QUTEFS Review - Issue 1

Page 1

REVIEW the ECONOMICS AND FINANCE SOCIETY

ISSUE 1 | APRIL 2015


ALEX MALLEY CHIEF EXECUTIVE CPA AUSTRALIA

THE NAKED CEO INVITES YOU TO JOIN HIS NETWORK

Join CPA Australia’s exciting network and get instant access to the career edge you need including: THE NAKED CEO Online mentoring and advice from Alex Malley, Chief Executive of CPA Australia. CAREER EXPO Meet and chat with leading employers. EMPLOYER PARTNERS Be first to hear about internship and graduate employment opportunities. Plus event invitations, webinars, discounts and more! Subscribe to our network at cpaaustralia.com.au/network

CHIEF EXECUTIVE


CONTENTS

IN THIS ISSUE

President’s Report Lance Masina

1

Event in Focus Run the World 2015

The Yuppie Story Jake Kedder

2

What’s in a Word? Clare Payne

11

Event in Focus HR Panel

3

Diamonds in the Stew The Stew

13

If You Are The One The Spear

4

Leadership Track CPA Australia

7

8

Published by the QUT Economics and Finance Society Publications Team Mitchell Goodall | Tali Scott

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President’s Report

Lance Masina

President QUT Economics and Finance Society

Welcome to the QUTEFS Review, Connectivity in a human interaction sense has evolved into many forms and continues to do so today at a rapid rate. We are far removed from the standard landline as our primary telecommunications option; the “phone conversation” itself often plays second fiddle to the text message in todays’ age. Making a statement to the masses, demonstrating approval or condemnation can now be conveyed within 140 characters. We are truly in a digital age and through this evolution of sorts we see media and publication giants progressively step away from print and into digital media, not that we are a media conglomerate but if we are to compile a publication it certainly calls for us to get with the times. What began as a conversation amongst our committee to re-introduce a QUTEFS newsletter, later progressed into a vision to provide our members, our student community, our sponsors and corporate partners a rich and engaging profile of our progress throughout the year. Three months later after intense development, trial and error, submissions, and deliberation over design we are delighted to see our vision come to fruition and it is with great pleasure that we at the QUT Economics and Finance Society bring to you the QUTEFS Review

Not only has evolution unfolded in our operations but also in our vision. Our vision is to collaborate with industry professionals and academics to fostering leadership and optimising intangible skills in all of our members. The QUTEFS Review is inspired by our vision, and we hope and encourage you to contribute to future editions. We believe that it can cultivate leadership and skills that will make you the point of difference in your pursuit of your dream career amidst the vastly competitive jobs market. I would like to take this time in thanking our corporate sponsors and Black Card partners for their incredible support of our student society; QUT Business School, CPA Australia, Chartered Accountants Australia and New Zealand, FINSIA, PwC, EY, BDO Australia, M.J. Bale, Yuppie Palace, Victoria Park Golf Complex, NY Brew Co., Capulet Bar, Katarzyna Group, Cabal & Co., The Nook Caffé Restaurant, Made Status Clothing, and The Stock Exchange Hotel. The QUT Economics and Finance Society functions because of the unselfish hard work of our executive committee: Sheridan, Adam, Mitch, Alex, Yu Le, Cody, Zane, Ryan, Samara, Sophie, Tali, Jeseyka, Michael, Max, and Damon…thank you. We at QUTEFS hope you enjoy the first of many editions of the QUTEFS Review. R E V I E W | April 2015 | 1


Black Card Feature

THE YUPPIE STORY Jake Kelder

In 2012 I was the Secretary at EFS. Now I run my own online retailer, Yuppie Palace. I joined EFS with the intention of improving my CV, increasing my network and gaining experience on a student executive committee. As a team our primary focus was to stimulate dialogue between industry professionals and students. Another key objective was to drive membership numbers consistently throughout the year.

If you have ambitions to run a business or want to develop your commercial acumen, join a society, it’s a great introduction into to running a business and you don’t have to risk any of your money. So take the leap and get involved - it really took me places. Jake Kelder Founder - Yuppie Palace

I can draw many parallels between my time reaching these goals at EFS and what I currently do, running Yuppie Palace. Yuppie Palace is an online retail store for men, selling a curated selection of clothing and accessories from the best Australian and International brands. Being creative with limited resources, appealing to a target market & differentiating yourself in the market place are important business considerations, all of which I was exposed to in my time on the EFS executive. The factors that dictate whether or not Yuppie Palace finds a new customer is not too dissimilar to the factors that dictate whether or not EFS finds a new member.

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R E V I E W | April 2015 | 2



Event in Focus

HR PANEL

Recruitment Series: Part II

On 19 May the QUT Economics and Finance Society hosted its second installment in their recruitment series: HR Panel. The event was a successful evening featuring some of the most focal faces in Brisbane HR. Our audience was fortunate enough to hear application and interview advice from Rebecca Weidner (EY), Daniel Chin (CA), and Martin Evans (QUT Careers and Employment). A unique feature of the night was a live question and answer hashtag that opened the floor to members engaged at home or otherwise. Here are some of the highlights: Q: For those who ramble when answering questions, how do you suggest we focus our answers? Don’t just answer straight away. Take a quick moment to think about the question and speak about your experience. We often suggest the STAR model when answering questions - talk about the

the Situation, Task, Action , Result. Q: How can I display personality in an interview without seeming cocky or too familiar? Just be yourself, be confident and show a real interest in the role you are interviewing for. Ask questions and be an ‘active listener’. Q: How important is it for candidates to know about the industry and company, including current and past events? It’s important to have a basic understanding of the company and brand. More importantly, you should be able to demonstrate what knowledge and learning you can bring to the firm. The capacity and wilingness to learn, in my opinion, should be more important that any prior knowledge - but it doesn’t hurt to read through the AFR or similar before your interview. We thank our contributing sponsors immensely for thier time and efforts.

R E V I E W | April 2015 | 3


Feature Article

IF YOU ARE THE ONE Musings from The Spear

“Your maths just wasn’t fast enough,”

knowledge from his many tales of woe - for there are many.

“You came across as a bit too casual,” “Next time try and relax a bit more,” “You’re good with numbers, but you need to work on your storytelling,” “We thought you were very, very, very good, but we just don’t have a spot for you right now,” “This is an automated rejection. Do not respond to this message.” The Spear is no stranger to failure when it comes to job interviews. At last count, he has done 20 in the past year alone, the vast majority of which ended in some form of “thanks, but no thanks.” And that number of rejections is set to swell as we once again enter Interview Season; that brief period from late March to early May when aspiring graduates affix their armour and fight each other to the death in an eruption of no-holds-barred orgiastic violence, the lucky few emerging from the melee with a contract in hand. Or so he’s told. Yes, there will be many an interview to be had in the next few weeks. So now would be a good time for The Spear to recap some of his previous learnings, and perhaps an opportunity for the reader to garner a little

Importantly, not all interviews are created equal. What type of interview you have managed to wrangle will play a big role in your chances of eventual success, and some are uniquely suited to certain types of individual. The Spear categorises the four main types of interview as Video, Phone, Face to Face and Assessment Centre. The Video Interview is a fairly recent addition to the toolkit of your standard HR department that many applicants find rather awkward, like meeting a colleague on the bus, or that first RSVP date. Used as a screening device early-on in the recruitment process, candidates must answer a series of automated, timed questions to show how well they can present and cope under pressure. The Spear has undertaken three or four Video Interviews and found them to be quite manageable, given the questions are usually quite standard. So long as you do your prep, dress right, can handle talking to a small image of yourself and can manage your time well, you’ll do fine. Unfortunately the same can’t be said for The Spear’s favourite type of interview; The Phone interview. While much more natural, and able to be done while in your underwear, the phone interviewee has to deal with those pesky squishy things called actual people. R E V I E W | April 2015 | 4


Feature Article

What’s that, The Spear hears you say? You’re a Millennial who has never had to use a phone to talk to a squishy person before? Well you better get some practise in son, because this type of interview requires the ability to interpret and imbue verbal nuance. You can also expect the overall experience to be much more of a grilling as the interviewer hones in on any perceived weaknesses in your responses. Unlike a video interview where you may be able to generalise your way through, dropping in such terms as ‘innovation’, ‘digital’ or ‘thought-leadership’ for good measure, expect to be asked to apply or explain those buzzwords. On the plus side, you can have all your materials laid out in front of you, and you don’t have to look good (a talent of The Spear). “No matter what your fragrance, the real challenge of face-to-face interviews is that all of your vulnerabilities are on immediate display.” Face-to-Face interviews are on the other hand uniquely suited for the better-looking among us, but are by no means an insurmountable obstacle for the beauty-challenged. That said, you will have to prepare for them as you would have for the aforementioned RSVP dates. For The Spear, this usually involves bathing sometime in the preceding three days and applying a piquant dash from that little bottle he

picked up on special from Priceline, but to each his own. No matter what your fragrance, the real challenge of face-to-face interviews is that all of your vulnerabilities are on immediate display. No second-try videos, no phone ‘interference’, no written questions. Everything - from your inability to think quickly to that nervous twitch that you just can’t control - is being assessed by the interviewer the moment you walk through the door, consciously or not. So if you’re the jumpy type, you might want to practise reverting to your ‘happy place’ in a bid to present a cool, calm and collected self. And it is exactly these kinds of self-control techniques which the final gate of hell, the Assessment Centre, is designed to break down. If you’ve been successful throughout the process thus-far by erecting defences to your true self, be prepared to have them put under sustained attack for a prolonged period in an attempt to flush out your true colours. Like The Spear’s favourite Chinese dating show, If You Are the One - where a male suitor tries to woo 24 single ladies for the chance of a date the hiring organisation to an extent relies on the passage of time for you to reveal your own weaknesses. On the brutal dating show it is a given that the longer a contestant is on stage, the more girls will reject him by switching off their light. Similarly, in the Assessment Centre - a potentially multi-day event where you will be interviewed, tested, given group tasks and asked to present to, wine and dine senior employees – there is little hope of ultimately hiding the underlying you. So it’s best to make sure that whatever lies beneath that interview-veneer of yours is squeaky clean. R E V I E W | April 2015 | 5


Feature Article

That’s not to say that there isn’t a certain amount of fake-it-till-you-make-it involved. Employers like confident applicants, however confidence may be exactly what a new, inexperienced graduate is most lacking. The Spear’s advice is to remember that the interviewers know this too. They know you’re not a seasoned professional. They know your knowledge is limited. They know you probably can’t remember everything you’ve ever been taught. They’ll understand if you’re not perfect. So take confidence in the fact that you don’t have to be. The Spear A jack of all trades or a master of jack-all? He has problems – many problems – and he needs to talk about them. With you.

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R E V I E W | April 2015 | 6


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Sponsor Article

LEADERSHIP TRACK

Nelson Hon CPA from KPMG Hong Kong

Nelson Hon CPA says studying the CPA Program and being awarded the designation has helped to progress his career at one of the world’s big four accounting firms. Hon, who returned to his home city of Hong Kong after completing his studies at the University of New South Wales in Sydney, has been working at KPMG for five years and is now in the position of Assistant Manager, China Tax. “The CPA Program provides you with a strong base to build your career because it gives you the knowledge to develop your work exposure,” Nelson Hon says. “I have found that when you tell people you are a qualified CPA accountant, whether it’s a client or colleague, they feel more comfortable asking you a question or for your opinion.” When asked about the application process to apply for a graduate position at KPMG, the 27-yearold says the tests and interviews he had to attend were extremely stressful. But Hon admits if you are hired by one of the big four accounting firms after this lengthy process, it can be a great place to start your career. “It’s challenging working at KPMG in Hong Kong because you work with different clients every day. But at the same time it can be extremely reward-

ing as it gives you great global exposure because you get to work with people and colleagues from around the world,” Hon says. Outside of the office, Hon is part of CPA Australia’s Young Achievers Committee, which is a group of young CPA Australia members who meet and do various activities throughout the year. He says the committee is not only a great support network, but has also been helpful in the early parts of his career. “When I need an insight into a certain industry, I remember that I have met a contact while attending an event for the Young Achievers Committee. I send that person an email and they usually get back pretty quickly, which is really helpful,” he says. As for Hon’s future career plans, he wants to continue working his way up the corporate ladder at KPMG. “I want to stay at KPMG for the foreseeable future because it’s a great place for young professionals and gives you exposure to different industries. It’s also a good place to learn and reach high professional standards,” he says. www.thenakedceo.com/news-and-views/leadership-track-nelson-hon/ R E V I E W | April 2015 | 7


Event in Focus

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The stellar line up will consist of the incomparable Samantha Wills, Health & Lifestyle guru Lola Berry, Kelli Wharton, Creative Director at Talulah Label, Rebekah Campbell, CEO of Posse, Barb De Corti from ENJO Australia, Kate Weiss, Founder of Table of Plenty, Lisa Messenger, Editor-in-Chief & CEO at Collective Hub, Jane Lu, Chief Executive Pony at Showpo, Nicole Kersh, Founder of 4Cabling & The Content Folk, Petrina Fraccaro, General Manager & Vice President at Charlton Brown and last (but absolutely not least!)... Sue Ismiel, Founder of Nad’s & Nads Laser Hair Removal Clinic! Take the time to invest in yourself, and this could be the start of the new you. www.runtheworld.com.au/tickets

R E V I E W | April 2015 | 8


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Feature Article

HECS IS NOT A DEBT Vince Scully - LifeSherpa

Students returning to university are being told to forget about their accumulating HECS loans, with a financial expert advising it should be at the very bottom of young Australians’ financial concerns. Vince Scully, founder of financial advice website LifeSherpa, said the word ‘debt’ caused a lot of unnecessary angst among young students who needed to realise their HECS loans were not debt, and he rarely recommended students pay right away. The surprising advice comes as universities hike fees through the roof, raising concerns about the future of certain occupations such as researchers, engineers and rural doctors. “There is a misconception among young people regarding the nature of a HECS or HELP loan because the government refers to it as a debt – which is essentially an accounting fudge to make the federal budget look better,” Mr Scully said. “We really need to remove that dirty word and call it what it is: an income tax levy on graduates.The benefits of attending university accrue not only to the student through higher lifetime income but also to the nation as a whole with more skilled and educated workers – so study is in everyone’s best interests.”

Mr Scully said while much of it was common knowledge there were a couple of key things students should know about how their HECS loans were different from traditional loans or debts. “Your HECS balance doesn’t count as a loan when you go to borrow money. If your income is above the threshold banks only take into account the impact of the HECS payment on your net income, not the outstanding balance,” he said. “Unlike many other debts, it also survives bankruptcy. When someone is declared bankrupt, all of their assets are taken to pay the debts and the balance is wiped clean, however certain payments survive this process and HECS is one of them.” Mr Scully said when given the option between paying student contributions up front and deferring to HECS there weren’t many cases where he encouraged students to pay up right away. “I almost always advise students to take advantage of the cheap money and easy terms available from the Government - this doesn’t happen often in your financial life,” he said.

R E V I E W | April 2015 | 9


Feature Article

“Paying off your HECS balance is something to keep in mind for the future, but if you are thinking about paying the student contribution up front, have a think about how this would affect your income and ability to enjoy student life.” Mr Scully emphasised the importance of wokring in roles related to your career when deferring. “One of the only exceptions to deferring is if you are working in a role that is directly related to your course to fund your education, you are able to claim your student contribution as a tax deduction.” Mr Scully also had the following advice for parents looking to fund their children’s university education.

LifeSherpa is an online resource that equips young Australians with the tools and guidance they need to be financially free without sacrificing the life they love. LifeSherpa offers financial advice independent from the incentives and offers that drive banks and other planning firms. As a registered financial advisor, LifeSherpa explores the concept of money personalities to help consumers understand why they make the decisions they do and then creates a tailored plan to help them achieve their own version of financial freedom. Students and young professionals looking for tailored financial advice around HECS should visit: www.lifesherpa.com.au

“If your parents are keen to pay the student contribution, they are better off setting the money aside and depositing it into their mortgage offset account or contributing it into super during the uni years and making additional voluntary HECS repayments later,” he said. Vince Scully LifeSherpa

R E V I E W | April 2015 | 10


IN PICTURES EFS Pub Golf 2015



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Feature Article

WHAT’S IN A WORD?

Clare Payne - The Banking and Finance Oath

Clare Payne takes a look at the words that make up The Banking and Finance Oath. Some may ask how much one’s word is really worth. When some look at The Banking and Finance Oath and critique the initiative, they ask, ‘Can it really do anything?’ It’s just words after all. The fact is that words may be the most powerful thing we have. Our significant moments are marked by words. The focus of a wedding ceremony is the vows, words planned and spoken. When a lawyer is admitted to practice they are ‘sworn in’. When international summits are held, it’s the words that form the binding accords, alliances and compacts. The final line of The Banking and Finance Oath, ‘My word is my bond’ is a promise that recognises the significance of the word and the actions that bind it. Each word of The Banking and Finance Oath was thought through, discussed and in some instances debated. All inclusions are deliberate. A simple word can gain significance when placed. For example, the first Commitment of the Oath, ‘I will serve all interests in good faith,’ the inclusion of ‘all’ is significant, without it this Commitment would have a completely different meaning. A simple omission could have narrowed the concept of stakeholders and significantly weakened The Oath.

Some words may seem ill placed, honour for example. Respect is probably more commonly used today, however honour hints at something more. It’s more emotive, more esteemed. The Oxford Dictionary includes the following in the definition of honour, ‘’It’s the quality of knowing and doing what is morally right.’ Ill placed in The Banking and Finance Oath? Certainly not. Many know the power of words, especially those wrongly placed. In the field of drug education the term ‘party drugs’ presents a point of frustration, they’re drugs, as simple as that. At times words can mislead, on explaining to my young nephew that a credit card actually put you in a debt whilst a debit card was your own money led to an expression of confusion. ‘But it’s the wrong way around!’ he claimed. Words selected to achieve a certain outcome? Perhaps, or a legacy of product development? Either way, words are powerful in how they make us act and feel. Significantly words live up to their meaning only when our actions match. This parents know only to well when they declare, ‘No means no!’ Whilst the Banking and Finance Industry is undoubtedly focused on the numbers, The Banking and Finance Oath gives us an opportunity to acknowledge that words matter too. R E V I E W | April 2015 | 11


Feature Article

The Oath

MAKE A PERSONAL COMMITMENT AND HELP SHAPE YOUR INDUSTRY.

Trust is the foundation of my profession Ĺ I will serve all interests in good faith Ĺ I will compete with honour Ĺ I will pursue my ends with ethical restraint Ĺ I will help create a sustainable future Ĺ I will help create a more just society

thebfo.org

Ĺ I will speak out against wrongdoing and support others who do the same Ĺ I will accept responsibility for my actions In these and all other matters; My word is my bond.

Clare Payne BFO Clare Payne is an ethics advisor currently holding the position of Consulting Fellow with the St James Ethics Centre whilst privately consulting to a range of organisations. Clare previously managed the Integrity Office of Macquarie Bank and founded The Banking and Finance Oath. Clare was recently recognised as a World Economic Forum Young Global Leader, she is also a Vincent Fairfax Fellow for Ethics in Leadership and was awarded the Inaugural Robin Cosgrove Prize for Ethics in Finance, Geneva. In 2011 Clare was nominated in the FINSIA Pinnacle Awards category for ‘Most Outstanding Thought Leader’ in Financial Services. thebfo.org

R E V I E W | April 2015 | 12


Feature Article

DIAMONDS IN THE STEW The Stew

Have you ever worked a job that cuts into your study time, forcing you to choose between paying the rent and passing exams? Not to mention one that provides quality experience for your future career. Welcome to the student lifestyle – a mixture of strict assignment deadlines parred against expensive rent and low end, inflexible jobs. Increasingly, businesses are looking externally for people to complete work that is too short term for permanent employment or beyond the abilities of their own staff. You’ve probably heard of this before. It’s called freelancing and it’s an opportunity for motivated and applied students to gain tangible experience without the restricting themselves to any single job. Throughout his own studies in Mechanical Engineering and Business Management, Samuel Hedgcock realised how keeping a traditional job limited his ability to develop the diverse range of experience needed to truly succeed. So Samuel decided to take a risk – he became a freelancer. “Starting out by yourself is no easy task but once I got the ball rolling, I was able to connect with professionals on a project by project basis, and get some priceless experience,” Samuel said.

The risk paid off and as a result Samuel founded a new freelancing platform called ‘The Stew’. The idea is quite simple. The management team at The Stew connect their freelancers with businesses from an array of fields including graphic design, web/software development, creative writing, accounting, online marketing, architecture, engineering and analytics. Already a growing community of students (or ‘stewdents’ as we call them) have joined The Stew, completing projects for organisations as they need them done, while generating the elusive experience needed to excel. “We want to help our Stewdents build diverse portfolios of professional work to complement their CVs come graduation,” says Samuel. “We aim to accomplish crowd scaled projects where students can unite their individual skills to produce truly innovative outcomes.” “Soon we hope to become Australia’s largest community of professional uni students.” The only requirement is enrolment in an Australian university. To start getting paid for your skills and develop a portfolio that will land you the grad job you dream of, join The Stew today. www.thestew.com.au R E V I E W | April 2015 | 13


SCAN. JOIN. LIVE IT. Don’t miss a second.


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Sponsors 2015 QUT Economics and Finance Society have access to many industry networks and professional firms right across Australia. It is our job, and mission as a society to give our members as many opportunities as possible to bridge the gap between university and post-graduate employment. We provide what universities don’t, the ability to connect with industry and learn first-hand what it’s like working in your chosen field. QUTEFS is extremely grateful for their sponsors and will ensure that QUT remains a strong link to industry and their partners. To find out more about a particular sponsor, click the logos below.

Platinum Sponsors

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Contact the QUTEFS Executive Lance Masina President president@qutefs.org

Alex Walker Director (Events & Projects) events@qutefs.org

Sheridan Eccleston Vice-President vicepresident@qutefs.org

Cody Shield Director (Events & Projects) c.shield@qutefs.org

Adam McRae Treasurer treasurer@qutefs.org

Yu Le Yeap Director (Communities) efs@qutefs.org

Mitchell Goodall Secretary secretary@qutefs.org

Tali Scott Communications Officer efs@qutefs.org

Zane Werchon Director (Corporate Relations) z.werchon@qutefs.org

Jeseyka Kelly-O’Brien Marketing Officer efs@qutefs.org

Ryan Nolan Director (Corporate Relations) r.nolan@qutefs.org

Michael Bergin Events and Projects Officer events@qutefs.org

Samara Aiken Director (IT) itmanager@qutefs.org

Maxwell Nee Events and Projects Officer events@qutefs.org

Sophie-Louise Rae Director (Marketing) marketing@qutefs.org

Damon McKeon Corporate Relations Officer corporaterelations@qutefs.org


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