4 LETTER FROM THE EDITOR Meet our devoted leader, the visionary behind The Quarterly Profit: Mary Catherine Quintieri

5 THE QP TEAM The brilliant minds behind the masterpiece

6 WISDOM FROM DEAN WAVERMAN Dr. Leonard Waverman’s insight for students and his vision for DeGroote

8 FASHION CONTAGIOUSGet tips from pro fashion blogger and third year Commerce student, Julie Ling-Ma

10 ART MEETS COMMERCE: HAMILTON The 2nd Friday of every month illuminates businesses on James Street North

12 A STEP TO STEP GUIDE TO LANDING YOUR DREAM JOB An in-depth walkthrough on how to approach every stage of the recruitment process

BLAZE YOUR OWN TRAIL: Accounting, finance, marketing or HR? You need not be confined by these four domains any longer. Learn how three DeGroote grad-uates stepped outside the box and applied their business savvy to their true passions.

16 PART 1: BLAK.I 18 PART 2: VOLV

20 THE CHANGING FACE OF RETAIL How major retailers have adapt their strategies to combat ‘showrooming’

22 GETTING TO KNOW DR. SHERRY COOPERMeet the former Chief Economist of BMO and DeGroote’s newest addition. Learn about her success story and her top three pieces of advice for students

ECONOMICS @ A GLANCE USA, Canada, East Asia, Eurozone and Emerging Markets:

24 2013: A Year in Review 26 2014: Forecasts from expert, Dr. Sherry Cooper

28 GET INFORMED OUTSIDE OF THE CLASSROOM Be proactive about your learning and engage your mind through business conferences, our Top 3 TED Talks and the 8 Business Books you must read!

30 FOURTH YEAR ADVICE FOR FIRST YEARS The DeGroote Class of 2014 shares their wisdom with our newest Commies

c o n t e n t s

DISCLAIMER // All photos or logos used without sourcing are used in compliance with the Fair Use Law – for not-for-profit educational purposes. In no way do we assume owner-ship or affiliation with any images seen. If there are any questions or concerns, please contact us at: magazine@degrootecommerce.ca http://copyright.mcmaster.ca/Fair_Dealing

AS COMMERCE STUDENTS at the DeGroote School of Business, we are privileged to attend such a re-spected program which also shares a strong sense of community. Last year, I recognized the need to cap-italize on this sense of community and felt the best way to do this would be through creating an online publication to expand our network and strengthen the connections of our students, faculty and alum-ni! Further, the publication intends to enhance the student experience and play a meaningful role in student life and development. It took a lot of hard work, but here it is: “The Quarterly Profit” - a publi-cation for DeGroote students, by DeGroote students.

The goal of this magazine is to emulate the De-Groote culture with one quarterly online publication, so that the unifying attitude and spirit of DeGroote can be accessible to every person affiliated with the Com-merce program, at any place, and any time. While do-ing this, we aim to provide uniquely interesting and inspiring content to Commerce students.

Our first issue is called: “Suit Up for the New Year”. We hope to literally and figuratively encour-age students to “get ready” to make this year their best year yet. Our content intends to encourage stu-dents to pursue their dreams in 2014, while provid-ing them with a variety of information and resourc-es which we feel will enable them to do just that!

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Whether it’s landing your dream job, get-ting encouragement from admirable sources to follow your passions, or getting informed on the latest in business and economic trends; we know we will have a piece which will speak to you! I am honoured to introduce the Quarterly Profit, a publication that is fully recognized by the DeGroote Commerce Society Committee. Our door is always open, and we are constantly looking to engage the talents and perspectives of our Commerce students. If you are interested in joining our team, or have feedback for our upcoming issues - contact us at: magazine@degrootecommerce.ca.We’d love to hear from you. This is your paper DeGroote!

Now I would like to introduce to my amazing team! Working with this group of passionate, intelli-gent and ambitious individuals never ceases to amaze me and constantly reminds me of the level of genius which can be found right here at DeGroote. This pub-lication would not have came to fruition without their hard work, enthusiasm and relentless commitment to this cause. Thank you, team! I have supreme con-fidence in leaving the magazine in their hands next year as I will be graduating this Spring. I can’t wait to witness the growth of this outstanding venture!

A LETTER FROM THE EDITOR

4TH YEAR COMMERCE STUDENT PRESIDENT AND EDITOR-IN-CHIEF

Mary CATHERINE Quintieri

5

THE qp TEAM

DAJANA radicCO-EDITOR & WRITER

AMY cochrane VICE PRESIDENT, DESIGN

REBECCA snaryEVENTS & SOCIAL

MEDIA COORDINATOR

ALEX karpenkoECONOMICS ANALYST

& WRITER

JOSEPH cruz VICE PRESIDENT, EXTERNAL

RELATIONS & WRITER

SAJID aliVICE PRESIDENT,

CREATIVE & WRITER

MARCO coccariEVENTS & SOCIAL

MEDIA COORDINATOR

I remember when I was in graduate school I took economics theory with a guy named Paul Samuelson, who was a Nobel Prize winner. He said, “The average academic paper is read by half a person.” Because there are a lot of ac-ademic papers out there! So what’s important to me is the fact that other people, read it, cite it and use it in their own work. Other people have used my research and I’ve made a differ-ence.”

Through completing his undergraduate and graduate studies at The University of Toron-to and retrieving his PhD. in Economics from Massachusetts Institute of Technology (MIT), Dean Waverman has certainly learned many “lessons”. Yet when asked what was the most valuable thing he has learned throughout his life, Dean Waverman said:

In Spring of 2013, Dean Leonard Waverman was warmly received as the new Dean of the De-Groote School of Business. Having previously been the Dean at the University of Calgary’s Haskayne School of Business, he was well-equipped for the position. After being appoint-ed as Dean of two presitigious business schools, it is shocking to know that becoming a Dean was never in Dean Waverman’s career plans! In fact, Dean Waverman claims the thought never entered his mind until 2006!

“I was giving a talk in Georgetown, and after I finished my academic talk the Dean said to me “You really could talk to business… you should

be a dean.” And fortunately, or unforunately I listened to him. When I was a commerce stu-

dent [at the University of Toronto] I was going to be an accountant. I had a BCOMM Major in

Accounting. I wasn’t going to be an economist… I wasn’t going to get a PhD. But, things happened.”

And are we ever glad he did! We are honoured to have Dean Waverman guiding the future of DeGroote. He has had many notable professional and academic achieve-ments in his lifetime which include developing the “Con-nectivity Scorecard”, receiving the honour of Chevalier dans l’Ordre des Palmes Academiques and writing numer-ous academic papers which have been so significant that they have influenced public policy. Of all these accom-plishments, he states he is most proud of his consistent set of papers.

“Originally my papers were in energy and then eventu-ally in telecommunications. It’s nice to have a path in academia where you keep growing in a certain area and where you’re not only academic but you influence policy. Also, there are certain papers which have basically been important in the field, so you get cited a lot. And citations really count as an academic… you love being cited! Be-cause then you realize that people really read your paper!

Wis

dom

from DEAN WAVERMAN

“Seize the opportunity!”

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DEAN WAVERMAN “I’m always learning. This is my main thing. I listen. And I learn. And so I try not repeat mistakes. I think a lot of people can’t learn. I think if you are going to be a good administrator… you have to learn.”

“There is always a new experience, there is always a new problem. And how do you

deal with it? And then you grow from that.”

So I think it’s the ability to be open and learn is thing I’ve learned over my life. Don’t be closed. Don’t yell at people!” (Laughter).

Dean Waverman has a promising vision for the DeGroote School of Business. He believes that the business school is an “unpolished gem” poised for a “strong future”. He is especially enthusiastic about the extensive experiential learning which occurs at DeGroote and believes it is a strength which can continue to be developed. He believes this “beyond the textbook” learning is especially prevalent in the Marketing field, spear-headed by Professor Mandeep Malik.

Dean Waverman hopes to advance DeGroote into at least the top 5 in Canada.

“All we have to do is figure out how we do that. It’s not a short term thing, it will take time. But what we need is a strategy at the school. Sort of asking ourselves the question, “what do we want to be when we grow up?”. And how do we execute that? Every-one has a vision, but the key is the execution.” “We need a simple strategy and then we have to execute it.”

Lastly, we asked Dean Waverman to tell us his most important advice he can bestow upon the Commerce students at McMaster:

“Be passionate. The main thing is really live your dream and

be passionate.”I think that settling for second best is not a great option. I think all students should live their dream. I think that is the right message. I think a lot of students leave university and just kind of take on something that they don’t really love and they say, ”Oh well, it doesn’t matter...It does matter.”

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”“

with Julie Ling-MaJulie Ling-Ma is a 3rd year Commerce student who is focusing her studies in Accounting with ambitions to pursue her CPA designa-tion. Julie shares a true passion for fashion! This passion extends far beyond a hobby. Julie is a well-respected fashion blogger who has readers which span the entire globe! Her blog, named "Fashion Conta-gious" receives its greatest reader base from Singapore, Australia, USA and Canada.

Julie attends fashion shows, photo-shoots and store openings while providing her input on collections. Her input carries serious weight in the fashion world exemplified through her renowned written editori-als for high profile fashion bloggers such as Shine by Three (Austra-lia) and Moments with Meera (Singapore).We are honoured to invite Julie to The Quarterly Profit as our "in-house" fashion specialist. You can anticipate to see Julie's themed outfit picks each quarter in our magazine! Check out her blog: http://fashioncontagious.blogspot.ca/

As commerce students, dressing to impress is second nature. Upon notice of a formal networking event, we dawn our finest attire, double check our hair, take note of our visage, and even take the extra minute to pair the right shoes. Standing out as a desirable candidate for hire is exactly the ob-jective. Yet, the idea of applying that same ritual on a daily basis in class before your colleagues and professional educators seems to somehow get lost in translation. This issue I am encouraging all stu-dents to dress appropriately for class with a focus on the Conservative style.

The academic institution that we spend a tremendous amount time in for lectures, tutorials,meetings, studying and recreation is a formal setting for our professors. With this in mind, we barelycompliment the formality of their work as a result of the way us students present ourselves beforethem. The contrast of their business casual/business formal looks versus our spectrum of casual,comfortable, sloppy, and at times scandalous attire demonstrates a deep under-appreciation of their presence.

The wisdom of Tom Ford states it no better:

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this issue’s theme: “Conservative 4 Class”

Dressing well is a form of good manners.

”

this issue’s theme: “Conservative 4 Class”

Conservative 4 Class

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H E RS BLAZER: H&M Tuxedo Jacket

TANK TOP: Zara

BOOTS: MICHAEL by Michael Kors Charm Wide Calf Riding Boots

NECKLACE: Kate Spade “Sparkler Glow”

PANTS: Mougin & Piquard for J. Crew WATCH: Minuit Watch in Navy

EARRINGS: Kate Spade New York “Secret Garden” Stud Earrings

H ISSHIRT: UNIQLO Denim Slim Fit Long Sleeve Shirt

CARDIGAN: Denham Zip Through Celt Cardigan

JEANS: TOPMAN Dark Wash Vintage Slim Jeans

BELT: Allen-Edmonds Dearborn Belt

SHOES: SPERRY TOP-SIDER Delancey Oxford Tan Suede

WATCH & SOCKS: LRG The Tech Nat-ural International Crew Socks

WORDS //DAJANA RADIC

ARTISTS AND BUSINESS OWNERS alike coordinate their efforts to organize the Hamilton ArtCrawl, which takes place once a month along and around James Street North.And their efforts are certainly paying off. On the second Friday of each month, dozens of galleries and studios in the James St. N. area harmonize the openings of their monthly exhibitions; many restaurants in the area offer special menus; and shops extend their hours. According to the Toronto Star, the monthly event draws crowds of close to 800 people to the area, and this number is only rising.

While it’s undeniable that the monthly Art Crawls have aided Hamilton’s burgeoning art scene, their invigorating effect on small business in the James St. N. area can’t be ignored either.We reached out to a few business owners in the area to see what they had to say about the impact the event has on them.

A PALPABLE ENERGY

Owner and founder of O’s Clothes, a unisex cloth-ing store located at 8 Canon St. E. just off James St. N., Oliver Knutton, thinks the second Friday of each month represents a crucial day for businesses in the area.

He says, “I opened on July 13th, 2012. I wasn’t com-pletely ready to open, but a friend of mine told me, ‘No matter what, you have to open on an Art Crawl’. At the time I didn’t know how important it was, but in retrospect I’m really glad I listened to him. It’s a crucial day for most of the business along James. It’s usually the busiest, and more importantly, it’s the day that the most new faces walk through the door. As a business owner, new faces are the lifeblood of sustain-ability.”

Oliver goes on, “The art crawl has positively affect-ed most if not all of the businesses along and around

HAMILTON’S ART CRAWL: ENERGIZES BUSINESS ON JAMES ST. N.

Crowd enjoying live music at a past Art Crawl. Image from Toronto Star10

HAMILTON’S ART CRAWL: ENERGIZES BUSINESS ON JAMES ST. N.

James. That I can guarantee. Because of this one day a month, there is a sustained interest in the goings on of the street. More so than any other part of town it seems. James lives up to the hype. There’s an energy that is palpable.”

An Invaluable Way to Advertise

We also reached out to Jane Labatte and Hollie Poc-sai, co-founders and co-owners of White Elephant, a curated handmade boutique. The BFFs also have positive sentiments about the monthly event. Jane

echoed Oliver’s point about how the Art Crawls are great for attracting new faces to the area.

When asked for her thoughts on how the Art Crawls have affected businesses in the area, Jane says, “The art crawls are a great marketing and promotional tool for every business on the street. You can’t open a business anywhere else in the city that comes with such a large and successful built in promotional tool.”

A METAPHORICAL STAGE

We also contacted Susan Edwards, founder and own-er of the dainty shop at 142 James St. N., Humblepie Emporium and Design Studio.

She divulges that while some vendors have adverse feelings towards the Art Crawls, she is a strong sup-porter. She explains, “While some organizations on the street have expressed disdain for the Art Crawl, citing that there are too many browsers and not enough buyers, my experience has been a positive one. Many of those who come out to shop are looking for locally created, unique, affordable, ‘cash and carry’ items that they may take with them on their tour. Of-tentimes, people will return the next day or sometime during the weeks after and make a substantial pur-chase of a piece of painted furniture. The Art Crawls also offers an opportunity to demonstrate the pleth-ora of creativity that my organization has to offer. From live jazz to custom hand-finished work, it has become a metaphorical stage from which to showcase my shop to an enthusiastic, engaged audience.”

Ssan goes on to say, “One interesting factor of having the Art Crawls along James St. N. is the contrast it has revealed when comparing an evening of packed streets and busy shops during the second Friday of the month to the lack of pedestrians noted during the

rest of the month, given the high profile of the street. Perhaps it is a sign of the times; the result of Social Media pushing online commerce in addition to busi-ness conducted exclusively as old-school brick and mortar. However, while this lack of street level sales has had an adverse affect on the profitability of some businesses, the Art Crawl has definitely proven to be a saving grace for those affected.”

THE ICING ON THE CAKE

Susan is witnessing a promising change on the hum-ble street. She notes, “I have seen a noticeable rise in the number of visitors to the area and the Art Crawls are becoming the icing on the cake.”

She goes on, “My business has increased and there is a positive momentum growing. The small businesses and organizations that make up the organic growth of the creative industry on the street have worked hard and independently, without the benefit of an organized entity such as a Business Improvement Area.”The future of the James St. N. area is encouraging. As our chats with Oliver, Jane, and Susan revealed, art and commerce can fuel and motivate each other under the right circumstances, and in combination, they make a deadly pair. James St. N. is one of many examples where the line between art and businesses is becoming blurred. Make sure you join the fun and check out the ucom-ing Art Crawl on Friday, February 14, 2014.

. Incredible street art in action! Image from Raise the Hammer

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Pursuing your dream job can be stressful. As much as we enjoy our time at DeGroote, every student’s end-goal is to find employment. In this article, I will share some of the things I learned in the process of landing my dream job. While my experiences are specific to the accounting field, the same basic principles apply to all areas of business. Helping my DeGroote colleagues pursue and achieve their goals has truly become a passion of mine. If any students have any recruitment-related questions, please email: magazine@degroote-commerce.ca or come find me in person at DeGroote!

1.BECOME THE IDEAL CANDIDATE

Many employers are looking for the same three qualities in a potential candidate: a strong academic record, volunteer/work experience and extra-cur-ricular involvement in leadership roles. Most stu-

dents are well aware of this concept but don’t take it seriously. Excelling in these three categories shows the employer that you are committed, driven, intel-ligent, hardworking and then some! Push yourself to excel in these areas and your application will be

flagged as a strong one. Not to mention, you will do wonders for your own self-confidence and commu-nity at the same time! If you want to work for the

best, you have to be the best. Period.

TIP: Marks matter! In the accounting and finance fields, statistics show that students with

higher grades in University have a higher success rate in passing their professional exams (CPA and

CFA, for example).

2.KNOW YOUR WORTH

Be humble, yet self-assured. If you have a strong application, you should carry yourself with pride for all the hard work that you’ve done to achieve it. Enter the recruitment process with the mentality that any firm would be lucky to have YOU working for THEM - but be ready to prove why. The recruit-er will sense your confidence and in turn it makes them more confident about their decision to offer

you a job! With that being said, there’s a fine line be-tween confidence and arrogance - don’t cross it.

3. USE YOUR RESOURCES

CBCD provides amazing resume and cover letter review, and career path advice. Students can have

up to three visits with them per year. They are located across from the APO! Also, use your pro-fessors, employed friends, and personal network to become informed about upcoming positions

and other information relevant to the recruitment process.

TIP: Always address your cover letter with the hiring manager’s name as opposed just writing

“Hiring Manager”. If it’s not listed anywhere, call their HR department and ask.

4. GET BUSINESS CARDS The MSU printing centre in the basement of the student centre sells them, but I encourage you to

be more creative. Don’t be too flashy but differen-tiate yourself from the rest so when recruiters are

sorting through their stacks - you stand out!

5. DRESS TO IMPRESS Some may find this advice to be shallow and claim

“there’s more to a person than how they look.” And yes, , there is truth in that statement! But this tip has nothing to do with vanity. Dressing to im-press is not about looking “attractive or beauti-

ful”, it’s about looking refined and polished. And truthfully, this is what’s demanded in the profes-

sional world we live in!

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a st E P BY ST E P G U I D E :

TO L A N DI N G YO U R D R E A M J O B

GETTING STARTED:

WORDS //MARY C. QUINTIERI

1. THE ART (SKILL) OF CONVERSATION

People often say it’s the “art” of conversation, but I believe it’s a skill which can be practiced and im-proved! Test yourself. Try to begin conversations with strangers around campus and see how long

you can carry them on for! Being a social butterfly with your friends and finding common ground with a stranger are two very different things. When you

enter the recruitment process, you will need to make chit chat and small talk with many people in a given

day.

2. DON’T TALK YOURSELF DOWN Arrogance is certainly unattractive, but what’s even worse is self-deprecation. This is not charming and

will most likely lead the recruiter to believe one of three things: a) that you truly have the negative

quality you just associated yourself with; b) you lack confidence; or c) both a) and b). Yikes!

3. PRAISE, RESPECT & INCLUDE YOUR PEERS

If you take one tip away with you, please let it be this one! Students often see networking events as

their one opportunity to “shine”, but also, outshine their competition (ie: their peers).Employers are not only observing how you engage with them,

but more importantly how you engage with your fellow colleagues. They notice if you are directing

all of your questions, comments, eye sight and body language solely on them and are “boxing out” your peers from the conversation . And guess what; it’s

unprofessional. Why? Because when you enter their firm, they want to know that you are a team player who can work

well with others. Employers are also looking for em-ployees who will respect their colleagues. Empower

your colleagues to speak! Compliment them! Be kind and sincere! Even introduce them to recruit-ers! Taking these actions will not hurt your chances

of getting a job – they exhibit a supreme level of confidence and class. Lastly, this behaviour

is truly rare, so do it and you will stand out for all the RIGHT reasons.

4. THE PIZZA TEST After a long and hectic day at the office - would

I be able to share a slice of pizza with this person and not die of boredom? Believe it or not, this is a

question recruiters will ask themselves! They want to know that you are someone who fits with their corporate culture. Be yourself with a professional

twist and you’ll pass the pizza test! Show employers your personality.

5. ESCAPE THE WOLF-PACK When students are nervous, it’s understandable that they huddle around each other and avoid talking to recruiters. Although making the initial contact can

be intimidating - do not lose sight of the reason you came to the event! You should be maximizing every moment spent in the networking event and focusing on your goal: landing a job. Not to mention, recruit-

ers have been around the block a few times and recognize this is a sign of insecurity. Fake it till you

make it, bite the bullet and begin the networking process.

6. HAVE A FIRM HANDSHAKE This point is important for all students but I’d

especially like to emphasize this for my ambitious female colleagues! Introducing yourself with a firm hand-shake while looking the recruiter straight in the eye is the fastest and easiest way to gain their

respect.

7. DON’T INTERRUPT PEOPLE This is the worst form of social taboo and it’s espe-

cially inappropriate at a networking event. Interrupt a recruiter and chances are you are not going to get

any more of their time.

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NETWORKING EVENTS:

8. EVERYONE’S FAVOURITE WORD

IS THEIR OWN NAME This is a fun fact! But what does it mean? People,

including recruiters, like to talk about themselves... their vacations, their dogs, their career path, etc. It’s a natural human tendency in conversation to refer back to what we know - which is usually our own personal experiences. Yet, avoid continually draw-ing the discussion back to yourself and instead con-tinue to engage the recruiter and your colleagues by

asking open ended questions.

9. NEGATIVITY- A CONVO KILLER As soon as you bring negativity into a conversation,

the atmosphere changes. Things become uncom-fortable and the conversation dies off very quickly. In addition, firms want to hire individuals who are going to implement solutions to potential problems

at work, not whiners who are going to sit around and complain! An especially important form of negativity to avoid at all costs is gossip. If you

gossip about anyone during your discussions with a recruiter I can almostguarantee that you will not be selected for an interview. This behaviour shows

you lack integrity, social intelligence, and confi-dentiality - three things that will definitely end up costing their firm money in damage control if they

hired you.

10. SHAKE MANY HANDSFinding the hiring partner or manager and parking yourself in their corner all night is not a good strat-egy. Talk to as many people from the firm as pos-sible. I’ve been told by many recruiting teams that

at the end of the networking sessions, the team will have a meeting to digress and each member will rank their top 3 students. It’s important to be on

as many top 3’s as possible, not just on the manag-er’s. Plus, they’ll be able to see right through your motives and will not be enthused. Make time for a junior level employee – getting to know the asso-ciates is also valuable. You will likely be working alongside them when you start and their insights

are invaluable!

11. DON’T GET TOO COMFYAlthough it is important to act natural when build-ing relationships with recruiters, do not expose ev-ery detail about yourself. It is always inappropriate

to discuss stories about what happened at the bar last night, or that one time on your trip to Europe, any of your personal relationships, etc. Even if the recruiter shares their “adventurous” stories with you, it is not in your best interest to do the same.

Remember who has the power. Nothing is final until you sign your name on the dotted line of your

employment contract. And, NEVER SWEAR!

12. THANK-YOU EMAILSAt one of my first networking events a recruiter

advised to send thank-you emails the moment I got home as it would give me a competitive advantage

and show initiative! He said that most students wait until the next day and that this isn’t the ideal ap-

proach. Keep emails as concise and polite as possi-ble - they’ll have hundreds to read. Remember to

briefly mention something interesting you discussed so they remember who you are.

TIP: When exiting a conversation, exchange busi-ness cards. After the event, quickly write down

topics you discussed with each person on the back of their card.

13. BUILD A RELATIONSHIPYour initial meeting with a recruiter at a network-

ing event should mark the beginning of an ongoing professional relationship. It is extremely important to keep in contact with the recruiters you met and

build rapport. Be bold and ask if they are available to meet you for coffee or lunch -- your treat! Even if you only have a dime left in your bank account, it is important that you find a way to pay. Insist

on paying! Think of this as an investment! Always have a purpose for your proposed meeting (ie: to

learn more about the firm, to gain insights about the application process, to discuss their next event, etc.). In addition, it is acceptable and beneficial to sched-ule coffee with more than one person in the same firm (on different dates). Talk to as many people as possible and get their whole company talking

about YOU!

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NETWORKING: CONTINUED

15

INTERVIEW 101: 1. COME PREPARED

Always do your research on the company and your interviewer before attending an interview. Have a

list of at least five strong and unique questions to ask at the end of your interview. A candidate who does not ask questions is seen as someone who is uninter-ested and unprepared. Bring along multiple copies

of your resume, cover letter and transcripts and offer them to the interviewer(s) at the beginning of the

process. Even though they will already have them, this is proper etiquette. Invest in a leather-bound file folder and carry these documents, your questions, a

pen, notepad and business cards with you!

2. KNOW YOUR RESUME“Of course I know my resume - I wrote the thing and

I worked the jobs!” You may think you know your resume, but in actuality you could have forgotten a

lot of the details of the content you provided. Be pre-pared to speak to every position on your resume in

greater detail than the information provided. Avoid the awkward situation of appearing “stumped”

when an employer asks you a question about a spe-cific role you did three years prior. This can become extremely uncomfortable because it may appear that

you lied on your resume.

3. PRACTICE MAKES PERFECTAs strange as this may feel - practice answering your questions in front of the mirror. Being interviewed is akin to giving a presentation. Your body language, eye contact, tone and answers should all move in

perfect harmony and this will not happen without practice. Retrieve a list of behavioural questions

from CBCD and get to talking! You can be assured that even the most impressive and fluid public

speakers have rehearsed one hundred times over.

4. BODY LANGUAGE Be aware of your subconscious nervous tendencies

(ie: hair twirling, leg jittering, nail picking, etc). These activities can be extremely distracting and can

take away from what you’re saying.

5. DON’T BE LATE In university, most professors assign a marginal

penalty for late submissions yet most are still cour-teous enough to grade your work! Interviews are exactly the same... except your “late penalty” will most likely cost you the job. Show up late to an

interview and your resume may very well be tossed in the garbage. Report your arrival to the company’s

administration at least fifteen minutes before your scheduled interview time. Plan your route in ad-

vance on Google maps. Even if you show up an hour early and have to sit outside in your car to avoid

being late - do it. NEVER be late - ain’t nobody got time for that!

6. ENHANCE YOUR VOCABULARYWords such as “like”, “um”, and “kinda” need to be removed from your vocabulary in an interview. Do not get stuck repeating the same phrases over and

over as this demonstrates that you are not well-read. Poor vocabulary can crush your credibility. If you think that your vocabulary could use some work,

start reading!

Last but not least, I would like to extend to you my final and most important piece of advice:

Nothing truly worth your while will come easily. The recruitment process can be an emotional roll-

ercoaster and the road to your dream job will most likely be faced with rejection, disappointment and

self-doubt. But rejection can be a blessing in disguise because it will force you to go back to the drawing

board and it will keep you humble.

To all my DeGroote colleagues currently looking for employment or those about to begin the process -

never, ever give up on your dreams! Sooner or later you will get there if you are relentless and work

hard. How bad do you want it?

NEVER GIVE UP

INTERVIEW // SAJID ALI

HELDER AGUIAR, a McMaster alumnus (Class of ‘04), has gone on to become one of the creative directors of his and partner Diego Fuch’s contemporary women’s wear brand: BLAK.I.

How did your Commerce degree lay a foundation for pursuing your goals as a fashion designer?

It’s a huge, huge advantage and that I have my Bachelor of Com-merce , and I also have a Minor in Economics. Any successful designer you meet nowadays either partners up with business people or have a financing firm supporting them. It’s a huge asset because it’s not about just de-

signing clothes. For example, you have to know your target market which is a marketing concept. We focus our designs on women who are 25-35 years old. They’re metropolitan city girls who are career driven, and make between $40,000 - $70,000.

I also remember learning about a memorable case in my Opera-tions Management course which discussed how car companies in Asia were out-performing many of the American car brands be-cause of their design strategy. Before they began building a car, they laid out a budget for their costs. This was opposite of North American car companies who created a product, added up all their costs and then determined their selling price at the end.

When my business partner and I started this company, one of our first goals was to know what prices we wanted to sell gar-ments at. Knowing this concept we could easily eliminate specific fabrics or things which we for sure knew would not fit into our budget.

When did you know that you wanted to pursue this

career and what actions did you take?

In my second year I landed a summer internship in downtown Toronto at SunLife securities. I commuted in everyday and on my trips there and back I would always be looking at fashion magazines. It was at that time when I decided I wanted to pur-

BLAZING YOUR OWN TRAIL PART I

From Degroote

to Runway

16

ForFrom DeGroote to Runway

BLAZING YOUR OWN TRAIL PART I

Vivemos para lutar, lutamos para viver :

[Portuguese]. We live to fight,

and we fight to live. “

sue a career in fashion but knew I had to finish my Commerce degree before I made any moves in that direction. I graduated in 2004, worked for a sum-mer and then enrolled into fashion school. I went there not knowing anything - I didn’t even know how to sew! I just knew what I liked to see in clothes and I knew I wanted to have my own com-pany. At first when I was there, I began to doubt myself and wondered whether I wasted my time at McMaster because I was 25 years old at fashion school and all my peers were 20. I felt like I was behind. It wasn’t until I graduated and I entered the workforce that I realized the benefits of going to McMaster. I understood how companies function, which fashion students don’t. They just know how to design. When you combine the two, it becomes a very lethal combination.

What was the biggest obstacle that you had to overcome?

I think it was more an internal struggle. I’m a stu-dent at heart and I love watching documentaries and reading bios about how people establish them-selves. The part you don’t hear about with either celebrities or anybody who has been successful is their struggles. Everyone goes through struggles which must be overcome. I’ve always felt that if somebody tells me that I can’t do it, I’m going to do it just to prove them wrong. You’ve got to do your research and look at other people who were able to achieve. Nelson Mandela went to prison for 27 years, but he got out and he was ok.

If you’re having a bad week, think about what that man went through. He’s an example of how some-body can overcome their obstacles.

What advice would you give to Commerce students who are passionate about pur-

suing something outside of the traditional business functions.

Everywhere you go and anything you do, you can apply a business sense to it. No matter what, com-plete your program. Go work for somebody for a little bit and get a little bit of experience. See the ups and downs of how any company operates and then learn from their mistakes. You’re going to make mistakes, it’s not easy. It’s very difficult when you take a different career path and there are no guarantees. There’s no safety net - it’s just you. You’ve got to be able to overcome failure.

What is your favourite personal mantra or words to live by?

Vivemos para lutar, lutamos para viver [Portu-guese]. It means: we live to fight, and we fight to live. That has always been my motto. Every day is a struggle and we need to overcome it. If something seems too easy, it’s not real. You’ve just got to deal with the struggle, there’s the reward at the end. Life is the fight. You have to go out there and get things for yourself, no one is going to do it for you. Don’t think that everyday it’s going to happen. There are days when you start having doubts. You’ve got to be passionate about what you do and you’ve got to continue.

-Helder Aguiar ”

You’ve probably seen those glossy wristbands around the wrists of your colleagues come Frosh

We tracked down the founders of VOLV, Jon and Mike, who among other things, have found a way to capi-talize on the madness that are Frosh and Frost Week. See how these MARS Apprentice alumni applied their Bachelor of Commerce degrees to succeed in the real world.

How did VOLV start?Jon: We started VOLV in 2009 during our third year at DeGroote. The idea for VOLV came together around mid-February but I actually didn’t even know Mike before that semester. We had the chance to work to-gether on a group project for a marketing course [3MC3] and spent many hours together. Eventually, he brought up the idea of starting and business and I said “Sure!”

Mike: Zinedine Zidane was coming to play a soccer tournament in Canada and the organizers needed a website. We saw the opportunity and thought that we can probably create a website for the event so we de-cided to take on the task and grouped together people we know who were knowledgeable of web design. I think that that was when things really started. It was that start of VOLV.

Jon: We started out at Innis Library and had recruited one of my close friends from my first year who was a web developer and a fellow Commerce student. He actually brought his desktop to Innis and placed it in one of the little study cubicles. We use his desktop setup for the copy and graphic design as well as the strategic development of the website while my friend

worked on the coding. We were probably there for 16 to 18 hours on that day alone and managed to get most of the website done! I think that was the birth of VOLV. Whenever I tell this story, people would die of laughter especially when I tell them about my friend setting up his desktop in the library! But seri-ously I remember him saying, “You want me to bring it in? I’ll bring my computer. It takes two minutes to plugin.”

What is the most useful teaching you learned in your business degree at McMas-ter that you applied in your company to-day? Is there something in particular?

Mike: I think that it was really about the soft-skills: networking, relationship building, and people man-agement. The skills you learn having to deal with people on a regular basis, how to get people to help you, how to collaborate with other peoples’ ideas, and how to get people to work with you and make them feel like they’re all part of the team.

Going back to your fourth year, was your first pub crawl profitable?

Jon: We’ve surely had our peaks and valleys, but these so called peaks and valleys are not what people

BLAZING YOUR OWN TRAIL PART II

INT

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18 Jonathan & Michael

would expect them to be which was hard to adjust to. The visible part of the business is tied to, but not directly tied to, the financial success and during our first year we were probably making only a dollar per hour.

Were there any doubters during the process and how did you overcome them? Who supported you?Mike: People don’t see it as large scale event manage-ment or marketing. The way we treat it will be dif-ferent from how everyone else treats it, which is the reason why we decided to bring in a single direction or a unifying theme for all our events. I think there are two types of thinking when it comes to planning large scale events. There are those who see the event as just going to a party and then we have those who see the event as an experience that they want to pull off in a certain way and have a unique marketing touch. The way we approach it is different and so it doesn’t make sense for other people who doesn’t see the bigger picture.

Are you still keeping your day job?Jon: Yeah, typically we’re working from 9 to 5 and we just get in the car and drive down to Hamilton and start over there. The first years we were doing it, we would work until early morning around 3 to 4 in the morning then we would start again the next day and keep on doing it.

What is your favourite personal mantra or words to live by?Jon: I’ve always gone by: “If you’re not making mis-takes, you’re not trying hard enough.”

Mike: I would say it’s the challenges and obstacles that make every day challenging, different, and keep you learning.

If you could offer one piece of advice to the commerce students at McMaster, what would it be?Jon: A lot of people at school treat it as a race. Then you turn 25 and you realize, “I could care less what my buddies think of me. I don’t like my job. I don’t like my career.” People should realize that the race should only matter to them and what everybody else is thinking shouldn’t matter at all! This is the perfect time to take risks; you’ll never have a better time!

Mike: No matter what you do, continually challenge yourself to exceed your own expectations. Set you own expectations for yourself about anything you do. Continually raise your own bar. Continually push your envelope.

And if you failed?Mike: It means you learned.

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20

WORDS //DAJANA RAJIC

Say you’re in the market for a new tablet. Or maybe it’s a camera. Or a new pair of running shoes. You go to the store to test out or try on a few different models of the desired product. Maybe you talk to an employee and ask them a few questions about it. You finally decide on a model, and you’re ready to make the purchase.

So, what do you do next?You tap open your smartphone’s browser and scope out the best price online. Obviously. Then, you go home and make your purchase from your laptop. Or maybe even in-store, straight from your smartphone. And, guess what? You’re far from being the only one who shops this way.

A recent study by Parago, a Texas-based incentives and engagement company, found that about one third of U.S. shoppers regularly partake in this type of activity. The trend has been coined ‘showroom-ing’, and retailers have had little choice but to re-spond swiftly and decisively by changing the way they do business. New strategies developed to miti-gate its unfavorable effect on sales can be witnessed across the industry and include: experimentation with new technology like Apple’s iBeacon, ‘reverse showrooming’, and the implementation of price-match policies. Some retailers have taken a more un-expected approach, choosing to embrace showroom-ing with open arms using assisted price checking and ‘shelf talkers’.

iBeacon Retailers like Macy’s and Safeway are harnessing the power of technology to combat the showrooming trend by testing iBeacons in their aisles, reports the Guardian Professional.

Developed by Apple, the iBeacon’s platform is based on Bluetooth low-energy technology, and it has the ability to pinpoint offers for specific product ranges based on location with a high degree of precision. Though still early in its lifecycle, retailers are catch-ing on to the gadget.

‘REVERSE SHOWROOMING’ As the Wall Street Journal reports, Wal-Mart is an example of a retailer who is benefitting from ‘reverse showrooming’. To engage this line of defense against showroom-ing, companies develop various online strategies to encourage customers to browse social media and e-commerce sites but still make purchases in their brick and mortar stores. A Business Insider article identifies Pinterest as a key driver of this type of activity.

PRICE-MATCH POLICIES As further discussed in the Wall Street Journal , some retailers like Best Buy and Target are fighting back by establishing permanent price-match policies to keep online retailers like Amazon from undercutting their prices. Best Buy executives tout that the policy will keep the company from losing customers due to price, though analysts have estimated that less than 10% of shoppers will actually take advantage of the program.

‘SHOWROOMING’: PUSHING THE BOUNDARIES OF RETAIL

21

IF YOU CAN’T BEAT THEM...JOIN THEM

Perhaps the most effective, and thus, recommended strategy has been swim with the current instead of against it. In addition to its price-match policy, Best Buy is taking precisely this approach.

Best Buy promoted its stores as “the ultimate holiday showroom” in the weeks leading up to the past holi-day season, inviting customers to visit their stores and test out products, the Wall Street Journal reports. The intent was to draw customers into stores, and through their price-match program and improvements to cus-tomer service, convince them to make a purchase.

Another way retailers are embracing showrooming is by helping their customers engage in the activity. In a post on their blog titled Re-Inventing Retail, strategists and retail experts Dick Outcalt and Pat Johnson highlight this approach.

They discuss assisted price checking, a method by which companies train their sales associates to ap-proach customers who are making price comparisons on their mobile devices and encourage them to place the product in their online shopping cart. This allows the customer to see what the total cost of the product would be, including taxes and shipping fees, and re

veals a true price comparison. Sometimes, customers find that the savings they would realize by buying on-line are insignificant, if they exist at all. In addition, this method creates a teaching moment between the sales associate and the customer, which helps build trust.

Outcalt and Johnson recommend taking the tactic one step further. They advise retailers to select a number of products that are particularly prone to showroom-ing, and display ‘shelf talkers’, or signs that reveal the price comparison to a popular online retailer, beside them. The signs can be as simple as a screenshot of the item in its online shopping cart, with taxes and shipping fees included in the final price. This way, the retailer is exhibiting price transparency and creating value by essentially doing the work for their custom-ers.

The competitive retail landscape is constantly chang-ing. Today more than ever, it’s critical that brick and mortar retailers pay close attention to consumer be-havior and constantly come up with creative ways to ward off threats posed by their online counterparts.

We’d love to hear from you! Use the official Twitter hashtag “quarterlyprofit” or email us at magazine@degrootecommerce.ca to tell us about your experienc-es with showrooming.

DR. SHERRY COOPER

Left to Right: Alexander Karpenko, Mary Quintieri, Sherry Cooper, Joseph Cruz

What made you decide to go into

the field of Economics?

I didn’t grow up wanting to be an Economist. In fact, I didn’t even know what an Economist did!

I took my first Economics class during my second year of university because it was offered at 10 a.m. and I wanted to fill that time slot. I still remember when my Economics professor returned my first exam pa-

per with a note that said “For just a beginner, you possess such a depth of understanding , you ought

to become an Economist!” That message hit me - professor’s don’t realize the impact they have on

students! In the end, I would describe it as serendipi-tous because I fell madly in love with the subject and

I’ve never regretted my decision to pursue it.

How did you overcome any challenges or dissapointments you faced

throughout your career?I did have failures along the way. There were lots of

disappointments – the roadblocks, unfairness, the nasties, and the people who would willingly stick their feet out so you’d fall - but most were actual-ly blessings in disguise! One instance was when I was just starting off my career, I was applying for an tenure-track Assistant Professorship position back in Ohio. I remember practicing my PhD disserta-tion presentation many times to give the best per-formance possible.I know I did an outstanding and job and afterward I was told by the faculty and the Chair that it went very well. Shockingly, they only of-fered me an Instructorship (lesser) at a remote cam-pus because they didn’t like the idea of a husband and wife tandem in the same faculty - my husband was an Associate Professor in the economics department.

In addition would have been the first woman in this department. After this, I decided to move to Wash-ington D.C. wherein I landed great job with the U.S. Federal Reserve. In the end, I’m very thankful for that rejection because if it hadn’t happened, I’d probably

still be in Ohio!

INTERVIEW //JOSEPH CRUZ

AND HER TOP 3 PIECES OF ADVICE FOR STUDENTS

22

The Globe and Mail described you as smart, stylish, tough, and you are also

dubbed as the “Megawatt Celebrity Economist,” what do you think made

you stand out from everyone else?

Just the fact that I was a woman set me apart. The trading floor back then was a male-dominated envi-ronment and because of this I had to be great at what I did; people were just waiting for me to slip up. I knew that no one was going to cut me any slack because I was a woman. I always went over and above the call of duty – I had the best presentations, the best slides, I studied harder, I worked later, I always practiced, and I never cut corners. I also think that my credentials made it hard for people to ignore me; they had to take

me seriously.

How were you able to create balance in your life with such a demanding career?

I’m very fortunate because my family has been im-mensely supportive of my career. I have a wonderful family because no matter what setbacks I faced, I al-ways had my husband, my son, my mom and sister on my side. I can just go talk to them and tell them anything and I’ve actually had enough of life to realize

that that’s really what’s important.

If you could offer any advice to the young and ambitious Commerce stu-dents at DeGroote, what would it be?

Success in business is often serendipitous and there is really no one route to the top. Yet, there is no doubt that you have to be out-standing, work hard and step out of your com-fort zone to be considered. It is guaranteed that you’re job requirements will change along the way so you must be proactive and must always be on a learning curve - never get stagnant in your learn-ing process. Take stretch assignments to be noticed. Not everyone wants to necessarily get to “the top”,

but if you do - you must excel.

What grades you get and how hard you work really matter! You know -

a “C” average is just not all that impressive and is not going to get

you noticed.

Be full of ideas, do stretch assignments, and go over and above! it is also realLy important to really want

to succeed because as Napoleon Hill once said, “what you can conceive andbelieve, you will achieve!”

DREAM BIG! Furthermore, if you ever come to the point where you’re not enjoying what you’re doing for a significant period, you have to get out! You have to find something else that will make you happy and will continue to challenge you as an indi-vidual and as a professional. Learn to network effec-tively and look for mentors, sponsors, and supporters.

Do not forget that the money will come if you like what

you do and you do it well!

The last advice I can give is to start writing your goals. You have to make sure that your goals are measurable and realistic. I believe in this because I’ve done it myself ! In fact, one of them was to run a marathon when I turned 50, which I proudly

accomplished!

23

1

2

3

2013USA

Whether it was social unrest in Europe, ris-ing tensions in the Middle East or the 16-day government shutdown, , the US economy was affected and weathered a turbulent year in 2013. However, economic indicators are pointing to a stronger and more resilient economy. According to a report published by the Bureau of Econom-ic Analysis, “real gross domestic product (GDP) increased by 4.1 percent in the third quarter of 2013”. The report also highlighted the increase in corporate profits in the fourth quarter which were up 1.9 percent after rising 3.3 percent in the third quarter.

The biggest story in the US was the unwinding of the Federal Reserve’s Quantitative Easing program. The unconventional program has been injecting liquidity into cash starved markets by buying assets from bank balance sheets in an attempt to lower interest rates and stimulate the economy.

In December the Federal Reserve Board made the decision to taper its

$85-billion dollar asset buying program to $75-billion dollars per month.

The decision, which was supported by decreas-ing unemployment figures and increases in consumer spending, seems to have had no ad-verse reaction as markets in the United States remained relatively stable after the announcement.

E C O N O M I C S A YEAR IN REVIEW

INTRODUCTION

ECONOMIC OUTLOOKS have looked bleak since the meltdown of 2008. However all major regions of the globe saw growth in 2013 and it seems like the worst is behind us. For the first time in five years, investors are beginning to be a little bit more optimistic going into 2014.

CANADA Compared to the rest of the world, the Canadian economy remained relatively stable in 2013. Ac-cording to Statistics Canada (StatsCan), the econ-omy grew by 1.7 percent which disappointed some analysts who were expecting higher growth rates. Interest rates fixed at 1 percent through 2013, de-spite the Bank of Canada’s warnings of possible in-terest rate increases. Increase in consumer spending point to increased confidence in Canada’s recovery.

However, the unemployment rate in 2013 was 7.1 percent which is still higher than the pre-2008 level

24

WORDS // ALEXANDER KARPENKO

the Canadian economy grew

1.7%

E C O N O M I C S A YEAR IN REVIEW

EAST ASIA Growth in Asia slowed in 2013. According to statistics published by the World Bank growth in the region was 6.2 percent in 2013, a 0.4 percent decrease from the 2012 growth rate of 7.5 percent. As economic conditions in the US and Europe improved, investors began to withdraw funds from the Far East dampening growth. The phasing out of large stimulus programs in the US, which were responsible for 90 percent of East Asia’s growth since the 2008 meltdown acc, have also contributed to declining growth rates in the region.

As a result China’s growth has slowed to 7.5 per-cent in 2013, compared with earlier projections of 8.3 percent according to the World Bank. In response, Beijing embarked on a path of political reform, some of which included fiscal reforms. In November President Xi Jinping vowed to adjust economic structures to accommodate the pres-ent financial climate as well as to modernize and industrialize the Chinese economy in an attempt to maintain high growth rates. For the first time in two decades Japan’s economy is beginning to flourish. Japan’s recent monetary expansion, dubbed “Abenomics” after Japanese Prime Minister Shinzo Abe, has successfully brought the economy back to life. Similar to QE in the US, The Bank of Japan’s asset-buying pro-gram has been injecting $55-billion per month into the Japanese economy, which will double Japan’s money supply by the end of 2014. The program has strengthened consumer demand and consumption leading the economy to expand by 3.8 percent in 2013. At the end of the year, Japanese shares closed with an annual gain of 57 percent due to increased confidence from foreign investors sparked by mon-etary expansion.

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EUROZONE Austerity was the word that defined the Euro-zone in 2013. In the midst of a sovereign debt crisis, politicians across the 18-member zone have been cutting social spending and raising taxes in an attempt to resuscitate the economy which sparked protests across much of the continent. In several regions the response was violent. Major cities in Southern Europe like Athens and Ma-drid saw protests and levels of civil unrest that have not been seen in years.

Economic growth in the Eurozone was nonexis-tent in 2013. Eurostat, the statistical office of the European Union (EU), estimated GDP growth rate to be -0.4 percent in 2013. Labour markets also didn’t fare well; with unemployment re-maining fixed at 12.1 percent since April 2013. Unemployment rates in much of Southern Eu-rope have been hovering around 25 percent and youth unemployment rates in Greece, Spain and Croatia are more than 50 percent. The persistent unemployment numbers resulted in dampened consumer spending. Despite strong efforts from the European Central Bank (ECB) to prop up the economy the num-bers from 2013 look grim. In November, the ECB cut interest rates to a record low of 0.25 percent to stimulate growth. Mario Draghi, the current president of the European Central Bank, assured banks that the ECB would continue to provide necessary liquidity until the middle of 2015. However despite the interest rate cuts and added liquidity, the inflation rate in December was 0.8 percent and the prospects of deflation are still very real in Europe.

It was a bad year for emerging markets which started to lose pace as developed nations began to emerge from the economic abyss of the 2008 Crisis. Growth in countries like Turkey, Brazil and India began to slow in 2013. Many saw their currencies plunge in value as investors redirected funds into more developed markets fearing the end of the QE program. To combat the fear and panic, central banks in emerging markets increased interest rates causing domestic demand to soften and exports to decline.

emerging markets

THE IMF HAS RECENTLY raised their global economic outlook, Forecasting growth of 3.7 percent this year, a 0.2 percent change from the October forecast of 3.5 percent. The World Bank estimates that the global economy will expand by 3.2 percent this year, citing strong growth in developed economies. It seems like the recovery is finally here.

ECONOMIC FORECASTS FROM DR. SHERRY COOPER

2014

The future looks bright for the US recovery and, “the Fed has done a phenomenal job” says

Dr. Cooper. According to a new report released by The World

Bank, the US economy is forecast to grow at 2.8 percent.

Employment figures released in December were disappointing. However those were not indica-tive of actual market conditions, Cooper says “they were weather related”. The newly appointed Chairmen of the Federal Reserve, Janet Yellen, will take over the Fed on February 1st 2014. In the words of Sherry Cooper, Yellen is “brilliant” with a “balanced and non-dogmatic view”. She will be the first woman to helm the central bank of the United States and “she’s probably the

However, it’s not all good news. In the coming year, “We won’t see any [interest] rate increases” says Cooper, citing tightening fiscal policy and investors on Bay Street seem to agree. According to a recent Bloomberg article, many are speculating that the Bank of Canada will lower interest rates in the coming year because of sluggish economic performance in recent quarters.High debt-to-income ratios will also be a cause for concern. Ac-cording to Dr. Cooper as consum-er debt increases, “banks [will be] more reluctant to make loans to over-indebted households”; leading “consumer spending growth in Canada [to] soft[en]”. As consumption decreases so will economic output, which may lead to slower economic growth in 2014.

most qualified chair we’ve ever seen” says Cooper. Yellen will oversee the continued tapering of the Quantitative Easing (QE) program and will ultimately be responsible for the successes or failures of the US economy in 2014.

CANADAWith the loonie hitting a four year low, many are beginning to wonder how the Canadian economy will fare in 2014. Canadians can remain confident in the health of their economy says Dr. Cooper, “we are in a strong position financially and the world is pouring mon-ey into Canada”. BMO’s ex-chief economist is predicting a growth rate of 2.4 percent in 2014, and when asked about the devaluation of the Canadian dollar Dr. Cooper didn’t seem worried. “Exports will increase in 2014” says Cooper as the devaluation will make Cana-dian goods and services cheaper abroad.

USA

USA

26

INTERVIEW // ALEXANDER KARPENKO

ECONOMIC FORECASTS FROM DR. SHERRY COOPER

eurozone

“The Crisis is behind us” says Dr. Cooper. As bor-rowing costs fell across the Eurozone in early 2014, many of the economically weaker states began to sell their debt in the attempt to regain access to global capital markets. Ireland, which was the first nation to offer its bonds, exited its bailout program in Decem-ber. Spain, Italy, Portugal and Greece are also con-sidering selling their bonds as economic conditions in Europe continue to improve. The World Bank has forecasted growth to increase by 1.1 percent in the Eurozone. However aside from the fiscal problems “Europe’s problem is also a demographic problem” according to Dr. Cooper. Europe has an aging popu-lation and “the social safety net costs are huge”. How Europe deals with these problems will deter-mine economic performance in the future.

east asia

According to the World Bank developing nations in East Asia will expand at 5.3 percent in 2014, up from 5.2 percent in 2013. Domestic demand will continue to decrease in 2014 across South East Asia, following a trend which began in mid-2012. However, Japan’s recent QE program will dampen some of the adverse effects of Fed’s decision to slow its stimulus program. Emerging economies in East Asia should use this op-portunity to prepare for the eventual cessation of QE. In 2014, “China will grow at approximately 7 percent” says Dr. Cooper. China will continue to re-focus its economy on domestic and private consump-tion as a primary source of growth through fiscal reform. In the past majority of domestic investment was done by the local governments in China. Howev-er this has left the Chinese with a massive debt bur-den, approximately 53 percent of GDP according to a recent audit released by the National Audit Office

(NAO). How Beijing deals with the debt will have quite an impact on China’s economic performance in 2014.

At the end of 2013 Japan seemed like it was finally back on track, however that may not be true.

Dr. Cooper is forecasting Japan to grow at “1.5 per-cent, maybe 2 percent if they’re lucky”. Despite the monetary stimulus, Japan will still be facing “serious deflation problems and very low levels of consum-er spending” in 2014. Furthermore Prime Minister Abe will levy an 8 percent sales tax come April 2014, which slow consumer demand and harm economic growth. Increased liquidity may have helped the Jap-anese economy in the short term. However the struc-tural reforms that are needed to sustain economic growth in the long run have been a disappointment, raising fears and doubts whether or not Japan is truly out of the “lost decades”.

emerging marketsNations will face the same problems they faced in 2013. “Growth will be relatively subdued” says Dr. Cooper. Countries like Brazil, India and Turkey are facing major account deficits which have been excessively reliant on the Fed’s easy monetary policy. With economic conditions improving in devel-oped economies and liquidity drying up, emerging markets are in for a rough ride in 2014.

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Canada is expected to grow at

2.4%

GET INFORMED OUTSIDE OF THE CLASSROOM

ROCKY MOUNTAIN BUSINESS SEMINAR This five day business seminar, held by the Univer-sity of Alberta, takes place annually in the Canadi-an Rockies over Reading Week. This year’s semi-nar is taking place February 17th to 21st with the theme of uniting passion, people, and possibilities.

BATTLE ON BAY STREET This two day financial management case competi-tion is held by Ryerson University’s Finance Society this February 7th to 8th. Put theories into practice with this great opportunity!

UNIVERSITY OF VICTORIA LEADERSHIP CONFERENCE The University of Victoria is holding its four day leadership conference in Parksville, British Columbia March 13th to 16th. This year the con-ference will be held at the luxurious Beach Club Resort and has an amazing line of speakers!

WOMEN’S LEADERSHIP SYMPOSIUM The University of Toronto’s Rotman Commerce Women in Business organization is holding its 5th annual symposium on March 7th 2014. This year’s theme is putting confidence into action.

28

While classrooms offer valuable knowledge to us students, it is crucial for up and coming business professionals to take charge of their own education and get informed outside the classroom. Propel your knowlege to new lengths using traditional and non-traditional me-diums by: investing time in a good book, inspiring TED talks, and educational conferences.

Top 3 TED Talks

External EventsDID YOU KNOW?

The DCS offers bursaries for a certain number of students interested in attending busi-ness conferences at external Canadian Universities. Find the application form online!

POWER OF INTROVERTS BODY LANGUAGE GRATITUDE-

8 BOOKS YOU NEED TO READ

8 BOOKS YOU NEED TO READ What Should I Do with My Life?

Po Bronson

“The most common ques-tion I’d get was, ‘So is your book about life, or about careers?’ And I’d laugh, and warn them not to get trapped by semantics, and answer, ‘It’s about people who’ve dared to be honest with themselves.’”

The Leadership Challenge James Kouzes Barry Posner

“Leadership is not a gene and it’s not an inheritance. Lead-ership is an identifiable set

of skills and abilities that are available to all of us.”

29

A Whack on the Side of the Head

by Roger Von Oech“By changing perspec-tive and playing with our knowledge, we can make the ordinary extraordi-nary.”

Leading, Competing, Succeeding by Robert Herjavec“Whether you want to build the next big company in communications technology, become the most respect-ed teacher in your education system, or have a lasting impact as an artist in your field, the most important deci-sion you can make is to reject medioc-rity.”

The Personal MBA: Master the Art of Business

Josh Kaufman“Many people assume that they need to attend business school to learn how to build a successful business or advance their career. That’s simply not true. ”

The 7 Habits of Highly Effective People:

Powerful Lessons in Personal Change Stephen R. Covey

“Two people can see the same thing, disagree, and yet both be right. It’s not logical; it’s psychological.”

Feel the Fear and Do It Anyway Susan Jeffers (Recommended by Professor Teal McAteer) “Whatever happens to me, given any situation, I can handle it!” “I know it’s pointless to tell someone to be fearless. I regularly fail to convince even my-self. But it does help to tell ourselves to fight our fears at every stage of our lives.”

Lean in: Women, Work, and the Will to Lead- Sheryl Sandberg examines why women’s progress in achieving leadership roles has stalled and offers com-pelling, commonsense solutions that can empower women to achieve their full potential.

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