group Holdings, Inc.

American Express Company

Corporate-level CFO Office

AMOCO Corporation

Corporate-level CFO Office

Petroleum Products

Energy Group North America

International Operations Group

AT&T

Corporate-level CFO Office

BankAmerica Corporation

Financial Accounting Shared Services

Retail Business Finance

Support Groups Business Finance

Wholesale Business Finance

Commercial Wealth Management Business Finance

BellSouth Corporation

Corporate-level CFO Office

Telecommunications

Advertising and Publishing Corporation

Cellular Corporation International

The Boeing Company

Corporate-level CFO Office

Page 32 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix I 

Fortune 100 Survey Respondents

Commercial Airplane Group

Defense and Space Group

Information Support Services Group

Bristol-Myers Squibb Corporation

Financial Shared Services

Worldwide Medicines Group

Clairol, Inc.

ConvaTec

Zimmer, Inc.

Mead Johnson Nutritionals

Chase Manhattan

Corporate-level CFO Office

Chevron Corporation

Corporate-level CFO Office

Chrysler Corporation

Corporate-level CFO Office

Citibank, N.A.

Corporate-level CFO Office

E.I. du Pont de Nemours

Corporate-level CFO Office

Federal National Mortgage Association

Corporate-level CFO Office

General Electric Company

Corporate-level CFO Office

Hewlett-Packard Company

Corporate-level CFO Office

Test and Measurement

Measurement Systems Organization

Consumer Products Group

International Business Machines

Corporate-level CFO Office

Page 33 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix I 

Fortune 100 Survey Respondents

J.C. Penney Company

Corporate-level CFO Office

Eckerd Corporation

Insurance Group

Catalog Division

J.P. Morgan

Corporate-level CFO Office

Johnson & Johnson

Corporate-level CFO Office

Lehman Brothers Holdings, Inc.

Corporate-level CFO Office

Lockheed Martin Corporation

Corporate-level CFO Office

Tactical Aircraft Systems

Astronautics

Missiles and Space

Aeronautical Systems

Electronics and Missiles

MCI Communications

Corporate-level CFO Office

Telecommunications Business Services Division

Mass Markets Division

MCI International, Inc.

Metropolitan Life Insurance

Corporate-level CFO Office

Institutional Financial Management Division

Individual Business Division

Capital Corporation

Canadian Operations Division

Property and Casualty Division

Mobil Corporation

Corporate-level CFO Office

NationsBank Corporation

Finance Group

Page 34 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix I 

Fortune 100 Survey Respondents

New York Life Insurance Company

Corporate-level CFO Office

SBC Communications, Inc.

Corporate-level CFO Office

Southwestern Bell Telephone

Southwestern Bell Yellow Pages

Southwestern Bell Wireless

Southwestern Bell Mobile Systems

Sprint

Corporate-level CFO Office

Long Distance Division

Local Service Division

SuperValu, Inc.

Corporate-level CFO Office

Cub Foods

Midwest Region

Northern Region

Save-A-Lot, Ltd.

United Airlines

Corporate-level CFO Office

USX Corporation

Corporate-level CFO Office

Marathon Oil Company

U.S. Steel Group

Delhi Gas Pipeline Corporation

Xerox Corporation

Corporate-level CFO Office

Page 35 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix II 

State Government Survey Respondents

We received survey responses from 18 state comptroller offices (or their

equivalents) and 67 operational departments of state governments.

Respondents agreeing to be listed as participants in our study are the

following:

State of Arizona

State Comptroller’s Office

Department of Economic Security

Department of Corrections

Department of Juvenile Corrections

Department of Administration

State of California

State Controller’s Office

Department of Corrections

Department of Education

Franchise Tax Board

Department of Health Services

California State Board of Equalization

State of Florida

State Comptroller’s Office

Department of Education

Department of Transportation

Department of Children and Families

Department of Labor and Employment Security

Department of Corrections

State of Georgia

Office of Treasury and Fiscal Services

Department of Medical Assistance

Department of Education

Department of Transportation

State of Illinois

State Comptroller’s Office

Department of Public Aid

Department of Transportation

State of Louisiana

Division of Administration

Department of Education

Page 36 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix II 

State Government Survey Respondents

Department of Public Safety and Corrections

Department of Social Services

Department of Transportation and Development

Department of Health and Hospitals

State of Maryland

General Accounting Division

Department of Education

Department of Transportation

State of Massachusetts

Office of the Comptroller

Department of Education

Executive Office of Health and Human Services

Massachusetts Highway Department

Department of State Police

Department of Housing and Community Development

State of Michigan

Department of Management and Budget

Department of Transportation

Family Independence Agency

Department of Corrections

Department of Community Health

Department of Education

State of Missouri

Office of Administration, Division of Accounting

Department of Social Services

Department of Revenue

Department of Mental Health

Department of Corrections

State of New York

Internal Audit

Department of Social Services

Department of Transportation

Department of Labor

State of North Carolina

Department of Corrections

Page 37 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix II 

State Government Survey Respondents

State of Ohio

Office of Budget and Management

Department of Transportation

State of Pennsylvania

Office of the Budget

State of Tennessee

Department of Finance and Administration

Department of Education

Department of Health

Department of Human Services

Department of Children’s Services

Department of Transportation

State of Texas

Comptroller of Public Accounts

Department of Transportation

State of Virginia

Office of the Comptroller

Department of Social Services

Department of Health

Department of Corrections

Department of Motor Vehicles

Department of Transportation

State of Washington

Office of Financial Management

University of Washington

Department of Social and Health Services

Department of Labor and Industries

Department of Transportation

Department of Employment and Security

State of Wisconsin

State Controller’s Office

University of Wisconsin-Madison

Department of Health and Family Services

Department of Transportation

Department of Corrections

Page 38 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix III 

Survey Instrument

Page 39 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix III 

Survey Instrument

Page 40 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix III 

Survey Instrument

Page 41 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix III 

Survey Instrument

Page 42 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Appendix IV 

Major Contributors to This Report

Accounting and

Information

Management Division,

Washington, D.C.

Geoffrey B. Frank, Assistant Director

David C. Merrill, Senior Auditor

James F. Loschiavo, Social Science Analyst

Francine M. DelVecchio, Communications Analyst

Denver Field Office Paul Kinney, Assistant Director

Glenn D. Slocum, Project Manager

Pamela K. Tumler, Communications Analyst

Felicia A. Turner, Senior Computer Specialist

Patricia E. Cheeseboro, Senior Evaluator

Wendy R. Matthews, Evaluator

Anna L. Fruik, Information Processing Assistant

Abigail Wilson, Student Intern

Kansas City Field

Office

Denise M. Wempe, Senior Auditor

Darryl S. Meador, Evaluator

Richard S. Schupbach, Auditor

Evert A. Stevens, Auditor

Other

Acknowledgements

In addition to the above individuals, the contributions of the following

individuals and organizations are acknowledged: Thomas Fritz, President,

Private Sector Council, Washington, D.C.; Relmond Van Daniker,

Executive Director, and Patricia O’Connor, Program Manager, National

Association of State Auditors, Comptrollers, and Treasurers, Lexington,

Kentucky; and James Sorensen, Professor of Accounting, School of

Accountancy, University of Denver. These individuals reviewed and

commented on drafts of the survey instrument and the report, organized

pretests, and/or assisted with the survey distribution. In addition, the

Colorado State Auditor’s Office implemented an early version of the

survey with State of Colorado agencies and departments and provided

valuable input to us on the results.

Page 43 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
Bibliography

Association of Government Accountants. A Blueprint for Attracting and

Retaining Financial Management Personnel. A Report by a Blue Ribbon

Task Force of the Association of Government Accountants.

Gary Siegel and James E. Sorensen. What Corporate America Wants in

Entry-Level Accountants. A joint research project of the Institute of

Management Accountants and the Financial Executives Institute.

Montvale, New Jersey: August 1994.

Gary Siegel Organization, Incorporated. The Practice Analysis of

Management Accounting. A research project of the Institute of

Management Accountants. Montvale, New Jersey: 1996.

Holdman, John B., Jeffrey M. Aldridge, and David Jackson. “How to Hire

Ms./Mr. Right.” Journal of Accountancy, August 1996, pp. 55-57.

Jablonsky, Stephen F., and Patrick J. Keating. “Financial Managers:

Business Advocates or Corporate Cops?” Management Accounting, Vol. 76,

No. 8 (February 1995), p. 21.

Joint Financial Management Improvement Program. Continuing

Professional Education: Federal GS-510 Accountants’ Report. Washington,

D.C.: December 1990.

__________. Framework for Core Competencies for Financial Management

Personnel in the Federal Government. A joint project of the Human

Resources Committee of the Chief Financial Officers Council and the Joint

Financial Management Improvement Program. Washington, D.C.:

November 1995.

Siegel, Gary, C.S. Kulesza, and James E. Sorensen. “Are You Ready for the

New Accounting?”, Journal of Accountancy, August 1997, pp. 42-46.

U.S. General Accounting Office. Developing and Using Questionnaires.

GAO/PEMD-10.1.7, October 1993.

__________. Federal Workforce: A Framework for Studying Its Quality

Over Time. GAO/PEMD-88-27, August 1988.

__________. Financial Management: Challenges Facing DOD in Meeting the

Goals of the Chief Financial Officers Act. GAO/T-AIMD-96-1, November 14,

1995.

(918866) Page 44 GAO/AIMD-98-34 Profile of Nonfederal Financial Personnel
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