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de ruimte krijg om te groeien, dat spreekt mij aan in advo Grant Thornton.’ Marc Buijs, gevorderd assistent accountant Het einde van je studie komt in zicht en straks ga je de eerste stappen zetten in het bedrijfsleven. Hoe vind je als young professional je plek in een organisatie? Wat kan je verwachten van de werkzaamheden en niet te vergeten de begeleiding? Allemaal vragen waar Marc Buijs, gevorderd assistent accountant bij Grant Thornton, graag antwoord op geeft. Na het afronden van zijn master accountancy is Marc in dienst getreden bij Grant Thornton, op de vestiging in Rotterdam. Grant Thornton is een sterk groeiende middelgrote Accountancy- en Adviesorganisatie geworteld in de Randstad en verankerd in een groot internationaal netwerk. Wat heb je gestudeerd en wat heb je verder naast je studie gedaan?
Na een bachelor bedrijfseconomie heb ik een master accountancy gevolgd. Vanaf het moment dat ik bij Grant Thornton in dienst ben gekomen, ben ik ook begonnen aan mijn post-master aan de Universiteit van Tilburg. Inmiddels heb ik het theoretische deel afgerond. Naast mijn studie ben ik actief lid geweest van zowel een studie- als een studentenvereniging. Tijdens mijn actieve periode bij de verenigingen heb ik in verscheidene commissies gezeten. Daarnaast werkte ik parttime voor een accountantskantoor. Waarom ben je bij Grant Thornton gaan werken?
Tijdens mijn studie was ik al met meerdere kantoren in aanraking gekomen, ook met Grant Thornton. Belangrijke pijlers voor het maken van mijn keuze waren: de sfeer, de doorgroeimogelijkheden en het cliëntenpakket. Vooral het laatste punt vond ik erg belangrijk. Voor zowel mijn bachelor- als masterscriptie deed ik onderzoek naar familiebedrijven. Een cliëntenpakket met familiebedrijven past bij mij. Medewerkers van familie zijn erg betrokken en enthousiast. Ook hun ondernemersgeest spreekt mij aan. Daarnaast leek het me interessant om te gaan werken in de Randstad. Momenteel werk ik met name voor middelgrote en grote private internationaal opererende familiebedrijven. Mijn cliëntenpakket bestaat voornamelijk uit bedrijven gerelateerd aan de haven in Rotterdam. Te denken
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valt aan bedrijven in de scheepvaart, offshore, transport en op- en overslag. Wat is je huidige functie bij Grant Thornton?
Mijn huidige functie is gevorderd assistent accountant. In deze functie houd ik mij bezig met het coördineren van het werk van (junior) assistent accountants en begeleid ik hen in de ontwikkeling in het vak. Daarnaast voer ik de risicoanalyse uit voor de jaarrekeningcontrole van mijn klanten en controleer ik de meer complexe posten in de jaarrekening. Dit alles natuurlijk onder goede begeleiding van meer ervaren accountants. Hoe zou je de werkcultuur bij Grant Thornton omschrijven?
De vestiging in Rotterdam is een typisch Rotterdams no-nonsense kantoor. Dit ervaar ik doordat de communicatielijnen kort zijn en de besluitvorming snel is. Ook is er veel aandacht voor vaktechnische en persoonlijke ontwikkeling. Hier in Rotterdam wordt van alle medewerkers een proactieve houding verwacht. Het type cliënten dat wij bedienen verlangt deze instelling ook van je. Het geven van je mening wordt zeer op prijs gesteld. Daarnaast komt samenwerken met verschillende disciplines veelvuldig voor, bijvoorbeeld met fiscalisten, bedrijfsjuridisch adviseurs en consultants van de afdeling specialist advisory services. Veel werk uit het internationale netwerk wordt op de vestiging in Rotterdam opgevangen. Hierdoor krijg je ook de kans om internationaal samen te werken. Het internationale netwerk van Grant Thornton International geeft je de kans om internationaal samen te werken met collega’s in circa 100 landen. Welke ondersteuning krijgen nieuwe werknemers bij Grant Thornton?
Starters krijgen een mentor toegewezen. Hiermee bespreek je zaken zoals
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voortgang van je studie en punten waar je gedurende het werk tegenaan loopt. Het is prettig om een centraal aanspreekpunt te hebben. Daarnaast kun je door de informele sfeer en persoonlijke aandacht bij alle andere collega’s terecht. Wat vind je het leukste aan het werk bij Grant Thornton?
De mogelijkheid voor het volgen van een post-master is dé ideale overgang naar het bedrijfsleven. Daarnaast vind ik het interessant om te werken in een organisatie die een groei doormaakt. De organisatie is altijd in beweging! Wat mij verder aanspreekt in Grant Thornton is dat de mogelijkheid en de ruimte wordt geboden om door te kunnen groeien. Om samenwerking tussen de landen te bevorderen, wordt uitwisseling van werknemers gestimuleerd. Dit spreekt mij bijzonder aan omdat ik mezelf graag wil blijven ontwikkelen. Daarnaast word je breder opgeleid.
Traineegame 2011/2012: op bezoek bij Grant Thornton International in London
Tot slot, kan je iets meer vertellen over de mogelijkheden voor studenten/starters bij Grant Thornton?
Voor masterstudenten zijn er in februari tot juli op aanvraag werkstudentplekken beschikbaar om kennis te maken met werkzaamheden in de accountancy en om tegelijkertijd je scriptie te schrijven. Ook treden elk jaar weer afgestudeerde wo accountancy studenten in dienst. Naast vier dagen werken zal je op de vrijdag je post-master volgen. Voor starters organiseert Grant Thornton jaarlijks een traineegame. Gedurende de traineegame kruip je in de huid van een accountant van een fictieve cliënt. In een levensechte case leerde ik hoe je in de praktijk maximale toegevoegde waarde kunt creëren. Tegelijkertijd maakte ik kennis met de vestigingen, specialismen en het internationale netwerk. Traineegame 2012/2013: het werken aan casussen
Meer informatie over Grant Thornton
Grant Thornton bij jou in de buurt:
Grant Thornton is een sterk groeiende middelgrote accountancyen adviesorganisatie met ruim 500 medewerkers, geworteld in de Randstad en verankerd in het gerenommeerde internationale netwerk van Grant Thornton International. Je hebt hiermee toegang tot de expertise van meer dan 30.000 professionals wereldwijd in circa 100 landen.
Alphen aan den Rijn - Amsterdam - Boskoop - Enschede Gouda - Leiden - Rijswijk - Rotterdam - Woerden
Meer informatie is te vinden op www.carrierebijGT.nl. Of neem contact op met Ilona Douma, Recruiter, T 0172 – 41 68 68 of E ilona.douma@carrierebijGT.nl
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Foreword world
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WORD OF PRESIDENT WORD OF EDITOR-IN-CHIEF DEAR READERS, It is good to see that you stumbled upon our latest Eclaire again. The past few months the EFR has certainly not been idle. We have been busy organising the 29th EFR-Business Week, which turned out to be a great success. A record number of students participated during this sparkling week. In the Cityhall we welcomed various prominent speakers, under which our own Mayor. During the Opening Day we were honoured to receive the top CEO’s from the Netherlands, as well as a handful international speakers. In short, we can look back at a great week, in which we had the opportunity to inspire our students. Next to the EFR-Business Week we are busy organising our Study Trip to Jordan and a research project to Ghana, called Involve. And that is where the theme for this Eclaire comes in, because what exactly is happening in Africa? Like many other Europeans you might not have any idea about the huge investments China is making in Africa at this moment. Of course they will not do this by themselves, they will get plenty of help from experienced EFR-Members as well as a professional consultancy company. At this point, we are busy with choosing a new EFRBoard, EFR-Business Week committee and Erasmus Recruitment Days committee, to lift the EFR to a new level next year.
The past decades the total Sino-African trade volume has increased from US $1 billion in 1980 to US $163.9 billion in 2012. The majority of this increase took place in the period 2006-2010, when the trade volume almost doubled. Recently the increase of trade volume has led to a heated discussion about the motivation and relevance behind this alliance between China and Africa. Where the Western world has certain principles with respect to democracy and human rights when negotiating with African countries, China only has a non-interference principle. A good example of China’s engagement in Africa is its political behaviour in the Darfur conflict. Other countries moved out of Sudan and imposed boycotts, but China stayed friends with the Sudanese government.
As you can see there is enough happening around the EFR, of course we will keep you updated with all new events, but if you are curious in the meantime, check www.efr.nl or our facebook.
In this EFR-Eclaire we give you an inside in the China-Africa relationship. We ask the question whether the Western judgement of the political behaviour of China in Africa is fair. We also explain how historic events shaped Chinese moral. Of course besides the China-Africa topic, there is much more to read. We interviewed two of the most popular professors of the EUR; Marc Schauten and Jeffrey Bouwer. Furthermore, you can find a fact page, where you can read some interesting facts about Africa, China, our economy and the Erasmus University.
Yours truly, Nienke Benders President of the 49th EFR-Board
Enjoy reading this Eclaire! Floris van Prooyen Schuurman The Chairman of the EFR-Reporters
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world EFR
ACTIVITIES OVERVIEW MAY 02-10 02
EFR-DRINK
22-23 31
EFR-STUDY TRIP
EFR-PORT DAYS
ANNOUNCEMENT 50TH EFR-BOARD
JUNE 09
DEADLINE PART-TIME COMMITTEE RECRUITMENT
20
ROTTERDAM STUDENT PARTY
A R E YO U U P F O R A C H A L L E N G E ?
APPLY FOR A FULL-TIME POSITION MORE INFORMATION AT EFR.NL/CHALLENGE
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Wil jij een carrière in Corporate Finance? Duisenberg school of finance onderscheidt
DSF Programma’s
zich van andere universiteiten door de inzet
• MSc Finance, Corporate Finance and
van vooraanstaande academici uit binnen- en buitenland, kleinschaligheid en veel aandacht voor sustainable finance.
Banking track • MSc Finance, Financial Markets and Regulation track • MSc Finance, Risk Management track
Alleen de beste studenten worden toegelaten
• LLM Finance and Law
tot één van de vier Master programma’s. Door de nauwe samenwerking met de sector wordt in de programma’s een brug geslagen tussen theorie en praktijk. Kies voor het Corporate Finance and Banking - of Financial Markets and Regulation Text: Jasper de Ruijsscher
programma en wordt een gewilde kandidaat voor functies in Mergers and Acquisition, Private Equity, Structured Finance, Asset Management,
Aanmelden is gemakkelijk
Equity Research en Consulting.
en doe je via de website!
for leaders in finance
www.dsf.nl
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EFR-Business Week Promotion START Kroegentocht EFR-Business Week Promotion
EFR-Bu
EFR-LIMUN
EFR-LIMUN
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EFR-LIMUN
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EFR-Business Week Promotion
EFR-Business Week Promotion
EFR-Drink
Entrepreneurship Day
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China world
CHINA’S CENTURY OF HUMILIATION
Tendency today is that students take Western dominancy for granted and react with anxiety against Chinese growth. However, China is the oldest continuing civilization in the world and it became the largest economy and home to a third of global population in the 18th century. Tides changed when political reforms and cultivable land could not catch up with population increase, while in the Western world a massive Industrial Revolution took place. This article investigates the fascinating, but often neglected, period in Chinese history known as the Century of Humiliation. Humiliations It all started when the British merchants wanted to sell opium to the huge market of China. The opium was not only a risk for health and social standards, but also brought an economic risk. The smuggled imports of opium were so high, that the export of tea, silk and other Chinese commodities were not enough to balance the trading account. In 1839 confrontation started, but the British succeeded quickly in occupying Chinese harbours and islands and made the Chinese sign a treaty. It granted Great Britain free trade, Hong Kong, monetary compensation and right of settlement. This was the first of unequal treaties signed by the Chinese. Despite the many rights
acquired, Britain and more Western powers were not satisfied and used every other possibility to take a piece of China. When in 1856 the Chinese police captured a British ship, it caused the countries to combine their forces and take the province of Guangzhou. After bombing the city of Tianjin, a treaty was signed which opened the capital Beijing for Western legations and gave religious liberation to Chinese Christianity.
The British succeeded in occupying Chinese harbours and made them sign a treaty granting them free trade. As years passed by, China lost more of its sovereignty to colonialist powers and in the 1890s a foreign power became influential that had always been inferior to China. Japan adopted Western techniques and started attacking Chinese land. The Sino-Japanese war in 1894-1895 ended in a defeat for China and the occupation of Japan over Korea, Taiwan and the Penghu islands.
These wars and the accompanying social unrest continued throughout the first half of the 20th century. Legacy on China’s foreign policy After 110 years without a single victory, the Communists defeated Japan and proclaimed the People Republic of China in 1949. This huge revolution was internally justified on this desperately needed victory and externally by putting China in a victim role. When Deng Xiaoping succeeded Mao Zedong in 1976, China’s economy opened up and extra focus was put on foreign policy. Remembering the long isolated history of China and its slow and steady economic growth followed by the sudden disruption by the West, China focused its foreign policy around a Peaceful Rise. This included the peaceful coexistence between nations and the principles of non-interference and neutral ties.
Text: Jurriën de Bruijn
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WHY CHINA IS POPULAR AND THE WEST IS NOT
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Africa-China world
China is, as we speak, the biggest and most important trading partner of Africa. China has invested billions of dollars in Africa, which strengthens the relationship between them and makes it harder for other countries to get access to African resources and markets. The trading relationship between Africa and China is based on the fact that Africa pays China with resources in exchange for products and services like infrastructure and hospitals. In the past, a combination of corruption, murky ties and overly complex planning structures derailed every attempt of Africa to set up projects for better infrastructure or other building projects, hampering Africa’s economic growth. Therefore, China’s offer to Africa is more than tempting. It creates an opportunity of historic proportions. China is able to deliver projects on time and on budget and uses this to make a deal with Africa: ‘If you work with us, we will build it’.
Western countries have also tried to become an important trading partner of Africa but without success. What makes China’s approach better than that of the Western countries? One reason is countries like China better recognise the opportunities in Africa than Western countries. They see parallels between the current economic emergence of Africa and those of their own markets 15-20 years ago. They see the opportunities, recognise the situations and are more willing to take risks.
China sees Africa as a continent with opportunities and a place for trade, not a continent that needs help. Another reason why China is so popular in Africa and the West is not, is the fact that China sees Africa as a continent with opportunities and a place for trade, not a continent that needs help. China sees many opportunities in Africa, but notices that money is lacking.
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Therefore China stakes more financial instruments than Western countries and reduces the investment risks with export to China. African countries do not want to be seen as poor countries in need of help. The West could learn form China’s approach and should be more open to other approaches for development. To conclude, China does not really care about human rights or pitiable situations. After years of colonization by the West and the emergence of Western social workers who can not get rid of their feelings of superiority, Africa now worships China’s approach. The Chinese get themselves involved with the African citizens while the Westerners seclude themselves. This leads to a feeling of inferiority under the African people. One could wonder if the Chinese exploit Africa, but their arrival in Africa has definitely led to economic growth within the continent.
Text: Charlotte Sonneveld
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So your children are much better in bookkeeping than many students? Schauten: Haha, could be. My oldest daughter has told me M&O is easy for her because of this.
easiest way to answer this question, but some stories are based on truth. I haven’t planned all my jokes or stories in advanced, because sometimes it’s all improvisation.
Where and when did you become interested in economics and bookkeeping? Schauten: Well, I have a great story about my interests in bookkeeping. In my first year at university I passed all my exams, except my bookkeeping exam. With the help of my uncle, I understood bookkeeping and passed my resit. So through own experience I am convinced that students can understand bookkeeping in a short time if they got the right explanation. Through experience I see the importance of bookkeeping, not just for accountability for justice, but also as help by future decisions like by corporate finance. Bouwer: Economics was not my first choice; first I studied social geography because I wanted to become a teacher. This study was not successful for me and that time I saw old classmates all passed their economics exams. I thought if they can pass their economy study, I definitely could pass an economic study. So I started with my economics study and got enthusiastic about making sums. About the value of bookkeeping I have the same opinion as Schauten.
Has your style of teaching changed during the years? Schauten: Definitely yes. At the very beginning, I gave only response lectures, where I made sums. When I started teaching normal lectures, I was very dependent on my printed sheets and PowerPoint. Nowadays I can teach lectures without any aid, like PowerPoint and printed sheets. It is also a big challenge for me to teach a fascinating lecture without a PowerPoint. Furthermore, I have more contact with my students during the lectures because of my reduced dependence of my sheets. Bouwer: Different from Schauten, I see many points of improvement during the years that makes me insecure. I mean, I am not sure if my way of explaining is the best for the students. Therefore I ask some control questions during the lectures to find out my message is clear. Unfortunately by this approach some students feel threatened by me, when I ask them these questions.
Bouwer, Are all your stories you tell in college true or all lies? Bouwer: All lies, haha. That is the
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or that he understands the subject. When this happens, I walk back to my office whistling. Bouwer: Same thing here, I like students saying they like bookkeeping or accounting. But it also satisfied me when a student says he or she thinks it was a nice or useful lecture. Would you like to say something else to the students? Schauten: Enjoy your study as much as possible. Do not hesitate, but take time for it. That way you enjoy your study much more. Bouwer: I think that is not the whole story. Students have to study well, but besides that they have to undertake activities outside their study. I encourage students to join committees at the EFR or other study associations, because there they come into contact with aspects of economy which aren’t discussed in the study. Schauten: For sure, I see the value of these activities. I will also stimulate students to join committees or other valuable activities.
Which aspects of your job do you pull most satisfaction from? Schauten: When I get applause at the end of the block. But also when only one student says it was a good lecture Text: Jasper de Ruijsscher
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world Businesses Family
An interview with Kai Draaisma Would you like to introduce yourself? My name is Kai Draaisma, and I’m a graduate student at the Duisenberg School of Finance. I’m studying for the master study Corporate Finance and Banking. Before starting at DSF I completed my bachelor study of International Business Administration (IBA) at the VU in Amsterdam. Could you tell us something more about the Corporate Finance and Banking programme? It’s composed of literally everything that has to do with either (international) finance and commercial banking. It isn’t a very broad programme at all. Instead, it’s very in-depth, which I personally like very much. For example, when dealing with the subject of corporate governance at banks we had lectures from a manager at ABN Amro. He was involved with the crisis at the Dutch SNS Bank, and that way he was capable of explaining every little detail about what exactly went wrong. How did you end up at DSF? After I finished my bachelor study of IBA at the VU I decided to go on a gap year first, in which I did an internship in Vietnam. During that internship I got very interested in the subject of finance. So, when I returned to the Netherlands I decided to do a master in finance. I compared all the different master studies of finance to see which study had the most potential for me. That way I ended up at DSF. Besides that, I already heard a lot about the study from students who already enrolled. Their stories were full of enthusiasm, which in the end made me decide for DSF. Why did you choose to study at the DSF and not at a regular university? I was attracted by the small scale of DSF. Everyone here knows one another. Also, I liked the fact that a master study at the DSF is more intensive than studying at a regular university. For example, we have a lot more subjects to deal with within a term, around two to three times as many in regard to a regular university. For each of those subjects you are rewarded with a lot less ECTS than at a regular university, although in general you spend the same amount of time per subject at the DSF as at a regular university. In the end however this gives you a lot more in-depth knowledge about the subjects. Could you tell us something about the professors and teaching methods at the DSF? The DSF works together with a lot of universities from within and outside of the Netherlands. Professors from those universities come to the DSF to give lectures. For example, we recently had a professor from Harvard, who introduced us to the subject of law. Also recently Karl Lins from the United States joined DSF for two weeks to give the subject of Financial Management. During those two weeks we had to do a lot of assignments based on cases of the Harvard Business School. Sometimes we even had to work all night until around four in the morning! This made it very intensive, but also very rewarding. Besides that, the lectures were very interactive. A frequently used method by professors during lectures is the so-called ‘cold calling’ method. A professor might just call out any random person by name during a lecture, asking him to answer a specific question. That way you simply have to be prepared for the lectures, or else you just simply can’t keep up. Does DSF host recruitment and career events? DSF has a career-resources department which organizes workshops for how to deal with job interviews. These workshops are given by the department itself, but also via companies as Deloitte, ABN Amro and AEGON. Besides the Duisenberg Leadership Programme is an integrated part of all full time Master programme's. It focuses on new legislation, regulation of banks from a European perspective and provides with alternative views. For example with Behavioral Finance, an intersection of Psychology and Finance, which denounces some conventional Finance theories, mainly in response to the financial crisis of 2007. In what ways does DSF adapt to the current economic situation? Within a lot of subjects we tend to look at what exactly went wrong in 2007 in the financial sector as a whole, and at specific companies. We also learn that times of economic downfall open up new possibilities in a lot of different ways. Besides that it’s possible to attend the Duisenberg Leadership Programme, which focuses on the new legislation and regulation of banks from a European perspective. This is very useful, since everyone who intends to work in the financial sector in the future will have to deal with this legislation. Is there somewhat of a ‘special’ type of student who studies at DSF? Well, there are a lot of international students at the DSF, accounting for around 70 percent of the total amount of students. So it’s quite hard to say DSF attracts only one type of student. What strikes me, though, is the fact that all students at DSF are extremely ambitious. So I’d say you definitely have to be ambitious and motivated to study at DSF. Do you have any recommendations for Eclaire-readers who’d like to study at DSF? The DSF has a great website where you can read all about the different curricula. Besides that, there are a lot of in-house days and master classes given by DSF professors. If you are really interested I’d recommend contacting DSF via the website. That way you can get in touch with students and professors who can tell you all about the programme you’re interested in.
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