BIZZNESS
A UNSW BUSINESS SOCIETY PUBLICATION | ISSUE 2 2011
eugeneK and pasha will rule the world!
CONTENTS
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ut o b a y a S y a s M e h t o l C r u What Yo ebsite r e e Log onto our w r e? a lif i C n u f o r ts u o articles You on the ins and to even more re ss o ce m ac ad ve re si u to t cl TENT
B CON EXCLUSIVE WE
03 | Calendar and Updates 09 | BSOC Cruise photos 12 | BSOC Camp photos + review
Articles
"Wan have ex where you will unswbsoc.com at UNSW!! " ness students si u b y b en tt ri w
17 | We Came, We Saw and We CONQUERED
guyen
N ntoso, Andrew
a Ye, Johan Sa Photos by Lind
Photoroll
18 | All for the MONEY
04 | How to Ace That Online Application 05| How to Stand Out in a Group Interview 07| A Playful Insight into Life as a Trader
This Student Club publication is proudly supported by
08 | The Show Goes On 13| A Survivor’s Guide to BSOC Camp 14 | How to Make Friends and Not Alienate People in the Corporate World
Download BSOC BIZZ (with more articles to get you through uni!) at www.unswbsoc.com and click on Publications. Archived editions, with tips, tricks and insights into your majors, subjects and careers are there for you to get an edge up!
www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 2
CALENDER AND EDITORIAL Thanks to our principal sponsor who make it possible for us to bring THE BIZZ to you!
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UPCOMING EVENTS
04
STUVAC Colloquial for Student Vacation. Time to Study for those Exams!
EXAM PERIOD
10 JUNE
Best of Luck!
“Can you believe semester 2 is two is upon almost almost upon us?” us?” Time flies when you’re having fun with BSOC! As the semester draws to a close, we hope that all the first years have settled in and all have enjoyed what BSOC has to offer so far. This issue deals with what it’s like to apply for an internship, graduate position or that society event that you really want to go for. Hopefully you will be able to gain some insight from these students as they share some of their opinions on careers. With assignments, winter and exams looming, we approach a period where some call the ‘hibernation’ period, but don’t hibernate for too long with events such as Ski Trip, Intervarsity Sports, IMP and our combined dance party with USYD coming up!! Study hard and good luck with all your assessments! Until next issue! - Johan and Linda
BSOC BIZZ team and contributors SKI TRIP!
27 JUNE
Get ready to rip up those slopes!
Editors-in chief Linda Ye (Publications Director) Johan Santoso (Publications Director) Michael Sin (Journalism student) Layout and Design
30 JUNE
INDUSTRY MENTORING LAUNCH
Johan Santoso (Publications Director) Linda Ye (Publications Director) Karen Wang (Vice President Internal BSOC)
Semester Two O-Week
13 JULY
And all the contributors for their articles and submissions! www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 3
CAREERS
Guarantee the interview: Acing online applications Succeeding at online applications has become a necessary skill for job applicants. This article offers you a four step process that ensures your highlighted as an ideal candidate and not binned instantly. By Pasha Rayan, Yvonne Lam & Reyna Ge
F
irms are trying harder to tease out the applicants they really want. On one side are HR departments, tasked with ensuring that the business, its people and culture are better with you in it. On the other side you stand, trying to separate yourself against hundreds of applicants. Online applications are a newer way for HR to decide who should be considered or rejected. Done right, they can be the first step to the career you want. Consider the ideal first impression on HR: that they see a capable, motivated and fitting new member to their group. In a rising number of firms, the online application has been added to see whether an applicant fits the mold before looking at your cover letter and resume. Rejections at this stage occur because the applicant is unqualified or doesn’t show the right motivation for wanting to join that firm.
With the right strategies you can ensure yourself a first impression that places you at the forefront of the next round. Through asking a range of professionals, lecturers and successful students on this matter, we’ve adopted a fourstep structure that will help you achieve this. So what is it?
Winning in the selection process
The first step is to find out what the company is looking for. “Its really important applicants spend most of their time tailoring their application for each employer” says Elise Ianno, Manager of Graduate programs at the Commonwealth Bank. Each job has its own specific duties, needs and skills while all firms abide to a unique set of values that define them. Candidates should develop a good understanding of the position by listing the hiring criteria, learning what the required level of proficiency of skills needed www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 4
The idea in brief Setting out your application process like this will ensure that your online application stands out. This is because you directly get at HR’s needs for finding a candidate that fits what they need & want.
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Find out what the company is looking for
2
Brainstorm how you meet the specific criteria
3
Draft, write & edit your answers.
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is and knowing what the job actually does. For example, most entry-level auditing roles require a major in accounting, strong client-facing skills and knowledge that auditing is a form of assurance. The second step is to brainstorm how you meet the specific criteria. In the course Career Planning & Management at the Australian School of Business, students are taught to list out all their relevant experience and then match them to the selection criteria of the role. This allows them to provide relevant examples that directly answer to the needs of the employer. To match the requirement of client-facing skills, many students would list their retail experiences dealing with model and problem customers to emphasise interpersonal ability. Graduate Recruitment manager at Deloitte, Samantha Walton, gives this strong piece of advice to succeed in this step: “Think about the things that set you apart from other people. Make sure to put them into the things you apply for. Use your best example to stand out.” Being different, while staying relevant, is a good tactic to guarantee that you’re impressive enough to get to the next stage. The third step is to draft, write and edit your answers. Having the right skills and experiences doesn’t guarantee that you the interview – communicating these attributes does. Ensuring firm specific words, which could include leadership, integrity and teamwork, are used
Send off & Publish your application
when answering online questions allow you to give off a stronger impression that you embody the firms values. This makes you look like a better fit than candidates that don’t. Most HR departments will openly critique the quality of writing when scanning applicants. Spelling and grammatical mistakes automatically give off the impression of unreliability. It is necessary to edit, read out aloud and let someone else to proofread your applications to make sure that you aren’t rejected on the merit of sloppy writing then the caliber of your achievements. Finally, you have to actually send off or publish your application to the firm. HR departments are flooded with applications at the last minute. Most firms don’t have the time to consider late applicants. Ideally, you should send your application in early. It’s more likely that HR will take their time to read your application, giving you a better chance to shine against the crowd. To make sure you can handle the latter stages of the hiring process, it’s best to save your answers and keep them on file. Online job applications help HR decide whether you are considered or rejected. But a solid strategy and understanding of what the firms are looking for can let you stand out against hundreds of other applicants. Through aligning your experiences to their needs and communicating this well, you can become one of the applicants that they really want and secure your first step to your ideal career.
www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 5
INDUSTRY MENTORING PROGRAM Accountant
Investment Banker
Commercial Banker
Marketer Economist Manager Financial Analyst
Consultant
LawyerDirector Stock Financial BrokerAdviser Executive
Actuary
Don’t know?
Get informed. 6 Week Workshop Program Launch Evening 30th June | 6:30pm - 8:30pm Applications 4th April www.unswbsoc.com
CAREERS
A Playful Insight into Life as a Trader As a graduate who had just entered the Trading world, Albin Fajardo sheds some light on what is like to be working as Trader at JP Morgan. By Albin Fajardo
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rading is often compared to IBD when it comes to working hours. Applicants often expect work to start at an unearthly 3:00am and end at 1:00am the next day. However this is rarely the case, rather hours generally relate to what product(s) you are tasked to trade, the size of your firm and your division (Prop, market maker or sales). On average, taking a number of these areas into account, a trader would be expected to work from about 7:00am-6:00pm; enough time for research before and after the market opens and closes at 10:00am and 4:00pm. Now before you get the idea that trading is a walk in the park compared to IBD, I warn you that trading is not something you can learn in a day. Honing the craft is often what takes the most time. Trading isn’t easy; to become a good trader you must be prepared to work that extra hour, put in that extra effort. It takes hours of painstaking research, losing a substantial amount of cash and dragging yourself to hell and back before you finally ascend to the ranks of a seasoned veteran. In order to improve my trading strategies I’ve had to make a number of sacrifices. These include breaches to my social life, and my friends... In fact I rarely go out for lunch, instead I would rather camp out in front of a screen scanning my eyes over another chart or two in a quest to improve. I literally have no life during the week; the art of trading requires 100% commitment where you are constantly scrounging around and amending your approach. It’s this constant improvement process that dictates whether you can make a killing day in day out. Looking on the bright side however, there’s always Friday nights and the weekends to catch up on life!!
A trader’s salary is another main talking point. A common answer I give to my friends is that “we get taken care of...” in my attempts to avoid answering the ongoing questions. However, I was made to fess up eventually... On average a graduate would expect to receive a base salary in the ballpark of about $80,000+ before tax, depending on the firm’s standing, the applicant’s skill sets and your firm’s hiring context. The firm also dangles the incentive of potential earnings or bonuses on top the annual salary, usually around 15% to a maximum of 30%. This is generally performance based, so if you want the big money, you better prepare yourself. (Refer to the previous paragraph again for further enlightenment) When deciding whether to be a trader, an applicant would generally weigh up the pros and cons of the industry. They would decide whether a high income with the potential to earn more, outweighs the personal need for a work life balance. So to help you make an effective decision, I’ll share some perks and drawbacks.
“However with the perks you also have drawbacks. “The banks WILL get their pound of flesh” The largest perk is the money! It’s really good... Without sounding cocky, you are able to purchase/spend more than your average accountant friend, knowing that it doesn’t cut into your bank balance as much. This is why a suit always looks better on us than on them. Secondly the people of the opposite gender might find you a tad more attractive than you really are. Personal experience suggests this is a fact whether
you are a man or woman; the prestige of announcing that you are a trader really does make you more alluring to the opposite sex. And the final perk is that work on the weekends is rarer that many other comparable jobs. However with the perks you also have drawbacks. “The banks WILL get their pound of flesh”, simply put; the investment banks pay good money for you to work your butts off. They are often referred to as slave drivers; this isn’t too far from the truth. Toilet breaks, lunch breaks, smokos are all things many traders forgo. On the plus side we do gain the astute appreciation for coffee. Secondly if you want big money you must be able to thrive under pressure and be able to work hard. That being said, you could have an occupation as a nurse, work just as hard for nowhere near the same amount of money. So which would you prefer? Thirdly expect to be judged on your results. This is not necessarily a drawback. For me it feels just like university work, I thrive on competition and with that I developed a survival of the fittest mentality. For some though, it can be too much. And finally expect a heap of office politics. There are large (no, freaking huge) cash pools sloshing around out there in the I Market, and this can often bring out the worst in people. We are often referred to as a cocky, arrogant and self interested bunch. That being said though, some of the people I’ve met working the floor are amongst the most open, upfront, trustworthy and decent people I know.
www.unswbsoc.com | THE BIZZ ISSUE 2 2011
CAREERS
On life after uni and how to survive. Mattew Barrett, resident DJ Southpaw, accountant and grad speaks about his experiences working full time at Ernst & Young.
I
suppose you are wondering what it’s actually like in the real world, after graduating from textbooks into a life where outcomes affect thousands of people, instead of just your marks. Sorry to disappoint you, but it really is a case of ‘more of the same and less of the other’. You will still have deadlines. Your course outline will be replaced by a manager. Peer mentors are replaced by buddies and Blackboard by your company’s softwarre system. Studying continues, whether it is a CA, CPA, or a Master’s Degree. There will always be someone above and below you in the heirachy. You will have a schedule which can change daily, and the weeks will fly by. You look forward to every public holiday, procrastinating over everything. The only real difference is that you are now getting paid. Also, as a Commerce student, you will have to learn how to wake up for five days a week in a row, unlike the usual two or three (engineering and law students, you already understand my pain), but it actually breeds efficiency and routine. The trick is to get that routine right from the get go.
Make sure that you have your priorities right. This sounds quite simple, but is a common mistake amongst young employees, particularly in Australia’s laissez-faire culture. Work hours should be devoted to work, while after clocking off, you can devote your mind to more leisurely pursuits whether it is reading a book, a night out with friends, or in my case, DJing.
point, I agree with these statements. However, you are developing an important skill: learning how to learn. What you will find is that a graduate job will not have the expectation that you will remember all of your exam notes, but they will expect you to have the ability to learn on the spot. One’s ability to learn quickly is vital when faced with a completely new task.
Speaking of which, that was one of my In reading this little summary, more main concerns when entering the daily technically known as a ‘memo’, you grind – losing the ability to pursue one’s might find that the life of a full time interests. While I am not able to comgraduate is not actually that different ment on the culture ingrained in other to the life that you currently lead. Many firms, I am happy to of you work casually or part report that full time “ I am happy to report time, and thus would have work at Ernst & Young developed your that full time work at already has not restricted my skills in time management Ernst & Young has not which would be useful ability to enjoy my hobbies. I still play restricted my ability to whether you decide to betennis regularly on come an auditor, architect enjoy my hobbies. “ weekends, I still see or artefact valuer. my girlfriend, and I still DJ. As long as you are organised and proactive in Being a self confessed music buff and pursuing both your career prospects as a DJ, I would like to conclude with the well as your leisurely activities, you can title of a song written by a man who I definitely have the best of both worlds. have come to hold in high regard due to his lyrical content. So were all those years of study worth ‘The Show Goes On’ - Lupé Fiasco it? To be honest, my tertiary studies are not that relevant to my job. It is quite common to hear graduates say that their past studies were ‘useless’, ‘a waste of time’ and ‘not relevant’, and to some www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 8
CAREERS: FASHION
The Investment Banker
Constantly attached to Blackberries and massive egos, investment bankers prefer BLACK, the colour of intimidation. You like to wear blazers with power shoulders, sharp enough to poke someone’s eyes out. You also carry bags, big bags, just in case they need to fly to the US on an hour’s notice. A caffeine fuelled lifestyle, with no time for the gym and lacking in sleep, the colour black is also perfect for hiding the extra kilos and distracting from the dark circles. You also like to wreck havoc in others lives by causing them to be jealous of the numerous BMWs they’ve collected.
The PR Director
The Economist
Chilled and down to earth, you are If you are lucky enough, as a PR director, able to see the bigger picture about you will be someone who attends our economy. You like to wear neutral fabulous parties to mingle with the rich and famous, rather than attend to colours that points to your mild investor relations or company strategy. and caring personality. When not Here, we are assuming the former spending time teaching young minds, because not many offices will allow that writing textbooks or working with sort of dress for the daily grind. Bright the government, you drink Organic colours (very on trend this season) and Chai Lattes and sit in front of your a bodycon fit, you are the centre of desk in comfy sweaters. You are a laid attention. Using colourblocking and a back person who cares more than fur wrap, you are bound to impress all just making money and/or you have a your clients in the room. So for soirées, massive collection of sweaters and flats late nights and alot of sucking up, (much more comfortable). Saving the become a PR director and make sure world one interest rate hike at a time, you are comfortable running around in you take your job very seriously. heels.
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CAREERS: FASHION
Model: Janet Chieng | Photographer: Khiem Tudo | Stylist/Writer: Linda Ye
The Accountant
The CEO
So, YOU’VE MADE IT! As the CEO you get The accountant is all about looking to make all the executive decisions and trustworthy, professional and dictate the direction of your corporation. intelligent, especially if you happen to You can be as big of a cow as you want a auditor which is all about building (just fake it with yoru clients). You have client relationships. This look is all about a Centurion credit card now so you get projecting a sweet, approachable yet to wear glamorous fabrics and gold professional image. The cinched in accessories that just scream MONEY waist really emphasises it, the A line and SUCCESS. 9 inch patent heels are skirt and the cutout at the chest also physical manifestation of the fact that adds a hint of seduction to an otherwise “yes you are better than everyone else”. boring office day. Unfortuntely I have You also love leather, a tough yet luxe ran out of things to say, because material just like you. When you get accountants are boring, but I have to fill to the top, who cares what you wear. this space...... Anything short of skinned dalmation puppies is a go.
The Trust Fund Baby Spoilt since birth, you are Daddy’s Little Girl. A life without worries, all you do is go shopping, attend fabulous parties and like Blair Waldorf scheme to ruin other people’s lives. Knowing that your future is secure means that you only see your career as something to occupy your time or to create the facade that yes, you actually do contribute to the society. Instead of studying, you can plan outfits and follow the latest trends. You love feminine clothing full of bows, hearts and lashings of colour (red in this case). You are often seen strutting around town with an entourage in tow.
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A Survivor’s Guide to BSOC Camp
by Maggie Zhang & Samantha Huynh
T
here are three simple rules which will points were earned as most of our brain cells were still intact. As the night went on, help one survive BSOC camp: lap dances were given, corny pick up lines were read and even Justin Bieber came 1. Do not drink until you pass out out to sing us a song to win the hearts of 2. Do not randomly dislocate your our judges. shoulder 3. Do not play drinking games until your Then came the ultimate challenge of thighs suffer internal bleeding who-can-eat-the-most-disgustingBut a true camp survivor would have done combination-of-food-without-throwingat least one of the above (or very close to). up. The menu included wasabi weet-bix, African worms and god know what was in that mysterious dark coloured drink (it After a long and awkward bus ride wasn’t Coke that’s for sure). The rest of the sitting next to someone you met a few night comprised of topless guys doing moments ago and a less awkward ferry trip (assuming you’ve gotten to know each push ups, popcorn struggling to stick to creamed faces and trying to touch a other in the previous hour), we arrived at bonfire. Milson Island. After packing our luggage Saturday. We soon found out that the wild and liquor away in our cabins, each team Friday night we had barely survived was (consisting of 12 randomly selected simply a taste of what the camp leaders campees and 2 leaders) sat down to play had planned for us. some serious icebreaker games, with games such as Zah-Putzah and Knots. The morning started off nice and slow… (and innocently). All the mentees were After a delicious dinner, each team sat split into their respective groups and were at their own tables, awaiting eagerly for given different challenges throughout the responsible amounts of drinks and trivia. afternoon, including filming a skit which The start of trivia (answering several incorporated certain quotes from a movie, questions in different categories such as playing Chinese Whispers/Charades, sport and film) was probably where most
morphing our bodies into strange shapes and participating in a Treasure Hunt BSOCstyle. Then, the night sky fell and all hell broke loose. It was time for the much talked about Survivor Dance Party! People dressed up as hamsters, soldiers and Hawaiians amongst other things. The music pumped all night long (Thank you Boris and Matt!), the limitless alcohol consumed us rather than us consuming the alcohol and bad dancing was a common sight. As soon as the party finished, the battle of survival of the fittest began or rather, the battle of who could chunder the most/stay up the longest/figure out how many damn horses Johan had. The morning after, a solemn silence filled the air as people slowly came back to life and realised that it was time to leave. The ferry ride back was a happy one, as the camp survivors bonded together once more, added each other on Facebook and relived the hilarious moments from 2011 BSOC Survivor Camp.
www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 13
CAREERS
How make friends and not alienate people in the corporate world W
hether you have landed an interview with the firm of your dreams or you are planning to attend a networking session with a number of prospective employers, the Do’s and Don’ts of business etiquette are fundamental to ensure that you leave your future employers with a positive and firm impression. By Jenny Lam
DO
DRESS TO IMPRESS- When it comes to meeting the employers, it’s all about the first impression. The trend may be for business casual but it’s still proper business etiquette to wear a suit. A clean, sharp and professional look is the ideal look. Keep hairstyles simple, jewellery and makeup to a minimum. Remember that employers want to be able to see you as a future representative for their company. BE ON TIME- This may seem like an obvious one, but ‘my alarm didn’t go off’ or ‘the bus was late’ are poor and common excuses that people use which are unacceptable to employers. Being on time not only shows that you are a dedicated and organised worker, it also shows the employer how much you care and want the job. It is better to be early than late, so plan your arrival to account for any possible travel delays. BE PREPARED- reading as much as you can about the company and the job you’re applying for gives you an edge over other candidates. This is also the time for you to note down any questions you may have about the company. Employers love questions, it shows that you are interested and care a great deal about their firm.
DON’T
SAY TOO MUCH- a one sided conversation is never fun when you’re on the receiving end. Monopolising the conversation shows that you’re a poor listener and can be disrespectful. Learn to take a breath and give the interviewer/employer time to talk. REVEAL TOO MUCH- this applies to both your personal life and appearance. Employers don’t need to know that you go out every weekend or that you are depressed over breaking up with your boy/girlfriend. They need to know that you are serious and focused on the job. For the girls, how short is too short when it comes to skirts? My general rule of thumb is that if you can bend over to pick up a pencil without flashing your panties then you are safe. Cleavage should also be saved for the night clubs. For the boys, boxers and shirts should be tucked into your pants with a belt to secure it. GET DRUNK!!-networking sessions may provide an abundance of free alcohol and it is tempting to take advantage of this. Drunken behaviour leads to poor decision making and foolishness. Employers will not take you seriously as a potential candidate, so if you’re known to have one too many, its best to refrain from drinking at all to maintain your dignity.
HAVE SOMETHING TO DO SAY- one syllable answers can be frustrating to interviewers as it doesn’t tell them much about you. The goal of an interview is to sell yourself to your employer, so if you’re a shy person, practicing generalised interview responses with a friend can help you learn to open up. Common interview questions tend to focus on teamwork, initiative, extracurricular activities, interests, leadership and work experience. BE CONFIDENT- being surrounded by businessmen and women in sharply dressed suits or waiting patiently on the 63rd floor of a building for an interview can seem daunting. Employers see confidence as an extremely important attribute in a worker. Exuding confidence allows employers to see that they can put their trust into you with their clients, see the potential leader in you and that you are able to work independently unsupervised. Confidence is merely an act that you can fake. The key to appearing confident is looking the part. Think of your business suit as a costume and you are playing the part of a successful and powerful CEO of a company and that you are going into a regular board meeting. Your posture should be tall and upright, firm handshakes always impress and a friendly smile always helps too.
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What is it really like to be a vacationer?
You might think that starting work as a vacationer with little real-life business expertise means tedious tasks and no responsibility. Jeremy Smith, a Summer Vacationer with Consulting at Deloitte in Sydney gives an insight into how that assumption couldn’t be further from the truth. Degree Commerce/Arts University Sydney University Deloitte service line Consulting – Strategy & Operations I accepted a vacationer job with Deloitte because… Deloitte offered the most ‘hands-on’ vacationer program, geared towards providing experience with clients and giving a full insight into work as a consultant. Deloitte is devoted to bringing innovative solutions to the market and the Consulting line is supported by integrated solutions with other service lines which really appealed to me. I first got to work with clients… on my first day! And by the third I was attending meetings with executives. I found that vacationers are an integral part of the team and the work they produce is vital to the success of the project. I was given the opportunity to get involved in team brainstorming sessions, work through difficult problems with managers and interact with everyone from fellow vacationers to partners. I’ve had the opportunity to work closely with a single financial services client across multiple engagements and consulting lines – a strategic capability development piece and a human resources transformation project. The most surprising thing I’ve learnt has been… that you are never pigeon-holed at Deloitte; engagements span across various service lines and every engagement brings new challenges.
The experience as a Deloitte vacationer will contribute to my studies by… giving context to my university courses and providing practical solutions that I wouldn’t have otherwise encountered – the exposure to the client environment has been very valuable. Constant guidance and support from buddies and counselling managers ensures there is always someone around who is happy to answer questions. They help join up the dots between theory and practise. The main assumption I had before joining Deloitte was that… I would start in nothing more than a support role with limited input. Instead, you are encouraged to throw yourself at every task, speak up in the team and get involved. I learnt that being a vacationer is about relishing every opportunity that comes your way and learning from the many new experiences you are exposed to. My advice for others studying who might be considering applying to Deloitte is… to be enthusiastic. One of the most important qualities of a Deloitte Consultant is enthusiasm. Deloitte has a fantastic work environment driven by passion for the exciting work on offer. Being genuinely enthused will go a long way, so go for it!
Get to know Jeremy a bit better… What is still on your must-do list? Travel to Tibet and learn another language. What is your most treasured possession? My 21 year old bottle of Penfolds Grange waiting to be enjoyed very soon. What is currently on your IPod? Vampire Weekend, Phoenix, Florence + Machine, Miami Horror and Temper Trap. How would your mum describe you? Determined, competitive, fun-loving and definitely not doing enough around the house. How do you switch off after a busy day? Head to the park with some mates, go for a run or just sit down to watch “How I Met Your Mother”.
Deloitte Australia Graduate Recruitment
Deloitte Summer Vacation program – Applications are open now Sometimes choice can be overwhelming. That’s why, at Deloitte, we offer you the opportunity to try before you buy, so to speak. Apply for our 2011 Summer Vacation Program to enjoy significant client exposure, networking opportunities, training, and feedback from a strong support system, with the prospect of securing a graduate position. We have roles in both our Sydney and Parramatta offices. We are seeking graduates from these degree backgrounds: Accounting, Actuarial Studies, Business/Commerce, Economics, Engineering/Computer/Software, Finance, HR/ OH&S, Information Systems, Web design, IT/ICT, Law/Paralegal, Sales/Marketing. Applications are now open. We strongly encourage you to apply as early as possible as we will be recruiting until all our positions are filled.
It’s your future. How far will you take it? www.graduates.deloitte.com.au
CAREERS
We Came, We Saw and We Conquered Arthur Wang and Natalie Fong, the NSW State Winners for the Student Challenge 2010 write about their experiences in the Chartered Accountants Student Challenge and what they have learnt from it.
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ach year, the CA Student Challenge offers students the opportunity to help address a real-life business problem facing a NonFor-Profit organisation whilst at the same time reminding us of the practical applications to textbook theory. Last year our case was with The Smith Family, and it was the perfect opportunity to put our coolness and creativity to the test. Keeping the fun in everything we did was perhaps the greatest motivator to our eventual success, and the very first thing we needed to do was come up with a unique team name. For all of you reading this, here’re the insider steps to our process: 1. Pick your choice of suffix like “Holdings”, “Industries”, “Partners”, “Advisors”, “Consultants” or “Capital” 2. Agree on a FAVOURITE word with your partner (this is likely the hardest part of the process) 3. Combine the words above and then “Fobby-fy” with symbols like ~@#$%^&*()_+ 4. TADA!! Congratulations on your new business name.
ultimate piece of accounting and financial engineering. To sum it all up in a sentence - it was a journey through Inspiration (by the ideal), Procrastination (from the hard work), Dedication (to the task), Anticipation (of the outcome), Shock (of the result) and Delight (for our reward). Speaking of rewards, instead of the usual Apple products we would normally win, we are now the recipient of a presentation before an audience of NSW’s most highly regarded (i.e. intimidating) employers . However, our presence was graced by the fine food of Matt Moran (think MasterChef ) and Peter Sullivan’s ARIA Restaurant! Looking back now, we are grateful for having embarked on this opportunity. Perhaps the greatest reward in being a part of this challenge were the friendships built. Everything else is just a bonus. And so everyone, hold on to your kites. =)
By Arthur Wang and Evelyn Dang
A word of warning is that this may result in a something like ~**Autumn Capital**~ or <3<3Rainbow Industries <3<3, but then again that’s still so much cooler than “Team Awesome”. In our passionate pursuit for a solution, our quest took us across the lengths of respectable journals, drew on the breath of our academic theory and stirred upon the depth of our creativity. The research became the springboard for our crazy ideas and an www.unswbsoc.com | THE BIZZ ISSUE 2 2011 | 17
CAREERS
All for the Money We are all dying to get rich. So is it all worth it? By Jason Hew
S
alaries are a constant point of discussion among students. The ambition for money is seeping into the minds of undergraduates with no knowledge of the cut-throat nature of the industry. The roots of our educational decisions are commonly based on financial freedom and success. “Do CA/CPAs get more money? “Does a stockbroker or a trader earn more? “Which type of graduate has the highest starting salary? The size of accounting and finance students reflect the mindset of this generation. We are young, ambitious and striving to be filthy rich. However, the problem does not lie in our ambition or aspirations, but rather the supply and demand of jobs as theorised by Keynesian economists. The biggest question of all – how many of us can handle it? To delve into this issue, we will explore the highest podium any accounting/finance student can envision – a career in investment banking. “Yeah it’s true that we work hard, but we party even harder!” a Deutsche Bank analyst told me recently. Models, bottles, cocaine, fast cars and lavish holiday houses - a lifestyle we all envy. Although this utopia is plausible, the reality of what an investment banking salary can provide is vastly different to what you might think. Research has
foung that Sydney becoming mrore and more unaffordable to live in – rising food and fuel prices, the ridiculous prices of housing – so can a salary of $200,000 (including bonus) really get you a Ferrari and Kim Kardashian as wife? While the remuneration of bankers is undoubtedly the largest among graduates, the sacrifice of a life outside the trading desk and valuation modelling is significantly high.
mettle. He is a trader for Goldman Sachs, has interned at AKO Capital, Marshall Wace, Barclays, IBTalks Consulting, UBS and Deutsche Bank, founded 3 companies, graduated from the London School of Economics (First Class Honours) and has written his own book…and he is 23. Google him. So while you may have a distinction average, play representative sport and have a million and one hobbies, don’t assume that this automatically prepares you for a career in this industry. The most beneficial aspect of a business degree is its diversity, and with an accounting/ finance major, there are many career options.
Many see this as the cliched argument of the work-life balance and there is no doubt that people out there thinking “I can definitely handle it”. But really, how many people can? Can you actually put up with working 8am to 12am on average every day, six days a week? Can you actually physically sit in “We are young, ambitious front of a computer for 14 hours straight? How and striving to be many of you are willing filthy rich. However, to disappear off the the problem does not face of the earth for a lie in our ambition or few years?
Do your research and take a close look at the plethora of pathways available, and more importantly take a good look at yourself. Your personality and lifestyle should define aspirations, but rather the which career you take, so don’t let the smell of $100 Truth be told, a career supply and demand...” notes drag you to hell. A in investment banking career in investment banking is certainly is hardly for anybody. Only a small challenging and rewarding, and even I percentage of us are lucky enough to haven’t yet decided whether it’s the right be emotionally and physically built to path to pursue, but we owe it to ourselves last in this industry. For example, let me introduce you to Jan Sramek. After talking to critically consider other options. with Jan for a year, it is clear that only individuals like him possess this
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