FOR IMMEDIATE RELEASE                                  98-97

 Chief Accountant is Seeking Candidates for Two Professional
                 Accounting Fellow Positions

     Washington, D.C., October 5, 1998 -- The Securities and
Exchange Commission's Office of the Chief Accountant
announced that it is now accepting applications for two
Professional Accounting Fellow positions in the Office of
the Chief Accountant.  This highly successful program, begun
in 1972, is designed to provide outstanding opportunities
for personal development and career enhancement.  During
their two year term, Fellows work directly with the Chief
Accountant, and are involved in the study and development of
rule proposals under the Federal securities laws, liaison
with professional accounting standard-setting bodies, and
consultation with registrants on accounting and reporting
matters.  Of  the two Fellows who will be selected in early
1999, the Chief Accountant would like to select one
individual with both a background in accounting for
financial instruments and experience with financial
institutions.  In addition, familiarity with accounting for
consolidations, business combinations, and other forms of
business alliances enhances an applicant's qualifications.

     Applicants should have a minimum of nine to ten years'
experience in public accounting or its equivalent, with at
least three to four years as a manager.  They should be
thoroughly familiar with technical accounting and auditing
literature as well as with current issues confronting the
profession.

     Applicants are required to submit background
information and an eight to twelve page essay on a current
accounting or auditing issue in one of the following topical
areas:

1.  Earnings management (including the accounting and/or
    auditing of restructuring charges, asset impairments and
    future loss accruals),

2.  Revenue recognition,

3.  Auditor independence,

4.  Accounting and/or auditing issues associated with
    implementation of International Accounting Standards, or

5.  Implications of financial engineering of transactions
    under Financial Accounting Standards Board (FASB)
    Statements No. 125 and 133.

     Applicants must submit a resume or a completed Standard
Form 171, "Personnel Qualification Statement," and should
include at least two letters of recommendation from non-
relatives.  Applications must be submitted by December 31.
Application procedures are available from the Office of the
Chief Accountant, U.S. Securities and Exchange Commission,
Mail Stop 11-3, 450 Fifth Street, N.W., Washington, D.C.
20549.  Inquiries should be addressed to Eric W. Casey in
the Office of the Chief Accountant at (202) 942-4400.

     The Commission's policy of affording equal employment
opportunity to all interested candidates will be followed.

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