Evaluating the financial performance of Deloitte LLP

Evaluating the financial performance of Deloitte LLP All of the research topics are appealing although challenging but it was apparent that I have to choose the topic that meets the research requirements such as accessibility and quality of information and clear understandability of what is required in a particular topic. After spending a lot of time in selecting the best topic for me, I came to the conclusion that I should go for topic no. 8 The business and financial performance of an organisation over a three year period. The rationales behind choosing this topic are: I have been trained in ACCA studies as how to evaluate an organisations performance using ratio analysis and other techniques. The research on this topic will help me to consolidate my knowledge and put me in a strong position to carry out this study. Accessibility and the quality of the information required for this topic was much easy to obtain as compared to other topics. To carry out the business and financial evaluation I need the audited annual reports and other strategic information of an organization which should be relevant, reliable and readily available thus enhancing the quality of this research project. Part of the accountants role is to help companies in analysing and interpreting the financial performance and position of the organisation and advise the client in which particular areas they are performing well or where they need improvements and to answer such questions as to why the particular ratios are boosting or declining. Without any doubt, this research will help me in my practical life as an accountant. Reasons for choosing the organization: It was clear in my mind from beginning that I should undertake the research on an accounting firm because it is within my profession. I made my mind that I will pick any one of the big four i.e. PwC (PricewaterhouseCoopers), KPMG, Ernst Young and Deloitte Touche Tomatshu. As these firms are LLPs (Limited liability partnerships) I faced the difficulty of the amount of information available because LLPs are not under the same extent of public domain as compared to public listed companies which publish substantial amount of information and are subject to regulations regarding the disclosure of the information. First I thought that I should carry out research on PwC as it ranks number 1 in big 4s but when I started searching on the internet about big 4s then I found much information about Deloitte and even their website and annual reports were much comprehensive so I decided to choose Deloitte LLP. The main reasons for choosing Deloitte LLP were: It is one of the largest professional services firms ranking 3rd (Vault Accounting firm ranking 2008). This ranking is based on the sales revenue generated by the firm and other factors such as working life etc. I wanted to carry out the research on a top ranked firm as there is a lot to learn from successful firms. Deloitte LLP is the market leader in the professional services industry and a very reputable organisation. Undertaking the research on this firm will help me explore why this firm is flourishing. Moreover, after finishing my ACCA qualification I would like to work in an accounting firm and doing the research on Deloitte LLP will help me understand the nature, market, culture and governance of the accounting firms. Project Objective The objective of this research project is to evaluate the business and financial performance of Deloitte LLP with last years and with its competitors PwC for the years ended 31st May 2006, 2007 and 2008. The Research Questions I identified the research questions which will help me achieve the project objective. Focusing on these questions will help me keep the research on track and to the point. These research questions are: What are the firms objectives and what strategy has been adopted to achieve them? How did the firm perform in terms of profitability and what are the main factors affecting its performance? What are the trends in the liquidity position and is the cash management of the firm effective? Is the organisation growing? If so, what sources of finance does it use and how does it impact on their gearing levels? How has the organisation been influenced by the current economic downturn and how will it impact on the next year performance? The Research Design To evaluate the business performance of the firm different modules such as mission analysis, Porters five forces and SWOT analysis have been used to analyse the industry and evaluate firms strength, weaknesses, threats and opportunities. To interpret the financial health of the organization, ratios have been calculated for three years which are then used as a basis for historical and competitor benchmarking. These techniques include comparing the financial performance of the organization with its prior years and those of its competitors. Focusing on financial ratios are not enough to come up with the whole picture so other non-financial performance indicators have been used as well. Trend analysis has been used to identify the changes from year to year. These analytical techniques will assist to analyse, interpret and evaluate the organisations performance and support to come up with the appropriate conclusions. Part 2 Information gathering To evaluate the business and financial performance of Deloitte LLP, I require reliable, qualitative, quantitative and sufficient information that not only focuses on financial and business perspective of the organisation but also industry specific knowledge such as is the market growing or declining, who are the market leaders and what is their strategy. During the information gathering stage, I have not just collected the information about the firm but also kept an eye on its competitors activities. This parallel approach helps me in benchmarking exercise. Types of research methods: Based on this, two key sources of information were used i.e. primary and secondary sources. Both of these methods have their own pros and cons. Primary research is more reliable, relevant and is tailored to the research needs. However, this approach is very time consuming and expensive and usually not available as compared to secondary sources which are readily available and easy to access but may not meet research questions and is less reliable. During the information gathering stage, less field research has been undertaken and contacted the firm only if any particular information is not available from the secondary sources. Primary research was done for one particular issue that arose during the research and that was to understand the legal structure of Deloitte Touche Tohmatsu and its member firms. The only method used for this primary research was emails. However, most of the information required for this research was available from the secondary sources and have been listed below: The firms website: The organizations website www.deloitte.com provided me with much of the information about the firms history, their vision and strategy, leadership, the services in which they are specialized, the industries to which it provides services and the latest news about the firms activities. However, to critically evaluate the organizations performance I need to seek more information outside the companys website as every company is tempted to give a positive image of their organization so I went ahead and used its competitors website as well and other external media. Annual reports: The annual reports of Deloitte LLP are the vital source of information for this research and are easily accessible from the firms website. The information obtained from the annual reports is used in calculating and interpreting the financial ratios. The financial statements also include last year performance which helped me a lot in analyzing the trends in performance and moreover it includes the graphs and charts that assisted me a lot to understand it in less time. However, there is too much information in the annual reports so its easy to get overwhelmed. Books: To get the initial guide on how to start the project I have read BSc (Hons) in applied accounting published by BBP learning media. The book guided me on how to approach this project in a more formal and organised way and facilitated me in every stage of the research from choosing the research topic to writing the skills and learning statement. Other books that I used for the project are drawn from ACCA syllabus. These books are used with the aim to refresh my mind with what I have learnt in ACCA studies. Electronic researches: A vast majority of information is available in the electronic media which benefited a lot during the research stage. The websites are used to get the latest news and other related information. These websites not only provided me the information about Deloitte LLP but also that of its competitors and market. Regulatory body website: The Professional oversight board is a UK regulatory body which specializes in auditing, accounting and oversights the accounting profession. The website used in this research was www.frc.org.uk. The website contains reports about the accountancy market and key facts and trends. Part 3 The analysis, results conclusions: The firm: Deloitte LLP is the UK member firm of Deloitte Touche Tohmatsu (DTT), a Swiss Vereinwhose member firms are a network of legally separate and independent entities. Swiss Vereinis the structure that is recognised under the current composition of Swiss law where organizations are established as Limited liability business. Swiss Vereinorganisations are characterised with a corporate organisation that is decentralised. (Swiss Verein). DTT does not provide services to clients, or direct, manage or control its member firms. This decentralised structure allows DTT organisation to establish policies; member firms apply these policies in quality assurance processes that comply with the local regulatory, legislative and professional requirements. (Annual report 2008) Business Analysis: The Mission strategy: The firms mission is to be recognised as the best professional service provider and its slogan is To help clients and people excel. The firm achieves this by identifying and focusing on the needs of clients, providing the high standard professional services and by investing in their people. (Mission statement). Our mission makes reference to our people, as management recognises their importance in achieving our vision, (Deloitte Orla Graham, HR manager). Deloitte aims to be the number one firm for career and personal development and they have a clear strategy to achieve this. Its strategy involves providing continuous training and development opportunities to their staff to ensure that the services provided to the clients are up to the highest standard of quality and complies with all the regulations.In the past, Deloitte has focused on scale and global coverage but now it is focusing on the standard of excellence (Deloitte Vision strategy). In 2003, Deloitte was recognised as the UKs fastest growing professional firm and in the last few years the firm was acknowledged because they have broader range of skills and highest quality services showing their proficiency. Their strategy focuses on four elements: Broader range of capabilities than its competitors Focus on quality The environment where people can develop and excel A culture that emphasis teaming and high performance (Annual report 2008) The Services offered by the firm: The firm specialises in four services which are Audit, Consultancy, Tax and Corporate finance. These services are provided in different industries such as non-profit organisations, real estate, sports business group, manufacturing, tourism, hospitality leisure, technology, media communication etc. Porters five forces and market analysis: Porter five forces is the framework for industry analysis that identifies the five factors which influence the performance and position within the given market. Although there are several thousand firms in the market but the audit and consultancy market is highly concentrated and dominated by the big fours in the UK and globally. Deloitte touche, KPMG, PwC and Ernst and young audit all of the FTSE 100 companies and represent 99% of the audit fees in the FTSE 350 showing that the market is much concentrated by the big four accountancy firms.. There are two segments of the market. The first one is FTSE 100 companies and FTSE 250 which are covered by the big four and the other segment is the smaller listed companies which are serviced by both the Big four and mid-tier firms (Oxera Report- April 2006). Threats of new entrants in the market are low because of high costs, long payback period and significant business risk. Threats of substitute within accountancy market are also very low because audit, tax and other accounting services are required by law and regulations. The accountancy market in the UK is still growing, but at a much slower rate than in the late 1990s (PRlog Press release 11 April 2007) The main clients of big four accounting firms are the top ranked companies listed on the stock exchange and the stakeholders (lenders, shareholders etc) of these FTSE companies require them to appoint big four accounting firms for professional services because they have the expertise and technical capability to deal with the complexity of these companies which restricts the buyer power within the audit market. As seen, these companies have effectively no choice of auditors other than Big 4s as large companies do not favor the mid-tier firms There is a strong competition in the market particularly between big 4s. Tendering process is been used to gain new clients. However, these firms may find it difficult to offer clients different services to gain competitive advantage as most of the accountancy services are standardized. Switching rates in the market are low- around 4% per year on average for listed companies. Few companies have an explicit policy of switching auditors at regular intervals and competitive tendering does not occur frequently -nearly 75% of the companies surveyed tender once every five years or less, and more than 70% of the FTSE companies have not held competitive tendering in the last 15 years. Organizing tenders, and then changing auditors are costly to both the accounting firms and companies. (Oxera Report- April 2006) SWOT Analysis: The SWOT analysis of Deloitte has been conducted solely with the aim of understanding and evaluating the strengths, weaknesses, opportunities and threats and is detailed below: Strengths: Reputation Brand of the firm Deloitte has been enjoying good reputation and has brand awareness in the market. This reputation and brand are the intangible unique resources and facilitate the firm to attract multinational clients, this helps them to charge premium for the quality services provided and thus increases revenue and profitability. Skilled staff and effective leadership As the firm is in service industry, keeping an effective management team is a key for its success. The senior management team has been drawn from wide range of sources and helps the firm to have diversity in the skills and this could be evidenced in Sunday times, where Deloitte has been listed in the Best big companies to work and also have been named as the No. 1 graduate employer in finance and professional services in the National Graduate Recruitment Awards, (Award winners) taking the award from PwC which has held top spot for the past three years. These highly qualified and experienced staff flourishes the firm to provide the clients with best quality services in a professional manner. . Quality Culture The firm has a high quality and high performance culture. This is achieved by embedding quality into people via learning, training and awarding employees with high performance through competitive reward strategy. This facilitates the firm to offer quality services to its clients which results in high customer satisfaction rate. Weaknesses: The structure The firm operates as a limited liability partnership. Under this structure, partners have limited liability and are not responsible for the misconduct of the other partners but due to this structure the firm may find it difficult to raise finance other than relying on partners and bank loans. Opportunities: During the current economic downturn, most of the companies are reviewing for cash flow management, risk management policies to ensure there are appropriate procedures in place to avoid any losses, and optimising costs etc. This brings an opportunity for Deloitte to enhance its business and risk management services to advise on the risk practices adopted by the clients. Moreover, during the recession a lot of companies are filing for bankruptcies which may also result in increase in consultancy service demand as clients may be looking for administration and restructuring advice. Deloitte is utilising this opportunity as this could be evidenced when Louise Brittain (UKs leading insolvency practitioner) joined the firm in its reorganisation service practice and will aid the firm in getting high profile appointments. ( Deloitte Press release 12 Feb 2009) Deloitte has been appointed as administrators of Land of leather (furniture store retailer), Woolworth Plc (the high street retailer), Entertainment UK (UKs leading distributor of entertainment products) showing that the firm is well equipped to meet the opportunities. However, these opportunities are short term in nature and the firm needs to identify other long term opportunities from the market that exploit their strengths. Threats: As accountancy is not a recession proof profession, the current economic crisis has brought threats for Deloitte and may have serious consequences. As Deloitte LLP provides audit services to clients that involves giving appropriate opinion on the truth and fairness of the financial statements and on the going concern assumption (whether the clients will be in existence in the foreseeable future). During this financial crisis, accounting firms need to have prudent approach in carrying out the audits of clients as during the recession the clients may be tempted to use dubious accounting practice to retain the shareholders confidence. Also, auditors are under pressure to carry out detailed testing whether the client is able to borrow money from its bank due to insufficient borrowing facilities in the economy. Inappropriate opinion given on the future existence of the client may put auditors in the risk of being sued for negligence and may result in fines and penalties. Moreover, many companies have filed for bankruptcies which will reduce the client base for Deloitte and will impact on the performance. Non financial performance evaluation: Staff satisfaction: One of the critical success factors for Deloitte is the skilled and highly motivated staff. These people are the unique assets and will underpin the performance of the firm. The survey conducted by the The Workplace Engagement Specialist shows high level of pride and job satisfaction among staff with 76% staff proud to work for the firm and 72% find their job stimulating. Deloitte spends about  £12m a year on developing its employees and has a dedicated team of trainers who can help their staff and every staff member has a career development adviser. (The Workplace Engagement Specialist) Quality: Quality is the core competence of Deloitte and a key factor in retaining the existing clients and attracting the new appointments. Deloitte has a high performance culture where providing the high quality service is paramount which helps the firm to gain competitive advantage. Their Quality Agenda focuses on three elements; clients, infrastructure and people. The firm emphasises in understanding the clients expectations and this is achieved by working closely with clients, embedding the quality into their people and infrastructure which focuses on effective leadership, internal training programs, professional standards and review assessments. (Annual report). New partners / talent: Recruiting the required level of staff is as important as maintaining the skilled staff. It is essential for the firm to bring new talent. The firm is seen as continuously investing in people; in 2007, there were 11,000 partners and member staff working across UK. In 2008, this number increased to 12,000. Deloitte has high staff turnover rate of 17% (Sunday times) as compared with its competitor PwC which was 13% (PwC Annual Report 2008) indicating staff is less satisfied with the firm comparatively and leaving at a higher rate than PwC even though PwC has more number of staff than Deloitte still their staff turnover ratio is low. Financial performance evaluation using Ratio analyses: Ratio analysis is the widely used technique in evaluating the organsation`s financial performance because this method helps to summarise the results in a simple way and moreover inter firm comparison helps to conclude how is the organisation performing in relation to industry and other organisations within the market and encourages to think out side the box. The main indicators used to evaluate the firms performance are sales growth, profitability, liquidity measures and financing arrangements and are discussed below. Sales Trend Analysis: The revenue of the firm is constantly increasing. Gross revenue increased by 11.5% in the year ended 31st May 2008 as benchmarked with last year exceeding the  £2000m target to  £2,010m. The competitor PwCs revenue was  £ 2,244m in 2008 which was a 7% increase in revenue as compared to last year showing that Deloitte is growing rapidly as compared to its competitors. The Deloittes revenue and that of its competitor PwC has been shown in the following graph comparing the revenue from year to year. The group is managed by the matrix structure which incorporates both service lines and the nature of the market to which services are supplied (Annual Report 2008).The sales revenue analysed by service line/segment has been shown below. Interpretation: Revenue analysis 2006: Overall, turnover grew by 15% to  £1,559m and 32%, 27%, 24% and 17% of the revenue was contributed by audit, tax, consultancy and corporate finance respectively. The consultancy division performed very well in 2006 as the divisions revenue grew by 22% and this growth has led the Deloitte being recognized as the markets leading business consultancy service provider. In 2006, the audit division contributed the substantial amount of revenue and increased by 17.2% during the year as the audit market share in FTSE 100 and FTSE 250 continues to grow. Revenue analysis 2007: Revenue grew by 15.6% to  £1,802m when PwCs revenue grew by only 6% to  £2,107m indicating that Deloitte is growing at the faster rate than its competitors. The reason for this growth was the strong market, reputation and talented staff which have given Deloitte the opportunity to gain new clients and win many new assignments from existing clients all across business segments and industries according to Chief executive. In 2007, the firms revenue grew by higher rate than its competitors which was 6.1% for PwC LLP and 10.5% for KPMG LLP. Once again, the significant amount of revenue was contributed by the audit division. The consultancy division is also growing but at slow rate as compared to last year. Overall, all the divisions revenue grew and ultimately resulted in a healthy progressive year. Revenue analysis 2008: In 2008, the firm exceeded its  £2b target and reported a strong growth of 11.5% given the complex markets. Deloitte is seen as having a superior performance than its competitors PwC as their revenue only grew by 7%. On this excellent performance, Deloittes CEO claimed that they have surpassed their competitor PwC in terms of standing in the market place but PwCs new chairman, Ian Powell denied Deloittes claims that it has overhauled its rivals in terms of reputation saying it was pretty difficult to prove. (Accountancy age -14 Aug 2008) The reason for this growth is the Deloitte brand, the experienced professional staff and managements efforts to identify and capture high growth opportunities. All the divisions are growing but at slower rate as compared to last year. The reason for this could be the UK economy shrinking which has restricted many business opportunities for organisations which certainty impacts consultancy and corporate finance divisions. Moreover, in this economic crisis, clients are forced to reduce costs so they may have appointed mid-tier firms which may have influenced Deloitte`s performance. However, audit division grew by 11% and is now the co-leader in the share of FTSE 250 audits. (Annual report 2008). Profitability ratios: Profitability ratios measure the performance of the management and the return they are generating from the assets invested in the business by the partners. Gross profit margin: Gross profit margin measures the firms profitability from its operations and represents the relationship between sales revenue and directly related costs in providing services to clients and is calculated as: Gross profit margin = Gross profit / Sales revenue x 100 The gross profit margin of year ended 2006, 2007 and 2008 are 49%, 49% and 50% respectively showing that the firms gross profit is increasing. As Deloitte is in service industry, the only directly related costs are staff costs and expenses disbursements on client assignments and gross profit is calculated as the difference between the sales revenue and these directly related costs. The firm gross margin is nearly constant in the last three years. This shows that the firm is very efficient in controlling its costs in relation to its sales and in a better position to cover its other costs such as interest, tax etc. The staff costs are the major cost in providing services and represent 36.3%, 36.8% and 35.5% of sales revenue in the last three years, which are nearly constant. Net profit margin: It is the ratio that measures the overall performance of the firm after all the expenses have been deducted such as interest and tax and is calculated as: Net profit margin = Profit after interest and tax / Sales revenue x 100 There was an upward trend in the net profit margin in the last three years and net profit margin was 29%, 31% and 32% in 2006, 2007 and 2008 respectively. As seen in the chart, where PwCs net profit margin is declining from 35% in 2006 to 33.3% in 2007 and 30% in 2008 Deloittes net profit margin is increasing. However, where the sales revenue increased by 12% in 2008 net profit margin only increased by 3% which shows that although the firm is growing in terms of revenue and profitability but not in a consistent way i.e. if sales are growing then net profits should also increase by the same proportion (although it is very ideal situation) but it is not the case with the firm. Overall, the firms net profit margin is increasing. The net profit margin of Deloitte was higher as compared to competitors net profit margin which was 30% for PwC and 20.40% for KPMG in 2008. Even though the competitors revenue and net profit was higher but the net profit margin ratio was low as compared to Delo ittes indicating that the firm is earning high profitability rate than its competitors. Profit per partner: The profit per partner of Deloitte and PwC LLP is shown below: The profit per partner calculated above represents an average figure but partners share profits based upon the evaluation and the contribution of each individual partner to achieve the strategic objectives of the firm. Although the firms average number of partners also increased from 641 to 672 members in 2008 but it didnt deteriorate the average profit per partner because of rising profits. As seen in the chart, where Deloittes average profit per partner is increasing PwCs profit per partner is decreasing. The profit per partner is consistently increasing which will ultimately results in partners more confidence in the firms performance. Liquidity ratios and Cash flow management: For a successful firm, making a healthy profit is not enough; the firm must be effective in cash management because cash is considered as the lifeblood of the organisation. Profitability measures are subject to criticism of manipulation and short termism but cash/liquidity measures are hard to manipulate and gives an indication of the firms solvency position. The liquidity ratios with their interpretation are given below: Current ratio Current ratio measures the firms ability to cover its current liabilities (short term debts and obligations) by its current assets. Higher current ratio indicates that the firm is liquid. The ideal ratio is considered to be 2:1 i.e. the organization has twice assets to cover its current liabilities but it differs from industry to industry. Current ratio is calculated as = Current assets / Current liabilities The firms liquidity position is steadily improving. In 2006, the firm has a cash balance of  £10m and an overdraft of  £22m showing a net deficit of  £12m but the firm has other liquid assets to cover its current liabilities thus a current ratio of 1.7. This overdraft had been repaid in the next year with the cash cash equivalents of  £51m showing a healthy cash position with a current ratio of 1.9. In 2008, the company has a strong liquidity position when it accomplished the ultimate benchmark level of 2:1 which was in line with PwCs current ratio of 2:1 and was higher than KPMGs which was 1.5:1. The reason for this is that the firms current assets grew by 19% while current liabilities increased by just 6% in 2008 and is moving towards more stable position. Receivables Day Ratio: Receivables day measures the average number of days the receivables take to pay for the services provided. The firm has an effective working capital management if the receivables pay within the credit period given to them as the firm will also be able to meet its short term obligations as they fall due. Receivables day ratio = Receivables / Credit sales x 365 The receivables day ratio has been constantly improving from 116 days in 2006 to 104 days in 2007 and 101 days in 2008 showing that the firm is recovering its money back from receivables more efficiently. However, the receivables collection period of the firm is very high as the competitors collection period which is in the range of 80-90 days indicating that Deloitte is offering its clients extended credit terms to boost revenue. Although the firms sales revenue is increasing with an increase in receivables yet the firm managed to keeps the receivables collection period improving. Operating cash flow ratio (OCF): OCF ratio measures the liquidity position. Using cash flow as opposed to income or profit is a better measure as it expresses the firms ability to pay its short term debt from the cash generated from its operations. If the ratio is less than 1, it indicates that the firm is not raising enough cash from its operations to meet its short term obligations and may indicate the need to raise additional funds from other sources to pay its debts on time

Balance Sheet and Income Statement

Individual Assignment: Balance Sheet and Income Statement Commentary Publicly traded companies are entities that are allow for the offering of its registered securities. This allows them to become traded over a one stock exchange or over the counter market. This process allows for companies to gauge how much the company is truly worth compared to other companies in the same field or overall. This gives some inherent advantages over some of the privately traded ones such as being able to reach debt markets and the selling of future equity.However, this also takes away from the overall control from the majority of its owners and company founders. There are many different types of companies that fall under this category. They range from anywhere between trucking to retail and anything in between. These companies are traded constantly with their stocks going up and down based on how people feel about the company. The four areas that are focused in this paper are manufacturing, trucking, retail (grocery), and mortgages. AEP Industries Inc. (AEPI) is a manufacturing company that develops ways to package different things.The company prides itself on the plastic is creates and uses for this process. This company is very similar to that of Riordan Manufacturing. Both companies have develop their own plastic materials that are used for different things. According to the Balance Sheet, The shareholders’ equity dipped in 2011 and rose drastically in 2012. This is most likely do to the increase of assets and liabilities. In the Income Statement, the overall gross profit increased from 2011 to 2012 by over 50,000. The net income also almost doubled from 2011 to 2012. Though the trade value of this company’s stock has dropped to . 1 under the profit line, the company has continued to show growth from year to year. AMERCO (UHAL) is a company that specializes in trucking/transporting items across any distance. It gives most of its power to the individuals who hire the company giving them the power to control when and where they are shipping their materials. Overall the company is looking at a profit. It is currently at 1. 67 and rising. The company’s Income statement shows that the company is slowly but steadily continuing its growth. It gained about 100,000 gross profit last year and does not show signs of slowing down.The overall net income came to about 21,000 in one year. The balance sheet also shows that the total assets and liabilities have grown and that it has increased the overall equity of the company for the shareholders. Arden Group Inc. is a holding company that operates seventeen full-service supermarkets in Southern California. The company itself carries both perishable and grocery products. The company is currently lost about 2. 20 today. According the Balance Statement, the assets of the company from 2011 to 2012 dropped by nearly half the amount, the biggest cause seems to be the short term investments.The short term investments in 2011 where 30, 413 and in 2012 it is 1,759. That is nearly 80% in one year. It seems that people have strayed away from this company when it comes to short term investments. This caused the equity of the company to be cut in half. In the Income statement, on the other hand, shows a steady growth of profit. The company is making money even without the short term investments. Nationalstar Mortgage Holdings Inc. is the nation’s leading mortgage service. It offers its supplies directly to the consumers. According to the Balance Sheet, the company has grown leaps and bounds.In 2011, the company was looking at little under 2 million total assets, but in 2012 that number grew to over 7 million. The company is growing drastically and based on the previous 2 years does not seem to be slowing down. The liability and the equity has grown in conjunction with the assets. The Income Statement shows also an impressive increase in net income. The company is growing and making a lot of money with it. The 2011 net income was 20,887. This number ballooned to 205,287 total net income. In conclusion, these four companies are publicly traded and are very successful in their own way.Nationstar has grown the greatest and seems to be able to continue to grow in the mortgage field. Arden and AEP are both growing company possibly going through growing pains and will be able to come out stronger. Finally, AMERCO is a strong company based in the right field and will continue to grow. References AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=AEPI+Balance+Sheet&annual AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/is? s=AEPI+Income+Statement&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/bs? =UHAL+Balance+Sheet&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/is? s=UHAL+Income+Statement&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http ://finance. yahoo. com/q/bs? s=ARDNA+Balance+Sheet&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http://finance. yahoo. com/q/is? s=ARDNA+Income+Statement&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=NSM+Balance+Sheet&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/is? s=NSM+Income+Statement&annual Balance Sheet and Income Statement Individual Assignment: Balance Sheet and Income Statement Commentary Publicly traded companies are entities that are allow for the offering of its registered securities. This allows them to become traded over a one stock exchange or over the counter market. This process allows for companies to gauge how much the company is truly worth compared to other companies in the same field or overall. This gives some inherent advantages over some of the privately traded ones such as being able to reach debt markets and the selling of future equity.However, this also takes away from the overall control from the majority of its owners and company founders. There are many different types of companies that fall under this category. They range from anywhere between trucking to retail and anything in between. These companies are traded constantly with their stocks going up and down based on how people feel about the company. The four areas that are focused in this paper are manufacturing, trucking, retail (grocery), and mortgages. AEP Industries Inc. (AEPI) is a manufacturing company that develops ways to package different things.The company prides itself on the plastic is creates and uses for this process. This company is very similar to that of Riordan Manufacturing. Both companies have develop their own plastic materials that are used for different things. According to the Balance Sheet, The shareholders’ equity dipped in 2011 and rose drastically in 2012. This is most likely do to the increase of assets and liabilities. In the Income Statement, the overall gross profit increased from 2011 to 2012 by over 50,000. The net income also almost doubled from 2011 to 2012. Though the trade value of this company’s stock has dropped to . 1 under the profit line, the company has continued to show growth from year to year. AMERCO (UHAL) is a company that specializes in trucking/transporting items across any distance. It gives most of its power to the individuals who hire the company giving them the power to control when and where they are shipping their materials. Overall the company is looking at a profit. It is currently at 1. 67 and rising. The company’s Income statement shows that the company is slowly but steadily continuing its growth. It gained about 100,000 gross profit last year and does not show signs of slowing down.The overall net income came to about 21,000 in one year. The balance sheet also shows that the total assets and liabilities have grown and that it has increased the overall equity of the company for the shareholders. Arden Group Inc. is a holding company that operates seventeen full-service supermarkets in Southern California. The company itself carries both perishable and grocery products. The company is currently lost about 2. 20 today. According the Balance Statement, the assets of the company from 2011 to 2012 dropped by nearly half the amount, the biggest cause seems to be the short term investments.The short term investments in 2011 where 30, 413 and in 2012 it is 1,759. That is nearly 80% in one year. It seems that people have strayed away from this company when it comes to short term investments. This caused the equity of the company to be cut in half. In the Income statement, on the other hand, shows a steady growth of profit. The company is making money even without the short term investments. Nationalstar Mortgage Holdings Inc. is the nation’s leading mortgage service. It offers its supplies directly to the consumers. According to the Balance Sheet, the company has grown leaps and bounds.In 2011, the company was looking at little under 2 million total assets, but in 2012 that number grew to over 7 million. The company is growing drastically and based on the previous 2 years does not seem to be slowing down. The liability and the equity has grown in conjunction with the assets. The Income Statement shows also an impressive increase in net income. The company is growing and making a lot of money with it. The 2011 net income was 20,887. This number ballooned to 205,287 total net income. In conclusion, these four companies are publicly traded and are very successful in their own way.Nationstar has grown the greatest and seems to be able to continue to grow in the mortgage field. Arden and AEP are both growing company possibly going through growing pains and will be able to come out stronger. Finally, AMERCO is a strong company based in the right field and will continue to grow. References AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=AEPI+Balance+Sheet&annual AEP Industries Inc. (AEPI). (2013). Retrieved from http://finance. yahoo. com/q/is? s=AEPI+Income+Statement&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/bs? =UHAL+Balance+Sheet&annual AMERCO (UHAL). (2013). Retrieved from http://finance. yahoo. com/q/is? s=UHAL+Income+Statement&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http ://finance. yahoo. com/q/bs? s=ARDNA+Balance+Sheet&annual Arden Group Inc. (ARDNA). (2013). Retrieved from http://finance. yahoo. com/q/is? s=ARDNA+Income+Statement&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/bs? s=NSM+Balance+Sheet&annual Nationstar Mortgage Holdings Inc. (NSM). (2013). Retrieved from http://finance. yahoo. com/q/is? s=NSM+Income+Statement&annual

Thorn Queen Chapter Twenty-Eight

â€Å"Oh,† I said lamely, stepping aside so that he could enter. â€Å"I thought you were someone else.† â€Å"Someone in a velvet dress shrieking at the top of her lungs?† he asked. He moved past me in that graceful way of his, and I noticed he was careful to keep a healthy distance between us without being asked, as though he suspected my aversion to touch. â€Å"Something like that.† I shut the door. He shrugged and immediately found the room's wine. â€Å"She won't bother you anymore,† he said, pouring a cup. â€Å"I'm sending her away.† â€Å"Yeah, she told me. You know, I feel kind of bad for her.† â€Å"Stop,† he ordered. â€Å"She's none of your concern. She should have had no expectations about her relationship with me.† â€Å"Yeah, well, she kind of did.† â€Å"Again, one angry person is none of your concern-not with everything else going on.† I grimaced. â€Å"I suppose not, though it sure seems like a lot of people are angry at me-oh. God. I nearly forgot. Do you have Volusian?† Dorian was setting his sword and cloak down. He didn't look happy at the reference. â€Å"Yes†¦I enslaved him to me.† â€Å"Can I†¦can I have him back?† He eyed me. â€Å"Are you sure that's what you want? It'd be better if we banished him together.† I hesitated, recalling Volusian's hands on my throat and knowing what would happen if I ever lost control again. I wouldn't, though. I would stay strong, and I needed him for what was to come. â€Å"Yes,† I said firmly. â€Å"I want him back.† Dorian shrugged. â€Å"Then I'll summon him later. Let's not ruin the moment just yet. He's quite depressing, you know.† Dorian strolled toward the window and bent over, picking up the dress I'd dropped. â€Å"This is lovely.† â€Å"I was going to put it on, but†¦but†¦Ã¢â‚¬  I swallowed and nodded toward the window. â€Å"There's a, um, army out there.† He neatly laid the dress on the chair and glanced out the window. â€Å"Yes. Yes, there is. Yours and mine. Well, part of them.† â€Å"I can't believe this happened.† â€Å"Hiding from them won't make them go away.† â€Å"I kind of hoped it would.† He said nothing but gave me an expectant look. Something about it drew me out, and steeling myself up, I approached the window again, staring out at the wide, sandy stretch in the back of the castle. There were so many more than I'd expected-and this was only allegedly a portion of the soldiers that would be fighting Katrice. My small army in their mismatched attire stood in formation on one side. Dorian's â€Å"reserves† stood beside them, much more sharply dressed in deep green shirts under their leather armor and golden oak emblems. So many†¦and again, still not the whole force. More of his soldiers would join up, and then my numbers would grow when the call went out throughout the land when I went to Highmore-if I went there. â€Å"All of this,† I murmured, â€Å"all of this because of a chain of decisions. Me refusing Leith, him kidnapping me, you†¦Ã¢â‚¬  I couldn't finish the words, but Dorian and I both knew what I'd been about to say. â€Å"Do you regret it?† he asked. â€Å"What I did?† He sounded as cool and confident as ever, but I could have sworn there was a tiny note of fear in his voice-fear that he'd done something I hadn't wanted. Kiyo's words about how I would regret all this came back to me, and I kept wondering if it was really worth it, all these men and women who might die†¦for what? For my honor? My revenge? I could still respond to Katrice's message, tell her I'd marry her nephew and make peace†¦. A knot formed in my stomach, and I knew that wasn't an option. I could never be with anyone in that family, not without thinking of Leith, of his hands and his body. I could never let her or anyone else think I or my people could be pushed around. After all, Leith hadn't just taken advantage of me. Those girls had suffered too. I was the protector of my people. I was the Thorn Queen and the Thorn Land both. An image of Dorian running his sword through Leith returned to my mind. Probably I should have found it gruesome. Instead, it brought me†¦peace. â€Å"No.† I turned and looked straight into Dorian's eyes. â€Å"I don't regret it. I†¦I'm glad you did it.† My voice wavered a little. â€Å"I'm so glad you did it.† His face transformed somewhat, filled with a type of wonder. I think he'd grown so accustomed to my usual style, my human way of being rational and merciful†¦Well, I think he'd been long bracing himself for my wrath. My earlier suspicion about the worry in his voice had been correct. He'd probably expected a reaction similar to when he'd given me the Thorn Land. The look on his face made me flustered and confused. I turned back to the window and admitted, â€Å"But I†¦I'm scared. I don't want to wage a war. I certainly don't know how to.† Dorian came to stand beside me, still careful to maintain a buffer between us. â€Å"It's in your blood,† he said. â€Å"Storm King was the greatest tactician in centuries.† â€Å"I'm not him. I don't want to be like him.† A nasty voice spoke in my head: But you called yourself Storm Queen, according to Kiyo. â€Å"You can inherit his genius without his cruelty,† said Dorian. â€Å"I suppose, but still†¦I still don't know what to do. Will you help me?† We turned to look at each other, and again, his face seemed to be lit from within. â€Å"Of course. You're not the only one Katrice is after. I'm the one who killed the poor bastard, remember?† The light faded from his face a bit at the reference to Leith. He leaned toward me, eyes intense. â€Å"I'd do it a thousand times over, if I could. War or not.† That earnestness in voice, that fierceness-it sent a shiver down my spine. â€Å"You only say that because we haven't gone to war yet. You don't know what's going to happen.† â€Å"Ah, Eugenie. I know. We will be victorious, you and me. We're the strongest monarchs in this world. Katrice knows this but is blinded by her grief and rage. You and I will lead this army, and we will conquer the Rowan Land. We'll split it between us, adding on to our own kingdoms†¦and from there, we can go anywhere. We could rule half this world together-all of this world-you and me. Kingdom after kingdom would fall to us†¦Ã¢â‚¬  I stared him, almost caught up in his vision. The apprehension I'd been holding began to lift as I imagined us destroying her forces and me summoning up storms that made the world tremble. I laughed uneasily, alarmed at the way my thoughts had gone. â€Å"One kingdom's enough,† I said, the human part of me bringing me back to earth. â€Å"You say that now, but I tell you, it's in your blood.† He looked down at me intently, and those rapture-filled eyes seemed to be every shade of green and gold in the world. I fell into them. I felt beautiful in them. Like a goddess. â€Å"Eugenie, you're going to be a warrior queen the likes of which no one has ever seen. Your name will live on when Storm King's has faded to dust. You will lead your armies on-powerful, fearless, and beautiful. Katrice's ‘war' is but a skirmish you'll stamp out underneath your boot.† I had a disorienting moment then, recalling a vision I'd had in the Underworld. My soul had been seeking Kiyo's, but it was Dorian I'd seen in a dream-like state, with the two of us standing on a cliff before armies, both of us radiant and majestic. There'd been a baby in my arms and a crown on my head. I'd never told anyone about that. It had been a test, not a vision of the future. Trying to keep things light with Dorian, I asked, â€Å"And where will you be in all of this? Somehow I don't think you'll be lurking in the shadows.† â€Å"My sweet Eugenie,† he said, back to his flippant, gallant self, â€Å"there you go, always suspecting ulterior motives.† He straightened up, affecting a dignified air. â€Å"I, of course, shall be by your side.† I laughed. Dorian would always be Dorian. â€Å"Sharing in that glory and power, no doubt.† â€Å"A little, certainly.† His mirth vanished, and he grew serious once more. â€Å"But also there to keep you safe. Whatever battles you engage in, whether you choose to conquer this world or simply go back to exorcising ghosts†¦what happened with Leith will never, never happen again. Not while I live. I swear it. I will always keep you safe.† He moved forward but was still careful not to touch me. The vehemence in his voice was so strong, however, that it was practically tangible. â€Å"Always.† My smile was gone. I studied him for a long time and realized I believed him. Kiyo had failed me. Dorian would not. And I realized then that I'd been an idiot to keep trying to push Dorian away. Did I entirely trust his motives? No. I did trust him to protect me, though. I'd realized just before my capture that I loved both him and Kiyo, loved them just as my blood and soul were also split in two. The two halves of my nature would always war with each other. And right now, I didn't need the cautious human half that would rationally seek peace. I needed the part of me that wasn't afraid to unleash all the power I had, to charge forward with no restraints. I needed Dorian right now. It was his love that was going to allow me to be strong and unafraid of what was to come. Slowly, hesitantly, I reached out and caught hold of his hand. It was monumental. I think he knew it was, too. I hadn't been able to stand anyone except my mother touching me these last couple of weeks. I certainly hadn't been able to handle any man doing it. His eyes widened slightly at my contact, and I realized he was holding his breath, afraid for me. I held his hand, feeling its warmth and the long, smooth fingers. There was so much power in connecting with another person, in having physical closeness. With just as much care as I'd used to touch it, I moved his hand to rest on my hip and stepped forward. Dorian swallowed, and for the first time since I'd known him, he looked timid. â€Å"Eugenie-â€Å" I pressed a finger to his lips and then stood on tiptoe to kiss him. His mouth opened instantly to mine, warm and eager. I pushed myself closer to him, but when I put his other arm around me, he pulled back slightly. I could feel and see the desire all over him, but he shook his head. â€Å"No, no†¦it's too soon†¦.† â€Å"I'm the one who says when it's too soon.† I kissed him again, harder, and was surprised at how quickly the lust burned through my body. Despite what I'd just said, I had believed until this moment that I would never want another man. But being near Dorian, feeling that electricity and power crackle between us†¦it brought forth all the old desire I'd been fighting recently, the desire that had nearly made me give in to him in that little village, back when I'd still been committed to Kiyo†¦ But I had no such commitments now. He returned my kiss with equal intensity, his hands running along my hips. The passion was seizing him, he was starting to lose himself in it. Then, like before, some reasonable part of him slapped him to attention one more time. I think the world would have been shocked to know the Oak King had such a conscience. He broke away again, but this time, I didn't let him speak. â€Å"Do you want my most recent time to be with him?† I demanded. â€Å"Do you want Leith to be the memory I carry with me of the last time I had sex?† My fingers moved to the buttons of my short-sleeved cotton shirt and unfastened them all. Catching hold of his hands, I brought them toward my chest, spreading the shirt apart and making him touch my breasts. I'd gone braless today, and his hands felt warm where they stroked my bare skin. â€Å"Make this my memory,† I said huskily, with a bit more command in my voice than I'd intended. â€Å"Make it good. Make this be what I think of when I think of sex. Finish what you started that day†¦.† His hands no longer needed my urging. He cupped my breasts, fingers dancing around my nipples. At the same time, he pushed me toward the bed, laying me out on my back. His mouth crushed me with its kiss, and then his lips moved down my neck and to my breasts, taking one of my nipples in his mouth. He sucked gently at first, tongue darting back and forth, but then his lips grew more urgent. His teeth nipped at me while his hands deftly slid my jeans off. After they were on the floor, he sat up a moment, surveying me and all the bare skin before him. Not having him touch me was agony, and I reached up, unfastening the bejeweled belt and his pants. He backed off the bed, standing up so that he could push his pants down the rest of the way. His shirt came off next, and then he stood there naked before me for my inspection, the perfect, marble god he'd been once before. Looking over the leanness of his muscles, how strong and hard he was, I felt my own body respond urgently. I'd complained to Kiyo before about foreplay, but right now, I wanted none with Dorian-though I had no doubt he would have given me hours of it, armies be damned. â€Å"Don't wait,† I begged him as I pushed my panties down over my hips. â€Å"Don't wait.† He caught hold of the panties and pulled them the rest of the way. I thought he'd join me on the bed, but instead he remained standing. He caught hold of my ankles and pulled me toward him until my ass just rested on the bed's edge. Still holding my ankles, he brought my legs up so they were nearly straight in the air, almost leaning on his shoulders. Then he leaned forward and pushed into me, moaning at the warmth and wetness he found there. I threw my hands over my head, arching my body up and watching as he thrust back and forth. His eyes were on me too, taking in every part of me. There was something special about sex in the daylight, particularly with him standing over me like that so we could both fully see each other. There was no hiding. Everything was exposed. Vulnerable. It's easy to feel insecure in such moments, but I didn't, not with the way he looked at me, not with just lust-but with awe and adoration too. He buried himself in me over and over, hard and forceful without being painful. It was such a lifetime away from what had taken place at Art's house that I realized nothing there could even be considered sex. Having Dorian in me felt good and right. My body was brimming with need, and he felt like fire where he moved between my thighs. That heat intensified within me, and I felt a spark of aching pleasure grow stronger and stronger, fueled with each thrust. I cried out, feeling my body on the verge of orgasm, and when it came, it was like an explosion of me, of the world†¦pure ecstasy and elation bursting from between my thighs to the tips of my fingers and toes. He set my legs back flat on the bed and then lay on top of me, never breaking stride. If anything, he pumped more forcefully, nearing his own climax. That glorious hair rained down on my face, and I wrapped my arms around his neck, tangling my fingers in the silken strands. His own arms wrapped around my body, encircling me like a cocoon as his hips moved harder and harder. Then, he exclaimed loudly, words that had no real form, and pressed his face against my neck as he came, his body spilling into mine. I held him close as he breathed heavily against my neck, his heart racing. Minutes passed, and his body finally calmed, though I continued to hold him. Finally, without breaking from my embrace, he lifted his head and brushed the hair from my face. â€Å"I told you, Eugenie. I told you the world would be reborn when we were together. It will be reborn, and we will conquer it all†¦.† I brushed his lips with my fingers. â€Å"Don't get carried away. We're just settling a grudge here.† The look in his eyes told me he believed a lot more would come of that, but he wisely said nothing. Rolling over, he settled beside me on the covers, and we both lay there, our fingers interlaced. â€Å"I suppose,† I said at last, â€Å"I should go talk to all those people out there, seeing as they're going to risk their lives for my honor.† â€Å"It's more than just your honor,† he said. â€Å"It's the land's too. You are the land, and when they see you, they will gladly fight for you.† I sat up, my eyes falling on the silk dress. â€Å"I guess I've got to play the part. Too bad there's no crown.† Dorian sat up as well. â€Å"Isn't there?† He walked over to the table he'd set his sword and cloak upon when entering. I'd been too distraught to notice at the time, but there was a small cloth-wrapped bundle there too. He brought it over to me, and I found myself holding my breath. I suddenly knew what it was, and I was afraid. â€Å"What's wrong?† he asked when he held it out to me and I didn't take it. â€Å"I†¦I had a dream†¦.† I couldn't explain that vision from the Underworld to him, that one where we'd stood on the hill together. When we had, I'd accepted Storm King's crown-or, well, a feminine version of it-and that's when I'd found myself looking down upon all those soldiers waiting to fight for me. â€Å"What kind of dream?† â€Å"It's hard to explain.† Not waiting for me, Dorian unwrapped the bundle himself. My heart lurched as I braced myself to see it again, an elaborate work of platinum, laden with diamonds and amethysts†¦ But it wasn't. The crown he held was gold and very, very delicate. I hesitantly took it and studied the fine details of it. There were little roses etched into it-roses with lots of thorns. Tiny emeralds-nothing too overwhelming-were scattered amongst the golden leaves. It didn't resemble Storm King's crown at all. â€Å"This is Girard's work,† I said with certainty. â€Å"It is,† Dorian agreed, running a finger down my bare arm. He seemed relieved that I had taken the crown. â€Å"You aren't the only one who can commission projects.† â€Å"But he works for Katrice.† â€Å"Not anymore. Remember that day you met him? I told you then he was an opportunist. He's rolled the dice and decided we're the side to align with-which, of course, we are. He'll come in very handy for weapons, I think.† My eyes were still on the crown and its beauty. I couldn't explain how relieved I was that it was nothing like the crown from the vision. Hesitantly, I lifted it and rested it on top of my head. I looked to Dorian for confirmation. â€Å"What do you think?† He smiled, reaching out to straighten it and arrange my hair slightly. â€Å"Go see for yourself.† Climbing out of bed, I walked over to the full-length mirror and surveyed myself. I was still naked, all that pale skin contrasting with the red of my hair and the glitter of the crown. My hair didn't have the blond that Jasmine's did, but it had the occasional gold highlight, and the crown made those locks gleam as they rested just past my shoulders. The emeralds were subtle, not gaudy, but vivid enough to further set off my hair and eyes. â€Å"So what do you think?† Dorian asked. I glanced over at him, still sprawled on the bed and watching me with amusement. I turned back to the mirror, studying my naked, crowned self. I smiled. â€Å"I think it looks good on me.†

Which Degree Is Right for You

There are many different types of degrees out there. Determining the one that is right for you depends on what you want to do with your education. Certain degrees are required for some jobs—medical degrees, for example. Others are more general. A Master’s Degree in Business (MBA) is a degree that is useful in many, many fields. A Bachelor of Arts degree in almost any discipline will help you get a better job. They tell the world and future employers that you have a well-rounded education. And some people choose to earn degrees that are for their own personal edification, or because they have a passion for a certain topic or discipline. Some doctorates of philosophy (Ph.D.) fall in this category. The emphasis here is on the some. So what are your choices? There are certificates, licenses, undergraduate degrees, and graduate degrees, sometimes referred to as post-graduate degrees. We’ll take a look at each category. Certificates and Licenses Professional certification and licensing, in some fields, is the same thing. In others, it is not, and you’ll find it’s the topic of heated controversy in certain areas. The variables are too numerous to mention in this article, so make sure to research your particular field and understand which one you need, a certificate or a license. You can do this by searching the Internet, visiting your local library or university, or asking a professional in the field. In general, certificates and licenses take about two years to earn and tell potential employers and customers that you know what you’re doing. When you hire an electrician, for example, you want to know that they are licensed and that the work they do for you will be correct, to code, and safe. Undergraduate degrees The term undergraduate encompasses those degrees you earn after a high school diploma or GED credential and before a Masters or Doctoral Degree. It is sometimes referred to as post-secondary. Classes can be taken at any of the many different kinds of colleges and universities, including online universities. There are two general types of undergraduate degrees; Associate’s Degrees and Bachelor’s Degrees. Associate’s Degrees are usually earned in two years, often at a community or vocational college, and generally require 60 credits. Programs will vary. Students who earn an Associate’s Degree sometimes do so to determine if the path they’ve chosen is correct for them. Credits can cost less and are usually transferable to a four-year college if the student chooses to continue their education. Associate of Arts (AA) is a liberal arts program that includes studies in languages, math, science, social science, and the humanities. The major area of study is often expressed as â€Å"an Associate of Arts Degree in English,† or Communication or whatever the students area of study may be. Associate of Sciences (AS) is also a liberal arts program with a greater emphasis on math and sciences. The major area of study is expressed here in the same way, â€Å"Associate of Science in Nursing.† Associate of Applied Science (AAS) puts more emphasis on a particular career path. The credits are generally not transferable to four-year colleges, but the associate will be well-prepared for entry-level employment in their chosen field. The career is expressed here as, â€Å"Associate of Applied Science in Interior Decorating.† Bachelor’s Degrees are earned in four, and sometimes five, years, usually at a college or university, including online universities. Bachelor of Arts (BA) focuses on critical thinking and communication in a wide variety of liberal arts areas, including languages, math, science, social science, and the humanities. Majors may be in subjects such as History, English, Sociology, Philosophy, or Religion, although there are many others. Bachelor of Science (BS) focuses on critical thinking, too, with an emphasis on sciences such as technology and medicine. Majors may be in Physics, Chemistry, Biology, Nursing, Economics, or Mechanical Engineering, although, again, there are many others. Graduate Degrees There are two general types of postgraduate degrees, referred to as graduate degrees: Masters Degrees and Doctorates. Master’s Degrees are usually earned in one or more years depending on the field of study. They are generally sought to improve a person’s expertise in their given field, and usually, earn the graduate a higher income. A few types of Master’s Degrees:Master of Arts (MA)Master of Sciences (MS)Master of Fine Arts (MFA)Doctorates generally take three or more years depending on the field of study. There are professional doctorates, a few of which are:Doctor of Medicine (MD)Doctor of Veterinary Medicine (DVM)Doctor of Jurisprudence (JD) or Law There are also research doctorates, known as Doctor of Philosophy (PhD), and honorary doctorates, awarded in recognition of a significant contribution to a field.