Cadetships 2013 thread (6 Viewers)

[Frostbitten]

Hey Seremify or others with similar experience, got a few questions.

Do you feel overworked in your job? specifically in the big 4.
Is it extremely competitive and difficult to rank up in the firm?
Provided you start off with around 50k-60k starting salary, how much is the expected wage of an average working employee (Not a genius who excels ridiculously in accounting) after 5 years, 10 years etc?
How much travel is required in the job? Is it driving, flying and how often.
Is your lifestyle comfortable or do you feel like you don't have enough time for yourself?
What is the flexibility of mid-high accounting firms?
Does going into this corporate style accounting mean that you can't start a family without severely affecting your career?
How many hours a day do you have for leisure?

Might have some later as well but if you could answer these or at least some of them would really appreciate it. Just want some things to be cleared up, thankyou.

 

[seremify007]

In terms of both assurance and advisory (TAS):
Could anyone give me a brief outline as to what each field does and the internal/external opportunities please?
Would you recommend assurance of transaction services if I wanted to break into IB further down the track?
Also, am I allowed to give two options (assurance and TAS) when they ask me what service line I want to be in?

1. You can google the difference between assurance/audit and advisory/consulting/transaction services.
2. One is much more financial/accounting focussed than the other.
3. People have moved from assurance or TS into various banking roles but you need to know what you actually are interested in.
4. Most places give you allowance to provide multiple preferences but it depends on firm. Not every firm offers roles in advisory/transactions for example as it's a highly specialised area.

 

[seremify007]

Hey Seremify or others with similar experience, got a few questions.

Do you feel overworked in your job? specifically in the big 4.
Is it extremely competitive and difficult to rank up in the firm?
Provided you start off with around 50k-60k starting salary, how much is the expected wage of an average working employee (Not a genius who excels ridiculously in accounting) after 5 years, 10 years etc?
How much travel is required in the job? Is it driving, flying and how often.
Is your lifestyle comfortable or do you feel like you don't have enough time for yourself?
What is the flexibility of mid-high accounting firms?
Does going into this corporate style accounting mean that you can't start a family without severely affecting your career?
How many hours a day do you have for leisure?

Might have some later as well but if you could answer these or at least some of them would really appreciate it. Just want some things to be cleared up, thankyou.

In all seriousness you're applying for a cadetship. Do you want people to be answering this stuff from the perspective of a cadet or someone down the track?

Also note the salary range you quoted is nearly double what cadets/trainees would actually be paid I hope you realise. $50k-$60k is more like grad pay rather than cadetship salary.

 

[Frostbitten]

In all seriousness you're applying for a cadetship. Do you want people to be answering this stuff from the perspective of a cadet or someone down the track?

Also note the salary range you quoted is nearly double what cadets/trainees would actually be paid I hope you realise. $50k-$60k is more like grad pay rather than cadetship salary.

I was hoping someone like you with experience in the actual field (post cadetship) could shed some light onto what it is like to be in this industry. Yes I know it is graduate pay. I am tossing up whether to attempt getting a cadetship because I don't know what being an accountant is actually like. I don't want to go in with all these nice ideas then come out as a graduate or even in the cadetship thinking this is terrible and waste a huge chunk of my life.

 

[crazy_paki123]

I was hoping someone like you with experience in the actual field (post cadetship) could shed some light onto what it is like to be in this industry. Yes I know it is graduate pay. I am tossing up whether to attempt getting a cadetship because I don't know what being an accountant is actually like. I don't want to go in with all these nice ideas then come out as a graduate or even in the cadetship thinking this is terrible and waste a huge chunk of my life.

well im not as experienced as other people are yet. but my dad is a tax accountant that also does bookkeeping business advice and other things too. and all i can say is that he is a pretty busy guy

 

[seremify007]

I was hoping someone like you with experience in the actual field (post cadetship) could shed some light onto what it is like to be in this industry. Yes I know it is graduate pay. I am tossing up whether to attempt getting a cadetship because I don't know what being an accountant is actually like. I don't want to go in with all these nice ideas then come out as a graduate or even in the cadetship thinking this is terrible and waste a huge chunk of my life.

The key thing to remember with a cadetship is it accelerates your career progression. When your friends are joining at graduate level or 1 year experience, you'll be a senior associate. You'll get your CA qualification faster too. If you compare with people who do Comm/Law and end up doing a grad role in audit, there's an even bigger contrast in terms of time/progression.

Now that I'm 7 years post HSC, I've worked overseas, been asked if I am willing to go overseas again for a longer stint, lead teams, own relationships, negotiate contracts for the firm, etc... whereas some of my peers from school are just startnig out now. It really comes down to what you want to achieve though- not everyone wants to try and climb the fastest, and there's more to life than work, but if you're not really sure what you want to do then the cadetship doesn't exactly harm your prospects.

 

[ilikecats]

The key thing to remember with a cadetship is it accelerates your career progression. When your friends are joining at graduate level or 1 year experience, you'll be a senior associate. You'll get your CA qualification faster too. If you compare with people who do Comm/Law and end up doing a grad role in audit, there's an even bigger contrast in terms of time/progression.

Now that I'm 7 years post HSC, I've worked overseas, been asked if I am willing to go overseas again for a longer stint, lead teams, own relationships, negotiate contracts for the firm, etc... whereas some of my peers from school are just startnig out now. It really comes down to what you want to achieve though- not everyone wants to try and climb the fastest, and there's more to life than work, but if you're not really sure what you want to do then the cadetship doesn't exactly harm your prospects.

Totally agree with this.
Plus, you also have a level of financial security and job security many graduates don't have.

You can very easily leave uni with no HECs debt if you choose, or if you do you've still got enough of an income to be able to afford some nice things while your young.

And many firms are more than willing to keep you on once you've graduated if you want to stay. By the time you graduate in say, 5 years (assuming you started at 18), you're 23 and have 5 years relevant work experiences. You've earned 125k before tax and don't necessarily have any debt. You've got a secure job, and can start your CA/CPA immediately if you wish.

Even if you don't wish to work in the same area where you are now, 5 years experience in a corporate environment is still fantastic for a fresh graduate, and something most of your friends won't have.

 

[Examine]

Does anybody plan to go to the cadetship evening next Wednesday?

 

[crazy_paki123]

yep meee

 

[ellentat]

Me! Are you all going with your school or with your friends?

 

[Drifting95]

Totally agree with this.
Plus, you also have a level of financial security and job security many graduates don't have.

You can very easily leave uni with no HECs debt if you choose, or if you do you've still got enough of an income to be able to afford some nice things while your young.

And many firms are more than willing to keep you on once you've graduated if you want to stay. By the time you graduate in say, 5 years (assuming you started at 18), you're 23 and have 5 years relevant work experiences. You've earned 125k before tax and don't necessarily have any debt. You've got a secure job, and can start your CA/CPA immediately if you wish.

Even if you don't wish to work in the same area where you are now, 5 years experience in a corporate environment is still fantastic for a fresh graduate, and something most of your friends won't have.

Where did you get 125k gross from? You degree ends up becoming 4 years instead of 3, not 5. Factor in only 2 years of this is full time work, be is 30-35k from what i have heard. In your 2 other years when you study full time, the big 4 offer a study grant some some sort i think, about 8-9k? You're also paid during semester breaks for when you work. I still can't see where you got 125k from unless you are also considering someone is working part time at another job whilst they're studying full time, clarify please?

 

[Chronost]

Me! Are you all going with your school or with your friends?

Both! I'm sure you have friends in school?

 

[Examine]

Both! I'm sure you have friends in school?

This was exactly what I was thinking.

Do you think it'd be ok if we rock up in school uniform? (ties, blazers, whatnot)

 

[twinklegal19]

This was exactly what I was thinking.

Do you think it'd be ok if we rock up in school uniform? (ties, blazers, whatnot)

I think most students would dw

 

[Jinks]

Where did you get 125k gross from? You degree ends up becoming 4 years instead of 3, not 5. Factor in only 2 years of this is full time work, be is 30-35k from what i have heard. In your 2 other years when you study full time, the big 4 offer a study grant some some sort i think, about 8-9k? You're also paid during semester breaks for when you work. I still can't see where you got 125k from unless you are also considering someone is working part time at another job whilst they're studying full time, clarify please?

Say you earn 35k 2 years whilst working thats 70k+say 18k in grants/casual work thats 88K. 5 years of study would be comparable to say a com/law degree and quite a few people who do this end up at a big 4 anyway, so 88k+ a year as a grad (55k) is around 135-145k gross give or take depending on exact figures. Also keep in mind you have 2 years of relevant work experience towards the 3 year requirement to complete the CA program and the fact if you continue working after the cadetship some firms bring you back as either senior grad/or consultant so you've skipped that stage as well.

Not to mention if you're working a few days a week part time (any job), whilst studying full-time you have that as well

 

[Jinks]

This was exactly what I was thinking.

Do you think it'd be ok if we rock up in school uniform? (ties, blazers, whatnot)

Generally there will be a mix of both, in saying that wearing a suit couldn't hurt right? (but I wouldn't buy one if you don't have one already)

 

[Drifting95]

Say you earn 35k 2 years whilst working thats 70k+say 18k in grants/casual work thats 88K. 5 years of study would be comparable to say a com/law degree and quite a few people who do this end up at a big 4 anyway, so 88k+ a year as a grad (55k) is around 135-145k gross give or take depending on exact figures. Also keep in mind you have 2 years of relevant work experience towards the 3 year requirement to complete the CA program and the fact if you continue working after the cadetship some firms bring you back as either senior grad/or consultant so you've skipped that stage as well.

Not to mention if you're working a few days a week part time (any job), whilst studying full-time you have that as well

o right, i didn't realise everyone was comparing it to someone doing comm/law and also adding 1st year grad pay.

 

[ellentat]

Both! I'm sure you have friends in school?

That's not what I meant! haha, I meant did your school organise for a whole group to go? Because that's not what I'm doing. I'm just going with two of my friends from school.

 

[crazy_paki123]

im going by myself :L forever alone

 

[ilikecats]

Say you earn 35k 2 years whilst working thats 70k+say 18k in grants/casual work thats 88K. 5 years of study would be comparable to say a com/law degree and quite a few people who do this end up at a big 4 anyway, so 88k+ a year as a grad (55k) is around 135-145k gross give or take depending on exact figures. Also keep in mind you have 2 years of relevant work experience towards the 3 year requirement to complete the CA program and the fact if you continue working after the cadetship some firms bring you back as either senior grad/or consultant so you've skipped that stage as well.

Not to mention if you're working a few days a week part time (any job), whilst studying full-time you have that as well

Let's go with this.

I do apologise for not explaining my figures more, and I forgot that larger firms offer the grants when you study full time.
It's so confusing because both my brother and I never had the grant option, so I always forget when that comes up.

I also calculated over 5 years, purely because depending on how many subjects you choose, if you do summer course and if you fail a subject and have to do another, it changes how long you'll be at uni. I can't imagine many cadets take longer than 5 years, even if they do 2 subjects a semester.