Promoting Individual Achievement
THEEXECUTIVEMAGAZINE September 2012 | Vol. 6 Issue 1
www.sifewindsor.com/executive
Letter from the Editor
THEEXECUTIVEMAGAZINE 2012 Publication Staff
Project Manager Jeffrey Wayow
Editor-In-Chief Jason Rankin
Editors
Jaclyn Klapowich Jessica Knapp Rebecca Taylor
Special Guest Writers Gisele Meloche, CA Dan Jones, CA Richard Wathy, CA
Writers
Archis Deshpande Jason Rankin Jeffrey Wayow Rebecca Taylor
Graphic Designers Brooke Lee Benjamin Iannetta John LoMascolo Shoban Gnanaswaran
Translators
David Durocher Thomas Rinshed Qin Tu
The Executive Magazine is a venture put forth by SIFE Windsor to help promote individual achievement through entrepreneurship.
Dear Reader, Thank you for your interest in our magazine! With September, schools open their doors and students flood into a new year. The wind brings in cool air and whips leaves off trees. September is a time of change. With change comes the opportunity to start fresh. Meet new friends, pick up a new sport, try a new hobby, learn something new—there are plenty new things to try. If you’re jumping into postsecondary education for the first time, relax and enjoy the roller-coaster. You don’t even have to be a student to take part in the change. Maybe your children are going to school. Maybe you’re trying something new with your job or changing your career path. Whatever you’re doing, try to grasp a hold of something new and start fresh. That’s the focus here: fresh starts! We have Rebecca Taylor giving advice on starting fresh. I give advice here on how students can save their precious dollars. There’s a comic from Brooke Lee. A special thanks to our accounting guest writers from some of the firms in the WindsorEssex, Chatham-Kent area for their role in the September issue. Thank you very much Ms. Gisele Meloche, CA, Mr. Dan Jones, CA, and Mr. Richard Wathy, CA for you insightful contributions. If you are interested in contributing to the magazine, please contact us at theexecutive@windsor.com. If you have any comments on how to improve the magazine, please leave your feedback in the comments section at www.sifewindsor.com/executive. Translated versions of the magazine can be found under the same link. Welcome to a new school year, Jason Rankin Editor-in-chief
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Inside This Issue
Letter from the Editor |p. 2 Cover Story
The Next Best Thing to an Accounting Information App |p. 5 By Gisele Meloche, CA, Dan Jones, CA, and Richard Wathy, CA Three Firms provide a brief guide to a possible career in accounting. Student Life
Connecting the Dots Towards a Career in Accounting |p. 9 By Archis Deshpande A Few Words on CA Night Featured Article
CityThrive Takes Off |p. 12
By Jeffrey Wayow Read as how the first set of CityThrive participants are in a much better employed state because of this initiative.
Student Life
Seven Tips for “pinching pennies” |p. 14 By Jason Rankin
Editorial Cartoon
Pricey Hat|p. 18 By Brooke Lee Editorial
A Fresh Start|p. 19 By Rebecca Taylor Change...The Inevitable
Connect With Us theexecutive@sifewindsor.com @theExecMag www.sifewindsor.com/executive
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Cover Story
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Written By: Gisele Meloche, CA Dan Jones, CA Richard Wathy, CA Three Firms provide a brief guide to a possible career in accounting. What I Wish I Knew as a Student Gisele Meloche It wasn’t too long ago that I was a student at the Odette School of Business so I clearly remember the challenges and pressures of student life. Regardless of the area of business you are hoping to pursue after your University career, these tips are important to consider with the start of the new school year. Worry less about your next move Although it is extremely important to plan and prepare yourself for the future, it is important to live in the present. Focus on what you are doing now and that will help things fall into place in the future. For example, while it is appropriate and normal to think about professional exams you may be writing in the future, you first need to pass your University courses to get to that point. If you plan 100% of your steps, you lose the ability to be flexible and adapt when new opportunities and experiences present themselves.
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Teamwork skills are essential What can differentiate you in University and in your future careers is your ability to relate to people and build trust. In business, you will work in teams more than you ever thought possible. There is a lot of opportunity for teamwork in all University business courses. Of course, this comes with a multitude of challenges such as dealing with a variety of schedules, differences of opinion, and difficulty with the material. Try to challenge yourselves at this point by taking leadership roles University team activities. Learning how to deal with challenges, conflicts, and differences of opinions at this stage will only help you as your move forward in your future careers. Hard work, dedication, and effort go a long way I can think back to when I was in University and how some courses or homework assignments seemed so trivial or useless. Sometimes you just need to apply yourself to get through those situations keeping in mind that in the long run you will be better off because of it. One of the most important skills you are learning at University is how to learn and persevere. These skills will only help you are you begin your business careers where professional are increasingly required to thing outside the box. Overall, I can agree that University can be a stressful period in your life but having fun is also important. Make the most of your time as a student. Join school clubs and participate in activities that are interesting and fun for you. Be true to yourself and that will go a long way in both your University and future professional career. Insights into KPMG Dan Jones There are many different paths to being successful with KPMG. There are many traits that successful employees of the Firm share; including good client relationships, leveraging the vast amount of resources available to you, and being active in your career direction.
Building good client relationships founded on trust and exceeding expectations is an asset to any professional. This will build both your reputation and the Firm’s reputation in the local and professional community. Providing quality deliverables both internally and externally is a key focus at the Firm at all times. As professionals, we take pride in providing differentiated client service founded on quality and being valued added to the client. In the Firm you are always surrounded by resources that are very valuable to you, some of which include learning modules and coworkers. In my first year with the Firm I was able to utilize the Firm’s excellent UFE program to help me pass the three examinations – CKE, SOA, and UFE - in my first attempt. Our learning program was supported by peer mentors who had previously passed the UFE to guide me along the way and provided me with best practices to apply while I studied. In addition there were frequent training sessions sponsored by the Firm in which I was taught by exam specialists on how to prepare for the exams. With the constantly evolving audit, accounting, and tax standards that affect our work, it is extremely valuable to have learning modules readily available to help you learn and apply in practice. The KPMG Business School offers many types of learning and development opportunities for KPMG staff at all levels within the Firm; there are also a significant number of coworkers and internal network groups who you can contact for advice and guidance on any issue you may face. Being active in your career direction is an important trait to have. Guiding your career path in the short term will always help you attain your ultimate goals. There are many opportunities a national firm offers locally, nationally, and internationally that can allow you grow professionally, expand your network of contacts, and be successful. The corporate culture at the Firm is supportive, balanced, and focused on quality of work. Within the Firm, both formal and informal processes exist that support your growth as a professional. Working with the Firm allows you to take time from your regular work schedule to give back to a charity or not-for-profit of your choice. I have utilized this time to volunteer for local not-for-profits including Hospice and WETRA.
Cover Story
An Exciting Opportunity for CA Students at Union Gas Richard Wathy Gone are the days of public accounting firms being the only place CA students are able to develop the core competencies of the profession. With the introduction of CA Training Offices (CATO) prospective employers are now able to reach out directly to talented students and offer them a rewarding career in industry from day one of their career. Union Gas, the first industry based CA Training Office in Southwestern Ontario, is a perfect example of the exciting opportunities that now exists for CA students. “The industry CATO route allows you to kick-start your career in a job you want to be in. This not only means you gain valuable and highly relevant experience from day one, but you get a jump-start into the various employment benefit programs as well,” said David Janisse, CA student and regulatory analyst at Union Gas. “ At
Gisele Meloche is a Manager at Deloitte & Touche LLP in Windsor. She graduated in 2007 from the University of Windsor with a Bachelor of Commerce (Honours Business Administration Co-op) and obtained her Chartered Accountant (CA) designation in 2009.
Union Gas you have a strong feeling that the work you are doing is value added and provides job satisfaction that leads to a more successful and enjoyable career.” The Union Gas CA Training Office offers a competitive salary and benefits package, a fully supported and comprehensive exam training program, annual job rotations, and a personal CA counselling mentor to track your progress every step of the way. “We recognize the importance of developing the next generation of leaders who have the strategic, analytical and financial expertise to serve the needs of business now, and in the future,” says Steve Baker, CA, president of Union Gas. “Our experienced finance team is committed to providing an exceptional training environment and a mutually rewarding experience in a culture of high performance and strong corporate values.” Union Gas, one of Canada’s top 100 employers for 2012, is a major Canadian natural gas storage, transmission and distribution company in Ontario with over 100 years of experience and service customers. Our parent company Spectra Energy Corp. (NYSE: SE), a FORTUNE 500 company, is one of North America’s premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution.
Dan Jones worked as a Senior Accountant out of the Windsor Audit practice for 3 years with KPMG. The clients I’m engaged on vary from municipalities, not-for profits, to private companies. He is responsible for knowing a variety of accounting frameworks including IFRS, US GAAP, and ASPE among others. He graduated from the University of Windsor Honours Business Administration Co-op program with distinction.
Richard Wathy is the Manager of Reporting and Accounting at Union Gas. He graduated from the University of Windsor Honours Business Administration program in 2001 and obtained his Chartered Accountant (CA) designation in 2004 while with KPMG.
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Student Life
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Student Life
Connecting the Dots Towards a Career in Accounting A Few Words on CA Night Written By Archis Deshpande The start of the year at the University of Windsor marks the start of recruiting season, spanning from the Big 4 Accounting Firms to small and other CA training offices. Every year several students apply for either a short term internship or full time employment with these firms. CA training offices are defined as those where you can obtain the relevant work experience hours needed to obtain a CA designation. CA training offices offer a variety of advantages for aspiring Chartered Accountancy Candidates, ranging from firms providing financial aid to colleagues providing advice and the support while one goes through the exam process. For this reason, these jobs are highly sought after resulting in fierce competition for those going through the CA process. This competition allows for certain firms to be very selective with potential candidates, choosing a particular set of traits and skills one must possess to prosper within the firm. Even if one possesses all the required criteria, these skills are useless unless one can network and demonstrate their abilities to prospective employers. Often this is a difficult part of the recruiting process for those within the accounting field, because those with strong technical skills do not have the soft skill capabilities. In order to make it easier for students to meet and interact with prospective employers in the public accounting field, every year OCAPS holds CA Night. September 2012 | 9
Student Life CA Night gives a formal environment for employers to With all this talk of recruiting for upper year students, meet potential candidates and get to know the faces be- first year students and non-coop upper years should hind the resumes. Concurrently CA Night offers candi- not feel discouraged about coming to this event. When dates the opportunity to showcase their abilities which it comes to networking, the earlier you start the betis not possible through a cover letter or a resume. When ter you will become. If you start interacting with your networking with the firms, it is important to research employers in your earlier years the familiarity that you about their past and current activities in order to pre- will build will come in handy when you are seeking repare questions for the recruiting officers. In order to cruitment yourself. In addition you will be able to gain stand out to the firm’s one must appear knowledgeable more insight on the different cultures at the different but at same time curious about their operations and firms and this will also allow you to choose which one about the CA process. However asking questions such suits you the best. as, “How many exams do you write in the CA exam process?” will only hinder your image because these kinds This year’s recruiting process should be an exciting one, of questions can be easily researched and should have regardless if you are strong-minded to obtain a desigalready known if you are seriously considering the CA nation or just trying to determine what you are going designation. Instead ask the representative their opin- to pursue as a future career. Make sure you set yourself ion on the several subjects mentioned above and try to up the right way to achieve whatever goal you might tailor the questions to the position of the representa- be looking for this season. Make sure you register for tive, for instance a human resource employee versus a CA night at mycareer.uwindsor.ca. Feel free to contact senior accountant. This may prove difficult when there the Odette Accounting Society about any question you are multiple people trying to talk to one representative, may have about CA night or any other accounting reso the best approach is to have your questions ready, lated questions at oas@uwindsor.ca. maintain eye contact with the representative even if it is not your question being answered and jump in with your question as soon as possible. However, remember When trying to research firms their websites are alto be polite towards other students and do not inter- ways good places to start. Here are the websites for the rupt them while they ask their question as this will not firms attending CA night: reflect well on your teamwork capabilities. Spectra Energy-Union Gas Ltd.: http://www.unionWhen attending CA Night there are a few general rules gas.com/ or practises that you should follow. These will ensure that you portray yourself in a professional manner and Deloitte & Touche LLP: http://www.deloitte.com/ view/en_CA/ca/index.htm make a good impression: · Dress formally: The event is a formal so men PricewaterhouseCoopers LLP: http://www.pwc.com/ should wear suits and women should wear dress suits ca/en/index.jhtml or dress pants with an appropriate blouse. KPMG LLP : http://www.kpmg.com/ca/en/pages/de· Be yourself: This might be cliché but it is possibly fault.aspx the most important factor. Nothing is more off-putting to a recruiter than making the conversation feel forced. Ernst & Young LLP: http://www.ey.com/CA/en/Home Again the importance of research and having topics BDO Canada LLP : http://www.bdo.ca/en/pages/deready to talk about comes into play here. fault.aspx · Follow up: Make sure you collect business cards and send a follow up e-mail to every representative that Roth Mosey & Partners LLP: http://www.roth-mosey. com/ you talk to.
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Featured Article
CITYTHRIVE TAKES OFF As SIFE Windsor returns from the ACE National Competition, what are their next steps for the World Expo? Written By Jeffrey Wayow Last year, SIFE Windsor ran its pilot program, Social Enterprise, later renamed City Thrive after recognizing the need for such a program in the Windsor-Essex community. City Thrive is an initiative run in partnership with The City of Windsor. The program is designed to assist those on social assistance become self sufficient through entrepreneurship. Starting up one’s own business is one of the several alternatives offered to those on social assistance in an effort to have them be able to ‘stand on their own two feet’, i.e. no longer in need of social assistance. Though entrepreneurship is an option for those on social assistance, little support for entrepreneurship is provided through the social assistance program. Enter, City Thrive, stage left; SIFE Windsor began the program to help the overburdened case workers transform those on social assistance into successful entrepreneurs. THEEXECUTIVEMAGAZINE
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The pilot program was quite successful; four of the five candidates of the inaugural City Thrive class graduated (see summer edition 2012 for more on the graduation). The graduates were able to lay essential ground work on their path towards becoming successful entrepreneurs. However, like most pilot programs, if not all programs, there is room for improvement. “The social assistance program was well conceived with the best intentions, but ‘the road to hell is paved with good intentions’. The partnership between the City of Windsor and SIFE Windsor will ensure that the intentions of social assistance are not only met but exceeded beyond what those who enroll in the program can imagine. The expansion of the City Thrive initiative will aid in making good on the intentions of the helping people to get themselves off of social assistance.” Jason Reding, Project Manager- City Thrive City Thrive, now armed with its revised curriculum, stands ready to take on more candidates than its pilot program in the hopes of building on its previous successes. Inspiration for the curriculum was derived in part from a couple of SIFE Windsor’s other initiatives, namely Boost Consulting and YouThrive. Foad Karimian, a former Boost consultant, currently VP of Project Management had this to say: “We have several very successful programs that we can draw lessons from, so why not build on and apply what we have learned?” Foad Karinian, VP Project Management City Thrive can, with little imagination, be conceived of as a combination of both Boost Consulting and YouThrive programs. It is a combination of classroom instruction and one-on-one consulting. Borrowed from Boost Consulting, a more intense initial assessment of the state or readiness of each candidate; the initial assessment will allow the City Thrive consultants to better predict the potential problem spots for each individual candidate. That is, unlike the YouThrive program implemented in partnership with Windsor-Essex School Boards (high school), the City Thrive candidates come from a more diverse demographic, i.e. age, level of education, work experience, etc.. Though the individuals in the City Thrive program are, generally speaking, more demographically diverse than a group of high school students, there are some general trouble spots that can be addressed through a more general curriculum as patterned after YouThrive. The City Thrive initiative will function with a general THEEXECUTIVEMAGAZINE
curriculum, but in a more targeted manner than that of YouThrive. The in-depth analysis of each potential candidate will allow for this more targeted format while still covering several general areas such as accounting, marketing, and so on. The task at hand, helping people to no longer be reliant on social assistance, is a difficult one. However, the road is made easier though the partnership, forged in a trial by fire, between The City of Windsor and SIFE Windsor. Best of luck to those in the Fall City Thrive Class!
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Student Life
Seven Tips for “pinching pennies” Written By Jason Rankin
1) Plan your budget Figure out how much money you have in total for the year. In other words, how much you have now + how much you’ll make over the year (job, scholarships, etc.). Now, subtract your school, books, and rent costs from that. You’re here for school and you need somewhere to live—those are necessities. If you live at home, congrats! You pretty much just halved your costs. Now, subtract food costs. If you’re on a food plan (which is expensive), add an additional $50 a month for snack and breakfast cereal. Believe me, food plans don’t cover every meal of the day. If you’re living in a rented house/apartment, chances are you’re buying your own groceries. Plan an average of $200 a month on groceries. Maybe more—when planning a budget, project your costs high so you don’t draw short at the end of the year THEEXECUTIVEMAGAZINE
Now, what you have left is your spending money. Oh wait, take $1000 from that for emergency money. You never know what might happen—or you might screw up with budgeting. 2) Reduce rent costs The best way to accomplish this is to live at home. If your parents live in the same area as your school, and they’re nice enough to not kick you out or charge rent, then go for it. Don’t get in fights and say, “I’m moving out!” You’ll regret that decision. It’s expensive and stressful living on your own. In fact, living will probably cost more than your education. So, just suck it up and move out once you’re done school. If you don’t have that choice, aim cheap! The best bet is to grab a bunch of friends and rent a house together. Don’t have friends who’ll room with you? School residence is great September 2012 | 14
for connecting to people and meeting new friends, but it’s pricey—so only aim for doing it for the first year. Then find a house with your res friends. 3) Curb that alcohol consumption! Do I even have to say this? If you drink a 26er every week, it’s going to cost you a good chunk of money— somewhere between $80 and $120 (that’s a quarter of my rent!) a month. A 24 of beer every week will be about $160 a month. Drink more, it’ll cost more. Plus, you’re wasting precious study time and are going to wake up in the morning and not going to want to do anything. Your grades will probably drop, you might lose a scholarship or two, and you will have less money in your pocket.
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4) Don’t do drugs! Just don’t do drugs. You’re not on some crazy Vegas trip—you’re in school. Drugs will eat your wallet more than anything and dependence becomes a constant leech to your wallet. Plus, there’s the fact that they will definitely drop your grades. Oh yeah, and there’s jail. You can neither go to school nor make money in jail. Plus, you will probably be expelled, which means you just flushed all educational time and money down the jurisdictional toilet. 5) Free stuff Need a couch? Search the streets. Find one and check it for bugs, rats, and water damage. If its good, get a buddy to help you grab it. Keep your eyes open for “FREE!” signs. September 2012 | 15
Student Life 6) Cheap stuff
7) Find work
Places like pawnshops and Kijiji become your friend here. Just because something’s used, doesn’t mean it’s bad (unless of course it doesn’t work. Check for defects!). Just remember to give it a good spray with Febreeze to remove any funky smells. If you’re shopping for groceries, wait for a deal and stock up! As long as you store dry and canned food in a temperate area, it’ll stay good.
In an ideal world, you would be able to go to school and focus all of your time on studying. This isn’t an ideal world. Things cost money. If you have a bunch of free time on weekends, don’t save it all for partying. Get a job. Or study, study, study, and earn your A+ scholarship.
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Whatever you want to be, we can help you get there. Learn more at odette.uwindsor.ca.
NOT JUST BUSINESS AS USUAL.
I want to take the family business to the next level.
I want to be a sports agent.
ALL SIGNS POINT TO ODETTE.
Editorial Cartoon “Pricey Hat” Illustration by Brooke Lee
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Editorial
A Fresh Start Change...The Inevitable...
September is a time of change, whether it is transitioning into a new school, a new city, or just into a new environment. Having a fresh start can be a good thing, although it sometimes seems daunting. Getting to start out new can mean implementing those personal changes that you have been meaning to do. If you are like me, an introvert, it means you can start pushing yourself to go outside your comfort zone more and experience a new kind of lifestyle. This kind of outlook is a necessity when going to a new school or even starting a new set of classes. There will be changes, some you may not be too excited for, but the vast majority will fill you with anticipation. With moving to a new school, you will get to experience a large assortment of things and meet all sorts of people. There are classes, clubs, student groups, study groups, sororities, fraternities, and so much more. By broadening your horizons and joining a group, you will have a fuller university experience. Now I know what some of you are thinking, “I’m shy, I don’t think I can go out and do that.” Let me just say this: it is worth THEEXECUTIVEMAGAZINE
Written by Rebecca Taylor
it. You gain so much just by interacting with the other group members. Trust me, I know from experience. I am naturally an introvert, but I push myself to become more social, and the results are astounding. I became happier with my life, more outgoing and outspoken, and I am more prepared for my future career. When you put yourself out there you are better equipped to socialize, and being a good networker is an essential tool for your career after university. I cannot even begin to tell you how fundamental it has become in my own life already. It has prepared me to move to a new school in a new city. If I had not joined these groups, I would not have been as prepared for such a huge step in my life. I know changing is a hard journey, but it is a necessary one. The results will speak for themselves. Go out and try something new, I think you may be surprised at how easy it is to grow accustomed to it, especially when you have others surrounding you and supporting you.
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