Hi everyone,
So last week on Friday morning (March 18th), I am sitting in my Financial Tax class taking my exam. As i am taking this exam (to a degree, even while I was studying for it), I couldn't help be thinking to myself; who actually remembers all the tax laws and that countless variations and exceptions. It seemed quite ridiculous. I mean for one thing, many of the tax laws change every year so by the time you finish memorizing the current laws it'll already be time or at least close to the time you'll have to start learning all the new laws. Another reason it is silly to memorize these laws is because in this day and age, all these laws are at our finger tips with the power of the internet and more importantly all these tax software that are available for use (TurboTax, H&R Block, etc).
I just couldn't help myself. Last Friday (March 25th), when the professor was returning are graded exams, I asked him why he is requiring us to memorize these laws, when soon enough they'll be obsolete. All he could tell me is that "this is how its been done for years." I am not very happy with is answer, to say the least. I have spoke to many tax professionals since than and all of them concur that memorizing these laws is a waste of time. All the tax professionals i spoke to use tax software, which applies the appropriate laws simply by a few clicks. I think tax courses in college need to change the way they are thought. What do you guys think? Let me know. Maybe you guys can change my mind :)
Sunday, March 27, 2011
Monday, March 21, 2011
Higher Education...Then and Now
Hi everyone,
As you all may or may not be know (not really sure why anyone would not know), we have been going through a recession here in the US since 2008. With crazy things happening such as Lehman Brothers, Bear Sterns and Merrill Lynch being sold at fire-sale prices, Goldman Sacs and Morgan Stanley becoming commercial banks and the financial market just going down under, the economy has been experiencing hard times.
You might be thinking where I am going with this. Well, to answer that in simple terms: Jobs!!!! Just ask anyone that graduated in 2008-2009 with a bachelors degree, particularly one that was in the business related field and more specifically in Finance. It was and still is to a degree a horror to go to countless interviews and find yourself among the large number of people that got laid off from the above mentioned firms. Almost all of them having 5, 10, 15, or even 20+ years of experience is their respective positions. To add to that was their company financed MBA, CFA, CPA or other certification degrees. Among them are people like me and myself included; fresh out of college with a bachelors degree in Fiance and Investment and minimal real world experience. I am sure many of you can relate.
It is this very notion that has driven a very large chunk of the labor force back to school. Lets face it, a Bachelors degree in today's job market is comparatively as good as a high school diploma. The big difference between the people working towards their MBAs and/or other certifications now compared to before this recession is that back then people would acquire these further education completely or vastly financed by the firms they worked for. Now, instead, people are acquiring these further education completely out of their own pocket only to be able to land a decently well-paying job. Before these further educations where a means of getting a promotion; advancing within your firm. Now it is a means of actually starting your career.
I just hope that all my effort to stabilize my career will payoff. I wish you all that are in similar predicaments the best of luck. Hope all of you are able to come out of this recession healthy and financially sound.
- Rajat
As you all may or may not be know (not really sure why anyone would not know), we have been going through a recession here in the US since 2008. With crazy things happening such as Lehman Brothers, Bear Sterns and Merrill Lynch being sold at fire-sale prices, Goldman Sacs and Morgan Stanley becoming commercial banks and the financial market just going down under, the economy has been experiencing hard times.
You might be thinking where I am going with this. Well, to answer that in simple terms: Jobs!!!! Just ask anyone that graduated in 2008-2009 with a bachelors degree, particularly one that was in the business related field and more specifically in Finance. It was and still is to a degree a horror to go to countless interviews and find yourself among the large number of people that got laid off from the above mentioned firms. Almost all of them having 5, 10, 15, or even 20+ years of experience is their respective positions. To add to that was their company financed MBA, CFA, CPA or other certification degrees. Among them are people like me and myself included; fresh out of college with a bachelors degree in Fiance and Investment and minimal real world experience. I am sure many of you can relate.
It is this very notion that has driven a very large chunk of the labor force back to school. Lets face it, a Bachelors degree in today's job market is comparatively as good as a high school diploma. The big difference between the people working towards their MBAs and/or other certifications now compared to before this recession is that back then people would acquire these further education completely or vastly financed by the firms they worked for. Now, instead, people are acquiring these further education completely out of their own pocket only to be able to land a decently well-paying job. Before these further educations where a means of getting a promotion; advancing within your firm. Now it is a means of actually starting your career.
I just hope that all my effort to stabilize my career will payoff. I wish you all that are in similar predicaments the best of luck. Hope all of you are able to come out of this recession healthy and financially sound.
- Rajat
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