Accounting

Accountants and auditors prepare, analyze, and verify financial reports and taxes, and monitor information systems that furnish this information to managers in business, industry, and government.

Highlights of selected fields in accounting

Public Accountants have their own businesses or work for public accounting firms. They perform a broad range of accounting, auditing, tax, and consulting activities for their clients, who may be corporations, governments, nonprofit organizations, or individuals.

Management Accountants also called industrial, corporate, or private accountants— record and analyze the financial information of the companies for which they work. Other responsibilities include budgeting, performance evaluation, cost management, and asset management. They are usually part of executive teams involved in strategic planning or new product development.

Government Accountants and auditors maintain and examine the records of government agencies, and audit private businesses and individuals whose activities are subject to government regulations or taxation.

Internal Auditors verify the accuracy of their organization's records and check for mismanagement, waste, or fraud.

Interests and Aptitudes

Persons planning a career in accounting should have an aptitude for mathematics; be able to analyze, compare, and interpret facts and figures quickly; and make sound judgments based on this knowledge. They must be able to clearly communicate the results of their work, orally and in writing, to clients and management.

Accountants and auditors must be good at working with people as well as with business systems and computers. Accuracy and the ability to handle responsibility with limited supervision are important. Perhaps most important, because millions of financial statement users rely on their services, accountants and auditors should have high standards of integrity.

Working Conditions

Accountants and auditors work in a normal office setting. Self employed accountants may be able to do part of their work at home. Accountants and auditors employed by public accounting firms and government agencies may travel frequently to perform audits at clients' places of business, branches of their firm, or government facilities.

Most accountants and auditors generally work a standard 40 hour week, but many work longer, particularly if they are self-employed and free to take on the work of as many clients as they choose. Tax specialists often work long hours during the tax season.

For more information:

American Institute of Certified Public Accountants, Harborside Financial Center, 201 Plaza III, Jersey City, NJ 07311-3881.

Institute of Management Accountants, 10 Paragon Dr., Montvale, NJ 07645-1760.

National Society of Accountants and the Accreditation Council for Accountancy and Taxation, 1010 North Fairfax St., Alexandria, VA 22314.

Institute of Internal Auditors, 249 Maitland Ave., Altamonte Springs, FL, 32701-4201.

Information Systems Audit and Control Association, 3701 Algonquin Rd., Suite 1010, Rolling Meadows, IL 60008.

American Assembly of Collegiate Schools of Business, 605 Old Ballas Rd., Suite 220, St. Louis, MO 63141.

IUS faculty coordinator of the accounting program is Professor G. Rick French

Economics

Economics is the study of the production, consumption, and distribution of goods and services. Economists study the ways society distributes scarce resources such as land, labor, raw materials, and machinery to produce goods and services. They conduct research, collect and analyze data, monitor economic trends, and develop forecasts. They research issues such as energy costs, inflation, interest rates, imports, or employment levels.

Highlights of selected fields in economics

Economists who work for government agencies may assess economic conditions in the United States or abroad, in order to estimate the economic effects of specific changes in legislation or public policy. They may study areas such as how the dollar's fluctuation against foreign currencies affects import and export levels. The majority of government economists work in the area of agriculture, labor, or quantitative analysis; some economists work in almost every area of government. An economist working in state or local government might analyze data on the growth of school aged populations, prison growth, and employment and unemployment rates, in order to project spending needs for future years.

Marketing research analysts are concerned with the potential sales of a product or service. They analyze statistical data on past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Like economists, marketing research analysts devise methods and procedures for obtaining the data they need. They often design telephone, personal, or mail interview surveys to assess consumer preferences.

Many economists become Academics and hold teaching and/or research positions in colleges and universities.

Interests and Aptitudes

Persons planning a career in economics should have an aptitude for mathematics; be able to analyze, compare, and interpret facts and figures quickly; and make sound judgments based on this knowledge. They must be able to clearly communicate both orally and in writing. Accuracy and the ability to handle responsibility with limited supervision are important.

Working Conditions

Economists and marketing research analysts have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they may also be an integral part of a research team. Most work under pressure of deadlines and tight schedules, and sometimes must work overtime. Their routine may be interrupted by special requests for data, as well as by the need to attend meetings or conferences; regular travel may be necessary to do this.

Economics faculty have flexible work schedules and may divide their time among teaching, research, consulting, and administration.

For more information:

National Association of Business Economists, 1233 20th St. NW., Suite 505, Washington, DC 20036.

Marketing Research Association, 2189 Silas Deane Hwy., Suite 5, Rocky Hill, CT 06067.

Council of American Survey Research Organizations, 3 Upper Devon, Port Jefferson, NY 11777.

Information on obtaining a job with the Federal Government USAJobs

IUS faculty coordinator of the marketing concentration is Professor Frank Wadsworth

Finance

Finance is a broad area and tends to overlap into a number of more specialized fields such as securities and insurance. Study in this area focuses on methods of deposits, withdrawals, checking and savings accounts, loans, interest, credit, trusts, investments, accounting procedures, budgets and financing, and security. Areas of specialization are numerous and include savings and loans, checking customer service, clerical, accounting, credit cards, computer systems, research, budget, expenditures and cost analysis, supervision and administration, trust services and security.

Highlights of selected fields in finance

Financial Planners explain the meaning of stock market terms and trading practices; offer financial counseling; devise an individual client financial portfolio, including securities, life insurance, corporate and municipal bonds, mutual funds, certificates of deposit, annuities, and other investments; and offer advice on the purchase or sale of particular securities.

Financial managers prepare the financial reports required by the firm to conduct its operations and to ensure that the firm satisfies tax and regulatory requirements. Financial managers also oversee the flow of cash and financial instruments, monitor the extension of credit, assess the risk of transactions, raise capital, analyze investments, develop information to assess the present and future financial status of the firm, and communicate with stock holders and other investors.

Interests and Aptitudes

Persons planning a career in finance should have an aptitude for mathematics; be able to analyze, compare, and interpret facts and figures quickly; and make sound judgments based on this knowledge. They must be able to clearly communicate the results of their work, orally and in writing, to clients and management. Those working in finance must be good at working with people as well as with business systems and computers. Accuracy and the ability to handle responsibility with limited supervision are important. Perhaps most important, because millions of financial statement users rely on their services, graduates should have high standards of integrity.

Working Conditions

Those working in finance normally work in a comfortable office environment. They generally work 40 hours a week, but many work longer hours. They are often required to attend meetings of financial and economic associations, and may travel to visit subsidiary firms to meet customers. They may spend considerable time outside the office meeting with present and prospective clients, attending civic functions, and participating in trade association meetings. Some financial services sales representatives work exclusively inside banks, providing service to "walk in" customers.

For more information:

American Bankers Association, Bank Personnel Division, 1120 Connecticut Ave NW, Washington, DC 20036

American Financial Services Association, 4th Floor, 1101 14th Street NW, Washington, DC 20005

Credit Union Executives Society, PO Box 14167, Madison, Wisconsin 53714

IUS faculty coordinator of the finance program is Professor G. Rick French

Marketing

The objective of any firm is to market its products or services profitably. In small firms, all marketing responsibilities may be assumed by the owner or chief executive officer. In large firms, which may offer numerous products and services nationally or even worldwide, experienced marketing, advertising, and public relations managers coordinate these and related activities.

Highlights of selected fields in marketing

Advertising and Marketing Managers develop a marketing strategy. They determine the demand for products and services offered by the firm and its competitors and identify potential consumers.

Manufacturer and Wholesale Sales Representatives market their company’s products to manufacturers, wholesale and retail establishments, government agencies, and other institutions. Sales representatives also provide advice to clients on how to increase sales.

Retail Sales Managers/Merchandisers provide goods and services directly to customers, the retail manager is responsible for ensuring that customers receive satisfactory service and quality goods. They also answer customers’ inquiries and handle complaints, oversee the work of sales associates.

Market Research Analysts are concerned with the potential sales of a product or service. They analyze statistical data on past sales to predict future sales. They gather data on competitors and analyze prices, sales, and methods of marketing and distribution. Market research analysts devise methods and procedures for obtaining the data they need. They often design telephone, personal, or mail interview surveys to assess consumer preferences.

Interests and Aptitudes

Advertising and Marketing Managers must be creative, highly motivated, resistant to stress, and flexible, yet decisive. They must communicate persuasively, both orally and in writing, and have exceptional ability to establish and maintain effective personal relationships with client firms.

Manufacturer and Wholesale Sales Representatives should be goal oriented, persuasive, and able to work both as part of a team and independently. In addition, patience and perseverance are needed because completing a sale can take several months. Sales representatives should also enjoy traveling.

Retail Sales and Merchandising Managers must get along with all types of people. They need initiative, self-discipline, good judgment, and decisiveness. Patience and a mild temperament are necessary when dealing with demanding customers. They must also be able to motivate, organize, and direct the work of subordinates and communicate clearly and persuasively with customers and other managers.

Market Research Analysts should be able to work accurately, enjoy problem solving and analyze data. They need patience and persistence and the ability to work alone. Marketing research analysts must be able to present their findings, both orally and in writing, in a clear, meaningful way.

Working Conditions

Advertising and Marketing Managers usually work 50 hours or more a week. They work under pressure due to deadlines and goals that must be met. Substantial travel may be involved.

Manufacturer and Wholesale Sales Representatives do considerable traveling. Sales representatives typically work more than 40 hours per week, although they have the freedom to determine their own schedule.

Retail Sales Management/Merchandising Managers usually have offices within the stores, although a large portion of a their workday is spent on the sales floor. Most managers and supervisors work 40 hours or more a week especially during holidays, busy shopping hours and seasons, sales, and when inventory is taken. Most work evenings and weekends and hours can change weekly.

Market Research Analysts have structured work schedules. They often work alone, writing reports, preparing statistical charts, and using computers, but they may also be an integral part of a research team. Most work under pressure of deadlines and tight schedules, and sometimes must work overtime. Their routine may be interrupted by special requests for data, as well as by the need to attend meetings or conferences; regular travel may be necessary to do this.

For more information:

Sales and Marketing Executives International, Statler Office Tower, Suite 977, 1127 Euclid Ave., Cleveland OH, 44115.

Marketing Research Association, 2189 Silas Deane Hwy., Suite 5, Rocky Hill, CT 06067.

Council of American Survey Research Organizations, 3 Upper Devon, Port Jefferson, NY 11777.

American Marketing Association, 250 S. Wacker Dr., Chicago, IL 60606.

American Advertising Federation, Education Services Department, 1101 Vermont Ave. NW., Suite 500, Washington, DC 20005.

Association of Promotion and Marketing Agencies Worldwide (APMA), 750 Summer St., Stamford, CT 06901.

Promotion Marketing Association of America, Inc., 322 Eighth Ave., Suite 1201, New York, NY 10001.

Public Relations Society of America, 33 Irving Place, New York, NY 10003-2376.

International Assoc of Business Communicators, One Hallidie Plaza, Ste 600, San Francisco, CA 94102.

IUS Faculty coordinator of the marketing program is Dr. Frank Wadsworth

Management

Business management involves the coordination, implementation, promotion, supervision, and direction of the activities of individuals, organizations and businesses. Study in this major exposes students to methods of operation, coordination, sales and marketing, finance and budget, personnel, property and equipment management/maintenance and security. Areas of expertise are organization, leadership, planning, interpersonal communications, employee organizations and policy making/implementation.

Highlights of selected fields in management

Human Resource Managers recruit and interview employees, and advise on hiring decisions. They also help their firms effectively use employees’ skills and provide training opportunities. Most jobs involve frequent contact in dealing with people. Other human resource positions include recruiters, EEO representatives or affirmative action coordinators, employee relations representatives, occupational analysts, benefits managers and trainers.

Small Business Entrepreneurs develop business ideas from planning, analysis, market, and research to reality. They deal with legal issues, organizational structure and sources of capital. As businesses grow they engage in strategic planning, managing growth, and globalization.

General Managers Chief executive officer, president, executive vice president, owner, partner, school superintendent, and police chief -- each is a general manager or top executive. This individual formulates the policies and directs the operations of businesses and corporations, non-profit institutions, and government agencies.

Interests and Aptitudes

Human Resource Managers must speak and write effectively; work with or supervise people having various cultural backgrounds, levels of education, and experience; cope with conflicting points of view, and the unexpected and unusual; function under pressure; and demonstrate integrity, fair-mindedness, and a persuasive, congenial personality.

Small Business Entrepreneurs must have excellent planning and communication skills, the ability to understand all aspects of a business and a dedication to reaching their business goal.

General Managers must have highly developed personal skills. An analytical mind able to quickly assess large amounts of information and data is very important, as is the ability to consider and evaluate the interrelationships of numerous factors; they must also be able to communicate clearly and persuasively, and need highly developed interpersonal skills.

Working Conditions

Human Resource Managers work in a normal office setting, though for some positions (recruiters) the willingness to travel extensively is required.

Small Business/Entrepreneurs work long hours and are sometimes required to do all the jobs involved in their business. Work setting varies depending on the business.

General Managers are generally provided with offices and support staff. Substantial travel often is required to monitor operations and meet with customers, staff, and other executives. In large organizations, frequent job transfers between local offices or subsidiaries are common. General managers are under intense pressure to earn ever higher profits and provide better service.

For more information:

American Management Association, 1601 Broadway, New York, NY 10019-7420

National Management Association, 2210 Arbor Blvd., Dayton, OH 45439

IUS faculty coordinator of the management program is Dr. Kathy Ernstberger

Information Operations Management

The Information and Operations Management (IOM) concentration includes courses designed to meet the growing demand for graduates with the ability to understand technology and operations and how they can simultaneously impact the performance of organizations. The IOM concentration consists of three related areas of business: (1) Organizations – business processes and people as problem solvers and decision makers; (2) Technology – current information technology and methodologies that enable organizations, and (3) Operations – systems and processes for manufacturing goods and providing services. The integration of Information Systems with Operations Management will uniquely prepare students for the operational challenges of the future.

Highlights of selected fields in Information and Operations Management

Computer and information systems managers direct the work of systems analysts, computer programmers, and other computer-related workers. They analyze the computer and information needs of their organization and determine personnel and equipment requirements. These managers plan and coordinate activities such as the installation and upgrading of hardware and software; programming and systems design; the development of computer networks; and the implementation of Internet and Intranet sites.

Operations Managers plan the production schedule within budgetary limitations and time constraints. They analyze the operation’s personnel and capital resources to select the best way of meeting the demand quota. Operations managers determine which machines will be used, whether overtime or extra shifts are necessary and the sequence of production. They also monitor the processes to make sure they stay on schedule and correct any problems that may arise.

Information Systems Liaisons serve as the interface between the IS staff and the rest of the organization. They assess the users' needs and help develop a design that represents the best solution for the existing problems. They may also conduct a cost-benefit analysis that will assist in the decision-making process regarding a proposal for the new or enhanced system. The liaison often helps with implementation and testing of a system as well as training and documentation.

Interests and Aptitudes

Persons planning a career in IOM should be effective written and oral communicators, enjoy learning about and adapting to new technologies, have an aptitude for mathematical analysis and logical reasoning, work well in teams, work well under pressure and have sound organizational skills.

Working Conditions

Computer and Information Systems Managers spend most of their time in an office. Most managers work at least 40 hours a week and may work much longer on occasion to meet project deadlines. Some may experience considerable pressure in meeting goals within short timeframes or tight budgets.

Operations Managers divide their time between the shop floor and their offices. In facilities that operate round the clock, managers may work late shifts and be called at any hour to deal with emergencies. Dealing with hourly employees as well as superiors when working under the pressure of production deadlines or emergency situations can be stressful.

Information Systems Liaisons divide their time between the field, functional areas of the organization and the information center, although not equally. They deal with a diverse set of people as well as problems. Most work at least 40 hours per week and may work longer to meet deadlines or respond to emergencies.

For more information:

APICS – The Educational Society for Resource Management

Association for Information Systems

Decision Sciences Institute

The Production and Operations Management Society

IUS faculty coordinator of the IOM program is Professor Kathy Ernstberger