Accountant by Day
18Oct/118

Setting professional goals: planning your career

Enter this week's giveaway for a chance to win $75!

-------------------------------------------------------------------

We recently had our annual reviews at work, and as part of the process, we were asked to set some goals for the upcoming year. By all accounts, these goals are not really followed up on by management, but I put some thought into my goals anyway, because they're MY goals and it's MY responsibility to follow up on them.

After setting my goals, I thought I'd share some tips on setting your own goals, whether it is for your annual performance review, or just for your own benefit.

Setting professional goals forces you to think about your career, and to broaden your view from the here-and-now, to the future. You may be scrambling to do all your work well in the moment, but take a minute to think about 5 years from now, or 10 years from now, and what you need to do to get where you want to go.

Maybe just doing your work each day isn't enough. Maybe you need to become involved in the community, find new clients for your company, seek out training events that you can attend, and then teach your coworkers about.

Figure out what your overall objective is first

Is your goal to make partner in the next 10 years? Is your goal to move into more of a business development role? Do you want to specialize in one industry?

Before you can set your goals for the upcoming year, you need to put some thought into your ultimate goal over the next 10 years. (Or 20. Longterm. However far ahead you think you can handle.)

If, deep down, you don't plan to make partner, then your annual goals now may be completely different. You don't need to point out to your boss that you are not attempting to make partner, of course!

Some of our former employees were interested in part-time work when they became parents. They handle monthly bookkeeping for some of our clients now, rather than working for us full time doing audits. It would also be possible to transition to working as an individual tax accountant - but our firm does more corporate taxes, while an individual practitioner would likely handle more individual and partnership returns.

Even if you don't work in accounting, you can still apply this to the job you are currently in. What direction do you want to go in from where you are now?

Figure out what your short term objectives are

Okay, now that I have set my long-term objective, I can figure out some short term objectives are.

Let's say I picked the  "partner" route. I'm going to want to make sure I'm assigned to some of our biggest clients, I'm going to want to network with other people at the levels in between me and partners. It depends on your firm what other objectives you might have.

Set goals that will help you achieve those objectives

You can't just set your goal to being assigned to the biggest client - you need to set goals that will help you get there. Maybe you'll attend an industry conference, to gain more knowledge about that client's industry in the upcoming year. Maybe you'll check with managers on that project first every time you're out of work to do during the year, and then make sure you do that work promptly and well.

At this point in the process, you are figuring out the actual steps you can wake up and do every day that will help you achieve your objectives.

How I applied this to my annual review

I set a goal to learn how to do a particularly tricky type tax return well - and then I laid out steps I can take to get there. I will read the regulations referenced in the form instructions. I will find a good example of how to do the return properly, and study the example. I will actively ask for more of this type of return to practice on.

I also set a personal goal to work more efficiently; I want to get my chargeable hours in and go home earlier this year. This is not a goal I shared with my boss, because I don't want to suggest that I haven't been using my time efficiently already... but that doesn't mean that I can't set it as a goal for the year anyway!

Your annual review

Does your employer have you set annual goals? Do they follow up on these, or leave them up to you to keep track of? What were your career goals this year?

25Sep/111

Sunday Breakfast Links

Things I've been reading, in the blogosphere . . .

Retire by 40, who plans to become a stay-at-home dad, interviews another stay-at-home dad and blogger, Hunter from Financially Consumed.  Read about what it's like to be the only dad on the playground.

EngineerYourFinances gives some tips and encouragement for negotiating your salary in a down economy.  If you're looking ahead to an annual review soon, don't forget to read this post and negotiate your pay increase!

On a related note, Broke Professionals brings us a post about how to be successful at moving up the career ladder.  They take a look at some archetype managers they have worked with, and compare which strategy translates best into managing a whole department.

I loved this post from Money Mamba that questions where his money goes after being spent at Chick Fil A - he decides to respect the value of his money by not spending it at Chick Fil A, and inadvertently promoting political agendas carried out by the restaurant.

Money Smarts blog presents a practical way to estimate home maintenance costs.  As someone looking to buy my first home soon, I found this to be very helpful.
palace

How much would this house cost to maintain?

5Sep/119

There are starving children in Africa: Keeping things in perspective

I always found the cliché "There are starving children in Africa" response to be a pretty useless tool to use against more well-off children refusing to eat the food offered to them. In reality, the "keeping up with the Jonses" cliché holds true, because we compare ourselves to our peers around us, not to distant people in poverty-stricken countries that we have never been to.

That's what makes high school reunions so stressful - they are one of the closest peer groups you can compare yourself to, and let see how you line up 10 years down the road with people who grew up in the same town as you, with the same basic education. (I read this in a book, but I'll need to get back to you with some real citations.) I imagine that, depending on the structure of your work environment, co-workers might be a pretty important comparison group too. If you work in an environment where you have an advanced degree, but most people you work with don't (like manufacturing) this probably isn't much of a problem for you.

Before bed last night, I was reading through the "Work" chapters of bell hooks's book Feminist Theory: From Margin to Center. The chapter talks about how the feminist movement promoted the idea that women needed to be "allowed" to work, and that work would be liberating. Of course, for poor American women, which included many African American women, this idea didn't mean much because they had been working for decades, and the type of work they did was not at all "liberating." What the white women meant, of course, what that a well-paying career would be liberating, but they did not specify that when they referred to "work." They made the mistake of only comparing their situation to the men at their same class level - and ignoring the plight of the larger population of women.

Hooks also talks about how many middle class women began to work part time to be able to pay for their kids to go to college, or other "luxuries" that were becoming standard for the middle class.

It's now standard for women to go to college and plan on careers, although here in the South I still know several young women who have worked hard in college and at their current jobs, but think that they will drop it all to be a mom and housewife once they meet the right man. I'm sure none of us know what we want until we get there, but the idea of putting so much time, effort and money into a career and then just abandoning it drives me crazy.

For me, it would be nice not to have to work - but only if that was because I earned enough to retire early. Work is empowering, because it gives me the ability to pay my own rent, buy the things I want, have goals that I know I can accomplish. But some days the fact that I have to spend 10 - 12 hours of my day at work (and commuting to and from work) to be counter productive - like power couples who earn enough to hire the best nannies but never see their children themselves. Why have children in the first place? (Of course, they do get to enjoy their children sometimes and that's why they have them, but a lot of these couples seem stretched really thin and constantly stressed out.)

There seem to be two ways to approach work - well two ways that seem "good" to me. The first is to get a 9 to 5 (well, 8:30 to 5:30) job, and show up to work every day, do your thing, and then live your "real life" at home. Or, if your job is going to be your life, your job needs to be a place where you can accomplish things, have goals, and enjoy a good portion of the work.

I'm still deciding if I really like my job enough to commit to it and give up on having much time to do other things. I do enjoy the work, and the constant challenge, but I also find it stressful to feel like I never quite know what I'm doing, and also to have to work with so many different personalities overseeing me. I think it's something that will just take time for me to get comfortable with, and only then can I really see how I feel about this job.

What is your philosophy towards your job? Is it something you do because you need to work to do the stuff you really like, or is your job something you really like to do? What would your ideal job be? Or how would you ideally spend your days if you didn't "need" to work to pay your rent, food, medical bills, etc?

This post is a good example of why I should write posts all at once, instead of in bits and pieces over several days! My original point of this post is that we start wanting different things depending on our sphere of reference - depending on what the people we compare ourselves to have. It seems that the key to getting away from keeping up with the joneses is to really evaluate what you want and what it will take to get there. If all you want is a tiny little house in the middle of nowhere, you maybe could quit your city job and go for it now. If you want to use your freetime better, maybe quit the demanding career and find a 9-5 job. But first you need to really know what YOU want.

Tagged as: , , 9 Comments
28Dec/105

Weddings and Wages

Business people clipart imageThe Wage Gap

It is well documented that there is a wage gap between what men and women earn. It is closing, but it still exists. According to the National Committee on Wage Equity, in 1963 full-time female workers earned $0.59 for every $1.00 that full-time male workers earned. In 2009, women earned $0.77 for every $1 men earned.

Why is there a gap?

Now, these are comparisons between total dollars earned during a year by male and female workers, not comparisons between male and female workers with similar jobs. A large part of the wage gap does come from inequities between pay for the same jobs, and there are political groups fighting to correct this. However, some of this gap could be explained by women choosing to work in lower paying jobs.

But why would women choose lower-paying jobs?

Women want to drive nice cars and have beach houses just as much as men do, right? So why would women choose lower-paying careers? That doesn't seem very financially savvy. Why would women create a wage gap for themselves?

Some arguments I have heard is that women prefer careers that involve helping people, and that some related careers, such as social work and teaching, just don't pay so well. Other arguments I've heard is that women generally aren't raised to be as competitive as men, so if this is true, I guess it could translate into women not being as concerned about switching jobs for potentially higher-paying opportunities.

But wait! There's a twist!

Here's another statistical nugget to analyze - Lesbians make more money than straight women! When you control for significant factors like education level and race, lesbians still make about 6% more than straight women, on average. This article argues that this is because straight women tend to assume that eventually they will get married to a man who will earn more money than them, whereas lesbians don't make this assumption. If a woman assumes she will end up staying home and raising children for a large chunk of her career, she does not have the same incentive to invest in entering a high-paying career.

To be honest, I know several men who decided to change their majors mid-university from something they loved (say, music) to something more practical, because they wanted to be able to provide for a family later on. I (so far) haven't met a girl who wanted to a high-paying career so that her husband wouldn't have to work!

Are we selling ourselves short?

Maybe if women thought that their future career would have to provide for a whole family, they would choose a higher-paying career? Or maybe they would be more aggressive about pay raises or finding better job opportunities if they felt like their family's financial well-being rested solely o their shoulders? (I wonder where single moms would fall out in this theory.)

I'm not sure whether I support these arguments, although I do think that the statistic that lesbian women make more money than straight women is a surprising and thought-provoking fact. I do think that this is a very complex issue with many factors contributing to it!

What do you think?

Image source: Fakhar on SXC.hu