The Securities and Exchange Commission's Office of the Chief Accountant announced that it is now accepting applications for two Professional Accounting Fellow (PAF) positions in the Office of the Chief Accountant. The PAF program, which began in 1972, is designed to provide participating fellows with outstanding opportunities for public service to investors, personal development, and career advancement. During their fellowship, the successful candidates will work directly with the Chief Accountant, be involved in the study and development of rule proposals under the federal securities laws, liaison with professional accounting standard-setting bodies, and consult with registrants on accounting and reporting matters. The Office of the Chief Accountant would like to select two individuals, one with significant experience in accounting for financial instruments, and another with no specific weighting toward a particular background, although familiarity with accounting for consolidations, revenue recognition, business combinations and other forms of business alliances would be helpful.
Interested applicants are to submit:
- A resume;
- Standard Form 171, "Personal Qualification Statement," or Form OF-612, "Optional Application for Federal Employment," or any other written format that clearly identifies the announcement number, title, series, and grade of the job for which the applicant is seeking; and
- At least two letters of recommendation from non-relatives.
Standard Form 171, Form OF-612, and "Applying for a Federal Job," which highlights the information to be included in the resume or other written submission, can be obtained from the Office of Administrative and Personnel Management, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C., 20549. Form OF-612 is also available on the Internet at
http://www.opm.gov.
Applicants are required to submit a ten to twelve page essay that they have prepared on their own on a subject directly related to a current accounting or auditing issue. While no restriction is placed on the topic an applicant may select to address in the essay, the following areas are currently receiving significant attention in the Office of the Chief Accountant:
- Combination of financial instruments;
- Integrated model for debt extinguishments, modifications, conversions, and restructurings;
- Application of fair value to an accounting model;
- Revenue recognition;
- Consolidation;
- Impact and implementation of the Sarbanes-Oxley Act of 2002;
- Principles-based accounting standards;
- Improving the financial reporting model; and
- International convergence.
The application and essay should be submitted on or before December 20, 2002, to the Chief Accountant of the Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C., 20549-1103. Inquiries about the program may be addressed to the attention of Michael Thompson or Carina Markel in the Office of the Chief Accountant at (202) 942-4400.
The Commission's policy of affording equal employment opportunity to all interested candidates will be followed.
Professional Accounting Fellow Program Description
