mas mag fall 2009 edition
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Read about Recruitment, Designations, Interviews, and MoreTRANSCRIPT
McGill Accounting Society
MAGAZINEMAGAZINE Fall 2009 Recruitment Issue
A Publication by the McGill Accounting Society
The Complete Guide to Recruitment
Words of Wisdom: An Interview With Professor Catherine Fortin
Firm Tours & Cocktails
How to Write Your CACEE
Your Guide to Different Designations
SIZE MATTERS!! Big & Small Firms
INSIDE THIS ISSUE
Editor’s Note
s another busy school year looms, hectic schedules and impending workloads will undoubtedly take up the majority of our free time. In times like these, it is always important to step back and take time to
enjoy our favourite pastime: reading about accounting. Once again, we – the McGill Accounting Society Magazine (MAS Mag) team – have worked to bring you our annual Fall Recruitment magazine in the hope of guiding you through what will surely be another eventful and fast‐paced recruitment season. With over 20 firms participating this year, setting out to find an internship or full time job can be an intimidating task. However, with the proper preparation and attitude, recruitment can be straightforward and successful; who knows, you might even enjoy it.
For those of you ready to jump in, this issue provides useful tools that will walk you through some of the most impor‐tant steps in the coming month: firm tours, cocktails, CACEE forms, and interviews. Our purpose is to remove unfamiliarity and the anxiety that comes with it so you can focus on making a lasting impression during the various events. Whether you are looking to learn more about the process or just want a quick reminder of what to prepare and bring, you will find all that you need in the coming pages. If you are skeptical about accounting or would like to explore the field beyond its stereotypes, we have included articles that will introduce some of the different opportunities within the sector. There are many designations that may not receive as much publicity and we hope to clarify misconceptions as well as incite interest in them.
Whether you are gearing up for the 2009 recruitment season or simply want to learn more about accounting, there is
something in this issue for you. Happy job hunting and have a great Fall term!
Jonathan Shen
MAS Mag Editor
Your 2009‐2010 MAS Executives…………………………………….3
Recruitment Words of Wisdom: An Interview with Professor Catherine Fortin………….……..7 Firm Tours and Cocktails………………………………….……………..9
How to Write Your CACEE…………………………………………...11
Accounting Interview 101…………………….……………..……...14
My Experience as an Intern…..…………...……………………….15 Sponsored by Fuller Landau
Table of Contents
Exceed Succeed and Be Enriched…..……………..…..……….16 Sponsored by Ernst & Young
A Summer at PwC………….…………………………………………...17 Sponsored by PricewaterhouseCoopers
Accounting Careers Pursue Your CA in Ontario………………………………………....19 Sponsored by Deloitte & Touche
Your Guide to Different Designations…………….…………..23
Size Matters: Big and Small Firms……………………………….25
An Interview with Desmond Tsang……………………………..26
Fall Recruitment Issue
Cover Photograph: “Double Montreal” by Sharif Mirshak 2
2009-2010 MAS Executives
President – George Hatzigeorgiou
Hi everyone, my name is George Hatzigeorgiou, a U3 Accounting major born and raised in Montreal, and I’ll be heading MAS this year. My interests include playing guitar, biking, long walks on the beach and candlelit dinners… For those of you who don’t know me, I am very approachable and would very much like to meet all prospective accounting students regarding ca‐reer choices, and Accounting/Finance in general. Our purpose at MAS is to serve all students with information, events and building a structured recruitment process to aid students in getting the step up for summer and permanent CA, CGA, and CMA jobs. Each one of these designations may or may not be right for you; it’s best to stay informed through mcgillaccount‐ing.com and the websites of the respective designations. I wish you all good luck in CA recruitment this Fall season and re‐member – preparation is key!
VP Finance – Alex Kang I am from Vancouver and came to Montreal for school. I never thought I would pursue my career in accounting but after attending various accounting events and talking to many people, I decided to major in Accounting. I am working at PwC now as a summer intern and I absolutely love it. I worked in India last summer in the marketing department of a small company, and this particular experience helped me complete recruitment successfully. The recruitment process may be a little bit stressful and difficult as you also have school work to care about, but it is definitely rewarding. Be proactive, talk to as many people as possible, find out what's out there and make sure to make good use of MAS!
VP Operations – Dave Braganza
My name is Dave and I’m from Ottawa heading into my U2 year. I spent the past summer working at KPMG and I’m looking forward to this year’s challenges. My position mainly entails organizing recruitment for you guys and making sure it runs smoothly. I’m also responsible for various other MAS events throughout the school year. My best advice to students: pro‐mote synergy, like a boss!
VP Academic – Aqib Masood Hi everyone! I am an international student from Pakistan. I’m a U3 student, majoring in Accounting. This year I’ll be your VP Academic – organizing accounting tutorials, acting as a liaison between accounting students and profs, helping other MAS executives with the recruitment in September and promoting different accounting designations. I spent my last summer as an intern at Ernst & Young, Pakistan – the experience was amazing and I learned so much. I now look forward to working in Can‐ada. A word about myself: I love to just eat and sleep, and I’m extremely friendly and helpful. Advice for recruitment: don’t be shy or lazy, work hard on your CACEE and make sure you’re there at all events. Please don't hesitate to contact us if you have any questions. I'm looking forward to seeing all of you and would like to wish everyone a great year!
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VP Communications – Shayna Zand My name is Shayna Zand and I am the VP Communications for MAS this year. This is my second year on the committee and my final year at McGill. Throughout my McGill career I have been involved with many different clubs and teams such as McGill Make a Wish and intramural volleyball. I am very sad that this will be my final year at McGill but excited to make it an amazing one!
VP Promotions – Matthew Pagano
My name is Matthew Pagano and I was born and raised in Montreal. It was natural for me to come to McGill because well, it is the best school in Canada. I spent all of last summer working for RBC Capital Markets in the Trading Credit Risk depart‐ment. I found it gave me a different perspective on the professional world before I embarked upon my career in the world of accounting. I spent this past summer working for Deloitte here in Montreal and I must say it was the time of my life. If I can give you any advice, it is to meet as many people as you possibly can during recruitment no matter what their seniority. They all have interesting perspectives and will all help you make your decision on where you want to work.
VP Information Technologies – Salman Chattha Being in the executive committee of MAS means that I too am an Accounting major. Yes, we are serious people but we too still enjoy life. After all, accounting is simply debit equals credit. Don't be scared, there are many much tougher things in life. I am the VP I.T. on the MAS team and will try to make sure all the news about recruitment season comes to you through the ease of your internet connections. Make the MAS website one of your 'favorites' and keep checking.
VP Executive – Anand Sundararajan
My name is Anand Sundararajan and I’m a U2 student majoring in Accounting with a concentration in Finance. My position within the MAS is to assist the VP Operations and the President in performing their roles. This past summer, I worked in the Ontario Ministry of Health in Accounting, Process Flow Management and Internal Audit. Stay organized and ready for every‐thing during recruitment!
VP External – Masha Sorina Hi everyone! My name is Masha Sorina, I am a U3 student pursuing a major in Accounting and a minor in Hispanic Studies. I spent my last two summers working in both small & large accounting firms; I learned tremendously from the experiences and worked with a great team at both HLA and Ernst & Young. I am also very excited to be on the MAS Executive Commit‐tee this year! My job will consist of organizing recruitment related events as well as promoting the CMA designation on campus. If you are interested in the CMA designation, make sure to come and see me! I would also encourage all students interested in pursuing a career in accounting to go through the recruitment process. Make sure to use all of the resources available: visit your career advisors, read the MAS Mag, attend all events, meet as many peers, firm executives and recruit‐ers as possible and manage your time wisely! Most importantly, be confident and portray the image of an individual you, yourself, would hire if you were in the recruiter’s position! Best of luck to all who will participate this year and don’t be shy to ask questions, that’s what we are here for! May this recruitment season be successful for all!
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Fall Recruitment Issue
MAS Representative – Joanna Chong
Hi everyone! I am a U2 student majoring in Accounting and Finance. I was born in Edmonton but grew up in South Korea and in different parts of Canada. This year, I am appointed as MAS Rep on the promotion team to increase awareness and keep you posted on our various events such as MAS Cocktail. I encourage you to attend as many events as possible and get yourself out there during the recruitment period. Don't let the economic downturn discourage you, because the MAS committee is here to assist you with the proper preparation to a career!
MAS Representative – Ekatarina Lichko Hi everyone, I was born in Russia, but have been enjoying Montreal for about 6 years now. Starting my second year at McGill, I do not have prior accounting experience, but I have participated in the Young CAs case competition and attended numerous accounting information sessions organized last March that greatly boosted my interest in the profession. The most important thing I learned is that accounting may have a lot to do with numbers, but your personality and interpersonal skills are also keys to success. I am fun and friendly, and as a promo rep I am looking forward to meeting all of you this Fall!
MAS Mag Editor – Jonathan Shen
Hi, my name is Jon and I was born in Taiwan, raised in Montreal. I’m currently in U3 finishing up an incredibly memorable 3 years at McGill (hopefully I’ll be back for CA School) majoring in Accounting with a concentration in Finance. I had the pleas‐ure of working this past summer as an intern at Deloitte where I was able to gain a greater perspective of life at an account‐ing firm and meet some great people along the way. The best piece of advice I can give entering recruitment season is to be relaxed. Accounting recruitment is very unique and your personality counts for a lot more than you’d imagine so be relaxed and be yourself. Good luck everyone!
MAS Mag Writer – Monica Benedyczak I'm currently a U2 student, majoring in Accounting. I never planned on going into accounting until I took an introductory course in CEGEP and discovered that I really enjoyed it. Being part of the McGill Accounting Society and attending the various events that are offered throughout the year helped me gain an insight into the different fields of accounting that one can pursue. With that knowledge, I plan to get my CA and work as a chartered accountant. In the future, I think that the best move anyone can make is to just get involved and discover what profession really pairs up with your strengths and personal‐ity. Desautels is a great faculty so be active and if ever you have any questions and see me around, feel free to say hello and ask!
MAS Mag Writer – Anthony Karaganis
I would like to start by wishing you all a fabulous semester. I am a U2 student majoring in Accounting and am working towards a CA designation. A word of advice: it is extremely important to get involved in extracurricular activities as much as you can, as early as you can, for this will be the key to your success. Another crucial point is being able to keep a healthy balance between school, work and your social life. The significance of this balance will not only be relevant come recruitment time, but later on down the road. Just remember that self‐confidence and organization are crucial skills, especially when choosing a career in accounting.
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MAS Mag Writer – Daniella Marando Hey Readers! My name is Daniella Marando and I am one of the MAS Mag writers. I am currently a U2 B.Com student double majoring in Accounting and Marketing. I was born and raised in Montreal and love it here! I do not have any prior accounting experience, but I will be participating in recruitment this September so hopefully something will come of that! My advice to everyone is be yourself, be confident, and don't stress.
MAS Mag Writer – Rochelle Scott
I decided to major in Accounting after completing most of my core classes and discovering that Accounting was a subject that really sparked my interest. I’ve also spent the last two summers in Italy working on a minor in Italian in the hope of adding another language to my vocabulary. Obtaining a minor in a subject outside of Management is a great way to maintain a dif‐ferent perspective while focusing on your major. I’m definitely looking forward to recruitment and all the excitements and challenges that come with it. Hope to see you all there!
YOUR CAREER
YOUR CHOICE YOUR POTENTIAL
Visit us at www.sngcollinsbarrow.ca
Fall Recruitment Issue
Words of Wisdom By Daniella Marando
rofessor Catherine Fortin completed her B.Com in Ac‐counting and completed the CA program at McGill. She has a wealth of accounting work experience: beginning
with two summers at BDO, an internship followed by three years of full time work at KPMG, and lastly CGI group in the accounting policy department. What made you choose accounting? I liked the fact that there are so many opportunities and so much job security attached to it. Also, accounting always made sense to me; it was interesting and I understood it very well. It was a natu‐ral choice and path to go in. Why did you choose to participate in the recruitment process? Because that’s how you get a job in accounting! All the jobs are given during the recruiting period. You don’t necessarily have a choice, once October comes around all the jobs are taken, so you need to be ready and available to participate. Recruitment is very special – the firms come to you to your school. It’s a good process for you to learn about a future employer and you can make an informed decision because they completely open their doors to you. It is a good opportunity for U2’s to land a job.
How competitive was the process? When I did it, it was fairly competitive because there was a re‐stricted amount of positions to fill. There is the basis of looking for a certain GPA, but they do also consider what you do outside of schoolwork and the interest you show in the firms by going to cocktails, presentations and firm tours. Students should be able to demonstrate that they can interact with potential clients and that they are well rounded. Were you confident or nervous? Confident, and in a way it helps. You will be surprised by how nice the people are at the different firms. The process is not meant to put you on the spot by asking technical questions; your GPA and resume will show what you can do. The interview is just to see how you fit with the firm and how you are able to interact. It’s not nerve‐wracking, people are nice and want to get to know you. How important does time management become? My advice is don’t neglect school. It is good knowing ahead of time that recruitment can get very hectic. The peak of the recruit‐ment process is the end of September to mid October and mid‐terms fall right after that. It is important to anticipate the work‐load from school in the beginning and to try to get ahead if possi‐ble, so when it comes around you can still handle it. Time manage‐ment is KEY. There is a lot to juggle at once. My suggestion is that you might want to select a few firms that you prefer and attend the events for those firms, and you can choose to not go to the others if it’s a problem with school and sleep. Did you attend all the events each day? I didn’t attend all of the events. Some even filled up before I had the chance to sign up, but I didn’t really worry about that. You probably won’t be able to go to them all. Attend the main ones – especially the MAS COCKTAIL. Also, attend the ones of the firms you prefer. If you know the firm you prefer is giving a seminar or has a cocktail you should make the effort to attend. You’re at a cocktail, you approach someone, you shake their hand and introduce yourself… then what? It helps if you know a little about the firms before going to the cocktails. It’s a good thing to know when approaching them, like their special areas (some have forensic accounting, internal audit, etc). Know what is important to you – their UFE training program, the clients they have, etc. Use what is important to you and you can tailor your questions to start the conversation. What do you think was your biggest asset going into the recruit‐ment process? I think I had a strong enough GPA, I was fully bilingual, and I showed interest to the firms, which are all appealing qualities to potential employers.
Prof
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Do you think recruitment is a not‐to‐miss opportunity for land‐ing a job with the Big Four? Absolutely! The Big Four won’t recruit outside of that. You need to be ready and show interest. They really look for people who are interested, so you need to go to the firm tours and the cocktails to complement your CACEE form. How many firms did you apply to? A total of seven firms ‐ the Big Four, one medium sized, and two small. I think five to six is a good number. Give yourself a chance to visit the small and medium sized firms, because the Big Four are different, and not everyone will go to the Big Four. What do you think is more important to the hiring firms: good grades or making a good impression during the events? Your grades are just a basis, it will get you the interview, but the contact that you make during recruitment will be the difference between the person that gets the interview and person that gets the job. Did you know which firm you wanted to work for at the begin‐ning or were you neutral? There were some names that I already knew, but through the re‐cruitment process I changed my first choice. Go in with an open mind and hear about the different firms so you can find the one that is the better fit for you.
In one word how would you sum up your recruitment experi‐ence? Instructive.
Professor Fortin’s Recruitment Do’s and Dont’s
Do
1.) Show interest in the firms
2.) Be confident 3.) Be conversational at social events 4.) Be prepared (CACEE form, schedule, etc.) 5.) Be professional
Don’t
1.) Don’t be too arrogant
2.) Don’t be late for events 3.) Don’t tell every firm they’re your top choice – be honest 4.) Don’t neglect your school work 5.) Don’t be shy! Approach people at events and cocktails
Fall Recruitment Issue
irm Tours and Cocktails are significant events dur‐ing September’s crazy recruitment period. From the first day of classes on September 1st, account‐
ing students are thrown into fall’s whirlwind of events with the ultimate goal of being selected as an intern at an accounting firm for the following summer. However, in order for us to attain this goal, there are several essential steps one must take; most importantly, gaining exposure by attending as many events as we can. To obtain the best possible outcome for yourself, it is critical to decide which firm’s organizational culture suits you best and to then make a memorable impression on them. Firm tours will greatly help you get to know the different firms’ cultures. Each firm, whether it is small, medium, or large is different, and this means that it is essential for us to use these tours to try and envision a work environment where we can see ourselves. Because it is extremely diffi‐cult to entirely grasp the firm’s culture during one tour, it is necessary to ask questions. In asking pertinent questions, you will determine which firms agree or disagree with your lifestyle. At the same time, asking questions is an excellent way of demonstrating a keen interest in a firm. This can go a long way because it expresses your interest in working for them. It is important to prepare these questions in advance because often, your time with the representative of the firm will be limited. You can do so by general research, ei‐ther conducted on the Internet (firm’s website) or in busi‐ness articles. Remember, uncovering parts of the firm’s culture is crucial to your path because only then will you find out which ones are suited for you! During the Cocktails, first impressions are always crucial. Firstly, the business dress code must be strictly followed. This means that for women, either business suits or blouses paired with formal skirts are appropriate. Shoes should be simple, either modest flats or clean closed toe heels are respectable. For men, suits are the desirable go, and remember that for both men and women it is important to stick to basic colors such as black, navy or gray. Once the outfit is established, it is important to make sure that you adequately network yourself around the room.
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Photograph: Mansi Yu
This is where it becomes critical to find a right middle be‐tween shyness and pushiness. Start off approaching the representatives by saying hello and introducing yourself. A firm handshake is key as well as being confident. Remem‐ber, as much as you are trying to impress them, they are also trying to get your attention so that you remember them. A final note on networking through these events is to not spend too much time with a single representative because it is important that you meet as many of them as possible and to also give other students the chance to do the same.
1.) Have I prepared pertinent and appropriate ques‐tions? 2.) Have I adequately researched the firm I am about to visit? 3.) Am I dressed appropriately for a business event?
4.) Am I ready to hold a conversation with every rep‐resentative regardless of their seniority?
5.) Be sure to sign up for Career Services’ Recruitment Cocktail ‐ Networking workshop on September 15th.
MAS Magazine
Making an Impression By Rochelle Scott
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t’s September, and as you trade in your beach balls and bathing suits for notebooks and pencils, recruitment can become a big, scary monster if you get caught off guard
in the transition. Each autumn, potential internships and full‐time accounting positions are evaluated by means of the Canadian Association of Career Educators and Employers (CACEE) application form. A CACEE application provides employers with a real time snapshot of potential candidates and gives them a perspective of what an applicant has ac‐complished and could potentially offer. The application form gives a consistent format that lets candidates work on an even playing field with the added advantage of a reliable blueprint when determining probable candidates. If you have already started, this article should serve as a fan‐tastic refresher to help you fine tune your application. If you have yet to start, worry not! But, try your best to take note of the little details explained below. As potential Accounting interns, there are several ways to go about completing a form and in this article we will try to guide you step by step into finalizing your very own application. Why is it important? The combination of your CACEE application, academic stand‐ing and interview skills can increase the probability of being considered for your position of interest. Having a solid CACEE application form will not only increase the likelihood of you being selected, but will also give you a mental image of im‐portant points to emphasize in interviews and recruiting events. Finally, it will also increase your confidence when elaborating on your achievements during your interview. I’m stressed and don’t know what to do. It’s understandable that filling out a CACEE form is not as en‐joyable as eating cake, but it is important to realize that the effort in your application is clearly visible to human resource personnel and recruiters. It can be extremely stressful if you are not aware of the available resources. The key to develop‐ing a successful CACEE is to start as early as possible. Waiting until the very last minute can potentially be the difference between you being considered or not. Career Services, lo‐cated on the sixth floor of the Bronfman building, will be posting more information on CACEE review dates and semi‐nar sessions as the cut‐off date approaches.
Please take note that our fabulous Career Advisors are willing to analyze and evaluate your CACEE form; please do not hesi‐tate to get in touch with them as soon as possible. Early con‐tact is crucial, as this will help avoid the lengthy line‐ups that tend to accumulate as the CACEE deadline approaches. Another resource to consider is your friends. Students tend to turn a blind eye on their peers, forgetting the potential of valuable feedback accessible to them. Feedback is an impor‐tant tool to take advantage of in this arduous task. Receiving comments from others will help further the development of your CACEE application form. Limiting yourself to one source can cut short the full development of the CACEE form, leaving it feeling empty. Lastly, as a final reminder, please do not forget that MAS will be available for any questions and will try to guide you to the relevant resources, if necessary. Do not hesitate to get in contact with us if ever you are experi‐encing uncertainty regarding the CACEE application process.
What are the firms looking for? As with cars, not every accounting firm will have the same preference for features as the others. It is important to take note of the differences in culture, values and beliefs. Several firms will prefer different styles and it is important when de‐signing your CACEE application to make sure it is aimed to‐wards the firms’ individuality. Ensure that your CACEE appli‐cation is well represented to the firm you hope to work for next summer. Accounting firms respect individuality and the worst decision you can potentially make is to simply create a carbon copy of your form without considering the firms’ val‐ues and uniqueness. When structuring your form it is particu‐larly important that you fill these criteria, but also try and make links with what you have accomplished and future goals or objectives. Not every firm will necessarily be looking for the same aspect and it is vital to consider that. Secondly, try to stand out as much as you can without making it look too glitzy and/or flashy. After speaking to different recruiters, they really respected the unique touch that candidates apply to their CACEE form: the more you stand out from the pack, the better chance you will have of being selected.
MAS Magazine
How to Write Your CACEE By Anthony Karaganis
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How to carve up the work? The first section should be fairly straightforward, as it is purely filling in the blanks. But be careful! Make a mistake in this section, and your CACEE application can potentially be discarded. Ensure that this section is error‐free before con‐tinuing to the next sections, because there is nothing worse than spelling the firm’s name incorrectly or forgetting to fill in a section. Here are some things to remember:
1.) Is the name of the firm spelled correctly? (Details are crucial)
2.) Is the title of the position sought correct? (Not every firm will use the same position names)
Education and Extracurricular Activities – This second section should be direct and clear to the reader. Using action verbs will highlight the relevant skills required for the position. Be ready to expand on what you write in your interview. Don’t write just to fill up space. You do not need to mention which high school you attended. Here is a check list to go over when completing the section:
1.) Is my CGPA exactly as stated on my transcript?
2.) Have I mentioned all the relevant skills the firm should know?
3.) Am I able to expand on these terms in an interview?
4.) Are my skills in bullet point form?
Flip over to the next page, and we can see that there is still more work to be done. Now is a good time to sit back and jot down some notes onto a sheet of paper before working on the final version. Write down all your experiences, accom‐plishments and activities in bullet point form. Then, organize everything into categories; this will help you later if you wish to add anything to your application. Work Experience – This section is important as it describes the responsibilities and functions you have held. The impor‐tant aspect to take note of is that this section does not have to be solely paid work experience. If you have held positions on a committee, coached a sports team, or volunteered at events, you should mention these as well.
1.) Have I highlighted all of the relevant tasks and action verbs required?
2.) Have I clearly listed all of the desired work experi‐ences?
Finally, the summary gives you one last chance to recap why you are the perfect match for their organization. Make sure this page is error free, and try to fill the majority of this sec‐tion provided, be careful not to underwrite. This section will not be a walk in the park. Students find that the summary is one of the most challeng‐ing sections in the CACEE application. When in the prelimi‐nary stage of this section, it is important to have a clear struc‐ture of what you want to express. How you wish to divide up this section is solely up to you, as there is no universal format to follow. However there are key aspects that are relevant and should be mentioned. Firstly, it is important that you mention the name of the de‐sired firm and their values, articulating how your personality will be a functional fit for the company. Secondly, it is desirable to give clear examples of situations in the past where you have demonstrated your competency. When doing so it reveals to the firm that you have prior ex‐periences, which will give you an advantage when addressing a difficult situation. Lastly, it is important to have a strong closing statement, ty‐ing all the loose ends and giving the reader a hook for re‐membering you. It is recommended to make links to prior experiences and how you have grown from them. Also, ex‐plaining why you would like to work for that firm will be cru‐cial to your success.
Helpful Hints
1.) Visit http://mcgillaccounting.com/recruit.php for both blank and sample CACEE forms.
2.) New for 2009: Firms have agreed to receive CACEEs electronically and will be supplying e‐mail addresses or websites for submission.
3.) Firms in different provinces have different dead‐lines and requirements. Make sure you are aware of the different processes if you are looking to work out‐side of Montreal.
4.) Career Services will be offering a 48 hour CACEE drop‐off service from September 8th through 21st.
5.) Be sure to check out MyFuture and sign up for CA‐CEE seminars held by various firms (this is also a great way to meet recruiters). Sign up is mandatory!
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Fall Recruitment Issue
hether or not it is your first, an interview can always be a potentially stressful experience. The silver lining is that interviews dur‐ing Accounting recruitment may be a bit different from what most of us are used to. While the process for other fields often in‐volves technical questions to gauge a candidate’s knowledge, accounting firms tend to give personality more weight in their in‐
terviews. This is not to say there is nothing to prepare before walking into the office: a little bit of work beforehand can always help set you apart from the other candidates. Since no two firms approach their hiring process identically, it is hard to describe a “typical” account‐ing interview; nevertheless, the following points should serve to prepare candidates in areas that are common to most firms.
CACEE When walking into an interview, it is para‐mount that a student knows his or her CA‐CEE form inside out. The application form serves as a great foundation for an em‐ployer to better understand the candidate and it is more than likely a candidate will be asked to elaborate on what is written on his or her CACEE form. Since companies are not necessarily looking for past accounting ex‐perience, do not worry if you have no prior jobs in the field. What is important, how‐ever, is that you are able to relate existing experiences to the position for which you are applying. For example, a part time job in retail may not teach much about income statements, but it can help establish com‐fort when talking with clients. Behavioural Questions While not all firms asked behavioural ques‐tions during last year’s recruitment, it is still worthwhile to briefly prepare answers. For this part, it will be helpful to reflect on past experience (both in and out of school) and come up with examples of leadership, group work, etc. Remember to be honest; the situation itself may seem insignificant but it is the actions and steps taken that really count. The Internet is a great re‐source here if you are looking to find sam‐ple questions. Lastly, where possible, make an effort to assure that not all your answers come from the same experience whether it’s work, volunteering, extracurricular or school.
1.) Have I prepared my background story?
2.) Can I explain why I want to be an accountant and where I want to go in my career?
3.) Can I elaborate on all my CACEE points?
4.) Can I provide past examples of group work, leadership, etc.?
5.) Have I prepared relevant ques‐tions to ask the interviewer?
6.) Visit MyFuture for Interview Workshops held by recruiting firms.
Yourself Be ready to talk about yourself. The goal for recruiters is to determine whether or not you are a good fit for their firm and there‐fore they will want you to talk about your‐self. It is important that you can elaborate on your interest in accounting (once again, be honest!) and your career goals in the field. There are no strictly right or wrong answers when it comes to talking about your personal background so take the op‐portunity to relax and establish a sound, professional tone. Tips While your technical knowledge is impor‐tant when you start work, employers also want to see if you can easily interact with customers when need be. For this reason, it is often beneficial to be relaxed in your con‐versation instead of worrying about the next question. Having said this, always keep in mind that your ultimate goal is to impress the interviewer and receive an offer by the end of recruitment. Make sure your an‐swers properly highlight the relevant les‐sons you’ve taken from all your experi‐ences. Finally, make sure to prepare questions to ask both during and at the end of your in‐terview. This will help you better under‐stand the firm you are applying to as well as demonstrate your keen interest to the in‐terviewer. Good luck with all your interviews!
Accounting Interview 101 By Jonathan Shen
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Fall Recruitment Issue
Recruitment season is here and it is your turn to shine! While attending stressful and time consum-ing events such as university cocktails, career fairs, and firm tours, keep in mind that these experi-ences are also very exciting and rewarding. The great news is that once you are given the opportu-nity to work for your favorite firm, the excitement multiplies! Internships are one of the many great ways to take your first step into the world of accounting. Shannon Houle can attest to that after working as a summer intern at Fuller Landau LLP Chartered Accountants and Business Advisors. Today, she has decided to share her experience with you. Shannon Houle: “My experience as an intern at Fuller Landau has been a terrific one, filled with challenging assignments, new learning experiences, and personal accomplishments. At this firm, you are not just a number; you are part of a team. Working for a medium-size accounting firm, such as Fuller Landau, provides interns with opportuni-ties they may not experience at a larger company. For example, no matter what position a team member holds, everyone is always willing to teach, lend a helping hand, and offer advice. The firm's friendly atmosphere and open-door policy gives interns a chance to learn from almost everyone on the team, including partners and managers. Fuller Landau achieves the perfect balance for interns; assigning challenging projects, while offering one-on-one support and guidance. My enthusiasm about becoming an intern at Fuller Landau began during the recruitment process when I first met several members of the Montreal team. Their fun, speed-interview process con-vinced me that they were dynamic and innovative in the way they do business. Meeting many of the team members during recruitment also helped me overcome first-day jitters. Immediately, I felt part of the team and knew that I was on the way to learning a considerable amount about the accounting field and that I would enjoy doing so. The summer-long experience allowed me to apply the theory that I learned in the classroom to prac-tical, real-life situations, something I cannot do in class. Not only did this internship allow me to learn the ropes of accounting, it also enabled me to develop my own professional work ethics. The hands-on experience at several clients' businesses, from retail to industrial, and the opportunity to work with many of the firm's accountants exposed me to different accounting procedures. I also learned how to work and interact with the client’s controllers. My internship at Fuller Landau taught me that accounting is more than just working with numbers and learning new procedures. It is also about building good relationships with clients and colleagues. When you start a job, you often wonder if you made the right choice. At the end of my internship, I can honestly say that accepting the internship at Fuller Landau was indeed the best decision.” Fuller Landau LLP/SENCRL Place du Canada, 1010, rue de la Gauchetière Ouest, Bureau 200, Montréal (Québec) Canada H3B 2N2 T 514 875 2865 F 514 866 0247 HR Coordinator: Juliana D’Orso, CHRP [email protected] www.flmontreal.com
Excel Succeed and Be Enriched A Summer Internship at EY By Marc Chemtob
What are you waiting for? Let’s go! Let me walk you through an internship of an EY summer junior. Are you a bit intimidated walk‐ing through the hallway? Don’t worry! At EY the staff is very caring, friendly and upbeat. Smile back! This is your family for the next few months.
What is staff like at EY? It is a bilingual
environment that encourages teamwork, col‐laboration and communication among a dy‐namic group of individuals. The policy is open door, first name basis no matter the title. Drop in, ask questions, don’t be shy, the people are open minded. The staff makes you feel comfort‐able; they are approachable and easy to talk to.
At EY, the culture is supportive and inclu‐
sive, where each person is respected for their individual talents. There is job and technology training to prepare you for your first audit. In a classroom environment, you are taught how to use the various resources available such as GAAIT (Global Accounting & Auditing Informa‐tion), ARMS (Automated Resource Management System) and GAMx (Global Audit Methodology support tool) while also learning the different audit procedures that you will need to apply during the audit. The mentorship program pairs you with a fellow staff who is there to share their knowledge, expertise while also addressing any questions or concerns you may have during the course of the internship. You will also be given the opportunity to upgrade your account‐ing skills by doing web‐based online accounting courses (“WBL”).
There are always tasks to be completed in the office whether you are auditing a client, assisting other colleagues or upgrading your skill set. A typical day can include re‐computing the financial statements, preparing binders for filing, delivering envelopes, photocopying, or review‐ing copies of financial statements that are about to be issued. Every job is to be taken seriously no matter how routine it may appear.
Audit is very hands‐on and it may re‐
quire you to do substantive testing, walk‐throughs, referencing financial statements and preparing all necessary documentation such as engagement letters, board of director minutes or representation letter. You may have the op‐portunity to speak directly to the client and ask them questions about their role and responsi‐bilities, different accounting policies and request for supporting documentation.
EY invests time and money into its in‐
terns, but it is not all about work! You can take a break from time to time and enjoy a comple‐mentary coffee, tea or hot chocolate. There is a staff retreat, monthly 5 to 7 in various venues across Montreal, a volunteer day, a sports day and a conference in Orlando. As a result, interns have had the chance to bond and form long term relationships.
What can be said, you do not have to go
around the world to meet people from diverse cultural backgrounds – they are all at EY. At EY, you have the opportunity to excel, succeed and be enriched by the people you meet.
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Fall Recruitment Issue
rom the first time I entered the Pricewater‐houseCoopers office for a case competition in March 2008, I felt a strong connection to the people who work there. Even though I was a first‐year student yet to decide whether ac‐
counting was right for me, the organizers and judges were extremely hospitable, fun and friendly. During the recruitment period in autumn 2008, I chose PwC because of the sense of belonging that the firm and its employees, from associates to partners, cre‐ated for prospective new recruits. And it was heart‐warming to realize that everyone I had met that past spring not only remembered me but welcomed me with open arms. From the first day at the office in May 2009, this sense of belonging was reinforced as we were introduced to the PwC Experience framework, designed to foster a creative, cooperative and compassionate work envi‐ronment. “We put ourselves in each other’s shoes” is one of the behaviours encouraged by the PwC Experi‐ence, and everyone at the firm takes it to heart. In the first weeks of our internship, we became ac‐quainted with the PwC audit methodology thanks to the Go Audit training program, which allowed us to gain the valuable knowledge that we would rely upon during our assignments. We were also introduced to Aura, the revolutionary new audit software produced by PwC Australia, which allows teams to better man‐age audit risks and conduct their mandates in an even more effective and efficient manner.
As part of the PwC Canada Foundation initiative, we dedicated two days to volunteering in an effort to give back to our community. For our first activity, we vis‐ited Moisson Montréal, the city’s largest food bank, where we prepared packages to be sent to food banks in surrounding municipalities. For our second activity, we mowed, trimmed, sowed and planted at two of the collective gardens at Maison de quartier Villeray, a social services network which aims to help the less fortunate.
There are innumerable opportunities for employees who want to get involved at the firm to do so. For ex‐ample, several of the summer interns assisted the Run‐ning for Athletes team, composed of ten employees who will be running a relay from Montreal to New York to raise funds for Canadian Olympic hopefuls. We helped raise funds, and one of the interns even cre‐ated their logo! I was lucky enough to be a McGill representative on the Summer Social Committee, and we organized sev‐eral fun‐filled activities for our fellow associates. First, there was the Amazing Race, during which teams sprinted through the city in search of clues and points. In an effort to promote cultural awareness, the clues led us to diverse areas of Montreal, like Chinatown and Little Italy.
A Summer at
Written by Sabereen Munir Contribution by Sanjana Rambarun
Volunteering at Moisson Montréal
Volunteering at Maison de quartier Villeray
MAS Magazine
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Then, there was the day at Fort Débrouillard –this was a great team‐building event where you complete vari‐ous challenges in the woods and get quite muddy in the process! Somewhere in between there was our all‐you‐can‐eat sushi dinner, to be surpassed only by our end‐of‐internship dinner at a Moroccan restaurant with an exotic decor and spectacular entertainment. And several other informal social gatherings were planned throughout the summer, notably our costume party in mid‐July! In terms of actual work (yes, we did have some of that to do as well!), my fellow summer intern, Sanjana, has a few things to say about her experience: “I was staffed on a mandate for two months this past summer at a multinational manufacturing company, and this has definitely contributed a lot to my self‐development, both on a professional and personal level. First of all, I was able to work with and get to know wonderful people. At any workplace, I think the most important thing is the kind of relationship we build and share with col‐leagues/peers over time. PwC is well known as a firm which invests a lot in relationships, sharing, collabora‐tion and mutual respect – not only among employees within the firm but also with clients. In my case, this has definitely played a big role. As a beginner, I was there to learn, explore and broaden my horizons. The whole PwC team was always there as mentors, coaches and friends to guide me through and help me build my self‐confidence along the way. I had the opportunity to get a feel for what it is like to be working as an auditor by doing a lot of technical work. It can be quite confusing in the beginning, but eventually things start to make sense and I was able to get a clearer view of the big picture. There is a lot of self‐discovery that took place during the process, and of course, the team was there to help and guide me the whole time. My experience at PwC this summer has been very en‐riching and most definitely an unforgettable one.” I would elaborate on the myriad other benefits of working at PwC except I seem to be running out of space. But if you see me on campus, I would be very happy to tell you more about the PwC Experience!
You can also find out more at www.pwctakethelead.ca
Fort Débrouillard
Amazing Race in Chinatown
Picnic on Mount Royal
Costume Party
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Fall Recruitment Issue
hartered Accountant, Certified Management Accountant, and Certified General Accountant are the three professional accounting designations that can be obtained in Canada. Each designation has its own unique attributes and roles which allow for differentiation between the rest. It is best to first plan your long‐term goals before establishing and working
towards the designation that will help you achieve them.
CA (Chartered Accountant) At McGill the first step on your way to obtaining your CA is to complete a bachelor’s degree, with a minimum grade of B‐ in all of the 9 prerequisite accounting courses and an overall GPA of 3.0. Once admitted into the CA pro‐gram, students are required to take 8 classes (30 credits) over 16 months (4 semesters), alongside a 24‐month in‐ternship at an accounting firm. The CA program is also offered at Concordia and HEC in Montreal. Once completing both the study and work term, and receiving the graduate diploma in Public Accountancy, the student is eligible to write the Uniform Final Examination (UFE), which is the final and most important aspect of be‐coming a CA. In 2007, the McGill CA program students had an 82% pass rate1. The recruitment process is spe‐cifically designed for students who wish to pursue the CA designation. In general, a CA’s purpose is to commu‐nicate an organization’s financial posi‐tion to investors, banks, regulators, and other outside parties. They focus on external reporting of past‐oriented information which must be prepared in accordance with GAAP. In Canada, all CA’s must be members of both the Canadian Institute of Char‐tered Accountants (CICA) and their re‐spective provincial institute, for exam‐ple Ordre des Comptable Agréés du Québec (OCAQ).
Each provincial government regulates their own auditing rights. Originally, only CA’s were allowed to audit public companies in Quebec and Ontario; however since 2004, qualified CGA’s, CMA’s have also been allowed to prac‐tice public accounting. In Ontario and Quebec, the body of CA’s is the largest of the three accounting designations.
Lastly, it is important to note that the Canadian CA designation can be easily transferred to its American counter‐part, the CPA designation, through the successful completion of a reciprocity exam. CMA (Certified Management Account‐ant)
A CMA’s purpose is to help managers make decisions to fulfill an organiza‐tion’s goals. Their job is to focus on internal reporting of forward looking information which does not have to be prepared in accordance with GAAP. CMA’s are most often found in indus‐try, working for large organizations in the manufacturing industry, rather than in an accounting firm. In order to receive the CMA designation, one must first complete a bachelor’s degree and then the candidate must write an exam to test their business knowledge. After passing the exam, you enter the CMA Strategic Leadership Program where 2 years of practical work experi‐ence in the field must be completed. This program is designed to develop a management accountant’s communica‐tion and negotiation skills.
There is no official recruitment process for the CMA designation. CGA (Certified General Accountant) Although there are many more CA’s in Canada, the CGA is the fastest growing designation. CGAs can start the pro‐gram while attending university, unlike the previous two designations, which makes it more attractive because you can begin working in your field while still finishing your degree. Their educa‐tion program is competency‐based, requiring students to perform and exe‐cute tasks to the same standards as the work environment, which differs greatly from theoretical knowledge‐based material. Similar to CA’s and CMA’s, the student must also pass the CGA exam at the end of the program. CGA’s are hired mostly in public prac‐tice, with some of them working in CA firms. The CGA is also known as an in‐ternal accountant for a company be‐cause their responsibility is to prepare a foundation for the CA’s so they can in turn prepare the financial statements.
MAS Magazine
Different Designations By Daniella Marando
1http://www.mcgill.ca/desautels/ca/about/facts/
For more information on these designations, visit:
CA
http://ocaq.qc.ca CMA
http://www.cma‐canada.org CGA
http://www.cga‐canada.org
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MAS Magazine
s recruitment winds down this year, students will face the question of which firms to apply to in launching their accounting career. While fit is
extremely important, consider the other, long‐term ramifications of the firms you’re choosing. I suggest that no student applies solely to the Big Four, as is the trend at McGill. Doing so ignores many of the interesting opportunities small and midsize firms pre‐sent. With the continuous rise of private equity financing to many up‐and‐coming companies, one may start to won‐der what public companies are going to do. A public company, listed on a stock exchange, has a lot more regulations to deal with, and consequently a lot more costs associated with an audit and other professional services. It is no wonder now that many firms are being bought out by private investors who wish to avoid all the complex legal issues associated with public companies. While it is unlikely the stock exchange will ever go away ‐ being by far the most liquid source of financing ‐ not having to deal with short‐term fluctuations in stock prices can allow managers to think of the long‐term and help better create value. This is proving to be a popular option as exhibited by Harrah’s entertainment, RJR Na‐bisco, Hertz car rentals, and the infamous failed buyout of Bell Canada. What does this mean to accountants? There are lucrative opportunities in private companies – many of which are served by small and middle‐market accounting firms. Being in a smaller firm or working on private clients gives you a lot more exposure to the many sides of a business, as opposed to working solely on a single section for weeks on a public company.
You get to see more businesses, and gain more insight into best practices. As you rise up the ranks in a professional practice, bringing in local, smaller clients is easier than try‐ing to court public companies for business. Most public companies do not change auditors as it signals something very wrong to investors ‐ making switching costs oft‐times enormous. With the ability to see more industries, one can establish oneself to the Montreal marketplace, and would be a prime candidate for various specialties within the CA desig‐
nation. Furthermore, should you choose to start your own accounting firm, private company experience will be the most adapt‐able experience to your new clients as many of them may be smaller. That is not to say public clients are bad ‐ this is only an opinion. Traditionally, positions in public firms, should one leave an accounting
firm and jump into industry, are much better paying. Work‐ing on or in the biggest companies in the world also poses some very interesting, and incredibly challenging problems that one could face. With that said, maybe consider the longer‐term of what your decision may entail. That’s not to say one can only work in private but not in public or vice‐versa, they are fairly interchangeable. But over the long‐term, think about what may best benefit you and choose accordingly.
Size Matters: Big and Small Firms
By George Hatzigeorgiou
“Being in a smaller firm or working on pri‐vate clients gives you a lot more exposure to the many sides of a business […]”
25
ith a CPA and CFA to comple‐ment his Masters in Business Administration, Masters in
Financial Economics, and PhD in Ac‐counting & Real Estate, Professor Des‐mond Tsang certainly brings a wealth of knowledge and credibility to an al‐ready impressive Accounting Depart‐ment at Desautels. We recently had the opportunity to speak with Professor Tsang about his personal career and the different paths available in Ac‐counting. What made you choose accounting as your field of study? I started out studying Accounting and Finance at U of T, then I decided I wanted to pursue Finance and got my Masters degree in Financial Economics. But later I realized I am actually quite good in accounting and there are many opportunities in the field of accounting as well, and hence I chose accounting in my PhD studies. Can you tell us a bit about your career path? When I was a teaching assistant for a Real Estate Economics class at the Uni‐versity of Toronto, I discovered that I really enjoyed the interaction with stu‐dents, and I decided that teaching was a path I would like to follow. And so I kind of sucked it up and went through 5 years of studies at University of California at Berkeley. I obtained my PhD in Account‐ing and Real Estate and now here I am, at McGill teaching you guys Intermedi‐ate Financial Accounting.
You have both a CPA and a CFA desig‐nation. Why did you decide to pursue these two and how do these designa‐tions complement each other? It is always good to have more designa‐tions than you need so if one thing does not work out you can try on another career; but frankly the CPA and CFA complement each other perfectly in the business world. A lot of students I taught at McGill who were Finance majors used to tell me they were taking my course as an elective and they had no interest in pursuing accounting. It was only when they graduated and landed a job in fi‐nance that they realized how much ac‐counting knowledge they actually needed in order to have a successful career in the investment industry. Are you thinking of pursuing other des‐ignations? I think I am done for now, getting the PhD as well as studying for the CPA and CFA in the last couple of years have been more than enough.
Do you have any comments on the different opportunities in the ac‐counting field? There are so many opportunities when one has an accounting desig‐nation. Just remember to keep your feet on the ground and work it one step at a time, study your courses well, work hard at the internship, and respect your professors and seniors and learn from their experi‐ences. One day your dream will come true, whether you want to be a CFO of a corporation or manage your own company. What bugs you the most about students in your class? Since you were my student before, you should know better that no stu‐dent bugs me! I love my students and in fact last year I joined them for the MAS Ski Retreat at Mont St. Sauveur. It was a lot of fun to hang out with them. Any secrets to success, both in school or out, that you’d like to pass on? Just be yourself, and try your best to be a good person, try to think from the perspective of others, then things will/ should turn out right for you. Thank you very much Professor Tsang for sharing your time with us. Always a pleasure to be interviewed by my favorite MAS Mag!
MAS Ski Trip
An Interview with Desmond Tsang By Monica Benedyczak
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Fall Recruitment Issue