Financial Management: Profile of Financial Personnel in Large Private Sector Corporations and State Governments
Released: 1998-01-02T00:00:00

Letter

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 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.

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), the management accounting profession has been in transition for the past 5 to 10 years. 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 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.

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.

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 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.

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 in the 100 largest private corporations in the United States, commonly referred to as the “Fortune 100,” and the 25 largest state governments.

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. 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. 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; the National Association of State Auditors, Comptrollers, and Treasurers; and the federal CFO Council Human Resources Committee. 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.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, 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.

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 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. 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.

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 MBAs. Figure 2 shows, by position, the advanced degrees attained by Fortune 100 financial management personnel.

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 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. Depending on the position, from 50 to 80 percent of personnel held either accounting or other business degrees. CFOs were 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.

About 16 percent of the financial management personnel working for state government respondents held advanced degrees. The percentage of personnel with advanced degrees ranged from about 41 percent of CFOs to about 6 percent of supervisors of accounting operations. 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.

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. “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.

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. 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.

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.

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 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.

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 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.

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.

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. 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) or certified internal auditors (CIA).

Figure 9 shows, by position, the professional certifications held by financial management personnel in the Fortune 100 companies surveyed.

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.

Professional Certifications Attained—State Organizations

Two types of certifications were common among state government financial managers—CPA and certified government financial manager (CGFM). 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.

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 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.

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 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 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 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.

State Government Survey Respondents

Survey Instrument

Major Contributors to This Report

Accounting and Information Management Division, Washington, D.C.

Denver Field Office

Kansas City Field Office

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.

Bibliography

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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.

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