Start the new year in the know with special interviews from CFO.com! In CFOS React, fourteen finance chiefs reveal the impact the financial crisis is having on their companies, their access to credit, and their cash management strategies. More on the credit market is available in our finance section with AFP’s 2009 outlook.

Stay geared for two new courses starting January ’09 in Cairo: AFP’s Certified Treasury Professional (CTP) and SHRM Essentials of Human Resource Management Certificate 2-Day Workshop. Act quick as this is your last chance to register!

Ben Jones, CPA, MBA, CFA
Director of Business Operations, Becker Professional Review l beckercpa.com

As printed in New Accountant Magazine, Jan/Feb 2009.

Presumptuous as it may sound to tell accounting majors to “do the math,” it’s also one of the best pieces of career planning advice you’ll ever get. Why? Because your future success in the business world may very well depend on one number.

That number is 150, as in the number of academic credit hours that most jurisdictions in the United States now set as a minimum requirement for becoming a CPA. Assuming that your career plans include having those initials after your name, how you decide to add up all those credit hours is one of the most critical, career-defining decisions you’re ever likely to face.

Summing it up

It’s a fact of life. A bachelor’s degree alone won’t take you as far in your career as it once would. At some point in the not too distant future, landing that dream job, earning a coveted promotion, or getting the huge salary increase may very well come down to the professional credentials you’ve earned beyond your undergraduate degree.

The Bureau of Labor Statistics confirms it. Individuals with proficiency in a specialized discipline such as accounting and auditing, professional certification or licensure, and a master’s degree have a unique competitive advantage in the job marketplace. For accountants, that advantage begins with a solid undergraduate accounting education, gets stronger when you add in the CPA designation, and turns into a triple advantage with the addition of an advanced degree.

Here’s where the math comes in. Given that you’re most likely going to need 150 credit hours to become a CPA, the extra 30 hours you must earn beyond your undergraduate education can easily translate directly into a master’s degree or get you very close. The decision then comes down to, “Which master’s degree is best for me?”

For the answer to that you have a number of choices. If you’re an accounting major, there are advanced degrees that extend directly from the core discipline, including Master of Accounting (MAcc), Master of Accounting and Financial Management (MAFM), and Master of Science in Taxation (MST). Then, of course, there’s the more broad-based Master of Business Administration.

A powerful combination any way you go.

Regardless of your choice, the career power of dual credentials—the CPA designation and an advanced degree—are undisputed. Evidence is mounting, however, that the strongest credential in business today may very well be the CPA and MBA combination. One need not look too far to see why this combination may very well become the new power duo.

There seems to be no end in sight for the demand by accounting firms and corporations for individuals who possess a highly defined set of skills and insight—accounting expertise and business management savvy— required to meet today’s tough economic and regulatory challenges. Research confirms that the demand for these qualifications continues unabated.

For starters, the importance and value of the CPA credential go virtually unchallenged. According to the National Association of Colleges and Employers’ Job Outlook 2007 survey, accounting undergraduate majors headed the list of the “top 10 degrees in demand.” The same survey also ranked the top degrees at the master’s level. The MBA came in at number one.

It’s not surprising then that earning an MBA while pursuing the CPA designation can put you on a fast track to promising managerial positions. In fact, CPAs with an MBA may find their career options more expansive from the start with wider ranging opportunities in fields such as banking, consulting, and financial and general business management.

The popularity of the MBA and CPA combination in no way diminishes the value of other dual credentials. The demand for advanced and specialty accounting degrees continues unabated as well. And regardless of the name of the degree, the one constant in the equation is the CPA credential. It’s the part of the dual credential that truly unlocks the door to other opportunities.

Start planning early

The key is to start planning your future now. Tom Vucinic, President of Becker Professional Review, says that most of the candidates he sees in Becker CPA Review courses have or soon will have an advanced degree. His advice to students? “If you’re going into accounting, start planning early about how you’ll meet the CPA requirements.”

“Look at your choices carefully,” he counsels. “Does your school take the 150-hour requirement into consideration in its undergraduate degree curriculum? Is there a five-year dual degree program? What are your MBA program options? Does your school offer a CPA Exam preparation option?” Above all, Vucinic says, “Start focusing on becoming a CPA as quickly as possible. Its value over the life of your career is incalculable.”

For more information, please visit www.beckercpa.com

IMA (Institute of Management Accountants) l imanet.org

When is the best time to become a Certified Management Accountant (CMA®)? For some finance professionals, it is right after college, when study habits are still second nature. For others, it is after spending many years in an organization and wanting to gain some extra credibility. For Ben Hickman, who recently became a finance manager at BlueCross/Blue Shield of Minnesota, the right time to take the CMA exam came while he was contemplating a major career move.

After graduating from college with an accounting major in 1994, Hickman spent nearly a decade in various finance-related positions, primarily with non-profit organizations. Among the positions he held, he served as vice president of finance and administration at the Council on Crime and Justice in Minneapolis, responsible for everything from overseeing the facilities management of a 40,000-square-foot rental property to implementing procedures to enhancing internal controls. Yet, in the early 2000s, Hickman decided that he wanted to make a change from the smaller non-profit world, into a more corporate environment.

“I had been in non-profits for a long time and I knew that in order to make a switch to corporate, I would have to do something big,” he says. “I wanted to have something to differentiate myself from the competition, and I liked that the skill set of the CMA exam was so broad. I knew it would give me greater knowledge of advanced topics and help make me a better problem solver.”

Hickman took three years to take all four parts of the exam, which he did while working full time at his non-profit post. One of the things that especially attracted him to the CMA exam was the flexibility of taking the parts separately. He became a CMA in June 2005 and within five months, he had landed a position as a principal accountant at the Hennepin County Medical Center, a large healthcare facility.

“It’s obvious to me from my CMA training that I have a better ability to analyze and forecast the big picture,” Hickman says. “I’ve also learned more about IT, financial reporting – even supervising staff – that I know will serve me well throughout my career.”

The benefits of being a CMA are just beginning for Hickman. In fact, his CMA certification was one of the primary reasons why he was hired for his current job, which he assumed in June 2006. He had applied to BlueCross/Blue Shield in late 2005 and by remaining in touch with the manager (including informing him that he was studying to receive another Institute of Management Accountants’ certification), about six months later, Hickman was offered a newly created position.

Hickman believes that in current market environment, with all the career shifts that are happening, the CMA certification can really make a candidate stand out: “Getting your CMA shows that you are dedicated, that you have a stamp of approval in meeting requirements for ethics and you’ve gained the specialized training to help an organization improve business performance and operations.”

For more information, please visit www.imanet.org

IASeminars l iaseminars.com

In 2001, the U.S. Financial Accounting Standards Board (FASB) issued SFAS 141. Three years later, the International Accounting Standards Board (IASB) followed with IFRS 3. Having worked on convergence since 2004, the FASB and IASB issued identical Exposure Drafts (ED) in June of 2005, designed as the ultimate convergence of accounting for business combinations. The EDs were the result of the standard setters’ first major joint project and reflected the Boards’ objective to create a single high-quality standard for business combinations that could be used for both domestic and cross-border financial reporting. However, many constituents responded harshly to the EDs, and in response both boards held many meetings redeliberating their positions. In December of 2007 the FASB issued SFAS 141(R) which became effective from 15 December 2008 and in January 2008 IASB issued revisions to IFRS 3 which will be effective from 1 July 2009.

It is not only the effective dates that differ between the standards. Although the boards’ original intention was to issue identical standards, and the final pronouncements are closely aligned, they are not identical in all respects.

The new Standards include changes that will materially affect accounting for business combinations; some of the more significant changes are discussed below. The Standards apply to a wider range of business combinations than the current Standards and include combinations achieved by contract alone or involving only mutual entities. The fundamental requirements of IASB’s IFRS 3 and FASB’s Statement 141 to account for all business combinations using a single method (with one party always identified as acquiring the other) remain the same. However, numerous changes are required to current practices under both IFRS and U.S. GAAP. One of the principal changes is to measure the acquiree at full fair value, even if the business combination is achieved in stages or if less than 100% of the equity of the acquiree is acquired. Previously, both IFRS and US GAAP required measurement on the basis of accumulated cost. When applying such a method, all goodwill is recognised, including the amount attributable to non-controlling interests (previously called minority interests).

Such recognition of all goodwill is required under SFAS 141(R), while IFRS allows the method as an alternative treatment that can be selected on an acquisition-by-acquisition basis. The other alternative allowed under the revised IFRS 3 is to apply current IFRS methodology, calculating goodwill as the difference between the cost to the acquirer and the acquirer’s proportion of the fair value of the assets acquired and liabilities assumed.

The new Standards also include fewer exceptions to measuring the assets acquired and liabilities assumed in a business combination at fair value. Only three groups of assets are excluded, namely: assets held for sale, deferred tax and employee benefit plans -- all of which are measured in accordance with other Standards. Direct costs of the acquisition such as consulting, legal, accounting, and similar services will be expensed under the new Standards rather than capitalised. This is a significant change to both IFRS 3 and US GAAP, which currently allow direct costs to be included in the cost of the acquiree.

There are also changes to the treatment of negative goodwill; that is when the fair value of assets acquired exceeds the consideration. In this instance, U.S. GAAP adopts the IFRS position, with any excess being taken to profit. Previously under U.S. GAAP, any negative goodwill resulted in a pro-rata reduction of the fair values of assets acquired.

Related and consequential changes have also occurred to other Standards that will create consistency between U.S. GAAP and IFRS to (a) classify non-controlling interests as equity within the consolidated financial statements and (b) account for acquisitions of non-controlling interests as equity transactions.
This article has been written by the Technical Department of IASeminars, a global specialist IFRS & US GAAP training business. For details of over 300 courses on offer around the world, please see www.iaseminars.com

IIA (The Institute of Internal Auditors) l theiia.org/certification

A Testimonial on the Value of Internal Audit Certifications

Warren Malmquist, CIA, vice president, Global Internal Audit and Ethics
Molson Coors Brewing Company, Colorado, USA

The demand for internal auditors today is unprecedented, as public and private companies continue to expand their internal audit activities in response to heightened stakeholder expectations and corporate reforms. Internal audit professionals are finding plenty of opportunities, competitive salaries, and a higher professional profile.
Today, potential employers are not only looking at college degrees and experience, but for candidates with an extra advantage. Many organizations have begun to realize the value of certifications in positioning a candidate as someone with proven knowledge and demonstrable skills. Employers also feel assured that those who are certified are up to date on the latest trends and industry standards. 

“Being a true professional distinguishes you as someone who is dedicated to the highest standards of achievement. For internal auditors, the Certified Internal Auditor® (CIA®) designation is that symbol of professionalism. In my efforts to recruit top talent for our business, I look for candidates who have a passion for excellence, ethics, growth, and professionalism. And when I learn that a candidate has earned the CIA designation, I know I’ve found such a person,” said Warren Malmquist, CIA, vice president, Global Internal Audit and Ethics for Molson Coors Brewing Company.

The Institute of Internal Auditors Research Foundation’s (IIARF) Global Audit Network (GAIN) Annual Benchmarking Study found that 11 percent of respondents work for organizations that require their internal audit department heads, directors, and managers to hold the CIA designation. Furthermore, GAIN found that 26 percent of organizations encourage their Chief Audit Executives (CAEs), as well as internal audit directors, managers, supervisors, and senior audit staff, to obtain a CIA designation. And more than half of the organizations encourage regular audit staff to obtain their CIA. At Molson Coors, audit staff members must earn the CIA within one year of employment, explained Malmquist.

And a recent compensation study conducted by Harrington & Associations Inc., on behalf of The IIARF and GAIN found that 91 percent of employers in the United States and Canada indicated that excellent performance, certification in one or more specialties, and upgrading education all have a significant impact on an internal auditor’s value to employers. 

“Being a certified internal auditor is also very important from the perspective of the audit customer,” said Malmquist, whose internal audit activity consists of 20 professionals located in offices in the United States, Canada and the United Kingdom. “Having ‘CIA’ after your name builds credibility with management and shows the customer that you are a consummate professional and will make recommendations based on best practices and in-depth knowledge.” 
Malmquist says he also makes it a point to demonstrate the value of certification to his audit committee. “As internal auditing has become more visible and influential, it’s critical that internal auditors be on the same page with the organization and its strategic goals,” he says.

“I communicate to the members of my audit committee the level of competency and knowledge that is required for the internal audit activity to provide assurance and consulting that support the organization in meeting its objectives,” said Malmquist. “At least once a year, the audit committee reviews our resources, structure and qualifications of my audit staff, including years of experience, advanced degrees, and professional designations. I make it clear to my audit committee that my staff is prepared for just about anything by being certified in their profession and are dedicated professionals that follow professional standards and a code of ethics.” 

To be eligible for CIA certification, candidates must hold a bachelor’s degree from an accredited college or university. Student candidates must be enrolled as a senior in an undergraduate program or as a graduate student; be enrolled full-time (12 semester hours or more for undergraduates and nine hours or more for graduate students); and register for and take the exam while still enrolled in school. Candidates must submit a character reference form completed by a CIA, their supervisor, manager, or educator; and agree to abide by The Institute of Internal Auditor’s (IIA) Code of Ethics.

Before officially becoming a CIA, candidates also must complete 24 months of internal audit experience or its equivalent. A master’s degree or one year’s work in a related business profession can be substituted for one year of experience.

The increased pressure of regulatory obligations, the growing complexity of business environments, and advances in information technology have added significant changes to internal auditing as well as to the demand for its services. There is no better time than today for internal auditors to position themselves as consummate professionals who are grounded in professionalism and integrity, and are well prepared to provide knowledgeable consulting and assurance.

“My advice to anyone who is thinking about taking the CIA exam is to do it, and do it now,” said Malmquist. “I support my staff’s professional development by being a resource for them and supporting their long-term career aspirations. Anyone considering getting certified should keep in mind that, today, there are more study materials available than ever before. Also, the new computer-based testing process is much more convenient than the old pencil-and-paper process. The benefits of certification will carry you and your career well into the future and will benefit your organization many times over,” concluded Malmquist. 

For more information about certification, please visit The IIA’s Web site at www.theiia.org/certification.

SHRM (The Society for Human Resource Management) l shrm.org

August 2008 - The purpose of this article is to provide HR professionals with a close-up view of current research from the academic community on different topics of interest in human resource management and to present “golden nuggets” that are thought-provoking and applicable to organizations both today and in the future.

Introduction

Global diversity, as a market-based strategy, contributes to innovation and to bottom line results. In fact, a recent SHRM survey on workplace diversity found that 61% of organizations leverage diversity through increasing innovation.1 This research article presents three studies that contribute to the business case of diversity. First, it presents information of importance to the HR and diversity practitioner, introducing a framework for action that clarifies what global diversity management means and how to implement it. Second, it presents a successful case study of how IBM improved its results by making diversity a market-based issue. Finally, it shares useful advice about leading diverse teams.

Global Diversity Management: Towards a Conceptual Framework

By Lisa Nishii and Mustafa Özbilgin²
This study adds value for HR and diversity practitioners, as it proposes a unifying framework (i.e., inputs, processes and outputs) for global diversity management. The researchers Nishii and Özbilgin perceive global diversity as both the management of diversity across countries (e.g., how each country differentially defines and conceptualizes diversity) and the management of cultural diversity within multinational corporations (e.g., how to manage multicultural teams, develop cultural competence and facilitate effective interactions). In addition, they note that more research has been conducted on the effective management of cross-cultural teams and development of global competence than cross-national differences in diversity management.
This article also discusses why the efforts of many multinational corporations to expand internationally through diversity programs have failed. The authors found that U.S. domestic diversity does not readily translate into other cultures. In fact, the blind exportation of U.S. based diversity programs is the main cause of failure. As a result of this study, the researchers propose that in order to be effective, global diversity management should: 1) include the global units in the decision-making process; 2) bring flexibility to the design of human resource practices; 3) take into consideration different cultural contexts; and 4) develop global competence for employees worldwide. The study points out that unless employees have opportunities to develop their ability to work effectively with people from different countries, collaboration can pose more difficulties than benefits.

Diversity as Strategy

By David Thomas³

This study presents how IBM has seen significant bottom-line results by deliberately seeking ways to reach a broader range of customers. The author explains how this global company, with the support of its senior leaders, expanded minority markets by promoting diversity in its own workforce. In fact, the former CEO of IBM, Lou Gerstner, who originally sponsored the program, positioned diversity as an area of strategic focus for the organization. He declared that the success of the program was achieved because the company made diversity a market-based issue. The emphasis—both external and strategic— that IBM gave to diversity is an important innovation for other firms to consider. Another component examined is the process that was used to implement diversity efforts. IBM called attention to differences, learned from them and made improvements to the business. This philosophical shift was initially accomplished with the creation of task forces that represented eight different groups: Asians, Hispanics, women, black, people with disabilities, white men, gays/lesbians/bisexuals/transgender individuals and Native Americans.

The taskforces focused on the following areas for evaluation and improvement: communications, staffing, employee benefits, workplace flexibility, training and education, advertising and marketplace opportunities, and external relations. Each taskforce had to research and report back to the leadership team on four questions: What is necessary for your constituency to feel welcome and valued? What can the corporation do, in partnership with your group, to maximize your constituency’s productivity? What can the corporation do to influence your constituency’s buying decisions? Which external organizations should we form relationships with to better understand the needs of your constituency? By answering these questions, IBM compiled a list of vital issues (i.e., biggest diversity concerns) for each of the taskforces. This list shaped each group’s perceptions about business and development opportunities. To conclude, diversity management at IBM started local and, as a result of its positive outcomes, became an international initiative in order to address global issues.

Bridging Faultlines in Diverse Teams

By Lynd Gratton, Andreas Voigt and Tamara Erickson⁴

While business leaders may seek innovation through diversity, if not properly led, cross-cultural groups can reduce productivity and efficiency. In this research study, the authors found that the very nature of team diversity often reduces the team’s innovative capacity and lessens its overall effectiveness. The authors studied 55 work groups in fifteen European and American companies in industries such as telecommunications, finance, consulting, energy, broadcasting and others. This empirical study was based on a quantitative survey of 1,543 members of workgroups and their leaders. Most of the teams were diverse in terms of gender, age, nationality and education level. The study introduced the faultline theory to explain how team member attributes can influence the team’s behavior and performance. The researchers propose that the attributes that drive faultlines can be either surface-level or deep-level. An important point stated by the authors is that faultlines can remain invisible and explode only when under pressure.

The most important factor found in determining whether enhanced benefits of cross-cultural teams will emerge is the extent to which the group’s leader is task-oriented (emphasis on the task) or relationship-oriented (focus on the culture of the team and on the relationships among team members). In order to mitigate the risk of strong fautlines in global teams, the researchers propose that organizational leaders: 1) diagnose the probability of faultlines to emerge; 2) start by focusing on task orientation; 3) learn when to make the switch in leadership style; and 4) switch to relationship building when the team has developed expectations for the project.  Since fautlines can be invisible to the business and bring great risks, the authors present as a predictive tool in the form of a short survey, available in their article. To conclude, although innovation is expected as an outcome, it is not guaranteed. Developing competent cross-cultural leaders is a recommended way to maximize the chances to achieve the goal of the global diversity program.

HR Insights

To succeed in a diverse global market, it is important to shift the paradigm to emphasize different needs (both internally and externally), rather than hiding them. In addition, perceiving global diversity management as a market strategy moves the discussion to the business case approach.

In closing, as greater diversity will not automatically lead to the anticipated benefits, it is important to develop culturally competent leaders who can assess potential dysfunctions of cross-cultural or diverse teams and adapt their leadership style to maximize the chances of success.

Endnotes

1 Fegley, S. (2006). 2006 workplace diversity and changes to the EEO-1 process survey report. Alexandria, VA: Society for Human Resource Management.
2 Nishii, L. H., & Özbilgin, M. F. (2007). Global diversity management: Towards a conceptual framework. International Journal of Human Resource Management, 18(11), 1833-1894.
3 Thomas, D.A. (2004). Diversity as strategy. Harvard Business Review, 82(9), 98-108.
4 Gratton, L., Voigt, A., & Erickson, T. (2007). Bridging faultlines in diverse teams. Sloan Management Review, 48(4), 21-29.

Project Team
Project Leaders:
Rubens Pessanha, SHRM research intern
Nancy R. Lockwood, MA, SPHR, GPHR, manager, HR Content Program
Project Contributor:
Steve Williams, Ph.D., SPHR, director, Research
Editor:   
Nicole Gray, copy editor

Disclaimer

This article is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. The Society for Human Resource Management cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information.

For more information, visit www.shrm.org

Abe Eshkenazi, CSCP, CPA, CAE
APICS (The Association for Operations Management) l apics.org.

It’s hard to move past the current headlines: “Wall Street Stumbles as News Remains Bleak,” “AT&T Plans to Cut 12,000 Jobs,” “Central Banks Across Europe Cut Key Rates,” “Drastic November Job Cuts Underscore Downward Spiral,” and so many other indicators of the global financial crisis. Considering the tight credit market, improving cash flow might be the most immediate requirement for business survival.

A healthy supply chain relies on effectively monitoring three things: goods and services, information, and money. Inventory plays a large role in this cash equation because reducing inventory, especially when demand is low, can free up necessary cash, enabling the supply chain to function and flourish. Consider the second definition of “inventory” listed in the APICS Dictionary: All the money currently tied up in the system. As used in theory of constraints, inventory refers to the equipment, fixtures, buildings, and so forth that the system owns—as well as inventory in the forms of raw materials, work in process, and finished goods.

APICS is the recognized leader in keeping inventories lean and businesses agile. Businesspeople must carefully control their inventory, maintaining the balance between lean—which enables cash flow— and product delivery—which defines customer service. After all, if you can’t deliver what your customers want, business can go from bad to worse in the time it takes to place an online order.

Cash-to-cash cycle time is an example of a metric that can be improved to elevate a company’s strategic position. The APICS Operations Management Body of Knowledge defines cash-to-cash cycle time as “a metric measured in terms of days. [It] describes how long the company or sup¬ply chain takes to recover the expenses incurred when buying material, paying labor costs, or otherwise incurring overhead.”

Now is not the time to sit and wait until economic conditions improve. Now is the time to streamline operations and supply chains, while maximizing current assets and stretching available resources.

Rethinking time lines

Another major challenge for business leaders is the necessity to reconsider strategic plans. While timelines still incorporate a 3-to-5-year cycle; leaders are particularly concerned with the next 12 to 18 months. Planning completed before the economic downturn, most likely, will need to be significantly revised if not replaced.

Consider transportation planning in early 2008, which likely applied oil costs in excess of $100 (U.S.) a barrel. As the economy slowed, oil prices have come crashing down more than 50 percent. Agile leaders know how to take advantage of the cost decreases, but also know not to rely on those low oil prices for the long term.

Planning discussions have much shorter time horizons; how quickly returns on investment can be realized for key expenditures are a key success factor. The focus is on effective execution of the plans in the short term. This approach reinforces the aforementioned goal of maximizing current assets and stretching available resources.

The time is now to evaluate what is at the core of your company’s competitive advantage. Are you using all of your available resources? Is your team prepared with the skills and knowledge necessary to meet the current economic challenges? Strategies, such as those discussed in this article, are the foundation of APICS. Even during these trying economic times, APICS strives to help its members and their organizations successfully compete in order to build a stronger global economy. During these critical times, I encourage you to contact APICS to see how we can help you and your organization survive this economic uncertainty.

Abe Eshkenazi, CSCP, CPA, CAE, is the chief executive officer for APICS The Association for Operations Management.

To mark the official inauguration of the newest office of Morgan International in Egypt, we have the pleasure to offer professionals with a pivotal designation they never had the opportunity to attain before. Starting January 2009 Morgan International is introducing, for the first time in Cairo, the Certified Treasury Professional (CTP) designation, in partnership with The Association for Financial Professionals (AFP).

With more and more employers regarding the CTP certification as an added value in prospective employees, the CTP designation sets the standard in the financial profession and indicates that an individual has demonstrated the knowledge and skills required to perform competently in today's complex, competitive and ever-evolving treasury environment.

“It is crucial that candidates are well prepared and have mastered the curriculum in order to pass the CTP exam from the first attempt. This is not an easy task and the right preparation is key to success that opens a world of opportunities in the fields of finance and treasury. We at Morgan International are committed to ensuring our candidates are ready to take one of the most important steps in their professional career, and that is why we chose the AFP Learning System,” explains Shadi Abi-Nader, Morgan International’s Business Development Manager.

AFP’s CTP program covers seven broad modules including: background and environment of treasury management; general financial analysis; liquidity management; treasury technology; long-term finance; global finance and other areas of treasury management. AFP’s CTP program is designed to: enhance your treasury knowledge and demonstrate your commitment to the industry; reflect your current and relevant expertise while providing added value to your organization; increase your career choices; and enhance your potential to earn, on average, up to 25% more than your non-certified colleagues.

The CTP designation also offers an array of benefits beyond the treasury profession. Its rewarding reach is also of significance to many professionals including: practitioners in finance and/or treasury; technical and administrative staff in corporate finance; professionals in marketing, developing and/or implementing products and services for use in treasury and finance organizations; bankers and other financial services providers; consultants in the finance and treasury arenas; finance and treasury instructors teaching at educational institutions; and students with an interest in finance/business-related fields.

The three-month program starting in January 2009 will efficiently prepare candidates for the June/July 2009 CTP exam window. Classes will take place every Saturday (starting January 17) from 17:00 and 21:00.

For more information about the CTP Program or to register now, email us at ctp@morganintl.com or visit www.morganintl.com/ctp.html

About AFP The Association for Financial Professionals (AFP) serves more than 16,000 individual members throughout all stages of their careers in treasury and financial management. Headquartered in Bethesda, MD, AFP provides professional certification; continuing education; research; development of industry standards; financial tools and publications; training and career development; and representation to legislators and regulators.

For more information about AFP, visit www.AFPonline.org

To mark the official inauguration of the newest office of Morgan International in Egypt, we are delighted to offer professionals an essential workshop the likes of which has never been experienced before in the region. Morgan international, in partnership with The Society of Human Resource Management (SHRM), is spearheading the first SHRM Essentials Workshop Tour in the Middle East, and Cairo is one of its stopovers on February 1-2, 2009.
The SHRM Essentials of Human Resource Management Certificate Program is an introductory course offering a comprehensive overview of the human resource function. The course covers today’s most vital and appropriate topics, including employment law, selecting qualified employees, compensation, orientation and training, and the employee performance process.
Mr. Sam Bresler, Ph.D., SPHR-CA, a SHRM Learning System course instructor with more than 30 years of experience as a practitioner and leader in both Assessment and Human Resource Management, will be presenting the two-day SHRM Essentials workshop in four major gulf cities: Doha, Manama, Cairo and Abu Dhabi.
“The success of the SHRM Essential’s Middle East Tour and the burgeoning demand for HR Training in the region has driven Morgan to launch the workshop for the first time in Cairo. We look forward to welcoming HR practitioners to this event and setting a platform for networking with leading organizations and the region’s HR community,” says Shadi Abi Nader, Morgan’s Business Development Manager.

The SHRM Essentials course is specifically designed to challenge candidates and empower them with the skills they need to confidently face today’s complex HR situations and compliance issues within their organization. Candidates will participate in interactive case study activities designed to practice real-life HR situations in a non-threatening atmosphere.

The program is primarily designed for new and junior HR practitioners, but professionals in managerial positions can benefit from the broad spectrum of topics covered. These include: Human Resource Management (gain a clear understanding of the HR function); Employment Law (enhance the ability to apply key HR legislation); Recruitment and Selection (gain important skills for selecting employees); Compensation and Benefits (learn the key elements of a total compensation system); Employee Development (gain an understanding of orientation, development and training); and Performance Management (discover the purpose and process for performance appraisals).

For more information about the Essentials Tour or to register now, email us at essentials@morganintl.com or visit www.morganintl.com/essentials.html.

The SHRM Advantage
The Society for Human Resource Management (SHRM) is the world’s largest association devoted to human resource management. The Society serves the needs of HR professionals and advances the interests of the HR profession. Founded in 1948, SHRM has more than 225,000 members in over 125 countries, and more than 575 affiliated chapters.

For more information,Visit www.shrm.org.