I just read an interesting article on LinkedIn that asks this question: "Has The MBA Become A Worthless Degree?" Not surprisingly there were some interesting comments. What's my opinion on the matter? Here's the comment I submitted:

I swore to myself as a teenager that I'd NEVER be an accountant. Fast forward a few years...and a few more....OK, many more years! And here I am, blogging about how to become one.
Do you know someone that's considering a career in accounting or finance? There are abundant options from which to chose in these disciplines, but as far as I can see, there are very few--if any--resources that help you navigate those options. So, one of my goals for this blog is to offer you a trove of relevant resources that explain the options and the current trends.

If you have any questions, requests, feedback, or even a challenge, please comment or use the "E-mail me" tab....I dare you!

When people hear the words DEBITS and CREDITS, their eyes start to glaze over. Which part of the transaction should be a debit and which one should be a credit? Does it really matter?! What happens if I don't care?

This reminds me of an experience from my LDS mission in Chihuahua, Mexico. In 1993, I had a Mexican missionary companion that wrote something down for me and misspelled a word or two. He used a "v" instead of a "b". These two consonants sound very similar in Spanish, but it still surprised me that this very intelligent young man made this error. His reply went something like this: "There are linguists who have theorized that one day spelling won't matter...as long as the idea is communicated." With a twinkle in my eye, I said, "Until that day comes, your spelling still counts, Elder."

Just like spelling matters in professional writing, debits and credits matter in accounting. For me, understanding debits and credits has unlocked the mystery of how the financial statements are tied together. Here's a little "cheat sheet" showing how different account types are affected by debits and credits. (Remembering the accounting equation of Assets = Liabilities + Owners Equity helps when deciding how to record a transaction)

I am starting out this new year in a way different than ever before: I am a free man! Yes, I have finished my undergraduate degree. Wahoo!!! It's something that's been hanging over my head for longer than I'd care to admit, and the feeling of being done--at least with my undergraduate studies--is spectacular. In my judgment, the way it all happened is an amazing thing!

Before I went back to school two years ago, I had a great job as Senior Accountant at Development Associates, a land development firm in South Jordan, Utah. I was managing the books of nearly two dozen LLC's, which provided ample opportunities for me to develop my understanding of GAAP. When I informed my supervisor that I was leaving to finish my education full-time, he mentioned that a raise was coming my way. That would have been very nice, but I had already arrived at the decision to return.

When my wife and I were dating in early 2006, I frequently told her of my strong desire to finish my degree. I wanted to remove the ceiling that was keeping me from progressing further in my accounting career. About a month after we got married, I started the process of transferring my credits from the University of Utah to Utah Valley University (UVU). Everything that needed to happen for me to return happened in such a smooth, rapid way that it felt like an unseen force was guiding this process. In a two-month span, UVU approved my application, my credits were transferred, financial aid got fully approved, and my class schedule was in place.

Then, two months after returning, I was among 15 students from the business school invited to attend a breakfast event put on by Wells Fargo Bank where Jeffrey Immelt, Chairman and CEO of General Electric, spoke about his company's performance, etc. Students from BYU, the U of U, Weber State, USU, and SUU (I think) were invited as well. I was able to travel to and from this event with the Dean of the business school--just he and I. What an opportunity!!! Other wonderful opportunities came my way as I extended myself in my studies and extracurricular activities, including service as vice president and now president of the UVU Accounting Club.

One might say, "That's what happens when you put in a little hard work, Spencer." Well, I've only told you half the story...seriously! Let me give you more context: Jess and I have a blended family--that is, I brought three kids into this marriage, she brought two, and we had our first together in May '08. So, we've had to juggle the logistics of bringing my kids down from Salt Lake County every two weeks...or as time permitted. Jess has been a full-time student in the BYU College of Nursing (and, as you might suspect, she has a remarkable GPA!). Between June '07 and March '08, we had three cars die from engine failure, and so we had to get a new 8-seater Sienna that we share between the two of us. We had serious legal matters to settle with my ex that spilled over into some ecclesiastical issues. And I worked part-time through most of my studies at UVU. Nothing short of many miracles and a clear vision of our goals helped us through this extraordinary time.

To cap things off, my last semester included a capstone course where we had two assignments: (1) Run a virtual company on our own, and (2) run a virtual company as a group. This started out as a very scary proposition for me, but after a bit of procrastination, I dove into the task at hand. After many hours of hard work, I began to harvest the fruits of my labors. Success on the individual and team level was very gratifying: Our team finished first in our class competition and second overall in the Woodbury School of Business; and I finished in the 96th percentile nationally in the individual competition. Now I needed to transition from running a virtual company to getting a job with a real one.

About two months ago I started my job search in hopes that I would have something lined up for the new year. Well, I interviewed twice in Salt Lake County during November, and both interviews went swimmingly, but I lost practically two whole days of study time. With such a full schedule already, I ended up putting that process on hold because I couldn't afford losing that time.

At this point, my job search is in full swing, and I'm particularly excited about a job opportunity at BYU. I live within walking distance, the salary range is what I'm looking for, and the job looks like it would stretch me in some new ways. There are about a half dozen others that look very promising as well, including one in the Cottonwood Heights area. But I realize that I need to kick my networking efforts into high gear. I think I remember someone saying that roughly 80 percent of the job market never hits the newspapers and job sites. I've got a lot of people to call this week. :)

My sweet skills are for hire. Who will be the lucky organization?!

"If the Eiffel Tower were now representing the world's age, the skin of paint on the pinnacle-knob at its summit would represent man's share of that age; and anybody would perceive that that skin was what the tower was built for. I reckon they would, I dunno." - Mark Twain (1835-1910)
(Marshak, Stephen. Essentials of Geology 2e, p. 283.)

Who reads FORTUNE magazine? I bought a year's subscription for $10 because I'm a student, but I haven't found anything particularly engaging. I much prefer the Wall Street Journal! My mind is much more engaged when I bury my nose in it, because it's not simple. My Intro to Finance class has repeatedly helped me understand at least the basics of what's being reported. Who said school was a waste of time?!!!