JOHN MOLSON ACCOUNTING SOCIETY ACCOUNTING INFORMATION HANDBOOK

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1 JOHN MOLSON ACCOUNTING SOCIETY ACCOUNTING INFORMATION HANDBOOK

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3 JMAS EXECUTIVE TEAM Back Row: Alexey Oleshko (VP Finance), Salar Molaei (VP Corporate Relations), Joseph Bartlett (VP Recruitment), Christopher McGrory (Co-President), Showrav Das (Co- President), Thomas Burelle Tremblay (VP Marketing), Gilbert Leoanthony Brophy-cortez (Director of Events), Tashi Alexander-Ryan (VP Projects) Front Row: Bermet Marat-Kyzy (Director of Events), Melissa Greene (Director of Events), Lara Bohbot (VP Career Development), Stephanie Goodman (Director of Marketing), Sarah Wilson (VP Internal Affairs), Juliya Regy (VP Projects) Missing: Jamar Scott (VP Academic) Contact Us: 1450 Guy, MB Montreal, QC. H3G 1M8. facebook.com/jmasjmsb Tel: (514) ext Fax: (514) attn. JMAS twitter.com/myjmas

4 EDITOR'S NOTE Welcome new and returning students! It s that time of the year again, where we say goodbye to summer, and hello to the start of a new academic year. Many of you may not be looking forward to going back to school, but rest assured, as the JMAS team has been working hard over this past summer on making sure that this year will be filled with plenty of opportunities to meet new people, network with professionals, and make new friends. The John Molson Accounting Society is pleased to present to you the Accounting Information Handbook The purpose of this handbook is to help students navigate their way through their accounting major. There s a lot of information thrown at students all at once, and at times, it can be overwhelming, especially for students in their first year of university. Our team has put together this handbook in hopes that it will help clear up any confusion and answer the majority of your questions. For any other questions you might have, feel free to visit us at MB There will always be someone more than willing to help out. We look forward meeting all of you, and on behalf of the entire team, I wish you all a wonderful year! Stephanie Goodman, Director of Marketing

5 TABLE OF CONTENTS President's Welcome... 6 About JMAS... 7 About Accountancy... 8 CPA Merger Information... 9 Chartered Professional Accountant The CPA Certification Program Tips for Students Mentorship Program Certified Public Accounting (U.S. CPA) Do Your Homework Getting Involved Recruitment Season List of Events... 22

6 PRESIDENTS' WELCOME Dear readers, We would like to thank you for your support of the John Molson Accounting Society (JMAS) as we bring to you the accounting information handbook. Here at JMAS, we strive to enhance the university experience of undergraduate accounting students by providing opportunities to bridge the gap between the L Ordre des Comptables Professionnels Agréés du Québec (OCPAQ), accounting professionals, faculty members and their peers. Having won the Best Association of the Year from the Commerce and Administration Student s Association (CASA) for the academic year, we are committed to bringing you another year of bold, new exciting ideas. JMAS has become an integral part of the accounting undergraduate student body over the last years as we are in the best position to understand and help our fellow students through their academic careers. This year we have made it a point to increase our presence on campus and the number of students who use JMAS resources. We have also been working hard to increase our involvement with external organizations such as les Jeunes CPA de Montreal, as well as other student associations within Concordia, UQAM, McGill and HEC. We would like to use this handbook as a way to welcome you to the new academic year. To another amazing year for the John Molson Accounting Society! Signed, Christopher McGrory & Showrav Das 6 Accounting Information Handbook jmas.ca

7 ABOUT JMAS What is JMAS? The John Molson Accounting Society (JMAS) is a student run association operating as a subsidiary of the Commerce and Administration Students Association (CASA) of the John Molson School of Business (JMSB). As one of the oldest associations in JMSB, we have the honor to represent the largest major specific student base; the accounting student body. We strive to enhance the university experience of accounting students by providing opportunities to bridge the gap between the L Ordre des Comptables Professionnels Agréés du Québec (OCPAQ), accounting professionals, faculty members and their peers. Who are we? The 2013 team is composed of 15 regular, and yet special, undergraduate JMSB students. Even while taking a full course load, doing internships through co-op, working part time, participating in case competitions, and managing somewhat of a social life, we work arduously to bring added value to our peers. The team was formed by our two co-presidents, with the goal in mind to shine a bright light on our school and it s students. As an organization, we strive for three things; competence, excellence and character. Our team is composed of students who are on the precipice of graduation, others who are about to begin their second year, and some in between. However, we all have one thing in mind, and it is to make the most out of our mandates. What do we do? Our main priority is to bring as many opportunities as possible to our student body. We do so by organizing academic, social and professional events. Our annual recruitment cocktail is the highlight of the year, with over 500 students and company representatives networking together. As a result, our students have been recognized as the talented professionals they are. Furthermore, we represent Concordia University at many external accounting conferences. We also represent the accountancy student body on the Board of Directors of the CASA. Throughout our mandate, we will strive to organize the best academic and social events possible to enhance the university experience of all students at JMSB. jmas.ca Accounting Information Handbook 7

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9 ABOUT ACCOUNTANCY Jamar Scott Often times people confuse bookkeeping with accounting. In effect, they confuse a part of accounting with the whole. Bookkeeping involves the routine, clerical part of accounting and requires only minimal knowledge of accounting. In contrast, an accountant is a highly trained professional, competent in the design of information systems, analysis of complex transactions, interpretation of financial data, financial reporting, auditing, taxation and management consulting. What is accounting? Accounting is a communication process involving an audience (users) with a wide diversity of knowledge, interest, and capabilities. Accounting that concentrates on reporting to internal users is called management accounting and is used to provide information to employees, managers, and auditors. Management accounting is primarily concerned with providing a basis for making management or operating decisions. Accounting that provides information to external users is called financial accounting and is used to provide useful financial information about an economic entity to decision makers. Accountants analyze, measure, gather and record data in order to accommodate stakeholders with information that is relevant and reliable. In general, the main users, notably creditors and shareholders, intend on financing an economic entity with the expectation of receiving a return on their investment. The data gathered by accountants serve to protect the interest of the stakeholders, assuming that they have a general understanding of the accounting information provided. Accountant s help stakeholders of a business make sound capital allocation decisions. What is auditing? An audit involves the examination of the financial reports (prepared by the management of the entity) to ensure that they represent what they claim and conform with generally accepted accounting principles (GAAP). The auditor's responsibility is to express an opinion on the financial statements and keep the public in their best interest. Accountants are found in virtually every business. Without them, we would not be able to determine an economic entity's financial position. Accounting is sometimes referred to as "the language of business" and rightfully so, because of it's vital position in the business world! jmas.ca Accounting Information Handbook 9

10 CPA MERGER INFORMATION Jamar Scott In early 2011, the provincial government s Office des profession, who oversees the three accounting bodies (CA, CMA and CGA) invited the Board of Directors of all three bodies to reflect on the future of the accounting professions in Canada. The three accounting bodies were interested in exploring unification. During the summer of 2011, the Board of Directors presented the highlights and guidelines of the unification to members and stakeholders. That fall, all three Board of Directors issued a favourable unification recommendation to the Office des professions. On May 16th, 2012, the three accounting bodies in Québec became the first to merge under the Chartered Professional Accountant (CPA) designation in Canada forming the L Ordre des comptables professionnels agréés du Québec. Bill 61 is a constitutional amendment which was passed in order to merge the CA, CMA, and CGA designations. The passing of the legislation in Québec represents a significant milestone. The legislation presently serves as a model for the other provinces in Canada. The accounting bodies in Québec now speak with a unified voice, holding their presence among doctors, lawyers, and engineers. The goal of this unification is to provide quality service to clients, as well as to make the professional designation more recognizable on an international level. Efforts to unite accounting bodies in other Canadian provinces are underway while the unification framework in Québec is being used to guide unification discussions in other provinces. 10 Accounting Information Handbook jmas.ca

11 Chartered Professional Accountant (CPA) Jamar Scott What is a CPA? CPAs hold a unique designation that positions them strongly in the business world. Being a CPA requires you to apply your expertise in assurance services, advisory, strategy or public accounting in the organization of your choice all while staying align with your values and career objectives. CPAs can be found in a multitude of sectors including high technology, the arts, sports and finance. The profession is truly at the center of it all; every door in the business world is open to them. Opportunities Available CPAs have an exciting world of opportunities. As with medicine, law or engineering, a number of paths are open to CPAs to enhance their expertise and advance their careers. CPAs in industry are involved in decisions in many of the organizations vital functions. CPAs in public practice spend very little time at the office as they visit clients on a regular basis organizations of all sizes and from all industries to meet with management and provide advisory, strategy, or assurance services. CPAs can also be entrepreneurs and leaders of economic development because of their solid business management expertise and strategic vision. Other specific paths a CPA can take are as follows: Forensic Accounting Taxation Finance Information Technology Business Valuation Internal audit Insolvency and restructuring Assurance jmas.ca Accounting Information Handbook 11

12 How? Four steps to the CPA designation 1. Obtain a recognized undergraduate degree A bachelor s degree in accounting or a certificate in accountancy having fulfilled all the prerequisites and minimum requirements as per university 2. Complete the graduate-level Professional Education Program (PEP) 3. Pass the CPA entrance exam 4. Gain practical experience Serve a practical paid training period of 24-months (or 2,500 hours) with an accredited accounting firm. Please note that public accounting candidates must complete at least 1,500 hours of qualifying professional experience in assurance. Academic Requirements To be considered for admission into the CPA graduate program at JMSB, you must have the following: Minimum Cumulative GPA: 3.0 An undergraduate degree from a recognized university Potential candidates MUST score a minimum letter grading of B- in the following courses: COMM 226 COMM 308 COMM 315 COMM 401 ACCO 310 ACCO 320 ACCO 330 ACCO 340 ACCO 420 ACCO 425 (Offered as ACCO 470N in Fall 2013 and Winter 2014) ACCO 435 (Formerly ACCO 430) ACCO 440 ACCO 450 ACCO 465 Please note that a B- is NOT required in ACCO 400 for admission into the CPA Program. 12 Accounting Information Handbook jmas.ca Accounting Information Handbook 12

13 THE CPA CERTIFICATION PROGRAM Jamar Scott This Professional Education Program (PEP) is a 2 year program for part-time students or 1 year program for full-time students. The Program Structure Year 1: Completion of the six Common Streamline Modules 1. Financial Reporting 2. Strategy and Governance 3. Management Accounting 4. Audit and Assurance 5. Finance 6. Taxation Year 2: Selection of Elective Modules Candidates must select any two of four modules: 1. Assurance 2. Performance Management 3. Tax 4. Finance Please note that Public Accounting Candidates MUST choose Assurance and Tax. Candidates must successfully complete a profession developed exam preparation course in order to sit at the final exam. Finally, candidates must pass a uniform final exam (UFE) where they must demonstrate breath in all six core competency areas and depth in two core competency areas: that is, Financial Accounting OR Management Accounting, PLUS one of the other four aforementioned competency areas. Please note that Public Accounting Candidates MUST demonstrate depth in Financial Accounting and Assurance. jmas.ca Accounting Information Handbook 13

14 THE FUTURE IS NOW EMBRACE EXCELLENCE Are you interested in being part of something bigger? Apply to become a volunteer at

15 Tips for Students Aspiring to be a CPA 1st Year Students: Start off Strong: As a first year student entering university, you will most likely enroll in many general commerce classes as they are prerequisites for starting off your accountancy courses. Since these courses are considered easier than your major accounting courses, it is suggested that you try your best to keep your grades high and obtain a high GPA than to start off with low grades and a low GPA and having to raise it to the university s standards. Get Involved Early: This is a great way to make friends, all the while building a network of contacts and giving back to the university. There are numerous associations and committees that you can join at JMSB. If you would like to volunteer to help JMAS, stop by our office on the 4th floor, room 118, and we will be happy to get you involved with the team! 2nd Year Students: Apply for Internships: All accounting firms are looking to hire second year students for a summer internship. This gives you the opportunity to experience what the CPA profession entails outside of a school setting. Make sure to complete your CACEE form and send it electronically to the firms you are interested in by September 18th, 2013 at noon! Maintain Your Grades: If you have received good grades in your first year keep it up! If you did not do not worry, you still have ample amount of time to bring up your GPA in time for graduate school. Do not hesitate to seek help from an advisor to plan a balanced schedule for your remaining courses or to hire a tutor to go over weekly topics you have covered in class. Once you start your ACCO classes, the course material tends to be more difficult so be sure to spread out for COMM and elective classes so you do not end up with only ACCO classes by your third year at JMSB! jmas.ca Accounting Information Handbook 15

16 Do not forget about your electives: While planning to take COMM classes and ACCO classes, it is also important to remember to take elective classes as well. JMSB requires students to take 8 electives, 4 business electives (within JMSB) and 4 non-business elective (any course outside of JMSB, within any other faculty). You can refer to the following worksheet to help you plan your courses and semesters at JMSB: landing_page/docs/ _90_credit_worksheet_bcomm_ pdf Visit johnmolson.concordia.ca/undergrad for additional tools and registration information. 3rd Year Students: Missed Last Year s Recruitment? Do not worry! The firms attending the CPA Recruitment Cocktail will also be looking for students for full-time positions, right after they have graduated from their undergrad. At this point, you should have all the necessary qualifications (mentioned above) to get into the CPA program. Balanced Lifestyle: University may seem overwhelming at first but you must not forget to relax and take some time to concentrate on yourself and your personal life. Be sure to take a course load that you can handle, taking into consideration whether you work or not, volunteering, associations, committees, clubs, etc. In the first week of classes, you will receive course outlines this will help you determine how many hours per week you will be spending on the course material. If you need help choosing courses or have any other questions/concerns, do not hesitate to book an appointment with an advisor by calling (514) ext. 2721! 16 Accounting Information Handbook jmas.ca

17 LLP Leadership: inspire others Creativity: think outside the box Innovation: reinvent yourself Passion: put your heart into it Confidence: believe in yourself Team spirit: commitment to others Empathy: listen and be open Excellence: exceed yourself APPLY NOW Member of the global network

18 MENTORSHIP PROGRAM Lara Bohbot The mentorship program is a chance for you to learn from a professional who has been in your shoes. A mentor is there to help and to listen when you are having a hard time with work or school. Someone who has had the same experiences and can relate to the uncertainty and difficulties students can and will run into. A mentor can also offer professional advice to make sure you stay on the path to a successful career. Drawing on the knowledge gained by these professionals along with the networking opportunities that are being offered will be an invaluable asset to any accounting student looking to not only succeed but also excel. This program is a great way to connect with people who are CPA s specializing in industry. They will help guide you through the process of accountancy in industry. There will be 3 events (October, November, February) featuring guest speakers on various topics that will certainly benefit everyone who attends. JMSB is the only school to offer this mentorship program at the undergraduate level. We hope that with your participation we can make this year s program even more successful than the last. Signup forms will be available on the JMAS website. Please don t hesitate to me if you have any further questions at lara.bohbot@jmas.ca Looking forward to meeting you all on the path to becoming successful Accountants! 18 Accounting Information Handbook jmas.ca

19 CERTIFIED PUBLIC ACCOUNTING (U.S. CPA) Jamar Scott Why Become a U.S. CPA? The CPA (Certified Public Accounting) designation opens many doors in the world of accounting. Universities, corporations, governmental agencies, and not-for-profit organizations are learning the powerful impact that a CPA can have on their institute. The demand for Certified Public Accountants are on the rise as 75% of today s CPAs will be retiring 15 years from now. Due to the various disciplines emerging in our industry, your opportunity to excel in the environment is everlasting. What are your options as a U.S. CPA? What you do as a CPA depends on your professional goals and your interests. The CPA designation gives you a chance to branch out in the following fields: Environmental, General, International, OR Forensic Accounting Financial Analyst Audit and Assurance IT Services College & University Instructor Internal Auditing Consulting Services Tax and Financial Planning Work and Academic Experience Candidates have a 7-year window to acquire one-year s worth of relevant work experience either before or after the examination. Work experience consists of positions in accounting, tax, financial management, consulting, or advising. Candidates must have a minimum of 120 credits of post-secondary education. To be eligible to write the CPA exam, candidates must accumulate at least 12 credits in accounting courses and 12 credits in other business related courses. jmas.ca Accounting Information Handbook 19

20 The U.S. CPA Examination Candidates must pass a detailed four-part examination called the Uniform CPA Examination prepared by the American Institute of Certified Accountants (AICPA). The exam consists of various topics such as: 1. Financial Accounting & Reporting (FAR) 4 Hours 90 Multiple Choice Questions 7 Task-Based Simulations 2. Auditing & Attestation (AUD) 4 Hours 90 Multiple Choice Questions 7 Task-Based Simulations 3. Regulation (REG) 3 Hours 72 Multiple Choice Questions 6 Task-Based Simulations 4. Business Environment and Concepts (BEC) 3 Hours 72 Multiple Choice Questions 3 Written Communication Tasks Preparation Becker s Professional Education is an institute that has had great success in helping their students achieve high pass rates. Over 400,000 students have prepared and passed with Beckers. Of those who have written recent CPA examinations, 9 of the top 10 scorers have prepared with Beckers. For any further inquiries about the Certified Public Accounting designation you may contact: Sylvie Lavoie s.lavoie@morganintl.com Phone: (514) ext.4144 Mandy Albert m.albert@morganintl.com Office: MB Accounting Information Handbook jmas.ca

21 COME TAKE A BREAK, IT S ON US. Meet the team. Get informed. Get involved. jmas.ca Accounting Information Handbook 21 Coffee Tuesday is hosted on the first Tuesday of every month, in partnership with our sponsors. Coffee is provided by Cafe Starbucks Coffee.

22 DO YOUR HOMEWORK. Salar Molaei Many confuse accounting with mathematics and believe that knowing a simple formula will solve all their booking problems. However, it is important to understand that accounting is the law of numbers. Students who excel in class are those who understand and grasp the concepts of accounting. Teachers explain these concepts in class but teach them through the assigned problems. Throughout your academic career, you probably did not assign too much importance to your homework but I am here to tell you that your golden days of cramming are now behind you. You are now in the big leagues, and talent will only get you so far. You are going to need to read the chapters, do the problems, and have questions ready before the class starts. You are going to have to be able to manage your time and assign a few hours of your day to sit in the quiet section of the library and quietly bang out those problems. Let me be the first to tell you that looking at the solution before attempting to complete the problem will not help you. You have to accept that you will make mistakes but you have to learn from them. As a first year accounting student, your foundation is important to house the rest of your accounting knowledge. Although you are in the most competitive business degree, remember that your student peers are also strong assets and can help you sharpen your accounting skills. Working together can also help push through the harder chapters as well as improving your network. Don t be afraid to visit your teacher during office hours before an exam to go over tougher concepts. At its essence, accounting is a simple sport. It is routines and rhythms stead fast and universal. Stay alongside those you know best, learn from those who you trust most, respect the wisdom of those who ve been there before, and embrace the promise of those just on their way. Most of all, slowly but firmly, sharpen your focus to the brutal task that lies ahead; punish the exams more than they punish you. 22 Accounting Information Handbook jmas.ca

23 GETTING INVOLVED Christopher McGrory Would you like to become part of the JMAS Executive Team? Getting involved in the John Molson Accounting Society (JMAS) or any student club or association within JMSB or Concordia is a great experience to take advantage of. Getting involved is not just about dedicating your time, but about developing your personal skills. Some of these include: Time management, teamwork, and expanding your personal network. Getting involved can be very demanding and sometimes might get a bit overwhelming, however it such a rewarding experience! You will develop a sense of belonging, as you become an integral part of both the JMSB and Concordia student life. Each year, JMAS begins its recruitment campaign for its First Year Representative position in September. It is important to note that this position is only open to first year students at Concordia. First year representative s can expect to become part of the executive team and will be assigned the following duties: Help to plan and promote JMAS events to first year students Aid the executive team in their duties within the JMAS Attend all JMAS meetings For all other executive positions, the recruitment campaign begins in the month of February. Be sure to check out our website as well as the CASA website (casajmsb.ca/ apply-to-get-involved) for more information on how to apply. jmas.ca Accounting Information Handbook 23

24 RECRUITMENT SEASON Joseph Bartlett Recruitment season can be hectic and stressful for many people. But by planning ahead, you will alleviate most of the stress, and turn this September s recruitment into one of the best experiences of your life. So much information over a short span of time can seem overwhelming, but if you sit down and take an hour to understand how the process works, you will realize that you are more than capable of handling recruitment. By the end of it you will gain priceless networking experience and a real taste of business cocktails. You may be wondering what recruitment is. In September, many of Montreal s accounting firms look to recruit Montreal s future accountants, and this process is called recruitment. If you are looking for a career in accounting, you are quite fortunate as this process will really help you get on the right path. During this period firms are actively looking to hire students whether as summer interns, part-time or even full-time. The opportunities and jobs are there for you to take; all you have to do is prove yourself, get involved, and get noticed. CACEE It all starts with the CACEE form. This standard form is used by employer recruiters and career service professionals and is provided by The Canadian Association of Career Educators and Employers. A CACEE form is a supplementary job application that you must fill out in order to submit to firms throughout September. Without going into too much detail, you should note that this form can take hours to fill out, so start it as soon as possible. You can find many templates online to guide you through writing this resume, which can give you a really solid foundation to start on. It consists of 5 pages in which you are asked to disclose some information about yourself, along with a summary as to why you believe you will be a good candidate. Firm tours Besides this form, what else does recruitment consist of? The most time consuming part of your September will be attending the tours of the firms you are interested in. Firm tours can vary in length and time but they all consist of a very similar structure. They allow you to see the environment of the firm, a view of their offices, gives you a crucial opportunity to network and make a good impression. You are given a chance to talk with members of the firm, 24 Accounting Information Handbook jmas.ca

25 so you can discover whether you can see yourself working with them in the future. Often you will hear the word Fit throughout your recruitment proces. This term refers to how you feel when you connect with the culture and employees of a firm. Do you feel like you have found the right Fit with a certain firm? If so, you may be one step closer on deciding where you wish to start your career. Seminars Seminars are another resource provided during September that you want to make use of. There are many different kinds of seminars such as networking seminars, interviewing seminars and CACEE seminars. Each firm may choose to provide their own personal seminars tailored to a particular subject of their choice, so it is unlikely that any two seminars you attend will be the exact same. Once again these seminars provide a great opportunity to network with the firm s representatives. Having a recruiter know who you are before they even receive your CACEE can really provide you with an advantage over the other applicants. Your university will also have a few seminars to help you develop crucial skills such as perfecting your interview and how to polish your CACEE to make it look as appealing as possible. The Cocktail The final and biggest event of recruitment is the Recruitment Cocktail which usually takes place close to the application deadline. Almost all firms are looking to recruit students that are present at this cocktail. You will have the chance to meet with firm representatives once again, which can help you make a final decision as to where you wish to start your career. If you already have your sights set on a certain firm, this event also provides you the opportunity to leave one last final impression before sending in your CACEE. The night of this three hour networking opportunity flies by fast, so you should try to make the most of your time and network as much as possible. Now that the basics have been discussed, the opportunities are yours to discover. Take advantage of this career path where the job comes to you. Look around your school, talk to your accounting society and take the right steps towards facilitating the start of your career. Note: All information regarding recruitment will be posted on our website: For any further inquiries, please contact joseph.bartlett@jmas.ca jmas.ca Accounting Information Handbook 25

26 LIST OF EVENTS August: 28 Dividends Magazine Launch 30 Frosh - Loyola Day September: 17 CPA Recruitment 25 First Year Event October: JMAS Tutorials COMM 217 (date TBA) 30 Accounting Bowling/Game Night November: Mentorship Program 4 Case Workshop 7 CASA-JMAS Thursday 21 McGill Collaboration 27 Balanced Lifestyle Seminar January: CPA Info Sessions (date TBA) 17 New Year & Squash Event 22 Winter Cocktail 23 FISA Collaboration 24 JMAS Tutorials COMM 305 February: 12 Beer & Pizza 27 CPA Event March: 1 Learn To Succeed 20 HEC Collaboration 26 CPA Discovery Tour Tax Software Workshop Audit Software Workshop April: 2 End of Semester 5 a 7 26 End of the Year Event Note: Dates are subject to change. To keep updated throughout the year, visit our website like us on facebook (fb.com/jmas.jmsb) and follow us on twitter (@myjmas). 26 Accounting Information Handbook jmas.ca

27 The opportunity of a lifetime Student opportunities Join us in Actuarial, Audit and Assurance, Consulting, Deals, Risk and Controls or Tax Your career is just that, yours. You choose it. You live it. You make it happen. To get the best from it, you need the best opportunities. That s why opportunities are at the heart of PwC careers. Opportunities to grow as an individual, to work flexibly, to build lasting relationships and make an impact in a place where people, quality and value mean everything. Discover your opportunity

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