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Promoting Individual Achievement

THEEXECUTIVEMAGAZINE Vol. 6 Issue 2

What Is Your Best Fit?

www.sifewindsor.com/executive


Letter from the Editor

THEEXECUTIVEMAGAZINE

Dear Reader,

2012 Publication Staff

Project Manager

Thank you for your interest in our magazine!

Editors

October, the time of Halloween and Trick or Treating, a time of masks. November is a time of shifting gears from the first half of courses to the latter part as students prepare final projects and prepare for final exams. SIFE is in effect changing its mask and shifting gears as well. It is re-branding to ENACTUS! The name better reflects the initiatives of the SIFE teams around the world, including the Windsor Team; SIFE Windsor is in the process of transitioning to Enactus Windsor over the coming months.

Jeffrey Wayow

Jaclyn Klapowich Jessica Knapp Rebecca Taylor

Special Guest Writer Dr. Jagdish Pathak

Writers

Ariel Brothman Vedant Pandey Jeffrey Wayow Benjamin Iannetta Brandon Marentette

Graphic Designers Brooke Lee Shoban Gnanaswaran

Translators

David Durocher Thomas Rinshed Qin Tu

We at the magazine would like to extend our sincerest and warmest thanks Dr. J. Pathak, Associate Professor of Accounting, at the Odette School of Business at the University of Windsor. His contribution on the accounting field will greatly help students in making an informed career decision in accounting. If you are interested in contributing to the magazine, please contact us at theexecutive@sifewindsor.com. Also, if you have any comments on how to improve the magazine, please leave your feedback in the comments section at sifewindsor.com/executive or by e-mail. Sincerely, Jeffrey Wayow Project Manager

The Executive Magazine is a venture put forth by SIFE Windsor to help promote individual achievement through entrepreneurship.

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Inside This Issue

Letter from the Editor |p. 2 Cover Story

Interview with Dr. Pathak |p. 5

By Vedant Pandey Interview with an Accounting Professor from the Odette School of Business

Stories from SIFE (Enactus)

What’s in a Name?|p. 12 By Jeffrey Wayow Rebranding SIFE to Enactus

Student Life

Getting in Deep With Student Loans|p. 19 By Benjamin Iannetta

Stories from SIFE (Enactus)

Scarves for the Cure |p. 14 By Brandon Marentette Entrepreneurship in Local Windsor ON High School

Editorial Cartoon

Old Habits Die Hard|p. 18 By Brooke Lee Seasonal

Pumpkin Harvest on Campus|p. 19 By Ariel Brothman Pumpkin, Pumpkin ... AND MORE PUMPKIN!!

Connect With Us theexecutive@sifewindsor.com @theExecMag www.sifewindsor.com/executive

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Cover Story


Interview with Dr. Pathak Written By Vedant Pandey

What professional designation are you working towards? CA, CGA or CMA? If you’re a new accounting student, you better get used to this question. Everyone will be asking you about your future plan. Not that it seems to matter any more with a likely merger of the three in the future. But that’s not what this article is about. What if you feel that none of these are a fit for you? You know they have value and they open plenty of doors… but isn’t there anything else out there? The Odette Accounting Society interviewed Professor Pathak to explore the alternatives. Vedant Pandey: Professor Pathak, could you list some alternative accounting designations apart from CA, CGA or CMA? Dr. J. Pathak: CGA, CA and CMA are accounting designations but in accounting you don’t necessarily study a lot of auditing. Auditing by itself is a profession. So, naturally, it has its own certification. The Institute of Internal Auditors in the U.S. grants the CIA designation – Certified Internal Auditor, which is exclusive for a form of auditing, called ‘Internal Auditing’.

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VP: CAs, CGAs, and to a lesser extent CMAs, already perform auditing roles. What differentiates the CIA designation?

dents in business and computer science. The CIA and CISA designations are very prominent among public companies.

JP: The CIA designation allows you to work anywhere in the world. The CA, CMA, and the CGA designations have their specified jurisdictions for practice. CIA is universal; you can take it anywhere and practice wherever you want. It is a very important opportunity available to accounting students and many of my former students have their CIA. And, more importantly, CIA makes you competent individual for operational, compliance, and internal auditing domain.

VP: Could you provide any examples of potential employers for this field?

VP: What is the process of acquiring the CIA designation? JP: It is very simple and easy to get. A 4 year degree and 2 years experience are required. If you have a qualified Master degree then you only need 12 months experience. You can write the exam while you are completing your degree. Now you look more attractive to employers and you just require the work experience. VP: What is the demand in industry for professionals with CIA designations? JP: Public companies now have to comply with the Sarbanes-Oxley Act or its equivalent. This means that top management of these companies must certifythe reliability of their internal controls. So who will do this for the CEOs? They appoint for this work to Certified Internal Auditors. This role has become very significant now because of increasing regulations. Almost all of the fortune 500 companies are employing CIAs. Most large corporate houses have a “Chief Audit Officer” reporting directly to the corporate audit committees. VP: Are there any other alternative designations that students should consider? JP: Compliance has also become very important since the Sarbanes-Oxley Act. Companies are also in need of compliance auditors. Controls, systems and business processes are executed by computers nowadays. This requires a unique type of auditor. This individual must be competent in auditing as well as information technology. The designation is called CISA – Certified Information Systems Auditor. This is another universal designation. CISA is very useful for double major stu-

JP: CAs and CGAs have the big four public accounting firms. CIAs and CISAs have many potential employers including the big four and outside these, one very notable one is Accenture. Most of the large companies outsource their internal accounting to them. You will be at least equally respected if you work for Accenture then if you worked for one of the big four. VP: Do you have any advice for our students when considering a designation? JP: It is important to open your eyes when deciding. Don’t remain focused on only one designation. Not everyone is fit for one designation. You need to assess your strengths and interests. Those who have computer science backgrounds should consider CISA. Even if you would like your CA, it is very appealing to pubic accounting firms if you have passed the exams before applying. If you happen to love audit, but not necessarily accounting, then you should definitely consider CIA or CISA. Professor Pathak is Odette Business School resident expert in financial, systems, fraud and forensic auditing. If you would like to learn more about these designations you can explore https://na.theiia.org for CIA or www.isaca.org for CISA. You can also email oas@ uwindsor.ca for more information. Dr. J. Pathak’s teaching interests are in the areas of Audit and Information Technology Auditing. His areas of research interest include: Strategic & Emerging Technologies in Accounting, Continuous Assurance, IT Audit, Enterprise Systems Assurance, Fraud & Forensic, Corporate Governance, and Cost Optimization. http://www.uwindsor.ca/odette/accounting-area-faculty


Whatever you want to be, we can help you get there. Learn more at odette.uwindsor.ca.

NOT JUST BUSINESS AS USUAL.

I want to take the family business to the next level.

I want to be a sports agent.

ALL SIGNS POINT TO ODETTE.


What’s in a Name?

Stories From SIFE (Enactus)

Written By Jeffery Wayow The change is quite dramatic, though rebranding need not be, i.e. the Starbucks logo, words to no words. Students In Free Enterprise (SIFE) is rebranding! They are undergoing a name change from SIFE to Enactus. The name change is intended to better reflect the core competency of the not for profit organization. The change allows the organization to stay current and in the forefront of the minds of the decision makers. The change will further differentiate Enactus from other top their student leadership organizations. It will further highlight the organization’s commitment to continuing to generate outstanding student leaders, as well as the commitment to community improvement. The projects of the many Enactus (Formally SIFE) teams from around the world will continue to impact their communities, but their new name, Enactus will better reflect the organization’s core competency, IMPACT! Break down the name, Enact and Us. Enact as defined by Webster, 1) to establish…and authoritative act 2) act out <enact a role>; ‘Us’ is and objective case of we. That is, ‘we’ as a global team, Enactus, ‘enact’ in all of our various projects across the globe. The teams make a difference in their communities, they enact a difference in their communities. That is, not only de WE, Enactus Windsor, act as an

upstanding member of the Windsor-Essex community, but they also ACT to make a positive difference in the community! Projects like Computers for Kids, and The Refugee Clinic have less of a focus on entrapaneurship and more of a community based focus. Others like YouThrive and CityThrive are more entraneurially based, but the primary focus is still community based. That is, the name change better reflects the focus of the organization, i.e. community impact over entrapaunerail initiatives. Computers for kids helps to keep computers, and the hazardous materials contained there within out of landfill, recycling; and putting the much needed refurbished electronics into the hands of the underprivileged. The Refugee Clinic, acclimatizing new immigrants to the Canadian legal, employment, and health environments. These progams’ deliverables are much more focused on the community, than an entrapunerial angle. The projects with an enrapanurial focus, i.e. the Thrive Initiate (YouThrive and CityThrive), focused on helping small business start ups, with those in high school and those on social assistance, respectively. The focus of the initiatives, is to make entrapanurship a viable option in the community, whereby they become job creators in a city hard hit by the economic downturn.


Student Life

L

ike many conditional resources, OSAP is initially wonderful, yet completely limited. Students receive what little money the average-student should meet to scrape byâ&#x20AC;&#x201D;all while granting the opportunity to remain payment and interest-free until the completion of post-secondary education is reached. Receiving large sums of money at once is no new obstacle to the unemployed in need of financial control. Many will argue that OSAP funding is leaving students with a false sense of security. Thus, rendering students to their own fiscal demise as finals approach and OSAP runs out. The fact still remains that this money is not an earned income; it is merely a student loan granting one with just enough money to attend post-secondary education based on individual financial need. That being said, OSAP is not meant for anything beyond the essentials of the student life. However, we consistently see this reality slip away from us when our 5 to 10 busiTHEEXECUTIVEMAGAZINE

ness days are reached and our bank accounts yet again skyrocket into the thousands. Our spending habits are becoming more and more dangerous. By overusing this loan for the purchases of non-essential items, students are left with the consequence of pursuing additional sources of incomeâ&#x20AC;&#x201D; mainly credit. Newfound credit can lead students into a number of dangerous paths when not used with restraint. The hazard of unpaid bills not only translates to additional charges, but also to oneâ&#x20AC;&#x2122;s credit rating; which in turn, transfers over to a higher future interest rate for any type of credit, i.e. a mortgage or car loan. More commonly, the most dangerous spending habits can be attributed to small things, such as eating out or something as simple as a $2 coffee. Based on a study done by the Ontario University Student Alliance (OUSA), OSAP only grants $7.50 a day for food, or $226 per month. November 2012 |10


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Therefore if one purchased $50 of groceries per week plus a daily $1.80 coffee before class, the budget of $226 per month has already been surpassed by $10. Of course this $10 translates into $80 over the course of 2 semesters. Even though this example demonstrates a relatively small additional charge, it represents just one of many additional charges that build up over time. Students who fail to keep tabs on spending often find themselves short of funds by the Christmas holidays and rack up hundreds of thousands to their line of credit or credit cards by spring. By increasing debt through credit cards and loans, students are literally setting themselves up for financial disaster. How to avoid this mess?  Be Responsible! Use OSAP as a temporary mean of income for the bare essentials while putting money aside slowly to pay it off.

Things you might not know that you should • The Government pays your interest throughout school • Interest is accrued immediately upon completion of your schooling, regardless of the initial 6 month payment window • OSAP has a maximum lifetime of 340 weeks of post-secondary study (400 weeks for doctoral students and 520 for students with permanent disabilities) That can mean 6-10 years of payments! • Ontario student loans have an interest rate of prime + 1% All Clear for Christmas! Tips to conserve your OSAP • Use the course reserve rather than buying the book • Buy used books when no other options exist • Freeze your left-overs to heat up later rather than letting them go bad • Eat out as little as humanly possible • Bring your own coffee to school • Pack a lunch or bring snacks • Cut back on entertainment • GET A PART-TIME JOB “OSAP is like a nice cold beer; it’s good while it lasts, but drink too much and you’ll feel the effects for a loonnngggg time!”

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Stories from Enactus

Scarves for the Cure By: Brandon Marentette News Article: Scarves for the Cure â&#x20AC;&#x201C; Sandwich Secondary School A local group of entrepreneurial students at Sandwich Secondary School have founded Scarves for the Cure. This organization offers comfort, style and warmth through the sale of wonderful cashmere scarves which illustrate a number of different awareness ribbons, each unique to a particular type of cancer. The overall goal of the group consisting of Mackenzie Kelly, Laura Grammy, Katricia Crosby, and Jenna Boniferro is to raise awareness on all of the various types of cancer that exist, as well as to do their part in giving back to society in a socially responsible manner. The group started their business as a part of their Youthrive program, a curriculum implemented in local high schools by Enactus Windsor, formerly known as SIFE Windsor. This wonderful program encourages entreTHEEXECUTIVEMAGAZINE

preneurial spirit as students are mentored and coached through the highs and lows of starting their own business. At the end of the term, each student comes away from this experience with a wealth of knowledge and the businesses are evaluated as a part of their overall grade for their class. The WFCU plays an integral role in this project as they fund the students with the $100 capital needed to start their business. The scarves sold by Scarves for the Cure sell for $10 each or 3 for $25. With each sale, twenty percent of the proceeds collected will benefit Canadian Cancer Society. If interested in purchasing a scarf, you can contact Scarves for the Cure by liking their Facebook page, following them on Twitter @Scarves4TheCure or by sending an e-mail to scarvesforthecure@gmail.com.

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Editorial Cartoon “Old Habits Die Hard” Illustration by Brooke Lee


Seasonal

Written by: Ariel Brothman

Pumpkin Harvest on Campus What was the last thing you cooked? Was it chicken? Soup? Lasagna? Or maybe you don’t cook that much – oatmeal or even toast might be more your speed. And that’s okay – many students don’t learn how to cook until they’re off campus, and even then, they don’t know where to look for recipes! I know that I didn’t start cooking until my first year on my own, and even so, my first chili resulted in more chili on the floor than in my stomach. Since then, I’ve come a long way – and you can too! With cooking, it’s important to just go for it. You’ll learn from your mistakes! That being said, I find that the vegetables associated with autumn are highly unexplored by the student populace, as I have seldom seen students use veggies like pumpkin or squash in their cooking. Since Halloween is over and no one knows what to do with all the pumpkins that are lying around, I decided to try a few recipes that are pretty easy to cook (that or I just watched my friend cook it…but shh…) THEEXECUTIVEMAGAZINE

For starters! PUMPKIN SOUP Pumpkin soup is like peanut butter; some prefer it creamy, some prefer it chunky. It tastes delicious either way, and it’s a great starter that will hold you over for the main course! WHAT YOU’LL NEED: 1 tablespoon butter 1 finely chopped onion 2 cloves crushed garlic 1 pound pumpkin, peeled, seeded, cut into 1-inch cubes 3 cups chicken stock 1 tbsp tomato paste 1 tbsp grated parmesan cheese Salt and pepper to taste

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HOW TO DO IT: Melt butter in a large saucepan over medium heat. Add onions and garlic and cook until translucent, 3 to 4 minutes, stirring. Add pumpkin and cook for 3 minutes until lightly softened. Add stock and paste and stir to mix. Bring to a boil over high heat, lower to a simmer, and cover. Cook 20 minutes, until pumpkin is very tender. Transfer to a food processor and puree until smooth. (If you don’t have a blender, like many students I know, a masher will do!) Add cheese, salt, and pepper; mix and serve warm.

Pepper 4 sprigs of fresh thyme 4 stalks of freshly chopped chives 3 cloves crushed garlic 4 pieces of chicken 1 tbsp brown sugar 2 tbsp vegetable oil 2 cups water 2 cups brown rice 1 small to medium sized pumpkin 2 Peppers (colour of your choice) 1 cup chopped onion 1 cup chopped carrot 1 can coconut milk 1 hot green pepper (recommended) HOW TO DO IT: You’ll have to start this recipe one day in advance. Put the marinade together, and place the chicken in. Marinate in the refrigerator over night. The next day, put the oil in a sauce pan large enough Written to hold all ingredients. Heat theby oil,Rebecca and addTaylor the brown sugar. Caramelize until it’s dark and syrupy in texture. As the brown sugar is caramelizing, start to cook the rice in a separate pot, and parboil it. Take out the chicken and place in the pan. Cook until browned on both/all sides. Stir in some water and cook for another 20 minutes.

Now, for the main course! CHICKEN PELAU This is Trinidad & Tobago’s national dish. It can be seasoned according to one’s own preferences easily, but the essential ingredient is the caramelized chicken! A sweet recipe that can be made spicy, super sweet, or super salty with just a minor change in ingredients, this dish is sure to please anyone!

Add the vegetables, the coconut milk, the rice, and the rest of the water to the large pan. Cover the saucepan and cook until the rice is done, about 30 minutes. Try and evaporate most of the liquid. Pair with a bottle of pumpkin ale and enjoy!

WHAT YOU’LL NEED: MARINADE: Salt THEEXECUTIVEMAGAZINE

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Time for dessert!

HOW TO DO IT:

And we’ve come to our last recipe…you think I’m going to go with the classic pumpkin pie, right? Well… I’m going to bend the rules for this one, after I saw my friend make some adorable pumpkin cookies. Make them using a classic sugar cookie recipe and some candy from Bulk Barn!

Pre-heat oven to 350 F.

WHAT YOU’LL NEED:

Place the chocolate chips into the facial expression of your choice on cookies. Put a green-coated chocolate on the top for a stem.

COOKIE DOUGH 1 cup butter, softened 1 cup sugar 2 eggs 1 ½ tsp vanilla 2 ½ cup flour 1 tsp baking powder ½ tsp salt (optional) Orange food colouring PUMPKIN-ISH GARNISH Green colour-coated chocolates, about the size of a nickel, broken into halves Chocolate chips

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Cream butter and sugar. Add eggs, vanilla, flour, baking power, sugar and salt. Roll out flat (about half a centimeter,) and cut into shapes (pumpkin-shaped ones, if you have them!)

Bake for 6-8 minutes. And there you have a full three-course meal in the theme of pumpkins. Although Halloween is over, it still fits the theme of autumn. Not that it needs to be autumn to enjoy the cookies – those can be enjoyed anytime – but the rest are a special treat not to be missed out on when pumpkins are in season. Hopefully you will enjoy these dishes as much as I do!

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The Executive Magazine- Volume 6, Issue 2