mas mag winter 2010 edition
DESCRIPTION
Read about Designations, CA Schools, MAS Ski Trip, and MoreTRANSCRIPT
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Inside this issue
Re‐Evaluating Recruitment P. 3
MAS Ski Trip 2010 P. 5
Get to Know Your Profs P. 6
CA School Rundown P. 7
Designation Decisions P. 9
Entertainment Corner P. 11
Heads Up!
For those of you who are interested in
becoming a MAS Exec next term, look
out for a mass e‐mail later on this term.
Be prepared to submit your CV. Don’t
miss out on a great opportunity to gain
practical experience and even work with
CA firms in organizing events!
A McGill Accounting Society Publication
Warm Welcome
t is with great pleasure and joy that we, the MAS Mag team, would
like to welcome you back to another terrific semester. While the
Montreal winter is known to be unforgivingly harsh, we hope you all
find success in the coming months.
In contrast with the fury of September’s recruitment season, it
might be easy to forget about MAS in the calm of January. However,
the upcoming Ski Trip on January 22nd will provide a great opportunity
for Accounting students to gather and enjoy a weekend getaway at
scenic Saint Sauveur. In this issue, we will recap some of the events
that took place last year and give you a sense of what to expect this
year.
For those who were unfortunately not able to grab one of the
coveted summer internship positions last September, we will also pro‐
vide some useful tips that will hopefully be able to land you a full time
contract this coming Fall. From there, we will explore the differences
between the two English CA Schools available in Montreal.
We hope you will enjoy this issue and take full advantage of the
information (as well as entertainment!) provided. From all of us here,
see you at MAS Ski Trip!
Jonathan Shen
MAS Mag Editor
3
he smoke has settled and the dust has cleared and
you might have found yourself in a tight and unfortu‐
nate position, without a summer internship. Al‐
though not a favourable situation, this will hopefully give
you an opportunity to grow and focus on improvements for
the upcoming recruitment season in 2010. Below we have
structured some items to consider for next year and other
self‐developing points that could be available to you in the
process.
For students partaking in networking for the first time, this
could have been a challenging experience. Furthermore, add‐
ing hundreds of students and many firm representatives into
the mix can lead to great anxiety and stress if not managed
effectively. The key during the whole process is to get as
much exposure as you can. You want this exposure to be
positive and you want to make sure to at least speak to key
individuals who will be reviewing your profile. Do not forget
to ask for their business cards and send a quick thank you e‐
mail at the end of your day. These little things will go far, es‐
pecially if you leave a positive impression.
RE-EVALUATING RECRUITMENT By Anthony Karaganis
Fine-Tuning The “Good Old” CACEE Form
Networking - How Important Is It?
The CACEE application form is going to be the last thing the
recruiters will see next year and consequently will be your last
chance to make a charming and appealing impression for your
candidacy. One of the first items on the agenda is to ensure
that your CACEE stands out from the crowd and presents
clearly and precisely what you can contribute and how your
experiences have shaped your character. This will help sum‐
marize your profile and will facilitate the firm’s evaluation of
what they think you can contribute to their company. This
should be the first item to consider and evaluate, as it is the
CACEE application form which gives the firms a better picture
of who you are. It is absolutely crucial to take a step back and
analyze what you can do to help improve your performance
for structuring your CACEE. Discovering if it was the layout,
your ending summary or perhaps a few typographical mis‐
takes scattered throughout the application, that could have
lured recruiters away from your application is essential.
Ask a friend to re‐read what you have done and if you are still
unsure, see a career advisor. The sooner you start thinking
about your CACEE for next year, the better prepared you will
be.
A McGill Accounting Society Publication
4 A McGill Accounting Society Publication
Perhaps you had an interview or two and were unable to land
or grasp these opportunities. The wonderful career advisors
have established unique mock interview events where you
can get feedback from different corporations and firms,
within a non‐threatening environment. These events are ex‐
tremely realistic and are good indicators of what needs to be
improved. Take advantage of these as they are on a first
come – first serve basis and tend to fill up quite quickly.
If you found it difficult to organize your time amongst the
countless events that were provided with school and your
part time job, you should try to get organized a bit more effi‐
ciently. Research the firms that you are interested in and try
not to lose focus, remember that it is only three weeks and
after that it will be over. If you signed up for an event and
forget to attend, keep in mind that the firms spend a lot of
time printing out name tags for their confirmed guests and
can simply note who did not attend, as these cards will be left
unattended at the end of an event. Having an agenda with all
the dates you have confirmed to attend for the month of Sep‐
tember will make your life easier and will help you gain some
vision for when school assignments need to be completed.
The sooner you start revising your application for the next
year, the more effective you will be at landing that job. Re‐
member that the entire process is only three weeks long and
once the effort is in, the payoff should be great. Take time to
meet all the firms’ representatives and don’t forget to smile
and enjoy the ride.
Interview Tips - Take Advantage of Mock Interviews
Time Management
MAS Mag Tips for Recruitment 2010
Start reviewing and re‐writing your CACEE
before the school semester starts. This
will buy you some time when classes and
events start in September.
Get a copy of the recruitment calendar as
early as possible and start picking the
events you would like to attend that fit
into your schedule. Remember, recruit‐
ment only comes once a year so it should
be a priority!
Find out which seminars Career Services is
offering and try to attend as many as pos‐
sible. Don’t be shy to ask for help.
Make sure to review your networking
etiquette. Prepare both interesting things
to say about yourself as well as questions
to ask recruiters. Don’t be caught off
guard at firm events.
Relax and have fun! The best way to show
an employer you are a top candidate is to
bring a healthy dose of confidence.
5 A McGill Accounting Society Publication
MAS SKI TRIP 2010 By Monica Benedyczak
very year in January, the McGill Accounting Society
holds a weekend ski trip. This ski trip not only pro‐
vides students with a 2 day getaway from the hectic
life of school, jobs and duties, but also enables them to
gather further information on different accounting fields
available to them, all the while leaving them ample time to
ski, snowboard, meet new friends and have a good time.
Being aware that listening to seminars is not the way many of
you picture a ski trip, I can assure you that ‐ having gone on
the trip myself last year ‐ the seminars are concise and to the
point. The speakers take up about 2‐3 hours of the trip in to‐
tal, which allows for plenty of free time to partake in other
activities. Last year, Anthony Pennimpede, CA, opened up the
ski trip floor with some of his personal life anecdotes, as well
as several free copies of his new book Finding Your S.M.I.L.E
for a few lucky students.
Following that, dinner was served in the hotel dining room,
which provided a great opportunity to mingle and get to know
some new faces. That evening, everyone partook in an activity
that was thereafter dubbed most people’s favourite for the
entire trip: the sleigh ride. All of us piled into two massive
horse‐drawn sleighs and were swept around the wooded ar‐
eas of St. Sauveur. A random stop about half way through
provided us with a small clearing complete with camp fire
blazing and delicious hot wine waiting to be sipped, a great
reprieve from the chilly winter night.
Perhaps the best part of the ride, however, was the endless
number of off‐tune songs that were sung by the whole group,
and the bonding that ensued.
The following morning, breakfast was served and was then
followed by presentations from individuals in several different
accounting fields. Apart from hearing about the CA designa‐
tion, students got the chance to explore the CMA and CGA
career paths, as well as hear from someone specializing in
Forensic Accounting, an up and coming field in the accounting
world. The seminars were very insightful and allowed students
to get many of their questions answered, something that defi‐
nitely helped me solidify my decision as to what accounting
field I wanted to pursue.
The rest of the day was up for grabs for students to do what‐
ever they pleased. Many went skiing, while others relaxed in
the hotel or went shopping in the outlet stores nearby. Dinner
that night wasn’t included, so students either chose to ven‐
ture in search of a restaurant or dine at the hotel. That eve‐
ning, we all went out to a nearby bar for some fun and danc‐
ing, sleeping it off until late in the morning before getting on
the bus back to Montreal.
This year, like last, accommodations are at the Manoir St. Sau‐
veur. The trip takes place Friday, January 22nd through Sunday,
January 24th with sign up taking place in the Bronfman Lobby
at the start of the winter semester. Although the ski trip is
geared towards accounting students, all are welcome, and
everyone is more than encouraged to bring their friends.
Every year, a handful of students from faculties like Engineer‐
ing and Arts wind up taking part and make the trip all the
more entertaining.
Be sure to look out for the MAS table in Bronfman Lobby
the first two weeks of school.
Spots fill fast so grab you friends and sign up as soon as
possible!
GET TO KNOW YOUR PROFS By Rochelle Scott
YOUR CAREER
YOUR CHOICE
YOUR POTENTIAL
www.sngcollinsbarrow.ca
his past semester, we asked several accounting profes‐
sors the following question, “If you were an account‐
ing principle, which one would you be?” and the re‐
sponses have been very different. The following professors
have chosen to enlighten us on some of their favourite parts
of accounting… let’s see what they have to say!
“Industry Practice”, because I always tend to deviate a little bit from the standards of “GAAP” when I conduct my teach‐ing! I hope students still find my teaching methods, which always include tons of hilarious examples and the occasional dancing or singing, as acceptable ways to learn accounting.
I am a “Going Concern”. In addition to my work at McGill, I like to get involved in community organizations, work out, and maintain an active lifestyle to try and keep up with my teen‐age sons. So I hope to have an unlimited life of opportunity and adventure in front of me. I am afraid that if I stop I will become a pile of dust!
“Materiality”, I do not like nickel and diming, nor being at its receiving end. Maybe that is why I don't carry loose change around.
I would pick "Materiality". According to Madonna, "We are living in a material world, and I am a material girl". Haha!
Karen Zajdman-Borden
Desmond Tsang
Julia Scott
Larry Goldsman
7 A McGill Accounting Society Publication
THE CA SCHOOL RUNDOWN By Daniella Marando
riting the Uniform Final Exam (UFE) is undoubt‐
edly the most excruciatingly stressful three days
of any future accountant’s life. The Graduate Di‐
ploma in Public Accountancy program offered both at
McGill and Concordia University is an essential step in
preparation to successfully write the UFE and to become a
Chartered Accountant.
McGill Desautels Faculty of Management
The deadline to apply to McGill’s CA program is quickly ap‐
proaching; the 1st of March 2010. Suitable candidates would
be students who hold a Bachelor of Commerce degree, more
specifically a major in accounting, and have a minimum
CGPA of 3.0 on a 4.0 scale.
For the past few years, McGill’s UFE results pass rate has
been a steady 82%. Students in the program benefit from
having active professional CA’s as their instructors, academic
counselling, tutoring, and personalized feedback. The CA
designation, in particular one from McGill, is a highly re‐
spected designation, which will open doors and grant enor‐
mous opportunities all around the world.
Applicants must have completed the follow‐
ing with a minimum grade of B‐ in each:
ACCT 351 Intermediate Financial
Accounting 1
ACCT 352 Intermediate Financial
Accounting 2 ACCT 361 Intermediate Management
Accounting 1 ACCT 362 Intermediate Management
Accounting 2
ACCT 385 Principles of Taxation
ACCT 453 Advanced Financial
Accounting ACCT 455 Development of Accounting Thought
ACCT 475 Principles of Auditing
ACCT 486 Business Taxation 2
Once a student is accepted into McGill CA School, the program begins with the Summer semester and follows as such:
8 A McGill Accounting Society Publication
ACCT 651 Performance Measurement and Reporting
ACCT 657 Governance and Control
ACCT 657 Governance and Control
ACCT 655 Assurance ACCT 685 Engagement
Management
ACCT 683 Tax Planning and Decision Making
ACCT 660 D1 Internship
ACCT 689 Business Advisory
Services (Cases)
ACCT 699 Uniform Final Exam
Preparation Seminar
Summer Summer Winter Fall
John Molson School of Business
The notable difference between McGill and Concordia’s CA
program is that at Concordia, accounting students have the
flexibility to start the CA program in either May, September,
or January. The application deadlines are February 1st, June
1st, and October 1st, respectively. Any student who obtained
an undergraduate degree and an accounting major, with a
minimum CGPA of a 3.0 on a 4.3 scale, is eligible to apply.
In addition to core accounting classes required at McGill, Con‐
cordia’s CA program also requires 1.) Advanced Management
Accounting and 2.) Business Law and Ethics; the latter’s
equivalent being BUSA 364 for McGill undergraduate stu‐
dents. A minimum of B‐ is also required in each course.
Graduates from Concordia’s CA program have consistently
had a good performance on the UFE. Many students regularly
rank among the top 50 candidates on the Canada Honour Roll
of the Canadian Institute of Chartered Accountants.
The CA program at Concordia consists of seven courses: ACCO 612 Financial Accounting Theory In Practice
ACCO 613 Financial Accounting: Comprehensive Applications ACCO 631 Business Advisory Services ACCO 635 An Integrated Approach To Auditing
ACCO 643 Income Tax ACCO 678 Contemporary Issues For Accountants ACCO 685 Comprehensive Case Analysis and Integration and Uniform Final Examination Preparation
9 A McGill Accounting Society Publication
DESIGNATION DECISION By Anthony Karaganis
hether in U1, U2, or U3 we eventually meet at a
crossroad with our degrees, which can evidently be
stressful and cause some uncertainty. In today’s up
and down economy, it is apparent that as an accounting stu‐
dent, a designation will help expand your growth within a
company and ensure that you are not halted at that glass
ceiling later on down the line.
By and large, you have certainly overheard at least one of the
three acronyms of CMA, CGA, or CA echoing inside
Bronfman’s corridors. As an accounting student, deciding
which designation fits you can be a daunting and intimidating
task, especially if you do not know where to go. This article is
designed to enable you to comprehend the differences of
these designations and help with utilizing the resources avail‐
able before coming to a conclusion.
What are the designations all about?
Understanding which type of work captures your interest will
be the first major step that you need to take in order to deter‐
mine which designation is your perfect fit. The majority of
financial accounting firms, which perform outside auditing for
external users, currently require their employees to be in the
process of obtaining a CA designation. On the other hand, as a
CMA or CGA you might find yourself in more of a decision
making role within a company, which would entitle you to
reduce costs and improve the overall performance through
making key decisions. The following sections will give an
analysis of the three designations; shedding some insight of
the possibilities that each designation offers.
Individuals who select a Chartered Accountant (CA) designa‐
tion will at one point commence their careers working for a
public practice, as this is a requirement to obtain the designa‐
tion. This means that for the most part a CA will have had ex‐
perience performing audit, tax advisory or others such as fo‐
rensic accounting. Currently, 40% of CAs are working in public
practice, while the remaining 60% have jobs in industry re‐
lated fields. For the CA designation you are required to have
two years of financial accounting experience. Typically you
must have experience at a CA Training Office. This can now
include not only CA Firms but leading corporations and other
organizations which have the qualifications in place.
As a Certified Management Accountant (CMA) a daily sched‐
ule will typically consist of managing teams and making rele‐
vant decisions within a company. At times you could be work‐
ing as a project manager, responsible for internal decision
making and accounting relevant decisions within a company.
Interestingly, since December 2008 and the passage of Bill 46,
CMA’s who obtain a public accountancy permit are allowed to
practice in public accountancy. The CMA is broken up into
different steps which include case examinations, oral presen‐
tations, and written reports. Upon completion of the designa‐
tion you must have two years of work experience and report
to the Board of Directors.
A Certified General Accountant (CGA) will be responsible for
various types of aspects within an organization. In companies
they would be expected to be responsible for accounting
based decisions and performance evaluations. CGA’s are cur‐
rently the fastest growing designation in Canada and provide
emphasis on a wide range of accounting tools. As a CGA you
could expect your work to vary and will focus on a broad
range of accounting tools. An important event will take place
on February 4, 2010, where there will be an informative cock‐
tail held by the CGA’s which will give you a better chance to
network with representatives.
1http://www.cica.ca/about‐the‐profession/what‐do‐cas‐do/index.aspx 2http://www.cma‐quebec.org/en/Ordre/LaProfession/ComptabilitepubliqueFAQ.aspx
10 A McGill Accounting Society Publication
Each of the designations has an in depth ‘frequently asked
questions’ on their websites. These can provide the tools nec‐
essary to make your overall final decision. Also, researching
the available possibilities before making your decision is ab‐
solutely crucial. Each university will have its own application
deadline and it is critical that you figure out when they are
before getting stuck last minute. Take advantage of all the
events available to you and avoid the risk of waiting until it is
too late. Currently, McGill only offers the CA designation
within its faculty, but that does not mean you cannot choose
another. In the upcoming months there will be plenty of op‐
portunities to get to meet different representatives from
their respective designation. Furthermore, these events are
absolutely crucial to attend as they will give you an insight of
the differences, which will ultimately lead you to your final
decision.
Research is Important
Asking your questions to a career advisor would be your best
resource for acquiring more information. They will help guide
you in the right direction and also assist with deciding on
which career path is the best choice for you. An additional
method to help reach a verdict is to look at the classes you are
currently taking. This, after all, will be a great indicator of
what you would enjoy doing on regular basis. Addressing
these points will help you understand which field interests
you and provide a chance at undertaking your passion for an
interesting career, which is what we all aspire for, right?
I Still Don’t Know Which Designation to Pick
3http://www.cga‐quebec.org/documents/pdf/Universite/McGill.pdf
Solutions to crossword on p. 11
CMA CGA CA
Requirements Grade point av‐erage of 75% or pass the CMA Entrance Exami‐nation.
Depends on the path chosen. Complete the courses required.
Minimum of B‐ in all accounting courses.
Average Length
16 months ‐ 3 years
18 ‐ 36 months 2 years
Availability UQAM, HEC Montreal, John Molson School of Business
HEC and UQAM McGill, John Molson School of Business, HEC, UQAM
ENTERTAINMENT CORNER By Anthony Karaganis
11 A McGill Accounting Society Publication
Across 1 A professionally trained accountant who examines a company’s accounting records and financial statements to determine whether they fairly pre‐ sent the company’s financial position. 3 Inflow of resources to the company that result from the sale of goods or services. 8 An element of the balance sheet characterized by the probable future sacrifice of a company’s re‐ sources. 9 A synonym for amortization. 11 Assets that result when goods or services are sold on credit. They represent future claim on cash.
Down 2 The estimated period of time over which a capital asset is expected to be used. 4 A synonym for “income”. 5 Individuals or entities that owed something by the company. 6 The shares a company issues to its owners. Shares represent the ownership interest in a company. 7 The expense taken each period based on the use of non‐current assets, such as equipment. 10 The amount of current assets that the company has, including amounts in bank accounts