Financial Management: Profile of Financial Personnel in Large Private
Sector Corporations and State Governments (Letter Report, 01/02/98,
GAO/AIMD-98-34).

Pursuant to a congressional request, GAO reviewed the background and
training of key financial personnel at 34 of the largest private
corporations and 19 of the largest state governments in the United
States, focusing on: (1) education, work experience, training, and
professional certifications of their key management personnel; and (2)
training and qualification requirements for these personnel.

GAO noted that: (1) while a majority of Fortune 100 and state government
financial management personnel held undergraduate degrees in accounting
or other business fields, personnel in chief financial officer (CFO) and
controller positions were more likely to also hold advanced degrees; (2)
in both sectors, managers and supervisors of financial analysis were
more likely to hold advanced degrees than their counterparts in
financial reporting and accounting operations; (3) in the Fortune 100
companies, the most common advanced degree was a Master of Business
Administration (MBA); (4) in state governments, MBAs and other master's
degrees were both prevalent; (5) accounting, auditing, and systems
experience of financial management personnel averaged about 14 years for
Fortune 100 companies and about 20 years for state government
organizations; (6) for each sector, the majority of the work experience
was in corporate or governmental accounting and finance, respectively;
(7) combined experience in public accounting, internal auditing, and
accounting systems design and maintenance averaged 2.5 years for the
Fortune 100 respondents and about 4 years for the state government
respondents; (8) these fields often provide personnel with a broad base
of experience with accounting, and other organizationwide issues; (9)
continuing professional education training was encouraged in Fortune 100
and state government organizations responding to GAO's survey; (10) on
average, Fortune 100 and state government financial management personnel
completed about 26 to 31 hours of training, respectively, in 1996; (11)
respondents from both groups received the majority of their training in
technical accounting subjects; (12) about 70 percent of Fortune 100
respondents and 45 percent of state government respondents set aside
from 1 to 2 percent of their budgets for financial management staff
salaries and benefits to train these staff each year; (13) as for
professional certifications, over 40 percent of the Fortune 100 and
about 30 percent of the state controllers and managers and supervisors
of financial reporting were certified public accountants; and (14) in
addition, about 10 percent of state government personnel, across
positions, were certified government financial managers.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  AIMD-98-34
     TITLE:  Financial Management: Profile of Financial Personnel in 
             Large Private Sector Corporations and State
             Governments
      DATE:  01/02/98
   SUBJECT:  Chief financial officers
             Financial management
             Accountants
             Education or training
             State employees
             Accounting
             Non-government enterprises
             State governments

             
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Cover
================================================================ COVER


Report to Congressional Requesters

January 1998

FINANCIAL MANAGEMENT - PROFILE OF
FINANCIAL PERSONNEL IN LARGE
PRIVATE SECTOR CORPORATIONS AND
STATE GOVERNMENTS

GAO/AIMD-98-34

Profile of Nonfederal Financial Personnel

(918866)


Abbreviations
=============================================================== ABBREV

  CFO - chief financial officer
  CGFM - certified government financial manager
  CIA - certified internal auditor
  CMA - certified management accountant
  CPA - certified public accountant
  CPE - continuing professional education
  DOD - Department of Defense
  GAAP - generally accepted accounting principles
  IMA - Institute of Management Accountants
  MBA - Master of Business Administration

Letter
=============================================================== LETTER


B-273002

January 2, 1998

Congressional Requesters

Well qualified financial management personnel are essential to the
federal government's ability to manage its affairs effectively and
provide accurate and useful information to the Congress and executive
branch managers.  With the passage of legislation such as the Chief
Financial Officers Act, the Government Management Reform Act, and the
Government Performance and Results Act, federal agency financial
personnel are in the initial stages of establishing the systems and
strengthening the accountability structures needed to prepare their
first auditable financial statements and are increasingly expected to
implement more businesslike accounting and management practices.  In
contrast, financial management personnel with private corporations
and state governments have considerable experience in operating the
systems and practices necessary to produce audited consolidated
financial statements to report on those activities for which their
organizations are accountable to their stockholders and taxpayers,
respectively. 

As the federal government strives to improve its financial management
operations, it may be able to draw upon the expertise and experience
of the private sector and state governments.  Consequently, you asked
us to survey the qualifications of key financial management personnel
at Fortune 100 companies and state governments.  This information can
help provide a frame of reference for federal departments and
agencies to consider as part of their efforts to strengthen the
qualifications of federal financial management personnel.  In this
regard, we are issuing a series of reports describing the background
and training of key financial management personnel in the Department
of Defense.\1 The final report in this series will compare the
profile information on these personnel to that of their Fortune 100
and state government counterparts. 


--------------------
\1 The other reports in the series are Financial Management:  Profile
of DOD Comptroller/CFO Financial Managers (GAO/AIMD-97-97, June 27,
1997) and Financial Management:  Profile of Air Force Financial
Managers (GAO/AIMD- 98-4, November 28, 1997). 


   ABOUT THE STUDY
------------------------------------------------------------ Letter :1

This report presents the results of our survey of the background and
training of key financial management personnel at 34 of the largest
private corporations and 19 of the largest state governments in the
United States.  We asked surveyed organizations for information on
the education, work experience, training, and professional
certifications of their key financial management personnel--chief
financial officers (CFO), controllers, and managers and
supervisors--working in financial reporting, financial analysis, and
accounting operations positions.  In addition, we asked for
information on training and qualification requirements for these
personnel.  Overall, our survey results provide information on about
4,900 private sector and state government financial management
personnel. 


   RESULTS IN BRIEF
------------------------------------------------------------ Letter :2

While a majority of Fortune 100 and state government financial
management personnel held undergraduate degrees in accounting or
other business fields, personnel in CFO and controller positions were
more likely to also hold advanced degrees.  In both sectors, managers
and supervisors of financial analysis were more likely to hold
advanced degrees than their counterparts in financial reporting and
accounting operations.  In the Fortune 100 companies, the most common
advanced degree was a Master of Business Administration (MBA).  In
the state governments, MBAs and other master's degrees were both
prevalent. 

Accounting, auditing, and systems experience of financial management
personnel averaged about 14 years for Fortune 100 companies and about
20 years for state government organizations.  For each sector, the
majority of the work experience was in corporate or governmental
accounting and finance, respectively.  Combined experience in public
accounting, internal auditing, and accounting systems design and
maintenance averaged 2.5 years for the Fortune 100 respondents and
about 4 years for state government respondents.  These fields often
provide personnel with a broad base of experience with accounting,
and other organizationwide issues. 

Continuing professional education (CPE) training was encouraged in
Fortune 100 and state government organizations responding to our
survey.  On average, Fortune 100 and state government financial
management personnel completed about 26 and 31 hours of training,
respectively, in 1996.  Respondents from both groups received the
majority of their training in technical accounting subjects.  About
70 percent of Fortune 100 respondents and 45 percent of state
government respondents set aside from 1 to 2 percent of their budgets
for financial management staff salaries and benefits to train these
staff each year. 

As for professional certifications, over 40 percent of the Fortune
100 and about 30 percent of state controllers and managers and
supervisors of financial reporting were certified public accountants
(CPA).  In addition, about 10 percent of state government
personnel--across positions--were certified government financial
managers (CGFM). 


   BACKGROUND
------------------------------------------------------------ Letter :3

Qualified personnel can play a variety of important roles in
establishing and maintaining a strong, successful financial
management organization.  Specifically, qualified personnel can

  -- provide leadership in the efficient use of an organization's
     financial resources by promoting effective general and financial
     management practices;

  -- serve as an integral part of an organization's decision-making
     by providing timely and reliable financial and performance
     information and by analyzing the implications of this
     information for the organization's goals and objectives; and

  -- help ensure that the organization's assets are safeguarded from
     fraud, waste, and abuse by improving its accounting systems and
     internal controls. 

While the accounting profession has focused on the first and last
roles for many years, a number of studies indicate that financial
personnel are increasingly being asked to take on the second of their
potential roles, that of a "business partner" in organizational
decision-making. 


      THE EXPECTED ROLE OF
      ACCOUNTANTS IS EVOLVING
---------------------------------------------------------- Letter :3.1

In the past, the accounting function was paper-driven, human resource
intensive, and clerical in nature.  In many organizations today,
recent advances in information technology, as well as competitive
pressures and corporate restructuring, have combined to dramatically
change the accounting function from a clerical to an analytical and
consultative focus. 

According to a 1996 report by the Institute of Management Accountants
(IMA),\2

the management accounting profession has been in transition for the
past 5 to 10 years.\3 The study found that management accountants are
increasingly being asked to supplement their traditional accounting
role with more financial analysis and management consulting. 
Specifically, the IMA study reported that accountant work activities
most critical to company success now include not only traditional
financial management skills--those associated with accounting systems
and financial reporting--but also strategic planning, internal
consulting, and short-term budgeting processes.  The IMA study
characterized this change as a
".  .  .  shift from number cruncher and corporate cop to
decision-support specialist." A recent study by a major public
accounting firm also underscored the need for financial management
personnel to have financial expertise, augmented by interpersonal and
communication skills, an enterprise perspective, initiative, and
overall organizational savvy.\4

These evolving expectations for accountants parallel a similar
movement in the auditing profession.  As a result of technological
innovations, coupled with complex business structures and other
economic forces, auditors are being asked to provide a wide range of
services that go beyond the traditional audit of historical financial
statements, such as management consulting services.  Auditors are
increasingly being asked to be substantially more involved with the
functioning of business systems than just attesting to the
reliability of reported financial data.\5


--------------------
\2 The IMA was established in 1919.  It has approximately 80,000
members and is dedicated to advancing management accounting and
financial management.  The Institute administers the Certified
Management Accountant and Certified in Financial Management programs
and offers continuing professional education and corporate training
programs. 

\3 The Practice Analysis of Management Accounting, Institute of
Management Accountants (Montvale, New Jersey:  1996). 

\4 Reinventing the CFO:  Moving from Financial Management to
Strategic Management, Coopers and Lybrand, New York, New York:  1997. 

\5 The Accounting Profession:  Major Issues:  Progress and Concerns
(GAO/AIMD- 96-98, September 24, 1996). 


      RECENT LEGISLATIVE FOCUS ON
      FINANCIAL MANAGEMENT
      IMPROVEMENT
---------------------------------------------------------- Letter :3.2

Major change is also underway in the federal financial management
arena.  The Congress has taken various steps to help ensure that
federal agencies improve their financial management.  One of the key
pieces of legislation was the Chief Financial Officers Act of 1990. 
The CFO Act spelled out an ambitious agenda for financial management
reform, including expectations for the (1) deployment of modern
systems to replace existing antiquated, often manual, processes, (2)
development of better performance and cost measures, and (3) design
of results-oriented reports on the government's financial condition
and operating performance by integrating budget, accounting, and
program information.  The Government Management Reform Act of 1994
expanded and made permanent the requirement in the CFO Act for
audited financial statements to the 24 largest federal departments
and agencies and mandated annual audited governmentwide financial
statements. 

The CFO Act also established chief financial officers throughout
government to provide needed leadership.  One of the key
responsibilities assigned to agency CFOs is overseeing the
recruitment, selection, and training of personnel to carry out agency
financial management functions.  The development of highly qualified
financial managers will be crucial to successfully implementing the
CFO Act.  We have reported many instances in which the federal
government's ability to produce accurate financial data was
undermined simply because personnel with financial management
responsibilities did not follow rudimentary policies and procedures,
such as accurate transaction processing and routine account
reconciliations.\6

Further, the requirements of the Government Performance and Results
Act of 1993 call for federal managers to fundamentally shift their
focus from a preoccupation with rigid adherence to prescribed
processes to assessing the extent to which federal programs have
achieved desired outcomes and results.  Accordingly, agency financial
personnel are increasingly being asked to draw on new sets of skills
to produce cost and other performance-based financial data.  Such
data are essential if congressional and executive branch
decisionmakers are to make well-informed decisions on the relative
efficiency and effectiveness of federal programs. 

While these financial management improvement efforts may be new to
many financial personnel in the federal government, similar
requirements have been in place for personnel in the private sector
and in state governments for many years.  The disciplined process
required to generate reliable, accurate financial data has been in
place in the private sector for over 60 years following the 1929
stock market crash, and in state governments since the early 1980s. 
The financial personnel in these organizations have also had
extensive experience in developing and implementing meaningful
financial performance measures. 


--------------------
\6 See High Risk Series:  Defense Financial Management (GAO/HR-97-3,
February 1997); Financial Audit:  Examination of IRS' Fiscal Year
1995 Financial Statements (GAO/AIMD-96-101, July 11, 1996); Financial
Management:  Continued Momentum Essential to Achieve CFO Act Goals
(GAO/T-AIMD-96-10, December 14, 1995); and Transition Series: 
Financial Management Issues (GAO/OGC-93-4TR, December 1992). 


   OBJECTIVES, SCOPE, AND
   METHODOLOGY
------------------------------------------------------------ Letter :4

The objectives for this report were to identify (1) the background
and training profiles of key financial management personnel working
at large private sector corporations and state governments and (2)
the qualification requirements applicable to personnel in these
positions.  To accomplish these objectives, we surveyed the
organizations closest in size and complexity to federal agencies. 
Accordingly, we requested information on the qualifications of key
financial management personnel in the 100 largest private
corporations in the United States,\7 commonly referred to as the
"Fortune 100," and the 25 largest state governments.\8

To collect profile information on key corporate and state financial
management personnel, we designed a questionnaire which was sent to
Fortune 100 and selected state CFO/controller offices and their five
largest divisions or departments.  The design of the questionnaire
used in our study was based on a framework for measuring the quality
of the federal workforce presented in a previous GAO report.\9 That
framework identified education, work experience, training, and
professional certifications as quantifiable factors for assessing the
qualifications of federal government personnel. 

In using this framework, we asked surveyed organizations for
information on the education, work experience, and professional
certifications of their key financial management personnel:  chief
financial officers, controllers, and managers and supervisors working
in financial reporting, financial analysis, and accounting operations
positions.\10 We also asked for information on training and
qualification requirements for the above mentioned managers and
supervisors. 

To help ensure that the questionnaire was clear and that the
respondents' information would be most relevant to the federal CFO
community, we obtained comments from a variety of interested parties
and pretested the questionnaire.  Specifically, we requested and
incorporated, as appropriate, comments on our questionnaire received
from representatives of the Private Sector Council;\11 the National
Association of State Auditors, Comptrollers, and Treasurers;\12 and
the federal CFO Council Human Resources Committee.\13 In addition, an
academic consultant from the University of Denver School of
Accountancy with expertise in this area reviewed the questionnaire
and provided comments.  The survey instrument was also pretested at
one Fortune 100 company and two state governments.  The pretests were
conducted through interviews to observe respondents as they completed
the questionnaire and to debrief them immediately afterward.  On the
basis of the advisors' comments and pretesting results, the
questionnaire was revised.  Appendix III provides a copy of the final
survey instrument. 

Responses were received from 34 Fortune 100 companies and from 19 of
the 25 largest state governments.  The 34 Fortune 100 companies from
which we received responses represent all major industry groupings
except agriculture.  Ten of the companies were finance, insurance, or
real estate companies, such as BankAmerica Corporation, Citibank, and
the Metropolitan Life Insurance Company.  Fifteen manufacturing and
mining companies responded to our survey, including the Lockheed
Martin Corporation, the Hewlett-Packard Company, AlliedSignal, and
the Mobil Corporation.  We also received responses from nine
transportation, communication, and wholesale/retail trade companies,
including AT&T, MCI Communications, United Airlines, and SuperValu. 
The 1995 revenues of the Fortune 100 respondents ranged from $12.7
billion to $79.6 billion.\14

Appendix I lists the Fortune 100 companies, divisions, and
subsidiaries responding to our survey. 

State government comptroller offices and operational departments
responding to our survey were located throughout the country and
included responses from an average of over four of the major
organizations within each of the states responding, ranging from one
to six per state, and also included the largest states.  For example,
we received responses from California, Florida, Illinois, Michigan,
New York, Virginia, and Washington.  The revenues of the state
government respondents ranged from $10.8 billion to $108.2 billion. 
The state government comptroller offices and other departments that
responded to our survey are listed in appendix II. 

We did not verify the accuracy of the information provided by the
Fortune 100 and state government respondents.  However, we provided a
draft of this report to the parties commenting on the initial survey
instrument and have incorporated their comments as appropriate.  We
conducted our work from June 1996 through December 1997 in accordance
with generally accepted government auditing standards. 


--------------------
\7 We determined corporate size based on 1995 revenues as reported in
the April 29, 1996, Fortune--the latest available issue at the time
of our survey. 

\8 We determined state government size based on revenues received in
1993--the latest available information at the time of our
survey--reported in the Statistical Abstract of the United States
1995:  The National Data Book, U.S.  Department of Commerce,
Economics and Statistics Administration, Bureau of the Census, p. 
308. 

\9 Federal Workforce:  A Framework for Studying Its Quality Over Time
(GAO/PEMD-88-27, August 4, 1988). 

\10 We provided the surveyed Fortune 100 and state government
organizations with definitions of each position listed and asked that
they provide responses for financial management personnel in these
positions.  Accordingly, this report refers to the personnel by these
position titles, even though the actual titles used by the
organizations may differ. 

\11 The Private Sector Council, founded in 1983, is a nonprofit
organization dedicated to assisting the federal government in
improving its efficiency, productivity, and management through a
cooperative effort of the public and private sectors.  The Council is
privately funded by member companies representing the nation's
largest corporations, private businesses, and associations. 

\12 The National Association of State Auditors, Comptrollers, and
Treasurers (NASACT), founded in 1915, works to ensure that government
fiscal and financial management is effective, efficient, and
professional.  Its membership is comprised of statewide elected and
duly appointed top fiscal and financial state officials having the
positions of auditor, comptroller, and treasurer.  NASACT staff serve
as a technical, educational, and programming resource for its
members.  NASACT is involved in research, sponsoring technical
conferences, and providing seminars to government officials in the
United States and overseas. 

\13 The members of the Chief Financial Officers Council--the CFOs and
Deputy CFOs of the largest federal agencies and senior officials at
OMB and Treasury--work collaboratively to improve financial
management in the federal government.  The Council members created
the Human Resources Committee to improve the recruitment, retention,
performance and training of financial management personnel within the
federal government. 

\14 As listed in Fortune, April 29, 1996, Vol.  133, No.  8, pp. 
F-1-F-3. 


   PROFILE OF SURVEY RESPONDENTS
------------------------------------------------------------ Letter :5

Overall, the survey respondents provided information on 4,930
financial management personnel:  3,621 (73 percent) in Fortune 100
companies and 1,309 (27 percent) in state governments.  Table 1 shows
the positions held by the financial management personnel about whom
information was provided. 



                                Table 1
                
                 Positions Held by Financial Management
                 Personnel in Fortune 100 Companies and
                       State Governments Surveyed

                                       Number of employees about whom
                                          information was provided
                                      --------------------------------
                                         Fortune       State
Position\a                                   100  government     Total
------------------------------------  ----------  ----------  ========
Chief financial officer                       79          83       162
Controller                                    92          99       191
Manager of financial reporting               328         111       439
Manager of financial analysis                595         133       728
Manager of accounting operations             549         182       731
Supervisor of financial reporting            389         169       558
Supervisor of financial analysis             951         218     1,169
Supervisor of accounting operations          638         314       952
======================================================================
Total                                      3,621       1,309     4,930
----------------------------------------------------------------------
\a Not all respondents reported personnel for each category.  For
example, some respondents combined their managers into one category,
rather than reporting them separately as managers of either financial
reporting, financial analysis, or accounting operations. 

The Fortune 100 personnel about whom information was provided worked
in 1 of 34 corporate offices or 54 corporate divisions or
subsidiaries, as listed in appendix I.  The state government
personnel about whom information was provided worked in 1 of 18 state
comptroller offices (or the equivalent) or 67 operational
departments, as listed in appendix II. 


   FORMAL EDUCATION
------------------------------------------------------------ Letter :6

The following sections present information on the educational
backgrounds and related education requirements for key financial
management personnel at the Fortune 100 companies and state
governments responding to our survey. 


      EDUCATION ATTAINED--FORTUNE
      100 COMPANIES
---------------------------------------------------------- Letter :6.1

In the Fortune 100 companies, more than 90 percent of financial
management personnel held undergraduate degrees, with about 75
percent holding either accounting or other business degrees.\15
Accounting degrees were more commonly held by managers and
supervisors of financial reporting and accounting operations.  CFOs,
controllers, and managers and supervisors of financial analysis
commonly held either accounting or other business degrees.  Senior
executives were more likely than managers and supervisors to hold
nonbusiness degrees.  Figure 1 shows, by position, the undergraduate
degrees attained by Fortune 100 financial management personnel. 

   Figure 1:  Undergraduate
   Degrees Held by Fortune 100
   Personnel

   (See figure in printed
   edition.)

Note:  Includes only personnel who held a degree and provided
information on the degree major.  Some personnel held more than one
degree. 

Overall, about 40 percent of the Fortune 100 personnel held advanced
degrees.  The percentage of personnel with advanced degrees ranged
from over 60 percent of CFOs and controllers to about 24 percent of
supervisors of accounting operations.  For example, about 39 percent
of the Fortune 100 managers of accounting operations held advanced
degrees.  In addition, managers and supervisors of financial analysis
were more likely to hold an advanced degree than were other managers
and supervisors.  In the Fortune 100 companies, the majority of
advanced degrees held were MBAs.  Figure 2 shows, by position, the
advanced degrees attained by Fortune 100 financial management
personnel. 

   Figure 2:  Advanced Degrees
   Held by Fortune 100 Personnel

   (See figure in printed
   edition.)

Note:  Includes only personnel who held a degree and provided
information on the degree major.  Some personnel held more than one
degree. 


--------------------
\15 Some respondents reported the total number of personnel holding
bachelor's and advanced degrees but did not provide information on
degree majors.  Education attainments of these personnel are not
included in the following charts which report, by major, the percent
of personnel holding bachelor's and advanced degrees. 


      EDUCATION
      REQUIREMENTS--FORTUNE 100
      COMPANIES
---------------------------------------------------------- Letter :6.2

Almost 60 percent of Fortune 100 respondents required bachelor's
degrees--in either accounting or another business field--for manager
and supervisor positions in financial reporting, financial analysis,
and accounting operations.  For example, about 45 percent of the
respondents required their managers of financial reporting to have
accounting degrees and another 23 percent required such managers to
have either accounting or other business degrees.  About 34 percent
of the respondents required their managers of accounting operations
to have accounting degrees, and another 20 percent required such
managers to have either accounting or other business degrees.  In
addition, several of the organizations without any formal bachelor's
degree requirements for their financial management personnel said
that they preferred hiring personnel with bachelor's degrees for
these positions. 

In some cases, Fortune 100 organizations required advanced degrees
for their managerial and supervisory financial management positions. 
Overall, about 12 percent of the respondents required advanced
degrees, most commonly MBAs, for the financial management positions
examined.  For example, 11 percent of respondents required managers
of financial reporting and accounting operations to have advanced
degrees, while about 19 percent of respondents required their
managers of financial analysis to have advanced degrees.  Further, 18
respondents added that advanced degrees, while not formally required,
were preferred for these positions. 

Also, 43 Fortune 100 respondents said that they had recently upgraded
or planned to upgrade their education requirements.  For example, one
Fortune 100 respondent had established a new requirement that all its
financial management personnel have CPAs and MBAs or other advanced
financial degrees.  Another respondent told us that it recently had
established a policy encouraging its financial management personnel
to obtain advanced degrees and professional certifications because of
the increased knowledge they had to possess to report the
organization's financial results in accordance with generally
accepted accounting principles and because of the sophisticated
nature of its business, including diverse products and markets.  Yet
another respondent indicated that its vision for upgrading the
qualifications of its financial personnel focused on building broader
business awareness and related analytic skills. 


      EDUCATION ATTAINED--STATE
      ORGANIZATIONS
---------------------------------------------------------- Letter :6.3

On average, about 78 percent of the state government financial
management personnel held bachelor's degrees.  The percentage of
personnel holding bachelor's degrees varied by position, ranging from
about 96 percent of CFOs and controllers to 58 percent of supervisors
of accounting operations.\16

Depending on the position, from 50 to 80 percent of personnel held
either accounting or other business degrees.  CFOs were more likely
than controllers, managers, and supervisors to hold nonbusiness
degrees.  About one-third of the CFOs held nonbusiness degrees. 
Figure 3 shows, by position, the undergraduate degrees attained by
state government personnel. 

   Figure 3:  Undergraduate
   Degrees Held by State
   Government Personnel

   (See figure in printed
   edition.)

Note:  Includes only personnel who held a degree and provided
information on the degree major.  Some personnel held more than one
degree. 

About 16 percent of the financial management personnel working for
state government respondents held advanced degrees.  The percentage
of personnel with advanced degrees ranged from about 41 percent of
CFOs to about 6 percent of supervisors of accounting operations.\17
For instance, about 11 percent of managers of accounting operations
held advanced degrees.  In addition, CFOs, controllers, and managers
and supervisors of financial analysis were more likely to hold
advanced degrees other than MBAs or master's degrees in accounting. 
For other positions, MBAs were the most commonly held advanced
degrees.  Figure 4 shows, by position, the advanced degrees attained
by state government personnel. 

   Figure 4:  Advanced Degrees
   Held by State Government
   Personnel

   (See figure in printed
   edition.)

Note:  Includes only personnel who held a degree and provided
information on the degree major.  Some personnel held more than one
degree. 


--------------------
\16 Some respondents held more than one advanced degree. 

\17 Some respondents held more than one advanced degree. 


      EDUCATION
      REQUIREMENTS--STATE
      ORGANIZATIONS
---------------------------------------------------------- Letter :6.4

About 44 percent of the state government respondents required either
accounting or other business degrees for manager and supervisor
positions in financial reporting, financial analysis, and accounting
operations.  For example, about 27 percent of respondents required
their managers of financial analysis to have accounting degrees, and
another 18 percent of respondents required these managers to have
either accounting degrees or other business degrees.  About 35
percent of respondents required their managers of accounting
operations to have accounting degrees, and another 9 percent of the
respondents required such managers to have either accounting or other
business degrees. 

In addition, 23 state government departments reported that they had
recently upgraded or planned to upgrade their education requirements. 
For example, one state government department stated that in the past
few years, it had begun to require bachelor's degrees, instead of
those degrees being a preference item.  A department in another state
is requiring all its professional level accountants to have degrees
in accounting starting this year.  Yet another state put it this way: 

     "The evolution of accounting functions has resulted in increased
     need for personnel with four year accounting degrees.  The
     typical make-up of office staff over the past 15 years has
     changed mostly from clerical individuals to individuals with
     accounting degrees.  The increased use of computers requires a
     high degree of computer skills and analytical capabilities."

Further, several of the state organizations that said they did not
have formal bachelor's degree requirements for their financial
management personnel said they preferred that these personnel have
bachelor's degrees.  One state department informed us that it had
raised the number of college accounting hours needed for all its
professional level accounting positions from 12 to 24 approximately 2
years ago. 

In only a few cases did state government organizations require
advanced degrees for their manager and supervisor positions in
financial management.  On average, less than 3 percent of state
government respondents required advanced degrees--either MBAs or
other master's degrees--for these positions.  For example, while 4
percent of respondents required their managers of financial reporting
to have advanced degrees, none of the respondents to our study
required their supervisors of financial reporting or accounting
operations to have advanced degrees. 


   WORK EXPERIENCE
------------------------------------------------------------ Letter :7

Financial management personnel in the Fortune 100 companies
responding to the survey had, on average, about 14 years of total
experience in corporate accounting, public accounting, internal
auditing, or accounting systems design and maintenance.\18 This
overall experience included an average of 2.5 years combined
experience in public accounting, internal auditing, or accounting
systems design and maintenance.  These three areas of experience are
particularly noteworthy because they often provide exposure to a wide
variety of accounting issues and decision-making processes throughout
an organization. 

The years of work experience in corporate accounting and the other
three areas varied by position.  Controllers and CFOs averaged about
19 and 17 years of work experience, respectively, while managers and
supervisors averaged from 12 to 16 years of experience, depending on
position.  Figure 5 shows, by position, the average years of work
experience in these four areas for financial management personnel in
the Fortune 100 companies surveyed. 

   Figure 5:  Work Experience of
   Fortune 100 Personnel

   (See figure in printed
   edition.)

Overall, state government personnel had about 20 years of work
experience in government accounting, public accounting, internal
auditing, and accounting systems design and maintenance.  The state
governments' CFOs and controllers averaged 20 and 21 years of work
experience, respectively, in these areas.  Managers and supervisors
averaged 16 to 24 years, depending on the position.  This total
experience included an average of 4 years combined experience in
public accounting, internal auditing, or systems design and
maintenance, fields which often provide exposure to a broad base of
accounting issues throughout an organization.  Figure 6 shows, by
position, the average years of work experience in these four areas
for financial management personnel in the state governments surveyed. 

   Figure 6:  Work Experience of
   State Government Personnel

   (See figure in printed
   edition.)


--------------------
\18 On average, these personnel also had several years of operational
and other experience that is not included in these totals. 


   CONTINUING PROFESSIONAL
   EDUCATION
------------------------------------------------------------ Letter :8

The following sections present information on the training attained
and required for financial management personnel for those Fortune 100
and state government organizations responding to our survey. 


      TRAINING ATTAINED--FORTUNE
      100 COMPANIES
---------------------------------------------------------- Letter :8.1

Overall, Fortune 100 financial management personnel completed an
average of 26 hours of training in 1996.  The number of training
hours ranged from about 20 to 40, depending on financial management
position.  Most of the hours completed were in technical accounting
subjects.  For example, one respondent told us that over the past few
years the company had strongly encouraged managers throughout the
organization to increase their technical skills by taking classes,
becoming certified, and working toward advanced degrees.  Another
respondent stressed the importance of employee development programs
to not only emphasize both customer and market knowledge but also
broaden and upgrade financial skills. 

In addition, a number of Fortune 100 respondents cited the need to
tailor their CPE programs so that their financial management
personnel could maintain their professional certifications, such as
CPAs.  For example, one company subsidiary stated that its CPE
requirements are tailored toward the requirements of the professional
certifications that its financial management personnel possess.  The
subsidiary also indicated that it planned to greatly increase its
training curriculum and requirements for all its financial management
personnel in the near future. 

Figure 7 shows, by position, the average number of continuing
professional education hours completed in 1996 by financial
management personnel in the Fortune 100 companies surveyed. 

   Figure 7:  Continuing
   Professional Education Obtained
   by Fortune 100 Personnel in
   1996

   (See figure in printed
   edition.)

About 70 percent of Fortune 100 respondents set aside between 1 and 2
percent of their budget for financial management salaries and
benefits for training financial management personnel.  In addition,
another 15 percent of the Fortune 100 respondents set aside more than
2 percent.  However, while all Fortune 100 respondents set aside some
portion of their budgets for training, 15 percent set aside less than
1 percent. 


      TRAINING
      REQUIREMENTS--FORTUNE 100
      COMPANIES
---------------------------------------------------------- Letter :8.2

Few of the Fortune 100 respondents had any financial management
training requirements.  However, those respondents with such
requirements had, on average, 31 total hours of required training in
1996, including 18 hours in technical accounting.  The total average
number of hours of training required of financial management
personnel in these corporations ranged from 15 to 45 hours, depending
on position.  In addition, 36 respondents commented that they
encouraged their employees to obtain additional training.  Also, they
commented that employees tend to seek out training on their own,
particularly those with professional certifications.  In order to
maintain their CPA certifications, employees are generally required
to complete at least 80 hours of continuing professional education
every 2 years. 


      TRAINING ATTAINED--STATE
      GOVERNMENT ORGANIZATIONS
---------------------------------------------------------- Letter :8.3

State government financial management personnel completed, on
average, about 31 hours of training in 1996.  (The number of hours
ranged from about 25 to 35, depending on position.) Most of the hours
completed were in technical accounting subjects. 

Several state government respondents also stressed that their CPE
training programs were, in part, driven by the CPE requirements
needed to maintain the various professional certifications held by
their financial management personnel.  One respondent noted that its
policy for financial management personnel at the manager and
supervisor level who are not certified was to develop individual
training plans tailored to the individual's area of expertise, with a
goal of 24 hours of training a year.  Another state indicated that it
provided training to its financial management personnel on an
as-needed basis in order for personnel to successfully perform job
requirements.  It further informed us that it encourages its
financial personnel to attend CPE training courses by allowing
administrative time off and, to the extent that funds are available,
paying for the cost of such training. 

Figure 8 shows, by position, the average number of continuing
professional education hours completed in 1996 by financial
management personnel in state governments surveyed. 

   Figure 8:  Continuing
   Professional Education Obtained
   by State Government Personnel
   in 1996

   (See figure in printed
   edition.)

In addition, over half of the state government organizations set
aside 1 percent or more of their financial management salaries and
benefits budget for training.  Forty-five percent of respondents set
aside from 1 to 2 percent of their budgets for training, with another
8 percent setting aside more than 2 percent.  However, 47 percent of
the state government respondents set aside less than 1 percent of
their budgets for training, including 15 respondents (21 percent) who
said that they did not set aside any funds. 


      TRAINING REQUIREMENTS--STATE
      GOVERNMENT ORGANIZATIONS
---------------------------------------------------------- Letter :8.4

Few state government respondents had any financial management
training requirements.  However, those states with such requirements
had, on average, 36 hours of required training in 1996, including 26
hours in technical accounting.  Total required training for financial
management personnel in these state organizations ranged from 31 to
40 hours, depending on position.  In addition, similar to many
Fortune 100 respondents, 24 state government respondents commented
that they encouraged their employees to obtain training, even though
it was not required.  In order to maintain their CPA and CGFM
certifications, employees are generally required to complete at least
80 hours of continuing professional education every 2 years. 


   PROFESSIONAL CERTIFICATIONS
------------------------------------------------------------ Letter :9

The following sections describe the certifications attained and
required for Fortune 100 and state government financial management
personnel. 


      PROFESSIONAL CERTIFICATIONS
      ATTAINED--FORTUNE 100
      COMPANIES
---------------------------------------------------------- Letter :9.1

Among Fortune 100 respondents, the CPA was the most commonly held
professional certification.\19 Overall, about 25 percent of Fortune
100 financial managers were CPAs.  Specifically, this included about
42 percent of the controllers, 43 percent of managers of financial
reporting, and 41 percent of supervisors of financial reporting.  For
other positions, the percentage of CPAs ranged from 32 percent of the
CFOs to 16 percent of the supervisors of financial analysis.  Few
financial management personnel were certified management accountants
(CMA)\20 or certified internal auditors (CIA).\21

Figure 9 shows, by position, the professional certifications held by
financial management personnel in the Fortune 100 companies surveyed. 

   Figure 9:  Professional
   Certifications Held by Fortune
   100 Personnel

   (See figure in printed
   edition.)

Note:  Some personnel had more than one certification. 


--------------------
\19 The CPA certification program has existed since 1917.  State
organizations administer this program, awarding the certificate based
on the applicant's formal education, professional work experience,
and successful completion of a comprehensive examination developed by
the American Institute of Certified Public Accountants. 

\20 The certified management accountant certification program has
existed since 1972.  The certificate is awarded based on the
applicant's formal education, professional work experience, and
successful completion of a comprehensive examination developed by the
Institute of Management Accountants. 

\21 The certified internal auditor certification program is
implemented by the Institute of Internal Auditors, an international
professional association dedicated to the promotion and practice of
internal auditing.  To become a CIA, candidates must have a
bachelor's degree (or equivalent) and 24 months of internal auditing
work experience and must pass a four-part written examination. 


      CERTIFICATION
      REQUIREMENTS--FORTUNE 100
      COMPANIES
---------------------------------------------------------- Letter :9.2

Fortune 100 organizations generally did not require professional
certifications for the financial management positions examined in our
study, although 13 respondents said that they preferred that their
managers and supervisors be CPAs.  On average, about 18 percent of
respondents required a CPA for the manager and supervisor positions
examined in our survey.  For example, about 31 percent of Fortune 100
respondents required a CPA for their managers of financial reporting,
and 11 percent to 21 percent required a CPA for other positions. 
Requirements for other certifications (CMA and CIA) were rare. 


      PROFESSIONAL CERTIFICATIONS
      ATTAINED--STATE
      ORGANIZATIONS
---------------------------------------------------------- Letter :9.3

Two types of certifications were common among state government
financial managers--CPA and certified government financial manager
(CGFM).\22 On average, about 21 percent of state government financial
management personnel were CPAs.  About 30 percent of CFOs,
controllers, and managers and supervisors of financial reporting held
CPAs.  The percentage of personnel in other positions holding CPAs
ranged from 21 percent of managers of accounting operations to 10
percent of supervisors of accounting operations.  For example, one
state informed us that certifications, such as CPA or CGFM, have
replaced a bachelor's degree as preference items in its hiring and
promotion programs.  In addition, the percentage of personnel across
all positions that held CGFM certificates ranged from 3 percent to 18
percent. 

Figure 10 shows, by position, the professional certifications held by
financial management personnel in the state governments surveyed. 

   Figure 10:  Professional
   Certifications Held by State
   Government Personnel

   (See figure in printed
   edition.)

Note:  Some personnel had more than one certification. 


--------------------
\22 The CGFM program was initiated by the Association of Government
Accountants in July 1994.  Until June 30, 1996, the certificate was
awarded based on an evaluation of an applicant's formal education and
professional work experience in government financial management. 
Future certifications will require the successful completion of three
comprehensive examinations covering (1) the government environment,
(2) governmental accounting, financial reporting, and budgeting, and
(3) governmental financial management and control. 


      CERTIFICATION
      REQUIREMENTS--STATE
      GOVERNMENT ORGANIZATIONS
---------------------------------------------------------- Letter :9.4

Few state organizations required professional certifications for the
financial management positions examined in the study.  For example,
about 13 percent of state government respondents required a CPA for
their managers of financial reporting.  For other positions, a lower
percentage of respondents required CPAs, although five respondents
said that they preferred that their managers and supervisors be CPAs. 
One state department told us that for the past 8 years, it has
required all its financial management personnel to be CPAs.  Another
indicated that it now required all financial reporting and accounting
operations managers to be CPAs and that, because of a perceived
increase in personnel with CPAs available in recruitment pools, it
has established a CPA as a desired credential for all professional
positions in the accounting, financial analysis, and financial
reporting areas.  Requirements for other certifications--CGFM and
CMA--were rare. 


   CONCLUSIONS
----------------------------------------------------------- Letter :10

Like Fortune 100 companies and large state governments, federal
agencies must respond creatively to the challenges posed by new
technologies, downsizing and restructuring, and increased reporting
requirements.  Consequently, the experiences of the nonfederal
organizations in our review may provide important lessons learned for
future federal efforts to improve the qualifications and
professionalism of its financial management workforce in response to
the challenge of moving from a strict accounting role to that of a
"business partner." These lessons learned include upgrading
requirements for hiring personnel and ensuring that personnel on
board acquire the appropriate training needed to effectively carry
out their evolving responsibilities. 


--------------------------------------------------------- Letter :10.1

We are sending copies of this report to the Ranking Minority Member
of the House Committee on Government Reform and Oversight, CFOs and
inspectors general for the 24 largest federal agencies and
departments, the Directors of the Office of Management and Budget and
the Office of Personnel Management, and the Human Resource Committee
of the Chief Financial Officers' Council.  We will make copies
available to others on request. 

Please contact me at (202) 512-9095 if you or your staffs have any
questions.  Major contributors to this report are listed in appendix
IV. 

Lisa G.  Jacobson
Director, Defense Audits


Congressional Requesters

The Honorable Fred Thompson
Chairman
The Honorable John Glenn
Ranking Minority Member
Committee on Governmental Affairs
United States Senate

The Honorable Dan Burton
Chairman, Committee on Government
 Reform and Oversight
House of Representatives

The Honorable Stephen Horn
Chairman
The Honorable Carolyn B.  Maloney
Ranking Minority Member
Subcommittee on Government Management,
 Information and Technology
Committee on Government Reform and Oversight
House of Representatives


FORTUNE 100 SURVEY RESPONDENTS
=========================================================== Appendix I

We received survey responses from the corporate-level CFO office of
34 Fortune 100 companies and from 54 divisions or subsidiaries of
these companies.  While no corporate offices requested anonymity, one
subsidiary did request not to be listed and we honored their request. 
Respondents agreeing to be listed as participants in our study are
the following: 

AlliedSignal
Corporate-level CFO Office
Engineered Materials Division

American Airlines
Corporate-level CFO Office
The SABRE Group Holdings, Inc. 

American Express Company
Corporate-level CFO Office

AMOCO Corporation
Corporate-level CFO Office
Petroleum Products
Energy Group North America
International Operations Group

AT&T
Corporate-level CFO Office

BankAmerica Corporation
Financial Accounting Shared Services
Retail Business Finance
Support Groups Business Finance
Wholesale Business Finance
Commercial Wealth Management Business Finance

BellSouth Corporation
Corporate-level CFO Office
Telecommunications
Advertising and Publishing Corporation
Cellular Corporation International

The Boeing Company
Corporate-level CFO Office
Commercial Airplane Group
Defense and Space Group
Information Support Services Group

Bristol-Myers Squibb Corporation
Financial Shared Services
Worldwide Medicines Group
Clairol, Inc.
ConvaTec
Zimmer, Inc.
Mead Johnson Nutritionals

Chase Manhattan
Corporate-level CFO Office

Chevron Corporation
Corporate-level CFO Office

Chrysler Corporation
Corporate-level CFO Office

Citibank, N.A.
Corporate-level CFO Office

E.I.  du Pont de Nemours
Corporate-level CFO Office

Federal National Mortgage Association
Corporate-level CFO Office

General Electric Company
Corporate-level CFO Office

Hewlett-Packard Company
Corporate-level CFO Office
Test and Measurement
Measurement Systems Organization
Consumer Products Group

International Business Machines
Corporate-level CFO Office

J.C.  Penney Company
Corporate-level CFO Office
Eckerd Corporation
Insurance Group
Catalog Division

J.P.  Morgan
Corporate-level CFO Office

Johnson & Johnson
Corporate-level CFO Office

Lehman Brothers Holdings, Inc.
Corporate-level CFO Office

Lockheed Martin Corporation
Corporate-level CFO Office
Tactical Aircraft Systems
Astronautics
Missiles and Space
Aeronautical Systems
Electronics and Missiles

MCI Communications
Corporate-level CFO Office
Telecommunications Business Services Division
Mass Markets Division
MCI International, Inc. 

Metropolitan Life Insurance
Corporate-level CFO Office
Institutional Financial Management Division
Individual Business Division
Capital Corporation
Canadian Operations Division
Property and Casualty Division

Mobil Corporation
Corporate-level CFO Office

NationsBank Corporation
Finance Group

New York Life Insurance Company
Corporate-level CFO Office

SBC Communications, Inc.
Corporate-level CFO Office
Southwestern Bell Telephone
Southwestern Bell Yellow Pages
Southwestern Bell Wireless
Southwestern Bell Mobile Systems

Sprint
Corporate-level CFO Office
Long Distance Division
Local Service Division

SuperValu, Inc.
Corporate-level CFO Office
Cub Foods
Midwest Region
Northern Region
Save-A-Lot, Ltd. 

United Airlines
Corporate-level CFO Office

USX Corporation
Corporate-level CFO Office
Marathon Oil Company
U.S.  Steel Group
Delhi Gas Pipeline Corporation

Xerox Corporation
Corporate-level CFO Office


STATE GOVERNMENT SURVEY
RESPONDENTS
========================================================== Appendix II

We received survey responses from 18 state comptroller offices (or
their equivalents) and 67 operational departments of state
governments.  Respondents agreeing to be listed as participants in
our study are the following: 

State of Arizona
State Comptroller's Office
Department of Economic Security
Department of Corrections
Department of Juvenile Corrections
Department of Administration

State of California
State Controller's Office
Department of Corrections
Department of Education
Franchise Tax Board
Department of Health Services
California State Board of Equalization

State of Florida
State Comptroller's Office
Department of Education
Department of Transportation
Department of Children and Families
Department of Labor and Employment Security
Department of Corrections

State of Georgia
Office of Treasury and Fiscal Services
Department of Medical Assistance
Department of Education
Department of Transportation

State of Illinois
State Comptroller's Office
Department of Public Aid
Department of Transportation

State of Louisiana
Division of Administration
Department of Education
Department of Public Safety and Corrections
Department of Social Services
Department of Transportation and Development
Department of Health and Hospitals

State of Maryland
General Accounting Division
Department of Education
Department of Transportation

State of Massachusetts
Office of the Comptroller
Department of Education
Executive Office of Health and Human Services
Massachusetts Highway Department
Department of State Police
Department of Housing and Community Development

State of Michigan
Department of Management and Budget
Department of Transportation
Family Independence Agency
Department of Corrections
Department of Community Health
Department of Education

State of Missouri
Office of Administration, Division of Accounting
Department of Social Services
Department of Revenue
Department of Mental Health
Department of Corrections

State of New York
Internal Audit
Department of Social Services
Department of Transportation
Department of Labor

State of North Carolina
Department of Corrections

State of Ohio
Office of Budget and Management
Department of Transportation

State of Pennsylvania
Office of the Budget

State of Tennessee
Department of Finance and Administration
Department of Education
Department of Health
Department of Human Services
Department of Children's Services
Department of Transportation

State of Texas
Comptroller of Public Accounts
Department of Transportation

State of Virginia
Office of the Comptroller
Department of Social Services
Department of Health
Department of Corrections
Department of Motor Vehicles
Department of Transportation

State of Washington
Office of Financial Management
University of Washington
Department of Social and Health Services
Department of Labor and Industries
Department of Transportation
Department of Employment and Security

State of Wisconsin
State Controller's Office
University of Wisconsin-Madison
Department of Health and Family Services
Department of Transportation
Department of Corrections




(See figure in printed edition.)Appendix III
SURVEY INSTRUMENT
========================================================== Appendix II



(See figure in printed edition.)



(See figure in printed edition.)



(See figure in printed edition.)


MAJOR CONTRIBUTORS TO THIS REPORT
========================================================== Appendix IV

ACCOUNTING AND INFORMATION
MANAGEMENT DIVISION, WASHINGTON,
D.C. 

Geoffrey B.  Frank, Assistant Director
David C.  Merrill, Senior Auditor
James F.  Loschiavo, Social Science Analyst
Francine M.  DelVecchio, Communications Analyst

DENVER FIELD OFFICE

Paul Kinney, Assistant Director
Glenn D.  Slocum, Project Manager
Pamela K.  Tumler, Communications Analyst
Felicia A.  Turner, Senior Computer Specialist
Patricia E.  Cheeseboro, Senior Evaluator
Wendy R.  Matthews, Evaluator
Anna L.  Fruik, Information Processing Assistant
Abigail Wilson, Student Intern

KANSAS CITY FIELD OFFICE

Denise M.  Wempe, Senior Auditor
Darryl S.  Meador, Evaluator
Richard S.  Schupbach, Auditor
Evert A.  Stevens, Auditor

OTHER ACKNOWLEDGEMENTS

In addition to the above individuals, the contributions of the
following individuals and organizations are acknowledged:  Thomas
Fritz, President, Private Sector Council, Washington, D.C.; Relmond
Van Daniker, Executive Director, and Patricia O'Connor, Program
Manager, National Association of State Auditors, Comptrollers, and
Treasurers, Lexington, Kentucky; and James Sorensen, Professor of
Accounting, School of Accountancy, University of Denver.  These
individuals reviewed and commented on drafts of the survey instrument
and the report, organized pretests, and/or assisted with the survey
distribution.  In addition, the Colorado State Auditor's Office
implemented an early version of the survey with State of Colorado
agencies and departments and provided valuable input to us on the
results. 


BIBLIOGRAPHY
=========================================================== Appendix 0

Association of Government Accountants.  A Blueprint for Attracting
and Retaining Financial Management Personnel.  A Report by a Blue
Ribbon Task Force of the Association of Government Accountants. 

Gary Siegel and James E.  Sorensen.  What Corporate America Wants in
Entry-Level Accountants.  A joint research project of the Institute
of Management Accountants and the Financial Executives Institute. 
Montvale, New Jersey:  August 1994. 

Gary Siegel Organization, Incorporated.  The Practice Analysis of
Management Accounting.  A research project of the Institute of
Management Accountants.  Montvale, New Jersey:  1996. 

Holdman, John B., Jeffrey M.  Aldridge, and David Jackson.  "How to
Hire Ms./Mr.  Right." Journal of Accountancy, August 1996, pp. 
55-57. 

Jablonsky, Stephen F., and Patrick J.  Keating.  "Financial Managers: 
Business Advocates or Corporate Cops?" Management Accounting, Vol. 
76, No.  8 (February 1995), p.  21. 

Joint Financial Management Improvement Program.  Continuing
Professional Education:  Federal GS-510 Accountants' Report. 
Washington, D.C.:  December 1990. 

__________.  Framework for Core Competencies for Financial Management
Personnel in the Federal Government.  A joint project of the Human
Resources Committee of the Chief Financial Officers Council and the
Joint Financial Management Improvement Program.  Washington, D.C.: 
November 1995. 

Siegel, Gary, C.S.  Kulesza, and James E.  Sorensen.  "Are You Ready
for the New Accounting?", Journal of Accountancy, August 1997, pp. 
42-46. 

U.S.  General Accounting Office.  Developing and Using
Questionnaires.  GAO/PEMD-10.1.7, October 1993. 

__________.  Federal Workforce:  A Framework for Studying Its Quality
Over Time.  GAO/PEMD-88-27, August 1988. 

__________.  Financial Management:  Challenges Facing DOD in Meeting
the Goals of the Chief Financial Officers Act.  GAO/T-AIMD-96-1,
November 14, 1995. 

*** End of document. ***