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The BIG Careers Handbook
2015
W O M E N
I N B U S I N E S S E V E N I N G
WITH SPECIAL GUEST SPEAKER
MRS TERESA DYSON
FORMER CHAIR, BOARD OF TAXATION SENIOR TAX PARTNER, DELOITTE MONDAY 23rd FEBRUARY, WEEK 6 (6PM – 8:30PM) BOND UNIVERSITY CLUB $35 STUDENTS (BUILDING 6 LEVEL 3) $100 NON-‐STUDENTS 2|
The BIG Careers Handbook | 2015
Inside... Banking 4 Consulting 6 Investment Banking 9 Investment Management 15 Professional Services 19 Treasury 24
LETTER FROM THE EDITOR Welcome all to the very first edition of The BIG Careers Handbook! Inside this publication you will find a directory containing profiles of companies employing graduates, interwoven with interviews with students reflecting on their internship experiences. We have also included a brief overview of the recruitment process followed by many of the firms listed in this publication, along with some general advice on what you can be doing now to enhance your employability. This publication’s aim is to be a handy tool for Bond students considering a career in the financial services industry. As much as I love to scroll mindlessly though forums and read the opinions of ‘BankerBoy001’ and alike, I hope that the BIG Careers Handbook will provide a much more reliable and informative directory on career opportunities. I would like to thank all of the BIG Committee and its friends for their support in seeing this project through. Best wishes, Lauren Hutchinson BIG Publications Director
Disclaimer Every effort has been made to ensure the accuracy of the content in this publication. In some instances, no current information about a company has been available. The list of companies provided are by no means exhaustive and readers are encouraged to undertake their own research. BIG does not take any responsibility for how readers use the information in this publication. All rights are reserved for company logos. |3
Banking
The BIG Careers Handbook | 2015 Commonwealth Bank of Australia is the largest of the ‘Big 4’ banks, and is currently the largest Australian listed company on the ASX. It is also a multinational bank with businesses across New Zealand, Fiji, Asia, USA and the United Kingdom. Services: Finance and Insurance | Consumer Banking | Corporate Banking | Investment Banking | Investment Management | Wealth Management | Private Equity Website: http://www.commbank.com.au Vacation Program: Applications for the 2015-2016 summer intern Program will open in July 2015.
Westpac Bank is the 2nd Largest of the ‘Big 4’ banks in Australia and is also the 2nd largest bank in New Zealand. Services: Finance and Insurance | Consumer Banking | Corporate Banking | Investment Banking | Investment Management |Wealth Management |Private Equity Website: http://www.westpac.com.au Vacation Program: Applications for the 2015/16 internship program will open in June 2015.
Australia New Zealand Bank is the 3rd largest of the Australian ‘Big 4’ banks. Services: Finance & Insurance | Consumer Banking | Corporate Banking | Investment Management | Wealth Management | Private Equity Website: http://www.anz.com Vacation Program: The summer intern program will take place between 25 November 2014 and 31 January 2015, with a two week break over the holiday period.
National Australia Bank is the 4th largest of the ‘Big 4’ banks. Services: Business Banking | Consumer Banking | Wholesale Banking | Wealth Management | Insurance Website: http://www.nab.com.au Vacation Program: NAB has many Business Trainee programs which can be inspected in more detail at: http://www.nab.com.au/about-us/careers/traineeprograms
Banking | 5
Consulting
6 | Consulting
The BIG Careers Handbook | 2015 McKinsey & Company is a renowned consulting firm that works with its clients to address strategic, operational and technological business issues. Through its McKinsey Center for Government, the firm also conducts extensive research into government performance to overcome critical challenges facing the public sector. Services: Marketing | Operations | Business Technology | Organisation | Corporate Finance | Risk Website: http://www.mckinsey.com/global_locations/pacific/australia Vacation/Graduate Programs: Undergraduates who are at the start of their final year should apply for the Business Analyst role. The website indicates that the application deadline is Monday, March 9. Go to www.mckinsey.com/global_locations/pacific/australia/ en/careers_in_australia/career_opportunities for details regarding the applications process. The Boston Consulting Group services top public companies, private firms, non-profits and government departments to address acute management needs. This may include developing solutions for mergers and acquisitions (and post-merger integration issues), firm productivity, marketing, turnaround and supply chain management (SCM). Services: Growth Strategy | Corporate Development | Corporate Finance | IT | Innovation | Marketing | People and Development | Operations | Risk | Transformation Website: http://www.bostonconsulting.com.au Vacation/Graduate Programs: See company’s website for vacation/graduate application details as key recruiting dates are yet to be announced.
Considered one of the most prestigious consulting firms and a member of the ‘Big 3’, Bain & Company strategize with their clients to realize objectives across all aspects of business. As a results-driven company, Bain often takes payment in the form of equity so it only profits when its clients do. Services: Customer Strategy | Marketing | IT | M&A | Private Equity | Performance Improvement | Website: http://www.bain.com/offices/australia/en_us/index.aspx Vacation/Graduate Programs: Bain & Company encourages final-year undergraduate, master’s or law degree students to apply for an Associate Consultant position. The application deadline for the 2016 graduate class is Friday 6th March.
Accenture’s global management consulting practice offers business and project integration solutions, inclusive of enterprise resource planning and customer relationship management (CRM). Notably, many regard the company’s technology infrastructure strategies to be leading the industry. Services: Enterprise Architecture & Transformation | Finance | Enterprise Performance | Digital Business | IT | Operating Strategy | CRM | Marketing | Talent (People) Website: http://www.accenture.com/au-en/Pages/index.aspx Vacation/Graduate Programs: See company’s website for application details. The Accenture Adventure program is a one-day event held in most major capital cities to meet, work and interview with senior Accenture managers. Consulting | 7
Corporate Advisory with James Diamond Where did you intern? I interned with Ventures International Corporation in Singapore on two separate occasions. Why this firm? I wanted to gain international experience. They are also a boutique firm, which appealed to me at the time as larger firms were a bit more intimidating. How would you describe this line of work? In corporate advisory, we basically would take businesses from A to Z and work with them to address issues surrounding their establishment and strategic direction, from structuring, registration and everything inbetween. How did you go about securing an internship? I secured this internship through personal contacts so there wasn’t much of a process. How was your “typical” day? I was into office at 8am and leaving by 6pm, so the day was not that long compared to other lines of work. Day-to-day tasks included meeting with potential and existing clients to guide my research tasks set by my superiors. What did you most enjoy working on? I most enjoyed being amongst the complexities of international business transactions. The firm had an outstanding culture and greatly encouraged me to learn about the extensive area of international firm restructuring.
Investment Banking
Key Terminology
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2014 Rank 1 2 6 3 7 5 4 8 9 10 11 23 12 14 15 16 NR 19 26 21 20 22 24 NR 25 27 28 29 31
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10 | Investment Banking
Company The Blackstone Group Goldman Sachs & Co. Morgan Stanley J.P. Morgan Centerview Partners Evercore Houlihan Lokey Greenhill & Co., Inc. Perella Weinberg Partners Credit Suisse Peter J. Solomon Company Moelis & Company William Blair & Company Lazard RBC Capital Markets Citi Institutional Clients Group Canaccord Genuity SunTrust Robinson Humphrey UBS AG Deutsche Bank AG Barclays (Investment Banking) Bank of America Corp. Jefferies & Company, Inc. Guggenheim Securities, LLC Rothschild Wells Fargo & Company Allen & Company LLC Qatalyst Partners Oppenheimer & Co.
Bulge Bracket Banks: Refers to toptier investment banks, such as Goldman Sachs, Morgan Stanley, JP Morgan, etc. These banks have full service coverage, including leveraged finance, debt and equity cpaital markets, securities sales and trading as well as dedicated research teams. Boutique Banks: Small- to mid-tier banks who often have a pure advisory focus, or may just be the local arm of an international investment bank. For example, Greenhill is only advisory and generates strong dealflow. M&A: Mergers and Acquisitions. Refers to the provision of advice relating to takeovers of and mergers between companies. Also includes defence of said takeovers. This is the bread and butter of investment banking. ECM: Equity Capital Markets. This is where an investment bank raises equity capital (i.e. common shares) for a company, whether through an IPO, private placement or second raising. DCM: Debt Capital Markets. Given the complexity and size of debt markets, it can often involve cross-border transactions. IPO: Initial Public Offering. The first offering of a company’s shares to the public on a public stock exchange. LBO: The acquisition of a company without the commitment of large amounts of capital. That is, significant money is borrowed to meet acquisition costs. League Tables: Rankings of investment banks tracking performance across M&A, ECM, DCM, etc. See Dealogic.
The BIG Careers Handbook | 2015 Goldman Sachs provides a wide range of investment banking, securities, and investment management services to individual and institutional clients. Regarded as the top dealmaker, Goldman Sachs led 2014 M&A deal volume, global equity and US equity offerings. Website: http://www.goldmansachs.com/index.html Graduate (New Analyst) Program: Applications open mid-February. The deadline for applications is 16 April 2015. Summer Analyst Internship Program: Applications open Friday,1 May 2015. The deadlines for applications are 2 July (Melbourne) and 23 July 2015 (Sydney and Perth).
Morgan Stanley is a leading investment bank with three key business functions: institutional securities (inclusive of M&A and corporate advisory services); asset management and; wealth management. Website: http://www.morganstanley.com/ Graduate Program: Go to http://www.morganstanley.com/people-careers/ programs/analyst.html for further details on analyst programs across divisions. Summer Analyst Internship Program: Go to http://www.morganstanley.com/ people/internship-programs/ for further details and key recruitment dates.
J.P. Morgan’s services span investment banking, asset management as well as private and commercial banking. Website: http://www.jpmorgan.com/pages/jpmorgan/au/home Winter Analyst Internship Program: Internships are offered over the winter vacation break in Investment Banking and Equity Research divisions. Based on last year, applications open at the beginning of April. Summer Analyst Internship Program: Visit the J.P. Morgan website.
Macquarie is a global financial services provider across funds management, financing, capital markets, advisory and research. Its investment banking arm is Macquarie Capital. Website: http://www.macquarie.com.au/mgl/au Graduate Program: Applications for the graduate program open on 9 March and close 16 April 2015. Summer Analyst Internship Program: Recruitment for Macquarie’s summer internship program will begin mid-2015. The website’s calendar indicates that applications for the Melbourne office open on 27 May (close 2 July). Brisbane, Sydney and Perth offices are open to applications from 29 May (close 23 July). Investment Banking | 11
JOE PATRICK Where did you intern? Over the recent summer break, I interned in the General Industries team of J.P.Morgan’s investment banking division in Melbourne. Why this firm? J.P. Morgan’s top tier credentials not only in Australia, but worldwide was a big factor. Working at an international firm opens up opportunities for international secondments, which is something I am interested in doing in the future. Compared with the other firms on the street, the culture and values seemed to align with my own. For those who don’t know, how would you describe this line of work? The M&A division of an investment bank provides advice to companies on buy-side and sell-side transactions as well as a range of other topics under the umbrella of corporate strategy. It is very client based and fast-paced How did you find the process of securing an internship? What was involved? The process consisted of three rounds, and a final “superday” interview in Melbourne. The process was broken down into technical, fit, and group work abilities. 12 | Investment Banking
What was your “typical” day like? / Describe your day-to-day tasks? During my day I would work on things like valuation, research and assessing potential acquisitions / divestments for strategic fit. Favorite part? My favorite part was getting to meet and work with like-minded individuals on an entirely new range of skills How did you find J.P. Morgan’s culture? The process started with a week of training in Sydney, which gave us the chance to socialize with others in the program and was a great way to kick things off. The office held regular social events which helped the integration process. What surprised you the most during your internship? The steepness of the learning curve. Every day presented a new skill set that I had to digest and adapt to. Best thing you learnt? This is tough one because I learnt so much, but I would have to say that finally learning the context for what we learn at Uni was tremendously helpful. Going forward, this experience will also help me contextualize my further studies, and make sense of it from a commercial perspective.
The BIG Careers Handbook | 2015 As one of the world’s largest financial firms, UBS services corporate, institutional and alternative clients through its investment banking, asset management and wealth management business divisions. Website: http://www.ubs.com/au/en.html Graduate Program: The deadline for applications is 16 April 2015. Summer Analyst Internship Program: The application deadlines are: 2 July 2015 (Melbourne) and 23 July 2015 (Sydney, Perth).
Credit Suisse’s core business functions are separated into: Private Banking and Wealth Management; Investment Banking and; Asset Management. Its corporate finance solutions range from equity and debt finance to IPOs and financial restructuring. Website: http://www.credit-suisse.com/au/en.html Vacation/Graduate Programs: See company’s website for how to apply.
Deutsche Bank provides both retail banking and investment banking services (which encompass capital markets and corporate advisory). With $1.27 trillion of assets under management, the group’s wealth and asset management divisions are amongst the largest in the world. Website: http://australia.db.com/australia/index.html Vacation/Graduate Programs: See company’s website for how to apply.
The investment banking arm of Citi, ‘Citi Institutional Clients Group,’ provides a range of advisory and financing services to corporations, institutions, governments and high net-worth individuals/families. Website: http://www.citi.com.au/citigroup/corporate/overview.html Vacation/ Graduate Programs: See company’s website for details and how to apply.
Investment Banking | 13
Barclays’ Investment Banking division provides strategic advisory, financing, and risk management services to corporate, government and institutional clients. Beyond this, Barclays offers an array of financial products in private equity and emerging markets. Website: http://joinus.barclays.com/ Vacation/Graduate Programs: See company’s Asia-Pacific website.
Bank of America Merrill Lynch raises, manages, invests and protects capital for its clients. The company provides a full range of sales and trading, investment banking and investment management services. Website: http://corp.bankofamerica.com/business/bi/advantage Vacation/Graduate Programs: See company’s website for how to apply.
Greenhill squarely focuses on advisory work (including mergers, acquisitions, capital raising and financial restructures) and thus does not have dedicated research and trading divisions. Website: http://www.greenhill.com/ Vacation/Graduate Programs: Applicants interested in an Analyst position in Greenhill’s Sydney or Melbourne offices are encouraged to submit a cover letter and resume to the email address highlighted on the company’s careers website. Greenhill also offers Summer Analyst opportunities for undergraduates in their penultimate year.
Lazard’s business is divided into financial advisory and asset management units. Under its advisory arm, Lazard engages in raising and restructuring company capital and M&A transactions. The asset management teams deliver an array of investment products to private clients, corporations and public funds. Website: http://www.lazard.com.au Vacation/Graduate Programs: See company’s website for how to apply and application deadlines.
14 | Investment Banking
Investment Management
Blackstone is a global management fund overseeing $284bn for a variety of public and private organisations in different industries around the world. Blackstone’s funds partake in private equity, real estate, credit and hedge fund investments globally. The firm also offers an independent financial advisory business which handles highly complex and critical M&A, restructuring and reorganisation assignments. Website: http://www.blackstone.com Vacation/Graduate Program: Details are provided on the company’s website for US Campus Recruiting and vacation programs.
JLL is a professional services and investment management firm that specialises in providing a range of real estate services to clients. These include (but are not limited to): Corporate Finance; Strategic Consulting; Office Leasing Valuations and Advisory as well as; Property and Asset Management. Website: http://www.jll.com.au/australia/en-au Vacation/Graduate Programs: No specific dates are provided on its website, but it does contain some career information, including some tips on interviews and resumes (http://www.jll.com.au/australia/en-au/careers/helpful-hints).
Suncorp is one of Australia’s largest banks and multi-service firms outside of the ‘Big 4’. Along with insurance and superannuation products, Suncorp offers portfolio management, margin lending as well as regular banking functions such as term deposits. Website: http://www.suncorpbank.com.au Vacation/Graduate Programs: The vacation program runs in the summer break from December to February each year with a two week break provided for the Christmas/New Year period. Applications open August each year.
Colonial First State is one of Australia’s leading wealth management groups, with more than A$164 billion funds under management. The company provides investment, superannuation and retirement products to individuals as well as to corporate and superannuation fund investors. Expertise spans Australian and global shares, property, fixed interest, credit, infrastructure and private equity. Website: http://www.colonialfirststate.com.au Vacation/Graduate Programs: No available information on a Vacation Program. Prospective candidates will have to contact the company personally.
16 | Investment Management
The BIG Careers Handbook | 2015
with
Blake Nicolson Where did you intern? Pulse Wealth Management Why this firm? After researching a number of different stockbroking and portfolio management firms, Pulse Wealth Management really appealed to me due to their unique company platform. Pulse has a really entrepreneurial mindset; a collaborative workplace environment with the integration of new technological trading platforms to appeal to both traditional investors, as well as online traders looking for the edge in an increasingly complex market. For those who don’t know, how would you describe this line of work? Pulse Wealth Management deals in stockbroking, financial planning, portfolio management and self managed super funds. What was involved in securing an internship? The process was very similar to most other work experience programs I have taken part in. My initial application consisted of a cover letter and resume, as well as a small questionnaire. The questionnaire consisted of 20 questions, ranging from why I had an interest in the financial industry, through to choosing three potential stocks to invest along with some quantitative data to support my recommendation. What was the “average” day like? The morning would begin with a conference call to the Sydney office, where senior brokers would discuss current market conditions and give a general update on the macro-economic environment. Interns and senior brokers would then discuss a stock they were interested in, and describe why it was a good investment (Backed up with some in-depth fundamental analysis of the company). Tasks would alternate each week based on what intern group you were in; Intern Group A would work on researching a specific company as determined by
senior brokers, whilst Intern Group B would work on education material for clients wishing to know more about the stock market. What did you most enjoy working on? Company Research. Being able to utilise the wealth of qualitative and quantitate data available on any company at the click of a button was a great learning curve. Developing my understanding of balance sheet and cash flow analysis, as well as my understanding of financial ratios and Investment Bank valuation reports is an extremely useful skill I can utilise in my future endeavors. What surprised you the most during your internship/the internship process? The workplace environment was a big surprise. After watching The Wolf of Wall Street and seeing the way Jordan Belfort dealt with prospective clients in his role as broker, I was sure the environment was going to be as highpaced and cut throat as Stratton Oakmont. Much to my surprise, Pulse Wealth Management was a highly collaborative, encouraging and respectful workplace; brokers would work collectively on trades, discuss projects to benefit the entire firm and offer individually tailored advice to clients to benefit the clients’ needs. Best thing you learnt? The financial services industry is not just limited to equities trading. Options, Futures, CFDs, FOREX, Bonds and Commodities are just an example of the vast array of financial products available to suit clients’ goals and financial situations. Until my internship experience, I was unaware of the flexibility and benefits of options trading, particularly the ability to hedge risk on a given trade and the complex options structures available to do so. .
Investment Management | 17
Real Estate Professional Services & Investment Firm with Mark Johnman Where did you intern? Jones Lang LaSalle (JLL). JLL a global professional services and investment management firm that specialises in real estate. Why this firm? The area of the firm that I am working in (Strategic Consulting) conduct a large amount of data analysis, which is something that I find interesting and that ties in well with one of my degrees (actuarial science). I also think that JLL is quite interesting as it specialises in real estate, which is unlike most other professional services firms. For those who don’t know, how would you describe this line of work? JLL provides real estate services to clients (usually other companies) seeking to own, occupy or invest in real estate. Their services include valuing properties, managing large office buildings, finding office space for a client and overseeing office building projects. I am interning in the Strategic Consulting division, which provides advice to clients on a wide variety of issues. For example, a client might come to us and seek our advice on what they should do with their portfolio of real estate assets. In response, we might come up with a strategy describing how they should manage their assets, which might include suggestions such as selling certain assets and acquiring other ones.
18 | Investment Management
How did you find the process of securing an internship? I was pretty lucky as I was offered the internship by one of my lecturers. Usually it would be a longer process, but in this instance I just had to send off my resume and complete a work experience form. What was your “typical” day like? I catch the 6:30am train to arrive at 8am at the Brisbane office. Our team usually catches up for coffee soon after that and then we get started on our work. So far I have been mostly helping construct PowerPoints for client presentations (i.e. interpreting someone else’s work and explaining it so that it is easy to understand). We usually go out for lunch around 12pm for 45 minutes and then start work again in the afternoon. I generally leave around 5pm and catch the train home. What did you most enjoy working on? I have only been interning for a few weeks so it’s difficult to say. I am hoping to get the chance to create some Excel models and do more data analysis and forecasting. How did you find the JLL’s culture? The firm’s culture has been excellent so far. Everyone has been very helpful, friendly and welcoming. While everyone seems to work fairly long hours (60 hours per week), the work is interesting and everyone enjoys it.
Professional Services
PWC operates in 158 countries and provides professional services primarily in the fields of accounting, auditing and assurance, tax, human resources, deals, forensics, and consulting services. Services: Assurance | Consulting | Deals | Indigenous Consulting | Legal Services | People Business | Private Clients | Taxation | Economics Website: http://www.pwc.com.au/ Vacation Program: Applications open on 24 February for students in the penultimate year of their degree and continue on a rolling basis throughout the year.
Ernst & Young (EY) is the 3rd largest (by aggregated revenue in 2014) of the ‘Big Four’ worldwide professional services firms. Services: Assurance | Tax Advisory | Consulting | Financial Advisory | Strategic Growth Markets | Specialty Services Website: http://www.ey.com.au/ Vacation/ Graduate Programs: Applications open on Monday 23 February, and close: 23 March (Canberra, Perth), 30 March (Brisbane, Melbourne, Sydney) and 7 April (Adelaide) for the graduate program. The best bet is to get in early as positions may close as applications are received. Applications open 23 February 2015 for the vacation program. KPMG is a multinational company and is one of the ‘Big Four’ worldwide professional services firms. Services: Assurance | Consulting |Tax Advisory |Financial Advisory |Actuarial | Legal Economics Website: http://www.kpmg.com.au/ Vacation/Graduate Programs: Applications open for the 2016 graduate program on 23 February 2015. Applications for summer internship programs open on 23 February and close on Sunday 12 April 2015. It pays to apply early as sometimes positions are filled before the closing date.
Deloitte is the largest professional services network in the world by revenue and number of professionals. The company operates in 150 countrires delivering audit and advisory, consulting and tax services. Services: Audit | Economics | Financial Advisory | Human Capital | Legal | Operations Risk | Strategy | Tax | Technology Website: http://www2.deloitte.com/au/en.html Vacation/Graduate Programs: See company’s website for details regarding the application process. Based on last year’s dates, applications for both graduate and vacation programs open in February. 20 | Professional Services
The BIG Careers Handbook | 2015
JOY DU Where did you intern? EY (Ernst & Young) Why this firm? I had heard EY has a good corporate culture in that the people there are all really nice and friendly. Plus, the tax division at EY is one of the largest in Brisbane which meant that I would probably get the most exposure to varying aspects of work. For those who don’t know, how would you describe this line of work? Tax in general is about helping and advising clients on a whole range of tax queries, from employment taxes to corporate tax to completing tax returns. My line of work in indirect tax is about advising clients on 4 main areas: GST, stamp duty, global trade (customs duty) and fuel tax. How did you find the process of securing an internship? What was involved? Basically I went through the whole online process, so I started with the online application form. Then I got sent the talent screener and online tests to do (numerical/ verbal reasoning/abstract reasoning). From there, I was invited to an assessment centre which was half a day. It included an individual interview with the partner and someone in a managerial role from the sub-service line you have applied for, an office tour and a group activity, as well as lunch. What was your “typical” day like? A couple times a week I had tax training, so I would get into the office by 8.30 ready for tax training for an hour in the morning. Usually I would then check my emails before finishing any research work from the previous day. Once finished, I would meet up with whoever had given me the task to discuss my analysis and findings. Usually as tasks pop up, the manager or person in charge would step me through what was happening, before explaining the task at hand and what needed to be done. For example, tasks may include simple data entry, doing research tasks for specific clients, or helping a senior consultant on a particular part of their private binding rulings, submissions or letters to various parties. Sometime in the morning, I would have a quick catch up with my buddy just about the different tasks I had been working on. A couple of these tasks would take me until lunch, where I would either eat lunch with my fellow tax vaccys or have lunch with the indirect team. After lunch I would resume completing any
outstanding work, with usually a couple of meetings here and there. In the afternoon, if there was tax training the next day, there would be pre-training for the vaccys and consultants, so I would usually end the day with that. What did you most enjoy working on? I enjoyed working on a number of different transactions for large clients by helping the manager and partner with their drafting of advice. How did you find the EY’s culture? Throughout the first couple of days of induction and tax training, we had a lot of presentations from various senior managers and partners about the ‘people first’ culture at EY, and I definitely thought that this was the case there. Everyone was really welcoming towards the vaccys and they were always willing to explain everything from the very basics, no matter how busy they were. What surprised you the most during your internship? I think what was quite surprising was the fact that there are actually so many areas of tax! To be honest, I wasn’t too sure what indirect tax was when I applied, I only knew that GST was a form of indirect tax. I was just told it was one of the open sub-service lines, and that I might be interested given my law/ business degree. What I didn’t realise that aside from corporate tax and private clients, there is also human capital which is about immigration and employment taxes, and R&D. I thought the research and development sub-service line was just the research and development in tax, like looking at tax policy, but it is actually research and development tax where you look at tax incentives for clients with research departments, like mining clients and engineering firms etc. So I think learning about all the sub-service lines was actually really interesting. Best thing you learnt? One of the most important things I learnt was the different working styles of all the people in your team which may change the way you write a report depending on the person. This is apparently also something you learn a lot about as a grad. Aside from that, the best thing I learnt was from a senior consultant who told me how to get free coffee from our partner! Although the club room (common room) already had an excellent coffee machine that could also make chai lattes, and even strong hot chocolates. Professional Services | 21
Corporate Recovery
| Interview with Dylan Master | Where did you intern? BDO, SV Partners, Ferrier Hodgson
Networking – meet with numerous staff
Why these firms? They all offer insolvency/ corporate recovery.
Group Activity – given a problem and have to present a solution in front of Senior Managers and Partners
For those who don’t know, what is corporate recovery? As a basic idea you would - work with companies that are in financial distress to ensure that the right approach is adopted and the best outcomes are achieved for the benefit of secured and unsecured creditors and stakeholders. Numerous approaches can be taken, but commonly you either restructure the business to sell as a going concern or help it trade out of difficulty. Or wind the company up as quickly as possible in order to minimise further losses. What was involved in securing these internships? It’s not easy. I attended a presentation by BDO at the CDC and HR encouraged all that attended to apply. As a basic overview, the process involved: • Submitting an online application via the firm’s website (numerous questions and attach resume, cover letter and academic transcript); • Online testing (4 tests) • Video Interview (presented with 4 questions, and have 2mins to answer each question). • Group Assessment at the firm:
22 | Professional Services
Individual Activity – 45min Accounting exam Interview – with senior staff Snapshot of tasks involved? • Investigate bank accounts to see whether a director of the company was transferring money into private accounts, prior to the company becoming insolvent, to avoid paying creditors • Attend Creditor meetings • Review contracts • Report to ASIC How did you find the firms’ cultures? All the firms’ that I have worked at have a very supportive, welcoming and rewarding culture, all highlighted by their differing team structures and social club offerings. Best tip? Undertake as many internships as possible. They help you realise what line of work you like, and don’t like. Additionally, you can gain an idea of the type of firm that suits your needs and a culture you enjoy.
The BIG Careers Handbook | 2015 Grant Thornton is one of the largest players in the global network of independent member firms. Services: Assurance Services | Tax Advisory | Privately Held Business Services | Corporate Accounting | Outsourcing Website: http://www.grantthornton.com.au/index.asp Vacation/Graduate Programs: Applications for the 2015 program open Tuesday 3 March 2015. Applications also open Tuesday 3 March. BDO is one of Australia’s largest associations of independently owned accounting practices, with firms situated all across Australia. Services: Audit | Tax | Business Recovery & Insolvency | Corporate Finance | Forensic Services | Private Wealth | Consulting | Risk Website: http://www.bdo.com.au Vacation/Graduate Programs: Applications open in February 2015 and will be accepted via www.bdo.com.au/careers. Pitcher Partners is a national association of independent firms and is also an independent member of Baker Tilly International. Services: Accounting & Business Advisory | Audit, Risk Management & Assurance Corporate Finance | Recovery and Insolvency | Tax Advice | Compliance Planning | Wealth Management Website: http://www.pitcher.com.au/ Vacation/Graduate Program: No current information available about the application Moore Stephens is one of the world’s major accounting and consulting networks. Services: Audit & Assurance | Corporate Finance | Corporate Recovery| Forensic Accounting | Governance, Risk & Assurance | IT Consultancy | Legal Services | Tax Wealth Management Website: http://www.moorestephens.com Vacation/Graduate Programs: No current information available about the application process as it is earlier in the year, however the website does indicate that it runs vacation Programs. Ferrier Hodgson is one of the largest specialist accounting, corporate turnaround and insolvency management firms in the Asia Pacific region. Services: Corporate Advisory | Forensics | Corporate Recovery | Management Consulting Website: http://www.ferrierhodgson.com Vacation/Graduate Programs: No current information available about the application process, however the website does indicate that some firms across the country do run 2 week summer work experience programs. Professional Services | 23
24 | Treasury Investment Banking
The BIG Careers Handbook | 2015
As a central policy agency, the Commonwealth Treasury analyses economic issues and works with various stakeholders to provide national policy advice. Website: http://www.treasury.gov.au/ Graduate Program: Go to http://graduates.treasury.gov.au/content/graduate_ program.asp for information on the program’s rotations and to keep up to date with key recruitment dates.
Queensland Treasury and Trade (QTT) manages the state’s finances, collect certain taxes and procures infrastructure. Website: https://www.treasury.qld.gov.au/ Graduate Program: Apply for QTT’s GRADStart program through the Queensland Government Graduate Portal. Go to: http://www.graduates.qld.gov.au/ Vacation Program: Applications for the vacation employment program are usually accepted in May and October each year. Details of vacancies are published at this time through the Queensland Government Graduate Portal. Scholarship Program: Applications are usually accepted August each year.
The NSW Treasury advises the state government on policy and economic conditions/issues. The department also coordinates the State Budget, manages state assets, monitors expenditures and budgets of government agencies. Website: http://www.treasury.nsw.gov.au/ Graduate Program: Go to http://www.treasury.nsw.gov.au/careers_at_treasury for details regarding the recruitment process and to keep updated with recruitment dates. Based on information for the 2014 grad program, applications open midyear.
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Recruitment Ready What’s on offer for Commerce students? Whether you see your future career path involving amassing capital for major transactions (investment banks) or leading a team to advise clients on business strategy (management consultants) or analysing financial management statements for a large conglomerate, there is lots to consider. Most graduate programs offer an accounting or finance stream and the challenge will be to narrow down your choices.
Interviews
Online Applications
All applications will start with an online application. Some employers will ask you to complete forms addressing selection criteria and others will require you to upload a cover letter, resume and transcript.
The first interview will most likely be with a graduate recruiter from the organisation before an assessment centre and will be either a phone or a video interview. Both will generally take 15 minutes and are used to confirm a few details on your resume and check your communication style along with your interest and knowledge of the role. The second interview will be with a senior member of the organisation and may be a panel interview with a number of people from a particular division you have applied to. Third and fourth round interviews are not uncommon.
Online Tests
For additional support and suggestions please make an appointment with one of the team at the CDC.
Assessment Centres
T: 07 5595 3386 E: cdc@bond.edu.au www.facebook.com/bondedc
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Psychometric testing is very common practice for recruiters and is administered online under strict time restrictions. You may encounter numeric and/or reasoning questions and it is important that you answer these accurately and honestly. There are websites that can assist you with practicing this stage of the process. For more information about verbal, numeric and abstract reasoning testing see http://www.shldirect.com/en.
Assessment centres are an opportunity for an employer to observe you in a team setting. It often involves a set task and time limit. Employers will look for, amongst other things, problem solving, leadership, collaboration, idea generation and time management skills. This may entail case studies, group presentations and exercises.
The BIG Careers Handbook | 2015
Get involved on campus by joining clubs and societies! Join professional associations CFA, CPA, CA, FINSIA
Attend industry events
Women In Business Evening, Titans of Industry, Careers Fair, CDC Meet & Greets.
Research and apply for internships and vacation programs.
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