• Professor Elam

    Wednesday Oct 3 2012 Last Friday evening from 5 30 – 8:00 PM SA CPA Society held its annual Student Career Night. Sponsors furnished some great burgers and fries, and drinks. All had a good time but we ducked inside to avoid of course the rare downpour during the current drought.

    Various firms were on hand to visit with students and there was a panel to discuss their experiences.

    I asked for comments from our students, here are the first two I have received.

    I enjoyed attending the workshop because of various reasons. I'll start from the beginning, the food was delicious and the location was really nice. Despite the weather, Im glad I decided to attend. I thought the CPA exam would be the last one on my list, but hearing from CPA's themselves, it will now be one of my first ones to prepare for. I learned that being a CPA is the most important and demanded for a business. There are review courses that are pricey but very helpful; like they said, "It's worth it." Another good tip was to take it as soon as possible, when our minds are "fresh". Im glad I attended the workshop because I was able to leave my resume to several business organizations for any internship and job opportunities.

     

    Thank you for the opportunity,

     

    Ericka B

    My experience at the CPA Career Night on Friday, September 28 was very eye-opening. Before the event, BKG, LLP; Ridout Barrett; and other accounting firms each provided a representative to discuss their company's needs in intern qualifications and the company's accounting specialities. I was impressed by Ridout Barrett's representative, Tony, who discussed his expertise in producing financial statements— particularly in the construction industry. While visiting the BKG, LLP booth, I noticed a trend as students lined up to speak with their auditing representative. Since I have no particular interest in any one specialty, I decided to speak with the taxation representative; seeing as her line was significantly shorter. She described the range of industries that utilize BKG's tax service; including individuals, oil & energy companies, service industries, and many others. When questioned if BKG had one particular industry that was significant and the qualifications looked for in an intern, she suggested I read some of the documents from the booth and handed me a BKG Human Resource's card.
    At the presentation, I found the M.C. to be surprisingly informative and energetic. The other speakers were equally informative about their life experiences and what choices they made in becoming a successful CPA. In one particular speaker, she spoke about the steps she took in making partner at BKG. After their initial speeches, a question-and-answer period allowed the audience to understand the specifics of their speeches and to better decide what path to take in their career. The questions ranged from what steps each took to prepare for the CPA exam to what other certifications would each recommend. Collectively they agreed that the CPA was the best certification to acquire first, however they did not seem to have a particular interest in any other certification. Simply that other certifications could not hurt during the hiring process.
    I came away from this presentation with a better understanding of what it takes to be an accountant and a CPA, what specialties accounting students are most interested in, and what specialties are most in demand for the accounting firms. It is one thing to read the Department of Labor's prediction of 16% growth for accountants in the next ten years, but it is quite another to hear representatives from prominent accounting firms in San Antonio speak of the shortage in accountants they are currently experiencing. In addition to the free food, the offer of free annual membership to the SACPA, and the chance to provide a resume with these firms, I found the information from the presentation to be enlightening and as affirmation to the college major I have chosen.
     
    Joseph Dupuy
    joedupuy@hotmail.com

  • Professor Elam

    Wednesday Oct 3 2012

    Sol Schwartz and Assoc PC is a locally owned public accounting firm in San Antonio.  The firm will present a $2500 shcolarship each year for the next ten years toanoutstandingaccounting student in San Antonio.

    Applicants will be judged on academic achievement,economic need, andleadership initiative. Students should be juniors or seniors and be ingood standing with the university.

     

    Contact me for application forms.  Deadline is Nov 15 2012

     

     

  • Professor Elam

    Tuesday Oct 2 2012

     I worked for Ross Perot in 1972-74. He is a most interesting fellow, not just the oddball Presidential candidate that you know him as.

    Now Ross suggests  that America is so mired in debt it could be taken over. Now that Ithink about it, this is quite realistic. Mark Steyn in his latest book lays out how it can happen. China is our creditor. Let interest rates on teh $16 T in debt rise back to normal levels and interest cost alone swamps the entire federal budget. Steyn suggests that we will be financing the entire Chinese military with our debt service.

    Faced with such a crushing debt burden we would either have to follow China's wishes or default.

    Okay pick one, what a choice, but that is where we are headed.

  • Professor Elam

    Tuesday Oct 2 2012

     Google GOOG has now surpassed MSFTto become the second largest tech company behind Apple.

    Just a few years ago Bill Clinton's Justice Dept sued MSFT over anti trust violations.The Euro Courts also took MSFT to the cleaners. In themeantime GOOG beganand surpassed MSFT. GOOG has 66% of the search market while MSFT is stuck at  18%. It is truly amazing how quickly things can change in the tech world.

    Not long ago there were fears that Wal Mart would take over retailing period. Now there are efforts to keep them out of neighborhoods. As Tom Sowell observed, the A & P company used to dominate the grocery business, no more. Only 12ears ago Mike Dell sugested that Apple collapse the company and distribute the cash to shareholders, who is laughing now.

    The market is usually the best artibter of who gets to be the Elephant on the coffee table.

  • Professor Elam

    Weekend Sept 30 2012

    This is the true headline but one you will never see in the Express News. Apparently few to none of our students read the local paper. If there were truth in advertising the name would not be the Express News but the Castro Cheerleader. Opinion articles are supposed to be on the  opinion page with news articles on the front pages. News would should be unbiased. Opinion articles on local politicians hold hold their feet to the fire, ask tough questions, demand answers in defense of proposals. 

    When I was at UT Austin in the 1960s and 1970s the Daily Texan was an independent newspaper. It questioned everything the administration did. The Administration hated it of course but it was there for all to see and examine. 

    Instead the Express news leads with puff pieces (today's title, the Sons Also Rise)  slavishly praising the Castro Brothers. I frankly can't tell that either has any particular accomplishment.   They did graduate from Stanford and harvard . (This would be in contrast to lots of others in San Antonio  that work for a living re-upholstering furniture and car interiors for example, you know the ones that did not go to Harvard or Stanford). 

    So to establish a track record, your Mayor actually managed to find an approved tax which is not maxed out. The sales tax is approved up to  8.75% but now stands at 8.5%. On the presumption that college  students are not paying enough taxes, the Mayor proposed to increase the sales tax to the max of 8.75%. This will only cost about $7.50 per household. Yes and a speeding ticket now only costs $186 to support the local City Management Team.

    The City Manager makes $355,000 , did you know that? More on that here.  Good work if you can get I say, more than the City manger in Dallas or Los Angeles.  By the way in a Manger Council form of government the City Manager does the heavy lifting and managing, the Mayor is a figurehead who presides at ceremonies and promotes the city. 

    But I digress. The express purpose of this tax increase is to haul your four year old out ofyour house and into the local school system. The idea is that this will help them get started for that tough grind that lays ahead, kindergarten. 

    There has not been a single article or interview but there have been some letters comparing this to the 50 year history of a similar progarm, Head Start. After fifty hears of Head Start, test scores are lower not higher and there is no particular outcome which can be shown. 

    Of course if this passes years from now when information regarding outcomes might be available, you can bet the Mayor will have gone on to higher office, unaccountable for what happened. But of course that tax will still be in place. By the way I was  upset by the tax increase from Bush I which retroactively changed the law such that he snatched $75,000 out of my IRA, just in case anyone thinks I am aiming at one party over another here.  Seventy five grand may not have been much to the Bushes but around my house that is real money.  I don't like tax increase schemes from either party. 

    Here is an alternate idea. 

    I have a dream. My dream is that sales taxes will be eliminated. A once a year sales tax holiday results in huge demand and sales on that weekend before school starts when all rush to avoid the tax. Why not make that an everyday event?

    America existed for hundreds of years with no sales taxes, and a lot less government. Exactly what would a four year old learn in this tax supported class anyway?  How to color, paint, and possibly begin reading or counting.?  My Grandad ivy Lee Elam taught me the mearning of the word circumference when I was five years old, not bad for the age. He had a story bout a couple visiing the circus. The outline of the elephant's foot made a circle. The distance around that circles as the length or circumference. A good story then, a good story today. 

    If in fact this is a great idea, I propose the Sr Teacher Volunteer Team. Retired teachers, business leaders and such would volunteer to read to young children at public libraries during certain hours. Handily the library is full of books for just that purpose. Who knows they might even meet in your garage in your neighborhood where you yourself could watch over them.  Team Volunteers would receive plaques for their efforts. I am betting there are plenty of retirees and interested grandparents who would engage in such an activity. 

    Sales taxes would decrease one point a year. After nine years the city would have had time to throttle back on spending, and such. College students would be 8.5% better off on every purchase they made. By the way when the sales tax was first passed the promise was that it would never exceed1%. 

    Has anyone asked the Mayor if he would like to raise that tax over 9%, once it maxes at 8.75, how will he finance the next grand scheme?  What do you think? 

    Women have increasingly  entered the work force as the tax burden at all levels has risen higher and higher.  Higher Property taxes, sales taxes, excise taxes, medicare taxes, increased social security taxes are upon us. And a host of new taxes to kick in next year. The great irony is that the government then demands more taxes to take care of your kids since they taxed you to the point you had to leave them to go to work to support the government. 

    In my dream Mom gets to stay home and raise her children. Mom takes her four year old to the library and reads to her or him.  Or perhaps Moms organize neighborhood Reading Teams that take place in their own neighborhoods, forget the school bus. 

    The Mayor likes it the other way, you work, you pay taxes, your child is day cared by a stranger.  

    I report, you decide, which is the better scheme, zero taxes with you in charge or 8.75% with a stranger in charge?  Of your four year old that is…..

    We have numerous Moms at TAMUSA, what is your take on this?

    Screen Shot 2012-09-30 at 9.04.01 AMOne last point. At age 38 with degrees from a couple of the best regarded universities in the US, surely the Castro Brothers can start looking out for themselves without front page coverage to bolster their campaigns. Tucked away on page B3 is a story about two local characters named Rosca and Jet who are in serious need of help. There are 26 dogs at the Animal Friends Humane Society.  looking for homes. 

    Animal Friends is a no kill shelter working to find homes for deserving dogs. If the Express news really wants to help someone, how about putting Rosca, Jet, and Redmond on the front page?

    If this post gets me in hot water, well so be it. I mean you aren't paying enough sales tax, right?

  • Professor Elam

    Weekend Sept 30 2012

    I highlighted the Skyscraper Theory in my address to the Structural Engineers State Meeting this past Friday. Expansive social mood leads to expansive projects. These are usually planned near the top of an economic boom. The problem is that the building then opens during the following downturn. The Empire State Bldg was built from 1928-1930 but then opened in the worst real estate market ever in the early 1930s. 

    An article in the Express News this morning offers more convincing evidence of the theory. The iconic Tower Life Building in downtown opened June 1, 1929. The Majestic Theater opened two weeks later on June 14. the first feature was Follies of 1929, a fitting title for the top and then crash to come that October. 

    Marion Koogler McNay's home was just being finished at this time, it would open to expansive parties held as the economy tanked in the early 1930s. 

    After opening at the very top of the market in 1929, the Majestic would close for several years near the very bototm of the 1974 marklet which took the Dow Industrials to 577. It was re born in 1989 after the 1987 crash with a $4.5 M renovation. 

    Just this past week the one kilometer tall Kingdom Tower was announced in Saudi Arabia. It will cost billions if indeed it is finished by 2018. Such audacity only occurs near market tops when people feel emboldened by years of economic expansion. 

  • Professor Elam

    Thursday Sept 27 2012

    Understand that I have no financial relationship wiht the Gleim organization. I used their materials successfullywhen I passed the CPA exam on my first attempt.

    Gleim is offering an opportunity to become their campus rep here at TAMUSA. And they are asking that the person selected participate in the IMA student leadership conference that I have previously mentioned.

    Details are below, contact Justin and myself,just e mail the both of us,  as indicated with your interest. I rate this as an excellent opportunity to begin familiarizing yourself with certified exams.

    Gleim Opportunity Follows

    We are looking for a student who is interested in taking the CPA, CMA, or CIA exams to work along side a Gleim employee at the IMA's 13th Annual Student Leadership Conference in San Antonio this coming November. We would also like that student to do some campus representative type activities next semester (Spring 2013). These activities include hanging posters and handing out promotional materials to your fellow students. The dates and other pertinent information is listed below. This is a great opportunity for you to network with other accounting students, CMAs, CPAs, and leaders of IMA.

    If you are able to work the hours on both days listed below and would like to complete some campus rep duties for Gleim next semester, please let me know right away.

    Please contact me directly at justin.widerman@gleim.com with any questions or to submit your resume for consideration.

    IMA's 13th Annual Student Leadership Conference in San Antonio: Crowne Plaza San Antonio Riverwalk

    Thursday November 1, 2012:  3:30 PM – 7:30 PM
    Friday November 2, 2012: 8:00 AM – 11:00 AM

    Compensation:
    Review System (valued up to $989.95) of your choice, and possibly additional study aides.

    Please contact me directly at justin.widerman@gleim.com with any questions or to submit your resume for consideration.

    Thanks and have a great day.

    Best Regards,

    Justin


    Justin Widerman
    Professor Relations Coordinator
    justin.widerman@gleim.com

    Gleim Publications, Inc.
    4201 NW 95th Blvd
    Gainesville, FL 32606
    800.874.5346 Ext.420
    FAX – 352.375.6940

    Hours:Mon-Fri 8am-7pm

    Please visit our home page:
    http://www.gleim.com

  • Professor Elam

    Wed Evening Sept 26 2012

    I am re printing the mesasge from Amanda Talaat at SA  CPA.  If you have signed up to attend Career Night this Friday but really do not intend to be there, please contact Amanda and release your RSVP. IT would be very embarassing to TAMUSA if you signed up and do not show up.

     

    Dear SACPAS Faculty Reps,

    Please let your students know that we have completely maxed out of seats, food and every square inch of space for Friday night’s Fall Accounting Careers Workshop.  If a student really wants to come, I can add his/her name to the waiting list; he/she can contact me on Friday to find out if we have had any cancellations, but we are unable to accept any more students for this event at this time.

     

    Thanks in advance for your assistance in getting the word out.  If a student does show up and is not on the list, he/she will be asked to wait or be turned away.  I would hate for that to happen.

     

    Amanda Talaat

    Assistant Executive Director

    San Antonio CPA Society

    (210)828-2722

    amanda@sacpasociety.com

     

  • Professor Elam

    The university is trying to hire tutors for Business Stat, Accounting, Economics and Finance. The tutors will be housed at Brooks. However, Student Life and Wellness Services don’t have any applicants for business stats, accounting or economics or finance. There is a job posting in JaguarJobs for the tutor positions at https://tamusa-csm.symplicity.com/students/. If you know any student who is willing and able to tutor any or all of the subjects, ask them to apply for the position or you can refer them to Jolene at Student Life office at Studentlife@tamusa.tamus.edu or 784-1336.

  • Professor Elam

    Tuesday Sept 25 2012

    You may or may not recall that Foxcomm had to put bars on the windows of the worker dormitories to stop them from jumping to their deaths. After that spate of suicides, the latest is a simple riot. Since this is in China it is  good sized riot but just that.

    The upshot of this is that more companies are coming back to the US. The overall advantage of being abroad is disappearing. We are seeing a good deal of that here in San  Antonio. MOre firms are taking advantage of Brook and Kelly to repair or remanufacture.