The Accountancy Advisory Board met to discuss the current state of the economy and how it will affect graduates, with members Pat Roan, Brian Talley and Kaleb Lilly leading the discussion.

How the economy will mold and change in the coming years was the central focus of the discussion. Many AAB members were concerned by how government action will be able to affect the state of the economy.

“The question is – (is the economy) going to die by amputation, or (is it) going to die by paper cuts,” said Kent Rodgers, CPA for CarDon & Associates, Inc. in Bloomington, Ind. “(The economy) is dying by paper cuts.”

The National Bureau of Economic Research, an independent group of economists, released a statement earlier this month saying economic data shows that the recession technically ended in June of this year, according to CNN.

Lilly, who is a manager for Rubin Brown, LLP, Clayton, Mo., noted that although the numbers may say one thing, living with them is another.

“This recession we’re ‘out of’ isn’t really looking that great,” he said.

Even though the economy is making it even harder for college to become a reality for high school graduates, the AAB agreed that getting a degree is more important now than ever.

Roan said to save money in these times, several companies will hire one employee with a degree in lieu of three or four non-degree employees.

Although the job market is more competitive than ever, Roan said the way for graduates to not get lost in the shuffle is to make sure that they do internships.

Roan, who is the finance manager for State Farm Insurance in Bloomington, said when the company is hiring, internships are the most significant advantages for applicants.

“If you weren’t an intern, you weren’t hired,” Roan said.

Talley, who is a business support manager for Caterpillar, Inc. in Aurora, said last year internships were down by one-third, making it even more competitive for graduates.

During the discussion, the changing attitudes of current college students entering the work force were also addressed by the AAB.

“There’s definitely an attitude difference – ‘entitled’ I think is the word,” Lilly said. He said because many contemporary parents often do not allow their children to experience failure, they never have the opportunity to learn from it.

“The responsibility for adjusting this culture is on us,” Roan said.

The AAB serves in an advisory capacity to the Accountancy faculty and Chair of the School of Business and as advocates of the Accountancy Program. They also act as a source for the business faculty for planning curriculum development as well as developing professional relationships.

When examining the affect of the economy on businesses, there is a current trend of mergers and acquisitions activity increasing, with more foreign investments being initiated, Lilly said.

He said that another trend emerging is the increase of bank consolidation.

The number of U.S. banks could fall to 5,000 over the next decade from the current 7,932, according to the Wall Street Journal.

“It’s a very tough time for clients to get loans,” Lilly said. “(The banks) have the money, but (they) can’t give it.”

Shelley Holmgren can be reached at 581-7942 or

[email protected].