Postgraduate Technical Assistantship, Finance Accounting Standards Board
Big Plans. Big Possibilities.
Everything was falling into place according to the plans Lauren Hegg, M.Ac. 2012, had envisioned. As an undergraduate student she discovered a subject she’s passionate about – accounting. She landed an internship that resulted in a full-time job offer at Deloitte’s Chicago office near her hometown of Palatine, Ill. Graduation was within sight.
She says she was ready to start the next big step in her plan.
“I had a plan and I was ready do something big with my life. I was ready to start my career,” Lauren explains. “But that changed when I was approached by the Department of Accounting to be nominated as a candidate for the Finance Accounting Standards Board Postgraduate Technical Assistantship.”
The FASB postgraduate technical assistantship is reserved for a small number of qualified applicants each year and is viewed as a significant opportunity for accounting scholars.
“I hesitated at this wonderful suggestion because I really did have an idea for my future, and this wasn’t part of what I had envisioned for myself,” she says.
Lauren consulted her family and friends, who were nothing but encouraging. Accepting the nomination wouldn’t guarantee the assistantship, so she decided to accept the nomination from the Tippie Department of Accounting. At the very least, she felt it would complement her resume and she felt honored to even be considered.
The night before Lauren was to graduate, she was celebrating with her parents and grandparents at a restaurant when an incoming call lit her cell phone. The caller was from Norwalk, Ct, home of the FASB.
Surrounded by her closest family members, Lauren learned she had been invited by the FASB for an interview in New York. With the possibility of a rare opportunity ahead of her, she had an even brighter step as she walked across the stage to accept her diploma for her M.Ac. degree the next day.
She traveled to New York to meet with FASB representatives for an interview and after learning more, she grew excited about this unplanned possibility. Lauren contacted Deloitte about possibly delaying her start date in their Chicago office, and they fully supported her interest in the assistantship at FASB, agreeing to delay her start later in 2013, if needed.
Lauren was beginning to envision a new plan for her future.
Then the news came that Lauren had been selected nationally as one of six students to fulfill the postgraduate technical assistantship.
She accepted the offer and in July began her position at FASB, which will end next summer. She has already had the opportunity to become involved with the accounting standards-setting process and has gained an in-depth understanding of the roles played by preparers, auditors, and users of financial information.
She is currently working on a Revenue Recognition project, a joint FASB/IASB project expected to issue a final standard in the first half of 2013. This fall, Lauren was able to write and present a memo to board members and has been very involved in the re-deliberation process. She looks forward to helping with the drafting and issuance of the final revenue recognition standard.
At Iowa, Lauren was recognized as the Outstanding M.Ac. student in 2012, was a member of the Beta Gamma Sigma International Business Honor Society, was recognized as a top scholar by the accounting department as a Faculty Scholar, and was the recipient of the Byron R. Ross Award for Teaching Excellence in 2012.
“As a teaching assistant, I’ve been told by my students that I am the most enthusiastic person for accounting they’ve ever met,” she explains. “Last year I was teaching on my birthday and I told the class I was lucky because I was teaching my very favorite subject. I think accounting is fun.”