MAS Mag Winter 2010 Edition

2

Inside this issue

Re‐Evaluating Recruitment P. 3

MAS Ski Trip 2010 P. 5

Get to Know Your Profs P. 6

CA School Rundown P. 7

Designation Decisions P. 9

Entertainment Corner P. 11

Heads Up!

For those of you who are interested in

becoming a MAS Exec next term, look

out for a mass e‐mail later on this term.

Be prepared to submit your CV. Don’t

miss out on a great opportunity to gain

practical experience and even work with

CA firms in organizing events!

A McGill Accounting Society Publication

Warm Welcome

t is with great pleasure and joy that we, the MAS Mag team, would

like to welcome you back to another terrific semester. While the

Montreal winter is known to be unforgivingly harsh, we hope you all

find success in the coming months.

In contrast with the fury of September’s recruitment season, it

might be easy to forget about MAS in the calm of January. However,

the upcoming Ski Trip on January 22nd will provide a great opportunity

for Accounting students to gather and enjoy a weekend getaway at

scenic Saint Sauveur. In this issue, we will recap some of the events

that took place last year and give you a sense of what to expect this

year.

For those who were unfortunately not able to grab one of the

coveted summer internship positions last September, we will also pro‐

vide some useful tips that will hopefully be able to land you a full time

contract this coming Fall. From there, we will explore the differences

between the two English CA Schools available in Montreal.

We hope you will enjoy this issue and take full advantage of the

information (as well as entertainment!) provided. From all of us here,

see you at MAS Ski Trip!

Jonathan Shen

MAS Mag Editor

3

he smoke has settled and the dust has cleared and

you might have found yourself in a tight and unfortu‐

nate position, without a summer internship. Al‐

though not a favourable situation, this will hopefully give

you an opportunity to grow and focus on improvements for

the upcoming recruitment season in 2010. Below we have

structured some items to consider for next year and other

self‐developing points that could be available to you in the

process.

For students partaking in networking for the first time, this

could have been a challenging experience. Furthermore, add‐

ing hundreds of students and many firm representatives into

the mix can lead to great anxiety and stress if not managed

effectively. The key during the whole process is to get as

much exposure as you can. You want this exposure to be

positive and you want to make sure to at least speak to key

individuals who will be reviewing your profile. Do not forget

to ask for their business cards and send a quick thank you e‐

mail at the end of your day. These little things will go far, es‐

pecially if you leave a positive impression.

RE-EVALUATING RECRUITMENT By Anthony Karaganis

Fine-Tuning The “Good Old” CACEE Form

Networking - How Important Is It?

The CACEE application form is going to be the last thing the

recruiters will see next year and consequently will be your last

chance to make a charming and appealing impression for your

candidacy. One of the first items on the agenda is to ensure

that your CACEE stands out from the crowd and presents

clearly and precisely what you can contribute and how your

experiences have shaped your character. This will help sum‐

marize your profile and will facilitate the firm’s evaluation of

what they think you can contribute to their company. This

should be the first item to consider and evaluate, as it is the

CACEE application form which gives the firms a better picture

of who you are. It is absolutely crucial to take a step back and

analyze what you can do to help improve your performance

for structuring your CACEE. Discovering if it was the layout,

your ending summary or perhaps a few typographical mis‐

takes scattered throughout the application, that could have

lured recruiters away from your application is essential.

Ask a friend to re‐read what you have done and if you are still

unsure, see a career advisor. The sooner you start thinking

about your CACEE for next year, the better prepared you will

be.

A McGill Accounting Society Publication

4 A McGill Accounting Society Publication

Perhaps you had an interview or two and were unable to land

or grasp these opportunities. The wonderful career advisors

have established unique mock interview events where you

can get feedback from different corporations and firms,

within a non‐threatening environment. These events are ex‐

tremely realistic and are good indicators of what needs to be

improved. Take advantage of these as they are on a first

come – first serve basis and tend to fill up quite quickly.

If you found it difficult to organize your time amongst the

countless events that were provided with school and your

part time job, you should try to get organized a bit more effi‐

ciently. Research the firms that you are interested in and try

not to lose focus, remember that it is only three weeks and

after that it will be over. If you signed up for an event and

forget to attend, keep in mind that the firms spend a lot of

time printing out name tags for their confirmed guests and

can simply note who did not attend, as these cards will be left

unattended at the end of an event. Having an agenda with all

the dates you have confirmed to attend for the month of Sep‐

tember will make your life easier and will help you gain some

vision for when school assignments need to be completed.

The sooner you start revising your application for the next

year, the more effective you will be at landing that job. Re‐

member that the entire process is only three weeks long and

once the effort is in, the payoff should be great. Take time to

meet all the firms’ representatives and don’t forget to smile

and enjoy the ride.

Interview Tips - Take Advantage of Mock Interviews

Time Management

MAS Mag Tips for Recruitment 2010

Start reviewing and re‐writing your CACEE

before the school semester starts. This

will buy you some time when classes and

events start in September.

Get a copy of the recruitment calendar as

early as possible and start picking the

events you would like to attend that fit

into your schedule. Remember, recruit‐

ment only comes once a year so it should

be a priority!

Find out which seminars Career Services is

offering and try to attend as many as pos‐

sible. Don’t be shy to ask for help.

Make sure to review your networking

etiquette. Prepare both interesting things

to say about yourself as well as questions

to ask recruiters. Don’t be caught off

guard at firm events.

Relax and have fun! The best way to show

an employer you are a top candidate is to

bring a healthy dose of confidence.


MAS SKI TRIP 2010 By Monica Benedyczak

very year in January, the McGill Accounting Society

holds a weekend ski trip. This ski trip not only pro‐

vides students with a 2 day getaway from the hectic

life of school, jobs and duties, but also enables them to

gather further information on different accounting fields

available to them, all the while leaving them ample time to

ski, snowboard, meet new friends and have a good time.

Being aware that listening to seminars is not the way many of

you picture a ski trip, I can assure you that ‐ having gone on

the trip myself last year ‐ the seminars are concise and to the

point. The speakers take up about 2‐3 hours of the trip in to‐

tal, which allows for plenty of free time to partake in other

activities. Last year, Anthony Pennimpede, CA, opened up the

ski trip floor with some of his personal life anecdotes, as well

as several free copies of his new book Finding Your S.M.I.L.E

for a few lucky students.

Following that, dinner was served in the hotel dining room,

which provided a great opportunity to mingle and get to know

some new faces. That evening, everyone partook in an activity

that was thereafter dubbed most people’s favourite for the

entire trip: the sleigh ride. All of us piled into two massive

horse‐drawn sleighs and were swept around the wooded ar‐

eas of St. Sauveur. A random stop about half way through

provided us with a small clearing complete with camp fire

blazing and delicious hot wine waiting to be sipped, a great

reprieve from the chilly winter night.

Perhaps the best part of the ride, however, was the endless

number of off‐tune songs that were sung by the whole group,

and the bonding that ensued.

The following morning, breakfast was served and was then

followed by presentations from individuals in several different

accounting fields. Apart from hearing about the CA designa‐

tion, students got the chance to explore the CMA and CGA

career paths, as well as hear from someone specializing in

Forensic Accounting, an up and coming field in the accounting

world. The seminars were very insightful and allowed students

to get many of their questions answered, something that defi‐

nitely helped me solidify my decision as to what accounting

field I wanted to pursue.

The rest of the day was up for grabs for students to do what‐

ever they pleased. Many went skiing, while others relaxed in

the hotel or went shopping in the outlet stores nearby. Dinner

that night wasn’t included, so students either chose to ven‐

ture in search of a restaurant or dine at the hotel. That eve‐

ning, we all went out to a nearby bar for some fun and danc‐

ing, sleeping it off until late in the morning before getting on

the bus back to Montreal.

This year, like last, accommodations are at the Manoir St. Sau‐

veur. The trip takes place Friday, January 22nd through Sunday,

January 24th with sign up taking place in the Bronfman Lobby

at the start of the winter semester. Although the ski trip is

geared towards accounting students, all are welcome, and

everyone is more than encouraged to bring their friends.

Every year, a handful of students from faculties like Engineer‐

ing and Arts wind up taking part and make the trip all the

more entertaining.

Be sure to look out for the MAS table in Bronfman Lobby

the first two weeks of school.

Spots fill fast so grab you friends and sign up as soon as

possible!

GET TO KNOW YOUR PROFS By Rochelle Scott

YOUR CAREER

YOUR CHOICE

YOUR POTENTIAL

www.sngcollinsbarrow.ca

his past semester, we asked several accounting profes‐

sors the following question, “If you were an account‐

ing principle, which one would you be?” and the re‐

sponses have been very different. The following professors

have chosen to enlighten us on some of their favourite parts

of accounting… let’s see what they have to say!

“Industry Practice”, because I always tend to deviate a little bit from the standards of “GAAP” when I conduct my teach‐ing! I hope students still find my teaching methods, which always include tons of hilarious examples and the occasional dancing or singing, as acceptable ways to learn accounting.

I am a “Going Concern”. In addition to my work at McGill, I like to get involved in community organizations, work out, and maintain an active lifestyle to try and keep up with my teen‐age sons. So I hope to have an unlimited life of opportunity and adventure in front of me. I am afraid that if I stop I will become a pile of dust!

“Materiality”, I do not like nickel and diming, nor being at its receiving end. Maybe that is why I don't carry loose change around.

I would pick "Materiality". According to Madonna, "We are living in a material world, and I am a material girl". Haha!

Karen Zajdman-Borden

Desmond Tsang

Julia Scott

Larry Goldsman


THE CA SCHOOL RUNDOWN By Daniella Marando

riting the Uniform Final Exam (UFE) is undoubt‐

edly the most excruciatingly stressful three days

of any future accountant’s life. The Graduate Di‐

ploma in Public Accountancy program offered both at

McGill and Concordia University is an essential step in

preparation to successfully write the UFE and to become a

Chartered Accountant.

McGill Desautels Faculty of Management

The deadline to apply to McGill’s CA program is quickly ap‐

proaching; the 1st of March 2010. Suitable candidates would

be students who hold a Bachelor of Commerce degree, more

specifically a major in accounting, and have a minimum

CGPA of 3.0 on a 4.0 scale.

For the past few years, McGill’s UFE results pass rate has

been a steady 82%. Students in the program benefit from

having active professional CA’s as their instructors, academic

counselling, tutoring, and personalized feedback. The CA

designation, in particular one from McGill, is a highly re‐

spected designation, which will open doors and grant enor‐

mous opportunities all around the world.

Applicants must have completed the follow‐

ing with a minimum grade of B‐ in each:

ACCT 351 Intermediate Financial

Accounting 1

ACCT 352 Intermediate Financial

Accounting 2 ACCT 361 Intermediate Management

Accounting 1 ACCT 362 Intermediate Management

Accounting 2

ACCT 385 Principles of Taxation

ACCT 453 Advanced Financial

Accounting ACCT 455 Development of Accounting Thought

ACCT 475 Principles of Auditing

ACCT 486 Business Taxation 2

Once a student is accepted into McGill CA School, the program begins with the Summer semester and follows as such:


ACCT 651 Performance Measurement and Reporting

ACCT 657 Governance and Control

ACCT 657 Governance and Control

ACCT 655 Assurance ACCT 685 Engagement

Management

ACCT 683 Tax Planning and Decision Making

ACCT 660 D1 Internship

ACCT 689 Business Advisory

Services (Cases)

ACCT 699 Uniform Final Exam

Preparation Seminar

Summer Summer Winter Fall

John Molson School of Business

The notable difference between McGill and Concordia’s CA

program is that at Concordia, accounting students have the

flexibility to start the CA program in either May, September,

or January. The application deadlines are February 1st, June

1st, and October 1st, respectively. Any student who obtained

an undergraduate degree and an accounting major, with a

minimum CGPA of a 3.0 on a 4.3 scale, is eligible to apply.

In addition to core accounting classes required at McGill, Con‐

cordia’s CA program also requires 1.) Advanced Management

Accounting and 2.) Business Law and Ethics; the latter’s

equivalent being BUSA 364 for McGill undergraduate stu‐

dents. A minimum of B‐ is also required in each course.

Graduates from Concordia’s CA program have consistently

had a good performance on the UFE. Many students regularly

rank among the top 50 candidates on the Canada Honour Roll

of the Canadian Institute of Chartered Accountants.

The CA program at Concordia consists of seven courses: ACCO 612 Financial Accounting Theory In Practice

ACCO 613 Financial Accounting: Comprehensive Applications ACCO 631 Business Advisory Services ACCO 635 An Integrated Approach To Auditing

ACCO 643 Income Tax ACCO 678 Contemporary Issues For Accountants ACCO 685 Comprehensive Case Analysis and Integration and Uniform Final Examination Preparation


DESIGNATION DECISION By Anthony Karaganis

hether in U1, U2, or U3 we eventually meet at a

crossroad with our degrees, which can evidently be

stressful and cause some uncertainty. In today’s up

and down economy, it is apparent that as an accounting stu‐

dent, a designation will help expand your growth within a

company and ensure that you are not halted at that glass

ceiling later on down the line.

By and large, you have certainly overheard at least one of the

three acronyms of CMA, CGA, or CA echoing inside

Bronfman’s corridors. As an accounting student, deciding

which designation fits you can be a daunting and intimidating

task, especially if you do not know where to go. This article is

designed to enable you to comprehend the differences of

these designations and help with utilizing the resources avail‐

able before coming to a conclusion.

What are the designations all about?

Understanding which type of work captures your interest will

be the first major step that you need to take in order to deter‐

mine which designation is your perfect fit. The majority of

financial accounting firms, which perform outside auditing for

external users, currently require their employees to be in the

process of obtaining a CA designation. On the other hand, as a

CMA or CGA you might find yourself in more of a decision

making role within a company, which would entitle you to

reduce costs and improve the overall performance through

making key decisions. The following sections will give an

analysis of the three designations; shedding some insight of

the possibilities that each designation offers.

Individuals who select a Chartered Accountant (CA) designa‐

tion will at one point commence their careers working for a

public practice, as this is a requirement to obtain the designa‐

tion. This means that for the most part a CA will have had ex‐

perience performing audit, tax advisory or others such as fo‐

rensic accounting. Currently, 40% of CAs are working in public

practice, while the remaining 60% have jobs in industry re‐

lated fields. For the CA designation you are required to have

two years of financial accounting experience. Typically you

must have experience at a CA Training Office. This can now

include not only CA Firms but leading corporations and other

organizations which have the qualifications in place.

As a Certified Management Accountant (CMA) a daily sched‐

ule will typically consist of managing teams and making rele‐

vant decisions within a company. At times you could be work‐

ing as a project manager, responsible for internal decision

making and accounting relevant decisions within a company.

Interestingly, since December 2008 and the passage of Bill 46,

CMA’s who obtain a public accountancy permit are allowed to

practice in public accountancy. The CMA is broken up into

different steps which include case examinations, oral presen‐

tations, and written reports. Upon completion of the designa‐

tion you must have two years of work experience and report

to the Board of Directors.

A Certified General Accountant (CGA) will be responsible for

various types of aspects within an organization. In companies

they would be expected to be responsible for accounting

based decisions and performance evaluations. CGA’s are cur‐

rently the fastest growing designation in Canada and provide

emphasis on a wide range of accounting tools. As a CGA you

could expect your work to vary and will focus on a broad

range of accounting tools. An important event will take place

on February 4, 2010, where there will be an informative cock‐

tail held by the CGA’s which will give you a better chance to

network with representatives.

1http://www.cica.ca/about‐the‐profession/what‐do‐cas‐do/index.aspx 2http://www.cma‐quebec.org/en/Ordre/LaProfession/ComptabilitepubliqueFAQ.aspx


Each of the designations has an in depth ‘frequently asked

questions’ on their websites. These can provide the tools nec‐

essary to make your overall final decision. Also, researching

the available possibilities before making your decision is ab‐

solutely crucial. Each university will have its own application

deadline and it is critical that you figure out when they are

before getting stuck last minute. Take advantage of all the

events available to you and avoid the risk of waiting until it is

too late. Currently, McGill only offers the CA designation

within its faculty, but that does not mean you cannot choose

another. In the upcoming months there will be plenty of op‐

portunities to get to meet different representatives from

their respective designation. Furthermore, these events are

absolutely crucial to attend as they will give you an insight of

the differences, which will ultimately lead you to your final

decision.

Research is Important

Asking your questions to a career advisor would be your best

resource for acquiring more information. They will help guide

you in the right direction and also assist with deciding on

which career path is the best choice for you. An additional

method to help reach a verdict is to look at the classes you are

currently taking. This, after all, will be a great indicator of

what you would enjoy doing on regular basis. Addressing

these points will help you understand which field interests

you and provide a chance at undertaking your passion for an

interesting career, which is what we all aspire for, right?

I Still Don’t Know Which Designation to Pick

3http://www.cga‐quebec.org/documents/pdf/Universite/McGill.pdf

Solutions to crossword on p. 11

CMA CGA CA

Requirements Grade point av‐erage of 75% or pass the CMA Entrance Exami‐nation.

Depends on the path chosen. Complete the courses required.

Minimum of B‐ in all accounting courses.

Average Length

16 months ‐ 3 years

18 ‐ 36 months 2 years

Availability UQAM, HEC Montreal, John Molson School of Business

HEC and UQAM McGill, John Molson School of Business, HEC, UQAM

ENTERTAINMENT CORNER By Anthony Karaganis


Across 1 A professionally trained accountant who examines a company’s accounting records and financial statements to determine whether they fairly pre‐ sent the company’s financial position. 3 Inflow of resources to the company that result from the sale of goods or services. 8 An element of the balance sheet characterized by the probable future sacrifice of a company’s re‐ sources. 9 A synonym for amortization. 11 Assets that result when goods or services are sold on credit. They represent future claim on cash.

Down 2 The estimated period of time over which a capital asset is expected to be used. 4 A synonym for “income”. 5 Individuals or entities that owed something by the company. 6 The shares a company issues to its owners. Shares represent the ownership interest in a company. 7 The expense taken each period based on the use of non‐current assets, such as equipment. 10 The amount of current assets that the company has, including amounts in bank accounts

MAS Mag Winter 2010 Edition

Documents

Transcript of MAS Mag Winter 2010 Edition