The FASB is responsible for establishing accounting standards for organizations operating in the United States. During his one-year internship, Cahill will be involved in the process of setting accounting standards and gain an in-depth understanding of the roles played by preparers, auditors and users of financial information.
His duties will include analyzing published research, preparing memoranda on technical issues for FASB board members, drafting due process documents and evaluating standard-setting proposals from other organizations.
To be selected, candidates must be nominated by an accountancy faculty member and also supported by the department chair. They must have an outstanding academic record, strong oral and written communications skills and have completed course work that provides a thorough knowledge of accounting theory and practice.
Cahill meets all of those criteria, Young said.
“This is a significant recognition for Mike. As far as I know, Mike is the first NIU accountancy graduate to land one of these internships, and we are extremely proud of his accomplishment. His intelligence, skills and hard work really paid off.”
Cahill, of Downers Grove, graduated summa cum laude in December of 2012 with a B.S. in accountancy and earned his master’s degree in accountancy one year later. While at NIU, he worked internships at John Hancock Financial Services, BMO Harris Bank and Ernst & Young. He currently works at Ernst & Young in its Transaction Advisory Services practice.
Upon his acceptance to NIU, Cahill was the recipient of the NIU Executive Club Young Professionals Network scholarship. He then benefited from two years of mentorship from NIU College of Business alum Brian Gillet, who helped Cahill get acclimated to the NIU College of Business and build a network of alumni. Faculty in the accountancy program were also a great help to him.
“The accountancy faculty at NIU are among the best in the nation, and I could not have earned this position at FASB without their assistance,” Cahill said. “They were always willing to help and were instrumental in helping me earn this opportunity.”
The internship begins in June, and Cahill is excited for the work to start.
“I am looking forward to working with some of the best and brightest minds in accounting. I plan to continue to work hard and learn as much as possible during my time at the FASB,” Cahill said. “There is so much going on at the FASB, and I plan to get involved and take advantage of every learning opportunity that I can during my year there.”