The Fisherman. The Intern Issue By: Kimberly Hilger, Editor-In-Chief, Class of 2011

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1 The Fisherman March 1, 2010 Volume 13, Issue 11 What s going on in and around the Fisher School of Accounting The Intern Issue By: Kimberly Hilger, Editor-In-Chief, Class of 2011 The internship is a much anticipated highlight of an accounting student s FSOA experience. Much of what we do here recruiting events, career fairs, summer leadership programs, and of course, studying is all directly or indirectly related to trying to secure an internship position. It is now March, and our fellow FSOA students are scattered throughout Florida and the Southeast, knee-deep in busy season, and have become experts at the internship experience. This issue is dedicated to finding out more about what the internship is really like by asking those who know best. The staff of the Fisherman surveyed four current interns: Jane Ray, PricewaterhouseCoopers, Audit, Tampa Allison Kays, Ernst & Young, Tax, Atlanta Jonathan Stanley, PricewaterhouseCoopers, Audit, Jacksonville Yanelys Hernandez, Cherry, Bekhaert, & Holland, Tax, Miami The interns are from both the Big Four and Mid-Market, are doing both tax and audit, and are located in different cities throughout the Southeast. They were asked questions ranging from What is the dress code in your office? to What do you do on a daily basis? Their responses provide insight into Kimberly Hilger, what to expect at an internship and how to be a successful intern. Class of 2011 The staff hopes this issue will help students along in the process of determining where they want to do their internship and what to expect. If you have questions about the firms or the internships, please feel free to these interns with questions about their internships. The Fisherman is on Facebook! Join The Fisherman s Facebook group: We want your input! Suggest articles for future issues, and stay informed of events on campus. Contents Big Four: Audit, Tampa. page 2 Big Four: Tax, Atlanta page 3 Big Four: Audit, Jacksonville page 4 Mid-Market: Tax, Miami... page 5 (Real) Bad Interview Responses.... page 6 Join an FSOAC Intramural Team! This year council has the following intramural sports teams: Co-Rec Flag Football Men s Competitive Flag Football Co-Rec Softball Contact Jeff Soricelli if interested: jeff4821@ufl.edu

2 Big Four: PricewaterhouseCoopers, Tampa Interview By: Jane Ray, Audit Intern, Class of 2011 How many hours a week do you work? How many other interns are there? I work 55 to 65 hours, and there are 3 assurance and 1 tax interns. How much interaction do you have with clients? I work at the client site, so I am frequently in contact with the client. When I have questions for the client about what I am working on, I usually ask a coworker for help, but there have been a few occasions where I approach the client with a coworker to ask questions. Jane Ray, Class of 2011 Very little. I am able to recognize topics that I have learned about in class, but most of what I actually do is routine and explained to me in detail before I begin. Do you get to travel? If so, where? I had training for a week in Miami at the beginning of the internship. Every intern at PwC has a shadow day where they are able to follow a partner for a day and see what a day in the life of a partner is like. For my shadow day I flew to Atlanta (just for the day.) I know other interns that had the opportunity to work on the Yankees and fly to New York for the job. Who supervises your work? Everyone. At my current engagement I was not assigned any specific tasks. Instead I help everyone with their assigned tasks whenever help is needed. Therefore, whoever I am helping first reviews my work, since it is ultimately under their name in the database. I arrive at the client s office at 8:30. I work on different tasks throughout the day. If we order lunch and dinner (lunch is not always ordered, but we usually stay late enough for dinner so that is a given) I am in charge of taking orders and picking up the food. I also run errands, such as running to the office to mail confirms and picking up supplies. Do you work in teams or do you do a lot of individual work? I am always working with at least one other person. I might have individual work to complete for a few hours, but even during that time I am always asking questions or listening to the conversations of other team members. Do you think the economy has affected your internship in any way? Yes, from what I have heard meals and trips are less frequent than in the past, however, I have probably eaten more takeout food (from nice restaurants) during the past 6 weeks than in my entire life. What made you choose the firm that you are working for now? Do you think it s a good fit? The people. I have liked everyone that I have met, which makes me believe that it is a good fit. I think that I would probably be doing the same work at any of the big 4 firms, so the people are what make the difference. 2

3 Big Four: Ernst & Young, Atlanta Interview By: Allison Kays, Tax Intern, Class of 2011 Hi I m Allison Kays. I m from Gainesville and I m doing the 3-2 program at UF. I m doing a tax spring internship in Atlanta with Ernst and Young. How many hours a week do you work and how many other interns are there? 45 hours a week, 3 other tax interns and about 12 audit interns What are you doing? I was doing property taxes for my first four weeks which involved a lot of excel work. Now I m working on SALT credits which involves a lot of research. I ve done a little work with the international group helping them prepare presentations. From what I ve seen being successful at work is really about being a hard worker and picking up on things quickly. These are both skills that carry over from school. What are the benefits of the size of the firm? You get to know the people on your team really well which helps you from getting lost in the shuffle. I meet new people every day which keeps things interesting. The networking and opportunities are endless in such a big office. Who supervises your work? I get work directly from the senior I m assigned to but I also work pretty closely with my senior manager. Allison Kays, Class of 2011 I come in a little before 8:30 and check my and get started on work. I work throughout the day on whatever project I ve been assigned until I finish and then I go to my senior and ask for another job. She ll usually review my last job, we ll discuss it and then she ll teach me my next task. I eat lunch in the office usually 3-4 times a week and then people around the office like to take us out to lunch a couple times a week. I sit in a conference room with the other interns which is nice so we can bounce ideas off each other and chat while we work. Why did you choose tax? Do you like your decision? I chose tax because it was a natural fit for me; I just really enjoyed the puzzle aspect of the whole tax process and all the history and reasoning behind tax law. I am very happy with my decision and think I made the right choice. I am newly interested in provision work however which is the tax side of an audit. I always loved financial accounting but just wasn t that interested in auditing so provisions seems like a way to have the best of both worlds. Do you think the economy has affected your internship in any way? Apparently the soda at work used to be free. But more seriously people I ve talked to at EY have told me they used to have a lot more interns than they do now. So my internship hasn t really been affected except that I might have had more friends. Is your internship what you expected? I came in with very few expectations basically because I had no idea what to expect. But I expected it to be fun and it is. 3

4 Big Four: Pricewaterhouse Coopers, Jacksonville \ Interview By: Jonathan Stanley, Audit Intern, Class of 2011 Where is your office located and about how many people work there? There are three other interns; Jacksonville is a relatively small office. The dress code depends on the client. It is usually business casual but I did have to wear business professional for one week. How many hours a week do you work? I have worked 65 one week and 45 another but they average they hours. How much interaction do you have with clients? There is a decent amount of interaction with the clients. I have had to talk to managers, tax directors, and other people from the client to obtain information and gain an understanding of their business as it relates to the audit. What are you doing? I have made fewer copies than you might think. Jacksonville is a smaller office so I have had the opportunity to experience a variety of tasks from substantive testing to reviewing a 10-K. I use more than I thought I would. What I learned in class helps with the big picture, but most of what you need to know you learn on the job because it is specific to the client and their industry. Jonathan Stanley, Class of 2011 Do you get to travel? If so, Where? I have not traveled, other than to training in Miami, but I have the opportunity. There are three other interns, one is in Tampa this week and one will be in West Palm next week, so the opportunity is there if you want to. Is your internship what you expected? Yes, but I'm not sure I was prepared for these kinds of hours. I am getting used to it and it doesn t seem strange when 8 or 9 o'clock rolls around and I'm still at the office. Wake up, drive to work, work on testing and gathering evidence etc., take a lunch (although we work through lunch just as often if not more), work some more, drive home, get ready for bed, and do it all over the next day. What has been your most difficult task? Learning when to ask questions. There's a delicate balance between taking too long to figure it out yourself and asking the person across the table. What has been the most difficult transition from school to work life? It is a different type of stress. You have people counting on you to get things done and there are more deadlines and longer hours, whereas with school you get to manage your own time and always have the next exam looming over you. Why did you choose audit? Do you like your decision? I chose audit for the experience of seeing different industries and clients. I like my decision so far. 4

5 \ Mid Market: Cherry, Bekaert, & Holland, Miami Interview By: Yanelys Hernandez, Tax Intern, Class of 2010 I am a senior graduating in April. I am currently working at Cherry, Bekaert, & Holland at their new office in Miami. Since this is a new office for them, we are the first group of tax interns working at this office. It has been a challenging, but rewarding learning experience for me. How many hours a week do you work? It depends on the workload and whether clients have sent in their information for the current year return. Usually 40-45, though as April 15 gets closer, my hours have increased and I have started coming in Saturdays. What are you doing? I mostly work on 1040's or simple partnership and corporate returns. This week I have been creating shareholder and partner basis schedules. Understanding tax and accounting concepts and having the ability to learn quickly are the most important things I have taken from my classes and implemented at my work. Do you get to travel? If so, where? I do some light travel from my desk to the kitchen every so often for a glass of water, but other than that I have only traveled to North Carolina for our intern training. What are the benefits of the size of the firm? You know everyone you work with really well. It makes it easier to ask questions and for them to teach you not just how but why. Also, you get to work in all types of industries with all levels of staff. I got February 9, 2010 Is your internship what you expected? RSM I expected McGladrey to work lunch long with hours students and to learn new software and procedures, but I never expected there to Babicz be so much Terrace to 11:45am learn. Even to 1:00pm though I had done a 1040 before in Boyles class, the information was February handed to us. 10, At 2010 the office, the client sends, as an example, 50 papers of which 10 or less are actually PricewaterhouseCoopers needed for the return. Learning Make Responsibility what is relevant material and what isn't has been the hardest part, Count, because Babicz you don't Terrace want to 12:00 miss to something, 2:00pm but you also don't want to spend too much time deciding. I come in when the office opens around 8:30 a.m. and there is usually a stack of papers at my desk. Some Basketball are reviews returned Schedule to me for changes; others are completely new projects with no instructions. I then prioritize the work, ask the reviewers for budgets, and check my s. Next, I spend the next February couple hours 6, working 2010 on one of the returns; stopping to ask the senior that works in front of my cubicle questions, and then continue until the return is completed. I print a copy and hand it to the reviewer. UF vs. Mississippi State Then start on the next one. This cycle continues throughout the day. Sometimes I have basis schedules February to prepare, other 13, 2010 times I also have to do some of the procedural work of the return, like scanning work UF papers vs. Xavier into our system and organizing them for the reviewer to check my work. If I have work left, I may stay late, depending on what the next day looks like. February 18, 2010 UF vs. Auburn Visiting Firms to work with just about everyone my first week there, including one of the partners. Yanelys Hernandez, Class of

6 (Real) Bad Interview Responses How do you get along with others? Real answer: Fine, as long as they stay out of my face. Do you ever get angry with co-workers? Real answer: I don't get angry, I get even. What does the word failure mean to you? Real answer: It means I continue to collect unemployment insurance. What are your biggest weaknesses? Real answer: I can't concentrate for more than five minutes, hate all forms of authority and tend to fall asleep at my desk. Source: Challenge for the Number Nerd: Construct the given number using the four other numbers by performing addition, subtraction, multiplication, and/or division operations. Use each number only once. For example, 5 may be obtained from 1, 2, and 3, with the expression (3 + 2) 1. Good Luck! Make 42 out of 2, 3, 4, and 9. Make 4 out of 2, 5, 6, and 8. Make 40 out of 4, 6, 8, and 8. Make 17 out of 1, 2, 6, and 7. Make 43 out of 2, 5, 7, and 8. Make 17 out of 1, 3, 3, and 6. ( ( The Fisherman is Online! To view current and past issues visit: President: Kyle Kraft Kkraft1@ufl.edu Treasurer: Carlos Hondal Chondal@ufl.edu Historian: Michael Poiani mpoiani@ufl.edu FSOAC Spring 2010 Officers Vice President: Kate Schenk kvschenk@ufl.edu Assistant Treasurer: Cassie Donovan cassie17@ufl.edu The Fisherman Staff Editor-In-Chief: Kimberly Hilger khilger5@ufl.edu Assistant Editor: Chelsea Dickinson cedickinson@ufl.edu Features Editor: Erica Najmabadi enaj3229@ufl.edu Copy Editor: Jonathan Davis jonathandavis@ufl.edu Student Affairs Editor: Nicole Fernandez nfernandez@ufl.edu Entertainment Editor: Wendy Shi wendy1@ufl.edu Photo Editor: Matthew Parker matthewparker@ufl.edu Secretary: Eduardo Perez eaperez@ufl.edu Public Relations: Daniel Hornick dhornick@ufl.edu Communications: Jeff Soricelli Jeff4821@ufl.edu