Mark to market accounting, also called fair value accounting, has been standard practice within much of the financial services industry, especially securities brokerage and investment banking firms, for many decades. Proponents have long asserted that it captures economic reality much better than the historical cost accounting that is utilized within most other industries. They also point out how it contains self-correcting mechanisms that reduce the risk profile of firms that utilize it, during bear markets.

On the other hand, a rising number of critics assert that mark to market accounting can exacerbate financial crises and contractions, pointing to evidence from the 2008 market meltdown. Whatever the right answer is, those seeking financial management, compliance or risk management careers in financial services need to understand the basics of mark to market accounting.

Large financial services firms have ample opportunities for people with attention to detail, problem-solving ability and interest in solving operational problems. When they run into particularly knotty problems, operations consultants may be called in to help.

Additionally, look at this introduction to mutual funds accounting, which includes a case study in operations consulting related to that specialty.

For a flavor of the types of engagements involved, follow the links above. They present two extended case studies. Whether you plan to be a consultant or an in-house operations professional, they are bound to be of interest to you.

While it can be a powerful tool for networking and career development, there are numerous well founded privacy concerns regarding Facebook, which has developed quite a reputation for a cavalier and duplicitous attitude towards its users on this vital score. Accordingly, the company has been the target of numerous critical articles in various news outlets, as well as of regulatory scrutiny in the United States, Canada and the European Union, among other jurisdictions around the globe. All this has culminated in sanctions being leveled against Facebook by the Federal Trade Commission. Follow the link for details, as well as for suggestions on how to protect yourself.

"Spot the connection," ends a sidebar in The Economist about France's technological lead in automation and the state of its labor market ("France and automation: Driverless, workless. Driverless trains reflect not just new technology but also rigid labor laws," November 26, 2011).

Examples of labor saving automation expanding rapidly in France:

• The debut of remote controlled, driverless trains on the busiest line of the Paris Metro
• Rapid expansion of self checkout at supermarkets
• Unstaffed self service gas stations
• Touch screen ordering and credit card payment at fast food establishments
• Self service car washes

The spurs to such automation:

• A labor code with over 3,300 pages
• Average payroll taxes of 39% paid by employers
• A heavy burden of mandated paid vacations, holidays and leave for employees
• Frequent labor strikes

It's a wonder that, per the sidebar, unemployment is only 10% in France these days. For financial managers, be sure that your company thoroughly researches local labor laws, business taxes and business regulations before expanding into a new locality, state or country.