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EDITOR’S LETTER
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CONTENTS MARCH 2008
ON THE COVER
SPOTLIGHT ON 12 Well Read Don’t judge a book by its cover: there’s more to Publishing than you may think.
UP FRONT 06 Reality Bytes All the news and advice you need to kickstart your career, including easy ways to spruce up your CV. 08 The Real World Awards We
Spring Forward
T
he days may be getting lighter, but they also seem to be passing at an ever accelerating rate. ‘So much to do, so little time!’ is the cry from all corners as Easter
and the switch to British Summer Time approach. You may be rushed off your feet, but do make space in your busy schedule to read this new issue of Real World. Not only is it entertaining, but it also contains a mass of information that could actually save you time in the long run by pinpointing where you want to take your future career. Think of Book Publishing and images of the latest blockbuster piled up in Waterstones
want to celebrate students who
may come to mind. It takes a mass of people specialising in everything from editing to
have made a real contribution to uni life with our best ever awards, offering up to £5,000 to our winners.
marketing and copyright law to get those crisply printed new pages to press, and in our Spotlight On Publishing you’ll find everything you need to decide if it’s the place for you. Book-keeping of a different kind appears in our feature on Accountancy and the Actuarial sector. Once seen as boring and rather stuffy, careers in this area are now
RW FEATURES 18 On The Move Discover why there’s more to the world of Transport and Distribution than White Van Man. 24 Know Before You Go Everything you need to know about Gap Year breaks. 30 Balancing Act Why Accountancy is such a good career choice. 40 Actuarial Understanding what Actuaries do.
IN THE NEXT ISSUE >> Coming up in our May issue: Fine Arts go under the RW Spotlight, and we examine the Nursing and Social Care sectors. Not forgetting everything you need to know to get ahead in Marketing, Sales and PR.
highly desirable. Not only are they well paid, but they also offer incredibly varied occupations where your people skills are just as important as a good head for figures. Elsewhere we look at the rather misunderstood Transport and Distribution sector, without which this issue of Real World would never have made it into your hands. For those who are considering a break we’ve also looked at Gap Years, including an essential guide to planning what to do and where to go. Finally, there’s still time to enter our fabulous Real World Awards. Please go to www.realworldawards.com and tell us about how you’ve made a real contribution to your university. We can’t wait to read all about you!
Dee Pilgrim, Editor dee@realworldmagazine.com
P12 P18 Editor Dee Pilgrim • Designer Yang Ou • Features Writer Hannah Davies • Sales Paul Wade, Harmesh Sansoa, Terry McNally, Mitul Patel • Marketing/Distribution Manager Poonam Sharma PR Coordinator Madhvi Pankhania • Client Services Manager Marie Tasle • Managing Director Darius Norell • Real World is a publication of Cherry Publishing: 22-26 Albert Embankment, London SE1 7TJ • Tel: 020 7735 4900, Editorial – 020 7735 2111• Fax: 020 7840 0443 E-mail: info@realworldmagazine.com •Website: www.realworldmagazine.com – for job vacancies, career advice and case studies • Copyright © 2008 Cherry Publishing No part of this publication may be reproduced or stored in a retrieval system without the written permission of the publisher. We cannot accept responsibility for unsolicited manuscripts and photographs or for material lost or damaged in the post. The views in this publication or on our website are not necessarily those held by the publisher.
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realitybytes news*views*advice*strategies
Budget Boosting
FIVE WAYS TO GET THE BEST OUT OF LIFE Focus forward. What are the goals
1
that would make you feel good if
you achieved them by the end of the week and the end of the month? Now work out what to do to make sure you get there.
2 3
Build a plan, break your goals down into mini-milestones. Now focus on one step of the journey at a time. Celebrate your achievements. Write down all the things that you have done in the last year and
the main things you learnt from those that didn’t work out as planned.
4
Imagine you are free. Write down
how you would spend your day if you had total freedom. Now do it, or at least work out what to delegate, or actually stop doing, so that you can.
5
Seek out a challenger. Look for someone who can offer advice and challenge your thoughts and plans.
According to the NUS, the average cost of a three year degree (including living costs such as rent and travel) is now a whopping £45,000 in London and £39,000 elsewhere in the country. There is financial help at hand, but many students are either unaware of it or ignoring it. If your university charges the maximum tuition fees, then by law it must offer less well-off students non-repayable bursaries. Yet government body Student Finance
says 65 per cent of students have no idea as to what they are entitled to, and apparently there has been an underspend of £3 million on these bursaries. Could you be one of the students this money is there to help, yet haven’t claimed? Find out by visiting www.bursarymap.direct.gov.uk . This will take you through to the bursary and entitlements page of your own university where you can see if you are eligible.
Real World Top Budget Tip Avoid going out for one night and spend the tenner you save on an NUS Extra card. Not only does it get you discounts on books (via Amazon), insurance and some of the High Street chains, it can also be used as an International Student Identity Card (normal cost £9) giving discounts on train tickets and youth hostels abroad.
For more tips, grab a copy of The Mind Gym: Wake Your Mind Up (little brown books £12.99) or check out our website www.themindgym.com
Photograph & Illustration: iStockphoto
With the whole world heading for an economic downturn and tuition fees rising this year, many students are currently feeling the pinch.
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Photograph & Illustration: iStockphoto
GIRLS ON TOP – NOT! It seems equality for women in the boardroom is still a long way away. A survey carried out by Gavurin for The Observer has found the number of women directors in the UK has actually fallen in the last decade or so. In 1991, the proportion of directors who were women was 43 per cent, but this has now fallen to 35 per cent (for 2007) and of the new companies registered last year, over half (54 per cent) had no female directors at all. Apparently, outdated notions of what a director should be (namely, a man in a pinstripe suit) still persist and even women who run their own companies often find clients mistake them for more lowly employees.
Real World advice
ALERT: WEB EXCLUSIVE!
for women who want to go all the way: Don’t settle for second best – set your sights higher rather
Ever wondered what ‘ethical careers’ actually are? Considering a career in consultancy? Then go to www. realworldmagazine.com for our two
than lower. Don’t wait for anyone else’s permission, just
brand new sector guides. Ethical Careers discusses how to
put yourself forward and take the risk.
incorporate your personal principles and values into your future job. A career with a conscience doesn’t necessarily mean working for a charity – read our case studies to see how you can make a difference to people and planet, whether in the public or private sector. Consultancy, sponsored by Capital One, is an excellent introduction to this dynamic, fast-paced sector.
BOOK of the month
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Some people spend their year out teaching English; others backpack round the world; Jo and Ants travelled from Bangkok to Brighton in a hot pink motorised rickshaw. Tuk Tuk To The Road is the hilarious account of their adventures, from tangling with Kazakh border guards and dodging rebels in Laos to warbling karaoke love songs in China. The aim of this riotous road trip was to raise money for MIND, and a percentage of the proceeds from the book will go to the mental health charity. An inspirational and gripping read, this is guaranteed to get you planning your own getaway. We have copies of this brilliant book to give away to the first 7 people to email their name and address to editor@ realworldmagazine.com with ‘March Book Giveaway’ as the subject.
Tell us what you think. Is there something you’d like us to cover in Real World? Our Editor Dee is waiting to hear from you at editor@ realworldmagazine.com.
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REAL WORLD AWARDS | 2008
Winner, Conall Watson
Winner, Hazel Mowbray
Winner, Kirill Makharinsky
Winner, Alexander McLean
2004 2005 2006 2007 could you win in 2008? This year sees the fifth annual Real World Awards, with a £16,000 prize fund to reward those students who have made the most of their time at university. We take a look at how some of the event’s past finalists secured their win – and guide you through our easy entry process.
My ultimate goal in life is to never ever be boring, I believe in living on the edge and dreaming big. Katy Standish, Real World Graduate of the Year Finalist 2004
• If you nominate someone who goes on to win in any of the four categories, you will receive £100 • We’re also offering £100 to the student who makes the most nominations • You have the power to change the course of the competition by voting for the winners. Your fellow students need your votes – log on to www.realworldawards.com to get involved.
Photograph: Domenico Pugliese, Ed Miller, Yang Ou
did you know?
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REAL WORLD AWARDS | 2008
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how they did it The closing date for 2008’s most prestigious student awards draws ever closer. if you are considering entering but don’t know what we are looking for, here Past Real World Awards winners and finalists share their experiences of getting the most out of university life. It’s not a problem if you don’t necessarily “follow the crowd”. Alexander McLean, Real World Graduate of the Year 2007 With essay deadlines, lectures, and endless exams, it’s easy to get caught up
The student who wins this award will gain a massive endorsement for their CV for their future. Enterprise Rent-a-Car, sponsor of the 2008 Student Entrepreneur of the Year
I find I can achieve my ambitions by setting small goals. Jennifer Lambert, 2006 runner-up. You don’t have to have scaled a mountain, founded a charity and become
in the academic whirl of student life. What all our winners and finalists over the
In a crowded graduate job market, it’s vital to stand out. Make sure you get
president of the Students Union by 19.
years have in common is a desire to live life to the full – and to have fun doing it.
noticed by gaining the recognition you deserve for your hard work. ‘Imagine yourself graduating and ask yourself
While there’s nothing wrong with ambition, ensure that the
where you want to be, and what you want to have achieved by that point,’ says Joe Kirby, finalist in 2007. Try to work out what your USP [unique selling point] is and embrace your individuality. As Harjeet Taggar, 2006 finalist, says: ‘I don’t want to be typecast.’
pressure to succeed doesn’t take over your life. Seize the day, but don’t neglect the future. ‘When I started university I was trying to do many things at the same time. So I had to learn to focus. I found that it was crucial to begin with the end in mind,’ says Joe Kirby, a 2007 finalist.
Spend your time doing what makes you happy. Xin Hui Chan, 2007 finalist
Photograph: Domenico Pugliese, Ed Miller, Yang Ou
University provides the perfect environment in which to explore your passions, whether that means playing sport, getting involved in drama, writing for the student newspaper or volunteering – the only limit is your imagination.
Employers are increasingly looking for ‘soft skills’ in their graduate employees, such as leadership aptitude and teamwork. Your extracurricular activities are the perfect way to develop your abilities in these areas. David Langer, a runner-up in 2007, suggests a flexible approach: ‘Experiment early on and get involved in lots of different things. Then you can use that library of experiences to work out what it is that you care about and enjoy.’
It’s so important to get the most out of university. It’s a unique opportunity to better yourself and to develop lifelong skills. Adam Taylor, 2006 finalist
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REAL WORLD AWARDS | 2008
It’s been the most amazing experience and is a real chance to show that university is about so much more than studying. Hazel Mowbray, overall winner in 2005
Could you be one of our winners in 2008? We’re looking for students who can demonstrate passion and commitment to
now tell us your story
Students Union to make a difference to student life. Even if you don’t feel ready to enter the Awards this year,
projects and activities outside their degree. Maybe you’ve been collecting money for RAG; perhaps your drama club is going from strength to strength; you might be working on a
you can still get involved by logging on to vote for your fellow students. The deadline for voting is the beginning of July 2008. Remember: the earlier you submit your entry, the more time you
fledgling online business; or you may use your position on the
have to get those all-important votes from your peers.
At PricewaterhouseCoopers LLP we believe good business performance is about having a positive effect on society, the economy, the environment and the wider community. We are therefore proud to be sponsoring the award for Socially Responsible Student of the Year which recognises students who have been involved in the areas of community, environment or volunteering in their time at university. PricewaterhouseCoopers LLP, sponsor 2008 Socially Responsible Student of the Year
Winning this award may pave the way for future job opportunities or potential backing from a financial institution in order that the successful student can pursue their entrepreneurial dreams.’ Enterprise Rent-a-Car, sponsor 2008 Entrepreneur of the Year
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REAL WORLD AWARDS | 2008
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This year we’ve expanded the Awards to four categories – giving you even more chance of winning:
1 2
3 4
1. Socially Responsible Student of the Year, £5,000 prize for a related project or society, sponsored by PricewaterhouseCoopers LLP.
Entrepreneur of the Year, £5,000 prize for a related project or society. This category is sponsored by Enterprise Rent-a-Car
Most Improved Club or Society, £5,000 for a related project or society. Whatever your focus – sport, drama, debating – we’ve got £5,000 to make a real difference to your club or society.
Overall Contribution to a University, £1,000 prize. Your contribution can be anything, from campaigning on student rights to running the best club nights in town.
what we want to know
1 2 3 4
How did you make the most of your time at university? Why are you entering this category? What will you do with the prize money? Where will your university achievements take you in life?
entering is easy
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Just follow these simple steps >>>>>>>>>>>>>>>>>>>>>>>>>>> 1. Visit our official website: www.realworldawards.com >>>>>> 2. Choose your category >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 3. Upload a picture or video of yourself >>>>>>>>>>>>>>>>>>> 4. Answer four short questions >>>>>>>>>>>>>>>>>>>>>>>>>>> 5. Get your fellow students to vote you through to victory Sponsored By
Technical Partner
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BOOK PUBLISHING BOOK PUBLISHING IS ONE OF THE MOST DESIRABLE ARTS INDUSTRIES FOR GRADUATES – AND ONE OF THE HARDEST TO CRACK. HANNAH DAVIES SUGGESTS A FLEXIBLE APPROACH
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SPOTLIGHT ON | PUBLISHING
ave you
heard the one about the glamour model who outsold the entire 2007 Booker Prize shortlist combined? It’s no joke. Recent outraged press reports about dumbing-down in the Book Publishing industry overlook the crucial fact that this is fundamentally a money-making commercial enterprise. The UK book market is worth an estimated £3.3bn, with 787m books sold in 2006. Most of that revenue comes not from prize-winning literary fiction but from celebrity autobiographies, cookbooks, self-help guides, academic works and baby books. ‘Most people who want to go into Publishing have a love of literature and a lack of knowledge of the industry,’ says Desmond O’Rourke, director of the MA Publishing Programme at the London College of Communication. Competition for editorial assistant positions in popular divisions is fierce. ‘If I asked a panel of students from different universities what they would like to do within Book Publishing, they would all say Consumer, Editorial and Fiction,’ he says. Yet one of the most exciting aspects of this industry is the diversity of output - so why not make this work for you? Editors enjoy fulfilling careers in areas such as education, travel, and sports, so don’t rule anything out. There will be different advantages to each field: if you’re a keen wordsmith, for example, you are more likely to get writing opportunities at a non-fiction publisher. It might also be worthwhile looking at other jobs within the industry – not only as a means of becoming an editor but also as an end in itself. The book publishing process encompasses a wide array of important roles, of which Editorial is just one element. O’Rourke points out that Marketing is taking on increasing importance within the industry. Publishers are looking for fresh ideas to spread the word about new titles, from viral
campaigns and profiles on social networking sites to TV ads, so this can be a dynamic and creative area. Sales roles offer the chance for international travel as well as the opportunity to explore the Publishing industries of different countries. As a rights executive, for example, you could find yourself at the Frankfurt Book Fair negotiating with a top German publisher by day, and entertaining a Russian editor over dinner in the evening. Those with visual flair and solid IT skills might like to consider Design, where you can put your creative abilities to use on illustrations and covers. And let’s not forget Production, which encompasses the most crucial aspect of publishing – getting the book printed. These noneditorial roles tend to be slightly less competitive as they are not well known outside the industry. Indeed, the Hachette Livre Graduate Scheme does not currently include an editorial pathway, and they are keen to encourage candidates to apply for a wide variety of Publishing roles. Whichever area of Publishing you choose, keep up to date with industry developments by reading The Bookseller, Publishing News and the books pages of national newspapers; working in a bookshop may also help your application. There are a few graduate schemes, such those at Hachette Livre and Macmillan, but these are hotly contested and you’ll need some industry experience before you apply. Many roles require administrative experience, so highlight evidence of this on your CV. IT skills are highly prized, due to what O’Rourke terms the ‘multi-tasking’ nature of modern publishing: ‘You get more hybrid roles now, such as production/ editorial assistant, which require a range of skills.’ In particular, an understanding of publishing packages such as InDesign and Photoshop can be invaluable – you should be able to get a feel for these programmes by helping to sub-edit your student newspaper. There is currently
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Photograph: iStockphoto
H
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‘
the sense of satisfaction is huge when a book you’ve worked on arrives
case studies | publishing
much debate about how Book Publishing
’
will progress in the digital age, but one thing is certain: there is a lack of technological knowledge within the industry, and any graduate with excellent technical skills will find it easier to break in.
chance to try different areas of Publishing before choosing where you would most like to work. The training is very varied and thorough, from technical courses on programs like InDesign to visits to suppliers, as far afield as Italy. It’s also a perfect chance to meet lots of people across the industry and build up contacts for future use.
While a publishing qualification is not obligatory, having the MA can make a real difference to your career prospects. ‘Publishers are looking for people who can add value very quickly,’ says O’Rourke. ‘Moreover, graduates from the course are able to move between publishing roles more easily.’ Many courses, such as the MA Publishing at the London College of Communication, are linked to work experience, meaning students can take advantage of their lecturers’ excellent contacts. Indeed, work experience is key for getting that first job. Internships at the larger publishing houses are often booked up months in advance, so it’s worth looking at smaller companies the Independent Publishers Guild is a good starting point. ‘It really is a “who you know” industry,’ says Sarah Hawkins, editorial assistant at Random House. ‘So keep coming back until it’s your name they think of as soon as a job becomes available.’ n USEFUL LINKS The Bookseller www.thebookseller.com Publishing News www.publishingnews.co.uk Hachette Livre Graduate Scheme www.hlukgraduates.co.uk Independent Publishers Guild www.ipg.uk.com The London Book Fair (14th – 16th April 2008) www.londonbookfair.co.uk Publishers Association www.publishers.org.uk The Society of Young Publishers www.thesyp.org.uk Women in Publishing www.wipub.org.uk Diversity in Publishing www.diversityinpublishing.com An Independent Publisher’s Blog http://www.snowbooks.com/weblog/ An Independent Bookseller’s Blog http://crockattandpowell.blogspot.com/ Want to know more about Book Publishing careers? Visit www. realworldmagazine.com for our web exclusive rundown of the main roles.
Laura Esslemont 25, St Andrews, English Literature. Can you give your work title and what it is you actually do? I work at Hodder & Stoughton as a production controller. I am responsible for the H&S backlist – all the reprints, special sales and also a handful of new titles as well. Production is like project management – you act as the co-coordinator of everyone working on a title, dealing with Sales, Editorial and Design, and are in control of the budget and schedule, the printing and quality control. What made you choose this career path? After doing English at St Andrews, I did one month of work experience with a small independent publisher in Edinburgh. I then worked there as an editorial and production assistant for about 15 months, gradually getting more interested in the production side of things. For me, Production was less isolated than Editorial, involving more interaction with others, and had a quicker moving pace. I wanted more training in print and was even considering doing a publishing masters course when I saw the Hachette Livre UK Graduate Traineeship advertised. Where do you aim to be in five years? The career path of working in Production usually involves going from production assistant to junior controller (often in charge of reprints) to senior controller who works on more complex new titles, and then on into management, where strategy and long-term overviews are more important than the day-to-day nitty-gritty. After five years in Production, it would be ideal to be a senior controller involved in some really challenging and satisfying new books, exploring different ways of making them attractive, sell-able and unique. How has the Hachette Livre Graduate Scheme helped you to develop your publishing career? Today, Publishing graduate traineeships are rare and this one was an ideal chance to learn about and work in many sides of the industry. The scheme sent me to five Hachette companies, covering colour books, education, audio, ebooks and trade paperbacks, so it really is a unique
What do you like most about your job? The best bit about Production is guiding a creative process and working with others towards an end result. It is in Production that the product is made real, where months of commissioning vision, editorial graft, and sales/marketing energy is finally streamlined into one small object. The sense of satisfaction is huge when a book you’ve worked on arrives. Even on a smaller scale, each day is filled with problem solving and building good relationships with people, and this is equally as satisfying. Are there any downsides to what you do? Downsides to Production can be to-do lists that seem never-ending and intimidating, but that at least means there’s never a moment to be bored! Also, the increasing reliance on technology can be frustrating when things stop working. If your computer system/ email/phones etc break down then you can be quite disabled. What do you think are the most important skills/strengths you need to make a success of what you do? Patience, good negotiation skills, organisation and the ability to get things done are key skills in Production, as you are often persuading people to do things for a certain time and certain price. A calm nature and a positive attitude are also essential for those times when everything starts to look impossible! As one production director told me: ‘The key to good production is never giving up…’ What would be your best piece of advice for graduates wishing to come into this sector? As advice to anyone considering Production as a career I would say try and get as much practical experience with books as possible, from working in a bookshop to volunteering in a publishers or a printer – anything connected with the field. Read industry magazines like the Bookseller and try to keep aware of trends and developments. Also, just keep looking at and thinking about books – their design, feel and unique selling points. There are so many things that go into the delivery of a book: Publishing is a real team effort and looking beyond Editorial can open up many other perspectives on the book industry. www.hlukgraduates.co.uk
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case studies | publishing
majority of journalists you speak to don’t want to speak to you!) To become a publicity officer at Profile Books I went through two interviews, and the publicity director asked the shortlisted candidates to plan a hypothetical publicity campaign for one of Profile’s books. In my case it was Tough Cookies, a book about the pressure cooker world of top chefs. What do you like most about your job? The best thing about the job is seeing a big review or feature about a book you are publicising in a national paper, hearing one of your authors on the radio, seeing them on the TV, basically the results of all your hard work. It is also very gratifying to see the sales of a book take off due to a good publicity campaign.
Benjamin Usher 27 years old, Oxford University (The Queen’s College), English and Modern Languages (French). Can you give your work title and what it is you actually do? I am the publicity manager for Profile Books, an award-winning independent publishing house in London (www.profilebooks.com). My job is to make sure that our books, our authors, and the company get lots of media attention, so that people go out and buy the books! I also co-run the internship scheme at Profile, which is very popular. It is an eight-week, paid internship, and we try and make sure our interns get a good understanding of what each department in the company actually does. On a day-to-day basis I plan and run publicity campaigns. This includes writing marketing plans, sending out early proof copies, organising events (debates, parties, conferences, etc), writing press releases, deciding which journalists and media outlets to send books to, and of course chasing and liaising with the media and authors to make sure we get a lot of coverage. What made you choose this career path? I’m aware that this is a massive cliché, but I have always loved reading! When I finished my degree, I decided that I would like to work in Publishing or in Advertising. I applied to jobs and graduate schemes in both industries, and after six months of looking I got some unpaid work experience at I.B.Tauris, an academic publishing house. What, if any, difficulties did you have to overcome to get this job? The main difficulty is that publishing is a very competitive industry, there are always vastly more applicants than positions, so I had to make myself as attractive a candidate as possible by demonstrating a strong track record in publicity, and a positive attitude (all important for publicists, since the vast
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Do you feel that graduates who are interested in publishing concentrate too much on editorial careers? Probably, although I can understand why, I was the same! Graduates aren’t always aware of who does what in Publishing, so although everyone knows what an editor is, they might not think about the jobs in Production, Sales, Publicity, Marketing and Design. If you think you are perfect for Editorial work, then go for it, but do have a think as to whether you’d be better in another role.
Are there any downsides to what you do? Well, the downside is that journalists tend to say no a lot! Dealing with rejection is part of the job. There are over two hundred thousand books published in the UK every year, so space is very limited, and every publisher is fighting to get their books in the media so that people can hear about them and buy them. What do you think are the most important skills/strengths you need to make a success of what you do? • Persistence - never giving up is an important part of the job. If ten people have just told you they are not going to review your book, or interview your author, you’ve still got to pick up the phone to call the next ten. • Communication - being persuasive is also vital, since you have to convince the person you are talking to that you have a good story for them, even if they are pressed for time. • Know the media - watch TV, read the papers, surf the web, listen to the radio, meet up with journalists. You have to know who is interested in what, so that you can then go to them with the right story. There’s no point contacting News at Ten with an amazing book on toadstools… • Time management – you will be juggling a large number of campaigns at the same time, so you need to work out which task is the most important. It is easy to get bogged down working on the books that have just been published, but you also need to make sure you are planning for the ones three or six months down the line. What would be your best piece of advice for graduates wishing to come into this sector? If you can show the person who is interviewing you that you know what kinds of books they publish, that you know the media well, and that you think you can convince journalists to cover their books, then they should be impressed. Even better is being able to demonstrate all of this with experience, although I know this is hard to come by.
Emma Thomson 25, Oxford Brookes University, 2:1 BA English (major) and Anthropology (minor). Can you give your work title and what it is you actually do? I work as an editorial project manager for Bradt Travel Guides. My role involves briefing and guiding authors through the editorial process – from the moment they submit the raw manuscript to the published book. Guidebooks in particular have various add-on elements besides the text, which means I have to liaise with cartographers, photographers, designers, and specialist checkers, plus keep the titles on budget. What made you choose this career path? A love of travel and writing initially propelled me towards Publishing, but that has morphed into the satisfaction that comes from creating a product that will (hopefully) last for years to come and contribute meaningfully to the travel market. What, if any, difficulties did you have to overcome to get this job? The longer I’ve been in Publishing the more I’ve realised it’s often a case of being in the right place at the right time, which is where work experience comes into its own. Do you have a publishing qualification (e.G. Masters, PGDip)? If so, has this helped your career? No, I have no publishing qualifications, but since starting employment at Bradt I’ve taken copy-editing and proofreading courses at the London College of Communication.
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case studies | publishing
What do you like most about your job? Bradt are still a small company and as a result the editors aren’t just another cog in the wheel. We gain invaluable experience by being involved at every stage of the process, and as a result we often build close relationships with our authors. The consumer travel trade shows are also exciting because you get to see public reaction to the titles you’ve produced – otherwise there’s the tendency to work in an editorial bubble.
most of our marketing budget is eaten up by the cost of getting books into 3 for 2 and other promotions, I do some marketing on a small scale such as adverts in trade magazines and our own catalogues of course. I’m learning more and more about Adobe InDesign as time goes by. We recently took responsibility for the sales of another small publisher, Snowbooks (www.snowbooks.com). This has meant a greater variety of titles and different sales avenues to work with.
Are there any downsides to what you do? You do have to manage your time effectively. We often have seven or eight projects on the go at once and to bring all the different elements (maps, photos, text, etc) together in time for publication involves careful planning. We also have to be sure not to over-spend on our title budgets!
What made you choose this career path? Although I love literature and I’m a voracious reader, by the end of my Masters I’d had enough of academia, and while I had seriously considered teaching, I don’t think I could have hacked it. I have great respect for those on the coal face in classrooms, but I don’t think I would have been happy there myself. I came to the conclusion that I’d rather be part of the industry producing new books rather than analysing old ones in a classroom.
What do you think are the most important skills/strengths you need to make a success of what you do? Funnily enough the most important thing when working in a small team is to be able to get along with everyone easily. This extends to maintaining good relationships with the freelance cartographers, etc, that you correspond with daily via email and phone. After that come skills like time management, an eye for consistency, good grammar and punctuation. What would be your best piece of advice for graduates wishing to come into this sector? Work experience – do as much as possible on a wide variety of publications. Placements don’t necessarily have to be with publications like the Daily Telegraph or glossy magazines like Sunday Times Travel. A basic knowledge of the publishing process gained during placements will put you ahead of the competition. If you’re interested in an editorial position then it’s also worth learning the standard proofreading symbols. Publishing houses will often ask graduates to complete an editing test at interview. www.bradt-travelguides.com
Lesley Brown 24, Homerton College, Cambridge, BA in Education Studies with English Literature, MPhil in English Studies. Can you give your work title and what it is you actually do? Sales & marketing executive at Allison & Busby (www. allisonandbusby.com). I look after a number of accounts at A&B, including wholesalers, some high street retailers and, left-field, suppliers to ferries and cruise liners. So that involves making sure they have relevant information on our titles and seeing what deals or offers we can work out. I also create much of our sales material – primarily Advance Information sheets which have all the necessary information (ISBNs, price etc) and sales points. And though
What, if any, difficulties did you have to overcome to get this job? I set myself a deadline when I was job hunting, and thankfully I found something before that deadline was up – but only just! Six months of applying for jobs and doing unpaid work experience was hard on the ego and the bank balance. I was literally sleeping on other people’s floors towards the end. Also, I was applying for editorial jobs before I got my first position at A&B of sales & marketing assistant, and the competition is extremely fierce for entry-level positions, especially if, like me, you don’t have any experience when you start out. I jumped at the chance of the job here as I’d already liked the atmosphere and felt that I’d seen beyond Editorial having chatted with my now boss about her experiences. Do you have a publishing qualification (e.G. Masters, PGDip)? If so, has this helped your career? No, my Masters was very literary in focus and has been no use whatsoever! What do you like most about your job? I work in a small office with five other people
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i often sum up to myself that i get paid to talk about books - surely it doesn’t get any better than that?
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who are great fun and who I’m learning a lot from. The fact that it isn’t a huge corporate beast was a big attraction. I often sum up to myself that I get paid to talk about books – surely it doesn’t get any better than that? Are there any downsides to what you do? Occasional frustration - getting shelf and promotional space for our books when buyers are inundated with titles can be difficult. But when it goes well you can really pat yourself on the back. There is a common idea of publishing as a glitzy profession, I wouldn’t recommend it if you want a very nice lifestyle straight away. All of my teacher friends were earning considerably more than me when I first got a foot in the door. I’ve been to some nice author events but entry salaries are low and that seems more important when rent is due. All in all, it’s a case of supply and demand; lots of talented people want to get into Publishing, so companies can pretty much pay what they want – we keep coming back for more. Do you feel that graduates who are interested in publishing concentrate too much on editorial careers? The impression I get from many of the work experience people we have at A&B (and an outlook I shared when I was in their position) is that they aren’t really aware of the other departments. Editors do fantastic work, of course, but there are so many other areas – whether creating a buzz about your books in Publicity, persuading buyers and booksellers to give them a chance or selling and licensing various rights both home and abroad. The book itself wouldn’t get very far without those people. n WHAT YOU NEED TO KNOW Salary Traditionally low; starting salaries range from £12,000 - £18,000 Diversity 7.7% of book publishing staff (and only 2% of editors) are from black & minority ethnic backgrounds Location Mainly London, followed by Cambridge, Oxford & Edinburgh The main players Book publishing is dominated by the ‘Big Five’: Bertelsmann (Random House), Lagardère (Hachette & Hodder), Pearson (Penguin), News Corp (Harper Collins) and Holtzbrinck (Macmillan)
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ON THE MOVE PROBABLY THE FIRST THING MOST PEOPLE THINK OF WHEN THEY HEAR THE TERM TRANSPORT & LOGISTICS IS A TRUCKER DRIVING UP AND DOWN THE MOTORWAY DELIVERING GOODS TO A SUPERMARKET, OR BRICKS TO A BUILDING SITE. HOWEVER, THERE IS FAR MORE TO THE SECTOR THAN THAT AS DR MICK JACKSON, OPERATIONS DIRECTOR FOR SKILLS FOR LOGISTICS, IS KEEN TO POINT OUT. PHOTOS BY LETIZIA PETRUCCI
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FEATURE | transport & logistics
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hat we really have to get across is Logistics is a business function,’ he explains. ‘I always say “look around you and absolutely everything you see in your home or office has been brought to you
by T&L.” It underpins every single part of the global economy. It’s not just moving goods around, although that is part of the function. It’s becoming ever more global, and we need to get across how quickly it is changing.’ Basically, T&L is getting the right product, to the right place, in the right quantity, at the right time, in the best condition, and at an acceptable cost. Any movement of goods requires freight transport, which is an integral part of Logistics. This can be by road, by air, by sea or via inland waterways. However, it also embraces purchasing and supplier management, materials management, stock (inventory) management, warehousing, distribution, Public Transport, and customer service. Although almost a third of those employed are drivers of heavy goods vehicles and vans, there are far more positions in the sector than what are known as the ‘operatives’. There are many other jobs at graduate level including purchasing managers, administrative personnel, engineers, technicians and buyers. All this makes Logistics an exciting prospect for graduates. Dr Jackson says: ‘A lot of graduates think “why on earth do I want to go and work in Logistics if it means I’m just going to be stuck in a warehouse or drive a truck?” But Logistics doesn’t just mean that, now it has global connotations. This is an industry that can bring
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FEATURE & case study | transport & logistics
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logistics is such a central function it can be used aggressively to improve profits for the company
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you cherry tomatoes picked in Kenya and get them into your fridge while they are still fresh enough to eat, and that’s quite a planning and operational challenge. In fact, we are seeing a lot of time compression “I want it quicker, faster, fresher” and it is Logistics that enables companies to deliver that. If Tesco’s supply chain can keep the potatoes you buy fresher for longer then that benefits them and it benefits the customer. Logistics is such a central function it can be used aggressively to improve profits for the company, and it gives the company much
TRANSPORT & LOGISTICS: THE NUMBERS Transport and Logistics currently employs 2.3 million people in the UK, spanning some 196,000 companies. Employment stats – Transport According to Skills Sector for Transport (figures from Labour Force Survey Spring 2006): • There are around 722,000 people working in the Transport sector (from managers and engineers to taxi drivers) • Number of people employed in each industry in the passenger transport sector: Rail industry 56,000 Bus and Coach industry 241,000 Taxi and Private Hire industry 182,000 Water industry 53,000 Aviation industry 150,000 Driver Training industry 40,000 Total in whole sector 722,000
across the whole of the UK is 79% to 21% • The largest employment areas are the South East (133,000 staff) and London (113,000 staff), together they account for one third of all passenger transport staff working in the UK Employment stats - Logistics According to Skills Sector Council for Logistics: •2 7% of workforce are women •M arket worth in 2006 was £74,454 million • Logistics sector accounts for 8% of total UK workplaces • Main business activities are wholesale and transport by road • Main area of employment is the South East, followed by North West • Industry is expected to grow because of London Olympics 2012 • I s the fifth biggest sector in the UK
• The percentage of male workers to female workers in passenger transport
wider options in terms of supply chains.’ Two trends that are pushing the
(supervisor, operations manager). Graduates usually start at step six and
industry forward are new technology and corporate responsibility. Dr Jackson says technology is a great thing, but the
can rise to step seven after 12 months. They can then expect to move to step eight after another year and can reach
sector has to be careful it doesn’t erode the skill sets of its employees. ‘The danger is the advantages of technology will
step nine (strategic manager or general manager earning a very decent salary) after a further three years. There are
de-skill the workforce,’ he explains. The sector is also becoming more aware of its environmental and social responsibilities, looking to reduce its huge carbon footprint, and employ a more diverse workforce. ‘I think there is a building awareness to recognise diversity, in terms of gender and of race, and also the
also loads of opportunities to move sideways, across the 11 different supply chains, meaning a career in T&L never needs to stay still. This is a sector that is expanding rapidly and desperately needs new talent. Dr Jackson says: ‘We need people with imagination, lateral thinkers,
need to develop people. There are certain skills we really need to target – business skills, problem solving, also ability to deal with change - because this is such a fast changing sector, and quite frankly, communication. It’s getting that sort of combination of skills right and then being able to very rapidly build up the employee’s knowledge of the industry because they need to have the context of Logistics.’ There are certainly opportunities for people to move up the career ladder quite quickly. The sector works on a 12 step career progression with the first five steps being operatives (drivers, packers etc), while steps six, seven and eight are junior to mid management
with problem solving, commercial nous, and project management skills.’ n SKILLS FOR TRANSPORT is the Sector Skills Council for the Passenger Transport industry in the UK. www.goskills.org
Matthew van Rooyen Age: 23 Degree and university: Masters in Mechanical Engineering with honours, University of Nottingham Job Title: Mechanical Engineering Graduate Trainee, Transport For London What do you actually do? The London Underground Engineering Directorate ensures rolling stock, signals and control, permanent way (the actual track) and telecommunications remain safe, fit for purpose and economically efficient during their lifespan, and I carry out technical investigations and design work to support London Underground’s engineering and operational goals. Were you always interested in Transport as a career? I’ve lived in London since I was three and I’ve always used public transport
SKILLS FOR LOGISTICS is the Sector Skills Council for the Logistics industry in the UK. www.skillsforlogistics.org THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT, UK - CILT(UK) has a Graduate Development Scheme. www.cilt.org.uk
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case studies | transport & logistics
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and I especially liked the tube and trains. As I grew older I realised mechanical engineering was for me and I considered the automotive and nuclear sectors but I knew it had to be trains and preferably based in London, so Transport For London was an excellent opportunity for me. How did you find out about this particular job? I was at a careers fair and there was a TfL representative there. I followed up by going to the website and applying online. What do you most like about what you do and are there any downsides? What I like most is the fact what I do is actually tangible in everyday life. For example, yesterday I was working on the lift at Regent’s Park tube station knowing I would be using that lift on my way into work today. So, what I do on a day-by-day basis impacts on everybody. One downside is the underground is a 24 hour operation, so there can be a need to work outside usual office hours, including nights. However, when we work is flexible, so I’m able to keep nights to a minimum. What skills do you need to succeed? You have to be flexible in the way you manage your time. There are many layers of work here, some more time sensitive than others, so you can be working on a deadline for one project when something more important comes up that needs to be done immediately. You also need to be able to transfer the knowledge you have gained during your degree into the real world.
Elena Giorgiu Age: 24 Degree and university: BSc Government & Economics, London School of Economics. MSc International Politics, SOAS. Job title: Graduate Transport Planner. What do you actually do? I’m on a scheme that consists of four, six-month placements in different business areas. I am currently based in Policy and Strategy where we formulate policies and proposals for the future of transport in London. My day-to-day job involves tasks such as conducting research, assessing available options, and preparing briefing papers. Were you always interested in Transport as a career? No, in fact I had not considered the possibility of becoming a transport planner until I saw the ad for the graduate scheme. I hadn’t realised it was something someone of my academic background could do. What do you like most about what you do and are there any downsides? It has to be the fact that I feel I can really make a difference to the everyday lives of millions of people. Everyone is an amateur transport planner in their own way;
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do not assume that your academic background might prevent you from pursuing a role in transport - there is the right role for everyone
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everyone has an opinion as to how to improve transport in London. To be able to understand the issues thoroughly and devise policies to make things better is the most satisfying
aspect of my job. The only downside is all my friends assume I can reroute buses to stop in front of their homes! What skills do you need to succeed at what you do? Collaboration is probably the most important skill in being a successful transport planner, as you must be able to communicate effectively with people who are specialists in different parts of the business who inform your understanding of transport issues helping formulate successful policies. What advice would you give graduates coming into the area? Do not assume that your academic background might prevent you from pursuing a role in transport - it is such a vast sector there is the right role for everyone. The most important qualification is a genuine interest in the subject!
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case studies | transport & logistics
To what extent have your postgraduate studies helped your career? In March 2007 I took my National CPC in Transport (Certificate of Professional Competence). This allows you to hold the Operators Licence, which is required to run any transport operation. I completed a two-week course which culminated in three written exams. It was a highly enjoyable course and gave me an in-depth insight into transport.
David Castle Age 22. Degree and university: Psychology, Manchester Metropolitan University Job title: Transport Team Manager, Wincanton Can you give your work title and what it is you actually do? Day to day this job involves direct management of my driver colleagues in order to service Sainsbury’s stores. We have firm guidelines and timeframes to follow with all of our deliveries, and therefore part of the role is to ensure the stock arrives when the store expects it and not early or late! In this role there are several sophisticated Transport Management Systems, which require constant manipulation. It provides a good balance of man-management skills and the use of systems that are employed to run the transport operation. Were you always interested in logistics as a career? When I went to university I didn’t really know what I wanted to do afterwards. I had enjoyed Psychology at college so thought that I would do this as a degree and then look at my options later. I did some work for Royal Mail throughout college & university and enjoyed the world of operations, so I decided that I would have a look at what the various graduate schemes of logistics companies had to offer. Wincanton has a very good scheme and after passing the assessment centres I started work in Gloucester in July 2006 before moving to Northampton in September 2007. I was most attracted by the diversity. I have had three different roles within operations so far and each has been very different. If I want to move out of operations in the future there is plenty of scope to do so. Overall, I’m very pleased with the career choice I have made. How did you find out about this particular career/job? I did sign up to a couple of the graduate jobs websites but I tended to do my own research on the internet. Having worked for Royal Mail I was already aware of some of the major logistics companies. I would recommend doing some of your own research on company websites and reading some of the case studies from previous graduates.
What do you like most about your job? No two days are ever the same. When I was looking for potential careers the one thing that was most important to me was that it had to be varied and not bore me! If that is what interests you then logistics is definitely an option you should look at. Not every day runs as smoothly as you would like it to, but it is all part of the challenge. Is there anything else you would like to add? As long as you are willing to learn then there is immense room for development. If you’re looking for a 9 to 5 job then logistics isn’t for you, but if you want something that can challenge you any time of any day, then go for it!
James Behrens Age: 38 Degree and university: Reading University – BSc, Cambridge University - Graduate Diploma in Law, Cranfield School of Management - MBA Job title: Country Director for Gazeley India Private Limited. What do you do? I am setting up a warehouse development business in India. The business will support our parent company, Wal-Mart, as well as other existing multi national customers operating in India and Indian logistics companies. Our customers operate in the retail, automotive, and pharmaceutical sectors as well as third party logistics. We are in Europe and China and to date we have constructed 56 million sq ft of distribution development. We opened the office in India in September 2007.
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when i went to university i didn’t really know what i wanted to do afterwards. i’m very pleased with the career choice i have made.
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Were you always interested in Transport and Logistics? I started out as a solicitor and practiced as a corporate lawyer in the City of London. Following my MBA I looked for a more commercial role where I could participate as a principal rather than as an advisor. I also wanted to be involved in a company with international aspirations and which had a product. What do you most like about what you do? It’s a cliché, but no two days are the same. I get to meet all sorts of companies and learn about all types of businesses – particularly as nearly every company is involved in logistics in one way or another. I also like working in teams, and as a developer we work with property consultants, architects, engineers, lawyers, accountants, ecologists, environmentalists – the list goes on. Our company is also at the forefront of delivering sustainable warehousing – so we are continually improving the construction and design of our buildings to reduce the environmental impact – of both the development and use phase of the buildings. Given how topical environmental issues have become, it’s great to be involved in a company which is passionate about such issues. Are there any downsides? We build large scale distribution facilities – often as part of a logistics park. Because of the size of the projects the timescales can be fairly long and the turnover of projects is low. What skills do you think you need to succeed in what you do? You have to be a team player and be able to manage large numbers of people from different disciplines. You have to be able to assess and prioritise the risks involved in each project. Normally the devil is in the detail – and small risks may become big challenges further into the life of a project. What advice would you give graduates coming into this sector? Working in the property part of the logistics industry is a fun business to be in – you get to actually see and touch the end product. It’s also a very people-orientated business – so the more people you get to meet, the easier it becomes. n
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Imagine developing a transport system for millions of people. Imagine keeping it safe, fast and reliable. Imagine a graduate scheme that lets you. Now stop imagining. Graduate Opportunities within Transport for London We have opportunities to suit graduates from a wide range of backgrounds across our organisation. So join us on the journey. Full details of all the schemes and how to apply are at tfl.gov.uk/graduates
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KNOW BEFORE YOU GO
Taking time out can rejuvenate your job hunt, but there’s a lot to consider before you jump on that plane. Hannah Davies raises some talking points.
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feature & CASE STUDIES| gap year
Aim High You have student loans and an overdraft to pay off; economists are predicting doom and gloom; you face stiff competition for a great graduate job;
REDUCE YOUR CARBON FOOTPRINT: STAY IN FEWER COUNTRIES FOR LONGER PERIODS
’
and you need to start saving to get on
VSO (www.vso.org.uk) and Quest
(www.realworldmagazine.com). Email
the housing ladder. Can you still justify taking a gap year? While it might seem
Overseas (www.questoverseas.com) have responsible volunteering policies.
yourself a copy of your CV so you have it
frivolous to delay your job hunt, the right
You can reduce your carbon footprint by
opportunity catches your eye.
kind of year out can fast-track your career. ‘A lot of people haven’t really
avoiding short placements and staying in fewer countries for longer periods – see
Planning some time out? Explore our
done much with their lives,’ says Tom
Green Traveller for eco-friendly ideas
Griffiths, founder of Gapyear.com. ‘If you do things on your gap year, you just
(www.greentraveller.co.uk). But the greenest gap year of all would be to stay
stand out. It’s about making your gap
at home. Companies including CSV
year work for you.’ The key thing is to sell your experience
(www.csv.org.uk), Earthwatch (www. earthwatchexpeditions.org) and the
on your CV. ‘What modern employers
National Trust (www.nationaltrust.org.uk)
are looking for are life skills such as communication and decision-making,’
offer volunteering opportunities in Britain. You wouldn’t be alone: less than 6% of
says Tom. ‘People who have travelled are full of these life skills.’ Whether you
gappers choose to volunteer overseas.
teach English in Africa or learn to snowboard in Switzerland, analyse your
Safety First Terrorism and violent crime may loom
achievements to see how they can strengthen your job applications. Even working in the local pub to buy your
large in the headlines, but you need to consider more basic issues: Tom points out that many gappers overlook the
round-the-world ticket can be excellent CV material: ‘It’s impressive to have hit your financial target,’ Tom points out.
importance of fire and road safety. Preparation is crucial - visit the Foreign Office Gap Year website for advice
In the long-term, it may be better to jump on a plane instead of jumping into a job. The fastest-growing sector of the
(www.gogapyear.com). You might consider a travellers’ defence course such as Objective Gap (www.
gap year market is for 25 - 35-year-olds, many of whom are taking time out after becoming dissatisfied with their careers.
objectivegapyear.com), and for personal safety tips check out Caroline’s Rainbow (www. carolinesrainbowfoundation.org). Research into the local culture can help to avoid misunderstandings, and learning a bit of the language is always useful. Don’t forget your travel insurance, otherwise you may face hefty bills if you need medical treatment.
A year out is the perfect opportunity to reflect on your future. What’s more, you can use the time to try out different sectors – and getting work experience doesn’t mean you’re limited to the UK. Many year abroad companies offer opportunities for internships around the world, and it’s also worth checking with your university careers service for international contacts. Photograph: iStockphoto; Design: Lisa Wade
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It’s Not Easy Being Green Volunteering is the most obvious choice for ethical gappers, but how do you know your work will have real and sustainable benefits for the community? Do your research: make sure your role will be clearly defined, ask about training, and try to get in touch with people who’ve done the scheme. Ethical Volunteering (www. ethicalvolunteering.com) offers advice on finding an ethical placement, while
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Re-Entry Strategy Wherever and however you plan to spend your time, take note of the closing dates for any future graduate schemes that interest you – or you may find your year out turns into two. Find out in advance whether you’ll have internet access for making job applications. It’s worth checking vacancy sites even if you’re not looking for an immediate start: you’ll get an idea of what’s out there and can make a list of potential employers for future reference; register with Real World for personalised job alerts
handy in case an unexpected
Gap Year advice section at www. realworldmagazine.com
Alex Cutler Age: 24 Degree & university: Final year of an Automotive Enginering degree at Oxford Brooks University. Gap year: After two years of his degree Alex took a gap year to work for BP in its Global Fuels Technology Division, where he worked on a project called The Green Driving Test. Alex is now back at university completing his final year at university.
Why did you decide to do a gap year? There were several reasons really: to get experience in a job relevant to my degree, and I really wanted to apply what I was learning to a real world situation, having not had an engineering job before. It was something I really wanted to do, apply something that I finally hoped to use. It also broke up my time at university quite nicely; having been at uni for two years, I was out for a year before coming back for my final year and it made for a refreshing change. Financially, a gap year
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case studies | gap year
doesn’t really provide enough money to live on – or maybe just to live on but not much more, but the money wasn’t the biggest thing, the experience was what I wanted and the possibility that experience could advance my career opportunities. At my university I’d say one third of students do a gap year placement, which will give us an advantage over those who do not. What did you do? I worked for BP Global Fuels Technology and the project was called the Green Driving Test. I was in on the project from the basic concept, which was to challenge journalists to drive round a test track using as little petrol as possible, which means you have to be less aggressive and a smoother driver, planning what’s approaching and your response to it. These techniques minimise fuel consumption. The course was at Millbrook and I designed it to contain conditions you would find in a city, on a motorway and also on an alpine country road. I got a huge amount out of it because I worked on it from the beginning of the project in January 2007 through to its completion in June 2007. It was really great experience as I was basically in charge of the technical side of things, from designing the system through to measuring the fuel consumption second by second. We had
a professional driver do a test lap that became the benchmark and we compared the journalists’ laps against his. That was very interesting as most of the journalists used 30 per cent more fuel than the professional driver. What did you get out of it? I got to meet a lot of people who have been in engineering for many years and dipping into their experience and expertise was invaluable. I also think it helped me go through the learning process more quickly. Also meeting all the journalists face to face (I sat in the back of the car while they did their tests) and talking them through their tests because it really helped my communication skills. The whole process also showed me the importance of team work. I don’t see thr next point as a downside, just as something I learned and that was about my influencing ability. Influencing people can be difficult when you are a gap year student because there are all these other people at higher levels than you whose projects are higher priority and I had to learn it is difficult to influence these people because you are the new boy. It takes time for people to assess your abilities but once you’ve got their respect it becomes easier, and you become more part of the team over time. Any advice or tips? If you can get a high
quality placement it is invaluable. It gives you an experience you can never get academically. Working on placement you are in the real world with real people doing things that can make a difference. Even if you don’t like it you get the knowledge of what you don’t want to do in the real world. As far as I’m concerned there are no downsides! I now very much want to work with BP when I graduate. I was assessed throughout my gap year and had an overall assessment at the end and I have been offered a place [dependent on his degree results]. Now I feel I want to go on to the next stage of my career.
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you are in the real world with real people doing things that can make a difference. now i feel i want to go on to the next stage of my career
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Will Stroud Age: 22
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money towards my university education. In addition, Deloitte provided me with a travel bursary.
Degree & university: University of Bristol, BSc Politics Gap year: During my gap year I worked for
To what extent has your gap year helped your career? My gap year has benefitted me enormously – I have learned a lot about how to act in and around the workplace as well as gaining technical skills that will benefit my future career. In addition, I have been able to gain placements in Corporate Finance which would not have been possible without the Scholars Scheme on my C.V.
Deloitte as a scholar in the area of Tax. The job was varied and gave me the opportunity to meet with clients, work on real projects and meet experts in their field right from day one. Once my placement was completed, I was provided with a bursary which allowed me to go travelling around Europe and the United States and meant that I was able to watch England play in the World Cup.
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i have learned a lot about how to act in and around the workplace as well as gaining technical skills
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What was your motivation in taking a gap year? My motivation for taking a gap year was to gain as much experience as I could whilst still being able to earn money in order to help fund my education. By working at Deloitte I was able to achieve both of these goals. How did you fund your gap year? The gap year was entirely funded by my Deloitte salary – despite a lengthy commute I was also able to save a substantial amount of
What did you enjoy most about your year out? Undoubtedly the best thing about my year out was the people that I met. Many of my colleagues are now my friends and we frequently meet for dinner or drinks. I have had the chance to work with some of the worlds leading minds in their fields and have been academically challenged by working as a scholar. Were there any downsides/ bad experiences? One of the most difficult things about working in a large organisation is that initially you feel very much out of place – you are treated in exactly the same way as a graduate which means taking on a large amount of
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case studies | CIPS
responsibility. Although this was initially quite daunting, you are given lots of support and soon grow into the role.
opportunity to work abroad; people are generally receptive to you and will try and accommodate your wishes if they can.
What do you think are the most important skills/strengths you need to make a success of a gap year? In order to make a success out of a gap year you need to be outgoing. You will meet lots of new people, many of whom are much older than you, and be given lots of opportunities. In addition, you should not be afraid to ask for things, whether it be more challenging work or the
What would be your best piece of advice for students considering a gap year? My best piece of advice for prospective gap year students is simply to make the most of it. Don’t be put off by the fact that your friends are all going to university – you will keep in touch with them and more than likely see them just as much as if you were going to university anyway.
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Is there anything else you would like to add? I would wholeheartedly recommend the Deloitte Scholars Scheme for anyone thinking of taking a gap year. The support that they provide to you both during your gap year and during your time at university is excellent. I have had the opportunity to gain more than 15 months paid work experience, been provided with support to go travelling and made lots of friends, I would most definitely do it all again if I had the chance. www.scholars.deloitte.co.uk
IN ORDER TO MAKE A SUCCESS OUT OF A GAP YEAR YOU NEED TO BE OUTGOING LOUISE ROBERTS
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Age: 23 Degree & university: BA in Philosophy, University of Reading Gap year: I undertook a 2 month voluntary expedition with Trekforce Worldwide in the Belizean rainforest, and then completed a PADI open water diving course, before travelling around parts of Mexico and Guatemala independently.
What was your motivation in taking a gap year? After finishing university I went straight into working life and, after almost a year of working full time, I realised I wanted to see more of the world. However, it was also important to me to travel with a purpose, and not just go on one long backpacking holiday around the world, which is why I chose to go away with an organisation that coordinates voluntary expeditions.
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case studies | gap year
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How did you fund your gap year? A combination of wages from my full time job at my local council and various fundraising efforts. People donated huge amounts of unwanted items that I sold on eBay or at car boot sales each Sunday. I also hosted a ‘bring and buy sale’ for my family and friends, and organised a sponsored head shave (which my boyfriend took part in, not me!) In addition to this I wrote to many Grant Making Trusts and local companies and received donations and sponsorship from several of these too. To what extent has your gap year helped your career? I feel that my volunteering experiences have given me the courage and determination to focus on my ambition of becoming a Primary School Teacher. I have applied for a PGCE, which will hopefully begin in 2008, and I feel that without my gap year experience I would not have had the courage to focus on this dream. What did you enjoy most about your year out? My favourite moment came during the voluntary project I undertook with Trekforce. A small group of us were given the challenge of completing exploratory transects of an uncharted area of rainforest near Davis Falls waterfall in Belize. We discovered three new waterfalls whilst on this transect that few, if any, people had ever seen before. We had the opportunity to swim in these waterfalls and it was amazing. Other highlights included a four day trek along the Indian Creek river in Belize, which ended with a day spent exploring Caesar Weezer cave (which was due to be closed for public access very soon afterwards). Were there any downsides/ bad experiences? There were no downsides at all to my experience. The biting insects in the rainforest are a bit irritating but you can’t really change that! And you get used to them after a while.
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I FELT IT WAS IMPORTANT TO DO SOMETHING WITH MY TIME AND NOT SIMPLY BACKPACK AROUND THE WORLD. CONSIDER WHAT YOUR PRIORITIES ARE
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What do you think are the most important skills/strengths you need to make a success of a gap year? I think organisation was the key to my time abroad. While I only spent three months away I managed to fit more into this than I believe the average traveller would into a backpacking trip of the same length. I spent eight days completing a jungle training programme, followed by five weeks with Trekforce, and then a week’s PADI diving course followed by some independent travel. I don’t feel that I could have fit all this in without a lot of forethought and planning. What would be your best piece of advice for students considering a gap year?
Consider carefully what your priorities are. I felt it was important to do something useful with my time, and not simply backpack around the world. There are many different voluntary projects you can get involved in, to suit many different people. My advice would be to not rule anything like this out as you can experience remote parts of the world whilst helping the local community and environment. Is there anything else you would like to add? Trekforce are an amazing organisation and I would definitely recommend them to anybody interested in challenging travel with a purpose. www.trekforceworldwide.com n
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Photograph: iStockphoto; Design : Lisa Wade
BALANCING ACT
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Photograph: iStockphoto; Design : Lisa Wade
FEATURE | ACCOUNTANCY & ACTUARIAL
ACCOUNTANTS HAVE TRADITIONALLY BEEN SEEN AS PEN-PUSHING, DICKENSIAN CHARACTERS, WORKING IN GLOOMY BACK OFFICES WITH LITTLE CONTACT WITH THE OUTSIDE WORLD. IN FACT, NOTHING COULD BE FURTHER FROM THE TRUTH, FOR ACCOUNTANTS ARE NOW ESSENTIAL TO US ALL AND WITHOUT THEM OUR MODERN ECONOMY JUST COULD NOT FUNCTION.
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Young, KPMG, PricewaterhouseCoopers LLP — are well aware that attracting and retaining the most talented recruits is key to their continuing success, and so look at all potential candidates irrespective of whether they have studied Accountancy. These firms offer successful recruits well-structured training packages leading to industry standard qualifications such as ACA and ACCA. ‘The ACA exams are tough, but if you are prepared to put in the groundwork, an Accounting qualification is very worthwhile having,’ explains Sarah Shillingford. ‘It is very well recognised and respected both in the UK and the international business community and with Accounting standards becoming increasingly international, the opportunities to work abroad as an accountant are growing.’
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THREE IS THE MAGIC NUMBER Over the next year, Deloitte is taking on 1,400 undergraduates and postgraduates in roles involving audit, tax, consulting and corporate finance, and according to Shillingford they are looking for three specific strengths in potential candidates. owever, this perception of
Accountancy being boring and stuffy puts many young people off a career in the sector, which is a great shame as the potential for earning large salaries and for promotion or movement sideways within the industry is huge. Sarah Shillingford, graduate recruitment partner at Deloitte, one of the Big Four accountancy firms, says: ‘Accountancy is a great grounding for a career in business, whether people choose to stay in an Accountancy practise after qualifying, or choose to move to a role in commerce, the City, or to start their own business. Many of the UK’s top CEOs started their careers by qualifying as an accountant. There are opportunities to progress very rapidly and within a year or two of joining a firm like Deloitte you might be leading a small team and acting as the main day-to-day client contact.’ Just how crucial and vibrant the Accountancy sector is was acknowledged in a recent speech given by Richard Dyson, president of the Institute of Chartered Accountants in England and Wales (ICAEW). He said: ‘Today’s global economy cannot even move an inch without the high quality financial information and high quality audit that we provide…. Our profession means that we are the gatekeepers of those markets. We have an immense responsibility. ‘We strive to ensure that trust is embedded in both the training and qualifications that define not only our profession, but also the individuals that we select to enter it…. We’re also about providing careers that are intellectually challenging and fulfilling, and our future as a profession depends on our continued ability to attract and retain talent.’ All the main players within the sector – Deloitte, Ernst &
• ‘First, we need evidence of academic ability so, in our case, we look for the equivalent of 3 Bs at A Level, a B in GCSE Mathematics and English, and that students are on track for a 2:1.
• ‘Second, we look at soft skills such as teamwork,
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• •
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communication and project management. We understand that many students won’t have experience in a professional services company, but these can be seen from almost any sort of work experience and extra-curricular activities. ‘The final thing is a genuine interest in business. Researching us and our competitors, finding out what is going on in professional services, and reading the business pages of newspapers all demonstrate this.’ For more information on ACA go towww.icaew.com. ACCA (the Association of Chartered Certified Accountants) is the largest and fastest-growing global professional Accountancy body with 296,000 students and 115,000 members in 170 countries. It offers a highly respected route into Accountancy. The ACCA Qualification is designed to offer flexibility and choice to students. To find out more visit www.accaglobal.com/theview. CIMA (Chartered Institute of Management Accountants) is a leading membership body that offers an internationally recognised professional qualification in Management Accountancy, which focuses on Accounting for business. For more information go to www.cimaglobal.com.
Do think you’ve got what it takes? Just read the following case studies to see what it is really like out there in the world of Accounting.
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Ever dreamed of making it as a couture designer? You could be providing Chanel with bespoke expertise. Aspirations drive individuals and businesses. By constantly fulfilling ours, we’ve kept ahead in the global marketplace for professional services. It’s the aspiration and ambitions of exceptional individuals like you that have helped us achieve our goals. For you, cutting it as part of a Deloitte team could see you providing audit advice to this well known international fragrance, fashion and cosmetics business. Plus of course, the promise of a career that can take you further – and faster – than you ever thought possible. www.deloitte.co.uk/graduates
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case studies | accountancy
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ACCOUNTANCY: THE NUMBERS
• 147,000 Chartered and Certified Accountants in the UK
• Of these 108,000 were employees,
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Guy Yarrow
Age: 23 Degree and university: Engineering, Durham university, (First class) Job Title: Senior Associate, Audit, Deloitte What do you actually do? I am within the audit department of Deloitte, which means that I visit clients around the country and need to gain an in depth understanding of how each of their businesses works. The job involves a large amount of people skills and an ability to ask the right questions at the right time. Were you always interested in Accountancy as a career? No, I decided to get involved in Accountancy after having spoken to a number of successful businessmen within the City and they all suggested it as one of the strongest foundations any City worker can hope to gain. Would you ever do more qualifications to further your career? I don’t have any professional qualifications as yet; however, Deloitte are putting me through my ACA and hopefully I will gain this by September 2009. An ACA gives you the opportunity to choose which sectors you want to work in for the rest of your life. If the sector I choose requires qualifications then I am happy to gain them, however I will always try to ensure that I don’t end up taking exams for the sake of gaining a qualification which I wouldn’t use. What do you most like and least about what you do? It may sound cheesy, but the people I work with are great fun and they make the less exciting parts of the job far more bearable. I look forward to going to work after taking a holiday because I want
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while 39,000 were self-employed ONS: June 2007 Only 5 per cent of trainee ACAs, (Associate of the Institute of Chartered Accountants) are Accountancy graduates
to find out what everyone has been up to. It is a testament to the way that Deloitte manage their employees and a testament to the nature of the business. At Deloitte we are all working towards the same goals, and any mistakes you make are normally solved by those around you; this gives a great sense of comaradarie within the office. An analogy I use is to describe it as being like learning to ride a bike with stabilisers; if you are about to fall off, there is always someone around to push you back on track. I suppose there are some late nights and tight deadlines. However, these are probably far worse in other jobs in the City. What qualities do you think you need to be a success in this business? This is a very hard question to answer as there are so many things. In general, though, I believe if you are personable with an ability to prioritise well and work hard when it is required, you are likely to do well. Where do you ultimately see yourself going in this career? I have the luxury of not having to make this decision yet as I have a set path for the next year and nine months. Slowly but surely I am starting to have an idea of where I want to go, but nothing is set in stone yet, and it depends on the opportunities that arise. I am always happy to make the most of a good deal. What would be your best piece of advice for graduates entering this sector? Talk to people who are involved in Accountancy and whose opinions you respect. In the end I believe there is no better substitute for a good conversation with somebody about a profession you are interested in.
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slowly but surely i am starting to have an idea of where i want to go, but nothing is set in stone.
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Robert Simpson
Age: 27 Degree and university: Mathematics & Physics BSc (First class honours), Kings College London Job Title: Assistant Director, Ernst & Young What do you actually do? I work in our Transaction Support team within our Transaction Advisory Services (Corporate Finance) business. My team supports clients’ complete acquisitions or divestments of companies, and raises finance from the equity and debt markets. My work involves analysing an acquisition target’s historic and forecast financial performance and providing advice to my clients on matters that impact on the company’s valuation and the protection of risks on the transaction. Were you always interested in Finance as a career? I developed an interest in working in Finance while studying for my A Level in Business Studies. I undertook a project to assess the feasibility of a company opening a new branch, and this helped me develop a taste for project-based work, and seeing a number of different business models over time. How did you find out about this particular career/job? I identified Ernst & Young as somewhere I would like to work from attending my university careers fair and talking to some of the EY team. They were the only firm at the time that offered a corporate finance rotation programme. Would you undertake further study in order to gain promotion? My progression to date has been supported by completing a chartered accountancy qualification and a corporate finance diploma at Ernst & Young. These have proved valuable in raising my technical knowledge of corporate finance transactions, allowing me to talk with confidence to my peers and clients. Going forward I plan on reading about leadership development and a range of current business thinking (such as the Harvard Business Review).
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case studies | Accountancy
What do you like most about your job and are there any downsides? I enjoy working with a group of immensely talented and diverse people. This leads to a very dynamic and energetic environment to work in, and these relationships have developed into some great friendships. Often I work on developing a number of opportunities and take a number of roles in the organisation. On occasion, everything can come together at once and we get very busy, which leads to a number of conflicting priorities. The only way to deal with this work load is to pull together as a team. What are the most important skills/strengths you need to make a success of what you do? I believe the the most important skill you need to work here is an analytical mind because fundamentally our work is based on the analysis of financial information and numbers. You have to enjoy the challenge of working with figures.You have to enjoy working with people: forming strong relationships that you maintain over time, first internally, and then as you progress with clients.You need vision to see where you and the business could be in the future and convert this into your day-to-day work. What’s your best piece of advice for graduates wishing to come into this sector? I recommend graduates spend some quality time doing their research before accepting an offer. This is time well spent in the context of a long career. A graduate should really seek to understand the culture of a prospective employer and the opportunities it presents, not only in the short term but also three to five years from now.
Clare Fishleigh
Age: 28 Degree and university: Law, Plymouth university Job Title: Assistant Manager, Hodgsons, Cornwall
What do you actually do? I am the manager for a portfolio of clients, meaning I deal with their everyday questions and queries, and I am also involved in the preparation accounts for all types of entities (i.e. Partnerships and Sole Traders). I review the work of junior members of staff and manage audits. I was involved in the setting up of the ‘Hodgsons Property Forum’ last year. Were you always interested in Accountancy as a career? My original career plan was to become a singer/entertainer for a holiday camp! My careers advisor and my parents encouraged me to go to university, so then I set my sights on a legal career. For that reason I undertook a Law degree, which I thoroughly enjoyed. Once I left university, I applied for a number of jobs, and eventually took one with a firm of accountants, who also specialised in Forensic Accountancy, which is a mix of Accountancy and Law. I started training as an accountant with them, and haven’t looked back!! How did you find out about this particular job? My previous employer was a large firm in Exeter, about 45 miles from my home. A friend saw the position with Hodgsons on the internet and I decided to apply. At first I did not think that a smaller firm would be able to offer me the opportunities I was currently getting, but Hodgsons is much larger than perceived, with a great range of skills and specialities within the firm. It’s the perfect mix of being small enough to know your clients well, but large enough to offer them all the information and help that they need. Would you undertake further study to gain promotion? Definitely. Accountancy is such a massive subject with many facets, so there is always something new and interesting to learn. The nature of an Accountancy job means you have to be up-to-date and aware of current developments and issues anyway, so an element of study/reading is always required. What do you most like about what you do and are there any downsides? My job at Hodgsons is really varied and no two days are the same. As a client manager, I deal with any day-to-day issues my clients have, which can range from setting up systems to helping them run their business more effectively. I am lucky to work with a team of colleagues who are great fun and very supportive. By working together and sharing knowledge we can provide the best service for our clients. I also enjoy working with clients and meeting lots of different people. Some people are daunted by the paperwork and legislation involved in running a business and it’s very satisfying to be able to help them. The initial training is hard work and a bit of a shock to the system after university, as you are working full-time as well as training for a qualification. The job can also be quite pressurised, but is very satisfying once deadlines are met.
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What skills do you need to make a success of what you do? Many people assume that you have to be a mathematician to be an accountant. Although having a head for figures helps, a lot of the work is done on computer systems so knowledge of IT is a big advantage. You also need to have a creative mind to think around people’s issues and problems, and an eye for detail. Being a ‘people person’ helps. Not only do you need to communicate with your colleagues, but you also need to be able to talk to your clients in a way they understand. What’s your best piece of advice for people coming into this sector? Accountancy is multi-faceted and this makes the job challenging but interesting. Getting qualified is hard work, but once you have those letters, the world is your oyster. There are so many opportunities in Accountancy, not only in this country, but all over the world! Would you like to ad anything? Don’t be blinded by stereotypes! I haven’t yet met a ‘boring accountant’!
Dorrie Hunter
Age: 27 Degree and university: History, Cambridge university Job Title: Management Accountant for Interactive TV and Online Gaming at ITV What do you actually do? I am responsible for managing these two account areas, which in practice means everything from authorising invoices to long-term budgeting. Every day is different depending on what priorities have arisen, but generally an average day would be spent analysing financial and performance information, and preparing real-time information for my boss upwards to members of the ITV Plc board. Were you always interested in Accountancy as a career? Absolutely not! I left university with not a clue about what I wanted to do. I applied for all sorts of jobs and the only one
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THE VOCALIST. THE GUITARIST. THE DRUMMER. THE ACCOUNTANT.
The ACA. Essential for keeping the show on the road There are a wealth of career opportunities out there, but how can you be sure that you’ve got what it takes to secure that dream position? The ACA from the ICAEW gives you access to so many amazing careers and so many amazing prospects. Recognised as a mark of excellence, the ACA prepares you for life in business at the top as an adviser and influencer pivotal to the success of an organisation. If you’re looking for a qualification that gives you choice, opportunity, salary and success, look no further than the ACA.
To find out more: T +44 (0)1908 248 040 www.icaew.com/careers
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case studies | accountancy
‘
I am the gatekeeper of a lot of information which a large number of people are interested in
I got offered was Accountancy based… I did do Maths A Level so I am relatively numerate, and the logical nature of Accountancy appealed. Even when I started the job I wasn’t entirely sure what I had let myself in for. How did you find out about this particular job? My first job after university was in public sector auditing and although I was lucky to train in a supportive environment, audit wasn’t really a long-term option for me. I knew I wanted to work within a company and be business focused. The job I do now came up through an employment agency. At that stage I didn’t have a particular yen to work in the media industry, but working for a household name like ITV sounded exciting – and generally it is!
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What would be your best piece of advice for graduates entering this sector? Choose who you train with carefully. Make sure the training policy is comprehensive. If you enrol with one of the Big Four you can find yourself working long nights and weekends and you really can’t do that and pass professional exams - it is important to gauge what attitude the firm has to exam support. I would also say that a job in industry rather than practice gives you a much wider experience and shows you how important good financial data is to all successful companies. Is there anything you’d like to add? There’s no point embarking on three difficult training years to become a chartered accountant if you aren’t sure that it’s at least something you might be interested in at the end of it.
Would you undertake further study to gain promotion? I have already done three years of study to become a chartered accountant! I would consider doing more study in something more specialised or a bit different – but it would need to be something I wanted to do rather than just doing it for promotion. What do you most like about what you do and are there any downsides? Working for a TV company is a lot of fun. I like the challenge of supporting the business and playing a crucial role in the decision making process. When something comes to screen and you know you were a part of that – however small – then it is really gratifying. A lot of the analysis I do regularly goes to very senior people, which gives my job a lot of focus and purpose. However, people assume that accountants are boring … On a more serious note, I am the gatekeeper of a lot of information which a large number of people are interested in. As management accounting is very cyclical, there are times when I am bombarded with requests to provide snippets of data or full-on analysis. Managing expectations whilst keeping everyone happy and meeting important deadlines is a constant pressure. What skills do you need to succeed in Accounting? Resilience is key. Chartered accountancy exams are boring and difficult, but the world that opens up to you when you qualify is worth it. Basically, for three years during qualification you can find yourself doing some mundane, old-fashioned number-crunching, but building on all experience is crucial to being a good accountant. Time management is also really important as so many things I do need to be done in a very short space of time.
Neil Robertson
Age: 26 Degree and university: Geography, University of St. Andrews Job Title: Junior Auditor – Abbey Internal Audit Department Were you always interested in Accoutancy as a career? As my choice in degree course shows, I decided that by studying Geography, I would not be closing any doors on a future choice of careers, but it was during my time at university, where I took other modules in Economics and Accountancy, that my appetite for a career in Accountancy really took hold. From that point on, I decided that it was a career that I thought suited me and I decided to follow this. How did you find out about this particular job? I am now the bottom line of a whole family tree of accountants, so as such I have always known about the Accounting industry and possibilities of a career in the industry.
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Would you take further study in order to achieve promotion? Working in Abbey Internal Audit, part of the promotion structure requires part-completion and completion of the ACCA accountancy qualification. Whilst in-work performance is also a factor in upward progression, the ACCA qualification, with the skills and knowledge it gives you, is rightly required to be completed for Juniors to be promoted to Auditors. What do you like about what you do and are there any downsides? In internal audit, the range of jobs and roles we perform is definitely the best part to the job. One day you could be auditing a small branch, the next you could be involved in a large audit of the financial market division. Sometimes we may be auditing financial statements, which is a very cut and dried type of auditing, and on other occasions we may be auditing processes and controls, where our own opinion on the suitability, robustness and soundness of the controls is important. On the downside, while I was aware of the amount of travelling involved in my role, there are times where we are away from home for a while. It does, however, allow us to see lots of places in Britain we never would otherwise travel to and meet lots of interesting people. What skills do you need to make a success of what you do? A wide variety of skills are required to be a successful internal auditor. Some of the technical skills can be easily added to your repertoire from courses such as the ACCA accounting qualification. However, there are other ‘skills’ that require learning through experience. Developing a questioning-style approach and your own professional scepticism are soft skills you develop on the job, while knowledge of the audited unit and wider company are hard skills that can be developed by experience. A key skill is to constantly try to learn and be aware of new developments and see if they could impact elsewhere in the company. Do you have any advice for graduates coming into this sector? If you are entering the Accountancy and Finance sector, make sure the companies you apply for have the facilities to develop you on the job and also obtain theoretical skills from a qualification. The qualification, such as the ACCA, will add not only skills and knowledge, but will also add credibility to your work. As a result of Enron and WorldCom, this credibility is vital in the work we as accountants, and in particular auditors, perform.
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at university my appetite for accountancy really took hold
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case studies | accountancy
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i know that i want to work abroad and i am thinking about a secondment to new york to get further experience
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meet and work with. I enjoy the exposure I get to senior clients, including leading meetings with directors of FTSE100 companies.
Mike
Age: 25 Degree and university: Philosophy and Maths at Sheffield Title: executive in PricewaterhouseCoopers LLP Assurance practice, specialising in Banking and Capital Markets Were you always interested in Accountancy as a career? Not always, no. My father was a partner at a Big Four firm, and therefore I was always aware of the benefits of a career in accounting. However, it wasn’t until my final year at university that I ultimately decided to apply to PricewaterhouseCoopers LLP. What professional qualifications (if any) do you have? And where did you gain them? I have an ACA qualification that I received last September while working for PricewaterhouseCoopers LLP.
Are there any downsides to what you do? In the banking practice, there are times when you have to work similar hours to the banks, which, in the busy season (January and February) can lead to a few long evenings. Where do you ultimately see yourself going in this career? Although it is still early days, I am currently aspiring to a long career at PricewaterhouseCoopers LLP, up to partner level. I know that I want to work abroad, and I do not think that there is a better firm to provide opportunities for secondment, once the qualification is complete. What qualities do you think you need as a person to make a success in this business? Although it is helpful to have a mathematical and analytical mind, the most important quality is to have an abundance of people skills. You need to have the confidence to meet, and challenge, senior clients.
Can you describe exactly what it is you do? I work in assurance, within banking and capital markets. As such, I spend the majority of my time working as a team leader in the statutory audits of banks and broker dealers. I have also been involved in working on a company flotation on the New York Stock Exchange, in the implementation of SarbanesOxley reports, and work for regulatory bodies in the UK. Would you ever do more qualifications to further your career? I think there is a reasonable chance that I am not done with studying quite yet! I would be interested, in the future, at looking into becoming a CFA (Chartered Financial Analyst), to further my financial services knowledge and skill set. I am also thinking about a secondment to New York to get further experience, in which case I may need to become a CPA (Certified Public Accountant; the equivalent of an ACA in America). However, I think that I am due a year or two without exams first! What do you most like about what you do? I have always enjoyed the people aspect of the job the most. There are always new people, from a huge range of backgrounds, to
career in Accountancy after attending a careers presentation at school. I turned my attention to tax while I was studying towards my degree, after researching opportunities and speaking to people in the profession. What did you study at school/college? What professional qualifications (if any) do you have? And where did you gain them? A Levels – Maths, Music and Economics. Professional qualification – ICAEW ACA (gained as a graduate trainee with PricewaterhouseCoopers LLP). Can you describe exactly what it is you do? I work in Mergers and Acquisitions Tax, advising clients on the tax implications arising from strategic, corporate-level transactions and financing arrangements. The work is varied, and can include due diligence reporting, outlining tax technical aspects of a deal structure and setting out steps to completion for a transaction. Would you ever do more qualifications to further your career? As a newly qualified ACA, I’m not currently looking to undertake further qualifications. However, this is something I might consider in the future, should an appropriate opportunity arise. What do you most like about what you do? Are there any downsides? The variety and challenge of the work, and the people I work with. Working in a transaction-based environment invariably carries with it an element of unpredictability, in terms of the pattern of work and also the workload. This makes the role exciting, but it also means work commitments can be difficult to predict sometimes. Where do you ultimately see yourself going in this career? I’m still relatively new to M&A, but I hope to make the most of the range of opportunities to progress within the team at PricewaterhouseCoopers LLP and ultimately make a positive impact on the clients and colleagues I work with.
Marcus
Age: 24 Degree and university: Economics (BSc) at Royal Holloway, University of London. Title: tax consultant in PricewaterhouseCoopers LLP Private Equity, and Mergers and Acquisition (M&A) Tax team Were you always interested in Accountancy as a career? I first became interested in a
What qualities do you think you need as a person to make a success in this business? Determination to meet client needs and a desire to succeed are vital as the environment can be competitive. It is important to work well under pressure and as part of a team. What would be your best piece of advice for people wanting to come into this sector? Try to speak to people working in the sector and, if possible, work on a transactionbased project beforehand as this will provide an indication of the type of work and environment that you can expect from M&A. I initially took a secondment to the M&A Tax team to broaden my experience and gain an insight into the sector – this provided me with an excellent opportunity to find out about the work first hand.
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FEATURE | ACCOUNTANCY & ACTUARIAL
B
asically, Actuaries operate in the area of risk
management, using their keen analytical skills and knowledge of statistical theory to solve problems. Trevor Watkins, head of education for the Actuarial Profession, puts it like this: ‘It’s easier to talk about what they do by talking about the fields they work in. In pensions they work out projections on payouts; in life assurance they calculate what the premiums are, how long people are going to live, and how much they will need to pay in; in general insurance they calculate premium prices and what reserves are needed. They forecast financial futures, working with very detailed and complicated mathematical models.’ WHERE ACTUARIES WORK Traditionally, the four main areas in which Actuaries have operated have been consultancy, investment, insurance and pensions, but as the financial sector has expanded to encompass new markets and products, so Actuaries have increasingly moved into new areas. As Watkins explains: ‘40 per cent of members in the profession are in the pensions area,
MOST PEOPLE HAVE AN IDEA OF WHAT ACCOUNTANTS DO, BUT THE SAME CANNOT BE SAID OF ACTUARIES. THIS IS MAINLY BECAUSE THEIR JOB IS SO COMPLEX.
SKILLS NEEDED If calculating your personal finances stretches your numerical skills then you will never make it as an Actuary. They have to be incredibly mathematically minded. They also need good IT skills, especially in the area of interpreting spreadsheets. However, because computers are used increasingly to generate the mathematical models, the industry needs people who can communicate well. This is especially true in pensions, where they must explain the sums behind any figures that are reached. THE TRAINING GAME Not surprisingly, considering the
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ACTUARIAL
but we will see a change in that in the future because so many final payment pension schemes are now closing. However, until they all close they will provide a lot of work for Actuaries. But in the longer term they will move into other areas such as product development, especially in the insurance market.’
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Photograph: iStockphoto
case studies | Actuarial
‘
i did not know what an actuary was
complexity of the work, Actuarial training is hard and takes between three and six years to complete. Your training begins when you join a firm and you then work to become a qualified member of the Institute of Actuaries in England (or the Faculty of Actuaries in Scotland). The training is split between practical experience gained in the office working with clients, and academic study for the professional exams. Trevor Watkins says most companies looking for Actuarial trainees will not even consider anyone
Kai Hoffmann
with less than a 2:1. ‘Some universities do specialised courses in Actuarial Science, but companies are increasingly looking for people with Maths, Physics and Engineering degrees. There is a wellestablished hierarchy between taking the exams and moving up the career ladder. Also, as in the rest of the financial sector, there is a wellestablished training procedure, with companies normally paying for the training and for the exam fees. Companies will usually give trainees one day off a week in order to study and are spending a lot of money on developing highly talented Actuaries.’ THE REWARDS After qualifying some people decide to specialise in areas such as technical research or investment, while others go into management, and the wide variety of Actuarial roles is just one of the sector’s attractions. It is also financially rewarding, and the qualifications are internationally recognised, meaning British-trained Actuaries have no difficulties working overseas. In fact, as far as Trevor Watkins is concerned, training to be an Actuary adds up to a very bright future. ‘The profession has been growing rapidly; increasing numbers of people are qualifying, and there is increasing demand from companies, which is pushing salaries up. If there is a recession then the post of Actuary is actually quite recession proof because in that case companies will need to project credit risk. Actuaries tend to be clever people, and many of them end up running companies, so they really do see this as a great career.’ For more information on the Institute of Actuaries and the Faculty of Actuaries go to www.actuaries.org.uk n
RW
I studied at the University of Wales Institute, Cardiff although I spent large parts of my Studies in Dublin and Düsseldorf. My degree was a Bachelor of Arts in International Business Management. Can you give your work title and what it is you actually do? I’m an Actuarial Trainee in the International Unit at Mercer in London. I support senior consultants on a host of diverse projects for multi-national companies, mostly relating to their pension arrangements. These range from developing globally consistent benefits strategies and practices to producing consolidated pension accounting figures. This month, I’m spending most of my time on two projects: the implementation of new benefits for employees of an IT company that is rapidly expanding its operations; and on helping an industrial company assess the costs of pensions at a takeover target. Were you always interested in Actuarial/ Accountancy as a career? My major interest during university was Human Resources and I spent a couple of work experiences in HR departments. I really enjoyed my time there but I was also eager to use my quantitative skill set. Working in a Human Resources consultancy, in particular as a Pension Actuarial trainee, fits this combination perfectly. How did you find out about this particular career/job? I was introduced to the Actuarial career when I applied for my first job after university. I was originally aiming to study towards a Pensions Management Institute qualification but the company offered me a position as an Actuarial trainee after the interview. I did not know what an Actuary was so I was put in touch with someone who recently qualified. We had an enlightening conversation about the job, its challenges, and its rewards. I found out about the opportunity at Mercer by looking at the career section at www. mercer.com as I was eager to find an opportunity in international pensions and I knew of Mercer as a great employer. Would you undertake further study in order to
’
gain promotion? I’m completing a part-time MSc in Actuarial Finance at Tanaka Business School (Imperial College London) to further my career and gain exemptions from Actuarial exams. I will need to pass a couple of Actuarial exams once the MSc is completed later this year. There will also be further professional exams focusing on international employee benefits from an organisation called the International Employee Benefits Association. This should keep me busy for the next couple of years. Should the requirement arise to undertake other forms of postgraduate or professional study to advance my career after that, then I would be very happy to complete these, too. What do you like most about your job? The most important thing is always the people you work with and the International Unit at Mercer is a great bunch of very diverse, highly intelligent, and exciting people. I’m also motivated by challenging and diverse work and there’s plenty of that here – the variety of projects I’m exposed to at the moment really stimulates very different skill sets every day. Are there any downsides to what you do? Balancing work, study, and life can be quite challenging. However, it is clearly worth it in the end.
Louisa Taylor
Age: 24 Degree and university: BA Mathematics and Philosophy, Oxford university Job Title: Trainee Pensions Actuary Can you give your work title and what it is you actually do? I work for Punter Southall, a leading UK firm of Actuaries and consultants, and I am based in the Guildford office. Our main role is providing advice to
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case studies | Actuarial
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studying while working requires dedication and hard work, but there are many rewards and it is worth it in the end!
the trustees and sponsoring employers of UK pension schemes including large PLCs, charities and unions. Punter Southall is part of the Punter Southall Group of businesses, which employs over 600 people throughout the UK in 13 different locations. Were you always interested in Actuarial/ Accountancy as a career? I always enjoyed maths and wanted a challenging career in which I could apply my mathematical skills to real-world situations. Working for an Actuarial consultancy particularly appealed to me as I could work as part of a team, enjoy client contact and gain a highly respected qualification.
’
skills to have are a strong mathematical background, the ability to work well as part of a team and good communication skills. What would be your best piece of advice for graduates wishing to come into this sector? Look at the Institute of Actuaries website to find out more information about an Actuarial career and speak to employers at careers fairs if you can. If you are in your penultimate year at university, apply for a summer placement to gain some work experience.
What do you like most about your job? I really enjoy the friendly and welcoming atmosphere in the office where everyone is willing to help and answer questions, and I have made many friends here. I also enjoy the challenging nature and variety of my job - no two weeks at work are the same and gaining experience has broadened the range of tasks I do. Are there any downsides to what you do? The hardest part of the job is without doubt studying alongside work. However, Punter Southall does provide a generous study package, including a day off to study most weeks and financial rewards for passing exams. There are also lots of other students in the office in the same situation so there is plenty of moral support. What do you think are the most important skills/strengths you need to make a success of what you do? I think the most important
Can you describe exactly what it is you do? We advise companies and trustees on their pension schemes. This includes valuing pensions benefits, advising on the design of benefits, advising on communications with members of the pension scheme, advising on pension schemes as part of M&A and helping produce or audit the pension disclosures for company accounts. Actuaries also work in insurance and investment. Would you ever do more qualifications to further your career? Yes, I think I would if the need arose. I would probably want to leave a bit of a gap though after qualification, as I’ve been studying ever since I started working! What do you most like about what you do? Are there any downsides? I enjoy the range of work and the interaction with people. In my job I deal with numbers and spreadsheets, manage projects, telephone and meet with clients. I also get involved in tenders for new work and people management which adds even more variety to my work. Studying for the exams is hard work, it takes up a lot of my free time. However, the firm provides a lot of support which includes study days, mock exams and study groups that help people taking the same subjects to study together.
How did you find out about this particular career/job? I found out about becoming an Actuary through my university careers service and then attended an Actuarial careers fair, where I met several employers. I took part in a summer placement at Punter Southall in my penultimate year of university and, following the success of this, began a full-time role in September 2005. Would you undertake further study in order to gain promotion? Studying for the Actuarial qualification takes several years. Studying while working requires dedication and hard work, but there are many rewards and it is worth it in the end! Following qualification there are no further requirements for study, although Actuaries are required to continue developing their professional skills. There are also opportunities to attend training courses for personal and professional development.
Fellow of the Institute of Actuaries.
Charlotte
Age: 26 Degree and university: BA Economics & Finance from the University of Exeter Title: Pensions consultant at PricewaterhouseCoopers LLP, I’m nearly qualified as an Actuary Were you always interested in a career as an Actuary? From an early age I knew that I wanted to do a job involving numbers because I enjoyed maths at school, but I didn’t really know what kinds of jobs were out there. When I was at university I spent time looking into the different kinds of jobs and decided to try out a job as an actuary by getting an internship with an Actuarial company. I discovered that pensions can be more interesting than you would think, so when they offered me a job after university I accepted it. What professional qualifications do you have? And where did you gain them? I have been taking Actuarial exams since starting work and have attained a Diploma in Actuarial Techniques. I have two exams left before I will qualify as an Actuary and become a
‘
you need to be comfortable working with numbers and people
’
Where do you ultimately see yourself going in this career? The next step is to qualify! Eventually I would like to become a partner here and have my own group of clients. What qualities do you think you need as a person to make a success in this business? To be an Actuary you need to be comfortable working with numbers and people. It is important that once the numbers are calculated, you can explain their meaning and impact to a client. I also think that enthusiasm is important, caring about what you do and whether you get it right goes a long way in any job. What would be your best piece of advice for people wanting to come into this sector? I would recommend trying to get an internship or some other work experience in the sector. It will help you to decide whether this is something you will enjoy and may convince a future employer that you really want the job you’re applying for. n
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Beyond the norm
The Actuarial Profession making financial sense of the future
Work for one organisation, influence countless others The decisions of an actuary can affect thousands of people. The work they do influences the way governments think and how the world’s biggest investors do business. It is an exceptional profession, and it requires exceptional people. Actuaries have a rare ability to be lots of different things all at the same time – problem solver, analyst, consultant and financial risk assessor. They have the analytical ability to make sense of historical and current information, and the business skills to develop and communicate a vision of the future. If that sounds like you, this is a career like no other. For more information, please go to www.actuaries.org.uk
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