USC Leventhal Art In The NEWS Accounting USC ELAINE AND KENNETH .

USC Leventhal NEWSBRAUNEGG, CONTINUED FROM PAGE 3Diversity asa PriorityProf. George Braunegg MBA ’79has made outreach a mission,in honor of the professor whofirst brought him to USCIn addition to teaching, accounting and urban beekeeping,Associate Professor of the Practice George Braunegg’s otherpassion is outreach aimed at increasing diversity in businessschools and the profession. Through his work with Volunteersof America, Los Angeles (VOALA) and Upward Bound, as well asthe Leventhal Leadership Program and recently relaunched USCchapter of the National Association for Black Accountants (NABA),Braunegg has plenty of outlets for making a difference where it issorely needed.Just like he views teaching at USC as a form of giving back for hisown education, he sees his work with Upward Bound as a way ofgiving back to Dr. Joe Cramer, the USC professor responsible forrecruiting Braunegg for his MBA, helping him acquire a muchneeded assistantship and giving him a place to stay in L.A. when hevisited the University. Cramer was an African American accountingprofessor whom Braunegg met when Cramer was visiting hisundergraduate school, Indiana University of Pennsylvania, as aprofessor and Arthur Andersen Faculty Fellow from Penn State. Hedied in the late 1980s.“Last year, Professors Helen Brown-Liburd of Rutgers Universityand Jennifer R. Joe of the University of Delaware determinedthat in 2020 there were just 211 Black faculty members teachingaccounting at the nation’s business schools,” Braunegg said. “Giventhat statistic, Professor Cramer had to have been one of just ahandful of Black professors in the world.”Braunegg began his outeach efforts 27 years ago, when he joinedthe Board of VOALA, a nonprofit with programs addressing drugand alcohol recovery and rehabilitation, prison re-entry, gangintervention and sex trafficking prevention and supporting theneeds of disadvantaged veterans, senior citizens, youth (early headstart and head start), the homeless and high school students. “Thebreadth of constituencies served by VOALA is truly extraordinary,”Braunegg said. “I believe that VOALA is the best-run, least-knownnot-for-profit in Los Angeles.”In the case of high school students, VOALA is the largest provider ofUpward Bound programs in L.A. County. Upward Bound is a federalprogram focused on preparing first-generation students frominner-city schools for admission to four-year universities. Most ofthe students in the program are Hispanic and African American.Over the years, the younger associates in Braunegg’s firm wouldtutor Upward Bound students, develop programming and serveas mentors. One Saturday, three recently hired undergraduatesfrom his firm led a session exploring “What is college really like?”Braunegg went around the room of 60 students asking, “What areyou planning on studying in college?”“One woman said business. All the rest were considering socialservices, art, fashion, teaching or health care. None of them saidaccounting, engineering, architecture, pharmacy, medicine, ordentistry,” Braunegg said. “When I asked the executive directorabout the situation, she said, ‘George, they don’t know anyaccountants or engineers.’ The light bulb went off.” (see sidebar)Outreach at LeventhalBased on what he’d learned about underrepresented students nothaving role models, Braunegg revamped his efforts.“When I got to Leventhal, I decided I was going to take USCstudents that looked similar to Upward Bound students out to thevarious high schools,” he said. “I’ve got to tell you, the first time atCrenshaw High School was magical. It was a completely differentexperience than when I was there with young people from my firmwho were White and Asian.”The USC students shared how they had been in the shoes of thehigh schoolers only a year and a half earlier. They had appliedthemselves and gotten accepted at USC. It was possible.“That message resonated with these high schoolers,” Brauneggsaid. “You could see them starting to think for the first time, ‘MaybeI can get into a high-quality university like USC.’”“We have no idea of the enormous hurdles kids in Upward Boundprograms face,” he added.One of the kids in the session asked the USC students, “Do yourparents support you going to college? My parents don’t want me togo to college.”When another student asked, “What does it cost to go to USC?,”Braunegg interjected. “Let me ask your question to each of theUSC students another way. How much are you paying to go toUSC?” he said. “One hundred percent of them were on either a fullscholarship or some form of financial aid which cost them nothing.”This fall two students from Crenshaw were admitted to USC: oneto Marshall and another to USC’s film school. “I’m doing my bestto persuade the young man admitted to Marshall to seriouslyconsider a dual Marshall/Leventhal degree,” Braunegg said.Braunegg’s belief that making an impact is doneone by one matches the mission of Leventhal’soutreach program, the Leventhal LeadershipProgram, which takes a highly individualizedapproach to making community college studentsaware of the potential of earning an accountingor business degree. “Leventhal’s outreach issomething that I am committed to, and DeanHolder has been very supportive,” he said. “Mygoal is to expand the students that I bring fromUSC to the Upward Bound programs to makehigh school students aware of college majorsand careers in engineering, architecture andpharmacy.”Diversity in theAccountingProfessionAfter an Upward Bound session, Prof.Braunegg did the research. “What Ilearned was shocking,” he said. It firedup his passion for outreach even more. Of the roughly 654,000 CPAs in theUnited States, the National Associationof Black Accountants estimates thatonly 5,000 are African American.While there are more Hispanic CPAs,the percentage is still substantiallybelow the percentage of Hispanics inthe general population. The first CPA examination wasconducted in 1896, but the first AfricanAmerican didn’t become a CPA until1921. There were laws back then thatyou couldn’t take the exam withoutexperience. That prevented AfricanAmericans from taking the exambecause no one would hire them.Fortunately, in 1921, New Hampshirepassed a law eliminating theexperience requirement. It took until 1965 — 44 years —before the 100th African Americanbecame a CPA.Cramer responded, ‘Absolutely, on one condition. You also have to apply to USC.’Fantastic!In late February of 1979, I learned that I was accepted by Penn State. A week ortwo later over spring break, I got a call from Professor Cramer. He said, ‘Nextweek you’re going to get an acceptance letter from USC.’ While I still plannedon attending Penn State, out of curiosity, I asked, ‘How much does it cost to goto USC?’ When he told me, I literally just started laughing. The figure was so farbeyond what I could possibly afford. I was a first-generation college student. Myfather was a steel worker. The most money he made in a year was 30,000, andthat year we never saw him because he worked so much overtime. I then toldProfessor Cramer, ‘Thank you so much for all you’ve done for me, but there is noway I can afford USC.’ In response he said, ‘Can you come out to L.A. next week?’I can still remember putting my hand over the phone and saying, ‘Dad, can I go toLos Angeles next week?’ In response he said, ‘Let’s see how much it will cost.’ TheAirline Deregulation Act was signed by Jimmy Carter in October of 1978, and asa result plane ticket prices plummeted. I can still remember the price: round tripPittsburgh to Los Angeles was 180.So I flew from Pittsburgh to L.A. in March of 1979. Can you believe it? ProfessorCramer let me stay at his house. He introduced me to Professor Doyle Williams,head of SC’s Accounting Department. Professor Williams said, ‘We’d love tohave you here at USC. We’ll give you a full scholarship in the form of a teachingassistantship. Are you willing to come to USC?’ I responded ‘Absolutely!’While I didn’t get a chance to work with Professor Cramer as a teaching assistant,I did have the incredible opportunity to work with iconic professors like AndyMosich, Jerry Arnold, and Dean Bill Holder. So that’s how I got to USC. All becauseof the kindness of one individual that I met during a one-hour lunch that took achance on me.Why did you want to transition to academia?I never lost the connection to SC since I was an MBA student back in 1979. WhenI arrived on campus, it was Dean Holder’s first semester on campus as well. I waslucky enough to be his teaching assistant in 1979 for Introduction to Accounting,and we’ve remained good friends ever since. In those days, TAs would teach Fridaylabs. I enjoyed teaching at that level and always thought it would be great to teachundergraduate accounting when I retired.How did you start as an adjunct?In the fall of 2017, my partners and I sold the management consulting firm westarted in 1986. Shortly thereafter, Professor Pat Kinsella, an old friend from myKPMG days, asked me if I’d be interested in teaching Mergers and AcquisitionsAccounting in the graduate school so that he could teach an auditing class offeredto him by Professor John Owens. I agreed to do so, and I started teaching thatone class in the fall of 2018. Toward the end of the semester, I was asked to teachManagerial Accounting in the undergrad program. This evolved into teaching threeclasses a semester as an adjunct professor. Then in the spring of 2021 when a fulltime faculty position was posted, I applied for it.What do you love about teaching at USC Leventhal?No question about it, it’s the interaction with the students. Working with them ona day-to-day basis, understanding what’s concerning them, how they’re viewingthe future and discussing their plans is fantastic. I thoroughly enjoy helping themBRAUNEGG, CONTINUED ON PAGE 645

USC Leventhal NEWSMichael C. Paranal MBT ’06Joins FacultyBRAUNEGG, CONTINUED FROM PAGE 5translate what we are discussing in the classroom to how it isapplied in the real world. I try to do that by giving them examplesof how I’ve used what they just read about in practical businesssituations to solve business problems. As I share an example frommy consulting experience, it’s almost as if I can see light bulbs goingoff above their heads when they get it.It’s also a way to stay involved with young people, learn from themand give them a perspective on what they’re going to encounterwhen they get out there. I firmly believe that the undergraduatecourse that I teach, Introduction to Managerial Accounting, isthe most important Marshall undergraduate class that they aregoing to take. The concepts, skills, tools and knowledge related todata-driven decision making that they are exposed to in 281 areessential in business and one’s daily financial life. I used the things Iteach in 281 on a daily basis throughout my consulting career, bothsupporting clients as well as working with my partners to run ourfirm.Can you talk about your approach to teaching accounting?I try to get them to look at the material in a different way — asopposed to asking students to learn formulas or techniques, I tryto give them a clear line of sight into how practically it can be used,both in their future business careers as well as in their personallives. Some of these concepts around opportunity costs, budgeting,working capital, etc. are as applicable personally as they are ifyou’re trying to manage a business.No doubt, the language of business is accounting. Now thatdoesn’t mean that you can’t be successful without being fluent inaccounting, but if you are there is no question that you have a legup. But let’s face it, accountants have a reputation of being ‘boring.’I make fun of us all the time. At the end of each class, I have anaccounting joke of the day. They’re usually self-deprecating. Here’sone: ‘What did the accountant’s spouse say when she/he couldn’tfall asleep? Honey, tell me about your work.’ Students typicallygroan. However, it’s been my experience that most accountantsdon’t fit the stereotype.I try to make students aware that public accounting or managementconsulting is a great way to make a living. I point out that over thecourse of my career I had an opportunity to look under the coversat literally hundreds of businesses at a chromosomal level. I makestudents aware that as a management consultant or a publicaccountant they too could work with companies in a wide rangeof industries, having different cultures, utilizing different businessmodels, experiencing different levels of success, etc.Finally, I try to make students aware of the importance of riskmanagement in business. A big part of what my firm did in thelast few years was all around risk management and regulatorycompliance. It became a huge focus in financial services asthe regulators clamped down on anti-money laundering andenforcement of the Bank Secrecy Act in response to nefariousactivities of organized criminals, foreign governments as well asbad actors or terrorist organizations around the world. Specifically,I point to Leventhal and Marshall’s Risk Management Program as afantastic opportunity to gain some insight. Professor Kristen Jaconihas done an absolutely terrific job establishing that program.What are your hobbies or interests?Well, how about something random . I am an urban beekeeper.My dad kept bees when I was a kid, but stopped probably when Iwas 8 or 9. I have very fond memories of the experience workingwith my dad with the hives. Honey bees fascinated me. They stilldo.Until 2015, it was illegal to raise bees in the city of L.A. In 2015,my next-door neighbor’s boyfriend, a 95-year-old retired doctor,suggested that we raise some bees together. We formed aninformal partnership called “Beekeeping Buddies.” I do a lot ofhoney bee rescues. People call me when there are swarms intheir yard or bees have taken up residence in irrigation boxes,walls or walls of houses. Right now, we have 20 hives in backyardsthroughout Ladera Heights, View Park and Westchester. Last yearI put two hives at Los Angeles County’s Stone View Nature Center,across La Cienega from Kenneth Hahn Park.This year I submitted a grant request to the Baldwin HillsConservancy with a not-for-profit called Honeylove.org and wasawarded 19,000 to build a honeybee apiary on County landadjacent to Stoneview Nature Center by the oil fields. So, we’regoing to be starting that apiary and holding educational classes atthe Nature Center. Beekeeping is becoming more popular becausethe bees are in trouble.Other than beekeeping, I like to fool around with cars andwoodworking. I’ve got a warehouse that I use as a woodshop,garage and place I can go to stay out of my wife’s hair.Michael ParanalJD MBA MBT CPAParanal earned a BSin accounting at theUniversity of Missouri,an MBT at Leventhal,a Post Graduatedegree in InternationalTransactional Law fromOxford, and a JDMBAat the University ofPennsylvania and theWharton School.He began his career as a senior associate at Deloitte ininternational tax and transfer pricing, and then spent twoyears as an honors program fellow in law at the Securitiesand Exchange Commission in the division of enforcementin Washington, D.C. He was an associate attorney incorporate finance with Latham and Watkins in New Yorkand London before taking a job with the European CentralBank as legal counsel in the finance division. Now, heis director of advisory in the U.S. for Unibail-RodamcoWestfield.Michael C. Paranal MBT ’06 is a firm believer in lifelong learning.His Filipino parents stressed the importance of not only educationbut also finding what you love to do. As a result, he earned fivedegrees and has enjoyed a varied, as well as international, career.He brings that wealth of education and experience to his new roleas assistant professor of clinical accounting at USC Leventhal.You were not only an MBT grad, but the classrepresentative and the commencement speaker. Do youremember what you talked about at commencement?Everyone knows that the Leventhal School is one of the topaccounting schools in the world. So, I knew coming into it that itwas going to be challenging and competitive. But what I didn’texpect, and what I was pleasantly surprised with, was that itdidn’t feel like I was competing with everyone else in my class.The camaraderie and the support of the people in the programfelt like we were all summiting the same mountain. We were tryingto accomplish the goal, which is to graduate, together and pushourselves to be the best version of ourselves. That is what I spokeabout during my commencement speech — the shared experienceand challenges of what it is like to be in a top program, taught bythought leaders and experts in the field, and trying to perform yourbest. You feel like you are really part of a family, instead of being onyour own and trying to survive.How did you become an adjunct professor in 2019?I’ve always wanted to teach. I come from a long line of educatorsin my family. My dad, brother and sisters have been, at variouspoints in their careers, professors. While I’m a young professionaland experiencing what it is like to work in the real world, I wantto parlay that into sharing it with students. I have a very strongmentorship relationship with Professor [of Clinical AccountingPatricia] Mills. At one point before I moved to Europe, I was naggingher: “If you need someone to guest lecture, I’d be very happy.”When she became vice dean for teaching and innovation, shereached out to me. I had just come back from Europe, and sheneeded someone to teach a class. So, that is the beauty of makingsure you nurture your relationships while in school, not only withyour classmates, but with your professors, because they can opendoors for you in the future, whether it is in academia or otherwise.This is the beauty of the Trojan Family, right?So, then there was a full-time opening?Yes, one of the pillars of the academy was retiring, and they had anopening. I kid you not, I saw the opening on my phone right afterit was posted. I was out running, and when I saw it, I went

USC ELAINE AND KENNETH LEVENTHAL SCHOOL OF ACCOUNTING UNIVERSITY OF SOUTHERN CALIFORNIA SPRING 2022 Art in the Accounting Building SEE STORY ON PAGE 15 PHOTO CREDIT: PHOTOS COURTESY OF USC ROSKI/JON WINGO PROF. THOMAS RYAN Thoughts on Retirement Thomas Ryan, professor of the practice since 2014, started as an adjunct with USC Leventhal in 2011.