Accounting Cadetships (3 Viewers)

[EsR]

Hey

I have a few questions, please help.

I applied for a cadetship and they offered it to me but I also applied for BAcc at UTS and even though I entered in the first round my interview is not for 2 weeks and then I won't know whether I got in for over 3 weeks. The accounting firm are pressuring me to take up the cadetship right away.

Which should I choose?

Also what is an average base salary for a first year cadet and what is a good one?

 

[ishq]

Hi EsR

All Cadetship firms give you a certain date by which you must return your contract - you will have at least two weeks (legally) to accept or decline the offer. Even then, you can speak to the HR team and accept the contract conditionally, depending on whether or not you make the co-op program. Also, don't forget that you can always decline employment even after signing the contract (you can do this until one month prior to you start date). Seriously, don't feel bad. All the firms know that you as a person will need to choose the course or company you feel you are best suited for. They won't hold anything against you. Be frank with them and tell them your other options (diplomatically).

With regard to the base salary, it is significantly higher in the Big 4 companies (25K+ last year). Also, Tax generally pays 2-3K higher than Assurance and Advisory.

Good Luck with your cadetship and BAcc interviews

 

[turtleface]

lol i've always found it funny how big 4 pay works. equity partners charge $750-800 an hour and get about 500 of that, but undergrads charge $100 or so and make like $15-20 lol.
even worse than Vacs who at least get like 25 an hour.

i guess the firm has to make its money somehow.

having said that, I think at an early stage of a career, better prospects and experience is better than a few thousand a year. If I thought I'd be better off doing a BAcc than a cadetship, I'd even pay for the BAcc. If I thought a cadetship was great experience/learning opportunity, I'd pay the firm to let me work there for a year.

 

[ishq]

You're great publicity for BAcc Loving it

Though its quite true that most people underestimate the importance of BAcc. The course has gone full out on publicity events and promotions this year for the first time, so the competition will thicken

Looking for Citigroup and JP Morgan to sponser

 

[turtleface]

gah NSW always has really good programs and resources.

At melb uni this page pretty much sums up all the accounting career information we get... http://www.ecom.unimelb.edu.au/accwww/professionalrecognition.html

We do have an FMAA like Syd Uni and a Accounting Students Association...that does nothing...but I feel Victorian, in particular Melb uni students get bummed.

I'm not deliberately flogging BAcc courses but I was looking at the website, and I think I would have enjoyed the small, close student group and the enhancements like the special programs and stuff. The networking opportunites would be incredible. Amongst that lot are the future CEOs, CFOs, Directors, Auditors, Liquidators etc. At Melbourne Uni, you'd be lucky to get 1 person in your Accounting tutorial who can speak fluent english.

 

[seremify007]

Well I think ICAA sets the rules at 3weeks to decide whether to accept or not (a cadetship) before it's rescinded.

As for starting salary... it depends on firm really. I thought everyone was pretty much even footed but after consulting friends from various firms, different firms have quite different salaries (there's about a $5k difference between the top paying cadetships and some of the mid-tiers).

 

[bratty46]

oh youve made cadetships sound really hard im about to do one next year, and im a bit scared that i wont have a social life.......

 

[seremify007]

Well it's not too bad- I guess it depends on which firm you're at and how much work you want to do. Since this is your chance to gain exposure to real world accounting and learn a lot of things before the rest of your cohort, you stand to gain as much out of this as you put in.

That being said, a social life is very easily maintainable. However, try not to think that you are "owed" a social life. Better to say it sucks and then let you realise it isn't that bad; than for me to say the social life rocks and you gradually realise it sucks.

 

[ishq]

BAcc > Cadetship

That's a quote from a PwC cadet.

 

[seremify007]

lol i've always found it funny how big 4 pay works. equity partners charge $750-800 an hour and get about 500 of that, but undergrads charge $100 or so and make like $15-20 lol.
even worse than Vacs who at least get like 25 an hour.

2 things;

1. $100 isn't close to our chargeout rate; but the actual hourly pay we receive is pretty close. Bear in mind that Vacs are casual, only there for a short period of time, don't receive any of the benefits, and well.. they're vacs.

2. Not all work experience is equal. Ask the coop guy what work he gets to do- then ask a first year undergrad.

 

[misho]

i wanted to ask a stupid question: is it hard to balance the study with the work whilst in a cadetship? are the firms as flexible as they claim to be with study time? If i accept a cadetship and realise it is too much, am i able to get out of it easily?

 

[misho]

i disagree, my partner has told me that a cadet after 6 months is more valuable than a graduate. the reason - picking someone up with no experience in the field means that they will have a more open approach to the situation.

the problem with grads is that they come in with a degree, but have no (or very limited) practical application of what is going on and as such start right from the bottom as well, albeit on a higher salary.

being a cadet is great. yeah you can pick up some shit jobs at time because you are the gofer, but the majority of the time you are doing the same stuff as everyone else just on a slightly easier level. it helps your uni incredibly because you are doing the stuff everyday, helping you to see the bigger picture and most importantly stay motivated (i've found that some of my friends who don't work have had trouble at uni because they can't see where it is heading)

another plus is that when you come back from full time uni you can start CA straight away (don't have to wait 8months like the other grads) and will have at least 2 years work experience up on them.

i would reccommend at least applying (you can always say no). if its the area that you want to get into you can't go wrong.

feel free to ask any questions (stupid as you think they may be) on cadetships and the interviews because i know that there are a fair few of us floating around.

i wanted to ask a stupid question: is it hard to balance the study with the work whilst in a cadetship? are the firms as flexible as they claim to be with study time? If i accept a cadetship and realise it is too much, am i able to get out of it easily?

 

[seremify007]

i wanted to ask a stupid question: is it hard to balance the study with the work whilst in a cadetship? are the firms as flexible as they claim to be with study time? If i accept a cadetship and realise it is too much, am i able to get out of it easily?

Really depends on the firm I'd imagine but in my experience and from what I've heard from my peers in various other big/mid/botique firms, cadetships are quite flexible. It's not like you're randomly going off each week to do something pointless- you're doing something on a regular basis which is beneficial both to you and your firm. Of course if you have serious client commitment/deadlines, and the uni work isn't that important (eg. you can always attend a make-up tute, and you don't always have to do the hw), sometimes it might be in your best interest to finish what it is that you're doing. If you find the work/study balance becoming difficult to manage, I think most firms are quite understanding and if you want to leave, like most jobs out there, give ample notice and it should be okay. However, before you do something like that, it's probably best to consult one of the managers, HR or partners to discuss this. You'd be surprised how understanding they can be!

 

[misho]

hmm... thanx. Im still new to this cadetship business. So what happens if im enrolled in a part-time course and want to terminate my cadetship?
i got an interview at Hall Chadwick. i dunno if a cadetship is the way to go

 

[seremify007]

You talk to your employer.

Remember, as a full time employee, you'll also have contractual obligations in terms of telling them in advance and so on... but also remember there's the probation period whereby for the first 3 months, either party can terminate the contract with no penalty.

 

[bukwow]

hey
i'm just wondering, is the cadetship worth it if u flunk out ur hsc and get a uai of 82 where ur only choice is a course in UNSW which is B Taxation? only prob with b taxation is that it is a distance education and i'm not sure if that course is any good for the future since i won't really see uni social life if thats the case.

 

[ishq]

no.
they wont take you.

 

[YBK]

hey
i'm just wondering, is the cadetship worth it if u flunk out ur hsc and get a uai of 82 where ur only choice is a course in UNSW which is B Taxation? only prob with b taxation is that it is a distance education and i'm not sure if that course is any good for the future since i won't really see uni social life if thats the case.

why not UWS?

 

[velox]

no.
they wont take you.

Im 90% they actually would take you. If you look closely. BTax actually complies with CPA and CA, so you should be fine.

 

[bukwow]

why not UWS?

my heads on the chopping block if i end up going to that uni, my parents have so much angst against it.

plus its so far away -_-