On May 12, the ASA Houston Chapter held its 11th Annual 2021 ENERGY VALUATION CONFERENCE. This award-winning event is unique in that it is the only multi-disciplinary conference with a focus on valuation techniques in all sectors of the energy industry. 2021 EVC brought together pre-eminent energy valuation professionals and industry thought leaders who presented timely educational topics on valuations and the outlook and recovery in this dynamic and ever-changing industry.
Up to 260 attendees from 12 countries and 23 U.S. states heard 8 hours of presentations by resounding professionals in all sectors of the industry. In addition, the Chairman of the Texas Railroad Commission who regulates all forms of energy in the state addressed the regulatory environment which is abuzz with major proposals that impact this sector, the Biden administration’s actions and directives to transition to renewables and ESG. Once again, BVR partnered to professionally produce and distribute the live webcast.
One session recognized that in the wake of the pandemic, there is a “paradigm shift” in valuations in the energy sector, which was hit particularly hard. Earnings plummeted, and more than 100 North American oil and gas firms filed for bankruptcy in 2020. M&A activity took a hit, and now there appears to be more sellers than buyers. Speakers pointed out that transaction multiples going forward are expected to shift in certain subsectors.
The conference agenda will feature presentations from nationally recognized speakers who are profession leaders, covering a range of fair value measurement and valuation topics, as well as other current and future expected trends regarding the FASB, SEC and international accounting standards.
Our current lineup includes:
Mark Shayne, ASA, CPA, ABV is a Managing Director at Empire Valuation Consultants.Mr. Shayne has over 30 years of valuation experience, which includes the valuation and valuation supervision of over 4,000 direct and indirect investments in debt, equity, and real estate-backed assets on behalf of major alternative asset managers, family offices, and property owners worldwide for ASC 820, financial reporting, and tax planning purposes. Mr. Shayne is a past Professor of Finance at the Gabelli Graduate School of Business at Fordham University, and a frequent lecturer on debt and equity valuation and financial reporting valuation issues.
Esther Zurba, MBA CAIA is a Director at Castle Hall. Ms. Zurba is a seasoned alternative investments practitioner with over 18 years alternative investments on both the buy and sell sides of the investor due diligence desk., and over 14 years dedicated operational due diligence. She has significant experience in global transactions (analysis, execution, and monitoring) and managing key relationships and extensive experience with identification and remediation of material operational risk issues at global asset managers.
Craig TerBoss is a Principal in the Corporate Finance Group for EisnerAmper with nearly 20 years of experience providing valuation services to public and private clients. Mr. TerBoss’ depth of experience is an expert in fair value measurement issues for audit engagements, including allocation of purchase price, goodwill impairment, corporate strategic and tax planning, corporate transactions (e.g., mergers, acquisitions), litigation and arbitration. Craig serves as an instructor for EisnerAmper University and has presented, as well as served as panel member, to industry associations regarding valuation issues for alternative asset investments.
John J. “Jack” O’Brien counsels registered and private funds and fund managers in connection with organizational, offering, transactional, and compliance matters. He regularly works with a variety of different fund structures, including open-end and closed-end funds, exchange-traded funds, and hedge funds. He also counsels investment adviser and broker-dealer clients on various matters, particularly with respect to registration and disclosure, marketing regulations, pay-to-play issues, and transactions in exchange-traded funds.
Jose Echaniz has been a managing director for Davidson Kempner Capital Management LP for over 10 years and has worked in the industry for over 20 years. After graduating from Universidad Autónoma de Madrid, Mr. Echaniz became a Certified Public Accountant.
Myron Marcinkowski, ASA, CEIV, is Managing Director in Valuation Advisory Services at Duff & Phelps. He has over 33 years of experience in valuation and financial advisory services and has prepared numerous valuations for businesses, securities and tangible/intangible assets for various purposes. He also has appeared as an expert witness, presented and instructed on valuation, and served as a congressional committee advisor. Mr. Marcinkowski has been a designated member of ASA for 27 years and also is a holder of the Certified in Entity and Intangible Valuations™ (CEIV™) credential.
Ryan E. Marren, CFA, ABV, CEIV serves as KPMG‘s National Leader, Valuation Services. She is a Principal in KPMG’s Tysons Corner, VA office and also leads the broader Economic & Valuation Services local practice. Ms. Marren delivers valuation consulting services to public and large private companies, has experience across a variety of industries, and specializes in business and intangible asset valuation services for tax, financial reporting, and merger and acquisition purposes with over 19 years of experience. She has performed purchase price allocations, tax valuations, goodwill impairment tests, financial modeling, EPS accretion-dilution analyses, fresh start accounting, and synergy assessments, as well as conducted engagements involving valuation of the numerous intangible assets.
Leigh Miller, Global Valuation, Modeling & Economics Leader at EY. He has over 30 years of experience in leading local and national VME practices and assisting EY clients with complex valuation issues, performing valuations of intangible assets, financial instruments and closely-held business interests for a variety of purposes including financial reporting, buy- and sell-side acquisition analyses, estate and gift tax purposes, income tax purposes and litigation support.
Manish Choudhary, CFA, ASA is Partner at Deloitte and has supervised and performed diverse valuation engagements for more than 20 years, involving intangible assets, equipment, facilities and business enterprises. Mr. Choudhary manages and performs valuation studies in a variety of industries including technology, telecommunications, media, consumer business and manufacturing for financial reporting purposes including purchase price allocations, impairment analyses, and portfolio valuations; mergers and acquisition analyses; tax and regulatory compliance; buy-sell agreements; dispute resolution; bankruptcy re-organizations and strategic financial planning.
Adam Smith, ASA is a Managing Director at PricewaterhouseCoopers with nearly 20 years of valuation experience. He has performed valuations of businesses, business interests, intangible assets, economic damages, derivatives, and lost profits. Mr. Smith’s experience includes preparing valuations for a wide range of purposes including financial reporting, litigation support, corporate planning and consulting, mergers and acquisitions, estate and gift tax reporting, and employee stock ownership plans.
Harris Antoniades, PhD, CFA is a Managing Director in the Stout Risius Ross with over 15 years of experience in the industry. Harris has an extensive corporate finance background, with emphasis in business and securities valuations, real options and derivative valuations, and risk management issues. His expertise also includes broad experience in the field of valuation and mergers & acquisition.
PJ Patel, ASA, Co-CEO is the Senior Managing Director of Valuation Research Corporation and is a member of our board of directors. Mr. Patel specializes in the valuation of businesses, assets and liabilities for financial reporting purposes, and holds the designations of chartered financial analyst (CFA) and accredited senior appraiser (ASA). In addition, he is a frequent presenter on valuation issues for financial reporting purposes and has recently presented on valuation issues relating to ASC 805, ASC 350/360 and ASC 820. Mr. Patel is an active member of the AITF and he is a member of the Appraisal Foundation’s Working Group preparing an industry Practice Aid for valuing customer related assets.
Melissa Pinto is a Partner at Ernst & Young with over 15 years in M&A, corporate finance and valuation consulting, serving the financial services sector. Ms. Pinto’s specialties include: strategic finance and valuation advisory to the insurance and asset management sectors for M&A, tax and financial reporting related matters. Specialist in Section 280G tax valuations of covenants not-to-compete across various industries.
Madhavi (Maddy) Karkala is a Senior Manager at Deloitte is an experienced valuation professional in business valuation, intangible asset valuation, stock compensation awards, debt, and loan receivables for financial reporting as well as tax planning purposes. Her experience includes financial planning and analysis; mergers and acquisitions; tax planning and compliance; financial reporting; restructuring; and strategic planning. Ms. Karkala perform valuations of business entities, private equity portfolios, intangible assets, common and preferred stock and other securities along with partnership interests, private debt instruments, and derivative products.
Mohini Singh, ACA, is Director of Financial Reporting Policy for the CFA Institute. She has over 30 years of experience with a present focus on representing membership interests regarding financial reporting proposals of the IASB, FASB and other regulators, as well as serving on the IAASB consultative advisory group, The IESBA consultative advisory group, and the XBRL US data quality committee. Prior to joining CFA Institute, Ms. Singh served as a Policy Advisor for the Institute of International Finance, General Manager and Financial Controller of Disha and an audit manager at KPMG; as well as serving on the Board of Directors of XBRL International.
Mark Zyla, ASA, is Managing Director of Zyla Valuation Advisors LLC. He has over 35 years of experience in business valuation and litigation services, with a particular focus on valuation issues in financial reporting, litigation consulting and valuation issues in tax reporting requirements. He is a frequent presenter, author and instructor on valuation issues. Mr. Zyla has been a designated member of ASA for 29 years, an active volunteer and currently serves on ASA’s Business Valuation Discipline Committee as a Member At-Large.
Roger Grabowski, FASA, Managing Director at Duff & Phelps. He has over 40 years of experience in valuation services, and has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment, as well as been recognized in various courts as an expert on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. Mr. Grabowski has been a designated member of ASA for 43 years.
Don’t miss ASAs interactive virtual event for fair value professionals! Our virtual ballroom will offer tables of 2, 4 or 6 attendees, allowing you the ability to connect in a variety of group settings.
Now in its 10th year, this annual event has grown to become the definitive source for appraisers, equipment management and finance professionals on the latest insights into equipment valuation.
Our current lineup of expert thought leaders include:
Jeffrey W. Brend, JD, CPA/ABV, ASA, CFE, CFF, AAML is an Attorney at Levin & Brend, P.C. He has over 30 years of experience in mediation and family law; additional specialties in financial mediation, forensic accounting and business valuation; and named a LexisNexis Martindale-Hubbell AV-rated attorney and a 2007-2021 Illinois Super Lawyer. Mr. Brend has been a member of ASA for 23 years.
Paul Cogley, ASA, recently retired from Banc of America Leasing (BAL), a unit of Bank of America, based in Providence, RI, where he was Senior Vice President–Commercial Valuation Manager. Prior to retirement, his nearly 50 years of experience focused on valuation and asset management, with specialties in machinery & equipment appraisal and leasing & equipment management services. He also continues to be a course developer, instructor and presenter. Mr. Cogley has been a designated member of ASA for 20 years, an active volunteer with numerous leadership positions, including most notably serving as Region 1 Governor and Chair of the International Education Committee.
Robert van Raay is Managing Director at Assured Valuations Pty Ltd with over 38 years of industry experience. Robert provides assistance to clients in Australia and overseas by way of asset valuation and advisory services, largely to support financial decisions and support during transactions and for management functions. Mr. van Raay is a Fellow and former Chairman of the Executive Board of the Royal Institution of Chartered Surveyors (RICS) in Victoria/Tasmania as well as a Fellow and Certified Practicing Valuer with the Australian Property Institute, as well as a member of various RICS Oceania Boards.
Brian J. Lamoureux is a Partner with Pannone Lopes Devereaux & O’Gara LLC and a member of the Employment, Litigation, Cyber Law and Corporate & Business Teams. He is also Practitioner Faculty in Management (Business Law) at Providence College, his alma mater. His extensive practice areas include complex commercial litigation, employment law, construction law, social media law, and creditors’ rights. In addition to being an accomplished business litigator, he has developed into a nationally-recognized voice on cutting-edge legal issues relating to social media.
Robert (Bob) Svoboda, ASA is Senior Advisor to Stout’s Valuation Advisory group. He has spent his entire 40+ year career conducting valuations. His primary focus is on valuing heavy industrial properties such as refining & chemicals, midstream oil & gas assets, steel, nonferrous metals & mining, pulp and paper, cement & merchant power. He has also valued real estate, securities, businesses, and intangible assets. Bob has testified in various matters in US Bankruptcy Court including Southern District of New York, Northern District of Ohio, and Eastern District of Wisconsin; US Tax Court; Tax Court of Canada; and numerous state and local tax venues.
David Crick, ASA is the Managing Director at DavAir Group. David has over 25 years of valuation experience, specializing in aviation appraisals with a further background in valuations of medical & scientific assets as well as integrated plant & machinery. He has detailed knowledge of corporate valuation requirements for financial reporting, mortgage security assessments & liquidation disposals. David serves on several boards, most notably as the International Vice President on the American Society of Appraisers (ASA) International Board of Governors.
Don’t miss ASAs interactive virtual event of the year for machinery and equipment appraisers! Our virtual ballroom will offer tables of 2, 4 or 6 attendees, allowing you the ability to connect in a variety of group settings. Register online at appraisers.org/asaevc21 or (800) 272-8258.
Elections for new ASA international officers is about to begin, set to run from May 15th – May 31st using e-Ballot’s voting platform again this year. Our current board has been doing a diligent job diving deep into new ways to support our international community while expanding our presence worldwide. I have nothing but high hopes for next year’s board to continue driving us forward. I strongly encourage all eligible voting members to familiarize yourselves with the ASA Election Policies and Process and cast your votes once elections begin.
ASA recently opened nominations for the Appraiser of the Year Award, recognizing an AM, ASA, or FASA designated member who has made an impact on the profession through involvement in any of the many appraisal services ASA and the industry has to offer. Entry forms must be submitted by Wednesday, June 30 and the winner will be spotlighted during the 2021 ASA International Conference being held virtually and live in-person on October 24-26 in Las Vegas.
On April 7, I participated in the Events Council Group’s event as a one of the executives presenting in the APEX COVID-19 Business Recovery Task Force where I discussed the long-term need to examine adaptation and transformation for the future stability of the workforce. It is no secret that the world is heading in a progressive direction, and fast. It is prudent that we remain relevant and resilient during this major industry shift, so I was honored to speak on such an important topic.
On April 26, ASA testified before the Philadelphia City Council Committee on Housing, Neighborhood Development, and The Homeless to address factors leading to the devaluation of homes in minority communities, agreeing with the premise that devaluation has and continues to occur in minority neighborhoods. The statement ASA’s John Russel gave highlights the need for greater diversity in the appraisal profession. As we work to equip appraisers so they can overcome unconscious bias, the profession must also work to bring in new practitioners with a range of lived experiences. A transcript of ASA’s testimony can be found here.
In conference news, I am excited to announce that the discipline specific sessions for ARM, BV, GJ, MTS, PP, and RP have been selected for the 2021 ASA International Conference happening virtually and live in person on October 24-26 in Las Vegas! All attendees will have access to on-demand viewing of these unique and relevant sessions presented by global thought-leaders who are the best sources of professional news, trends and technique, post conference.
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
Uptick in consumer inquiries opens new revenue opportunities for members.
ASA receives thousands of calls each year from consumers searching for appraisers from all disciplines for help with the valuing of their assets. Many others also use ASA’s Find an Appraiser online search tool.
In fact, last year there were over 117,000 unique visitors per month to this resource, making it the single most active page on the Society’s website.
With ASA being the world’s most renowned and respected international organization devoted to the appraisal profession, and as the oldest and only major appraisal organization representing all appraisal specialists, it’s no wonder why such large numbers of sellers, buyers, advisors, agents, attorneys, brokers, fiduciaries, lenders, planners, underwriters and others, are turning to ASA members for help due to their expertise, experience and highest possible standards in all areas of ethics, professionalism, education and designation criteria.
Members who participate in the Find an Appraiser program are presented with an exclusive and valuable member benefit, one that provides increased visibility and referral potential.
This past month, ASA received a higher than normal uptick in such inbound call traffic. Because of this and the potential for the trend to continue, savvy members should review, update or add their profile and contact information to the Find an Appraiser program to ensure they are taking full advantage of potential new revenue opportunities.
Members who require assistance or have questions about building a member profile, can call our Member Service Representatives at (800) 272-8258 or (703) 478-2228.
Don’t miss out! Make sure a growing number of potential clients can FIND, CONTACT and HIRE you!
What appraisers and users of appraisal services need to know now!
Editor’s Note: Appraisal review is about managing financial risks, explains Jack Young, ASA, ARM-MTS, CPA, in his article, “Managing Risk with Appraisal Review”, published in the Spring 2021 issue of the ASA ARM E-Journal™. To learn more about how such plays a critically important role in risk management and mitigation for many clients/users of appraisal services, ASA sat down with Jack to hear his insight.
ASA: What is driving this next evolution for the profession and the need for appraisal review?
Young: The economy, as well as our legal and taxation systems depend upon accurate and reliable appraisals. Despite regulations and standards, however, some appraisals are flawed and misleading and can be a risky foundation for financial or legal decisions. Appraisal review determines the credibility and dependability of appraisals in order to your reduce risk.
ASA: Who will be impacted?
Young: Appraisers from all property types (real, personal and intangible property), as well as many users of appraisal services, like attorneys, bankers & lessors, CPAs, Departments of Government, and corporate executives will have high risk exposure from flawed or misleading appraisals that don’t meet the standard of care for generally accepted appraisal standards.
ASA: What types of situations might benefit from an appraisal review to reduce risks?
Young: Examples could include family law eminent domain, business dissolution or combination, insurance settlements, bankruptcy, collateral loans, lease buyouts, special assets, estate, gift, purchase price allocation, insurance coverage, fair value accounting, property tax and many others.
ASA: Why is appraisal review good business practice?
Young: Because it adds a level of due diligence to what is inherently a risky situation for users of appraisal services. It also measures the credibility of an appraisal report by analyzing the appropriateness of the methods and techniques, reporting on whether appropriate data has been analyzed logically, and whether the conclusions are consistent with the user’s needs. Last it reveals the appraisal’s level of compliance with professional standards.
ASA: What appraisal review training and/or credentialing is recommended?
Young: ASA offers three pathways for professional development. For individuals seeking to become full time review appraisers, ASA offers a comprehensive training and credentialing program centered around its 4-core “Principals of Value” course series. For credentialed appraisers looking to add appraisal review to their lineup of services, ASA offers a 2-course specialty designation program. And last, for users of appraisal services, ASA offers a 2-course certificate of completion program.
To learn more about ASA’s appraisal review training and/or credentialing programs, visit www.appraisers.org/arm, call (800) 272-8258 or e-mail an ARM Accreditation Specialist at credentials@appraisers.org.
Jack Young, ASA-ARM/MTS, CPA, is President/CEO of NorCal Valuation, Inc. He has over three decades of experience in equipment appraisal, expert witness and financial reporting services, including many years as an auditor of financial institutions, auctioneer and auction manager of business assets, machinery, equipment and other personal property. Mr. Young has been a designated member of ASA for 11 years, an active volunteer, most notably serving as Past Chair of the Appraisal Review and Management Discipline Committee and Past President of the NorCal Chapter.
In honor of International Women’s Day, this past March 8, ASA would like to celebrate the achievements of our women appraisers, raise awareness against bias and take action for equality.
Here‘s a special spotlight on a few of the many women making a difference in ASA and the appraisal profession.
Milena Kosi, ASA, Ljubljana, Slovenia, is an authorized business appraiser by the Slovenian Institute for Auditors and a member of Association of Certified Fraud Examiners. She is highly qualified Senior Business Appraiser with more than 25 years of appraisal experience within the capital markets and business valuation. She gained experience in Corporate Finance division of Investment Banking Department in Nova Ljubljanska banka d.d., later as project manager in KPMG Slovenija and for the past 15 years she is the general manager and owner of the company M.Kabinet, business valuation and consulting, d.o.o. Ms. Kosi has been an ASA member since 2002, holds ASA-BV and ASA-ARM designation, and presently serves as Vice President Slovenia for the ASA Europe Chapter Committee.
Cigdem Lule, PhD, GIA GG, FGA, DGA, Arlington Heights, IL, is a mineralogist and a gemologist with more than 20 years of experience gained in three different countries. Her scientific background along with gem trade and market research experience form the basis for the broad range of services offered to clients. Her company Kybele LLC is an appraisal and consulting firm specializing in the evaluation of jewelry, gems and minerals, and providing independent opinion of values. She also develops educational workshops for the gem professionals, appraisers and gemologists throughout the U.S. and the world, including Australia, Canada, Hong Kong, Greenland, New Zealand and Turkey; and is also a frequent speaker, author and independent researcher specializing in Archaeogemology. Ms. Lule is a Candidate Member of ASA and a past presenter at the 2020 ASA International Conference.
Irina Rykun, ASA, Moscow, Federation, is a senior manager in valuation & business modeling. She specializes in the valuation of fixed assets including industrial buildings, improvements, machinery and equipment with focus on oil and gas companies. Ms Rykun is a full member of the Russian Society of Appraisers and also an Accredited Senior Appraiser with the American Society of Appraisers (ASA) since 2010, where she has served as a past member at-large for ASA’s Machinery & Technical Specialties Discipline committee, an MTS senior instructor and presenter at the ICVPME event.
Diane Dinkins-Carr, ASA, Chicago, IL, is founder and president of DDC Consulting Group, Inc. She was introduced to the fine arts at a very early age. With both parents holding art degrees and very active in the art community, she had no other choice but to study and receive her academia credentials in the visual arts. Ms. Dinkins-Carr has appraised over 2,000 pieces of African and African American art, curated over 50 art exhibitions, coordinated more than 20 auctions, designed, developed, and implemented art programs, seminars, workshops, lectures, and made acquisitions for individuals, collectors, and businesses. She is very active in the art community and instrumental in keeping the legacy alive of the country’s oldest African American art center, South Side Community Art Center, where she served as Board Chair and President. She and her husband Louis are collectors and philanthropists of the arts. Ms. Dinkins-Carr has been a designated member of ASA since 2006.
Patricia A. Thomson Graham, ASA, Long Beach, CA, is a Certified General Real Estate Appraiser and Senior Valuation Consultant with the Los Angeles, California office of Klaris, Thomson & Schroeder, Inc. She has prepared appraisals of residential, industrial and commercial real estate for estate tax, litigation support, estate planning, insurance and sale/purchase. She specializes in the valuation of real property including commercial, and industrial involving fee simple, leased fee, and leasehold interests valuations. Ms. Thomson Graham has been a designated member of ASA since 2018 and currently serves as treasurer for ASA’s Los Angeles chapter.
Looking Forward
ASA continues its efforts to push for diversity and inclusion, including advocating for the rights of women members and appraisers and fostering a new generation of female rising stars.
About International Women’s Day –International Women’s Day is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating gender parity. Significant activity is witnessed worldwide as groups come together to celebrate women’s achievements or rally for women’s equality.
Spring is definitely upon us. A special time of the year filled with promises of new possibilities. A bright future is definitely taking shape here at ASA, with many new and exciting initiatives being undertaken.
Reports on the early impact of such changes were made at two recent events.
The first was our recent annual ASA Board of Governors Mid-Year meeting held virtually, where I provided an update on membership, education and financial trends focusing on FY17 through FY21. My presentation gave snapshots of historical data of membership by disciplines, nonrenewals vs. new members, and age; educational sales for e-learning and face to face courses; and various financials pertaining to revenue and expenses by program areas. This last year we have seen some great growth in our financial performance compared to previous years as a result of some hard, but strategic decisions that were made. Our goal is to continue with this growth in the coming year.
The second, was at a special virtual event entitled, Transitioning Your Board to the Strategic Level held exclusively for association executive leaders, where I, along with a panel of leaders, shared my insight and experiences in being a part of ASA’s successful transition to a new strategic focused governance model.
Reports on our ongoing efforts to create awareness, on how unconscious bias may influence the entire home appraisal process, was also recently shared by John Russell with Philadelphia Public Radio.
Spring is also the time of year when our annual elections begin. The first of several important voting announcements was released. View complete details about election policies and eligibility here. Please remember all individuals who are eligible to vote must be in good standing by April 15, 2021.
I am very pleased to report our conference organizers have been extremely busy getting ready for our comprehensive line up of upcoming events, including:
To read other important news visit my Message from the CEO column on ASA’s Blog, or follow me on Twitter @johnniewhiteCEO and LinkedIn: http://www.linkedin.com/in/johnnniewhiteceo for more ASA updates.
Be prepared to accelerate into a post-pandemic workplace with a realigned career path.
By Hannah Pitstick
The pandemic has waylaid plans and potentially derailed the career trajectories of many professionals across various industries. As the world collectively recovers from this crisis, there is an opportunity to reset career goals and emerge with a sharper focus on how to achieve success in this new environment.
“The pandemic has created a feeling of paralysis, and people don’t feel they can push forward with plans at this time because things are constantly changing,” said Nicola Simpson, an executive career coach based in London. “But we should recognize that within this experience there’s an opportunity to build one’s resilience.”
That means approaching your career goals differently in 2021. While the pandemic hasn’t necessarily changed the process of career planning, it has forced many professionals to be more intentional and proactive about reaching their goals, according to Jaclyn T. Badeau, CPA, CGMA, career coach and founder of Badeau Consulting LLC, based in Lexington, Kentucky, in the US.
If you’re in the process of assessing and setting your career goals for 2021, try incorporating these tips for shaping a path forward after the pandemic.
Re-evaluate your priorities. Self-reflection is always the first step in mapping out a career path; the only difference this year is you have to consider how the pandemic may have affected your personal priorities and professional prospects. Take a moment to consider how your priorities may have shifted as a result of the pandemic and whether your goals need to be realigned.
“You first need to understand what your strengths and weaknesses are, what you really want, what gives you happiness and meaning, and what you want to build and focus on,” Badeau said. “You have to start there before you can plan out your career.”
Perhaps the shift to remote work made you realize you appreciate the increased family time and you want to build that balance into your post-pandemic life. Or maybe you’ve been yearning to return to the office and want to increase face time with customers and colleagues going forward. Uncertainty in the marketplace may have you concerned about your career resilience.
Whatever realizations you’ve had over the last year, now is the time to integrate your new priorities into your 2021 career goals.
Resist complacency. The pandemic has affected every industry in some way, meaning it’s very possible that your role is not as secure as it once was. Simpson recommends every finance professional make a habit of vigilance by assessing industry changes, observing shifts within their organization, and keeping an eye out for any signs that their role could be at risk.
“The technological advances have not diminished,” she said. “If anything, employers are probably ramping that up and thinking about that as a route for cost savings, so we’re going to be seeing consolidation in jobs and roles.”
If you’re concerned the pandemic has accelerated the automation of some of your skills, this is a good time to consider how you might be able to leverage yourself into a slightly different role or into a broader role.
“None of us can afford to relax into our careers,” Simpson said.
Depending on your role, you might consider some professional development, learning a new skill, or searching for a job at a company that seems more likely to weather any instability caused by the pandemic.
“Think about how those changes could impact you and how you can use it as an opportunity to learn something new and pivot, or switch to an organization that perhaps sees more value in a person-to-person contribution rather than machines,” she said.
Divide goals into small steps. Breaking large goals down into manageable chunks is always a good idea, but it’s especially crucial during a time of recovery and lingering uncertainty.
“A lot of people are looking forward 20-plus years, and while having dreams and visions is great, you have to back up from there,” Badeau said. “Your goals should be a little shorter right now.”
Badeau recommends keeping your longer-term aspirations but walking backward from there and considering what steps you can take over the next few months to get closer to those goals. Make sure those goals are aligned with your priorities, the values of your organization, and how you see your role evolving in the future.
Then break down your goals into the smallest steps possible. For example, if you’re hoping to get a promotion in the next year, your first steps could be as small as updating your LinkedIn profile or reaching out to someone who is in a role you aspire to.
Enhance emotional intelligence. Badeau argued the pandemic has increased the importance of emotional intelligence, and those who want to move forward in their careers should enhance their empathy, flexibility, and people skills.
“You have to have the technical skills to be successful in our profession, that’s a given, but to really be competitive and have that career path, you have to exhibit emotional intelligence,” Badeau said.
In order to enhance emotional intelligence, Badeau recommends practicing listening more effectively, identifying your emotional triggers through self-reflection, and making an effort to understand other perspectives.
“Let’s not overcomplicate it; we already have a complicated life and profession,” she said. “To help enhance your empathy, you should listen more and articulate what you’ve just heard to make sure you’re really understanding their perspective.”
In order to identify your triggers, Badeau recommends keeping a log and writing down your strongest emotion every day. Beside it you can write what made you become aware that you were having that emotion, whether it was clenched fists or crossed arms, and then reflect on it, look for patterns, and form strategies for dealing with those triggers.
Form thoughtful connections. Even in the disjointed landscape of remote working, it’s important not to ease up on networking, according to Simpson.
She recommends looking for opportunities to build those relationships by participating in events put on by professional associations and seeking out creative and inventive ways in which you can connect with your peers.
The intellectual stimulation you get from talking with others who are doing the work you’re doing, or the work you hope to do, can not only renew your motivation but also help you forge a path towards your career goals.
Badeau agreed, saying everyone should aim to have at least one hour of thoughtful connection a week, and one social connection a day, which could be as simple as talking over Zoom or chatting with your barista.
“Those interpersonal connections can help not only build relationships, trust, and your career path, but also increase your happiness,” she said.
Badeau added that you should voice your goals to your manager, mentor, and anyone who could help to achieve them, and then actively seek out feedback and do the work to gain any necessary skills or experience.
“You’ve got to own your own career,” Badeau said. “A coach or supervisor should be an advocate as well, but they can’t want it more than you.”
Editor’s Note: ASA provides job seekers a variety of FREE services via the ASA Job Bank, including resume posting, job search controls, e-mail alerts, easy applications, access to our online career learning center and MORE.
Additionally, the Society also provides a variety of valuable networking events to help grow your list of contacts and expand your career opportunities. Register for one of ASA’s upcoming Events today!
Volunteerism can provide people with the career development skills they need to excel and standout in a busy job market.
Every year volunteers help nonprofits all around the world make a substantial difference towards the missions they fulfill. Volunteerism has also been shown to offer volunteers a plethora of health benefits including the reduction of stress, decreased anxiety, and increased physical activity. The act of volunteerism also offers participants additional benefits that can improve their lives such as career development.
Did you know that volunteerism can provide volunteers with the career development skills they need in a competitive job market? A study performed by United Health Group found that 49% of people new to volunteering said that the action helped with their career in the paid job market. The same study found that 56% of new volunteers believe that the action will help their career in the future.
Why is volunteerism a good career development move? Because the action provides several components that can help volunteers advance in the future. We will discuss several of these components in more detail.
Career Development Benefit – Volunteerism Builds New Skills
One of the most clear-cut career development benefits of volunteerism is the ability to create new skills and sharpen existing ones for participants. Volunteers are given the opportunity to practice skills, learn new techniques, and observe others who may be more adept in a specific role or opportunity. Volunteerism takes training out of the classroom and gives individuals hands-on experience. Volunteerism also creates the opportunity to sharpen existing skills and learn best practices.
Skill-based opportunities are on the rise and most nonprofits are looking for volunteers who have specific skill sets. 92% of nonprofits say they need more skill-based pro bono support. Volunteers can use skill-based volunteer opportunities to strengthen their abilities to new levels and increase employability.
Career Development Benefit – Volunteerism Increases a Volunteers Network
Another career development benefit of volunteerism is the actions networking potential. Filling volunteer opportunities introduces a volunteer to new groups of people who may work or know others in a volunteer’s desired industry. Face-to-face networking is still one of the most important actions that a person can take. According to a study, by The Virgin Group, 85% of employment opportunities are filled via networking.
Still not convinced about the importance of networking? Another study found that 28% of professionals have found or been referred to a new role through a network connection. Volunteerism is a great way for people to network and do good at the same time.
Career Development Benefit – Volunteerism Looks Great on a Resume
One of the most beneficial career development benefits for volunteers is the ability to add volunteerism experience to their resume and cover-letter credentials. Employers, across the world, value philanthropy as an activity that goes above and beyond. Volunteerism can separate a job seeker from other applicants and demonstrate leadership to potential employers. Volunteerism also demonstrates that a candidate is passionate about giving back to the community.
Hiring managers definitely see the value of volunteerism in 2018. According to a study by Deloitte, 82% of hiring managers prefer applicants that have volunteer experience on their resume vs candidates that do not volunteer. The same study found that 92% of hiring managers agree that volunteerism improves an employee’s broader professional skillset.
Including volunteerism on a professional resume can be an especially helpful tactic if:
A volunteer is a new graduate and has limited professional experience.
A volunteer has experienced a layoff or period of unemployment and needs to fill that time with opportunities.
A volunteer wants to showcase strong values to a potential employer.
A volunteer wants to demonstrate skills acquired from volunteer opportunities to a potential employer.
Career Development Benefit – Volunteerism Creates Leadership Opportunities
The act of volunteerism offers participants valuable opportunities to display leadership skills and make a quantifiable impact on the causes they are passionate about. 92% of Deloitte survey respondents believe volunteering is an effective way to improve leadership skills.
Here are a few ways that volunteerism can create leaders:
Volunteerism empowers people to work on a team.
Volunteerism can take participants out of their comfort zone and challenge them.
Volunteerism can allow leaders to take risks and experiment.
Volunteerism can help rejuvenate passion for giving.
Takeaways
The act of volunteerism produces many benefits for volunteers from improved health to career development skills. Volunteers can use their experiences to develop new skills, network with professionals, create a marketable resume and cover letter, and become leaders. Volunteerism is an activity that can improve the lives of the volunteers involved and everyone that their contribution touches.
Editor’s Note: ASA provides a variety of national, discipline and local chapter volunteer opportunities. To become a volunteer, or for more information, contact ASA at asainfo@appraisers.org or call (800) 272-8258.
