BIG 4 CADETSHIP for investment banking/ RBA intern? (1 Viewer)

[kding214]

Hi all,

I have taken up a Big 4 accounting cadetship and would like to know:
- In the case that I do not enjoy accounting, will the experience (if i complete all 4 years of it) count towards securing myself a graduate position in retail/investment banks (finance related - i intend to major in finance also) etc.
- I have signed a contract and been given a commencement date for the cadetship, can I still terminate the contract?
- Will this cadetship give me a competitive edge in terms of employability?

I will most likely be heading into a career in finance, but this is an accounting cadetship... will the experience be helpful or not? (I understand they are very different fields)

Also, I'm really quite interested in economics but unfortunately, a cadetship requires me to major in accounting (and i would also like to major in finance - cadetship requires me to do a 3 year degree) so i cannot do economics. Should I terminate the cadetship and just major in eco and finance? (without the few years of cadetship experience )

Please help!
Much appreciated

 

[kding214]

oh I forgot to add, I am concerned that a full-time cadetship position will mean I can't take up internships with banks etc. and will disadvantage me when i look for a finance position as a grad.

I'm still very confused

 

[Atlas]

Hi all,

I have taken up a Big 4 accounting cadetship and would like to know:
- In the case that I do not enjoy accounting, will the experience (if i complete all 4 years of it) count towards securing myself a graduate position in retail/investment banks (finance related - i intend to major in finance also) etc.
- I have signed a contract and been given a commencement date for the cadetship, can I still terminate the contract?
- Will this cadetship give me a competitive edge in terms of employability?

I will most likely be heading into a career in finance, but this is an accounting cadetship... will the experience be helpful or not? (I understand they are very different fields)

Also, I'm really quite interested in economics but unfortunately, a cadetship requires me to major in accounting (and i would also like to major in finance - cadetship requires me to do a 3 year degree) so i cannot do economics. Should I terminate the cadetship and just major in eco and finance? (without the few years of cadetship experience )

1) Work experience, if sold in the right way, will always be a positive towards finding a graduate position. The more relevant the work experience, the better.
2) If you signed the contract, there should be a termination clause in there, read carefully about what the conditions are. Then again, you've already signed it so you are probably bound.
3) Kind of like 1... considering you are still (presumably) just finishing year 12, you may not have a precise idea about what industry you want to get into, so keep an open mind about how your work experience will benefit you in the future.

The cadetship requires the accounting major, but are you allowed to do another major alongside the accounting? Or alternatively, do they allow you to do a double with accounting. There should be quite a few double major/combined programs with accounting + finance or economics.

 

[kding214]

Thanks Atlas for the reply!

 

[seremify007]

oh I forgot to add, I am concerned that a full-time cadetship position will mean I can't take up internships with banks etc. and will disadvantage me when i look for a finance position as a grad.

I'm still very confused

1. Typically you undertake internships in penultimate year and by then you typically would have finished your cadetship.
2. If you were successful in getting an internship, then clearly that is where your passion lies and I'd consider either taking leave of absence or resigning from the cadetship anyway.

In other words, doesn't hurt to do the cadetship and I know people who made the jump before they graduated. Beats having no experience or something less relevant, and you'll learn a lot on the way. If you're lucky you'll also get to work in FS.

 

[kding214]

Thank you, that's great to know!

If you're lucky you'll also get to work in FS.

Some of my fellow cadets are in "assurance - financial services" but I am only in "assurance" (I was interviewed by a partner that specialised in assurance for mining companies - most cadets have told me that is the group I will most likely be doing work for).

I would like to know whether audit for FS and audit for say, mining companies or consumer products etc. etc. differ greatly?

 

[tambam]

Some of my fellow cadets are in "assurance - financial services" but I am only in "assurance" (I was interviewed by a partner that specialised in assurance for mining companies - most cadets have told me that is the group I will most likely be doing work for).

I would like to know whether audit for FS and audit for say, mining companies or consumer products etc. etc. differ greatly?

If you're interested in IB it would probably be more beneficial for your career to begin FS.

You could probably request to be put into FS, I'm pretty sure the firm you're referring to is ey (correct me if I'm wrong) in which case, I was kind of in the same situation- I was interviewed for FS but when I asked if I could change to just Assurance earlier this year, they said it wouldn't be a problem,

 

[CharlieB]

The advice in this thread is pretty solid, but might I add that if your passion lies in economics I would terminate the cadetship.

To get into big 4 retail/IB you will need solid marks. A cadetship looks great on the resume but balancing fulltime work/uni is tough.

Why not just do finance/eco, smash uni, work part-time? The result is the same as doing a cadetship and you still can study eco.

P.s. Don't worry about reneging the cadetship contract, happens all the time.

 

[seremify007]

To get into big 4 retail/IB you will need solid marks. A cadetship looks great on the resume but balancing fulltime work/uni is tough.

That being said if you can't balance full time work on an accounting cadetship with uni, you are going to find working full time in a high pressure industry even tougher especially if you undertake CFA/etc.

I would like to know whether audit for FS and audit for say, mining companies or consumer products etc. etc. differ greatly?

In your first 6 months, probably not, but it will make a difference because FS is extremely specialised and focussed. After being in accounting for 5 years, it's very evident in the job market that FS experience will land you much better exit salaries across the board due to the very technical and specialised nature.

 

[runnable]

It's a definite plus to have the cadetship for IB and RBA. Do note they both require high marks so you need to maintain your grades at a high level and don't get complacent with your studies.

Your best bet for IB is an internship first. It's very hard to get a grad position without IB internship or at least Big 4 Corp Finance experience.

 

[kding214]

Thanks everyone for the advice

I will request to be transferred to FS! Also, suppose I do the 2 years full time, can I search for IB internships/ RBA internships in my last 2 years where I do full time study (and just not recieve my cadetship grant or will that just be a breach of my contract?)

That way I am able to gain a solid 2 years experience in FS which we help me find a IB internship which may later lead to a grad position?

Much appreciated

 

[kding214]

will it be a lot harder to score /great marks for uni while undertaking a cadetship?

Its 2 subjects per semester instead of 4 which is a big help but cadetships do take up a lot of time :S

 

[runnable]

I've seen quite a few people on cadetships managing to slot in IB internships in penultimate year so it should be no trouble at all. Shouldn't breach your contract.

It sure helps to have some work experience on your resume. But you absolutely need to have good marks and take part in ECs.

I've seen a lot of cadets with poor marks and a lot with great marks so you really just have to push yourself. It shouldn't become an excuse for you to score poorly if you know what I mean.

 

[kding214]

Oh I see, thank you

 

[seremify007]

Thanks everyone for the advice

I will request to be transferred to FS! Also, suppose I do the 2 years full time, can I search for IB internships/ RBA internships in my last 2 years where I do full time study (and just not recieve my cadetship grant or will that just be a breach of my contract?)

That way I am able to gain a solid 2 years experience in FS which we help me find a IB internship which may later lead to a grad position?

Much appreciated

Wait a sec, I think it's worth clarifying and confirming that being in FS audit by no means or stretch of imagination will guarantee you an IB internship. This is definitely the exception and not the rule. In other words, it may help give you an advantage over another candidate applying for the competitive IB internships, but it isn't a key criteria for them nor will it necessarily boost you up to overcome any lackings (e.g. marks and EC) you may have.

Cadetship grant will probably still be paid to you whilst you pursue other opportunities, but you'll be asked to repay it if you do not work at the same firm after graduating.

ps. http://community.boredofstudies.org/showthread.php?t=271016

 

[runnable]

And also to note is that I think RBA only takes Honours or PhD students for their internship program.

 

[kding214]

Yep, I understand now! Thanks everyone!!!