Job Responsibilities
My primary responsibilities involve the licensing of new
applicants and the ongoing regulation of existing licensees.
Most of my time involves the assessment of the financial
condition of each licensee through the analysis of financial
statements. The analysis process is fairly detailed and
encompasses the compilation of ratios and percentage changes in
balances for comparison with industry benchmarks. The process
also entails trend analysis which is identifying and evaluating
the direction of major financial accounts over a period of
several years. The financial reviews require the application of
analytical skills relying on my knowledge of relevant accounting
theory.
My other job job responsibilities include the processing of
applications, written and oral communication with licensees,
interpreting relevant state statutes, preparation and
maintenance of Department procedures, and monitoring compliance
with state insurance laws. Continuing education in the areas of
insurance and risk management are important to me to ensure
efficient regulation in the public interest.
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Job Requirements
My current position requires a degree in accounting and prior
work experience. The CPA designation is highly regarded and all
employees are encouraged to attain the designation for
advancement into senior positions. The accounting curriculum of
most accredited educational institutions has now been
transformed into a five year masters degree program to qualify
for candidacy as a CPA.
I attended a university with an excellent accounting program
that well prepared me for a challenging career in the field of
accounting. I was very fortunate to have accounting professors
with impressive educational and work credentials. Most of the
professors held senior positions with prominent national and
international accounting firms. I was required to take courses
in various areas of the program including federal tax courses,
auditing, and advanced accouting topics including consolidation
accounting.
I was fortunate to have had the flexibility to change courses
and professors with relative ease. The workload was both
challenging and rewarding. I was very proud to graduate with a
degree from my university that gave me the confidence and
motivation to succeed in the working world.
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Uppers
The best part of my job is the ability to apply my analytical skills in
accomplishing financial reviews with recommendations to senior regulators
regarding the licensing status of the licensees. Making sound analytical
judgements and recommendations is personally very rewarding for me. Knowing my
decisions and rcommendations are appreciated is a positive reinforcement for me
to continue to hone my skills througj continuing education.
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Downers
The biggest negative is the external political influence exerted
by the employers I regulate. On numerous occasions many large
employers have been successful in overriding or reversing
regulatory decisions. I have found these particular cases to
have de-motivating effects on performance. The legal firm
representing the state guaranty fund has also exerted negative
influence that has lowered my expectations of the quality of
public service.
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Lifestyle
As with any job environment there are both positive and negative aspects. The
biggest negative for me is the salary level of a state employee that has lagged
private industry due to recent state budget deficits. However, I feel very
satisfied with the relaxed work environment and the self-regulated pace. I have a
lot of discretion in establishing daily work priorities and taking time off
without advance notice. The dress code is very relaxed with a casual dress code
which does save me the expensive cost of furnishing formal dress attire. Overall,
I feel the relaxed and plesant work environment outweighs the less competitive
salary structure.
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Compensation
The salary level has not remained competitive with private
industry. Over the last couple of years the rate of salary
increases has not even kept pace with the rate of inflation.
However, state employees can compensate for this deficiency by
moving into higher or same level positions within state
government that offer higher salary levels. There is a website
that lists all current position openings within the different
state agencies.
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Advice to Jobseekers
I feel the current outlook is very positive due to the passage
of the Sarbanes Oxley Act which requires greater accounting
oversight and internal controls to prevent and detect fraudulent
and deceptive management practices. There is a proliferation of
new accounting and auditing requirements that will only increase
the demand for talented financial professionals.
I highly recommend pursuing the CPA designation or other
professional business designations and or and online MBA
program. There are definitely wonderful high paying career
opportunities for professionals with these type of buisness
credentials.
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