The Intellect Industry: Profiting and Learning from Professional Services Firms Review

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The Intellect Industry: Profiting and Learning from Professional Services Firms ReviewThis was just the book I was looking for. You'll find it most useful, if, like me, you're a relatively recent college graduate looking to understand the financial aspects of that hot new PSF that you've started working for. What makes it tick? Why do I have to fill out a friggin' time sheet every friggin' week? Answers to burning questions like those await you.
You'll also find it most useful if you have some accounting or financial analyst background, because it does get into the P&L and balance sheet equations a bit, and generally assumes that you know what it's talking about.
I have had an accounting class or three (I'm in the process of taking the CFA), but even so, I found myself wondering if i'd bother reading the book every time I hit one of the accounting bits, which I found to be the low points.
The most successful parts of this book were the areas in which the author discusses the tradeoffs between the "Creeping Minority" and "Earn-out" methods of acquiring a PSF; lays out the pros and cons of being a product or sector-focused PSF; and the writing on the underlying economics of a PSF, including the bit on organizational structure, utilization and charge-out rates.
And mostly, Scott writes about all of this in an unadorned, easily-understood style. Excellent reading -- but only dead authors earn five stars from me.The Intellect Industry: Profiting and Learning from Professional Services Firms Overview

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