GOVERNMENT AGENT
While financial woes plague the country, financial pros remain in high demand among US government agencies.
By Derrick Lilly
Over the last year the nation has witnessed the failures of household names like AIG, Bear Stearns, Countrywide Financial, Fannie Mae, Freddie Mac, IndyMac Bank and Lehman Brothers. And turmoil among the remaining big name institutions is constantly streaming across media headlines. With our nation’s financial backbone in a fragile state, major layoffs at financial institutions across the United States have added to accelerated unemployment levels, meaning that a career move is a disheartening and daunting task just now.
But, despite the seemingly unending doom and gloom engulfing our financial world, there may be a safe haven—the US government.
“The federal government (is) now assuming additional oversight and management responsibility for financial institutions, (meaning that) new federal positions will undoubtedly become available for individuals with finance backgrounds and experience,” says Tim McManus, vice president of Education and Outreach with the Partnership for Public Service.
Even before the current economic downturn, a Partnership for Public Service survey, Where the Jobs Are—Mission Critical Opportunities for America (2007), reported that accounting, budgeting and business jobs within government entities would increase significantly through September 2009. They estimated 21,248 new hires in the positions of accountant, auditor, budget and financial analyst and manager, and contracting specialist.
“Most people don’t think about specialized fields within the government,” says McManus, “yet our government is the nation’s single largest employer.”
Who, then, offers the most opportunities?
Where the Jobs Are
Nearly every government department, agency and entity requires the skills of financial professionals; however, certain branches often require a greater concentration of employees in the field.
The Department of the Treasury is projected to be at the top of the hiring list, with the Internal Revenue Service (IRS) planning to add around 4,600 tax examiners and 3,350 revenue agents through the end of FY 2009. Opportunities with the IRS range from entry-level internal revenue agents to senior-level domestic and international agents, tax examiners and audit specialists.
The Treasury is responsible for printing the nation's money; setting domestic financial, economic and tax policy; managing the public debt; collecting taxes; and combating terrorist financing domestically and internationally.
An organization well worth looking into is the Securities and Exchange Commission (SEC). Although the SEC is considered a small federal agency with just over 3,000 employees, its role as the primary regulatory entity responsible for managing and enforcing the federal securities laws that protect investors in our securities markets is a major task. The SEC regulates and oversees market professionals, broker-dealers, investment advisors, investment companies, transfer agents and clearing agencies, as well as securities exchanges and other self-regulatory organizations. The Division of Corporate Finance, the Division of Enforcement and the Office of the Chief Accountant are the three branches within the SEC responsible for hiring the most accountants.
Corporate finance accountants work directly with corporate officers, underwriters and outside public company accountants and counsel, in addition to SEC lawyers and financial analysts to ensure compliance with regulations under Sarbanes-Oxley, GAAP, GAAS and other accounting standards. These accountants also focus on improving the quality and timeliness of financial disclosures to investors.
Division of Enforcement accountants essentially take on a policing role for the US securities markets and its participants. This division’s primary focus is battling fraudulent financial reporting by public companies and their accountants and auditors. According to the SEC, accountants working in this division have played important roles in high-profile investigations at major US companies. These investigations have led to fundamental changes in accounting standards, financial reporting, auditing and corporate governance.
The Chief Accountant is the primary advisor to the SEC on accounting and auditing securities laws. Accountants within the Office of the Chief Accountant review domestic and international private accounting and auditing standard setters, processes and products; advise the various SEC divisions on regulations and restraints; monitor registered SEC auditors; and develop supplements to private-sector accounting standards. In addition to fulltime accountants, this division also hires Fellows who work with the Chief Accountant on the development and proposal of securities laws over a two-year term. The SEC also places economists and financial examiners in its other divisions.
If you’re interested in politics and federal government actions, then a position within the Government Accountability Office (GAO) may be the right option. The GAO is an independent, nonpartisan agency that works for Congress. Often referred to as the “congressional watchdog,” it investigates how the federal government spends taxpayer dollars. Through the agency’s auditing and evaluation duties, reports and testimonies are prepared to advise Congress on methods to achieve a more efficient and effective government. In fact, officials from the GAO testify before Congress some 200 times a year on a number of domestic and international issues that impact government services to the population.
GAO financial auditors perform a variety of tasks in order to strengthen the accountability of the federal government’s assets and operations. Auditors typically perform financial analyses, promote better management practices, assess internal controls, and develop ways to improve the government’s financial management and infrastructure. They also conduct audits of the government’s consolidated financial statements and financial statements prepared by major federal agencies.
Like the SEC, the GAO is considered a “small” entity, with around 3,200 employees. Despite its size, the GAO’s workforce consists of very diverse and highly skilled professionals—more than half of the employees have doctoral or master’s degrees. Researching and auditing government agency operations to determine whether federal funds are being spent efficiently and legally is the GAO’s primary focus, but the agency also researches and reports on many significant issues like national defense, international affairs, energy, education, the environment, healthcare, homeland security, transportation, financial management and information technology.
Another option is to support the US military might in the ranks of the Department of Defense (DOD). The DOD is the nation’s leading employer, with more than 2.4 million active duty and reservist positions, and more than 669,000 civilian personnel positions around the world. When a finance pro thinks of employment opportunities, the armed forces are probably not the first to come to mind, but the military employs various finance professionals in its civilian personnel ranks.
Finance Officers with the DOD oversee a variety of tasks, including budgetary and fiscal matters, and program analysis and evaluation that improves general management within the Air Force, Army, Marines, Navy and other defense entities. Large numbers of contracting specialists, accountants and auditors also play an active role in business operations that ensure the DOD has the funds and equipment necessary to maintain America’s military standing.
The Central Intelligence Agency (CIA) also employs finance professionals as part of its efforts to provide the United States with intelligence on the infinite changes in political, social, economic, technological and military environments around the globe. The agency relies on its analysts, auditors, economists and finance officers to monitor CIA programs and activities, keep operations running efficiently and within budget, and actively protect the United States from global threats.
Specifically, economists within the CIA assess foreign economic policies and foreign financial issues that affect the security of the United States. According to the careers section of the CIA website, there is a particular need for economists with knowledge of China, the Middle East and South Asia, and specialists in international banking systems, financial markets, transactions and instruments. Economic analysts assess illicit financial activities, including terrorist networks and criminal groups, financing and procurement of weapons of mass destruction, money laundering, and corruption among foreign governments and companies.
These agencies are only a few of the high-profile government entities offering finance-related employment opportunities. Other government agencies that anticipate the need to hire financial professionals include the US Agency for International Development (USAID), the Department of Education, the Department of Energy, the Department of Homeland Security, the Department of Housing and Urban Development, the Department of Transportation, the Department of Veteran Affairs, the Federal Bureau of Investigation (FBI), the Federal Deposit Insurance Corporation (FDIC), the General Services Administration and NASA.
What About the Perks?
At this point, you may be asking what benefits a federal government job will offer. The answer is many.
“Working for any governmental entity, federal, state or local or a not-for-profit can be an extremely rewarding career choice, whether it be in education, healthcare, justice administration or government financial management,” says Peter Aliferis, deputy executive director of operations and director of professional certification with the Association of Government Accountants. He adds that, “The variety of jobs is immense, and the rewards of public service can often go far beyond opportunities offered in the private sector.”
McManus explains that, “Federal service does as well if not better than the private sector in ‘lookout benefits’ like vacation time, healthcare and even retirement plans.”
As a full-time employee with the federal government you can expect challenging work that offers opportunities for advancement, good pay and performance bonuses, and excellent benefits packages that commonly include immediate health and life insurance coverage; pension plans, social security and an employermatching 401(k)-like retirement account; annual paid vacation, national holidays, and sick leave that can be transferred between government agencies; flexible work schedules and possible telecommuting opportunities; student loan repayment and tuition assistance programs; public transportation subsidies; and fitness and child-care services.
Just as benefit offerings span a wide range, so too do pay scales. An entry-level accountant within the Navy Field Offices may start with a salary of around $19,000, while a senior-level accountant with the SEC can earn well over $120,000. Like any job, government salaries are determined by factors such as the scope of the agency and its location, seniority, security or military clearance (if applicable), qualifications and skills level required, etc. Keep in mind that the government also personally trains many of its employees or provides career development support and guidance.
“The government does a great job of supporting and mentoring its employees so they are encouraged to stay with the job,” says McManus, adding that, “This offers employees mobility within their agency and growth opportunities throughout the government as well. Whether you are college age looking for a first career, or retiring from the private sector and seeking an encore career, the federal government is a great place to consider.”
The Certified Government Financial Manager (CGFM) designation is a good idea if you’re interested in pursuing a government job. “The CGFM designation is growing in value and recognition, and indicates to a potential employer that the candidate knows and understands the field of government financial management,” says Aliferis. “The opportunities in government for people with demonstrated financial management skills such as the CPA and the CGFM are great. I would always suggest that the candidate with the best credentials is the most valuable. If you wish to do attestation work for a government then I would recommend that you pursue both credentials. More is better,” he explains.
Get the Job
“There is no best way to secure government employment as there are over 88,000 units of government in the United States,” says Aliferis. But there are a few easy ways to go about narrowing down your options.
First, you can visit Partnership for Public Services and Making the Difference. These sites provide resources to help you determine employment candidacy, and to aid in researching training programs, internships and career profiles.
Another resource is the Best Places to Work in the Federal Government website, where you can review surveys and rankings from more than 283 federal agencies and subcomponents. This website breaks down the data even further to help you find the best agency by matching agency characteristics with your personal profile.
A must-have resource the official job site of the US Federal Government. Here, you can search through thousands of job postings from nearly every government agency. The site offers a variety of categorized search options, numerous resources to help you create a resume accepted by the agencies, and the means to identify the right government job for you.
And, of course, each agency has a dedicated website that will provide you with a complete overview, including information on careers, candidacy requirements and application processes.