José Luis, Author at The Online Learning Platform

Six Straightforward Ways to Improve Your Interviewing Skills

José Luis — Tue, 06 Sep 2022 11:15:26 +0000

To find the right person for a job position, it isn’t only the candidates’ skills that matter. Your interviewing skills matter too. By improving your interviewing methods, you’ll be in a better position to discern who is the right person for the role.

Here are just six straightforward ways in which you can improve your interviewing skills.

Image Source: Pexels

Prepare Yourself by Looking Through Individual Candidates’ Resumes Straight Before the Interviews

You’re sure to have looked through candidates’ resumes to select the right people for the interview process but make sure you look through specific candidates’ resumes straight before you interview them.

That way, their skills, attributes, experience, and so on, will be fresh in your mind and you can adapt your interview questions and techniques accordingly instead of using generic questions and techniques.

And speaking of candidates’ experience, check out why candidate experience affects your company’s reputation.

Always take a few minutes to look through a resume before interviewing a candidate and make sure you have a copy of the resume to look through during the interview process.

Choose Insightful and Relevant Questions to Ask Candidates

You can look up generic questions to ask candidates. But if you want to find the ideal person for the role, it’s important that you spend time prior to conducting interviews in order to choose insightful and relevant questions that are tailored for your specific industry and company.

For instance, if you run a brewery, ask the right industry-related question to help you find competent staff.

You could ask things like, “How much do you know about brewing processes?” and “What is your favorite beer on our tap list?”

By choosing questions that are tailored to the role, and including situational and behavioral questions, you’ll be in a better position to find which candidates are most suited to the position on offer.

Spend time preparing your list of questions sometime before the interview process to ensure you ask the right questions.

Also, you should ask all candidates the same questions in order to compare their responses. But, at the same time, don’t be afraid to ask other unplanned questions in response to candidates’ answers.

Construct an Interview Structure

You can also improve your interviewing skills by ensuring you come up with an interview structure that will work well. If you don’t have a firm structure in place, you could lose track of the interview and end up focusing on the wrong things.

It’s a good idea to begin an interview with a brief introduction and description of the company and the role before moving on to asking questions.

Also, make sure you give candidates the opportunity to ask their own questions at the end. With a formal structure in place, you can ensure you get the most out of your candidates and, in turn, you’ll be better positioned to find the right person for the job.

Improve Your Listening Skills and Take Notes

When candidates can tell that you’re listening attentively, they’re more likely to be at ease and provide you with the relevant information you need to know.

On the other hand, if a candidate feels that you’re not listening and gets the impression you’re thinking about something else, such as the previous candidate’s performance, it can be off-putting and you won’t get the most out of the person you’re interviewing.

So, make sure you actively listen during every interview.

You should also take notes so that you can look back on them after you’ve interviewed several candidates and remember what each candidate has said and how they’ve presented themselves.

By staying focused and listening attentively, you can ensure you find the right individual for the position.

Be Conversational and Go Off-script When Relevant

We briefly mentioned earlier that you shouldn’t be afraid to ask unscripted questions during the interview process, but it’s worth highlighting that specifically.

The more you can maintain a conversational tone during interviews, and therefore go off-script with your questions, the more you can get to know candidates better. In turn, that allows you to better find the right fit for your company.

Look at Your Subconscious Biases

The above ways are certainly very useful for improving your interviewing skills and finding the right candidate, but if you want to improve your interviewing skills further, you need to take a good look at yourself.

For instance, you could have biases that you’re not even aware of. A good interviewer never has any biases. He or she simply looks for the person who has the right skills, attributes, and experience to suit the role on offer.

Your subconscious biases can affect the way you judge candidates, so ensure you don’t bring any of your own biases into the interview room. You should be objective with every candidate you interview.

The post Six Straightforward Ways to Improve Your Interviewing Skills appeared first on The Online Learning Platform.

5 Resume Mistakes That Will Instantly Get You Put in the “Reject” Pile

José Luis — Fri, 05 Aug 2022 05:35:11 +0000

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Your resume is your first impression by a potential employer. Therefore, you should tailor it to fit the job you are applying for and highlight your skills and experience to highlight you in a crowd of multiple applicants.

If you’re considering changing careers or even switching industries, it can be hard to know what words to include on your resume. The right way to start is by understanding what employers want from candidates and then using that information to ensure your resume is spot-on.

Here are five common resume mistakes that will instantly get you thrown in the reject pile:

1. Not Addressing Key Qualifications

If you’re going to get a job, you must ensure that your resume is targeted at the position in question. For example, if you’re applying for a job as a lawyer or teacher (two of the world’s most popular dream jobs, as discovered in a report by Jobseeker), then it’s likely that a prospective employer will want someone that fits the specific field they’re hiring for.

On the other hand, if someone’s looking for someone who can lead a team in a different field, they’ll likely want something more generic — maybe even something like a “leader” or “team player.” Luckily, there are many professional resume examples you can use if you’re new and just not sure where to get started from.

2. Using Bad Grammar

A good resume shows the reader you can handle the job’s responsibilities and succeed. Therefore, you want to ensure that your resume is clear and concise so that it’s easy for recruiters to scan the page in half a minute or less.

The biggest problem with using lousy grammar is that it makes it hard for the recruiter to tell what you’re trying to say. For example, suppose a candidate uses poor spelling and grammar. Then, it becomes challenging to convey their emotion and even more complicated for the recruiter to understand what they’re trying to say. In industries or job scopes where you are required to report to clients, this will be a hindrance for employers to hire. To avoid these issues, it’s essential to use a spell checker like Quillbot to catch any spelling errors and ensure that your writing is clear and easy to understand.

3. Bad Document Formatting

One of job seekers’ most common mistakes is not formatting their resume correctly. Bad document formatting can be one of the most common reasons why resumes are rejected.

The first thing to remember when creating your resume is that it should be easy to read and understand. The simplest way to make your resume easier to read is by using a good font, font size, and margin size.

Another thing that you should be aware of is the spacing between lines on your resume. You want each line to be as close together as possible so that it doesn’t take long for someone to read through it and understand what you’re trying to convey in each section.

4. Using Wrong Contact Information

You must have invested a tremendous amount of time and effort into your resume, so it’s essential to get it right. But if you use the wrong contact information for your previous employers or schools, it could cost you a spot in an interview or even make it impossible for you to find work at all.

It’s good to use your real name and address on your resume. But if this is the only reference on your resume — or if someone else will be using it (like an HR representative) — then double-check that the address is correct before submitting your application.

5. Not Including a Cover Page

A cover page is your first chance to make an impression on recruiters and hiring managers. It is not something that you can add later.

It would be best if you had your resume printed as soon as possible after submitting it. You should use a professionally written cover page to provide the information about yourself that you want to highlight on your resume.

It isn’t just about formatting — it’s also about making sure that everything necessary in the front of your resume is visible at once.

Resume Mistakes Are Avoidable

Resumes are easy. Usually, you see what you get, or should, anyways. However, when you make a mistake on your resume, you end up with many things you could have done better. So don’t let your resume be tossed in the reject pile.

The post 5 Resume Mistakes That Will Instantly Get You Put in the “Reject” Pile appeared first on The Online Learning Platform.

11 Small But Important Ways to Make Your Employees’ Lives Easier

José Luis — Thu, 28 Jul 2022 12:19:58 +0000

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There are a plethora of ways to keep your employees happy and satisfied – in fact, most of these ways are even less costly than giving out raises – and the truth is by making their work-life easier, you make them much more productive and loyal.

With that said, here are some simple ways to make employees’ lives much more comfortable.

Encourage A Pleasant Workplace Culture

Staff happiness and efficiency are directly correlated with a pleasant workplace setting. Workers are more inclined to reach their full potential when they are satisfied with their tasks and the individuals they are operating with.

Praise for a task effectively executed, chances for professional growth and an atmosphere of esteem may all go a long way toward fostering a healthy work atmosphere.

Give Them Advantages They’ll Really Utilize

Employee incentives can be challenging to understand. So to make it easier, why not ask your staff what benefits they want access to?

Perhaps without even getting an answer, it is safe to say that most employees will truly appreciate a better pension and health insurance or even a remote working arrangement.

Of course, in today’s world, offering a remote or hybrid working environment might not be enough to quench your employee’s thirst for freedom. These options are relatively common nowadays, so wouldn’t it be great if you went the extra mile? With an employer of record service by Remote, it’s easier than ever to offer your workers the opportunity to work from abroad. Payroll, HR, and tax management are all handled by the EOR provider, leaving you to manage your overseas employees as easily as those you employ closer to home. While EOR services have their pros and cons, they’re a beneficial HR solution for most employees wanting to work across borders.

Provide Solutions For Flexible Work Hours

Enterprises and companies are increasingly embracing adaptable work arrangements, especially those that aspire to emulate European companies’ best working methods.

Flexible scheduling enables staff to organize their workday according to their needs, increasing productivity and guaranteeing that they are more attentive at work.

Flexible working is a terrific inclusion to your employment terms policy and is perfect for parents or staffers with many other obligations. In fact, it will assist your workers in striking a better balance between their work and life.

It’s critical that you consider your staff’s needs and what will assist in exciting them further because even the tiniest adjustments can significantly impact them.

Overall, making your workers’ life simpler with systems and procedures can inspire them to put in more effort for your firm, which will benefit all areas of the operation.

Offer Wholesome Refreshments And Snacks

It goes without saying that workers need to eat in order to be effective. For this reason, having wholesome snacks and beverages available at work is a great idea.

Employees won’t have to leave their desk or waste precious time getting anything to consume this way. It can boost efficiency and general health for workers to make healthier decisions when a selection of nutritious meals and beverages is readily accessible.

Allow workers time off for personal obligations

Sometimes workers must take breaks from work to handle personal concerns. This might involve anything from going for a doctor’s appointment to attending a wedding or other important family events.

It demonstrates your understanding of and concern for your workers’ needs outside of the office when you let them take some time off for various reasons.

Provide Perks For Childcare Or Daycare Services

Providing childcare perks might be quite beneficial if you have staff members who are parents. It can be challenging for parents to locate affordable, high-quality daycare services.

You can lessen your workers’ financial burdens and aid them in striking a better work-life balance by providing incentives like child care support. In turn, it can result in increased output and work contentment.

Provide The Resources Needed By Staff

To build a high-performance team, staff requires the proper facilities and machines. This covers everything, from having the appropriate IT architecture to venues for teamwork and correspondence.

Your staff will waste time looking for the materials they require or attempting to learn how to utilize them if you don’t provide the tools for them. In fact, not doing this might lead to excess stress on their part, leading to a decrease in efficiency and productivity.

However, you’ll see a considerable difference in the quality of your workers’ work if you supply them with the appropriate tools and platforms they require to be successful.

Ensure That The Machinery And Other Equipment Are Always In Their Best Working Condition

By ensuring that the tools they use to perform their duties are in good working condition, you can greatly simplify the lives of your employees.

Performing periodic preventative maintenance, for example, and regular servicing and repairs can save interruption and increase staff productivity.

Make Their Salary Details Easily Accessible To Them

Employers should prioritize developing an automated portal where employees can easily access their salary details and other payment-related pieces of information.

Rather than wasting hours on a conversation with an HR or accounting staffer, whose time can be better used on more vital tasks, many straightforward questions can be quickly answered through an online platform.

Your staff can also gain from services like a check stub generator, which enables them to maintain digital documentation of their income and tax deductions.

An example of a great pay stub generator is FormPros – this site allows you to create pay stubs easily.

In addition, check stub generators are not useful to those with a 9 to 5; they can also be a beneficial tool for freelancers and temp workers to maintain their tax statements easily. For more information, visit this website.

Have Regular Or More Efficient Training Sessions With Employees

Another approach to simplify the lives of staff is via coaching. If you have remote employees, you can try online coaching to equip them with all the necessary knowledge and skills they need. Workers are more productive and competent when they have received the necessary training on the tools they utilize and the jobs they are in charge of.

This can result in reduced frustration and better work. Many businesses offer insufficient coaching and then wonder why employees aren’t performing to their maximum capabilities.

Ensure your staff members get the necessary training to do their duties easily. Eventually, that assurance leads to production.

Promote Communication In The Workplace

In any company, dialogue is essential. Open dialogue between management and the staff ensures everybody sees eye-to-eye on work issues which in turn, prevents misconceptions and confusion.

Furthermore, workers are more likely to approach management with any queries or worries they can have if they are aware that dialogue is welcomed.

Employing an “open door” approach helps a lot in letting employees know that you are willing to listen to their issues and respond to their inquiries readily.

The post 11 Small But Important Ways to Make Your Employees’ Lives Easier appeared first on The Online Learning Platform.

What Are Managed IT Services and Are They Right for Your Company?

José Luis — Wed, 06 Jul 2022 06:45:19 +0000

Image Source: Pexels

The days of handling everything in-house are over. Businesses now have the choice to outsource all sorts of network support services as required, from payroll to employee training and beyond.

Managed IT services fall into this camp, creating opportunities to unload tech troubles to third-party providers.

Let’s explore what these services offer and why they can benefit organizations of all sizes. You might be surprised by what you learn.

Different areas that managed IT services can handle

There are several strands to managed IT services. The general idea is that an outside provider will step in to deal with different aspects of running your infrastructure. From increasing uptime to preventing fraud, there’s little that can’t be achieved.

Here are some of the specific roles that managed service providers (MSPs) can fulfill, in a little more detail:

Technical support

When something goes wrong with your IT, an MSP will be on-call to help. This can be handled over the phone, through web chat, or with a site visit.

Infrastructure monitoring

If you’ve got mission-critical business servers, endpoints, and even APIs to monitor and manage, an MSP can take the reins.

That way, if issues are detected, then fixes can be found. Proactive monitoring will prevent downtime and allow systems and devices to perform optimally.

Software management

You’re probably reliant on all sorts of apps and software services as part of your daily operations. These solutions don’t stand still but will receive regular updates and patches. The problem here is that actually installing new versions can be disruptive, or cause unintended consequences.

With an MSP on-side, entire software ecosystems can be managed. When updates or alterations are needed, specialists like those at Techspert Services will step in to streamline everything.

Procurement consulting

Without an in-house IT team, deciding which hardware to invest in and which software to license is tricky.

Rather than use guesswork, with managed IT services you can ask for advice on these major decisions. This won’t only benefit your business today but will help you build IT procurement strategies for the long term.

Bear in mind that these are just examples of the services that can be offered. There are different providers with different specialisms, as well as different support packages out there. Even so, any IT support provider you can outsource is undeniably impressive.

Understanding the alternative approaches

If you don’t work with an MSP, what choices does your business have when it comes to IT management? Well, there are two routes to consider:

Recruiting permanent support staff

Having one or more IT workers on the payroll and on-site at all times is the old-school option. They will fulfill the function of an outsourced support vendor. However, they will also come with considerations and caveats, which we’ll discuss later.

Intervening only when things go awry

With an MSP, you will essentially have IT support on tap whenever you need it. Without it, you will have to recover from disasters as and when they occur.

Let’s say you suffer a data breach. If you’ve not got an in-house team or an outsourced support provider, recovery could be challenging. You’ll have to have a decent war chest to fall back on to cover the costs incurred. To quote the old saying, it’s like closing the gate after the horse has bolted.

Highlighting the benefits of managed IT services

You may have gathered that there are plenty of advantages to using an MSP already. Even so, it’s useful to go over these benefits unambiguously to help steer your decision-making.

Cost

Permanent IT employees cost your business a lot to recruit, train and retain. Likewise, if you only splash out when downtime strikes, the bill could be $1 million or more.

In comparison, a managed package from a reputable provider will be a tiny expense. You still need to compare the products out there to get a good deal. But the potential to make meaningful savings year after year is real.

Scalability

As your business grows, your third-party support will be able to scale along with it. And the scope of the obstacles you face, from procurement planning to disaster recovery, is irrelevant.

Obviously, there will be times when everything is going well, and you’re still paying for a support package. You shouldn’t consider this money wasted because when the need arises, an MSP will be there in an instant.

Proactivity

As discussed, your IT infrastructure can be monitored by a management provider in real-time. Nipping niggles in the bud before they bloom is the upshot of this arrangement.

You could even find that there are unnoticed inefficiencies or vulnerabilities in your existing setup. Without expert input, such deficiencies could be overlooked until it’s too late.

Security

The cyber threats that every modern business faces are vast and varied. No organization can hope to deal with them alone, and working with an MSP is a sensible tactic.

A good provider such as Secarma offers services such as penetration testing and scans your networks for threats before they cause any damage.

You can even have your internal network monitored for suspicious activity, heading attacks off at a common point of vulnerability.

Of course if you do fall victim to a breach, having IT support will let you recover lost data. That way, business can continue as normal, and customer experiences won’t suffer.

Efficiency & agility

All of the aforementioned advantages roll together to make your business more efficient and agile. If you know a third party specialist is looking after your IT assets, you can work on other things. Investing in managed SaaS hosting for PHP, for example, can help you remain focused on business growth without any hassle. That means you’ll have fewer worries and more freedom to develop your business.

It’s basically a self-perpetuating set of benefits that will help with productivity, profitability, and much more besides. So the reason for the rise and rise of managed IT services should be apparent.

Which types of businesses should outsource IT management?

Earlier we said that businesses of different sizes stand to benefit from working with an MSP. So what shape would this relationship take?

Small businesses and startups

Up and coming companies usually have small budgets to play with, which makes efficient spending necessary.

Getting outside support for IT makes a lot of sense in this context. You don’t need to expand your small team with unaffordable permanent additions. You don’t have to take unnecessary risks involving the likelihood of a data breach or unplanned downtime. You don’t have to miss out on new trends or updates.

Furthermore, managed service packages are flexible. So if you only need a specific type of support for your limited infrastructure, it won’t cost the Earth. Then, as you grow, you won’t be held back by IT concerns.

Medium & large enterprises

You’d be forgiven for assuming that bigger businesses have less need for outsourced services. In reality, the opposite is true, and this explains why more multinational organizations turn to third parties for support.

In this case it’s a question of agility. The larger the company, the longer it takes to implement any significant changes. If you aren’t having to do everything IT-related internally, adapting to external pressures is quicker and easier.

Obviously, there are exceptions here, but this brings us back to the idea of flexibility. Say a large enterprise has enough IT employees to deal with part of its infrastructure. It can then work with a support provider to plug gaps.

Appreciating the changing IT landscape

Before we wrap up, it’s worth considering how IT has changed in the past couple of years. The rise of remote working, and the scale of the shift away from the office, were unprecedented. This has thrown up challenges and opportunities while complicating the task of tackling support needs.

Businesses have come to realize that they can’t possibly plan for every eventuality. It’s better to not be reliant on one set of strategies and fail-safes that are tied to internal resources. Having an MSP on speed dial to step into the breach and fight your corner is an example of this.

In the brave new business landscape, it’s possible to feel like every decision you make is a gamble. The idea behind managed IT services is that they can tip the odds in your favor.

The bottom line

The question we asked originally was whether outsourcing the management of business IT was the right move. As with any question of this kind, the answer is different for every organization.

Generally speaking, there are pros to picking a reputable MSP no matter the size of your operations. And because you don’t have to commit to the same provider indefinitely, the risks are small.

It’s a good idea to choose a provider carefully and get independent advice before you settle on a package.

The one thing you can’t afford to do is take no action whatsoever. Threats to your business won’t go away just because you ignore them. Survival is only possible if you take the initiative.

The post What Are Managed IT Services and Are They Right for Your Company? appeared first on The Online Learning Platform.

CPA or CMA? Which Accounting Certification Has the Greatest Growth Potential

José Luis — Thu, 02 Jun 2022 09:56:01 +0000

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A certified public accountant (CPA) and a certified management accountant (CMA) are two very popular accounting certifications. In the past, accountants and business owners used to favor the CPA certification. Now, CMAs are cropping up to offer more specific, specialized services.

The differences between a CPA and CMA certification may not be obvious to accountants, but you need to choose carefully. The certification you choose will determine your career path.

Not only that, but your career growth potential depends heavily on your accounting certification.

At a Glance: The Difference Between a CMA and CPA

The biggest difference between a CPA and a CMA is accounting focus. A CPA is a more generalized accounting certification, whereas a CMA focuses on strategy and business growth.

Here’s what both certifications look like at a glance:

CPA	CMA
Employment	Consultant, IRS agent, internal or external auditor, tax accountant, public accountant	Management accountant, corporate controller, consultant, chief financial officer (CFO), cost accountant
Institution	American Institute of Certified Public Accountants (AICPA)	Institute of Management Accountants (IMA)
Requirements	4 year bachelor’s degree 150 extra credit hours Two years of work experience 40 hours of education (yearly)	4 year bachelor’s degree Two years of work experience 30 hours of education (yearly)
Exam	4-parts	2-parts
Exam Fees	$500-$2,000	$1,000-$1,500
Pass Rate	46%-54%	34%-46%
Time to Pass	18 months	3 years
Total Time	6-8 ½ years	6-9 years
Competitive	Higher demand	Lower demand
Salary	$70,000-$120,000 per year	$66,000-$95,000 per year

Pay close attention to your employment opportunities. Both a CMA and CPA can become a consultant, but it’s easier to get and keep a CMA. On the other hand, you’re more likely to become a CFO with a CMA. Be sure to weigh the pros and cons of becoming a CMA or CPA.

What is a Certified Public Accountant (CPA)?

A certified public accountant (CPA) is licensed to practice public accounting duties. CPAs are mostly focused on auditing, taxation, and various day-to-day accounting activities.

CPAs must pass a difficult and extensive 4-part CPA exam administered by the American Institute of Certified Public Accountants (AICPA). They typically require two years of work experience (depending on the state) and need to participate in continuing education classes.

Unlike a CMA, CPAs must have 150 extra college credit hours, which is almost the equivalent of a master’s degree. CPAs are responsible for preparing and reviewing financial statements, ensuring tax compliance, and auditing reports. The CPA certification is widely sought after.

What is a Certified Management Accountant (CMA)?

A certified management accountant (CMA) is licensed to identify business strategies based on financial analysis. CMAs focus on deciphering data for the purpose of business expansion.

Like a CPA, a CMA has to pass an exam, earn two years of work experience, and participate in continuing education courses. These CMA exam prep courses can help your exam, and you’re going to need it too. The pass rate for the CMA exam is even lower than the CPA.

Once licensed, a CMA will become a member of the Institute of Management Accountants (IMA), the association that oversees the CMA exam. They are responsible for preparing reports and financial statements, monitoring and supervising staff, and planning organization budgets

CPA vs. CMA: Which is the Best Accounting Certification?

Both accounting certifications are useful, but which of the two has the most career growth potential? If you’re looking to upgrade your accounting degree, consider the following.

CPA vs. CMA: Employment Opportunities

A CPA and CMA can be found working in similar positions. But a CPA is unlikely to transition into a management role unless they have experience or earn both accounting certifications

A CPA is more likely to work as a consultant, IRS agent, internal or external auditor, tax accountant, and public accountant. A CMA is more likely to work as a management accountant, corporate controller, consultant, chief financial officer (CFO), and cost accountant. If you’re looking to start your own business, then CPA would work better. Just keep in mind, you’ll also need to generate your own CPA leads to grow your accounting business.

Winner: CPA and CMA

What you choose in this section is up to your preference. However, CPAs can choose from a more varied job pool, while CMAs stick to management positions that involve risk management. CPAs are also more likely to be scouted by top accounting firms.

CPA vs. CMA: Competitive Advantage

The CPA certification is still considered the gold standard for accountants and is typically preferred by employers. The CMA certification is less well-known and often overlooked. This can be a problem if you’re trying to bypass ATS software or prove your worth to employers.

Winner: CPA

According to Kathleen Downs, recruiting manager for Robert Half International, a CPA license is more likely to keep you competitive. In a Monster article, Downs stated that 25% of their placements had a CPA, while 10% of placements had a CMA. Most clients prefer to hire CPAs.

Not only that, but most CPAs have a master’s in accounting because they need 150 extra credit hours to sit in on the exam. A master’s degree inevitably opens more doors for the accountant.

CPA vs. CMA: Exam and Time Requirements

To write the CPA exam, you first need a 4-year bachelor’s degree in an accounting-related field. You’ll also need 150 additional credit hours and maintain 40 hours of continuing education per year. Depending on your state, you may need two years of work experience, as well.

To write the CMA exam, you need a 4-year bachelor’s degree in any field and two years of work experience. You also need to maintain 30 hours of continuing education every year.

Winner: CMA

It’s much easier to become a CMA, but you may need to study more as a CMA. Accountants can get their CMA in 6 years, while it’ll take 8 years to get a CPA. CMAs also have lower continuing education requirements, meaning they’re more likely to keep their certification.

CPA vs. CMA: Exam Syllabus

The CPA exam is made up of four sections: Business Environment & Concepts (BEC), Financial Accounting & Reporting (FAR), Audit & Attestation (AUD), and Regulation (REG). You’ll complete 276 multiple-choice questions, 28 task-based simulations, and 4 writing portions.

Candidates have four hours to complete each section, with a combined time of 16 hours. Each section accounts for 25% of your grade. You must have a score of 75% to pass each section.

The CMA exam has two parts. Part 1 includes 6 competencies, which test for financial planning, performance, and analytics. Part 2 also includes 6 competencies but focuses on strategic financial management instead. The CMA pass rate is 40% for Part 1 and 50% for Part 2.

Candidates have four hours to pass 3 multiple-choice sections and 1 essay section.

Winner: CPA and CMA

The CMA handles higher-level business applications and concepts, while the CPA deals more with governance, laws, and technical components. Both cover what you need for your job.

CPA vs. CMA: Exam Difficulty

The CPA and CMA exam pass rate changes every year and varies based on your region.

The American Institute of Certified Public Accountants (AICPA) releases its CPA pass rates every quarter. As the AICPA is America-specific, they focus more on section pass rate percentages.

According to AICPAs Q1 pass rate for 2022, BEC and REG sections are passed at 57.33% and 60.03% rates, respectively. AUD and FAR are passed at 46.35% and 44.95% rates, respectively. Collectively, the pass rate for CPA exams is 46-54% depending on the year.

In 2020, The Institute of Certified Management Accounts (ICMA), a division of the IMA, released the most recent pass-rate statistics. The press release stated that 36.25% of candidates passed Part 1, while 50.5% passed Part 2. That’s a combined pass rate of 43% across all regions.

Still, The Americans have a high pass rate at 48% for Part 1 and 64% for Part 2, respectively.

Winner: CPA

According to statistics, the CMA is harder to pass than the CPA. However, it’s likely that a person going for the CMA exam isn’t formally educated in accounting. To get a CMA, you don’t need to have a bachelor’s degree in an accounting-related field. But to get a CPA, you do.

CPA vs. CMA: Certification Costs

The cost to become a certified CPA or CMA depends on your state, but it usually costs more to become a CPA. CPAs have to spend more on education, licensing fees, and course fees.

Here’s a fee chart for a certified public accountant and certified management accountant:

Type	CPA	CMA
Application Fee	$130	N/A
Registration Fee	$300	$280*
Examination Fee	$833.60 (on average)	$912 ($460 per part)*
Review Course	$500-$2,500	$500-$2,500
Licensing Fee	$175 per year	$260** per year
Ethics Exam Fee	$169	N/A
Bachelor’s Degree	$10,000-$40,000 per year	$10,000-$40,000 per year
Master’s Degree	$30,000-$120,000	N/A
Total	$42,090.60-$164,107.60	$11,952-$43,952

* Students pay a $210 registration fee and $690 ($345 per part) examination fee
** Students pay $45 a year, and Academics pay $135 per year

Winner: CMA

Becoming a certified CMA is much cheaper than becoming a CPA by a wide margin.

CPA vs. CMA: Pay Differences

A CPA makes $70,000 per year on average but can make $120,000 or more on average.

A CMA makes $66,000 per year on average but can make $95,000 or more on average.

However, both accounting certifications can make much more if they become CFOs, senior accountants, tax managers, corporate controllers, or financial controllers. The amount you make will range significantly based on your experience and the company you work for.

Winner: CPA and CMA

Although CMAs look like they make less on paper, both the CPA and CMA can make a similar amount. That’s because a CPA and CMA work in similar fields and deal with senior financials.

Which Accounting Certification Has the Most Growth Potential?

Both accounting certifications tie because their positives and negatives on paper balance each other out. For example, while a CPA takes much longer to earn and costs significantly more than a CMA, it’s more widely known than the CMA. That means you’re more likely to get a job.

If the CMA certification were more well-known in the finance industry, it would offer a better bang for your buck. Even with a master’s degree, it doesn’t seem like CPA accountants are offered a significantly higher salary than a CMA. If we were judging based on real worth usage, the CPA certification would win in the end because they’re more recognizable to employers.

For now, the CPA is more relevant to today’s job market and offers the most growth potential. If or once the CMA certification becomes more popular, it may replace multiple CPA positions.

The post CPA or CMA? Which Accounting Certification Has the Greatest Growth Potential appeared first on The Online Learning Platform.

Student Loan Repayment Assistance: A Win-Win for Employers and Employees

José Luis — Fri, 13 May 2022 11:34:30 +0000

Image Source: Pixabay

What if your boss was to make you a once-in-a-lifetime deal? “Work for me and I’ll help take care of your debt.” Oh come on – there’s no way any boss is going to make a Daddy Warbucks offer like that!

Don’t be so sure. In fact, one of the most interesting trends we’re watching in employee retention is student loan repayment assistance programs. Company owners and managers are taking it seriously for qualified employees. Let’s discuss how this program works.

Employers’ Student Loan Assistance – A Game Changer

You’re right in assuming this was not a thing back in grandma’s day! The trend is fairly recent but definitely significant. In fact, the Society for Human Resource Management states that within the last four years, the percentage of companies investing in student loan repayment went from 8% to 17%.

Furthermore, 31% of large companies now plan to offer some type of student loan assistance over the next two years.

Granted, these concessions are not historical as of yet. After all, there are limits. Google is only paying up to $2,500 for full-time employees. Estee Lauder is paying $100 a month. SoFi is paying $200 a month.

The emergence of emergency loans for bad credit in the UK is another interesting trend paralleling the rise of student loan assistance in the workplace. While traditional lending options often exclude individuals with poor credit histories, the growing market for emergency loans for bad credit is addressing this gap. These loans are designed to help people who find themselves in urgent financial situations, providing a lifeline in circumstances where mainstream financial institutions might not offer support. This development reflects a broader shift in the financial industry, recognizing the need for more inclusive financial solutions that cater to a wider range of credit profiles. It’s a recognition that financial emergencies don’t discriminate based on credit scores and that everyone may need access to emergency funds at some point.

What’s the cause of all these sudden acts of kindness? They’re not so random.

From Resignation to Repayment Programs

Is it coincidence that the student loan repayment experiment is happening at approximately the same time as The Great Resignation?

While the COVID-10 pandemic started the trend of people quitting or being laid off, the trend has continued well into 2021 and 2022. In fact, the quitting rate is still increasing even while big business gets back to normal.

According to the Pew Research Center, 63% of workers who quit in 2021 cited no opportunity for advancement, while 63% also cited low pay, and 57% said they felt disrespected by employers.

In fact, labor shortages are so severe, as far as millennial workers go, that retiree-aged baby boomers are a rising demographic in the workforce.

Not only are these employer-sponsored repayment programs a means to bring back younger workers, but it’s also a sign of business going back to normal on a larger scale.

According to the New York Times, many businesses were discussing student loan repayment plans in 2019, but things stalled during the 2020 pandemic.

Now that companies are moving forward, they are either offering student repayment plans or plan to do so in the next 2-3 years – and even upwards of 30-40% of respondents were making it part of their retention strategy.

Some companies like Nvidia, Abbott, and New York Life are sweetening the deal by offering student loan repayment assistance and a telecommuting job that lets employees work from home.

Who Started the Student Loan Repayment Trend?

Was this all to Trump or Biden’s credit or some heated political issue?

No, it’s just a natural reaction to what was a great idea – what if you could somehow incentivize student loan repayment for the employer, which would most likely suffer great loss if they just did it out of the kindness of their hearts?

The real game-changer was the Consolidated Appropriations Act of 2021, which allowed employers to count student loan repayment as a tax-free benefit to employees. Currently, employers can make contributions up to $5,250 per person toward “eligible education expenses.”

Under the provision, the student doesn’t have to count the donation as taxable income. This government provision remains in effect until at least 2025.

How Do Students Receive the Money?

The system operates similarly to a lump sum vs. annuity arrangement. Depending on the judgment of each employer, you can receive a large payment one-time, or get recurring payments. You can pocket the money yourself or the amount can be paid to the lending company.

Some companies might offer the loan repayment money as a “signing bonus” for starting a new job, or after a trial period of working. Others may have a series of criteria that you have to complete before receiving any money, depending on the career field.

Some employers have even tied these loan payments to retirement savings, allowing students to make payments on their own loans in exchange for the company contributing towards your retirement out of their own pocket. A few companies let employees apply their unused vacation time or sick days toward student loans.

Other Benefits

More promising employer repayment programs might include higher lifetime caps, such as $10,000. While the average cost of a student loan is over $37,000, paying almost one-third of the total balance is a great start towards building a lifelong working relationship with a model employee.

While plenty has been written about debt repayment assistance programs as a means of employee retention, there are also other benefits – like attracting higher-quality job applicants in the first place.

Companies that want workers with college degrees now have a way to attract those workers with promises of paying off part of their student debt.

Employers Aren’t the Only Resource

While employer-paid repayment gifts are great, they’re simply not enough to grab a student by the hand and pull him out of debt entirely. With some educational degrees costing closer to $100,000 than $30,000, a student might wonder if getting that dream job is really going to be worth it.

It might be – if a student can take advantage of other resources of payment.

Government Programs

If a student gets a job in a specific field and with an employer that meets the criteria, some federal loans can be forgiven. Teachers who work in a low-income school for at least five years might qualify for the Teacher Loan Forgiveness Program.

The Public School Loan Forgiveness Program forgives student loan debt if at least 120 payments were made on time, and the student worked in certain government fields, or at a qualifying nonprofit organization.

Another option to pursue is that of income-driven repayment programs, managed by government offices, which can help if your loan payments are higher than your income.

The Loan Refinancing Option

Another option would be for an employer to invest in an employee’s future through private student refinance plans. For example, a company might help a new worker qualify for a refinance loan that they wouldn’t be able to get on their own.

Refinancing plans can lower interest rates, consolidate multiple student loans, and change the repayment period for a longer or shorter contract. The company might even donate some money to the new loan balance, along with added member benefits.

Some of these additional benefits could include continuing education and webinar programs, such as described on our resources page. After all, earning a degree is only part of the job description.

Many companies look forward to hiring students with valuable skill sets, and experience in sales or customer service, and management.

Employers Working with Private Lenders

Progressive companies can also find vendors that work with employers and help them create student loan repayment benefits that won’t tax their resources, or those of the student.

The company may pay the vendor an implementation fee, or charge the employees a monthly fee for instituting the arrangement.

Refinancing may require that the student have a fairly high credit score and stable means of income, not to mention working towards a valuable degree.

A company cannot co-sign for a refinancing program, but a parent, friend, or trusted individual could co-sign with a student in case their credit score was too low to qualify.

It’s also worth thinking about whether the company is investing in you for the future, especially if they get involved in paying off part of your loan or refinancing it.

Staying on top of your other monthly bills is important for keeping your job and making loan payments because employers will check your credit score and hold you to this contract.

Warning: Private Lender and Federal Assistance Conflicts

Be aware that if you or your employer decide to pursue private lending assistance, you may disqualify federal loan programs. Consider applying for federal help first, and if all avenues are exhausted, then concentrate on private lending refinancing.

The Future of Student Loans Beyond 2022

Remember, even if your employer doesn’t have any repayment assistance at the moment, you might consider bringing it up to HR, or to the owner/manager directly, especially if they encourage employees to bring new ideas to management to consider.

Times are changing and the employer-guided student loan repayment plan is becoming a serious prospect. Even in Washington D.C. today, many lawmakers and activists are talking about what else the government can do to address massive student debt in the U.S.

Recently, President Biden announced that 40,000 borrowers would get “Immediate Debt Cancellation.”

Similarly, the Education Department announced loan forgiveness of over 110,000 workers in certain public service fields, which amounts to $6.8 billion in total loan forgiveness. Read more about how to apply for loan forgiveness before the deadline.

One could argue this is more than just a business trend. This may be representative of a changing culture and a new way of bringing millennials back to the workforce. Whatever works is a good strategy, especially in an age where the old rules no longer apply.

For more information on innovation, modern business practices, and socio-economic empowerment, keep reading Potential.com.

The post Student Loan Repayment Assistance: A Win-Win for Employers and Employees appeared first on The Online Learning Platform.

7 Things to Consider Before Accepting an Offer to Relocate for Work

José Luis — Fri, 06 May 2022 06:35:31 +0000

Source: pixabay

Today’s business sector works at a global level, where events on one side of the world influence the economy and social stability on the other side. So, it’s not uncommon to see companies change their location in search of a friendlier environment (both financially and from a perspective of talent).

Plus, due to recent technological advancements, most companies can change their headquarters, open new branches, and expand in foreign markets without having to move the entire team around the world. As remote work becomes easier to integrate with in-office work, companies have access to a global pool of talent and employees enjoy the benefit of living wherever they want.

Still, this is not always possible as there are positions that require in-person presence and on-site supervision. If your position is of this nature, at some point in your professional life, you may receive an offer to relocate to a new state, country, or even continent.

Assuming you like the offer, including the benefits, at the new location, you will have to decide if relocating is the right step in your life at that moment. If this is the case, here are a few things to consider before accepting such an offer:

1. The Relocation Package

Any company that is serious about relocating employees or bringing people from overseas to its headquarters will offer some sort of relocation package. Some will offer to cover the costs of relocation (fully or partially) and help with the moving process.

Others will simply give you a check and you have to take care of everything. And lastly, there are companies that provide both.

Now, you have to analyze the situation and decide if the package they are offering covers your expenses, stress, and effort. For instance, if the company works with a global relocation service that takes care of packing and moving your things, transportation, unpacking to the new location, and more this saves you a lot of stress. You should always consider the true cost of moving out of state before accepting a lump sum relocation package, as it may not cover your entire move, which can be calculated with the moving cost estimator.

Also, check if the company gets involved in helping you find a new place, get rid of the old one, and accommodate into the new location. This may imply a few visits even before you decide to accept the relocation offer.

Overall, it’s important to negotiate the best possible relocation package since the process is stressful and disrupts your life.

2. Lifestyle Changes

From adjusting to different weather to learning a new language and making new friends and colleagues, relocation is all about change. And it won’t be gradual – your world will literally change the moment you accept the offer. So make sure you’ll go through this hectic process to improve your life!

If you’re moving to a completely new location, make sure to visit first and see if you like the area. If it’s a new country and language, pay attention to your surroundings, check out the nightlife, have a look at the education system, and try to get a sense of how the locals think. If their lifestyle is too different, you may have a tough time adjusting.

If you are truly interested in making the move, check with the employer and see if there’s a chance for language lessons, additional training with the locals, and other forms of support, including financial. Also, try to check for local expat communities from your country and get in touch with them to get a better understanding of the integration process.

3. Family

Relocating for a job is stressful enough when you only have to worry about yourself, but if there’s family involved, things get infinitely more complex.

Still, if your employer is convinced you are the right person for the job, they will support your efforts and make every concession possible to help with the moving and re-integration process.

Here are a few things to bring into discussion during negotiations:

A partner’s interests – if your partner agrees to relocate, they will have to look for a new job (unless they can work remotely). In this case, the company should provide some help by using their connections to create opportunities at the new location.
Children’s education and well-being – the company should provide support in finding an appropriate kindergarten or school at the new location. Also, you shouldn’t move the family until you find a suitable place to live. Look for neighborhoods that somehow resemble the old environment to make the transition a bit easier.

Your employer should provide as much help as possible for both your move and the one of your family. So before you think about accepting an offer, think of what would benefit the people you want around.

Also, discuss the option of moving with your partner and the children (adjusted to their level of understanding).

4. Paperwork

If you’re just moving states, you may not have to do a lot of paperwork, except to let the official authorities know about your move. However, the situation changes when it’s a different country or continent.

You may have to apply for a visa (for yourself and your family) and work permit. Usually, the employer should cover this aspect or hire a specialized company to deal with the papers and smooth out the process. Otherwise, if you have to take care of everything, it may turn an already stressful situation into a bit of a mess.

5. Understand the Need for Relocation

If you consider relocating to a new job at a different company, try to understand why they couldn’t find anyone locally. Is it due to your rare qualification and level of experience or is there something else going on?

For instance, some businesses are happy to offer a relocation package if they can convince you to come in on a lower salary (that would make sense in your area but may be too small for the new location). On the other hand, it may also be related to the company’s reputation at a local level.

Overall, try to find out if your relocation is in the spirit of building the right team or if there are other (nefarious) reasons behind it.

6. Social Network (yours and your family’s)

When you change locations, you also change your social circle. The same happens to your children and partner if they come along. Now, depending on social skills, there are people who find it easier to forge new connections and find new buddies even as adults, but it’s not as easy as it used to be in high school or college.

Plus, not everyone is eager to renew their social circle in their 30s or 40s. True, you can still keep in touch with old friends due to online communication methods, but it gets difficult when you want to go for an evening out without your partner.

Also, if you move with the entire family, you have to consider the kid’s social circle. While it’s true they have a lot more chances to adapt and make new friends, it’s not going to be easy.

Still, there are things you can do before the move and you should ask your employer’s help in this aspect.

Here are a few ways you can be proactive about this:

Check with your employer about organizing networking opportunities for relocated employees. This will make it easier to integrate with the new colleagues and work environment.
Participate in events where you can meet peers in the same industry but from different companies.
Look for networking opportunities within your neighborhood or find expats that are willing to share their experience and help newcomers out.
Encourage your partner to attend business conferences that fit their interest
Enroll the kids in extracurricular activities that get them in touch with the locals.

Overall, it’s important to be proactive about renewing your social circle at the new location. You can’t just move and hope for the best (you are not in college anymore).

7. Consider What You’ll Be Giving Up

Besides the hassle of moving everything to a new state/country, you also need to consider what it means to leave your current location.

Will you have to give early notice to your landlord? What does that mean from a financial standpoint? Does your current contract allow it?

Will you have to sell your house or apartment? Can you turn your current home into a rental and keep the ownership? What type of extra effort does this entail? Do you need to sell your vehicle? Would it be better to ship your vehicle, get a new one once you land, or purchase a model from a used car dealer?

Of course, you may also have elderly parents or siblings that will be left behind. Can they manage without you being nearby? Does your relocation affect their emotional well-being?

Each person’s situation is different, so make sure to discuss everything with your employer. Also, make sure they are transparent with their conditions and support, to avoid any unwanted complications down the road.

Wrap Up

Relocating for a new job and a new beginning may sound great on paper, but it’s always easier when you don’t have responsibilities and strong roots in your current location.

Still, if the opportunity is worth the effort and the expenses, and if your employer provides the right level of support, it can be done. Just don’t expect it to be a walk in the park – it takes time, money, and a lot of determination to undergo such a project!

The post 7 Things to Consider Before Accepting an Offer to Relocate for Work appeared first on The Online Learning Platform.

José Luis, Author at The Online Learning Platform

Six Straightforward Ways to Improve Your Interviewing Skills

Prepare Yourself by Looking Through Individual Candidates’ Resumes Straight Before the Interviews

Choose Insightful and Relevant Questions to Ask Candidates

Construct an Interview Structure

Improve Your Listening Skills and Take Notes

Be Conversational and Go Off-script When Relevant

Look at Your Subconscious Biases

5 Resume Mistakes That Will Instantly Get You Put in the “Reject” Pile

1. Not Addressing Key Qualifications

2. Using Bad Grammar

3. Bad Document Formatting

4. Using Wrong Contact Information

5. Not Including a Cover Page

Resume Mistakes Are Avoidable

11 Small But Important Ways to Make Your Employees’ Lives Easier

Encourage A Pleasant Workplace Culture

Give Them Advantages They’ll Really Utilize

Provide Solutions For Flexible Work Hours

Offer Wholesome Refreshments And Snacks

Allow workers time off for personal obligations

Provide Perks For Childcare Or Daycare Services

Provide The Resources Needed By Staff

Ensure That The Machinery And Other Equipment Are Always In Their Best Working Condition

Make Their Salary Details Easily Accessible To Them

Have Regular Or More Efficient Training Sessions With Employees

Promote Communication In The Workplace

What Are Managed IT Services and Are They Right for Your Company?

Different areas that managed IT services can handle

Technical support

Infrastructure monitoring

Software management

Procurement consulting

Understanding the alternative approaches

Recruiting permanent support staff

Intervening only when things go awry

Highlighting the benefits of managed IT services

Cost

Scalability

Proactivity

Security

Efficiency & agility

Which types of businesses should outsource IT management?

Small businesses and startups

Medium & large enterprises

Appreciating the changing IT landscape

The bottom line

CPA or CMA? Which Accounting Certification Has the Greatest Growth Potential

At a Glance: The Difference Between a CMA and CPA

What is a Certified Public Accountant (CPA)?

What is a Certified Management Accountant (CMA)?

CPA vs. CMA: Which is the Best Accounting Certification?

CPA vs. CMA: Employment Opportunities

CPA vs. CMA: Competitive Advantage

CPA vs. CMA: Exam and Time Requirements

CPA vs. CMA: Exam Syllabus

CPA vs. CMA: Exam Difficulty

CPA vs. CMA: Certification Costs

CPA vs. CMA: Pay Differences

Which Accounting Certification Has the Most Growth Potential?

Student Loan Repayment Assistance: A Win-Win for Employers and Employees

Employers’ Student Loan Assistance – A Game Changer

From Resignation to Repayment Programs

Who Started the Student Loan Repayment Trend?

How Do Students Receive the Money?

Other Benefits

Employers Aren’t the Only Resource

Government Programs

The Loan Refinancing Option

Employers Working with Private Lenders

Warning: Private Lender and Federal Assistance Conflicts

The Future of Student Loans Beyond 2022

7 Things to Consider Before Accepting an Offer to Relocate for Work

1. The Relocation Package

2. Lifestyle Changes

3. Family

4. Paperwork

5. Understand the Need for Relocation

6. Social Network (yours and your family’s)

7. Consider What You’ll Be Giving Up