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• Yes, and no.  The question this really raises is "does it really matter"?  Well defined and clearly articulated roles and responsibilities is what is required in any organization.  Clear reporting lines, and clearly delegated authority is what enables a firm to function well.  Functional organizations work well if these characteristics are in place.  Without them, staff can feel isolated, disenfranchised, and adrift as if all that they do remained unnoticed and unappreciated.
  Starting with a corporate mission statement and working downwards from there to well-written job descriptions, make certain everyone knows what their job is, to whom they report, what they are expected to accomplish, and how their performance will be evaluated.  Then continue with periodic reviews (at least semi-annually and quarterly, if possible), establish MBO's (management by objective), and tie compensation directly to performance - individual and firm, will help keep everyone focused on their goals and the well-being of the firm.

  Anonymous 19 Sep 2007

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• I think accounting / Product Control is shifting into more Risk and Analytics as opposed to straight Bal Sheet Bean Counting..

  Jeb 20 Sep 2007

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• As far as eFinancial is concerned, I don't know why there's no category just for real estate-- it would make it a lot easier to find those kind of jobs on the site.

  Anonymous 20 Sep 2007

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• I think accounting line is becoming blurred by the minute as accounting no longer simply focusses on the Bal Sheet and P/L but on other operations area.  However, I do not think this is a good development as there clearly needs to be some lines of demarcation.  Properly run organizations should be functionally defined, in my opinion.  Each person should know their roles and act accordingly.  Then together the objectives of the firm will be realised.

  Andre 20 Sep 2007

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• Wall street doesn't change the rich get richer
  and those trying to get rich find out there is
  something greater controlling everything.
  Why not ask a question of when the Amero will
  start?  THanks

  Dan 20 Sep 2007

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• It really depends on the what side of the table during the deal or transaction.
  
  If you are a hungry consultant, then nothing matters, you will figure it out once you get the engagement letter!  LOL
  
  Honestly, I think that the line become blurred in certain situations.  If the company is in value-creation mode, would you rather have a employee with investment banking (M&A with MBA) experience, or a CPA?  Most would consider the MBA with M&A experience more bang for the buck.
  
  But now you have CPA's telling you that they can consult and perform IB transactions.
  
  No doubt companies are looking towards having a large number of well rounded generalist on their staffs.

  Terrence Lewis 20 Sep 2007

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• The first comment is incredibly accurate.

  Brian 20 Sep 2007

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• This question can be asked and answered in so many different ways.  If you define self-perception as job categories or the sum of the parts e.g., Quants, Accounting , and so forth), then the question and answer are trivial: job titles and descriptions, professional categories?  These change over time and may be called something entirely different in the future.  However, if you mean by self-perception whether Wall Street sees its role clearly relative to the world and domestic financial system, and does it understand its collective role relative to financial communities worldwide, that's a more interesting and important question.  In my opinion, the answers to both are No, at least for now, mostly because the financial community has not yet had to meet thee big tests.  I don't know what they will be, but everyone will recognize them when they arrive.

  Michael Bauch 20 Sep 2007

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• An operations guy must understand the underlying accounting, since he is part of the business unit. However, it will be of tremendous help if the accountant understands the underlying business. The roles are rather distinct, and in my experience, the accountants provide a purely financial view and their perspective assist in the ethical and financial industry norms sphere of the business. While one focusses on maximising profitability, the other ensures that it meets industry norms, conforms to best practices and ensures that it meets federal regulations.

  Rajan 20 Sep 2007

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• Exactly. Glocap has a section and personnel devoted to the industry, why noit eFinancial??? And clearly I'm talking commercial.

  Anonymous, Real Estate Corp. Finance Banker 20 Sep 2007

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