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PROTÉGÉAnnual Magazine • 2012

ANU AFEC STUDENTS’ SOCIETY

PAGE 22

AND HOW TO TACKLE THEM

PAGE 28

YOUR IdEAL CAREER PAGE 25

ChOICES & TRAdE-OFFS OF SUCCESSFUL PEOPLEINCLUDING CANBERRA’S OWN BRODBURGER!

SLEEP, SOCIAL LIFE, gOOd gRAdES: ChOOSE ANY TWO

PAGE 31

BAlANCING CHOICES& TrADE-OFFS

WE ArE PrOUDlYSPONSOrED BY

PlATINUm SPONSOrS

GOlD SPONSOrS SIlvEr SPONSOrS

BrONzE SPONSOrS

3 • ANU AFEC Students’ Society • www.afec.com.au

fROm The Team

08 Letter from the President Jarrod Ali 10 Letter from the Editor Irene Zhen

INTeRVIeWS

13 kPMg: The Inside Scoop An interview with KPMG

14 Of Flights & Finance An interview with Air Services 16 Confessions of a Banker An interview with Westpac

20 Interview on the Rocks An interview with Finity

YOuR caReeR

22 Curve Ball Interview Questions 24 Behind the grill A Brodburger account

25 Making Career Choices By the ANU Careers Centre

28 Should Investors ‘Like’ Facebook?

30 Career Quiz

31 The Student Trilemma

32 Accounting = Boring Is that true?

34 The European Union A Year On

Programs for graduates

Graduate Program Our Graduate Program is open to students in their final year of university as well as recent university graduates. Once enrolled in this program, the firm will invest up to $25,000 on your development in the first few years. This will include the development of business skills and technical training, professional qualifications, and also mentoring and coaching.

Programs for students

Vacation ProgramIf you are in your second-last year at university and looking to gain some valuable work experience, our Vacation Program is designed for you. This program offers ‘real life’ work experience, allowing you to see first-hand what it’s like to work at a professional services firm before graduating. The program also offers you the opportunity to secure a place in our Graduate Program before heading into your final year at university.

Preview Program The PwC Preview Program is a three-day development program designed to help bridge the gap between university and the workforce. The program is open to well rounded individuals who would like to experience what it might be like to work for a professional services firm, regardless of your degree background, university year, or career aspirations.

PwC is a firm committed to building strong, collaborative relationships and helping our people and clients realise their ambitions. We have a diverse population of positive and energetic people who would like to create a career in a progressive, global network.

youtube.com/pwcau

linkedin.com/company/pwc-australia

twitter.com/PwC_AU

facebook.com/PwCAUStudentCareers

Apply todaypwc.com.au/careers

Join the conversation

What do you value?

Your career.Value the opportunities.

Development

PwC is committed to helping our people develop market-leading skills and strong, long-lasting relationships with clients and colleagues. Our development approach of 70:20:10 harnesses three key elements: experience; exposure and exchange; and education. From a learner’s perspective, this means: 70 per cent of what I know, I learned from the experience of challenging work; 20 per cent of what I know, I learned from exchange with and exposure to experts and coaches; and 10 per cent of what I know, I learned from formal classes, education and study.

Diversity

PwC is brimming with energetic and inspirational people from a range of academic backgrounds including arts, business, economics, engineering, finance, health, information technology and law. At PwC, you will have the opportunity to develop relationships with clients from the FTSE 100, Fortune 500 and top ASX listed companies, as well as state and federal government clients and inspirational private entrepreneurs, across many different industries. We have a number of programs in place to help our people grow.

Agility

Our focus on agility provides our people with the opportunity to gain broader skills and experiences across different areas of the business. In 2010, more than 20 per cent of our people chose to move within or across teams, in Australia or overseas. We encourage our people to be agile by working in different teams, business areas, client sites or another part of the country or the world, to gain access to some of the most exciting projects across our client service offerings.

Community and environment

At PwC we believe in the collective responsibility of business, government and the public to create a sustainable future together. We focus our skills and resources where we believe they will have the greatest lasting impact on the community & environment. You will have many different and rewarding opportunities at PwC to further deepen our community ties and have a positive impact on the environment, and strengthen relationships with your colleagues and clients.

Flexibility

Our commitment to supporting the ‘whole person’ means providing our people with opportunities to balance personal and professional aims. Would you like to further your studies or sporting career, or take time out to travel? We aim to offer flexible work options where possible, to help our people develop a well-rounded work and life experience.

At PwC, our clients’ needs across the assurance, consulting, deals, tax and legal spectrum are at the heart of our business and we collaborate as one team to meet them. As a member of our team, you will be encouraged to use your strengths, ask questions and have relevant, meaningful conversations with your clients and colleagues to develop the types of relationships that provide opportunities for mutual growth.

Would you like to be one of these people?

What can PwC offer you?

pwc.com.au/careers

What can you expect from a career at PwC?

Typically, a recruitment processes will include a group activity where students are assessed on how you solve a problem or work with your peers. But how can you prepare and what’s involved?

Jocelyn, an Analyst with Risk Services, shares some tips on how to ace the group assessment stage. She also offers an insight into Risk Services, some of her more interesting clients, and what it’s like working in the Canberra office.

How did you prepare for your Group Assessment?I did some reading on about Deloitte from the website, and

also did a bit of research into my service line. It was good to

just have a think about why I wanted to work for Deloitte, so

it was all clear in my head on the day and came across in the

assessment.

What are your top 3 tips to assist with the Group Assessment?1. Be yourself – whatever happens, try and stay calm and

relaxed. You’ve made it this far by being you, and that’s

who your assessors want to see.

2. Be prepared to compromise – often the group assess-

ment will involve the group needing to reach a decision

together; demonstrate your teamwork and negotiation

skills as well as decision-making.

3. Be friendly – the other candidates in your group assess-

ment are your allies, not your competition. Make friends

and the day will be much more enjoyable, you’ll look

great chatting and working together, and you might end

up working with them anyway!

Why did you choose Risk Services?I was attracted to risk because of the opportunities to develop

and use analytical skills, and I have not been disappointed.

Risk is all about helping our clients to think about how they

can improve key processes within their organisations to guard

against potential risks identified. A risk-based approach can

be applied to so many different business areas, I’ve worked on

everything from payroll to biosecurity and certainly learnt a

lot. In risk I feel like we are really adding value to our clients,

and that makes it enjoyable.

What’s one of the most interesting projects that you have been involved in?The project I’m working on at the moment is really interesting.

We’re doing a risk-based evaluation of our client’s manage-

ment of Criminal History Information, and investigating how to

manage all the risks associated with personnel accessing and

retaining this information. We’ve travelled all over Australia

visiting agencies that access these databases to see the pro-

cesses they have in place. I never thought I would know this

much about information and privacy!

What do you like most about working in the Canberra Office?The Canberra Office is much smaller than Sydney or Melbourne,

but that’s what makes it great. There are so many opportuni-

ties to step up and take initiative in your role because there

is always so much work available. It also means you can get

great exposure to different types of work so you can decide

where you want to develop skills. In Canberra we also have

nice small teams. I currently work directly to one of our Risk

partners, which is an opportunity an analyst might not be so

lucky to get in a bigger office.

Get to know Jocelyn a bit better…

What is on your must-do list?Decide on my next qualification, tossing up between CA and

CIA (certified internal auditor)

Attend all the sessions of my current bootcamp

Find the perfect pair of ankle boots

Who do you admire and why?Penny Wong (Senator) – She’s always so cool, calm and collect-

ed. But also tirelessly campaigning for what she believes in.

My mum – she’s the greatest person I know.

If you could go anywhere in the world, where would you go?Copenhagen. My sister is there at the moment, we could catch

up!

RISING ABOvE THE ReST


Jarrod Ali

LeTTeR fROm The PReSIDeNT

Welcome to the 4th annual edition of AFEC’s Protégé magazine put

together by our magnificent Publications team. I hope you enjoy the

read and it brings about some useful insight.

The theme for the magazine ‘Balancing Choices and Trade-off ’s’ relates

to anything and everything we do. One of the first things I learnt at

university was the concept of an opportunity cost. This formalisation

illustrates a basis for decision making and the decisions we make now

could change the direction of our lives, in one way or another. It is

interesting that such a simple concept is often overlooked when we

make these decisions. A great aspect of AFEC is that we can help to

provide insight from people who have been in the same situation as

our members are in when studying. A major decision of mine during

university has been to become involved with AFEC. Being a part of the

AFEC team has been an incredible adventure which I will never forget.

Firstly, I would like to thank our sponsors for their continued sup-

port which has enabled us to both create and facilitate connections

between our members and the corporate world. Additionally, acknowl-

edgement must be given to our tireless committee, who consistently

devote their best efforts to provide only the best opportunities for

our members. To the members of AFEC, thank you for being a part of

this large network. We look forward to the second half of 2012 where

we have big plans and plenty of great events in the works, with none

other than our two biggest events of the year: Careers Day (Week 2) and

the illustrious AFEC Ball (Week 5). AFEC will be introducing some new

events aimed at student enrichment in the second half 2012 so make

sure to keep posted on our Facebook page and website.

All the best,

Jarrod AliAFEC President 2012

Achiever Work Experience 2012

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LeTTeR fROm The eDITOR

Hi everyone!

Your AFEC Publications director here and the AFEC Publications

Team and I are proud to present this year’s edition of Protegé!

Have a flick through to see what choices and trade-offs mean

to corporate professionals and see what careers you might be

interested in!

Choices and trade-offs is something that we come across all the

time; not only with regards to your career but also with other

aspects of your life. Life presents you with different roads and

sometimes choosing what you think is the right one can give

you grief.

For those of you who live and speak in economics, deciding the

value of the opportunity cost is probably the hardest part for

most people. How much should you deem the opportunity cost to

be if you don’t do a subject? Or accept a job offer?

Quoting from Harry Potter (one of my favourite books of all

time), our choices are what defines us. In turn the outcomes of

the choices and trade-offs shape our lives. But if they make you

happy, then whatever trade-offs you made to get to where you

are worth it.

This magazine would not have been possible without the efforts

of so many people, namely: Angelina Kim for her brilliant design

prowess that no one can equal, Jessica Lai for her continual sup-

port throughout the whole process, and finally, the dedicated

publications officers who have been nothing but wonderful: Tina

Huang, Archie Lau and Daniel Law.

Irene ZhenPublications Director, 2012

‘Choices and Trade-offs’ – musings from the Publications team

• The significance of the ability to weigh up choices presented,

gauge on the basis of cost versus benefit, and maybe even

embracing compromise, cannot be understated. This applies

to a world where there isn’t a nicely bricked yellow road to

where we want to go, decisions faced are not black or white,

ye or nay, but rather shades of ambiguous grey. To me, choic-

es and tradeoffs also mean having room to compromise. Give

and take. Loosey goosey! – Daniel Law

• The theme this year, ‘Choices and Tradeoffs’, has a lot of

meanings to me. As I am writing this article, I have taken

time to reflect on some of the important choices and trad-

eoffs I have made in my life, the degree I have chosen to

study, my decision to do honours, the internship opportu-

nities I have undertaken, and my plans after graduation.

Without doubt, I have made mistakes and could have made

better choices. But I am glad I made those choices, they con-

tribute to my lifelong learning process. Choices are better

made earlier than later. Learn from your mistakes and expe-

rience. Whether you are a first, penultimate, or final year stu-

dent, I hope this magazine will help you to make informed

choices as you get one step closer to graduating. Choosing

your career is not something to be taken lightly – Archie Lau

• When I see the words ‘Choices and Trade-Offs’ it reminds me

of life generally. I think back to when I was a 5 and I wanted

to be a lawyer, when I was 12 I wanted to be a pilot and

throughout high school I wanted to be a doctor. And then

I suddenly enrolled into a Bachelor of Laws/Finance at the

ANU and now I want to become a lawyer (again). Life is so

unpredictable! To me, choices and trade-offs mean you can

make many mistakes and choices in life and not regret them,

but learn from them. What you ‘think’ you want to do now

is not set in concrete, you can always change your mind!

Sometimes, to obtain something you have to give up on

another – because I wanted to stay in Canberra, I gave up

on studying medicine. But I don’t regret that, because that

was probably the best choice I ever made. Don’t be afraid

to make mistakes, because it will just make you a stronger

person! - Tina Huang

Chartered Accountants

STUDENT CHALLENGEA REAL-LIFE CHALLENGE FOR A REAL-LIFE EDGE

Find out more and register at studentchallenge.com.au

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JoB SHADoW A SEnior EXEC in ASiA

chOIceS & TRaDe-OffS OF SUCCESSFUl

PEOPlE

Strategy is about making choices, trade-offs; it’s about deliberately choosing to be different.

- Michael Porter


What is your job like on a day to day basis?

My day to day tasks vary. It consists of meetings with clients, staff members and

teams. Of course, I also have to spend time preparing for these meetings. Another core

component of my job is to perform different types of analyses.

Please tell us how you got to this position you are currently in? What choices and tradeoffs did you have to make?

I started at KPMG as a graduate back in 2003. Prior to that, I was studying at the

Australian National University (ANU). I was undertaking a double degree of Commerce

and IT. As I went on, I realised IT was not really my interest and decided to drop it which

was a big choice I had to make. I wanted to focus on Commerce instead.

At KPMG, I started in the audit practice, both internal and external. Then over the last

few years I began to specialise in financial management. I got to this position I am in

today because of the opportunities KPMG has given me, especially the specialisation

and promotion opportunities. Along the way, I have had to make plenty of choices and

tradeoffs. For example, undertaking CA, it was a big tradeoff in terms of spare time. It

was quite time consuming. However the payoff is high, giving you the opportunities to

be able to work overseas and be recognised internationally.

What do you find most rewarding about your job?

I find it rewarding to be able to contribute to a number of ongoing projects. I also find

it enjoyable to watch junior guys developing professionally in their career paths. It is

also rewarding to be able to contact different clients as part of my job.

What advice would you offer to people making choices (career wise)?

Choose what you enjoy doing the most. Do not try to please your parents and take a

career path you are not interested in. It is also important to choose what you are good

at doing.

Is it okay to make mistakes?

It is definitely okay to make mistakes. It is only human nature. They let you understand

yourself a lot better. The most important thing is to take a step back, see what went

wrong and learn from them.

KPmG: THE INSIDE SCOOP

Background

Estela Quintanilla is a senior manager in Advisory working in the Canberra office. She mainly works in the financial management team. Her role is to advise clients on all matters related to financial management. Because of the nature of the Canberra office, the main clients she deals with are mostly all government agencies.


Organisation

1. Tell us a bit about your organisation

Airservices is a government-owned

corporation providing safe, secure,

efficient and environmentally responsible

services to the aviation industry. We

manage air traffic operations for around

75 million passengers on more than

three million flights every year. We

provide the aviation industry with

aeronautical data, telecommunications,

navigation services and aviation rescue

and fire fighting services. We employ

around 3800 staff, with approximately

950 air traffic controllers, working from

two major centres in Melbourne and

Brisbane and 28 towers at international

and regional airports. We also provide

aviation rescue and fire fighting services

to 21 of Australia’s busiest airports.

2. How many Chartered Accountants does your organisation employ? What are their responsibilities?

Within a large Finance & Corporate

Services Group, around 20 staff are fully

qualified accountants. Approximately

half of these are Chartered Accountants

who work across a number of

branches within the Group. Their main

responsibilities include: preparation of

monthly finance reports for the Board

and Executive; preparation of the annual

financial statements and coordination

of the annual external audit process;

providing planning, budget, accounting

and reporting assistance to the Groups

and cost centre managers; providing

various taxation services; management

of the Balance Sheet for the organisation

including preparation of reconciliations;

and maintenance of the fixed assets

register.

3. Please give us a bit of background on how you have got to your current position?In High School I enjoyed both Maths and

Economics and was keen to utilise these

skills in my career. I was keen to move

straight into the workforce from school

and gained a trainee position with Ernst

& Whinney (now Ernst & Young). While

working I did my university studies initially

part-time and then moved to full-time

after two years. I completed my studies

to become a Chartered Accountant while

working in Sydney on completion of my

University degree. I worked in the Audit

Division of Ernst & Young for almost 15

years in both the Sydney and Canberra

offices. I commenced with Airservices

almost ten years ago as the Manager,

Financial Accounting and Reporting. I

moved into my current position almost

seven years ago which saw me take on

the financial policy and internal control

framework responsibilities in addition

to financial reporting and Balance Sheet

management.

Individual

4. How has being a Chartered Accountant helped get you to where you are now?

Through working and studying to be a

chartered accountant I was able to get

quality training which has helped give

me the experience to work at a senior

level in a large complex organisation.

5. What does your job involve on a day to day basis?

There is no typical day in my job. I manage

a team of 14 staff who are responsible

for keeping the Airservices Board aware

of the financial results and position of

the organisation, ensuring appropriate

financial policies and internal controls

are in place, preparing the annual

financial statements and considering

the financial implications of issues both

within and outside the organisation. As

part of the Senior Management Team for

the organisation I am involved in high

level planning, and providing advice to

the Chief Financial Officer on a range

of matters effecting the financial results

of the organisation. I attend a range

of meetings with my team, other areas

of Finance and senior personnel from

across the organisation to plan and

discuss financial issues. There are also

a range of staff management matters

which I deal with on a regular basis.

An interview with Peter Murray (FCA), a Corporate Accounting Manager at Airservices Australia


6. Upon completing your high school studies, you mentioned that you wanted to utilise your interests in Maths and Economics. Did you find much practical application of these subjects in your role as an auditor, as well as in your current position at Airservices?

Both these subjects certainly provided a

good base in mathematical and business

concepts that was a good platform for

my chosen line of work. Probably not

a lot of practical application either as

an auditor or in my current role - my

university degree and then studying to be

a Chartered Accountant were very useful

however in this regard.

7. What do you enjoy most about your job?

I enjoy the range of challenges presented

by an organisation such as Airservices.

The aviation industry is a very interesting

one in which to work and, although we

are government owned, we face the same

level of accounting issues faced by a

large private sector commercial entity. I

also enjoy working with a professional

team, who take pride in their work and

are focused on ensuring accounting

issues which arise in the organisation are

appropriately managed.

8. Why did you choose to do the Chartered Accountants Program?

I was working at Ernst & Young in Sydney

at the time and I found it a very practical

Program that allowed me to study the full

breadth of accounting issues while having

to audit these same issues in a range of

clients.

9. What is the most significant thing that you have learnt since starting out as a Chartered Accountant?

I have learnt that to be successful it

is beneficial to have a wide range of

experiences in organisations in various

industries. It is important to be proud of

the work you do and take accountabilityfor

the final result of your work. One of the

things that I find sets different employees

apart are those that “own” their work and

ensure they complete it to the best of their

ability compared to those that participate

in activities but leave it to someone else

to ensure the outcome is reached. This

sense of ownership is something that I

learnt through my Chartered Accounting

studies and working with a range of

professionals in different organisations.

Advice for students

10. What type of choices/tradeoffs did you have to make to get where you are and can you describe some instances?

I was very focused on completing my

Bachelors Degree and then the CA

Program while working as a trainee and

then graduate which meant that by the

time I was 23 years old I had more

than four years work experience and had

completed the CA Program. This required

considerable dedication to my work and

study but I also ensured I had my own

OF fLIGhTS& fINaNce

personal time which included travelling

both around Australia and overseas.

11. What advice/suggestions would you offer to people deciding on whether they should do the Chartered Accountants Program?

The CA Program is recognised both here

and overseas. It is a challenging program

and requires considerable discipline to be

successful. This level of discipline assists

candidates in preparing for the challenges

faced in the workforce.

12. What are some of the common mistakes people make? How can you overcome or avoid these?

A number of candidates approach the

CA Program similarly to their university

studies when they are quite different. The

CA Program is focused on applying the

accounting technical skills you have learnt at

university to a range of real-life accounting

issues through case studies. This practical

application can be quite challenging and

requires ongoing application to a range of

different situations. It is not possible to

“cram” for a CA exam - the greater the level

of practice and application of key principles

to new situations the more successful you

will be.

13. What is the single most rewarding thing about being a Chartered Accountant?

I have really enjoyed the networks that I

have developed through being a Chartered

Accountant. This has included the ongoing

relationship which I have with a range

of people with whom I have previously

worked. I have also been involved in the CA

Program, including facilitating workshops

and marking for almost 15 years which has

enabled me to see candidates that have

attended my workshops succeed in their

careers which I find very rewarding.


INTErvIEW WITH mICHAEl CHEN

ASSOCIATE AT WESTPAC DIrECT

1. Tell us how you got to this position and process that it entailed.

I started at Westpac as a Graduate in 2008 undertaking rotations

across Westpac’s Institutional Banking (WIB) division: Debt

Capital Markets (DCM), Corporate & Institutional Banking (CIB)

and Global Transactional Banking (GTB). After the graduate

program, I moved into Hastings Funds Management (HFM),

working in a team that was responsible for originating new

property assets for HFM/Westpac managed property funds.

Following a restructure in mid 2009, I was reassigned back to

WIB in a new business unit called Principal Investments (PI). PI

was created to manage a portfolio of alternative assets held by

Westpac. I was initially assigned to assist in the divestment of a

large property portfolio. As the asset sales reached completion,

I was reassigned to my current role in WDEI, which is a small

team within PI that manages a $100m fund undertaking private

equity (PE) style investments.

2. What is your job like on a day to day basis?

Usually my days are spent undertaking one of more of the

following:

• Researching companies and industries for potential investment

opportunities

• Financial modelling of potential investment opportunities or

current investee companies that are considering new strategic

initiatives

• Monitoring investee companies – reading and analysing board

reports, financial reports/budgets and keeping up to date with

industry trends

• Liaising with and assisting the management teams of investee

companies

EQUITY INvESTmENTS (WDEI)

CONFESSIONS

OF A BANKEr


• Drafting papers to WDEI’s investment

committee and board for approvals

• Reporting on the performance of the

fund

• Various administrative reports and tasks

3. What do you find most rewarding about your job?

Working in PE is quite a niche field

with limited opportunities in Australia

(particularly in a commercial bank).

Due to the nature of the work, most

PE professionals are senior level staff

with significant deal making and/or

operational management experience.

This gives me the opportunity to learn a

lot from the knowledge and experience of

senior colleagues.

4. What types of choices or tradeoffs did you have to make to get to where you are now and can you describe some instances?

Two key choices come to mine. The first

was to join Westpac rather than other

firms. When deciding which company

to work for, there’s always a decision

made about which company offers the

best package of opportunities for you –

professional development, breadth and

depth of available roles, organisational

culture, work/life balance and of course

remuneration. For me, that was Westpac.

The second major decision I made was to

accept a role in HFM rather than in DCM

when I completed the graduate program.

In the midst of the GFC, a role in DCM

would’ve offered greater job security, as

DCM is a core part of the bank whereas

an alternative assets business is decidedly

less core to a commercial bank. As it turns

out, there was a restructure soon after I

joined HFM but thankfully, things have

worked out pretty well. There is always an

element of luck in our careers.

5. What advice would you offer to people making choices?

A. Do what you are passionate about.

If you don’t enjoy the work, you’ll likely

soon struggle to stay motivated and

challenge yourself. Don’t be afraid to take

the road less travelled if that’s what you

really want to do. People who love what

they do and do it well are more likely to

succeed.

B. Organisational culture is important.

A poor fit in terms of organisational

culture will like lead to issues down

the track. It’s important to assess the

organisational culture of the firm/team

you’re applying. This isn’t always easy,

particularly if you’re not already in the

industry.

C. Grasp opportunities when they arise.

We often can’t control the timing of

opportunities. Sometimes they arise

earlier than expected and sometimes we

have to exercise some patience. There’s

an element of luck involved but when the

right roles come up – either the perfect

role or a development role to help you

get to the perfect role – grab it with both

hands.

6. Is it ok to make mistakes?

Yes! We are all human and we all make

mistakes. Supervisors and/or risk systems

in most firms will pick up common

mistakes by junior staff. Further, many

roles in Finance require subjective

judgements to be made with limited

facts. Learning to deal with volatility and

ambiguity is important. We won’t get

every decision right but we do need to

ensure that we make the best decisions

we can at the time, given available facts

and resources. This generally requires

you to keep your knowledge up to date,

undertake through due diligence and seek

advice from relevant experts.

It’s important to take responsibility for

errors, to learn from them and hopefully

fix them. Larger errors often highlight

issues that weren’t previously considered

or properly monitored. This can lead

to management instigating changes/

corrective actions. These are learning

opportunities for you and/or your firm.

Don’t repeat the same mistakes though!

7. What is the organisational culture like in your organisation? What about social life?

Westpac is a progressive organisation

with respect to matters such as work/

life balance, workplace diversity and

engagement with the community. The

bank strives to maintain its global

sector leadership in sustainability and

encourages staff to be advocates in many

of its community campaigns.

Company social life usually depends on

your immediate team/business unit. Some

teams are more social, going out for team

lunches and regular drinks while others

are less social. It’s largely dependent on

the personalities and culture in your team.

PI is a very small business with only

5 people. We have a strong family life

culture – I’m the only one under 40. Our

social activities are usually at the pub for a

team meal and/or a few beers. 3 members

of PI (not me) are keen runners and will

often go for lunch time runs together and

participate in running events in Sydney

(10km to half marathons).

There are also regular divisional wide

events – quarterly briefings and drinks,

Christmas parties etc.

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INTErvIEW ON TheROckSTina HuangPublications Officer

I recently interviewed Francis Beens, an actuary from Finity

Consulting in Sydney. We chitchatted over coffee and cake at a

boutique café on the Rocks, where I was surprised to learn that

he graduated from the ANU, with a Bachelor of Laws/Actuarial

Studies!

Background A Canberra local, Francis made a last minute deci-

sion to study actuarial studies/law. Like many actuarial students,

Francis was a naturally gifted mathematician. However, unlike

many actuarial students, he combined his degree with Law. That’s

right, Francis is one of the 0.000000001% (slightly overempha-

sised) students who are competent enough to complete the

(arguably) toughest course at the ANU. So my immediate ques-

tion was, why did he choose this degree and why did he become

an actuary, not a lawyer?

B. Laws/Actuarial Studies: We all know that life is about choices,

and we all remember graduating from High School and being

released to the real world – not knowing what would lie in the

future and what we would actually do with our lives. Francis was

no different from each and everyone one of us. His combined

degree enabled him to keep his options open. The skills he

obtained from B. Laws were never wasted – in fact, helped

improve his writing, communication and problem solving skills

which are essential in the actuarial profession.

Why actuarial? When I asked Francis this question, he was frank

and honest. Aside from the fact he did quite well at uni and

enjoyed maths/statistics, the main reason why he became an

actuary was because the hours are less and more flexible than

many other professions. Considering lawyers and investment

bankers work crazy hours, say from 7.30 am till 9 pm, actuaries

typically work from 9-5. Flexibility and stable hours worked

perfectly for Francis who has a young family.

What do Actuaries do: My research online gave the following

quote: ‘Actuaries are among the brightest people in the business

world.’ (IAA)

And the more research I did, the more confused I became.

Actuaries work with numbers and provide expert advice to their


clients, but it is difficult to describe what actuaries really do.

Francis, who works in consulting, very helpfully described the two

main streams of actuarial work: Corporate and Consulting.

Corporate Consulting

These actuaries work within

a large company and provide

expert advice and evaluation

on the corporation’s projects.

Eg Commonwealth Bank, PWC,

Suncorp, IAG.

Because they work for

the one company, they are

directly exposed and involved

throughout the whole project

and see each step the company

takes in running the project.

These actuaries work for

an independent actuarial

firm, like Finity, and provide

external advice to other

companies.

Unlike corporate actuaries,

consulting actuaries will not

necessarily be involved in the

whole process of the project,

but they receive a variety of

work, meet with different

clients and are exposed to a

greater range of projects in

differing corporate areas.

How to become an actuary: Becoming an actuary is not as simple

as just gaining the B. Actuarial Studies degree. You need to gain

exemptions to qualify as an actuary. I asked Francis about the

first stage of exemption – Part 1, which can be gained through

undergraduate studies or the external exams provided by the

Institute of Actuaries, Australia. Francis’s tips on how to gain the

exemptions are as follows:

1. Try to get all your exemptions within your undergraduate

studies. Although Francis wasn’t able to do this (the B. Laws/

Actuarial degree is very tight and does not allow electives),

he recommends obtaining exemptions through uni, because

the external exams are much more difficult and you receive

no guidance or classes to assist.

2. If you fail to achieve an exemption, do it again through uni

– doing it the second time round will be much easier than

the first time and you will learn more

3. Gain as many exemptions as you can at uni: Employers will

be more interested in hiring you as you will be qualified

more quickly and they will not need to waste time on you.

Your chances of being hired are much, much higher.

4. External exams are not too bad: although it is much easier

to gain the exemptions through uni, most pure actuarial

firms will pay for your external exams. If you gain a position

as an actuary, you also get study leave for your part 2 and

part 3 exams. You get approximately 1 day of study leave per

week – that equates to a 4-day working week

Francis’ Top 5 Tips to becoming an Actuary: Francis was more

than happy to give us some tips, so read closely!

1. Use the ANU careers service: They can provide information

on how to write a resume, what do employers look for and

how you can prepare for job interview.

2. Sign up to the Actuaries Institute: The Actuaries Institute

sends you frequent emails and job alerts. In fact, this is how

Francis found his position at Finity.

3. What do employers look for: Specialised Actuarial Consulting

Firms like Finity look for people who stand out.

a. Good grades + gain exemptions: Although a credit aver-

age may suffice, you chances are much higher with a

higher average.

b. Extra curriculum activities: Employers want people with

interesting personalities, take part in sport, music etc.

c. Excel yourself: Take the initiative to do a course in sum-

mer, or simply read books or learn something new that

isn’t necessarily required in your university degree.

d. Work experience: Although it is not essential to do

an internship (in fact, Francis didn’t do an internship)

employers are interested in those people who have had

any types of experience – even retail which develops

your people and communication skills.

4. Practice your interview techniques: Interview questions

are predictable and can be easily searched on the internet.

Employers will be impressed if you are able to respond suc-

cinctly and confidently, practice as much as you can!

5. Employers are smart: Employers know how to compare

students who graduate from different universities. They will

look at your core courses and see how well you did in them

– rather than only looking at your overall GPA. If given elec-

tives, Francis suggested to choose courses based on what

you are interested and good at, not what will boost your

marks or what you think you ‘should’ study.

Choices and Trade-offs

Life is full of choices. Francis chose to not pursue his honours

year and decided to working in Finity Sydney – an opportunity

that he could not resist.

Life is unpredictable but you should never have regrets: Although

many people think that spending extra time to study a combined

degree is a waste of time, everything you learn helps to improve

your personal skills.

Do what you enjoy: Francis highly promoted the notion of work-

ing in a job that you enjoy. If you like your job, then you’ll have

incentive to do well in your career. Francis enjoys every moment

working as an actuary – and that is what you need. Passion to

pursue with your interests and don’t give up!

For more information, visit:

www.finity.com.au or www.actuaries.asn.au


ou stride (seemingly) confidently into the interview

and sit down. Your interviewer studies you intently

as you try not to squirm under his stern gaze.

‘Well,’ he says, ‘Shall we begin then?’

He ruffles through your resume. ‘So, tell me about yourself.’

This one is easy. You take a deep breath, smile, like you practised,

and regurgitated from your mental script.

He then asks you about your school life, your academic activities,

your extra-curricular activities, your volunteering positions, your

exchanges overseas...This all seems to be going well. You knew

exactly what to say and how to say it.

You now have less than 10 minutes left for your interview. Your

interviewer looks at his watch, closes your CV and places it in a

large pile of what you assume to be your competition’s CVs.

‘So,’ he says, leaning forward onto the table, ‘You now have 5

minutes left. Entertain me.’

You blink. What?! Entertain him?

He looks at you expectantly. You splutter and tremble as you

get up from your chair. You may have just lost your opportunity.

Sound familiar?

Chances are, the company that you have an interview with are

looking to differentiate you from the next person and to filter

out the creme de la creme. These curveball questions usually

have no right or wrong answer.

CUrvE BAllINTeRVIeWQUESTIONSA how-to guide to tackling unexpected, unconventional interview questions

Y


Tips

First, take a sip of water, it will buy you a

few precious seconds of thinking time.

You could always ask them to repeat the

question even if you knew exactly what

they said, again to buy a little bit of time.

If you’re lucky, they might elaborate on the

question a little (don’t do both this and

the above tip, or you’ll be too obviously

stalling).

Now, take a moment to think out your

answer. The interviewer will appreciate

the fact that you have taken some time to

seriously consider the question rather than

jumping straight in and saying something

stupid.

Don’t let them see that you’re panicking!

Stay calm and try to figure out the

interviewer’s point behind the question. All

employers face problems and challenges.

You want to be seen as part of the solution!

If you’re still really stumped after giving it a

little thought, begin by talking through the

question aloud - start at the basis of the

question and work your way through.

As always, be professional and don’t

appear defeated (even if that’s how you

feel!). Control your conduct throughout

the interview, especially when asked a

curve ball question. Most of the time, the

interviewer wants to see your reaction

when faced with a problem. There usually is no right answer to

these questions, and they would like to see how you respond to

problems..

Of course, it doesn’t hurt to prepare for as many unusual

questions as possible. Below are some examples:

Workplace related

• You have 16 hours to complete a task that usually requires

24 hours. What do you do?

• Two managers have simultaneously asked you to complete

tasks with tight deadlines - how do you choose a job, and

what do you say to the managers?

• If you were in my position, what would you look for? What

would you ask?

Absolutely out of the blue questions:

• Give 5 uses of a stapler without staples

• If you could be any animal, what would you be and why?

• How many people are on Facebook in Manhattan at 2pm

on a Friday?

Remember, the best way to tackle these curve ball questions is

practice; whether it be putting yourself in situations that you

have to think quickly and clearly or just by asking a friend to

interview you. The more you practice the better you will be at

composing yourself and thinking on your feet.

With several internship deadlines coming up, we hope these

tips helped you out with successfully tackling ANY questions

that may arise.

Good luck!

Love,

Jess and IreneAFEC Vice - President and Publications Director

3.

2.

5.

4.

1.

6.


itting at one of the large

family tables at the new

premise, Sascha Brodbeck is

dressed like an employee of

the restaurant, rather than

the tenacious self-starter of the legendary

Brodburger joint at the nation’s capital.

Brodbeck is initially running a little late

from his side role as the fire warden of his

new premise at the Canberra Glassworks

factory, Kingston Arts Precinct. Brodbeck

is warm and immediately accessible, with

hands clasped on the table; he speaks

earnestly about his passion - making great

burgers.

In the corner of Lake Burley Griffin in the

small hours of the morning, far from any

signs of civilisation, heating or life, warm

calico fairy lights stands stark against the

winter landscape, drawing its shivering

loyal fans. There were no cash registers,

no tables, no waiters, just a long wait, and

then the screen door opens and the light

spills out onto expectant faces handing

out salvation embraced in bread. In light

of day, it drew crowds and crowds of

people with a menagerie of pets and the

occasional footy ball.

Brodbeck hails from a family of the

practitioners of the grilled arts, his father

now currently a chef at the Harbour Beach

hotel at Manly in Sydney. In response to

query to competitors, he states simply,

“I don’t see them as competition”. And

therein lies the secret ingredient of his

success an entrepreneur is not among the

sauces, but an incredible of self-confidence

and attitude, “I can’t afford to think like

that, when you talk to your people they

can smell fear.”

His esteem is not baseless however, at the

age of 25, Brodburger has experienced

phenomenal growth in 3 years after

dropping out of college and he emphasises

his compulsion for a good product. The

menu features a range of solid hearty fare

of chicken and beef burgers uncomplicated

yet uncompromising in its gastronomic

experience, the bread rolls are baked fresh

everyday.

Neither has it been smooth sailing, Brodbeck

faced multiple warnings concerning its

ability to continue operations at Bowen

Park, even in the early days, eventually

culminating in threat of a court case with

the National Court Authority. Frustration

edges into his easy going manner, when

talking about the eventual settlement and

the move to the new premise. Currently,

his new premises come with more

responsibility and added expenses with

around 20 staff members to cater for the

huge demand and also attempting to still

keep the a homestyle feel using big tables

that encourage people to gather to break

bread.

Brodbeck is unfazed without specialized

business training, but says this about

a college education, “You can still do

whatever you want, just make sure it

doesn’t blinker you to other possibilities,

training to be an accountant doesn’t

mean you have to be an accountant”,

he emphasises the need to never stay

comfortable, but to be constantly pushing

oneself.

What holds in the future for the Brodburger?

“Anything can happen!” He laughs, but he

hints at possibility of opening another new

place for the immensely popular burgers.

- Daniel Law

BEHIND THE GrIll

S


Achieving contentment in your ideal

career life begins with career planning.

This planning involves looking at

yourself and investigating the labour

market. If you identify what you bring

to a career (your personality, values,

skills and interests), and align this with

the opportunities ‘out there’, you’ll set

yourself up well for making effective

career-decisions across your career life.

The Benefits of Career Planning

Career planning is an ongoing process

that involves making positive choices

about your career direction. Career

planning helps you to:

• understand yourself better – focus

on your personality, values, interests

and skills

• understand the labour market and

identify a range of options

• prepare positive and targeted

applications

• access work experience and

professional development

opportunities

• gain confidence in decision making

• gain employment at the end of your

degree

People who know exactly what they

want to do in their lives are rare. Career

planning can help clarify your unique

path. It involves looking inward through

self-assessment as well as outward

through accessing relevant and current

information about the workplace.

Looking inward – Self-Evaluation

Understanding your personal

characteristics is a great start to career

planning and management. This greater

self-awareness should help you to

narrow your focus on what’s ‘out there’ in

the world of work and what career you

might like to have.

Skills

Work skills are the invisible tools that

allow you to carry out your responsibilities

at work. Technical or specialist skills are

content-specific, such as knowing how to

use MYOB or how to program software.

Generic, transferable or ‘soft’ skills include

your communication and teamwork skills.

These skills are developed through all

kinds of experiences, including study,

internships, volunteering, part-time or

casual work, and in your personal life.

Employers are interested in your skills

because they need to assess whether

you are able to carry out the duties and

responsibilities required. The Department

of Education, Employment and Workplace

Relations (DEEWR) has drawn up a list of

the eight most important transferable

mAKING caReeRchOIceS

WANT THE CArEEr OF YOUr DrEAmS?

IT IS POSSIBlE AND THE ANU

CArEErS CENTrE

CAN HElP


skills (adapted from: Employability Skills

for the Future, Department of Education,

Science and Training, 2002):

• Communication

• Leadership and teamwork

• Problem-solving

• Initiative and enterprise

• Planning and organising

• Technology and information

management

• Career self-management

• Learning

Personal attributes

Personal attributes are related to skills.

Skills can be learned and developed

whereas personal attributes are inborn.

They are personal characteristics that

tell an employer about how you fit into

the organisation’s culture. They include

independence, flexibility and adaptability,

initiate and drive, and innovation and

creativity.

Interests

Interests include sports, hobbies,

memberships of societies or professional

associations, voluntary work, involvement

with committees at or outside of

university. Employers will want to know

about your interests because it can help

them assess your suitability for a position.

If, for example, you have a strong record

(and interest) in team sports, it shows

employers that you are likely to have

good team-working skills.

Values

Values are your guiding principles in life

that are said to give your life meaning

and purpose. If you align your values

with the work you do, you’re more likely

to have a career that is meaningful to

you. Examples of work values include: job

security with a regular income; a high-risk

career with much change; independence;

a sense of achievement; and status.

Employers like to know about your values

because they need to assess whether

you fit in the organisation’s culture.

Communicating that your values align

with those of the company is therefore

important in winning a position.

Personality

Personality is a very complex concept. It

is tied in with your attitudes, emotions

and behaviours. Considering personality

alongside your values, interests and skills

can provide you with valuable information

when searching for your preferred career

direction.

Although employers recognise that there

is no such thing as an ‘ideal’ personality

for the organisation or a particular role,

personality also tells an employer whether

an applicant will fit into the culture of the

organisation, and will be suitable for the

position.

Communicating your ‘self’ to employers

It is useful to have a good understanding

of your ‘self’. In the application process

(e.g. in your resume and at interview),

you’ll have to convince an employer

that you’re the rig ht candidate for the

job. Therefore, it is important to clearly

communicate your skills, interests, values

and personality. This is a skill in itself!

Looking outward – investigating the world of work

Besides performing a self-assessment to

steer your career in the right direction,

researching the labour market will help

you to focus on your dream career options.

Researching ‘what’s out there’ involves

reading up on the broad, big-picture

societal changes affecting your career,

such as technological advancements, the

economic climate and government policy.

Practically, this generally means that you

Career development theory suggests that if you choose an occupation based on your skills, interests, values and personality, you are more likely to experience greater contentment in that occupation.

need to keep up to date with national and

international current affairs. Newspapers,

online news sites and magazines, such

as Newsweek or the Economist, are good

sources for this type of information.

Researching the world of work also

includes investigating your preferred

industry. What are the major trends

within your industry? What are the major

developments? Does your industry have

any key influential individuals or other

stakeholders you need to know about?

What professional associations represent

your industry? What do these professional

organisations offer their members?

Your research should also include the

individual organisation you might be

interested in working for. Even within

the same industry, all companies differ. If

you research what these differences are,

you’re better able to make an informed

choice. Look for information on the

company’s website, from professional

organisations or (best) from people who

work in the organisation.

Compromise does not mean ignoring

Performing a self-assessment and

researching the world of work may

provide you with a good idea about

where you’d like to direct your career.


Unfortunately, however, the ideal career

doesn’t exist: you’ll likely have to

compromise on some of your interests,

skills, values, and behaviours at work

(personality).

You don’t have to ignore or disregard

aspects of yourself, though. Today,

careers are seen in a broader sense,

beyond paid work alone. A career is

now said to encompass many different

activities, including volunteering, study,

and involvement in clubs and societies.

Therefore, engaging with activities beyond

your paid position(s) may help to balance

what aspects of yourself you express in

your paid work and other elements that

may go unexpressed.

How to choose an ethical employer

In your research for organisations to work

for, you may want to consider choosing

an ‘ethical employer’. These organisations

are said to consider employees, the

environment, the community or the future

in their operations. Similar to any research

into organisations you might want to work

for, investigate the actions of employers:

Corporate Social Responsibility (CSR),

Triple Bottom Line (TBL), Sustainability

and global citizenship are all terms to look

for. You may want to consult the Factiva

database or Morningstar Data analysis

through the ANU library for information,

or the values/mission statements, annual

reports and sustainability reports on

individual organisation’s websites.

Integrating your self-assessment and research on the world of work

You may have a good self-understanding.

However, you may like to further clarify

your personal characteristics, including

aspects of your personality, your values,

skills and interests, and how they may

direct your career planning. You may

also want pointers on how to go about

researching the world of work. If so, please

visit the Careers Centre!

ANU Careers CentreJB Chifley Building #15

(opposite the God’s Café)

Telephone: 6125 3593

Email: [email protected]

Web: http://careers.anu.edu.au

It’s not hard to make decisions when you know what your values are.- Roy Disney


acebook. Many of us check

it in the morning before

we even brush our teeth

or take a shower. The idea

of organising a birthday

party being more complicated than

clicking “Create Event” is today laughable.

For countless students it serves as

the ultimate tool of procrastination,

responsible for the wastage of endless

hours which should’ve been spent

studying. “The Social Network”, a movie

released in 2010 based on Facebook,

won three Academy Awards and Best

Motion Picture at the Golden Globe.

For better or for worse, Facebook has

changed the lives of hundreds of millions

of people across the planet. It now boasts

526 million users who check it everyday,

and $3.7 billion in revenue.

On May 18, Facebook achieved another

milestone. That’s right, the world’s

biggest social network went public. Why

is this important and what does it mean

for you and I?

Facebook set an initial public offering

(IPO) price of $38 a share, valuing

the company at $104 billion. To put it

another way, that valuation puts the

company as more valuable than Amazon.

com, McDonalds, Hewlett-Packard and

Cisco. Raising $16 billion, it is the third

largest IPO in U.S. history. When it went

public, in true style it commenced trading

on the Nasdaq under the symbol “FB.”

With such apparently ripe potential, why

did it only go public now however? Well,

part of the reason is that its hand was

forced. The company has traditionally

SHOUlD INvESTOrS ‘lIKE’

facebOOk?

F

Andaleeb AkhandAMCA Events Associate and 2010 AFEC Publications Officer

been reluctant to go public, but this

attitude changed when it realised it was

on schedule to exceed 500 shareholders,

mandating it divulge financial details

anyway. As with other companies that

have gone public, it will now also be able

to raise funds from a broader investor

base, and will have extra money to

launch new projects and buy up rival or

complementary companies.

Unless a great calamity comes along

to disrupt the company’s momentum,

its future only seems to be on the up

and up. Surely we should we buying the

company’s stocks as quickly as possible,

secure in the confidence that it’s a solid

long-term investment?

To lend credence to this argument, many

would cite the example of Internet

company Google. When Google went

public in 2004, it had an initial offering

price of $85. By 2007, it had climbed to

over $700. Even today, it is still trading at

more than $600 a share.

But Facebook is not Google, and we

should be wary of buying into the hype

and buying as many of the company’s


shares as quickly as we can. Buying so early, you are going to

have to pay the market price, which is significantly higher than

$38. The $38 shares already went to the institutional investors

– the company insiders and the deal’s underwriters. So watch it

closely, but take it easy and take your time, is the message we’re

consistently hearing from traders and financial experts at the

moment.

And while Google’s stock performance has indeed been phenomenal,

the performance of other Internet company IPOs recently would

quickly dampen our enthusiasm. These include Groupon, the online

daily deal company, priced at $20 a share, now trading at under

$13. Zynga, the developer of “FarmVille” and other games for social

networks, went public at $10 a share. Lately it has been hovering

around $7.

Saying all this of course is not to persuade you to avoid Facebook

stocks like the plague. Facebook’s IPO has already seen some big

winners – and not only the investment bankers who collected

massive fees from working on the deal. Thousands of young

employees who hold stock options have become millionaires

overnight – indeed some of them billionaires. Many of them aren’t

shy about flaunting that newfound wealth either, with multi-

millionaire dollar mansions, Bentleys and Porsches flying off the

local shelves in the Palo Alto, Santa Clara and Menlo Park areas of

California.

What Facebook’s IPO has shown us, among other things, is how

quickly the world changes, and how we need to look to the future

in order to keep ahead of it.

So what challenges does Facebook face for the future? The main

one is going to be that its future lies in mobile, but having to

reconcile that with its fundamental weakness in the mobile

market. Although it was not designed as a mobile-first product,

users are increasingly accessing Facebook via their mobile devices,

with 488 million of them having logged on in March this year.

Successfully making money through mobile advertising is going to

be one of the company’s main tests over the next few years.

Eight years ago, Facebook was hatched from a Harvard dorm room,

and no one knew at that point that it would fundamentally change

the way we does things. The 28-year old founder Mark Zuckerberg,

has had to transcend his initial role as a mere programmer, to

navigate the worlds of business, social and political activism, and

popular culture. And he has done so with a remarkable degree of

skill and finesse. His willingness to learn and adapt, supported by

a brilliant team, bodes a hopeful future for our favourite social

network.

Facebook was not originally created to be a company. It was built to accomplish a social mission -- to make the world more open and connected. Simply put: we don’t build services to make money; we make money to build better services. - Mark Zuckerberg

Instructions

Give yourself 5 or 10 points for each statement, based on the

interpretation below:

Add 10 points if you agree with the statement. Add 5 points if

you do not agree.

1. I know what career is right for me.

2. I am on the right career path or have a plan to get there.

3. I’ve moved away from my ideal career and don’t know how

to get back to it.

4. I know exactly the types of jobs (and skills required for

those jobs) that I want to do and those I never want to do.

5. I find it difficult to find the time to really think and plan

for my future.

6. I’ve done (and try to do on a regular basis) a complete

self-assessment and know my strengths, accomplishments,

and marketable skills.

7. I have prepared a 5-year career plan that includes several

back-up plans in case my main plan fails for some reason.

8. I have not examined the long-term job outlook for my

career path.

9. I am confident in my job-searching and networking skills

to help me achieve my career goals.

10. I understand the value and importance of developing a

personal career brand and have one or am in the process

of developing it.

Results

Add up your points and determine your results.

80-100 points: You have a sharp focus on your career. Keep it

up!

60-79 points: You have a good focus on your career, but could

use a few of the tips in this quiz to sharpen your focus.

Under 60 points: You’re somewhat unfocused with your career.

You may be doing fine now, but if you want to achieve greater

success, consider using some of the tools and tips in this quiz

to develop your career focus.


caReeRQUIz


THE STUDENT TRILemmaTina HuangPublications Director

Being a student is difficult, you want

1. Good Grades (Study) AND

2. Have a Social Life AND

3. Sleep

But it seems impossible to grasp all three. Although you may

like to think you are the magnificent Jedi, reality is that you are

probably giving up one of the three life essentials of a student’s

life. Take this quiz to find out what type of student you are!

You have a paper due tomorrow, you need at least a few more hours to finish it off, but your friend’s birthday party is tonight, what do you?

a. Screw the paper, I just want to have fun

b. Do the paper now and apologise for not going to the party

c. Go to the party, get home around 4 am and finish the paper

d. I’m never in this position, I always have everything done

early

You pulled an all-nighter to finish an assignment, what do you do today?

a. Sleep in all day, of course

b. Study for the next assessment piece

c. Go to watch the newest blockbuster movie with your

friends to celebrate handing in your assignment on time

d. I don’t pull all-nighters – I’m a genius

You’re with a hot date, but you get invited to a study session. You know you will gain a lot from this study session and if you don’t go, you will probably fail the next tutorial quiz. What do you do?

a. I’m not leaving. Then go home and sob because you will

now fail. But it was still worth it

b. I’m not leaving. Then go home and study all night

c. Politely apologise to your date, knowing that you will never

see him/her again and rush over to the study group

d. I don’t need study groups cause I’m awesome

NERD (Study/Sleep)

ZOMBIE (Study/Social Life)

BUM (Sleep/Social Life)

JEDI (Sleep/Social Life/Study)

Results

1: a) Bum, b) Nerd, c) Zombie, d) Jedi

2: a) Bum b) Nerd, c) Zombie, d) Jedi

3: a) Bum, b) Zombie, c) Nerd, d) Jedi


ACCOUNTING=

bORINGIS THAT TrUE?Jenny KoInternational Students Director

BORING! - this is probably the most common label

people use for a career as an accountant.

On the 4th of July, I had the privilege of attending a lunch

meeting at the Institute of Chartered Accountants Australia

with Human Resource representatives from accounting firms

and government departments, along with academics from

Canberra universities. I was on the student panel and we had

an open discussion on a wide range of topics, for example,

the perception of accounting as a career amongst university

students, opportunities within the public and private sector,

and the challenges faced by international students. It was an

amazing experience and challenging at the same time because,

for a whole hour, the representatives would raise questions

and issues that they might have. The student panel then had to

answer immediately, which was entirely impromptu. Of course,

I would like to thank AFEC for this amazing opportunity which

broadened my horizons.

One of the reasons why accounting is generally considered

as being both difficult and boring is because of the technical

language or accounting jargon that is being used in describing

the business’ affairs. However, accounting is so much more than

that!

Is accounting an exciting profession? Yes, it certainly is!

Accounting is both a science and an art. The science element

makes it predictable, but the art element makes it both

judgmental and subjective. This multi-dimensional aspect

makes this profession a fascinating and exciting one to embark

on. Accounting also tells the story of the business’ financial

affairs in numerical terms. It tells users information of how well

or how badly the business is performing, how strong its financial

position is and whether the business is financially adaptable.

Many accountants hold top managerial positions (like CEOs or

CFOs) in companies. This profession is rewarding financially

and academically because accountants earn high salaries and

are well regarded. Consequently, their input is sought out in

a plethora of areas, including businesses and government

departments. A career in accounting is a secure one because all

businesses will always require accountants, even if their roles

may change in future. The fact that each client is different,

alongside our ever-changing economy, also makes the profession

more interesting because it means accountants will always have

the opportunity to learn, re-skill, improve their knowledge and

keep themselves up-to-date.

A common misconception is that accountants all tend to perform

the same role. However, the accounting field is more diverse

than the average believes. There are so many career paths that


you can choose from with a degree in accounting, much more

than just pushing a pencil and crunching numbers.

The following table presents a list of the many career paths a

graduate in accounting can pursue.

Auditor Entrepreneur Payroll Manager

Assistant

Controller

Estate Planner Plant Accountant

Bank Examiner Forensic Accountant Professor

Benefits

Administrator

Financial Analyst Public

Accountant

Budgetory Control

Analyst

Government

Accountant

Securities Broker

Commodities

Trader

General Auditor Stockbroker

Consumer Credit

Officer

Industrial

Accountant

Systems Analyst

Computer

Programmer

Inventory Control

Specialist

Tax Lawyer

Controller Industrial Buyer Tax Specialist

Claims Adjuster Internal Auditor Treasurer

Collection Agent Internal Trade

Specialist

Treasury Mgmt.

Spe

Commercial

Banker

Loan Officer Trust Accountant

Chief Cost

Accountant

Loan Administrator Underwriter

Credit & Collection

Specialist

Management

Consultant

Certified Public

Accountant

Methods/Procedures

Specialist

Here are some of the characteristics that an excellent accountant

possesses:

1. Analytical Capacity

2. Oral and written communication

3. Open-mindedness

4. Creative

5. Ability to work with diverse people

6. Competency

7. Trustworthiness

8. Quality work

9. Professionalism

10. Assertive

11. Time Management

12. Listening Skills

13. Numerical computation

14. A passion for detail

While nobody is perfect, if you personally think that you are

lacking in some of these areas, find ways to improve and do

something about it!

If this article hasn’t convinced you enough, accountants make

jokes too!

What do you call an accountant who can’t account?An ant.

Why are accountants always so calm, composed and methodical? They have strong Internal Controls.

What do you call an accountant without a spreadsheet?Lost.

How many auditors does it take to change a light bulb?How many did it take last year?


THE EUrOPEAN uNION: a YeaR ON

Arreni [email protected]

Neeharika [email protected]

In the October 2010 issue of this magazine, Arun Isaac wrote a

compelling article called “The European Union: A Modern-Day

Fairytale”. What a difference a year makes. In his article, Arun

highlighted the benefits provided by the EU to its member

states including; the sense of unity rather than segmentation,

a shared currency as well as its political strength. Now, two of

these three benefits have transformed the EU from a modern-day

fairytale into a dystopian nightmare. The ongoing sovereign debt

crisis has exposed the flaws of this once perfect economic and

monetary union.

What started off as only a Greek debt problem has now spread

to all of the ‘PIIGS’ countries (Portugal, Ireland, Italy, Greece and

Spain). Two of these countries, Portugal and Ireland, have since

received tens of billions of Euros in bailouts, and Greece has

agreed to a second bailout package. Spain and Italy are also on

the verge of a financial crisis and may require multi-billion Euro

rescue packages if their situation deteriorates. This would be

catastrophic to the EU as they are the third and fourth largest

economies in the EU.

The single currency, Euro, was introduced in 1999 in order to

eliminate exchange rate problems due to the high volume of

internal trade, to provide price stability and, most importantly,

to offer a political symbol of integration, among other things.

While this system was effective during 1999-2008, a period

characterised by strong economic growth and fiscal stability, the

Global Financial Crisis of 2008-2009 revealed the downsides of

this currency system. For a country with monetary independence,

its currency acts as an automatic buffer against the negative

impacts of a downturn as well as acting as an effective tool

in assisting economic recovery. This tool is not available to

countries within the Eurozone, as the economic situation of one

country, especially a smaller country such as Greece, will not

have a significant impact on the value of the shared currency.

On the other hand, if a large economy, such as Germany, were to

face an economic or fiscal crisis, this would drag down the value

of the currency, which may be detrimental to smaller countries

with strong fiscal positions. In addition, a shared currency also

means a common interest rate. The interest rate is primarily a

tool used to control inflation, however, the effectiveness of this

tool drastically declines when there is differing inflation within

areas which share the common currency and interest rate. Hence,

while the monetary union of the EU initially seemed to be

beneficial for all member states, a deterioration of the fiscal and

economic positions of several member countries has questioned

the soundness of this policy.

The political strength of the EU has made it a powerhouse,

second only to the US, and has also allowed it to have a say

in global issues. However, within the EU itself, having strong

political leaders such as Angela Merkel and Nicolas Sarkozy

makes it difficult to come to an agreement on issues such as the

size of bailout packages as well as the introduction of Eurobonds.

As a comparison, imagine if New South Wales was divided into

several small countries. Envisage the difficulty and the number

of laws that would need to be implemented in order to share the

water resources of the Murray-Darling. This overregulation is a

major problem for the EU as more time is spent deciphering the

rules rather than implementing any policies. For example, there

are 26,911 words for the EU regulation on the sale of cabbage,

compared to only 7,818 words for the US constitution inclusive

of all 27 amendments.

The future of the economic and monetary union that is the EU,

appears to be bleak. The waning of the single currency model

as well as constant bickering between the member states has

exposed the weaknesses of the system. Unless drastic changes

are implemented, the EU may fail to remain a successful

example of a harmonious monetary union.

Are you the hundredth

monkey?

Have you heard of the hundredth monkey effect?

At Finity Consulting, we work closely with clients to find new ideas and innovative approaches to situations they’ve never been in before. When we put our minds together, there’s no problem we can’t solve.

Finity is the largest independent general insurance actuarial consulting firm in Australia. We work across the full spectrum of actuarial roles, including accident compensation, Appointed Actuary, customer insights, dynamic financial analysis, pricing and risk management.

We focus on technical excellence, but also provide a friendly and supportive environment where you’ll work side by side with industry leaders and learn from their experience. Our team has the critical mass to help your ideas grow but is small enough that we recognise everyone’s contributions. And we don’t pay you peanuts.

If you’ve already Googled ‘hundredth monkey effect’ to find out whether it’s real or completely bananas, the next site you visit should be ours –

www.finity.com.au

It’s the story about a group of Japanese scientists studying macaque monkeys in the 1950s, who observed a fascinating phenomenon: once a critical number of individuals had learned a new idea or behaviour, a breakthrough occurred and this new awareness was communicated directly, from mind to mind, among the whole population. But it only happened once the idea had spread far enough – to the hundredth monkey.

Finity – where actual is greater than expected