Accounting & Financial Management

Transcription

1 The top employers by career sectors Accounting & Financial Management Training and keeping up to date with legislation is essential in this sector. Most graduates take professional qualifications that provide this specialist knowledge. A ccountants provide professional services to clients to ensure they are financially sound and compliant with relevant legislation. Those services include assurance, auditing, tax, insolvency, business and financial advice. Financial managers oversee an organisation s accounts and provide information and advice to its managers. They tend to start out as accountants and progress after completing the relevant professional qualifications. There is a range of different areas of accountancy, each of which focuses on a different aspect of how businesses function. For example, management accountants use financial data to help managers plan by providing income forecasts, analysing how a business is performing, and advising on how it could improve. In contrast, forensic accountants look through companies accounts to look for and investigate financial discrepancies. These can sometimes lead to legal proceedings, so top-level forensic accountants need a detailed understanding of the law. Accountants are also found outside the financial sector for example, working for the public sector or for NGOs and charities. In these sectors, being able to report on how funding has been used and advise on making the most of tight resources is essential. Professional bodies have created a wide range of qualifications to train graduates in each of these different areas of accounting. They also provide information and guidance on the various qualifications available. Opportunities for graduates All kinds of organisations from the Big 4 firms (Deloitte, EY, KPMG, and PwC) to small accountancy firms, as well as many public and private sector employers recruit graduates as accountants. You do not necessarily need an accountancy degree, but having a relevant finance background can gain you exemption from some exams. Graduates typically work within a firm while they complete a professional qualification, either on a training programme or in a junior post. Programmes usually involve exposure to all functions or departments within the organisation, and it can be intense due to the combination of work, study, and exams. However, some firms are willing to offer study leave and a great deal of support. To get a job in accountancy, students need to show excellent numeracy skills and commercial awareness, along with good communication, time management, analytical, and teamwork skills. TRAINING FOR PROFESSIONAL QUALIFICATIONS CAN BE INTENSE, BUT SOME FIRMS OFFER A GREAT DEAL OF SUPPORT. 22 SINGAPORE S 100 leading graduate employers 2013/14

2 The top employers by career sectors TOP RATED EMPLOYERS 1. PwC 2. EY 3. KPMG 4. Deloitte 5. Barclays 6. Shell 7. BDO LLP 8. McKinsey and Company 9. Credit Suisse 10. Monetary Authority of Singapore (MAS) The difference between the Singapore s 100 rankings and sector rankings You may notice that some employers sector rankings do not correlate with their positions in the overall 100 rankings. This is because the overall rankings and the sector rankings are evaluated with different metrics. The list of the overall 100 ranks graduate recruiters from all sectors of work by their popularity as first employers among all students who took part in the survey. The sector rankings, however, rank graduate recruiters by their popularity only with students who mainly indicate that they plan to work within that sector. Some employers operate in multiple sectors, or are popular with students who are still considering other careers. So it is not uncommon if, for instance, a big oil company is popular with students looking for a finance career. Though their core business mainly requires engineers, they still need to hire accountants or risk analysts too! Students interested in accounting and financial management were almost exclusively enrolled in business and financerelated majors.... had the lowest expected income when compared to their peers in all other corporate and engineering sectors.... used LinkedIn as their preferred social media channel for careers-related online interaction 73 per cent of the time.... were not very politically active during their student lives. Only 8.5 per cent of them were involved in some form of political activity.... were 10 per cent more likely to pick employers offering good career prospects over those offering professional development opportunities.... were least interested in potential employers efforts towards innovation. A P P L I C A N T S A T A G L A N C E Gender 55% 45% Year of Study 6% Graduated (Looking for work) Postgraduate Graduated (Working) 0.5% 34% 7.5% Final S T U D E N T R E S P O N S E S On campus, I hear about jobs via... (top five factors in order) 1. Internship/part-time position adverts 2. Career/Employer presentations 3. Stands at campus careers fairs 4. Invitations to off-campus events 5. Sponsorship Top subjects of study (Top 5 only) 1. Accounting 2. Finance 3. Economics/Business studies 4. Business information systems/technology 5. Management 21.5% 6% 9.5% Penultimate Average Expected Income S$ 36,054 per annum I have done work experience related to my course YES 15% Second Third First Average number of job applications made: 11 73% NO 27% SINGAPORE S 100 leading graduate employers 2013/14 23

3 MICA (P) 101/02/2014 ISSN: th edition In association with Research by The view from the top S E C T I O N 5 The view from the top & Rising stars Top-level managers and high-flying graduates at highly-rated employers share stories about their careers so far, and pass on advice that they would like to give to you! It s more important to work in a good organisation than to start in a good position. David Kolpak, Chief Technology Officer, Bank of America Merrill Lynch I felt that I could only see the tip of the tail, and was unable to visualise the entire animal. Germaine Tan, Aviation Sales Manager, ExxonMobil Anyone who thinks accounting is boring must be doing it wrong. Adrian Lee, Audit Partner, BDO 2013/14 4 th edition The most popular graduate employers as voted by students and graduates in Singapore Remember to quote Singapore s 100 Leading Graduate Employers on your job application! Singapore s 100 Leading Graduate Employers 2013/14 4th edition BEST EMPLOYERS BY SECTOR INSIGHTS FROM RECRUITERS WHAT TRENDS IN GRADUATE RECRUITERS RECRUITMENT % SINGAPORE S 100 Leading Graduate Employers 2013/14 57

4 View from the top Staying on top of the game Years in auditing have shown Adrian what s important as a leader. Career Highlights I started my audit career in BDO after graduating from an Australian university. I then ventured off to a Big Four firm, where I spent the last twelve years working on various industries such as oil & gas, manufacturing, and even education. I rejoined BDO last year as a partner when an opportunity arose, as I saw this as a positive and exciting career development. It is important to build a strong foundation in the early years of your career. I had the option of starting my career either as an accountant in a commercial business, or as an auditor in a public accounting firm. Being young and adventurous, I wanted a job that provided me with the opportunity to travel overseas and meet people. I decided to start with BDO since as an international accounting firm they have a global client base in various industries, a defined structure, and a willingness to provide me with essential training to prepare me for the challenges ahead. Way down in Texas During the course of my career, my most memorable experience was spending two years in Houston, Texas on a global development programme. As the oil and gas capital of the world, Houston provided me with the perfect platform to learn more about the oil and gas industry, to appreciate different work environments and cultures, and most importantly to meet new people. This overseas assignment certainly broadened my outlook and changed my perspective in life. I learned to appreciate how business is conducted across borders, and the experience equipped me with the knowledge to deal with my overseas clients. You need to be open-minded and be prepared to embrace significant changes to your life if you have plans to relocate overseas for a job assignment. Proactive, not reactive Becoming a partner at BDO is my biggest achievement so far, and an important milestone in my career, as this is a recognition of my skill sets and experience in the industry. The roles and responsibilities of a partner are challenging yet exciting, as clients see you as their trusted advisor. This provides you many more business and networking opportunities in the industry. In this competitive business environment, you need to be proactive not reactive to changes in the global business, accounting, and regulatory environments. Your clients both expect and appreciate sound advice and guidance, and you need to be able to deliver. The key challenge of being an auditor is keeping up with such changes to accounting standards and the regulatory environment in order to stay relevant. I read a lot of business journals, industry publications, magazines, and newspapers regularly to keep myself updated, as it is important to know what is going on around you. Anyone who thinks accounting is boring must be doing it wrong. A high staff turnover rate is also inherent in the audit industry. As such, staff recruitment and retention has always been a priority for me. Having the right people and skillsets is critical for business continuity, and for minimising disruptions to ongoing business engagements. ANYONE WHO THINKS ACCOUNTING IS BORING MUST BE DOING IT WRONG. The rewards of leadership A leader should be a trusted mentor, inspirational, and able to motivate his or her team even in the toughest times and Adrian Lee is an audit partner at BDO LLP most challenging situations. I believe good interpersonal and communication skills are essential to achieving this. Personally, I believe the rewards of good leadership comes from bringing the best out of someone, which is instrumental to the success of an audit firm. You need to motivate your team and to clearly communicate your expectations and the deliverables necessary to meet engagement timelines. Be prepared to teach, and to share your experiences and knowledge in your daily work, bearing in mind that your team is only as strong as its weakest link. I have remained in the audit industry for so long because I have had the privilege of working with leaders/mentors who inspired me with their knowledge, leadership, and interpersonal skills. Finding work-life balance I like to think of my career as a marathon you need to set a comfortable pace to reach your destination. I have seen many fresh graduates eager to prove themselves by working long hours in the early stages of their career. As a result, they get burnt out after two to three years, as they spent too much time at work and get far too stressed out. It s important to strike a work-life balance and to take time off to rejuvenate and enjoy the company of the people around you, especially your family and friends. Be focused on your long-term goals, but at the same time set achievable short-term goals along the way to motivate yourself. Time management is critical in achieving the work-life balance that everyone is talking about. Always prioritise and focus on the most critical tasks, and do not procrastinate. It is not work if you enjoy what you do. But most importantly, enjoy the journey! SINGAPORE S 100 Leading Graduate Employers 2013/14 61

5 Rising stars Going behind the numbers Kim Man weathered a steep learning curve to raise her game as a professional auditor. After I graduated from the Nanyang Business School (NBS) at Nanyang Technological University (NTU), auditing was among my top career choices. In auditing, you are exposed to multiple opportunities to learn and excel, such as studying company accounts and operations, as well as understanding how different industries work, which greatly excites me. I first started out as an Audit Associate with BDO, where I was involved in multiple projects mainly in the manufacturing and construction industries. The experience has been very positive so far. The familyoriented culture and helpful and patient seniors have helped me to integrate to the company quickly. Varied work In auditing, your work is generally based on projects or bookings, so it may vary quite a bit. My responsibilities include examining company accounts, maintaining financial control systems, checking and analysing financial data, identifying process efficiency and making recommendations if possible. The latter can be quite challenging at times. One of my biggest challenges when I first started was having to analyse the variances of the prior year and current year figures. Being a fresh graduate, I had difficulty understanding industry and market factors and how they affect a company s entity across its financial year. Hence, the initial learning curve was quite steep, but I was eventually able to digest and piece all the information together. Thereafter, I made it a point to continuously update myself with the latest industry news and market reports of my projects, so that I would be able to process such information at a much faster pace compared to when I first started out. My biggest achievement The one thing that I would describe as my biggest and most memorable achievement was being able to make a recommendation to the process and controls of a certain IN AUDITING, YOU ARE EXPOSED TO MULTIPLE OPPORTUNITIES TO LEARN AND EXCEL. company, which they accepted. This in turn changed the way they ran their daily operations, which benefited the entire community. The sense of pride and achievement when you go behind the numbers in fieldwork discovering something new and able to make such a huge impact is really indescribable. Naturally, the client was very appreciative, and I felt a great sense of accomplishment. Avoid snowballs! I would say maintaining a high level of selfmotivation, determination and confidence Sek Kim Man is an Audit Associate at BDO LLP 2013 Graduated with degree in Accountancy from Nanyang Techonological University 2013 Joined BDO LLP as Audit Associate in your abilities would be the most essential ingredients to doing your job well. In auditing, tight deadlines come around very often, and a lot of things are dependent on teamwork. You need to be enthusiastic to finish your own tasks on time so that things do not end up snowballing, which may require you to put in extra hours. I was lucky because I was one of the EXCO members of a sports club at NTU, which meant I had to juggle a lot of tight deadlines plus sleepless nights between events and school assignments. Looking back, it all seemed to have paid off here! For fresh graduates, remember your FRS (financial reporting standards) well! You do not always have the luxury of referring to the textbook when you are working. The initial learning curve can be quite steep, so keep your passion and adrenaline going! Staying up-to-date with the latest industry news helps a lot too! 62 SINGAPORE S 100 Leading Graduate Employers 2013/14

6 Rising stars An eye for taxes John s work in tax advisory requires a serious eye for detail. After completing my O-levels, I wasn t sure of the career path I wanted to take. I chose accountancy because I wanted to do a business-related course and I knew that accountancy was a profession that could open many possible career pathways for me. While pursuing my diploma in accountancy, I had the opportunity to do a tax internship at one of the Big Four accounting firms, which exposed me to the business of tax consultation. Apart from preparing tax computations for a portfolio of companies from various industries, I got to appreciate how companies could utilise various tax incentive schemes to maximise tax savings. I also learned to appreciate the policy intent of such schemes and how they drive business behaviour. As I progressed in my career from a Senior Tax Associate to a Tax Senior in BDO, I had the opportunity to work in tax controversy, where I was involved in assisting clients with replying to queries from the tax authorities. All about relationships The main responsibility of the job is to assist clients with the management of their tax affairs. This includes preparing income tax computations and income tax returns for corporations and individuals, as well as assisting managerial clients with ad-hoc tax advisory cases that they may require from time to time. One of the interesting aspects of this job is relationship management with clients. At BDO, we are given autonomy and responsibility in managing client relations, especially when it comes to liaising with clients for necessary information to complete their tax returns. As a professional, this helps me to not only build technical skills in taxation, but also helps me in building rapport with clients. However, every job brings inevitable challenges, such as managing client expectations. These may include managing timelines for completion of tax returns, or working with managerial clients concerning fee negotiations. One of the key challenges I face is work efficiency. As we are tasked with managing a portfolio of clients, proper time management is required to ensure returns are filed promptly and good service is maintained while not compromising on work quality. A good way to enhance time management is to plan your work day. I do this by jotting down the things I want to do for the day before I get down to it. This helps me to manage the time required for each task, so as to ensure maximum productivity. Innovation with taxation One of the more memorable moments of my career was when I was tasked to prepare a reply to queries from the tax authority in relation to a construction company. TRY OUT AN INTERNSHIP LIKE I DID, TO SEE IF TAX IS REALLY YOUR CUP OF TEA. The queries were mainly relating to the company s claims under the Productivity and Innovation Credit Scheme, a tax scheme introduced in 2011 by the Singapore Government to encourage businesses to enhance productivity such through methods such as using IT and automation technology, training employees, and acquiring intellectual property. While the work done was extensive, with many counterarguments from the tax authority, there were plenty of good takeaways from the project. Not only did we gain a better understanding of the scheme and how the tax authority enforces John Chua Minghui is a Tax Senior with BDO Tax Advisory Graduated with a Diploma with Merit in Accountancy at Ngee Ann Polytechnic 2011 Graduated with a Bachelor s Degree (Second Upper Honours) in Accountancy, Nanyang Technological University 2011 Joined Ernst & Young Solutions LLP as Tax Associate 2012 Joined BDO Tax Advisory Pte. Ltd. as Senior Tax Associate 2013 Promoted to Tax Senior in BDO Tax Advisory Pte. Ltd. it, but the client was also able to settle and wrap up tax issues which had remained outstanding for quite some time. A keen eye for detail I think the most important skill to perform this job well is an eye for detail. Working in tax advisory requires you to analyse financial statements, income and expense documents, as well as any other information that may be provided by clients. An eye for detail is necessary to ensure that you are able to pick up key items to investigate and query further. If you are thinking of joining the tax profession, I would advise that you try out an internship like I did, to see if tax is really your cup of tea. While the field of taxation is rather specialised, it can be a viable career if you are looking for a niche area of accounting to develop your skills in. SINGAPORE S 100 Leading Graduate Employers 2013/14 63

7 BDO R A N K I N G S 7th Accounting & Financial Management 92nd In the top 100 BDO. Because Relationships Matter. More about us BDO Singapore is a full-service professional audit, tax and advisory firm across a wide spectrum of industries. As a member of the fifth-largest accounting network in the world with over 1,264 offices across 144 countries, we are committed to provide tailor-made solutions with our global expertise. Service excellence is at the heart of what we do and our mission is to be a spontaneous leader in exceptional client service. Our distinctive reputation for building close personal relationships with our clients is built upon our commitment that what matters to them matters to us. We work with our clients to define what exceptional client service means to them and we aim always to bring insight and up-to-date thinking to help them meet their objectives. Our services include audit and assurance, tax advisory, business restructuring and forensic accounting, risk advisory, corporate finance, management consulting and outsource accounting. BDO in Singapore is also an accredited training organisation for the Singapore Qualification Programme (QP). Contact Ms. Shealin Koh BDO Singapore 21 Merchant Road Tel: +(65) Fax: +(65) Web: [email protected] Type of business Minimum degree classification required To be part of our team, you should possess an accounting, finance or business degree; or a qualification recognised by ISCA or other professional bodies. Internship programme Yes Application deadline for internships Applications are accepted all year round Number of employees Locations Singapore, Malaysia, Philippines, Thailand 80 SINGAPORE S 100 Leading Graduate Employers 2013/14

8 AUDIT. TAX. ADVISORY BDO. BECAUSE RELATIONSHIPS MATTER BDO in Singapore is part of the international BDO network of independent member firms, the world s 5th largest accounting and consulting network. Our global network has 1,264 offices in 144 countries with a combined professional staff of over 56,300 providing business advisory services throughout the world. BDO attracts highly talented and ambitious professionals with a global focus on the recruitment and retention of passionate people. The network s distinctive employment value proposition offers flexibility and autonomy within a stimulating and diverse environment, where our employees are nurtured and talents are shared. To explore a career path with us, kindly submit your application to [email protected]. Audit and Assurance Business Advisory Tax Advisory Financial Risk and Governance Risk Advisory Management Consulting Business Restructuring and Forensic Accounting Outsource Accounting BDO LLP 21 Merchant Road #05-01, Singapore Tel: Fax: Find us on Facebook