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  • The Paradox of Financial Literacy: An Obstacle & Pathway to Upward Social Mobility

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    Description:
    This paper presents the case that financial literacy can promote upward social mobility and that a lack thereof contributes to growing poverty rates across the globe amongst various different population groups. In particular, this paper outlines the negative implications associated with financial illiteracy by focusing on soon-to-be-retirees, college students, beginning investors, African Americans, and women. The paper starts by providing definitions of financial literacy and social mobility. It then outlines the extent of how financially illiterate individuals across the world are. In this section, it is made evident that financial education correlated with wealth and that there are financial literacy disparities among minorities and women in society. This section also includes two surveys and a statistical interpretation of the data to demonstrate the extent of financial illiteracy amongst college students. For the surveys, one was of college students, and the other was of professionals in later stages of their careers. For both populations, the survey asked a set of questions to gauge the financial literacy of the individuals. Using a least squares regression analysis, this data suggests that age plays a role in how financially literate individuals are. Based on this information, it is concluded that older individuals are more financially literate as a result of learning from mistakes, not from formal education. After this, the paper explores the negative effects of financial illiteracy, followed by the benefits provided by financial literacy. At this point, it is concluded that financial illiteracy contributes to retirement insecurity, the growing student loan crisis, erratic trading behavior, racial and gender wealth inequality, the use of harmful loans, and poor spending decisions. It also is concluded that proper financial education can result in wealth accumulation through investing, a comfortable and potentially early retirement, healthy spending habits, individuals having a financial safety blanket, and tax savings for the federal government. Lastly, this paper offers suggestions to prevent financial illiteracy from persisting in the future, so more individuals can experience upward social mobility. The solutions suggested include the implementation of personal finance in high schools, encouraging interpersonal dialogues regarding finances, and making finance an enjoyable subject for individuals to follow.
    Keyword:
    investing, social mobility, financial literacy, poverty alleviation, stock market, personal finance, and retirement
    Subject:
    Accounting
    Creator:
    Crincoli, Anthony
    Contributor:
    Dr. Samar Issa, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/09/2021
    Date Modified:
    06/09/2021
    Date Created:
    Spring 2021
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • Bitcoin Exchange Traded Funds: An Overview of a Potentially Flawed Investment Vehicle

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    Description:
    Bitcoin has generated much interest from the financial community throughout its life and utilization as a crypto-currency. In the continual advancement of the market, financiers and fund managers have explored the opportunities of developing investment vehicles utilizing Bitcoin, with multiple firms competing to develop a Bitcoin Exchange Traded Fund traded in the United States. However, under much speculation, the Securities and Exchange Commission (SEC) has denied multiple requests for fund managers to develop a Bitcoin ETF for the financial market. The thesis essay explores the feasibility of utilizing Bitcoin in a fund investment vehicle such as a Bitcoin Exchange Traded Fund (ETF). The paper explores the qualitative and quantitative factors that may impact a Bitcoin Exchange Traded Fund and Exchange Traded Funds' history and structure and analyzing proposals by financial firms and SEC responses to those proposals, and analyzing the Bitcoin market and systemic risks. Finally, an analysis of historical data and potential market drivers is utilized to confirm claims by the financial firms and SEC. The findings indicated that Bitcoin would be challenging to generate return for fund managers. Its risk factors create extra constraints for Bitcoin funds to operate in with no signs of mitigation in the future. Moreover, the volatility and unpredictability of Bitcoin are also caused by the lack of market drivers for the fund. Essentially in its current state, its lack of remedies for its risk factors has caused Bitcoin to be unfeasible to be placed in an Exchange Traded Fund and would place financial firms and its investors at risks.
    Keyword:
    blockchain, analysis, ETF, and Bitcoin
    Subject:
    Accounting
    Creator:
    Shaw, Kagan
    Contributor:
    Dr. Devin Rafferty, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/09/2021
    Date Modified:
    06/09/2021
    Date Created:
    Spring 2021
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • A Study on the Audit Busy Season: Manager and Employee Perspective and Retention Rates

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    Description:
    The audit busy season is notorious for the long hours needed by audit employees, and the tremendous amount of work and effort is given to complete an audit on time. The thesis seeks to explain the manager and employee perspective of the audit busy season and examine the practice's turnover rate. The study wants to analyze the effects the busy season has on audit employees. Employee turnover rates are at 10.7% as of 2018 (Nickerson and Hall). Are more audit associates switching from public to private accounting? The thesis wants to dive into the employee and employer's perspective and analyze why turnover is high. The thesis also wants to give insight to students who are looking to start a career in accounting.
    Keyword:
    audit, accounting, busy season, and negative impact
    Subject:
    Accounting
    Creator:
    Ventura, Keven
    Contributor:
    Prof. Brigid D'Souza, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/09/2021
    Date Modified:
    06/09/2021
    Date Created:
    Spring 2021
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • How Corporations Can Utilize the Tax Code to Better Their Community

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    Description:
    Oftentimes, when the topic of taxes is discussed, it is opined that the rich and businesses, "never paid taxes," which certainly does not help the community in any way. Indeed, this is not usually the case; and in fact, I will be presenting the case on how businesses can have both a benefit of lowering their own tax liability while at the same time helping their community by utilizing the 6 general business tax credits offered to them by the tax code. Utilizing these tax credits does not only help lower their tax liability but also raises their social responsibility to their community! The tax credits to be discussed are going to revive the community by employing targeted groups of individuals who have consistently faced significant barriers to employment along with helping them with retirement by building new establishments, or facilities, or both for the community to use, and the environment by reducing the carbon footprint of the community.
    Keyword:
    TCJA, work opportunity tax credit, tax, tax credits, pension plans, and accounting
    Subject:
    Accounting
    Creator:
    Sadek, Nicolas
    Contributor:
    Lori Buza, J.D., Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/09/2021
    Date Modified:
    06/09/2021
    Date Created:
    Spring 2021
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • Why Is There a Lack of Diversity at the Partnership Level in Accounting Firms?

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    Description:
    Diversity is an important aspect of the workplace, but there is a discrepancy between leadership and entry-level employees in the accounting field. People do not have the proper mentors, encouragement, clients, or resources to move up at accounting firms. My thesis seeks to understand this issues by gathering data and proposing solutions. With the research conducted, there were many statistically significant results supporting the hypothesis that the above factors contribute to lack of diversity at the partnership level. Firms can help resolve these issues by fostering diverse talent, investing further into diversity initiatives, and changing accounting's reputation. Covid-19 has also had a significant impact on diversity, and companies should be mindful of this factor and try to keep the momentum going on their programs. Accountants need to realize that partnership is attainable and should be encouraged.
    Keyword:
    workplace environment, accounting, diversity, and public accounting
    Subject:
    Accounting
    Creator:
    Ahmad, Zaheerah
    Contributor:
    Philip Sookram, CPA, MAcc, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    06/09/2021
    Date Modified:
    06/09/2021
    Date Created:
    Spring 2021
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper

  • The Past, Present, and Future of Accounting: Are We Headed in the Right Direction?

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    Description:
    This study outlines the accounting profession and its progression throughout history in terms of methods, technology, fraud, and fraud prevention. The chapters are broken into early history, twentieth century, and twenty first century. The results show that, even though fraudulent activity has increased, all positive areas such as prevention technology, methods, and regulation have also increased to accommodate these mishaps and provide a better business environment.
    Keyword:
    history, technology, and fraud
    Subject:
    Accounting
    Creator:
    Salem, Salama
    Contributor:
    Prof. Andrew Pogogeff, CPA, Thesis Advisor
    Owner:
    lsquillante@saintpeters.edu
    Publisher:
    Saint Peter's University
    Date Uploaded:
    10/14/2020
    Date Modified:
    10/14/2020
    Date Created:
    May 2012
    Rights Statement:
    In Copyright
    Resource Type:
    Research Paper