Jack T. Ciesielski, CFA, CPA

President & Portfolio Manager

Jack T. Ciesielski, founder of R.G. Associates, Inc., acts as the Firm’s investment manager. Mr. Ciesielski is the publisher of The Analyst’s Accounting Observer, an accounting research service for security analysts. He is widely quoted in the business press on issues related to accounting and financial reporting. The Wall Street Journal, the New York Times, Fortune, Forbes and Barron’s have frequently cited him as a source. He occasionally contributes to the Barron’s editorial page.


Mr. Ciesielski graduated from Loyola University, Maryland with a Bachelor of Arts degree in 1976. He also completed his degree of Master of Science in Finance in 1984 from Loyola University, Maryland. He has been a Certified Public Accountant since 1978, and a Chartered Financial Analyst since 1988. Before founding R.G. Associates, Inc. in 1992, he spent nearly seven years as a security analyst with the Legg Mason Value Trust. Prior to joining Legg Mason, he held various positions in the accounting profession as an auditor and as an educator.


Mr. Ciesielski has served as a member of the Financial Accounting Standards Advisory Council, (FASAC) - the advisory body that consults with the Financial Accounting Standards Board (FASB) on practice issues and agenda setting. He is also a member of the American Institute of Certified Public Accountants and served on that body’s SEC Regulations Committee from 1992 to 1995, with subsequent terms from 2002 to 2008 and from 2010 to 2012. He is the first security analyst to be named a member of the FASB’s Emerging Issues Task Force, from 2003 until March, 2008, and the first security analyst to be named a member of the AICPA’s Accounting Standards Executive Committee, from 1998 to 2001. From 2007 through 2011, he was a member of FASB’s Investors Technical Advisory Committee, which advised the FASB on the information needs of investors. As a member of the CFA Institute, he served on their Financial Accounting Policy Committee from 1993 to 1996, while filling the role of Vice-Chairman from 1994 to 1996. He currently serves as a member of the CFA Institute’s Corporate Disclosure Policy Committee, joining in 2012. As a member of the Maryland Association of CPAs, Mr. Ciesielski has served as the Chairman of their Accounting Standards Committee from 1993 to 1995, and also served on the board of directors. He is also a long-standing member of the Baltimore CFA Society.


Jack Ciesielski, CPA, CFA

R.G. Associates, Inc.

1510 Pinnacle Road

Towson, MD 21286

Phone: 443-977-4370

E-mail: jciesielski@accountingobserver.com