International Financial Reporting
Career Success Factors
Greg Jonas
Boston College
April 22, 2014
Confidential Treatment Requested by
PCAOB Pursuant to 17 C.F.R. 200.83
1
Caveat
The views expressed are my own views and
do not necessarily reflect the views of the
Board, its members, or other staff.
2
Two types of factors
Technical
Career
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3
Technical success factors
Know your stuff
Reporting
Incentives
Technical
Skills
Economics
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4
Technical success factors
Know your stuff
Have ideas
Ideas = value
Bad form: what now boss?
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5
Technical success factors
Know your stuff
Have ideas
Think strategically
Detail is important but dangerous.
Don’t get lost in it!
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Technical success factors
Know your stuff
Have ideas
Think strategically
Use sound judgment
Sound judgment?
Avoids
Mistakes
Insightful
Reasoned
View
Forward
Looking
?
Proven
Right
Savvy
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Use Judgment Framework,
when it really matters
Rationale
Alternatives
Smart Money
Evidence
Persuasive
Proof Facts
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Technical success factors
Know your stuff
Have ideas
Think strategically
Use sound judgment
Consider many sources
Use many sources for insight…
Sell-Side Research
10-Q
S Forms
10-K
Firm Pubs
Staff Comment
Letters
Contracts
Reporting
Business Press
Economics
Incentives
Authoritative
Government Reports
Transaction
Proxy Documents
Rating Agency Reports
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Technical success factors
Know your stuff
Have ideas
Think strategically
Use sound judgment
Consider many sources
Keep a global perspective
Two types of factors
Technical
Career
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Career success factors
Be a team player
Consult
Team > Self
Carry your weight
Play to strengths
Shore-up weaknesses
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Career suggestions
Be a team player
Don’t be a fool in poker
Illusion!
Worldly!
Incentives!
Skepticism!
Requirements!
Economics!
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Professional skepticism
What it is…
 Questioning mindset
 Critical assessment
 Driven by evidence
 Neutral outcome
•
•
•
•
What it is not…
 Pleasing mindset
 Confirming assessment
 Selection bias
 Hoped for outcome
Beware of Impediments!
Excessive time pressure
Fatigue
Little incentive to find bad news
Client service = yes
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Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Top down
Don’t bury lead
Simple language
Points
Pictures
Concise
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Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Create
Sell
50%
50%
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Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
3 minutes!
Few second chances!
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Practice!
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Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Influential
Advocate
Critic
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Time
Coach
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Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Confidential Treatment Requested by
PCAOB Pursuant to 17 C.F.R. 200.83
21
Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
Confidential Treatment Requested by
PCAOB Pursuant to 17 C.F.R. 200.83
22
Career success factors
Be a team player
Don’t be a fool in poker
Communicate!
Sell ideas
Make a good first impression
Find a mentor
Work under control
Learn to supervise, learn to lead
Grow your asset
Confidential Treatment Requested by
PCAOB Pursuant to 17 C.F.R. 200.83
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Confidential Treatment Requested by
PCAOB Pursuant to 17 C.F.R. 200.83
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