[tiger_handheld]

A thread for people in finance/accounting field to discuss the industry and maybe even network. NOT a thread for DIY'ers to seek help, sorry.

so, who works in the finance/accounting field on RS?

Thread idea credit goes to MindBomber for "The Tradesperson Thread (http://www.revscene.net/forums/696682-tradesperson-thread.html)"

[sexyaccord]

looked at thread title, knew OP would be tiger_handheld

[waddy41]

I've been in various accounting positions since graduating with from BCIT in 07, BTech in 09, maybe someone with more experience can give insight on having a designation vs. not having one...

Also day trade / swing trade in the morning....

[4444]

have a designation, don't not.

if you want a job/career working for someone else (as unattractive as it sounds, sometimes the money can be magnificent), you will not get taken seriously without a designation in this day and age.

unfortunately it's all CPA now, which I feel really bad for new people in the industry, totally dilutes the CA name. heck, most CMAs i know think it was a dumb idea.

[tiger_handheld]

I echo what 4444 said... without a designation no will take you seriously unless you claim to be a 'bookkeeper' and not an accountant.

What sector are you guys in, public practice, industry, academic?

[waddy41]

always have been in industry

I did "firm work" for a 3 month contract and absolutely hated it. Boss pushed for billable hours only and must be within budget, and I did really shitty work.

[Roach]

CMA here, designated for about 6 years now. Work in industry. I enjoy it.

Without a designation I would think one would reach a ceiling in terms of career progression.

Kev

[fsy82]

Work in a CPA firm that is family owned. Don't have a designation yet still working on it. I am more in the managing position of the offices and the work load for each accountant. I have tons of experience..would say close to 15 years now. I have trained people that have had PhD's to Masters in Accounting. I have even helped out CGA/CA students in understanding public practice accounting. A lot of them I find are good in terms of the books in school but when put in a public practice situation they find it hard to adapt. Especially if the client is sitting in front of them asking questions.

[fsy82]

Oh and definitely if you have designation the potential to earn is a lot greater. I am in a unique position which may not relate to much to the actual work being done currently.

[bananana]

I've been looking for an accountant familiar with SRED. Feel free to PM me for details.

[DaFonz]

CFA here. I left finance and went into consulting. It's a way nicer life.

[Marco.911]

CFA here. I have a pretty outgoing personality so I clearly made the wrong move. Don't ever use what I learned even though I'm a PM.

Hate my industry but love the money.

[4444]

A PM?

[aikenluu918]

Aspiring CPA here! Currently working as a junior tax accountant while I finish off my degree @ BCIT (started as a co-op). Probably wont start PEP until Fall of 2015.

Sad about the combination of the three designation. Was looking forward to getting a CA designation.

Excited for the adventure ahead!

[tiger_handheld]

For the folk in industry..why did you pick industry and not a firm?

For the guy thats in "consulting" .. what exactly is that?

I myself am in public practice. Will switch to industry once I get bored..

Here is another question to cause a debate...

Do you guys think a person in public practice is "smarter" than "industry"? Reason I pose this is, it seems public practice, you need to know a lot for various situations. Whereas industry, just know the basics and what relates to that industry.. true? false?

[sexyaccord]

Do you guys think a person in public practice is "smarter" than "industry"? Reason I pose this is, it seems public practice, you need to know a lot for various situations. Whereas industry, just know the basics and what relates to that industry.. true? false?

True, public practice exposes you to many different finance/accounting situations (and best practices), whereas in industry, you'll only learn 1 way of doing things, unless u keep switching jobs.

anyone from the big 4 here? hows it like? and how hard is it to get in?

[4444]

For the folk in industry..why did you pick industry and not a firm?

For the guy thats in "consulting" .. what exactly is that?

I myself am in public practice. Will switch to industry once I get bored..

Here is another question to cause a debate...

Do you guys think a person in public practice is "smarter" than "industry"? Reason I pose this is, it seems public practice, you need to know a lot for various situations. Whereas industry, just know the basics and what relates to that industry.. true? false?

Having worked in industry and big 4, I can confirm there are idiots in both. Clearly the barriers to entry for big 4 are higher than industry, so probably more idiots in industry, but nonetheless, idiots everywhere.

I also found those that stay in public practise until partner are usually either slightly weird, or not great and are scared of change. Going into industry is a big change but can be very very rewarding. Equally, it can be a career killer, especially in vancouver's job market for accountants, with all the Mickey Mouse small companies.

As for getting into big 4, it takes a lot of skill, ability, experience not bring a dweeb, and luck - u must have good interpersonal skills to even start the process.

If I were unfortunate to be going through the CPA process, I'd still go the public practise route, I swear there will be favouritism in industry for big 4 CPAs over industry CPAs, as in industry, unless ur at say telus, u will start in some ap or ra job, and stay there until there's a position open, which may take a long time.

[bcrdukes]

A PM?

Project manager

[Roach]

My anecdotal experience hiring people from public practice experience is that they have had trouble transitioning to positions that require them to execute. They are extremely skilled at having a critical eye towards existing processes, however, when it comes time to execute they are not as careful or efficient as staff I have brought on with industry-only experience.

Once again, my anecdotal experience but just wanted to respond to the question of idiots in industry versus public practice.

Kev

[4444]

My anecdotal experience hiring people from public practice experience is that they have had trouble transitioning to positions that require them to execute. They are extremely skilled at having a critical eye towards existing processes, however, when it comes time to execute they are not as careful or efficient as staff I have brought on with industry-only experience.

Once again, my anecdotal experience but just wanted to respond to the question of idiots in industry versus public practice.

Kev

def. agree with you, but it makes sense, as your internal guys know your industry and business through and through, someone from public practice is more of a generalist, and they need time to get comfortable in a specific industry, which you, understandably, don't want to pay for as an employer

[Ulic Qel-Droma]

A PM?

Project manager

or portfolio manager

[waddy41]

It's just different, coming from industry to public practice, I didn't like having to track and bill my hours, working on a different company every 1 -3 days. Sometimes you do really shitty work when the boss only gives you X amount of time to finish.

In industry I understand the flow of information a lot better, what is important to the company, and can make suggestions to improve certain processes. In public practice you see the company waste resources and you see their inefficiencies, but you just go along and finish your own work.

[DaFonz]

For the folk in industry..why did you pick industry and not a firm?

For the guy thats in "consulting" .. what exactly is that?

I myself am in public practice. Will switch to industry once I get bored..

Here is another question to cause a debate...

Do you guys think a person in public practice is "smarter" than "industry"? Reason I pose this is, it seems public practice, you need to know a lot for various situations. Whereas industry, just know the basics and what relates to that industry.. true? false?

I'm a management consultant - I work with executives of companies to improve their companies. Anything from management training to restructuring to financial controls. It runs the gamut.

There's smart people in public and there are smart people in industry. Conversely, there are dumb people too. Industry can get very complex especially when you're dealing with multinationals. If you're working with a dinky firm, then not so much.

[DaFonz]

A PM?

Portfolio manager as per the BC Securities commission. You either need your CFA or CIM.

https://www.bcsc.bc.ca/Securities_Law/HistPolicies/HistPolicy3/31-103_Registration_Requirements__Exemptions_and_Ongo ing_Registrant_Obligations__NI_-_Rescinded_(1)/

[noclue]

hmm I assume you work for MBB?

May I ask how did you get into the field? undergrad or experience?

I'm very interested in the consulting career path before family priorities take over.

[DaFonz]

hmm I assume you work for MBB?

May I ask how did you get into the field? undergrad or experience?

I'm very interested in the consulting career path before family priorities take over.

Work for different firm that has no travel. Not interested in Mon-Thurs travel to the middle of no where.

Got lucky and happened to apply for a job at the right time. Had ugrad and CFA at the time.

MBB recruiting is straight-forward. Straight out of ugrad, straight out of MBA or out of industry where you have expert knowledge. Sure there's always exceptions to the rule, but not many.

[flagella]

Just nailed my CFA L3 exam. Another year of experience before obtaining the charter.

I'm in finance on the credit side.

Does MBB even have an office here...?

Anyway, if any of you finance folks are in downtown, we should grab a drink.

[4444]

Vancouver is a graveyard for CFA related careers.

I say this from experience.

You will do way better elsewhere, but good luck to you, it's a great designation to have

[Special K]

Just passed my Level 2 CFA because I feel that it's useful to know a little bit about everything. The CFA exam is just that.

I already have a Masters degree and working a career type job. However, I figured that a professional designation wouldn't hurt.

[flagella]

What people need to understand is that the finance field here in Vancouver is extremely competitive. I'm strictly talking about pure finance positions like analyst/associate positions within IBD, ER, AM, or on the corporate side, and not some non-analytical assistant/admin crap.

Whenever a real finance position is posted (typically on CFA Vancouver job board or search the key word "CFA" on indeed), you have people from Calgary, Toronto, and even New York/London applying. These are the people who left Vancouver after undergrad, who gained experiences in major financial markets, and would like to come back.

For every finance position, expect to be competing with at least 100 candidates, with many of them being very qualified for the role. A number of positions posted recently were filled by people from outside Vancouver. Our firm recently hired a guy from GS in London. One of the IB analyst positions posted recently was filled by someone who came back from Toronto.

I believe Toronto has the highest percentage of CFA Charterholders, and Vancouver is not far behind. It's a great designation to have and can greatly help for career advancement, but you can't expect it to be a ticket to a job when you have zero experiences.

[DaFonz]

Just nailed my CFA L3 exam. Another year of experience before obtaining the charter.

I'm in finance on the credit side.

Does MBB even have an office here...?

Anyway, if any of you finance folks are in downtown, we should grab a drink.

No, but there are MBB folks based out of Vancouver that do the Mon-thurs thing.

[4444]

For every finance position, expect to be competing with at least 100 candidates, with many of them being over qualified for the role. A number of positions posted recently were filled by people from outside Vancouver. Our firm recently hired a guy from GS in London. One of the IB analyst positions posted recently was filled by someone who came back from Toronto..

CFA with no actual experience means nothing. most ppl in vancouver have CFA bc they wrote the exams (i know there is the 4 year experience requirement, but it's not hard to BS your way through that).

ppl come to vancovuer to chill out and settle, they get their experience somewhere where you can get experience (TO, NY, etc), and then give up the BS 12 hr days, move to vnacouver, work 9-6, make way less, but are (or should) already be most well off...

not to scare anyone away from CFA, but all the ppl I know in 'CFA' roles aren't experienced in Vancovuer before getting their current job.

[sexyaccord]

what kinda experience do you need to get the CFA?

[Splmash]

interned at PwC (accounting) and signed a management consultant offer at KPMG for the upcoming year. graduated with a BBA.

willing to answer questions regarding my field.

[4444]

interned at PwC (accounting) and signed a management consultant offer at KPMG for the upcoming year. graduated with a BBA.

willing to answer questions regarding my field.

with all due respect, have you even started work yet? going to school does not give you sufficient knowledge to advise anyone

what was KPMG management consulting before it was KPMG (they bought out a company a couple of years ago, i forget it's name).

[4444]

what kinda experience do you need to get the CFA?

stop being so lazy.

go google it, or https://www.cfainstitute.org/Pages/index.aspx

[DaFonz]

what kinda experience do you need to get the CFA?

People like you are the ones that fail level 1 repeatedly.

[DaFonz]

with all due respect, have you even started work yet? going to school does not give you sufficient knowledge to advise anyone

what was KPMG management consulting before it was KPMG (they bought out a company a couple of years ago, i forget it's name).

They bought out Secor which bought out RPO-MC.

Smart people there. Long assed hours. I bombed an interview when it was RPO-MC and got a job offer for Secor a couple years later when I interviewed again. Turned it down for something else.

[flagella]

At least they didn't rename it to Strategy&....

[sexyaccord]

People like you are the ones that fail level 1 repeatedly.

Was just asking the board a general question, and do you have anything to contribute that can help a RS member out in terms of the types of jobs required?
And are you a CFA? seems like it by your response above

[DaFonz]

Was just asking the board a general question, and do you have anything to contribute that can help a RS member out in terms of the types of jobs required?
And are you a CFA? seems like it by your response above

There's a big difference between doing some basic research and asking smart questions that demonstrate your willingness to learn vs being lazy and expected to have things handed to you on a plate.

Let me demonstrate:

Lazy
What kind of job do I need to qualify for my CFA designation?

Not lazy
I've read the requirements and I'm still a little fuzzy. I currently work at ______ doing ________ and I think it's related, though not explicitly. Does anyone have any experiences qualifying this kind of experience or should I start looking for something that will?

Ask yourself: Can I find the answer with google in 5 minutes or less?

If yes - Go google it.
If no - Google it anyways and demonstrate what you've learned and then ask the question.

I'll add that I've also learned this the hard way. Early in my career, I had an informational interview with a VP at an investment firm and was totally unprepared. My dumbass thinking at the time was.. Oh I'll just figure out questions to ask and go from there.

She totally knew I wasn't prepared and reamed me out for it. Did not get job. Did not get access to her contacts.

[DaFonz]

At least they didn't rename it to Strategy&....

Woulda been even better if they renamed it to Point Bearing.

[Splmash]

with all due respect, have you even started work yet? going to school does not give you sufficient knowledge to advise anyone

what was KPMG management consulting before it was KPMG (they bought out a company a couple of years ago, i forget it's name).

Fair.

After graduating last year, I became a management consultant at PwC. I quit a couple months ago and I'm working as an in-house strategy consultant for a leading mining company right now.

KPMG bought out SECOR in 2012. But my job will be based out of the Hong Kong office starting in March.

[4444]

Fair.

After graduating last year, I became a management consultant at PwC. I quit a couple months ago and I'm working as an in-house strategy consultant for a leading mining company right now.

KPMG bought out SECOR in 2012. But my job will be based out of the Hong Kong office starting in March.

Which miner?

What kind of work do u do for them?

And why u moving to HK? Is it due to lack of opportunities in Vancouver?

[tiger_handheld]

Fair.

After graduating last year, I became a management consultant at PwC. I quit a couple months ago and I'm working as an in-house strategy consultant for a leading mining company right now.

KPMG bought out SECOR in 2012. But my job will be based out of the Hong Kong office starting in March.

All that with a BBA?

[adrnlnrush00]

Good idea for a thread, tiger_handheld.

I've been working in public practice since 2008. Started at a very small CGA firm then went to a bigger (but still small) CA firm. I'm now a senior accountant at a mid-sized firm in Surrey.

I got my CA in 2013. It was a long 30 month process but well worth it in the end. If you're going to succeed in this field, you've got to get designated.

BTW, good luck to all the UFE candidates who are writing in two weeks. Your family, friends and colleagues are all cheering for you.

[tiger_handheld]

So here is a question for all the accountants on here...

Do you think anyone has considered capitalizing employees? I mean if you think about it aren't they an asset? The gf was talking about human capital and it brought this to my mind. All the places that rely on human brains would use this wouldn't they? It sounds too good to be true, hence my question to you guys lol...

[flagella]

Uh.. no. Just think how would you even begin to do that, and you'll know why it's not possible. It might be possible, but simply makes no sense to do it.

[mas604]

I was wondering for all you experts. How does one gain experience in the accounting field for someone with just an accounting diploma? Many places seem to require some experience. I'm guessing volunteering is the way to go? and How did all you guys get your first experience?

[4444]

So here is a question for all the accountants on here...

Do you think anyone has considered capitalizing employees? I mean if you think about it aren't they an asset? The gf was talking about human capital and it brought this to my mind. All the places that rely on human brains would use this wouldn't they? It sounds too good to be true, hence my question to you guys lol...

asset is defined as:

1) acquired by a prior transaction
2) future benefit to company
3) control over future benefit

(this is totally over simplified from my UFE days many years ago, but it still rings true today, in an over simplified way)

you most definitely do not have no. 3. An asset is, by definition, to be controlled, one cannot control an employee. an employee can quit tomorrow, free and clear, an asset, while it can break down, it cannot leave, nor does it break down 'by choice'

now, if your employee is working on something, say software code, then yes their time can be capitalized relating to that project as the software code is owned, you control it, and it has future benefit...

[4444]

All that with a BBA?

some ppl get job titles that aren't reflective of their salary and duties, and it goes to their heads

in the end of the day, ppl who try to use their 'position' as a point to impress ppl are insecure.

[4444]

I was wondering for all you experts. How does one gain experience in the accounting field for someone with just an accounting diploma? Many places seem to require some experience. I'm guessing volunteering is the way to go? and How did all you guys get your first experience?

from where? is this like a book keeping diploma? then get a book keeping job.

If it's like UBC's DAP program, then that's a great program for getting a CPA.

I have heard good things about the BCIT program, but can't speak to it

don't volunteer (well, do, it's good for society), but don't do it to get a job, get a job to get a job

[waddy41]

You can try applying for an internship.

After I finished my diploma at BCIT it took me 3 weeks to land my first job. With that experience under your belt you can get hired within 1-2 weeks. After working for a few years, with various companies, my advice is to take your time to look for a good company to work for. Otherwise you'll hate your job and life...

[j3welz]

Articled at a Big 4 and just switched to industry a month ago with a mid-cap company looking to go public in a couple years. Loving it so far, got a 30% pay increase and a more consistent schedule.

I find it's pretty difficult to get into industry directly from public practice in Vancouver. You need a lead time of about 6-9 months to land something good. All the recruiters I've spoken to say the economy is pretty shit right now and there is an abundance of CAs. Pretty much everyone is designated these days. I'd say about 40% of the peers in my year went to either New York or San Fran.

[4444]

Articled at a Big 4 and just switched to industry a month ago with a mid-cap company looking to go public in a couple years. Loving it so far, got a 30% pay increase and a more consistent schedule.

I find it's pretty difficult to get into industry directly from public practice in Vancouver. You need a lead time of about 6-9 months to land something good. All the recruiters I've spoken to say the economy is pretty shit right now and there is an abundance of CAs. Pretty much everyone is designated these days. I'd say about 40% of the peers in my year went to either New York or San Fran.

Been like that for years. Vancouver is a joke for good jobs.

Recruiters are also the biggest slim bags around, don't trust a word they say, and be thankful u enjoy ur job/have ur job!

Congrats, just make sure u don't get in a rut (can happen once u switch to industry, there aren't the regular promotions as there are in public practise)

[Splmash]

some ppl get job titles that aren't reflective of their salary and duties, and it goes to their heads

in the end of the day, ppl who try to use their 'position' as a point to impress ppl are insecure.

I hope you're not referring to me. Just trying to contribute my $0.02.

[f.]

I'm currently working at a Big 4 Firm and am going to be writing one of the last UFE's in 2 weeks (excited I still get to call myself a CA).

Through the 2 years of experience I have, I can't see myself working in public practice for longer than I need to. I'm really looking forward to going in to industry at some point and was wondering if anyone hand any international experience? Any insight would be much appreciated!

Also if anyone has questions about any of the recruiting process or any other questions, ask away

[Purely]

from where? is this like a book keeping diploma? then get a book keeping job.

If it's like UBC's DAP program, then that's a great program for getting a CPA.

I have heard good things about the BCIT program, but can't speak to it

don't volunteer (well, do, it's good for society), but don't do it to get a job, get a job to get a job

Can you expand on the volunteering part? Do firms actually care?

[4444]

I hope you're not referring to me. Just trying to contribute my $0.02.

no, just a general comment. i don't know you or what you do to make a direct comment

though you haven't answered my qu's

[4444]

Can you expand on the volunteering part? Do firms actually care?

firms care about different things.

anyone can volunteer, literally, the bar to go and volunteer is just above grass height, the bar to being a person that has worked hard (whether extracurricular, or actually working for money) and being interesting, and having interpersonal skills, etc. that's what firms care about.

if you just fit in with the crowd of asian kids that study hard, get As/Bs, but have nothing else interesting other than some BS volunteering, well, you're not standing out - for me, i worked during my undergrad to pay for it, got straight As, had interesting hobbies/interests, and can talk to anyone about anything without losing their interest (i.e. i'm a normal outgoing person, even though i hate people) - that guarantees you being 'remembered' - being remembered is your goal.

in recruiting, no joke, they sit around a table and look at your resume/cacee (if they still have the cacee), if they no one can remember talking to this person, even if the resume is an 8/10 or 9/10, chances are low you'll get any further.

mind you, recruiting for CA firms is also about fit (as BS as that sounds), for me, i only got 1 big 4 offer, in the second interviews with another, i was so done with it bc i wouldn't have wanted to work there (with no other offers i would have been forced but it didn't come to that thankfully), i basically stopped trying - we both knew the fit didn't work.

i got what i wanted, got what i wanted from them over 4 years, and then left. got what i wanted from vnacouver, then left that too...

i know that was long, but i hope that helps for those coming up to recruiting time - pm me if anyone wants any specific advice, i can't hook anyone up with ppl anymore as i'm old and removed from my ex big 4 and know none of you personally so wouldn't be willing to muddy my name if you're a fuck up, but i'll give advice where wanted - i know i'd have appreciated it back in the day

[4444]

Through the 2 years of experience I have, I can't see myself working in public practice for longer than I need to. I'm really looking forward to going in to industry at some point and was wondering if anyone hand any international experience? Any insight would be much appreciated!


what do you want to know? (i recently moved back to Europe)

where are you looking?

you need to be 'special' to be recruited internationally (outside canada/US) - being just a CA from big 4 may not be enough, you also need to be broad in your knowledge (more than just a CA) - why would you get internationally recruited for a regular accounting role? accountants are a dime a dozen. As you may know, CAs in vancouver are a dime a dozen - not knocking, i am one, just stating a fact, and a reason for the shit pay

[LaidbacK]

Aspiring accounting student here. I'm finishing my 2nd year at Langara in hopes of transferring and graduating with a BCom in accounting. If I don't get into UBC my backup plan is to either finish my BBA at Langara or transfer to BCIT for BTech.

@waddy

how was your overall experience at BCIT? Was their co-op program helpful in landing you an accounting job? Are you working towards your designation?

[waddy41]

BCIT was a lot of work but it's good.. employers respect BCIT

Are you going for your designation?

[LaidbacK]

Yes I am, but first I need my bachelor's

[waddy41]

Did you check if your credits can transfer into BTech?

Since I've graduated, they've made a BTech option FT, so after finishing your diploma, you can get your degree in 1 year, 3 terms (fall, winter, summer)

Also, BCIT full time is the best bang for the buck

[Valour]

Took me 4 years to finish a 2 yr accounting Diploma at Langara/BCIT/Kwantlen. Had to transfer all my credits together to get that damn diploma

Did a bunch of correspondence and night classes and finally got my CGA designation after 7 years. Now I'm just as good as those cocky CA's! suck it cunts!

worked in construction accounting for 5 years then said fuck it I'm going to Vegas.
Got lucky
took a year off and did jack shit.
got another accounting job in construction, got fired after a year cuz I was mad surfing porn.
Started my own private lending firm. pay my brother to do my books cuz I can't remember shit.

Ask me anything.

[Euro7r]

Bumping this thread.

I am at cross road in where I am not sure if I even wanna do the CPA. I took the Core 1 and failed it twice already.

I've looked around at jobs lately and noticed the minimum requirements, such as experience + designation, the compensation is somewhat garbage. E.g. $45K-$55K job asking for CPA....Like what kinda of person with a designation would even want to do such a job. Sure the market is over saturated with accountants in Vancouver, but that bad...?

I am not even a senior level staff accountant without designation and making more than the above, which makes me wonder of this path.

[Gerbs]

Also bumping this thread.

I just finished my diploma of accounting at BCIT and taking the Accounting Degree this upcoming semester. I will be taking CFA level 1 this December and have spent most of summer completing 2/3rd of the readings. Most of it is just a review of what I learned in the diploma. I also accepted an offer at a retail banking position at RBC, so I can work and go to school full-time.

Those of you already in the industry, what should I do to better myself for a position in equity research post-grad? Is there hope for non-target schools?

Bumping this thread.
I am at cross road in where I am not sure if I even wanna do the CPA. I took the Core 1 and failed it twice already.


I was planning to do the CPA if I don't manage to break into the finance industry. I have all the PEP courses completed. I have done some research on how to obtain the CPA. Yet I am still a bit confused from their website. From what I understand it's 6 modules. Core 1- 2, ,capstone 1-2, electives 1 - 2. Then one final exam to receive the designation?

[lowside67]

As a datapoint - I obtained my CMA (completed 2014) after working in family business for several years. When I went to look at "accounting" jobs close to graduation, I came to the same conclusion as Euro7r - the "average" staff accountant job is an absolutely embarrassing level of pay considering you need a designation to do it. No doubt that senior FP&A roles in larger companies can have a reasonable pay, but even roles that I was severely underqualified for (aspirational roles) were often $100k or less.

I ended up with an opportunity to pivot into commercial banking as a relationship manager. This is a "many hats" job that may not be a good fit for all accountant types, but for me was a great opportunity to combine my strengths and CMA toolkit of financial analysis with being client facing in a sales and relationship capacity. The upside to this is since there is a sales side to the job, it had significantly more upward potential in terms of compensation.

I have now been doing this job for close to 3 years and am enjoying it and making likely double what I would have if I had have started as an intermediate accountant and been promoted to a senior accountant in 2 years. I also am pleased as there is a lot of upward trajectory both within the bank (can move through to corporate finance, move into leadership roles, move into something more technical like capital markets) or lots of applicable uses outside the bank.

Hope that is helpful,
Mark

[Euro7r]

Current situation is I have worked in the private sector for 6 years in an intermediate role in the consulting industry. My experience of focus is financial reporting. I have been looking around for other intermediate/senior level jobs. Priority being higher job compensation and diversified experience in other private industries.

I have seen many jobs asking a shit load of experience requirements along with designation, but the pay is absolute shit considering the amount of work required to be done.

I am also interested in an financial analyst role as that seems quite interesting to get into compared to the regular staff accountant work. How do people get experience in that area and also get into it? Not sure how I can branch out my current experience and try other "accounting/finance" areas.

[dat_steve]

At the end of the day, FP&A is also reporting. Having been a professional for 6 years, you probably have decent exposure to modelling and analysis, so I don't see it being much of stretch to move into a FA type role? I guess my point is that unless you've been pigeon holed into tasks that are so reporting specific, you probably have more experience than you realize. Add "exposure to..." and "worked with..." to your resume, then fake it till you make it, bruv.

financial reporting is a soul sucking endeavor imo

[Euro7r]

At the end of the day, FP&A is also reporting. Having been a professional for 6 years, you probably have decent exposure to modelling and analysis, so I don't see it being much of stretch to move into a FA type role? I guess my point is that unless you've been pigeon holed into tasks that are so reporting specific, you probably have more experience than you realize. Add "exposure to..." and "worked with..." to your resume, then fake it till you make it, bruv.

financial reporting is a soul sucking endeavor imo

Yeah you are right. I started off as A/P and 3rd month into the job, promoted to financial reporting. Typically people don't jump that quick, not that I have personally heard/known of; therefore, I have plenty of experience and exposure.

Accounting is quite repetitive, day to day operation and month end, repeating again 12 x each year.

Without my designation, I can only move up to a senior accountant role and that will be the ceiling point. Just trying to see what other options I can move into without a designation. I am at the point in life where I don't want to study anymore as it does put a lot of strain on my body health, not because I am lazy. Designation does open up plenty more opportunities...Sighhhhh

[EDawg]

currently a financial planner with a big bank (the blue one). I have my CFP, and I've passed level 1 of the CFA program. I've been in banking/investments since 2010, always at the retail/mass affluent level.

looking to get into the non-sales side of investments now (more analyst type work). i've looked into equity research, investment banking, and portfolio management jobs. there aren't really any jobs (in vancouver anyway) that would be suitable for someone with my experience/skill set.

long term plan is to eventually get my CFA letters. my goal is to find a career-type non-sales job in the industry that will allow me to make a good living. I've been in sales for a while now and the money is good, so ideally I don't want to take a pay cut to try something new.

just wondering if there's anyone here that followed a similar career path that has any advice for me? TIA

[DaFonz]

Also bumping this thread.

Those of you already in the industry, what should I do to better myself for a position in equity research post-grad? Is there hope for non-target schools?



1) Move to Toronto. Equity research in Vancouver is AWFUL. Market hours on the west coast is AWFUL. My worst day was company reporting pre-market and then a west coast company reporting end of business day on west coast time. I absolutely hated it.

2) Get to know analysts. They have ultimate say in who their associates are. Often times the jobs are never posted and just referred through people.

[Gh0st]

Have a family member and several friends in the accounting field. They did the standard diploma / bba in Accounting / Finance then went on to article while they work on their designations in public practice mainly.

Pretty surprised at how many people aspire to be accountants. Long fucking hours. Brutal office politics. Working in a firm with 50-200 people (depending on size) with everyone competing with you to move up from staff accountant to accountant to senior accountant, ect.

All the unpaid travel hours and unpaid overtime paired with not being able to take time off in December because of year end, and not until at least May because of tax season is absolutely crazy.

Ya'll work hard. I respect the grind and work ethic. I noticed many people spending all of their pay cheques at indochino on budget suits since the pay is so incredibly shit. No one ever talks about how shit the pay is.

Starting 36k, after 1 year get like 42k and after 2 years maybe get 44 max? Then you get your CPA designation and like someone posted above earn anywhere between 45-55k.

You don't really get ROI until you are at least 10+ years deep in the game. By then you'll just have only paid off your massive student loans. The accounting field is prestigious and you learn amazing things from the industry that you can apply to your own life... but will you even have a life after the insane amount of hours you're working.

Every accountant I know is in a state of burn out and misery. It's sad. I wish the best for all accountants out there. Keep up the grind and pray for the best.

I went into a different area of business.. with the spare time I have I am able to start a business of my own.. doing 100k at the age of 25.

I have one buddy who made smart plays in his career, went into internal accounting for a mid size firm in downtown. He's about 6 years in the game and after much strategizing and playing his cards right he's now at 70-80k salary working like a dog. Literally doing coke and drinking every weekend to unwind.

Sorry I just felt the need to write about this as I'm sure many seasoned accountants here can probably attest to most of my points.

[Gerbs]

What business do you do do for yourself now?

[Euro7r]

Have a family member and several friends in the accounting field. They did the standard diploma / bba in Accounting / Finance then went on to article while they work on their designations in public practice mainly.

Pretty surprised at how many people aspire to be accountants. Long fucking hours. Brutal office politics. Working in a firm with 50-200 people (depending on size) with everyone competing with you to move up from staff accountant to accountant to senior accountant, ect.

All the unpaid travel hours and unpaid overtime paired with not being able to take time off in December because of year end, and not until at least May because of tax season is absolutely crazy.

Ya'll work hard. I respect the grind and work ethic. I noticed many people spending all of their pay cheques at indochino on budget suits since the pay is so incredibly shit. No one ever talks about how shit the pay is.

Starting 36k, after 1 year get like 42k and after 2 years maybe get 44 max? Then you get your CPA designation and like someone posted above earn anywhere between 45-55k.

You don't really get ROI until you are at least 10+ years deep in the game. By then you'll just have only paid off your massive student loans. The accounting field is prestigious and you learn amazing things from the industry that you can apply to your own life... but will you even have a life after the insane amount of hours you're working.

Every accountant I know is in a state of burn out and misery. It's sad. I wish the best for all accountants out there. Keep up the grind and pray for the best.

I went into a different area of business.. with the spare time I have I am able to start a business of my own.. doing 100k at the age of 25.

I have one buddy who made smart plays in his career, went into internal accounting for a mid size firm in downtown. He's about 6 years in the game and after much strategizing and playing his cards right he's now at 70-80k salary working like a dog. Literally doing coke and drinking every weekend to unwind.

Sorry I just felt the need to write about this as I'm sure many seasoned accountants here can probably attest to most of my points.

^Yup, heard all of the above points. I knew a friend that worked in audit for one of the Big Five Firms at that time in the 90's and he said he was being paid $65K and busting his ass out 60+hours every week. He got so tired and said fuck it and opened his own accounting firm, never looked back since then. Every year drives a different car lol.

I feel like if you have potential to move up to a management role, CPA designation/accounting is well worth it. Even my CFO says the the years after getting designated, salary complete shit until later on in your career. If you are lucky you would land a management role position after designation. It's really what you do with it. If you don't plan to do anything with the designation, then it's clearly not worth the time/stress. I know people that have the designation and just stay as staff accountant making a shit salary.......makes me wonder what's was the purpose.

I ain't designated but when my firm is busy, literally 60 hour weeks and no life. Eventually the stress caught up to my body, definitely not worth it. Not 25 years old anymore.

[sexyaccord]

Have a family member and several friends in the accounting field. They did the standard diploma / bba in Accounting / Finance then went on to article while they work on their designations in public practice mainly.

Pretty surprised at how many people aspire to be accountants. Long fucking hours. Brutal office politics. Working in a firm with 50-200 people (depending on size) with everyone competing with you to move up from staff accountant to accountant to senior accountant, ect.

All the unpaid travel hours and unpaid overtime paired with not being able to take time off in December because of year end, and not until at least May because of tax season is absolutely crazy.

Ya'll work hard. I respect the grind and work ethic. I noticed many people spending all of their pay cheques at indochino on budget suits since the pay is so incredibly shit. No one ever talks about how shit the pay is.

Starting 36k, after 1 year get like 42k and after 2 years maybe get 44 max? Then you get your CPA designation and like someone posted above earn anywhere between 45-55k.

You don't really get ROI until you are at least 10+ years deep in the game. By then you'll just have only paid off your massive student loans. The accounting field is prestigious and you learn amazing things from the industry that you can apply to your own life... but will you even have a life after the insane amount of hours you're working.

Every accountant I know is in a state of burn out and misery. It's sad. I wish the best for all accountants out there. Keep up the grind and pray for the best.

I went into a different area of business.. with the spare time I have I am able to start a business of my own.. doing 100k at the age of 25.

I have one buddy who made smart plays in his career, went into internal accounting for a mid size firm in downtown. He's about 6 years in the game and after much strategizing and playing his cards right he's now at 70-80k salary working like a dog. Literally doing coke and drinking every weekend to unwind.

Sorry I just felt the need to write about this as I'm sure many seasoned accountants here can probably attest to most of my points.

Its true!
its shit, the meal ticket for most in public practice is the move the industry. 95% of accountants in public practice aspire to move to industry at some point or another.

A lot of "senior accountants" at public firms make the move directly to at least an accounting manager/controller, the pay jump is significant.

[Euro7r]

Bumping this again.

Writing that damn CPA core 1 exam the 3rd time. Finally going to write it after pushing it off for most of this year. If I pass, I'll move on, if I don't, not the end of the world.

I've been applying to jobs lately and notice the insane number of people all looking for work. E.g. Lululemon FA job, literally over 100+ applicants on linkedin. <1% chance of getting the job.

Seems like to get a job these days, it's who you know and connection. Feels like CPA don't mean shit anymore since market is ton of people with it. Only so many jobs out there.

[Gerbs]

Is it only 3 attempts for core 1 exam? Is the FA job mainly FR&A?

[Euro7r]

Is it only 3 attempts for core 1 exam? Is the FA job mainly FR&A?

Yeah FR/A.

Yeah you can attempt 3 times and if you failed 3rd attempt, have to start from Core 1 all over again from my understanding. It is not like CA/CGA/CMA back then, after 3rd attempt in any course, you are done with that program, officially kicked out forever.

My coworker is on her 4th attempt with Core 1. Likely not worthwhile for her since she is wasting her time on a career likely not suitable for her. She works in a different department not accounting. Her mindset is, her degree is accounting, so she thinks she should pursue it. Makes no sense, she is already 31, zero experience in the accounting industry, how do you even know thats something you will like doing if you don't even work in the field.

[quayzy]

I've been applying to jobs lately and notice the insane number of people all looking for work. E.g. Lululemon FA job, literally over 100+ applicants on linkedin. <1% chance of getting the job.

Seems like to get a job these days, it's who you know and connection. Feels like CPA don't mean shit anymore since market is ton of people with it. Only so many jobs out there.

Have you tried going through recruitment agencies? A lot of jobs never make it into the public domain, many companies go straight to the recruiters to find the right candidate for them.

And yeah having a connection will get you in the door but an unqualified person won't be able to cut it there forever. CPA ain't no cake walk, it'll help you develop skills and qualities that'll be necessary for senior level positions.

Good luck with the test and job search!

[dhari]

Hi all, just want to share my accounting story with yall!

Coming out of high-school I totally did not know what I wanted to do so I started a General Arts Degree at SFU. After about a year of doing poorly I spoke to some friends who were at BCIT doing their FMGT Diploma in hopes of getting into accounting. I followed suit and loved it!

After completing my diploma I started to work full time as an accounts payable clerk, accounting clerk, staff accountant, ect in various industries while doing my BBA very slowly at BCIT. After my BBA I was planning to get my designation.


My last role was Senior Accountant for a transportation company. I learned so much from that position because the C-suite was amazing. I loved that company but started feeling bored of the whole accounting thing and I definitely did not want to do my designation. One day I woke up and didn't want to go to work. I actually ended up going in that day but told my Director of Finance that I'm done. So I gave them 3 days notice and bounced. At the age of 30 that was a big thing for me. Totally felt a weight coming off my shoulders.

I learned so much about business, organizing, communication, finance and many industries in my 8 year accounting experience. I don't have any regrets about the time I spent because I learned so many great skills.

One year later, I'm working for a private lender, heading their investment division. I feel great about my decisions.

[Euro7r]

Have you tried going through recruitment agencies? A lot of jobs never make it into the public domain, many companies go straight to the recruiters to find the right candidate for them.

And yeah having a connection will get you in the door but an unqualified person won't be able to cut it there forever. CPA ain't no cake walk, it'll help you develop skills and qualities that'll be necessary for senior level positions.

Good luck with the test and job search!

I haven't looked into agency so far. I have a job right now, so I'm not "desperate" to that extent I need a job, but just applying whatever I see that catches my attention so far as I want to diversify my work experience.

Yeah, my buddy that works for a crown corporation that is a CMA told me, the trend nowadays is towards it's who you know, not so much your resume experience/education. Getting in is the hard part, once you are in, then you still will need to show them your skills/assets, no walk in the park once you are in.

[Gerbs]

CFA exam in < 14 hours :fullofwin:

[Gerbs]

After completing my diploma I started to work full time as an accounts payable clerk, accounting clerk, staff accountant, ect in various industries while doing my BBA very slowly at BCIT. After my BBA I was planning to get my designation.

I learned so much about business, organizing, communication, finance and many industries in my 8 year accounting experience. I don't have any regrets about the time I spent because I learned so many great skills.

One year later, I'm working for a private lender, heading their investment division. I feel great about my decisions.

Hey, i'm currently in the FMGT program. Does it really matter if I do the BBA or Bachelors of Accounting, I was planning to get the degree in accounting as an exit strategy if finance doesn't work out for me. Also on a side note. Does staff accountants pay well?

[Euro7r]

Hey, i'm currently in the FMGT program. Does it really matter if I do the BBA or Bachelors of Accounting, I was planning to get the degree in accounting as an exit strategy if finance doesn't work out for me. Also on a side note. Does staff accountants pay well?


Depends on the organization.

For senior level, likely looking around $60-75k base salary average.

[Gerbs]

Is there bonus and is this $60-75k based off of like F500 companies or like public accounting.

[Euro7r]

Is there bonus and is this $60-75k based off of like F500 companies or like public accounting.

10% bonus of salary is generally a safe figure. I've based the figures off of friends that work in the same industry as me, private. Not sure what public figures are like.

[lowside67]

I think the bulk of "Staff Accountant" (ie not senior, but designated) positions are not likely to break $60k before bonus.

-Mark

[sexyaccord]

senior accountant(designated) @ big 4 ~ 60k, 2017 figure.

[G0rilla]

CPA,CA chiming in here, been in the field for about 7 years or so now. Worked public (never again) and jumped to industry.

Salary level wise from what I've seen and heard from other friends and colleagues is quite depressing.

Fresh out of school (BBA), no experience "Junior accountant, staff associate, AP/AR,etc" - $35-45k
BBA No designation (2 to 3 years exp) "staff accountant, intermediate accountant, financial analyst,etc" - $40-50k
BBA (CPA, 2 to 3 years) "same titles as above"- $50-60K
BBA (CPA, 5 years and up) "Senior accountant, Senior Financial Analyst" - $55-65K
BBA (CPA, 5 year<) "Accounting manager, etc" - $65-75k
BBA (CPA, 5 year<) "Controller,etc" - $80k and up

Again, these are pretty ballpark figures, depends heavily on the industry, organization, work dynamics etc. But all in all, it seems that in the general public eye is that accountants make a lot of money, which horribly inaccurate. I think accounting is stable and grants you opportunities, but getting rich is hard. It would take quite a bit of work experience, building relationships in company, networking, etc to help break that $100k mark.

Public practice pay is low, hours are long, working relationships and corporate structure are taxing and demanding. You definitely don't make money working public practice (Big 4, or even a midsize firm) unless you are a partner; which by then probably wont even happen for 90% of people. Basically the only way to make partner is if somebody dies or retires which isn't likely and could take forever. You would have to fight against all the other people trying to climb up behind you, while defending from people above you trying to keep you down lol.

Edit: For those looking to Robert Half or wahtever recruiter has up on their site as a summary for "Financial Sector Salaries for 2017", please don't believe that shit. Those salaries are inflated by at least 20-30%, and don't use it as reference to try to argue for a raise with your boss (ask me how I know lol).

[Euro7r]

^good summary range!

Totally agree, it's not til you get older and way down the road till you start raking in some decent money. E.g. I work at a private mid-size company, my Controller is paid $160K with bonus, but she is in her mid 50's now. So you can see the drift how long it took her to get up here...

[quayzy]

I haven't looked into agency so far. I have a job right now, so I'm not "desperate" to that extent I need a job, but just applying whatever I see that catches my attention so far as I want to diversify my work experience.



That's the catch though, many jobs aren't publicly advertised so you're not aware of roles that would fit you well.

A hiring company will reach out to recruiters to help fill an available position, then the recruiters look into their candidate pool for someone that fits the needs of the company. By you reaching out to recruiters early and letting them know what kind of role you're looking for, hopefully you'll come to mind when a good opportunity becomes available. Otherwise you're totally missing out on these roles altogether.

[Nlkko]

Hey, i'm currently in the FMGT program. Does it really matter if I do the BBA or Bachelors of Accounting, I was planning to get the degree in accounting as an exit strategy if finance doesn't work out for me. Also on a side note. Does staff accountants pay well?

Dude, how is accounting your "exit strategy"? Please do yourself a favor and re-evaluate. Honest advice and not a diss to you at all. Pay is pretty average considering all the shit you have to go through to get designated.

I think you meant "plan B"...

I would get a bit of technology knowledge. Fintech is pretty hot right now.

[dat_steve]

Edit: For those looking to Robert Half or wahtever recruiter has up on their site as a summary for "Financial Sector Salaries for 2017", please don't believe that shit. Those salaries are inflated by at least 20-30%, and don't use it as reference to try to argue for a raise with your boss (ask me how I know lol).

I've always read these and felt short changed lolllll PJSalt

[dhari]

If you are smart and strategic you will learn as much as you can about how to operate a business from start to finish and then transition to a different career or start your own business. Having a strong accounting background speaks volumes in the business community.

[airclimber]

Anyone have recommendations for recruitment firms?

[quayzy]

Anyone have recommendations for recruitment firms?

From the hiring side, I've made successful hires using the following:

Robert Half: by far the biggest candidate pool but I find that they pass along resumes that aren't always well suited to the role. Once in a while you hit the right candidate though.
Horizon Recruitment: they really filter through their candidate pool and only present candidates that they truly think will fit well.
Impact Recruitment: same experience as Horizon

From a job seeker perspective, may be best to go with both Robert Half for the greatest exposure and also with a smaller boutique firm that will invest more time in finding right fit. They might not like you shopping yourself to other agencies though :fullofwin:

[tiger_handheld]

Anyone have recommendations for recruitment firms?

Definitely not RH.

Mason Group, MacNak - both great.

Best is applying yourself though. Pound those job sites everyday. It's like dating - a numbers game.

[BIC_BAWS]

Not sure if this is the right thread, but what do you guys think about automation in the accounting/bookkeeping/finance industry? I'm in the bookkeeping/accounting industry, but since I'm not CPA (yet), officially its a public bookkeeping business.

I have a ecommerce (Amazon FBA) client who does about 50K a month. Doing the data entry for their business is a PITA, especially with the variable FBA fees. If I could batch, I would. In an attempt to decrease the amount of allocated resources for that client, I've recommended the client to purchase a SaaS, Entriwise, that will automate the data entry process. This software will decrease their accounting/bookkeeping costs, but in turn will also decrease my billables - or cut me out of a job. Since they're my friends, in this case, I don't mind. Considering I need more time to focus on my larger clients.

What do you guys think? Will automation of mindless tasks (data entry) be better for you (and company) since you can focus on more value added tasks, like financial analysis/reporting?
Or do you think it will it create bigger issues, like lower billables, therefore lower revenue?

[Gerbs]

Pretty cool how your friend started a FBA business. I haven't met anyone locally who clear $50k a month. How much do people normally spend to start it up? <$5k?

[bcrdukes]

I am of the opinion where automation for accounting and bookkeeping can be done given a specific, or rather, minimum set of criteria is met. The bottom line would be a mature/established business with a set level of certainty in order to implement an automated process. While doing so, such software can also spit out reporting / business intelligence reports, so you can kill two birds with one stone.

[chinook79]

I was offered a senior accounting analyst job at my previous work as I am a bit handy when it comes to the automation and had deep knowledge of industry I was in. I had nearly no experience in finances other than budget, labour, expenses, etc that I am required to do as a manager. I ended up turning down the offer as I had no intension to get designates and without it, I didn't see myself moving up much further, at least not outside the company I was in. Reading through this thread, I think I made a good choice back then... I never realized that finance sector was so depressing...

[lowside67]

I never realized that finance sector was so depressing...
Despite there being some overlap, especially in junior roles, there is a world of difference between finance and accounting (which in this context includes roles that may say "finance" in the name such as financial analyst roles). When I refer to finance, I am speaking broadly of banking and investment - everything from business banking to working at a mutual fund. Perhaps the largest difference is what the senior roles look like.

In accounting you are going to be a cost center and a line item literally until you are either a CFO with stock options or a partner at an accounting firm - then you have some upside. You can look forward to roles like "Junior Accountant", "Senior Financial Analyst", "Accounting Manager", "Head of FP&A" and still fundamentally that's how you are paid. Obviously increasingly senior roles at increasingly large companies pay more, but the simple reality is you are earning a salary with likely a small bonus tied to soft factors on performance until you have at least 15 years in the industry (assuming you don't become the "CFO" of a startup with 4 people in your 3rd year)...

The true finance world tends to tie your compensation much more to actual performance - in banking, it's usually a sales job and you are compensated either directly or indirectly on growth of your portfolio; in investment management, you are either contributing in an analytical capacity and being paid a percentage of your contribution to returns, or in a sales capacity generating funds to be invested, and being paid on an going trailer on funds under management. Either of these have basically unlimited upside (with some practical limitations) and most importantly, you can start earning big upside MUCH earlier than in an accounting type role.

I joined a bank in a relationship management capacity ("sales") straight out of my CPA, with a few years of unrelated experience prior to that. They paid me fairly, and certainly better than I would have earned in the comparable financial analyst roles I was looking at, but not by a ton. However, by delivering strong sales results, my overall earnings have dramatically increased year over year - this is why I believe so strongly in these roles, if you perform, your compensation can grow quickly.

I wasn't expecting to like banking as much as I have, but as I ended up here completely by accident, I like to try to bring some information about this space as it's a niche that I don't think a lot of "accountants" think about. It's not for everybody, but if you are an outgoing person who wants some control over their job (ie the opposite of a 9-5 where you don't care), you should think about it.

-Mark

[Gerbs]

Which side of sales in banking are you? Like looking for small business or mainly high net worth individuals?

[lowside67]

Which side of sales in banking are you? Like looking for small business businesses or mainly high net worth individuals?
I work in the upper end of the business banking space - companies in this space typically have borrowing needs from $10-20 million and revenues from $10-100 million. My role is to be the primary point of accountability for relationships - both existing and new - and be the point person for lending needs.

An entry level role in my exact line of business would be the same job but for smaller companies - those who borrow $1-3 million and have revenues in the $1-10 million space. There would also be one more role between mine and that one which would bridge the gap in terms of sizes.

An entry level job would typically have salaries in the $50s-$60s (though it is possible to get hired in the 70s if you are a desirable candidate that the bank would expect to promote quickly), and on top of that, bonus in the 15-20% range, with top performers getting significant raises and lots of upside beyond that bonus number.

-Mark

[bcrdukes]

I think a good way to summarize what lowside6 is saying is your compensations (and responsibilities) differ significantly when it comes down to the level of spend.

I started off with spends of < $2 mil, and now juggling spend values of up to $1.5 billion. But I'm still a janitor. :troll:

[Gerbs]

What would the position be called lowside67? I want to look for qualifications so I can adjust myself towards that role.

[lowside67]

"Commercial Account Manager" or "Commercial Relationship Manager". There isn't anything up at BMO but I did see some at RBC.

-Mark

[iPee]

Lowside are you a CAM at BMO? I used to work in BMO Commercial Banking but in the back office. IIRC my job title was PSO or something along those lines. We did some automating and ended up automating myself out of a job 3 years ago lol.

[lowside67]

Lowside are you a CAM at BMO? I used to work in BMO Commercial Banking but in the back office. IIRC my job title was PSO or something along those lines. We did some automating and ended up automating myself out of a job 3 years ago lol.
Yup - mid market CAM, though we have re branded recently. PSOs are now entirely centralized in Toronto. Small world.

-Mark

[Gerbs]

What was your route towards CAM? Did you go through like the traditional banking route of like Teller > FSR > FA > CAM. I don't see too many people in banking hopping into the position without working in banking prior.

[lowside67]

I joined BMO Feb 2015 as a CAM trainee with no prior banking experience. I was in training for about 6 months and then got my portfolio which was a mid-market portfolio. I have not seen another person given a mid-market portfolio at BMO without prior banking experience, so I would not take my path as typical.

Usually people come to us from three places:
1) commercial banking analysts from BMO
2) account managers from other banks, especially credit unions
3) senior personal lenders or branch managers

-Mark

[Gerbs]

I've been approached by a friend who runs a company that wants to report day trading gains on their cryptocurrency. However, I never filed a corporate tax return before. Thus I want to learn. It should not be hard since I think it's just investment income through a corporation.

Specifics:
Started in 2017.
Filing for 2017 in Canada. (They are late)
No financial statements
Recorded accounting on Excel
1 owner corporation. Holding fund holds this business as a subsidiary. (will file taxes for the holding company if it's simple)

How to minimize liability? Is it easy to file?

[tiger_handheld]

I've been approached by a friend who runs a company that wants to report day trading gains on their cryptocurrency. However, I never filed a corporate tax return before. Thus I want to learn. It should not be hard since I think it's just investment income through a corporation.

Specifics:
Started in 2017.
Filing for 2017 in Canada. (They are late)
No financial statements
Recorded accounting on Excel
1 owner corporation. Holding fund holds this business as a subsidiary. (will file taxes for the holding company if it's simple)

How to minimize liability? Is it easy to file?

step 1- minimize liability by not doing things outside of your expertise - decline this engagement.

step 2- read this: https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4012/t4012-17e.pdf

step 3- Go and download turbo tax corporate / small business & play around

step 4- Go and volunteer some time at a accountants office during tax season and do at least 100 T2's under guidance

step 5- keep that knowledge and provide knowledge transfer on a free and friendly basis not to profit.