Steve Jobs, adulated gadget hero, was feeling underappreciated not too long ago.

Steve Jobs, the man rolling out iPods, iPhones and cool computers to millions of adoring customers, once felt he wasn't getting enough respect--from his own board of directors. That, at least, was what he told the Securities & Exchange Commission while explaining his actions in the Apple option-backdating scandal that broke in 2006. The scandal, which was part of what caused Apple then to take an $84 million earnings writedown, raised questions about whether Jobs had helped set advantageous grant dates for options for himself and other executives.

The secretive Jobs, 54, who was treated in 2004 for pancreatic cancer, has been out since January on a medical leave originally attributed to a hormone imbalance. Questions about his health and ability to return full-time--in June, Apple ( AAPL - news - people ) says--occasion much Silicon Valley gossip, especially among investors who consider him the main reason for the company's 1,000% stock rise since 2001.

sec lawyers grilled Jobs last year as part of a backdating lawsuit against Nancy R. Heinen, Apple's ex-general counsel and Jobs' longtime colleague. Without admitting anything, she paid $2.2 million to settle charges that she had backdated option grants for Jobs, herself and others, and ginned up bogus paperwork to hide the backdating, including minutes of a nonexistent Apple board meeting.

After a Freedom of Information Act battle, this magazine got a copy of Jobs' sworn examination. (Although Jobs and Apple were part of a separate shareholders derivative suit settled for $14 million, both avoided litigation.) The 119-page deposition, taken on Mar. 18, 2008 at Apple's Cupertino, California headquarters, offers a rare look at Jobs.

At some point in 2001 Jobs went to his board and asked for a big option grant. In the deposition Jobs said he had simply wanted a pat on the back. "It wasn't so much about the money," The Forbes 400 member told an sec lawyer. "Everybody likes to be recognized by his peers. … I felt that the board wasn't really doing the same with me." With all of his prior stock options underwater from the dot-com bust, "I just felt like there is nobody looking out for me here, you know. … So I wanted them to do something, and so we talked about it. … I thought I was doing a pretty good job."

Wouldn't it have been nice, he was thinking, if the board had come to him and said, "'Steve, we got this new grant for you,' without me having to suggest anything or be involved in anything or negotiate anything. … It would have made me feel better at the time."

Jobs testified that the board had approved an option on 7.5 million shares at an August 2001 meeting, when the share price was $17.83, but that he had continued to argue with directors about whether the options should vest immediately or over a staggered schedule. The debate helped cause Apple to miss deadlines for filing notifications with the sec and its own auditors.

On Dec. 18, 2001, according to the sec, Jobs and the Apple board finalized the terms of the grant to Jobs. Apple's price (not adjusted for subsequent splits) was now $21.01, but, the sec said, the grant was backdated to Oct. 19, when the share price was $18.30. The earlier date put him $20 million ahead. Jobs later swapped the options for restricted stock of lesser value.

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After the Dec. 18 action, the sec said, minutes of the Aug. 29 meeting were doctored to say the board hadn't yet okayed anything, and then minutes were created of a phantom Oct. 19 meeting approving the grant that day. The sec suggested that date had been picked because the stock price was close to Aug. 29's. Jobs testified he hadn't ordered any paperwork fabrication--which Heinen specifically denied doing, although much of it bore her name--and hadn't even learned about the sketchy board meeting until years later when the scandal surfaced.

Backdating an option is not illegal, but failing to disclose it can constitute securities fraud. There are also adverse tax consequences from a federal law requiring that big executive compensation be performance-based, which the awarding of in-the-money options would not be. Asked if the Apple board discussed option accounting treatment around this time, Jobs answered, "None that I recall."

He said an earlier 2001 grant to other Apple executives of 4.8 million options--also backdated--had been needed to retain top talent. "I was very concerned because Michael Dell ( DELL - news - people ), one of our chief competitors, had flown Fred Anderson, our CFO, down to Austin … to try and recruit him," Job testified. He said other Apple executives were also being wooed. Sued by the sec with Heinen in 2007, Anderson paid $3.3 million to settle, also admitting nothing. In a statement then, his lawyer said Jobs knew more about the backdating than he and Apple had let on. (Anderson is now a managing director at private equity firm Elevation Partners, which has a stake in Forbes Media.)

Jobs was not asked directly about the Anderson statement at the deposition. He acknowledged Heinen had sent an e-mail on Feb. 1, 2001, when Apple shares closed at $21.13, saying, "Steve agreed to go with Jan. 17," when the price was $16.81. That $4.32 swing put $20 million into the pockets of Apple executives. Jobs testified he had wanted to issue the options in early January, when the shares were trading at $14.88, but delayed because buzz from the upcoming Macworld Expo on Jan. 9 might bump up the stock price and he wanted to avoid criticism. Jobs said his "guess" was that Jan. 17 had been chosen because it was closer to the pre-Macworld price.

Overall, Jobs depicted himself as a bit of a rube when it came to accounting. Asked if he had a "general understanding" about Generally Accepted Accounting Principles, he answered, "Not really." To many questions Jobs simply responded he didn't know or couldn't recall. One hint about his health came near the start, when the sec lawyer said he had been told Jobs was "not feeling well." Replied Jobs, "I'm fine." At the end, told that the three-hour deposition was over, Jobs said, "Thanks. Thank you. My body thanks you."

Apple is working on something big. But it's too soon to know what, exactly, Steve Jobs & Co. are doing. But it is not too early to know who is doing it. And that, ultimately, may be more important.

That's because it was the software people Jobs brought with him to Apple ( AAPL - news - people ) from his start-up, Next, who have helped make Apple's turnaround into a lasting renaissance.

When Jobs rejoined Apple in 1997, the computer company's operating system was a mess. To buy time, Jobs moved fast to update the company's dowdy hardware. Meanwhile, Jobs put the software gurus from Next to work on Apple's next big thing: OS X, introduced in 2001.

Of course, Apple's hardware designs have long been distinctive. But with the adoption of Intel ( INTC - news - people ) processors, announced in 2005, Apple's computers have become so much like PCs that they can run Microsoft's ( MSFT - news - people ) Windows software as well as anything sold by Dell ( DELL - news - people ) or Hewlett-Packard ( HPQ - news - people ).

Instead it has been OS X that has set Apple apart, putting it at the center of the high-end personal computer business and giving it a shot at dominating the next big thing: smart phones.

That effort was defined by Next veterans such as Avads "Avie" Tevanian, Bertrand Serlet and Scott Forstall. The trio brought the stability and networking smarts of Next's Unix-based operating system to the mass market.

While Tevanian retired from Apple in 2006, Serlet remains as senior vice president of software engineering. Forstall, meanwhile, leads the development of the firm's iPhone software.

Now Apple is looking for ways to make another fundamental piece of its products more distinctive: its chips. While Apple's iPhone, for example, has sold well, it relies on processors based on designs licensed from the UK's ARM to Samsung, making it relatively easy for the electronics giant to ape the iPhone's capabilities.

That situation won't last long, however. The first move came last year, when Apple purchased chip designer PA Semi for $278 million in cash (see "Apple Buys Chip Designer"), obtaining the services veteran microprocessor designer Dan Dobberpuhl and a team of chip designers who specialize in wringing power out of processors.

The next move came when Apple wrestled Mark Papermaster away from IBM ( IBM - news - people ). The chip designer turned blade server honcho will go to work at Apple this week, where he will lead the group in charge of the company's iPod and iPhone hardware.

Finally, Apple has hired graphics chip guru Bob Drebin, former chief technology officer of Advanced Micro Device's graphics products group and designer of the Nintendo ( NTDOY.PK - news - people ) GameCube's graphics processor. Drebin has also worked as chief engineer at Silicon Graphics ( SGIC - news - people ) and was an employee at Pixar.

So what does it mean? Speculation abounds. It is not speculation, however, to note that the resumes of the trio of processor designers Apple has beamed aboard is heavy on experience building chips for powerful, low-cost devices such as game consoles and phones. And then there are Steve Jobs' words: "PA Semi is going to do system-on-chips for iPhones and iPods," Jobs told The New York Times last year.

So why speculate. Sooner or later, Apple is going to start designing more of the iPhone and iPod's innards itself, taking its hardware, and software, in a radical new direction.

Apple Inc. co-founder and Chief Executive Steve Jobs said Wednesday he is taking a medical leave until the end of June - just a week after the cancer survivor tried to assure investors and employees his recent weight loss was caused by an easily treatable hormone deficiency.

Apple (nasdaq: AAPL - news - people )'s stock plunged 7 percent.

Jobs, 53, said in a letter last week that he would remain at Apple's helm despite the hormone problem, and that he had already begun a "relatively simple and straightforward" treatment. But in an e-mail to employees Wednesday, Jobs backtracked.

"During the past week I have learned that my health-related issues are more complex than I originally thought," he wrote.

Apple's shares have surged and crashed over the last year in step with rumors or news about the CEO's health and his gaunt appearance. While the top executive's health is an issue for investors in any company, at Apple the level of concern reaches fever pitch because Jobs has a hand in everything from ideas for new products to the way they're marketed. Investors fear that without Jobs, Apple will not be able to sustain its growth of the last decade, which has seen Apple branch out from its Mac computers into the iPod and the iPhone.

Last week, Jobs said his disclosure of his hormone problem was "more than I wanted to say, and all that I am going to say" about his health. It came on the eve of Macworld, the biggest Apple trade show of the year, and Jobs said he wanted everyone to relax and enjoy the show.

Even so, the limited amount of medical information in that announcement did little to soothe Wall Street's nerves, and in interviews last week analysts predicted that the health watch would continue.

Apple Chief Steve Jobs wasn't the only no-show at Macworld Tuesday.

There was no mention of the latest version of Apple's (nasdaq: AAPL - news - people ) operating system, OS X Snow Leopard, due this year. A rumored upgrade for Apple's low-end Mac mini was not announced.

None of the wilder rumors materialized either. The long-rumored iPhone nano was not unveiled. Nor was there anything about a tablet computer. "What was even more interesting than what they did talk about, is what they didn't," says Mark Rudd, a writer with MyMac.com

What were you hoping Apple had introduced at Macworld and what would you like to see the company introduce in the future? Let us know in the Comments section.

None of this was lost on the thousands of Apple fans who gathered for the conference. "I would have loved to have seen an announcement of some kind that was, well, groundbreaking," says self-identified Mac fan Brett Kime, a graphic designer. "This seems to be one of those nonpeak years."

Investors weren't thrilled, either. Apple shares fell $1.56, or 1.65%, to $93.02 in trading Tuesday.

Apple faithful, however, are still in tact. "I wish I had a checkbook with Steve Forbes' money so I could buy every [Apple product] to my heart's content," says Joe Tufo.

But fans looking for something new to buy might be disappointed. Expectations for the event were slashed after Apple announced in December this would be its last appearance at the event. And Monday, Apple disclosed that Jobs was unwell and will be treated for a "hormonal" imbalance that has caused him to lose weight over the past year.

For the business graduate, obtaining a degree is just the beginning. What's left is to take a closer look at available career options, measuring which industry sectors have the greatest need for new professionals. The finance industry is multifaceted, offering a variety of positions catering to a number of different skills and interests.

Financial services have multiple sub-industries encompassing niche opportunities. The key to individual success is to research, locate and land the financial job that has the greatest compatibility with your skills and interests. The same is true for professionals seeking a change in scenery and who want to give a new sector a shot.

Here are some common career paths you may pursue in the financial-services industry:

Corporate finance: These jobs involve working for a company in the capacity of finding and managing the capital necessary to run the enterprise. This is done while maximizing corporate value and reducing financial risk.

The functions you may implement while in such a position include: setting up the company's overall financial strategy; forecasting profits and losses; negotiating lines of credit; preparing financial statements and coordinating with outside auditors.
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Corporate finance positions can be found in companies of all sizes, from large, international entities to small start-ups. Additional corporate finance positions include financial analysts, treasurers and internal auditors. (Learn more about a career as an analyst in "Becoming A Financial Analyst," and as an internal auditor in "An Inside Look At Internal Auditors.")

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Sony is preparing for a bleak future for its electronics business. The Japanese manufacturer said Tuesday that it will slash 8,000 jobs in its electronics division and cut capital investment by 30.0% in the next fiscal year.

Analysts expect the electronics and entertainment giant's earnings to collapse in 2009 on a surging yen, investment losses, a supply glut of liquid crystal displays and digital cameras, and a slowdown in consumer spending in the economically depressed West.

Sony (nyse: SNE - news - people ) said in a statement that it is aiming to reap cost savings of over 100 billion yen ($1.1 billion) a year by March 2010 through layoffs, scaling back investment plans, closing factories and outsourcing production. The company will shutter two overseas factories by the end of the current fiscal year in March, including a plant in Dax, France, that produces recording media. By the end of the following fiscal year in 2010, it indicated it aims to close another three or four plants. It will also cut its temporary work force.

With Americans and Europeans now more interested in saving like the Japanese than buying their gadgets, CLSA analyst Atul Goyal forecast last week that Sony's operating profit for fiscal 2009 will plunge from 90.0 billion yen ($972.3 million) to zero, and the company will net a loss of 50 billion yen ($540.2 million). The yen's surge this year has eroded Sony's overseas earnings, and the company has suffered steep portfolio losses due to the country's slumping stock market.

A price collapse in LCDs and digital cameras has similarly pummeled earnings at South Korean archrival Samsung Electronics (other-otc: SSNLF - news - people ) (See "No Christmas Presents For Samsung"). A Samsung executive told investors on Monday that it will reduce capital spending to a range of 7 trillion won ($4.84 billion) to 8 trillion won ($5.53 billion) next year, down from 10 trillion won ($6.9 billion).

However, cash-rich Samsung has fared better of late than heavily-indebted Sony, boosted by the won's slide, which has made South Korean exports cheaper.

Aside from the dismal economic environment, Goyal said Sony has made strategic blunders--it didn't discount enough to clear its inventories over the crucial U.S. Black Friday shopping weekend, whereas competitor Sharp (other-otc: SHCAY - news - people ) slashed prices more aggressively, he said. Sony also ceded TV sales to Samsung and digital camera sales to Canon (nyse: CAJ - news - people ) during the post-Thanksgiving shopping period. If the company decides to clear out its bloated inventories in the first half of 2009, then prices will further collapse, he added.