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Archive for the ‘Social Media’ Category

i-love-linkedinI’ve been spending quite a bit of time reviewing the member profiles for those in my LinkedIn network.  For the most part, it has been a wonderful journey to memory lane.  Most of the nearly 800 are in my network for a good reason–I appreciate them for our shared experiences and I greatly respect them.

About 100 have asked me to join their network, and I agreed.  I suspect many of them know me through my blogging efforts.  I am hopeful that some day I’ll be able to contribute positively to their network.

In addition, I’ve been reviewing profiles of people with whom I’ve come into brief contact.

I’ve come to several conclusions.

The first and foremost advantage to LinkedIn is how you describe your self, skills, work experiences and education.  I am appalled at how many people, both in and out of my network, list where they work and possibly from where they received the most recent degree.  And that’s it.  I meet many, many people from day to day. In this information available age, I turn to the Internet and LinkedIn to find out more about them.  I seldom am satisfied.  When I shop, I do so on the Internet.  When I research something, I do so on the Internet.  When I want to information about a person, I do so on the Internet.  If you aren’t adequately describing yourself, now is the time to join the 21st century.

CPAs should be listing the skills that give them both identity and competitive advantage.  But more than a list of skills, CPAs should be providing descriptions.  Too much verbiage is bad, but I’ve only seen 1 or 2 cases where too many words were used.

Academics are worse.  Many accounting professors never even mention the word accounting. Professors don’t, but should describe their program of scholarly pursuits and highlight key accomplishments.

I have two contacts on LinkedIn without their full name.  One is listed as “Dr. firstname,” the other by initials.  Neither wants to release too much personal information. Well, in this day and age we expect a minimum of a person’s name.  How else are we to find that person?

One of the basic advantages to LinkedIn is how it enables network assembly and management in the Internet and social media ages. I’m amazed at how many professionals (and academics) have small networks of less than 100.  In this day and age, accounting professionals should be LinkedIn connected to all of their clients and work colleagues, both current and from the past.  I think it’s possible to be both selective and inclusive.  If you have a beneficial relationship with another professional, then why wouldn’t you include them in your LinkedIn network?

Once a LinkedIn network is built up, then you have a responsibility to it.  Use it to stay in contact.  Also, endorse those in your network.  Endorsements should be handed out sparsely, only when it is deserved.  But if you respect someone enough to add them to your network, then what prevents you from endorsing them?

LinkedIn endorsements for skills are valuable because they provide affirmation and validation from those who best know the professional.  Professors especially miss the boat here.  Many do not list accounting (or tax or auditing) as a skill.  If the professor has professional skill, then the professor’s network will validate it.  I am surprised at how many professors don’t list college teaching as a skill.

And finally, why not put up a nice professional picture.  I’ve seen pictures of dog and owner.  I certainly hope I don’t meet the dog.

Debit and credit – - David Albrecht

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Is there a fit between accountants and social media?

My first thoughts go back to some old accountant jokes.  How do you identify the party goer who is an accountant?  He/she wears a lampshade.  How do you tell if an accountant is an extrovert or introvert?  The extrovert looks at your shoes, not his.  What is the favorite form of accountant birth control?  Personality.

So maybe we shouldn’t expect non-social accountants to be at the cutting edge of social media.  Never-the-less, surveys have repeatedly shown that for those accountants who use social media, LinkedIn is overwhelmingly the favorite platform.

LinkedIn has for six months been letting users endorse their 1st degree connections for skills. Viewed by some with skepticism, the endorsement feature is being used at an increasing rate.  Over the past few months I’ve received a few e-mails alerting me to a new endorsement I’ve received.  Finally reaching a critical mass, my curiosity is piqued.

LI-endorsements-3-3-13

ProfAlbrecht is endorsed for accounting, college teaching, and blogging.

I’ve received 70 total endorsements, with 52 in the most popular categories for the 14 skills I list.  The skills for which I am most frequently endorsed seem to describe me well.  I am an accounting professor who writes about accounting, so being endorsed for accounting knowledge is appropriate.  I’m very good at helping students learn, so an endorsement for college teaching fits.  And because my two blogs (The Summa and Pondering the Classroom) have totaled more than a half million reads, being endorsed for blogging seems right.

Receiving an endorsement is a good thing, I think.  And I appreciate every one.  They can only come from people who know you the best.  Most LinkedIn users seem to be stingy in issuing endorsements.  If the endorsements come from a large enough group, they are reliable measures (in a similar fashion to IMDB film ratings).

Ever keen to understand how my world actually works, I did a bit of research.  Although I could have selected professors or bloggers as a reference group, I decided to select professional accountants.  I’m a member of Social CPAs, a LinkedIn group.  I fairly randomly selected 20 members of the group.

This group seems to be active in LinkedIn usage.  11 of the 20 have more than 500 connections in their network. Six have between 250 and 500 connections, and three have less than 250.

endorsement-sample

Only 14 out of the 20 list any skills.  The groups of 14 with skills and 6 without seem similar in terms of number of connections.

For the 14 who show skills, the median number of skills listed per person is 14 (minimum = 8, maximum = 49).

For the 14 who show skills, the median number of endorsements is 102 (minimum = 6, maximum = 330).

For the 14 who show skills, the most endorsed skill has received a median value of 19 endorsements (minimum = 2, maximum = 104).

I think the LinkedIn endorsement feature has enormous potential to validate your brand.  It seems to have done a fine job in validating who I am. Please leave a note if LinkedIn endorsements seem to be working for you.

For more information on LinkedIn endorsements, Forbes writer Susan Adams has written an article, “Everything You Need to Know About LinkedIn Endorsements.”

How often are different subgroups of accountants using LinkedIn endorsements?  What do the accountant users of endorsements think of the new feature?

Debit and credit – - David Albrecht

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Nearly a month ago I was informed that my contract is not to be renewed at USC Upstate.  This puts me back in the job market for accounting professors, but at a time when most schools already have made their hiring decisions for next year.

Why am I departing USC Upstate?  No reason was given, but a sudden change in deans has brought in a dean who does not want to proceed with a strategic move incorporating social media.

I am saddened by the prospect of leaving USC Upstate, as I have grown to love the students.

Ideally, I would get hired by a school which is interested in (1) strengthening its brand through use of various social media platforms, and (2) emphasizing professional use of social media to its students.  And yes, continue to teach undergraduate accounting students.  Accounting faculty recruiting committees, though, are interested in ability to teach accounting and generate academic publications.

I would love to end up at a school that wants a social media enabled accounting professor.  It can be a non-tenure track position.  If you can suggest a school to which I can apply, please send me an e-mail (albrecht@profalbrecht.com).

For my qualifications, please read my C.V.

Debit and credit -  – David Albrecht

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Mark Holtzman, Chair of the accounting department at Seton Hall University, is one of the few accounting professors who really gets it.  Not only is he a really nice guy who is passionate about accounting, he’s a member of the really small club of social media enabled business professors.  He blogs regularly at Freaking CPA.

accountingvinfographics

Pic credit – Mark P Holtzman at Freaking CPA

Holtzman is sold on the idea of using infographics.  He wrote about it in April, 2012, “Accounting and Infographics.”  In the image at right, he shows the complete disconnect between accounting and infographics.

Infographics are fairly easy to create.  They are created in PowerPoint, and what accountant isn’t functional in PowerPoint?

Today, Holtzman posts the following infographic on his blog.  Created by Bisk CPA Review, this infographic discloses that accounting graduates can earn a nearly 50% increase in salary by becoming a CPA.  Bisk CPA Review helps students prepare for taking the CPA exam.

Pic credit – Bisk CPA Review

Debit and credit – - David Albrecht

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At first glance, this blog post appears to be fluff put forth to get a chuckle or laugh from you. There is a serious side to it, though.  Social media should be a subject of keen and intense interest for all financial professionals, be they out working or still at college.  Opinions, thoughts, ideas can go viral in this social media world.  Memes are one such channel for these opinions, thoughts and ideas.

In this blog post I exhibit a collection of memes on studying for tests.  Working professionals probably remember taking their own exams.  Current professors and students are now in crunch time just prior to final exams.

As defined by Merriam-Webster, a meme is “an idea, behavior, style, or usage that spreads from person to person within a culture.”  In 2012, many of us think of it as an image or video passed from one social media user to another.

The study of memes is important, because memes open a window into the popular culture.  Memes that spread quickly reveal what a large number of  people think or believe.

I am an accounting professor, and what students think is of interest to me.  I performed Google image searches on key words related to studying.  Google results are structured to reveal the most clicked on images first.  All images presented in this blog post are thought to be in the public domain.

Most of these memes convey what older generations have called gallows humor.  Those who are about to be hanged are somehow able to find humor in their situation.

A consistent theme running through the various memes is that studying is painful.

(more…)

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Professor Alexandra Samuel has an extremely interesting piece in the Monday, October 29,2012 edition of the Wall Street Journal (page B7), “Your Employee Is an Online Celebrity. Now What Do You Do?

It also strikes pretty close to home. Because of my efforts on The Summa and Pondering the Classroom, I’ve been named twice to the Accounting Today list of “Top 100 Most Influential People.”  My name is recognized by accountants in many countries, and I have a respectable Klout score.  I have a lot of followers.  Does all this make me an online celebrity?  Compared to most business professors and many accountants, I dare say it does.

In several blog posts, I’ve written of the need for financial and other professionals to work on their personal professional brand.  A professional brand is a succinct description of who is a particular accountant, lawyer or professor.  Getting a professional brand out there (on the Internet) is important because others are using the Internet to search for such professionals.  If one’s professional brand isn’t out there, then potential opportunity losses can add up.  Also, modern social media platforms aid in managing the brand.  Having a professional brand is an important asset when looking for a new job, as employers seek new professionals who can add value.

Online professional brands are created, developed and managed through the major social media portals, such as blogging, Twitter, LinkedIn, and Facebook.  The goal is to become known as an authority.  Followers are attracted to those who either create or pass along the most insightful information.  Being able to engage or interact with followers is essential.

This is an emerging issue that more and more companies and professional firms will need to deal with, if they don’t already have to deal with it.

So, what does Dr. Samuel say about the phenomenon?  She lists pluses and minuses, which I quote verbatim.  The pluses are:

  1. Prestige.  The company that can claim the top-ranked blogger, tweeter or influencer on a subject will be the go-to shop for customers.
  2. Leads. The employee who engages in regular online conversations is building relationships that can be converted into new customers.
  3. Free Media.  Employees with a significant online following will get inexpensive attention for your company from journalists looking for experts.
  4. Recruitment.  Companies that employ social media starts will attract other high-achieving, driven professionals.

The minuses are:

  1. Prima Donnas.  A few thousand Twitter followers or LinkedIn connections can lead to inflated egos–and inflated salary expectations.
  2. Distraction. Co-branded employees may devote so much time to cultivating their own global brand that they neglect their core duties.
  3. Leaks.  Employees may deliberately or accidentally use internal or client information as social media fodder.
  4. Resentment.  Social media celebrities may damage team cohesion or inspire complaints.

Dr. Samuel suggests the following questions need to be properly addressed:

  1. Can they tweet/blog/facebook on the job?
  2. Should the online celebrity credit co-workers?
  3. How much should brands align?
  4. What is a social media presence worth?
  5. Who owns that blog?

The presence of online active professors surely makes for problems in academia.  In accredited business schools, getting peer-reviewed journal articles is the base and most important requirement for pay, promotion and tenure.  Some schools also require teaching in addition to the publications.  Some schools may reward committee work in addition to publications and teaching, but only in a minor way.  Never-the-less, getting journal articles in difficult to find, rarely read journals is the primary responsibility for business professors.

At the present time, social media activity does not count for a business academic.  Yet it has value.  When a B-school has an online celebrity emerge, then the question of what to do with the celebrity must be addressed.

Debit and credit – - David Albrecht

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On Friday, September 7, Accounting Today released its list of Top 100 Most Influential People in accounting.  All honorees have risen to a level of leadership and responsibility and all wield some sort of influence.

An accounting influencer is a thought leader who communicates those thoughts through a communication channel or from a forum.  In the 21st century, blogging has become the medium of choice for those with influence.

Of the Top 100 most influential people, 26 express themselves via a blog!  Imagine that.  I have queried groups of students, accounting professionals and professors before about blogging.  In no group has more than 1-2% indicated they are bloggers.  Yet, the blogging rate is much higher for those who are influential.  There’s a lesson to be learned here.

Four of the 26 were named to the Top 100 for their blogging activites.  They are:

Bloggers & media

In the following group, three of the 22 only share their thoughts on internal-only blogs.  All supposedly write their own articles on a blog:

Debit and credit – -David Albrecht


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Pic credit – Accounting Today

On September 7, 2012, the Accounting Today released its 2012 list of “Top 100 Most Influential People in Accounting.”  Professor David Albrecht (that’s me) made the list.  I was also named to the list in 2011.

Thank you very much, AT, for awarding me this tremendous honor.

I made the list for blogging on The Summa about IFRS, accounting education, and social media adoption by the accounting profession.  Last year I was recognized also for innovative teaching.

Pic credit – Accounting Today

Debit and credit – - David Albrecht


Want more of The Summa? Sign up to receive email notification of posts. And please follow me on Twitter (@profalbrecht).

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I’m currently at the American Accounting Association annual meeting in the Washington metro area. A year ago (August 3, 2011), I wrote the following essay. To make it easier for this year’s attendees to read this message, I’m republishing it today.


I’m a throwback accounting professor, yet I use social media (not afraid to admit it). Social media helps me do my job.

A few months ago, I queried members of my LinkedIn network who are accounting professors (n=70). I already knew most of them didn’t blog, tweet, create videos, friend students or have FB pages. They admitted that they don’t actually use LinkedIn, either. Am I weird, or are they behind the curve?

Social media is a true force in the world today. People who participate in online social media sites have more and deeper relationships than those who do not. Social media adds to the quality of life. It has revolutionized marketing. It even has been used to foster revolt and topple governments. Some are arguing causality, using social media will help make a person more social. I’ve looked around, and the business world is using social media–both companies and business people. The professional world of accounting is also flocking to social media–both firms and individual accountants.

So, I don’t think I’m weird for using social media when my colleagues don’t. Here are seven reasons for professors to use social media (henceforth referred to as SM) and improve their professional effectiveness. (more…)

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Sometimes I get asked questions by media representatives.  The answers, naturally, are posted here.

Why?  Well, in academia a professor must publish, or perish.  Professors learn to write down everything and try to get it into print.

Should you be interested in my answers to these questions?  Probably not.  However, a writer for one publication was interested enough to inquire.

What is the most important issue currently facing the accounting profession?

In my opinion, it is the loss of investor confidence in audit firms and their opinions.  A close second is loss of investor confidence in financial statements.  Related is the loss of investor confidence in the fairness of capital markets (Mary Schapiro has made speeches about this very issue).  Unfortunately, much of this has been caused by large firm audit opinions somehow being associated with accounting scandals and audit failures.

I’m an industry insider, and I have almost no confidence in audit opinions or published financial statements.

Other than pointing out the problems, I’m not much help here.  I don’t know what to do to fix the problems.

Are we likely to see large-scale tax reform in the next year? If yes, what form do you think it will likely take? If not, why not?

No, Congressional gridlock will not be broken, so nothing pertaining to taxation will change.  We have a history of using taxation to promote political, social and economic policies.  All of a sudden throwing this out onto the trash heap runs in the faces of sound reason and voter desires.  Nothing is going to change, in my opinion.

What digital devices do you use?

I’m a college professor who can’t afford much.  Moreover, American universities are under such budget pressure that I’ve not received anything other than the basic office machine.  Personally, I have a relatively powerful laptop (Dell XPS i7) and a basic digital camera.  I also have a cell phone which is used for texting.

I am hopeful that one day I might acquire

  • iPad
  • webcam
  • really nice mic
  • “air” card for mobile Internet access
  • smart phone
  • someone to teach me how to use all of the above

Who do you feel are the three most influential people in the profession, and why?

There are a lot of influential people.  Last year I was touting several bloggers.  This year, I’m talking about some other people.

Three influential people are:  Michael Rapoport (WSJ), Jonathan Weil (Bloomberg), and Daniel Hood (EIC of Accounting Today).  Reporters and editors of the traditional press wield significant power in this day and age.  They interact with bloggers, and many people are now reading both the key journalists and bloggers.

The dialogue between journalists and bloggers builds, creating a media discourse that has mass, awareness and consciousness.

How involved are you on the social media web?

My blog is The Summa.  I Tweet, am on LinkedIn, and have a Facebook page.

I also have a Klout score, which measures public online profile and influence.  Like many online professionals, I expend effort creating, managing and promoting my  professional brand.  I try to integrate my social media presence, brand and message.

I could go on and on about this.  In this day and age, the influential must be on almost all communication and social media channels in order to have the broadest delivery of message.  Without communication channels, there is no delivery of message.

I believe anyone who is not out there in the social media world is part of the last century, and not a part of this century.  If anyone either wants to have or actually has influence, they absolutely must be part of the new social media world.  If not, then a statement of his/her credibility is simply not believable.

Final comments.

During the past 10-12 months, I think the influence of bloggers and other commentators (like myself) has been shown by publication of the recent SEC report on IFRS.  That the SEC has not already adopted IFRS is due in large part to the bloggers and commentators keeping the issue alive, and convincing readers that (1) it is cool to disagree with the establishment, and (2) there are many others of like mind.

I continue to use social media in an attempt to lead other academics by setting a good example.  I believe I’ve had some impact.  How much would have to be debated.

I am particularly interested in helping other professors to start blogging about accounting.  I seem to be a crusader on this issue.

Debit and credit – - David Albrecht


Want more of The Summa? Sign up to receive email notification of posts. And please follow me on Twitter (@profalbrecht).

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Social Media usage has taken over the web, which is not a new revelation.  Businesses in general use social media mostly for marketing purposes.  The use of social media within organizations lags far behind.  However, there is a great difference in social media usage, male versus female.

In this new infographic by Digital Flash and posted at Mashable, women are said to use Facebook, Twitter and Zynga in greater numbers than men.  Men, use LinkedIin, Google+ and Reddit in far greater numbers than do women.

Click on image to view larger graphic image.

I’m not aware of any similar study that contrasts financial professionals against those who use their financial services.

Debit and credit – - David Albrecht


Want more of The Summa? Sign up to receive email notification of posts.  And please follow me on Twitter (@profalbrecht).

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Accounting Today does a lot of things really well, and has for a long time.  I’m adding using its Facebook page to the list.  It is now in the midst of its first contest for Accountant of the Month.  To qualify, you must be the opposite of boring.  As I am uber boring, and aspire to ascend to the level of dull, I shouldn’t enter.  But who knows?  This might be your thing.

First, we’ll take a look at the art:

There are two links to bookmark:

The prizes are cool.  If you win, Accounting Today will give you 15 seconds of fame, a cool caricature, a T-shirt, and free entry to a conference.

I really want the caricature.  What do you think?  Am I cool enough to enter and win the contest some month?

Voting for June’s entries is open until June 26, 2012, and voting has begun.  You will find among the entries:

I’m not going to vote for any of the men dressed in business attire and hawking their professional services.  They are dull and boring.

Vote from the contest page.

Debit and credit – - David Albrecht

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