UConn Accounting Master’s Program Ranked in Nation's Top 10

The University of Connecticut is getting high marks for its online master’s degree in accounting, earning a spot in the top 10 nationwide among online business programs ranked by U.S. News & World Report. UConn’s program, run by the School of Business, was ranked No. 8 among 213 online graduate business degree programs that the publication’s editors reviewed at colleges and universities nationwide. UConn’s online master’s of science degree in accounting (MSA) received particularly high scores for the credentials and training of its faculty, along with factors that measure student engagement such as retention, selectivity, graduation rates, and class sizes.

U.S. News also praised the program last year in a broader review of online business school learning initiatives, though it did not issue overall rankings then. The rankings were released this month.

According to the U.S. Bureau of Labor Statistics, jobs for accountants and auditors are expected to grow by 16 percent between 2010 and 2020.  The U.S. Department of Labor agency reports that “Stricter laws and regulations, particularly in the financial sector, will likely increase the demand for accounting services as organizations seek to comply with new standards. Additionally, tighter lending standards are expected to increase the importance of audits, as this is a key way for organizations to demonstrate their creditworthiness.”

The UConn program is designed to give students the knowledge they need for successful careers in public and private accounting, allowing current CPAs to expand their skill set and helping aspiring accountants meet the 150-hour educational requirement to seek CPA testing and licensing in most states.

“There are exciting innovations planned for the next year to continue keeping the MSA on the cutting edge. New tools will increase interaction and continue to develop strong online community ties,” says Amy Dunbar, the MSA program’s faculty director and an associate professor of accounting.

UConn’s MSA program started in 1999 and transitioned to a completely online program in 2003. It’s particularly popular with working professionals who want to boost their careers with advanced credentials. The average age of new entrants is about 28 years old, and the student body is split almost evenly between men and women.

New full-time students attend a one-week class in May at the Storrs campus to become familiar with the program, technology, instructors, and each other. They then take courses online during the following summer, winter, and spring semesters to complete the program’s requirements.

The course content is delivered through course-specific websites on a School of Business server. As a result, the activities do not have to take place at the same time for all students. That gives students flexibility to finish their work on their own timeframes, as long as it is completed by the assignment’s deadline. There are also several part-time options, including completing the degree over two summers or taking 10 courses over multiple semesters.

Recently, Robert Half, the world's first and largest specialized financial recruitment service, projected accounting salaries would grow 3.3 percent in 2013, while technology salaries will grow approximately 5.3 percent.

The UConn program has been recognized by the United States Distance Learning Association for best practices in the field, and it is accredited by the Association to Advance Collegiate Schools of Business (AACSB).

Connecticut Has 4th Highest Costs for Residents of Assisted-Living Facilities

The average monthly cost of a room in an assisted-living facility is higher in Connecticut than in 48 states.  Only Delaware, New Hampshire and the District of Columbia, on average, have higher rates than the Land of Steady Habits. The top twelve, as reported by the Wall Street Journal:

1. District of Columbia         $5,933
2. Delaware                             $5,249
3. New Hampshire                $5,086
4. Connecticut                        $4,935
5. Maine                                   $4,881
6. Alaska                                   $4,850
7. New Jersey                        $4,794
8. Vermont                              $4,741
9. Massachusetts                  $4,660
10. Hawaii                                   $4,659
11. Maryland                             $4,546
12. New York                            $4,011

The data reported in the WSJ was compiled by the MetLife Mature Market Institute, based on a survey of nearly 6,700 long-term care providers nationwide. At the other end of the spectrum, 12 states had average monthly costs that were below $3,000.  Lowest rate?  Arkansas at $2,355 – less than half that of the eight most costly states, including Connecticut.

CT Dog Ownership Ranks 49th in the USA; More Cats than Dogs in State

Cats – not dogs – are reigning in Connecticut.  The state ranks a lowly 49th in dog ownership and 23rd in cat ownership, according to a new survey. The data revealed that 28.3 percent of households in the state own a dog, 31.9 percent own a cat, and 54.4 percent own a pet, slightly below the national average. The state is middle-of-the-pack for overall pet ownership - ranking 34th in the country, as reflected in newly released statistics from The American Veterinary Medical Association (AVMA) in its U.S. Pet Ownership & Demographics Sourcebook.  The survey indicated that 379,000 Connecticut households own at least one dog, while 427,000 own at least one cat.   The number of cats in Connecticut exceed the number of dogs by 289,000 (796,000 to 507,000).

The survey is conducted by the AVMA every five years and includes a breakdown of pet ownership by state. The most recent survey, conducted in 2012 based on December 31, 2011 numbers, indicates that nationally between 2006 and 2011:

• the percentage of households that made no trips at all to the veterinarian increased by 8 percent for dog owners and a staggering 24 percent for cat owners. 
• about 81 percent of dog owning households made at least one visit to the veterinarian in 2011, down 1.7 percent from 2006.
• the decrease for cat owners was, once again, much higher, as only 55.1 percent of cat owners made at least one visit to the veterinarian in 2011, down 13.5 percent from 2006.

Connecticut’s dog ownership levels lagged in the 2006 survey was well, when the state ranked 47^th.  The only state to rank in the top ten for cats and dogs in the latest survey was West Virginia, which ranked #5 in dogs and #6 in cat ownership.  The number one state for pet ownership, Vermont, also led the way in cat ownership.  Nearly half the households in the state – 49.5 percent – own a cat, according to the survey.  Vermont is the only state to exceed 70 percent in overall pet ownership, with 70.8 percent.

National statistics reflect the affection for, and costs of, having a pet:

• Six out-of-ten pet owners, or 63.2 percent, considered their pets to be family members.
• There are approximately 70 million pet dogs in the U.S. and 74.1 million pet cats.
• The average veterinary expenditure per household for all pets was $375 (for 2011).

When it comes to veterinary visits, cats are feeling the pinch of the nation's economic downturn. Although 75 percent of cat owners believe check-ups are important, the number of households taking their cat to the veterinarian just once a year has dropped 13.5% in the past five years.  Of those surveyed, 22 percent said they didn’t take their cat to the vet because they couldn’t afford to do so.  Close to 30 percent of dog owners who didn’t take their dog to the vet in 2011 cited the same reason.

For more information about the AVMA or to obtain a copy of the U.S. Pet Ownership and Demographics Sourcebook, visit www.avma.org. To learn more about Dog Owners vs. Cat Owners, check out the infographic at topreveal.com 

Volunteering in Connecticut Above Average, But Declining

The percentage of Connecticut residents who volunteer has dropped slightly, but the state remains above the national average, ranking 22^nd among the states.  The data, compiled by The Corporation for National and Community Service (CNCS) is the most comprehensive annual collection of information on volunteering and civic life in America, reflecting nation’s civic health. The National Conference on Citizenship is a partner on the project. The 2012 Volunteering and Civic Life in America report and website provide information allowing civic leaders, nonprofit organizations,and interested individuals to retrieve a wide range of information regardingdemographic trends and rankings for volunteering and civic engagement activities intheir regions, states, and metro areas.  The 2012 report is based upon data collected in 2011.  Overall, in Connecticut:

• 28.5% of residents volunteer, ranking the state 22nd among the 50 states and Washington, DC.  That’s a drop from 31.1% and a #15 ranking the previous year
• 793,710 volunteers.
• 81.7 million hours of service.
• $1.8 billion of service contributed.
• 29.3 volunteer hours per resident.

The report also noted that 72.8% of Connecticut residents do favors for their neighbors, 88.8% eat dinner with their family a few times a week or more, and 53.3% discuss politics a few times a month or more.  In a generational breakdown,

• Young adult volunteer rate ranked #16 (26.3%)
• College age ranked #24 (27.8%)
• Older adults ranked #14 (29%)
• Gen X ranked #23 (32%)

Among major cities, Hartford ranked #27 (just behind Boston at #26) in 2011, down from #15 in 2010.  (From 29.8% to 26.9%.)  The top three cities were Minneapolis-St.Paul, Rochester (NY), and Seattle.  The national volunteer rate was 26.8 percent.  Top states were Utah (40.9%), Idaho (38.8%) and Iowa (38.4%)  At the bottom were New York (20.7% ) and Louisiana (19.4%).

Nationwide, the number of volunteers reached its highest level in five years, as 64.3 million Americans  volunteered through an organization, an increase of 1.5 million from 2010.  Americans volunteered a total of almost 8 billion hours, an estimated economic value of roughly $171 billion.  A majority of Americans assisted their neighbors in some way and more than a third actively participated in a civic, religious, or school group.

The report also found that parents of school-aged children contributed more than 2.5 billion hours of their time to volunteer efforts nationwide in 2011, most of it to school-based projects, underscoring the pivotal role that schools play as hubs for local volunteer efforts.

Middletown, Bridgewater, Granby, Stamford Top Turnout List in 2012 Elections

In a presidential election year, high voter turnout is possible – it’s just not easy. Secretary of the State Denise Merrill has presented the 2012 “Democracy Cup” for the highest voter turnout percentage in the 2012 Presidential election in Connecticut to the town of Bridgewater (94.75%) and the city of Middletown (89.86%).   Overall, statewide voter turnout was 74%, slightly less than the last Presidential election turnout of 78.14% in 2008, in what may have been a result of difficulties in transportation and communication due to power outages and downed tree limbs from Hurricane Sandy.

The award is given annually to the small, mid-sized, large towns and city with the highest voter turnout on Election Day. The other winners of the 2012 Democracy Cup for voter turnout are Granby (86.22%) and Stamford (71.6%).

Under Democracy Cup criteria, towns with fewer than 5,000 registered voters are considered small; municipalities with between 5,000 and 14,999 and voters are considered mid-sized, towns with 15,000 and 49,999 registered voters are considered large towns. Cities with more than 50,000 registered voters are their own category.

Each community awarded the Democracy Cup will be able to host and display a trophy through next year’s November elections. Trophy presentations were held for Middletown, Bridgewater, Stamford and Granby.

“The voters in Bridgewater, Middletown and the other communities who win the award this year really set an example for all of the voters in Connecticut of why elections and participating in democracy are important. I congratulate both Bridgewater and Middletown for doing such a wonderful job with 9 out of 10 registered voters participating in the 2012 election – it is some of the highest voter turnout in the nation!” Co-sponsored by the East Haddam Civic Association since 2000, the Democracy Cup was created as a way to encourage voter participation in each year’s elections. Merrill said Connecticut was seventh in the nation in voter turnout. Traditionally, she told the Middletown Press, Connecticut has placed 20^th. “One week before a major storm, 100 of our 730 polling places were out of commission, so it took a lot of work by a lot of people to get us back online,” Merrill said.

Moving Vans Heading Outbound, Beyond Connecticut’s Borders

If it’s tough to tell sometimes if you’re coming or going, there is at least one well-known company that keeps close tabs on movement.  United Van Lines, long in the business of moving people from point A to point B, issues an annual “migration study” that tracks where people are moving to, and moving from. In 2012, more folks were going than coming to Connecticut, by a ratio of 56 percent to 44 percent, putting the state squarely among the top 10 outward bound leaders.  The pattern was similar throughout the Northeast.  New Jersey (62 percent) displaced the outbound leader from last year, Illinois (60 percent) reclaiming the top spot for high-outbound migration that it held in 2010.  In addition to New Jersey, New York (58 percent), Maine (56 percent) and Connecticut (56 percent) are also included.

Michigan (58 percent) and Wisconsin (55 percent) along with Illinois represented the Great Lakes region. Michigan fell to the No. 6 from the No. 4 spot it held in 2011. Previously, it had claimed the top outbound spot every year from 2006-2009.  Kentucky (55 percent) joined West Virginia (58 percent) as the only Southern states to appear on the high outbound list. New Mexico (58 percent) was the only Western state to appear on the list. The top 10 outbound states for 2012 were:

1. New Jersey 
2. Illinois
3. West Virginia
4. New York
5. New Mexico
6. Michigan
7. Connecticut
8. Maine
9. Wisconsin
10. Kentucky

That’s one list that states would prefer not to be included on.  United has tracked migration patterns  annually on a state-by-state basis since 1977. For 2012, the study is based on all household moves handled by United within the 48 contiguous states and Washington, D.C.  United classifies states as "high inbound" if 55 percent or more of the moves are going into a state and "high outbound" if 55 percent or more moves were coming out of a state or "balanced" if the difference of inbound and outbound is negligible.   The top-five inbound states of 2012 were 1) District of Columbia, 2) Oregon, 3) Nevada, 4) North Carolina and 5) South Carolina.

The Western United States is also represented on the high-inbound list with Oregon (61 percent) and Nevada (58 percent) both making the list. Oregon is number two for inbound migration for the third year in a row. Nevada returned to the high inbound traffic for the second consecutive year. The Carolinas each made the top five with North Carolina at 56 percent and South Carolina at 55 percent inbound moves.

Several states gained approximately the same number of residents as those that left. Those states include New Hampshire from the New England region, and the states of Louisiana, Iowa, Indiana, North Dakota, and Maryland.  This is the fifth consecutive year the District of Columbia (64 percent) was the top moving destination in the United States.  That trend may continue in 2013, what with members of Congress and the Cabinet coming and going.

Manufacturing Summit Planned to Accelerate Industry Growth

“Manufacturing is vital to Connecticut’s economic health and future. Now, after decades of uncertainty, the state’s manufacturers could be entering a new era of opportunity. Employment is rising, companies that moved overseas are returning and continuous improvement initiatives are helping many manufacturers hone their operations and enhance competitiveness.”  That assessment, from the Connecticut Business & Industry Association, is driving a Connecticut Manufacturing Summit on Friday, January 25 at the Trumbull Marriott. The program will include an overview of U.S. manufacturing from Steve Menaker, Partner,  McGladrey LLP, and a presentation of CBIA’s report, Connecticut Manufacturing: Building on the Past, Creating Our Future, issued in mid-2012, from Pete Gioia, Vice President and Economist at CBIA. Among the key stats that will inform the discussion:

• Connecticut is home to nearly 5,000 manufacturing companies that employ approximately 165,000 people and produce a vast array of products.
• A CBIA/ DataCore Partners index contained in the report, placed Connecticut as 30^th in the nation for manufacturing competitiveness.
• Connecticut ranked 9^th in the nation in the Milken Science and Technology Index that measures states’ ability to support growing manufacturing industries. (The ranking is based on public investments in R&D, a well-educated and skilled workforce, and the availability of risk capital to help convert R&D into viable technology products and services.)
• Citing manufacturing as a jobs driver, the report also said that for each manufacturing job created in the state, between 1.5 and 4 additional jobs are created in other parts of the economy.
• Each dollar’s worth of manufactured goods creates another $1.35 of activity in other economic sectors – twice the multiplier effect of most of the services sector.
• Each year, manufacturers purchase more than $21 billion in goods and services from other state businesses, according to the Connecticut Economic Resource Center.
• According to a Connecticut Industrial Energy Consumers report, manufacturing contributed $25.9 billion to the gross state product and accounts for about 11.4 percent of the state’s total employment.

The Summit will also include manufacturing executives discussing approaches for achieving success, resources needed for sustaining success, and strategies for cost-control and streamlining operations.  Among the participants are Brian DiBella, Vice President and General Manager - Wiremold Electrical Wiring Systems Division, Legrand and Don Janezic, CFO, Bigelow Tea. Panel participants also include Jason Howey, President, Okay Industries, Dr. Karen Wosczyna-Birch, Executive Director College of Technology, Connecticut Community Colleges, Dave J. Tuttle, Department Head/ Manufacturing, Connecticut Technical High School System and Douglas Johnson, Vice President of Operations, Marion Manufacturing Company.

There will be a policy discussion on improving Connecticut’s manufacturing climate led by Joe Brennan, Senior Vice President of Public Policy, CBIA.

The Summit, coming at the start of the 2013 state legislative session and prior to the Governor’s presentation of the state budget, aims to build on efforts at the Capitol to focus on high-tech manufacturing as part of the state’s economic mix.  At a news conference last Many to announce the formation of a “manufacturing caucus,” Sen. Gary LeBeau, D-East Hartford, said that over the last 10 years Connecticut has lost 50,000 jobs in manufacturing, which equates to 419 jobs lost each month. The caucus includes Sen. Tony Guglielmo (R-Stafford Springs), Rep. Zeke Zalaski (D-Southington), Rep. Vincent Candelora (R-North Branford), and Rep. Jeffrey Berger (D-Waterbury).

Newtown Was Rated #4 Town Among Peers, with Lowest Crime Rate

When Connecticut magazine last ranked Connecticut’s towns and cities on their quality of life, Newtown placed fourth overall among 26 communities with between 25,000 and 50,000 residents. Breaking down the individual categories in the rating, Newtown placed first with the lowest crime rate, third in the vibrancy of its economy, and sixth in the quality of education, in data compiled for the 2011 rating.

The top eight communities were Westport, Farmington, Glastonbury, Newtown, Cheshire, Wallingford, Mansfield and New Milford. The categories included were education, crime, economy, cost, and leisure.

The crime category is based on major crimes (murder, rape, robbery, aggravated assault, burglary, motor-vehicle theft) committed in 2007, 2008 and 2009 per 1,000 population, using figures available from the state Department of Public Safety.  The education category combines five elements: the 2009, 2010 and 2011 Mastery Test results for 4th, 6th and 7th grades; results of the 2009, 2010 and 2011 Connecticut Academic Performance Test (CAPT); local SAT scores for 2008, 2009 and 2010, and the percentage of 2010 public high school graduates who went on to two- or four-year colleges. Test scores were weighted more heavily.

The strength of the local economy was determined by the 2011 Public Investment Community score, compiled by the Office of Policy and Management, which rates all Connecticut towns under a formula based on population, per capita income, the adjusted equalized grand list per capita, the unemployment rate, the equalized mill rate and per capita aid to children.

Newtown was in the middle of the pack in leisure/culture, placing 13^th, and among the lowest in cost of living, placing 25^th out of 26 communities evaluated. The cost of living category weighs most heavily the median price of a single-family house purchased in the first six months of 2011.   Leisure includes local library expenditures per capita in 2010, the number of theaters, museums, festivals, concert venues, historic sites, colleges and universities, golf courses, local newspapers, radio stations, state parks and forests, voter turnout in the 2008 election and good local restaurants.

Election Day Turnout Stats Reveal Surprising Leaders Among Towns

Statewide turnout in Connecticut for the November 6, 2012 elections was 73.77%, according to statistics released by the Office of Secretary of the State Denise Merrill.  That is a decrease from 2008's turnout of 78.14%, but enough to rank the state seventh nationally. Bridgewater led the way with 94.75% turnout and was the only municipality to exceed 90%. Just missing the 90% mark were Middletown (89.86%) and Ridgefield (89.42%). Twelve municipalities exceeded 85% turnout. Each of the state’s 169 municipalities had turnout of at least 50% (Waterbury and Windham were lowest at 56%).

In reviewing the number of individuals who voted in the 2012 elections, the stats are quite revealing, and perhaps illustrative as political eyes look ahead to the 2014 elections.

Stamford topped the list, with just over 47,000 voters, followed closely by New Haven with nearly 45,000.  Rounding out the top five were Bridgeport, Hartford, and West Hartford.  Four communities underscored the maxim that registration is a first step, but turnout is the giant leap.  The number of voters in Hartford and West Hartford differed by only 1,001, although Hartford has 11,000 more registered voters. Greenwich, which has about 11,000 fewer registered voters than Waterbury, had in excess of 3,000 more people voting this year, according to the statistics released.

Fairfield placed 6^th, one of only six towns where more than 30,000 people voted.  Rounding out the top ten were Greenwich, Danbury, Waterbury and Milford.  Just missing the top ten was Hamden, with 25,610 voters, and Bristol, with 24,571.

Number of people voting / Percentage of registered voters voting

Stamford           47,289       71.60%

New Haven         44,973       62.48%

Bridgeport         37,510       52.22%

Hartford             33,452       65.14%

W. Hartford     32,451       80.81%

Fairfield             30,081       78.97%

Greenwich         29,894       81.93%

Danbury             27,763       78.83%

Waterbury         26,566       56.09%

Milford               25,610       75.90%

Hamden             24,641       71.97%

Bristol                24,571       69.93%

Industry Growth and Enforcement: CT’s Twin Insurance Strategies

The Connecticut insurance sector plays a vital role in the global insurance landscape and the state's economy, according to a report from the Connecticut Insurance and Financial Services (IFS) Cluster and PwC US.  The report, released at the recent  2012 Insurance Market Forecast event in Hartford, highlighted the industry’s importance to the state, which was echoed in comments by the state Insurance Commissioner and Gov. Malloy. Commissioner Thomas Leonardi pointed out that “we regulate the 2^nd largest insurance industry in America,” noting that “if Connecticut were a stand-alone country, we would be one of the 10 largest insurance producing jurisdictions in the world.” You can’t ignore this industry without putting the state in great peril.”  Malloy said, stressing the need to both regulate the industry and view them as “partners” in job creation and economic development.

The 2012 Connecticut Insurance Market Report highlights the sector's rich history, current challenges and opportunities with analysis and findings from Connecticut IFS Cluster, PwC, and the Connecticut Economic Resource Center (CERC).

KEY STATS

According to the report, Connecticut ranks first nationally in insurance employment as a percentage of total state employment and the industry represents approximately 3 percent of the state's workforce, 6 percent of the state's payroll and 9 percent of the gross state product.  Full-time employment in the sector is said to be 50,242.

Insurance also impacts other sectors of the state's economy.  The report says that one new job in the insurance industry adds an additional 1.46 jobs to the Connecticut economy; an increase of $1 in insurance labor income puts an additional $0.78 into state commerce; and every year the insurance industry purchases an average of $2 billion in goods and services from other industries in Connecticut.

"The inaugural Insurance Market Forecast is the showcase effort of that collaboration and will serve as a valuable guidepost as we expand our efforts to attract businesses and talent to our state," said James Bedard, IFS Chairman and Chief Financial Officer/Chief Operating Officer for UnitedHealthcare's Northeast Region.  [CT-N video of event.]

Looking forward, the report emphasizes that competing globally, investing in education, retaining and developing human capital, and government-led economic development initiatives are essential to maintaining the state's leadership position in the industry and growing its economy.  To drive that future growth, the report identifies the five key megatrends – social, technological, environmental, economic and political – that will influence the world's insurance industry, explaining their implications, and offering ideas and actions for embracing them.

A year ago, Gov. Malloy’s office noted that there are more than 65,000 people who work in the insurance industry in Connecticut, described as being down by almost 25% over the past 20 years.  The report compares employment by state, highlighting the top nine:  California (179,936); Texas (163,690); New York (144,077); Florida (134,393); Illinois (112,408); Pennsylvania (110,484); Ohio (108,492); New Jersey (81,119); Connecticut (61,583).

CONSUMER INTEREST

The State Department of Insurance, even as it promotes development of the insurance industry, also goes to bat for consumers.  In the third quarter of 2012, the Department’s Consumer Affairs Unit (CAU) fielded more than 1,500 complaints and inquiries and helped policyholders recoup nearly $1.2 million. During that same period, the Market Conduct division levied more than $1.1 million in fines against carriers and returned that money to the state General Fund. The fines resulted from a variety of violations and settlements ranging from untimely claim payments to improper licensing.  Since January 1, the Department has recovered more than $6.3 million for policyholders and state taxpayers.

The majority of the funds recovered for policyholders stemmed from complaints over health, accident, homeowners and life and annuities policies. The Department calculates its consumer recoveries based on what the policyholder received as a result of the Department’s intervention. The inquiries and complaints also help the Department identify industry trends that may adversely affect consumers. This data also helps determine topics for consumer education and as tools to help the Department monitor the industry. The Market Conduct enforcement actions are posted on the Insurance Department’s web site at www.ct.gov/cid