Accounting and Financial Management

My tips for exam preparation

By Jade Ellis, BA Accounting and Financial Management

With less than a month away until the January exams commence, the exam nerves and stresses start to kick in. So here is a little bit of advice on how to keep calm and reduce the stress of exam season.

Everyone is different when it comes to how to revise effectively – some people find it beneficial to cram and revise large amounts of information at once, whereas others like to have a timetable and space it out, doing little and often.

Personally, I find it beneficial to have a timetable, as being organised with revision naturally calms me and reduces stress. I plan my day out the night before, so I am making sure I make good use of the day and I am also not overloading myself. Within my plan I schedule a break after every few hours of revision, where I either watch a bit of TV or sweat it out at the gym, just so my mind can have a break before taking any more information in. My planning doesn’t just stop there – I also ensure that my fridge and cupboards are stocked with healthy meals and snacks to prevent a last minute dash to the shops when I have better things to do. Snacking on ‘brain foods’ such as nuts, seeds and veg makes me feel like I’m doing some good, and making sure I don’t go hungry helps with my concentration levels.

When it comes to revising, my tip is to start with the module that you find the hardest. That way, if your time management doesn’t go to plan (and I’m sure that’s happened to everyone at least once!) then you have the most difficult module covered, and you can spend your last day cramming the module that you find the easiest.

Another key to successful revision is location. If you find that when you try to complete a day’s revision in your bedroom you suddenly have a huge interest in cleaning and rearranging your furniture, it’s probably best to get out of your room and find somewhere else to study. Sometimes finding a like-minded friend can be useful, and if you have a similar study pattern it can be useful to study together. This has the added benefit of helping you to feel a bit more social over the exam period! Other people know that they study better when they resign themselves to the silence of the library, or sitting in a café.

If you have upcoming exams, I hope that these tips have helped you to think about what kind of work you find most beneficial – finding what works for you is the key to a successful revision session!

My summer internship

By Tommy Fletcher, BA Accounting and Financial Management

After second year, following the various stages of the application process, I was lucky enough to gain a place on Ernst & Young’s summer internship programme, based in the Audit team at their Hull office. With the graduate job market becoming increasingly competitive, experience has become a hugely valuable thing to have on your CV. This was perhaps best summed up on my first day with Ernst & Young, when I was told that the internship essentially works as a trial for both me and the company. If the company liked me then the chances are a graduate job offer would be on the table, and if I liked the job role and the company, then great! However, if I didn’t like that role, I had the chance to get a taste of other service lines which also could lead to a graduate position, or at the very least, I’d come away with an idea of what I didn’t want to do and another name on my CV.

Into the internship itself, and after a couple of days’ induction and training, it was straight onto real audit work, with clients ranging from small local businesses to FTSE listed companies and even a company that was no longer in existence. I spent a number of days out on client sights, where exposure to high ranking clients provided the perfect opportunity to develop my soft skills when obtaining information to complete the audit, as well as a chance to get to know your team better and find out more about working for the company. I also had the opportunity to shadow a partner, a unique prospect which enabled me to sit in on a partner meeting, before discussing career paths over lunch. The internship culminated with the Ernst & Young Hull summer social, before a final celebration with other interns from across the north.

A few weeks after the internship I found out that I’d received a graduate job offer, something which really allowed me to relax and focus on my studies in my final year without the worry of time consuming applications. I was also able to call upon my experience during the summer, particularly in the final year audit module where I could incorporate real life examples from practice into my work. Now that I’ve graduated and looking forward to starting my role after summer, I’m glad I put in the extra effort during my summer internship, and would recommend it to anyone.

My favourite society – Sheffield Engineers Rugby Football Club

Hi! My name is Tom and I’m a final year BA Accounting and Financial Management with Employment Experience student. In my blog post today, I’m going to tell you about societies more widely, but in particular my favourite society, Sheffield Engineers Rugby Club (SERFC).

At the University of Sheffield, the SU has over 300 societies. Societies are just groups of students who share common interests – such as nationality, faith, sports, politics, degree subject, hobbies, or anything else you can think of. They range from Acapella & Beatbox Society to Zumba Society, and everything in between. Societies are a great way to extend your friendship circles and meet new people, and what each society meets up to do differs depending on what society it is. Generally though, you’ll meet up a couple of times a month and do what you love doing, with like-minded people. Nearly all societies hold some sort of social, and some have an end of year ball and dance. Some societies, like the Management Society (a.k.a ManSoc, the subject society for the Management School) will do a number of things. ManSoc, for instance, have socials, intra-mural sports teams, book sales and the famous end of year ball.

One society that I am a part of is SERFC. I have been a SERFC member since my first year and we are an inclusive rugby union club who play in the Saturday rugby leagues. Although called the Engineers, you don’t have to be an Engineer to join – we accept all subjects, there is a large Management School cohort who pay for us. We have a culture of no initiations, and we pride ourselves on being inclusive and friendly rugby that anyone can join in with regardless of ability. We have a number of very talented and dedicated players who represent the 1XV and 2XV, and a number of more social members who will represent both the 2XV and the Development XV throughout the year. The club is great because we train twice a week and play once. As other university sports teams tend to play on Wednesday, playing rugby on a Saturday leaves our members free to play other university sports, so if you have two interests you’re free to enjoy both. The club not only plays full-contact rugby union, we also have a Touch rugby team who plays on Sundays (great for players trying to hone their skills or those recovering from injuries) and we have a very successful intra-mural football team, too. As well as rugby, we have the best socials going. The club also has an end of year tour to Croatia and takes part in 7’s tournaments during the summer.

The club has afforded me the opportunity to make a number of long term friends, and I would count my rugby friends as my closest at university. You’ll find that as a younger student, you will be able to get favours/advice/tips from the more senior members which is absolutely priceless as a 1^st year student. The club has afforded me the opportunity also to become a committee member, something which helps boost my skills and my CV. I act as the treasurer for the society and as an Accounting student it is great to be able to do so, as it means I’m able to talk about something else other than my placement in Interviews. In fact, I brought up my role as treasurer for SERFC in my recent graduate job interview – one in which I was successful.

In summary, to any prospective students maybe trawling our blog looking for tips, mine is simple – join societies. Societies are one of the best things about social life at university, you’ll have great fun and make friends for life.

Things I wish I’d known as a first year

By Thomas Jarvis, BA Accounting and Financial Management with Employment Experience

Hindsight is a beautiful thing, something I feel no more so than now as I graduate and enter the big wide world. Though I have much to look forward to (after graduation I’m joining a job on the finance graduate scheme at E.ON), I leave behind four incredibly happy years at the Management School in Sheffield. However, there is always the question of whether I could have made even more of my time here, so here are my 3 top tips for an undergrad.

Join Societies

Societies are student-run groups in which members have a common interest, basically. Here at Sheffield we have over 300 societies to join from interests, faith, nationality, sports and academic. They are a wonderful way to meet people outside of your immediate course and flatmates; thus, widening your social circle. This has many great benefits, as well as an improved social life. Informally, older students may be able to give you good advice, hints, and tips. It may also be a good chance to do something you’ve not done before or cut down on your book costs by taking part in the Management Society’s book sale. Join as many societies as you want, as many only ask for a nominal joining fee, and most do not need large engagement or effort. Also, society bar crawls are great.

If the society doesn’t exist yet, why not approach the Students’ Union and they may well support you to create the society.

At my last Management School ball, run by the Management Society

Do a placement year

Earlier in the undergraduate blogs, Rebecca spoke about her placement year. I also did a placement year, where I undertook a work placement for the NHS in their Finance department. For more in depth about placements, see Rebecca’s earlier post. In my opinion, they are a fantastic way to boost your employability as you have the chance to network with potential future employers. You’ll also get a taste of work, have valuable experience in job applications before you start thinking about graduate jobs, get a good reference and last but by no means least, earn some money and be able to go on some cracking holidays. It also acts as a clever way to break up your studies, and I found myself coming back to final year with a renewed passion for my course, and a much-improved work ethic.

Engage with your course

This sounds simple but it’s easier said than done. It is extremely easy, starting as an ungraduated to think “I’ll enjoy myself now and work later”, by the time “later” comes around, it may in fact be too late. By keeping on top of reading, completing tutorials, and generally getting ahead with work, revision will be 100x easier. Instead of trying to learn the whole course in a matter of days (impossible, believe me, I’ve been there), revision will be a breeze as it’ll be literally just going over things you already know, and you’ll be banking a good mark – important for those placement years, grad jobs, and particularly if you’re on International Business Management and want to go abroad. Also, while you’re here, you might as well make the most of everything available to you while you can.

My experience as an overseas student

Hi, I’m Yunzhou, and I am a BA Accounting and Financial Management student from China. Although I’m currently in my second year of study, I remember vividly what it was like to come to the UK as a first year student, and this is what I would like to talk to you about today.

Before I landed at London Heathrow, I was full of mixed emotions – scared, excited, nervous, and more. I was so happy to find that when I landed, instead of the uncertainty and loneliness that I thought I would feel, I found myself falling in love with the country immediately. Exploring London for the first time was incredible, and I was drawn to the grandeur of the Big Ben, the tranquillity of St James’ Park, the hustle and bustle of the financial hub and the jubilance of the theatres. I found myself surrounded by exciting cultural heritage, marking that finally I had arrived in the UK, the country I had seen thousands of times on films and TV.

For my first few weeks in the UK I communicated with locals through speaking with what English I had, and using wild gestures and sign language when my English wasn’t enough. When I got to Sheffield, I found I had a passion for exploring the city, and I fell in love with the parks, small independent shops and restaurants and finding out more about the history of the city. Most importantly, I was met with kindness in everyone I met.

One thing I love about the UK, and Sheffield in particular, is the multi-ethnic and multicultural environment! Here, you can find people of all cultures chatting and laughing together in bars and restaurants, and it is easy to find food and drink from all different cultures, which helps when you get homesick. Having been born and raised in rural China, I had limited knowledge what the UK would be like, although films and TV made me think it would be full of posh people drinking tea and moaning about the bad weather! However, when I eventually made it to the UK, I found that the British culture is so much more than this, which to me, shows the importance of exploring first-hand cultures and countries that you are interested in – they may hold great surprises for you! My experience of being an overseas student in Sheffield has been a great inspiration, encouraging me to become a global citizen and plan where I can travel to after I finish my degree next year. The world is a huge place, and thinking of my future fills me with excitement – I would recommend this experience to any student thinking of coming to study in Sheffield!

Making your money go further

I’m Tommy, a third year Accounting and Finance student and, at risk of sounding like- well… an accountant- it’s time to talk about money!

Starting university is an exciting time, and whilst it’s easy to fritter away your student loan on nights out, Meadowhall shopping sprees, or those fairy lights that make your room look like Blackpool Illuminations, you don’t want find your card being rejected whilst doing the weekly shop. So, here’s just a few tips for saving whilst still having fun!

Student Discount:

It perhaps goes without saying, but student discount is a huge help when you’re trying to look after your bank balance. Not only can you save in various clothes shops and supermarkets, but a number of restaurants, pubs and bars offer deals for students too. Furthermore, some societies have link-ups with local businesses, meaning discounts on drinks or food in certain places with your societies cards. You can also get buses around the city for just £1 too, so don’t be forgetting your student card!

Nights Out:

Going out with your friends is what makes your uni experience great and gives you memories you’ll never forget, but if you’re not careful it can also break the bank! One of the biggest tips I can give is to budget. Take £15-20 out before you go out, and know that when it’s gone, it’s gone. Make sure you know where you’re going to, as some nights have themes and cheaper/free entry if you get involved.

Shopping:

Whilst it’s no doubt easier just to go to the shop on the corner of your road, is it cheaper? I found that when I spent an afternoon walking through the city centre to Aldi and the Moor Market and doing my weekly shop there, I would save considerably compared to weeks where I shopped locally. So, don’t be lazy! Also, if you find yourself waking back from the library late on, why not drop into the shops on the way for those delightful yellow ‘reduced’ stickers. I mean, who doesn’t love 9p donuts?!

Textbooks:

Textbooks are an essential part of uni, but they don’t come cheap, with some even costing around £60! However, if you’re on the ball you don’t have to pay that. There’s a number of charity shops stocking text books and ManSoc puts on book sales too, where you can buy second hand from students in the years above you. Failing that, the library stocks all necessary readings and some are even available free online!

Budget:

Budgeting is key! Use an app or Excel spreadsheet to plan how much you need for food shopping, rent, bills, books etc., and then anything else is yours to have fun with! Yes, it sounds boring and yes, some of your flatmates may laugh at you for it, but believe me, it’ll be you laughing when you’re away on your summer holidays!

Getting used to university level teaching

By Ali Januwala, BA Accounting and Financial Management

The thought of studying at University brings about mixed feelings of excitement and nervousness, as you prepare yourself for the upcoming adventure of University life. University is a place that allows you to come out of your comfort zone, explore and bring the best out of yourself.

An important aspect of University experience is to obtain a degree with a good score. During the initial weeks it is highly tempting for majority of students to devote time in settling in and leaving the real study for later, however this can lead to a huge amount of work piling up before you know. I’ve found that forming a study routine as soon as your course starts, will put you in a better position when its time for assessments and exams.

The academic and study skills that you have learned at school or college, may not necessarily be suitable for higher education, especially if you are an international student. Struggling with study and academic skills is a key problem most students face, as education at University involves students to undertake large amounts of independent studying, due to fewer contact hours with lecturers.

I attended a few skills workshops and MASH (Maths and Statistics Help) sessions at the 301 Students Skills and Development Centre. The 301 study skills tutorials provide students a one to one discussion with a tutor, which includes guidance on effective note taking techniques during lecture, exam revision, planning essays and by providing additional resources to learn from.

Reading and listening in English was a challenge for me, as English was not my first language. The 301 Student Skills and Development Centre, referred me to the English Language Teaching Centre and I got help to boost my written English skills, which tremendously benefited my essay writing.

Studying at University and in a foreign language can be challenging at times. It is very easy to feel overwhelmed, however you’re not the only one going through this phase. University services such as those provided by thee are a great resource for students and helps to support us to achieve our best.

On placement: ‘A day in the life of…George at RSM’

By George Philipson

My name is George Philipson and I am a final year Accounting and Financial Management student. I completed my year in industry with Top 10 accounting firm RSM as an Audit Assistant, in 2016. This was a typical day for me out on placement…

8AM

Monday: Quick walk to work with a coffee in hand catching up with this morning’s financial and business news stories. I get into work for around 8:30AM, set up my laptop and other equipment and quickly catch up with the other employees in the office. I check my diary to find I am auditing a large dairy producer for the week ahead, liaise with my Manager and Supervisor and prepare them for our meeting with some pre-fieldwork files I assembled on Friday afternoon.

9:30AM

The Partner, Manager, Supervisor, and I set up for a client planning meeting which is around 30 minutes long. It allows the Partner and Manager to highlight any key risk areas involved with this client, along with a brief introduction into the audit history of the company. I take minutes for the meeting, making sure it is evidenced that the audit team have outlined all potential areas of the audit file. In addition, duties and responsibilities are delegated and I am made aware of my role in this job.

12PM

I grab a quick bite to eat with the other graduates before I head out to the client site. We quickly compare weekends and clients for the week ahead, whilst also discussing our plans for the audit party on Friday.

I have spent the rest of the morning preparing some areas of work which do not require client interaction, as this helps to save the Supervisor time at the end of the fieldwork after I have left. I also set up some files on the network and some documents, so that I can be more time efficient whilst carrying out the fieldwork of the audit.

1PM

My Supervisor, Jen, and I arrive at the client site just outside of the city centre. We meet with the Financial Director (FD) and Financial Controller (FC) who discuss their time commitments for the week, whilst we also update them on our schedule for the week ahead. We are greeted with fresh coffee, and a great office view, before setting up our work stations.

5PM

Gosh, the first day of an audit always goes quickly! I spent the remainder of the day collecting evidence such as bank statements and reports from Sage (an accounting software) whilst also completing some shorter pieces of work. These involved: Other Audit Areas which look at non-financial aspects of the audit, along with Updated Minutes Review and updating the Audit Findings Report. I also finish my emails for the day and update the client of any remaining information I require.

I head back to the office as I have a 5-a-side fixture together with some colleagues from the auditing department. This is a welcomed break to release some energy and practice for our upcoming national RSM football tournament, I am told a place to represent the UK in Warsaw is up for grabs!

If you would like any further advice you can get in touch with all of the Placement Ambassadors at mgt.pl.ambassadors@sheffield.ac.uk

PwC Internship: My first week

By Ash Davies, BA Accounting and Financial Management and Mathematics

Upon joining PwC, I was invited to London for 3 days, where I took part in some induction training with 180 interns from across the UK. The induction was an amazing opportunity to network with other interns and to understand a bit more about PwC and what your internship would involve. The induction also gave me an insight into how much PwC invest into their employees, where all expenses were paid for and every night they would put on different events, including a Partner dinner and there was even a Pimms’s tent!

Apart from the exciting night time events, the induction involved a series of classwork study where all interns are given a laptop and all the software needed to complete an audit for example. After the 3-day induction, I headed back to the office where I was introduced to my team for the next 6 weeks and also I was given more support on how to use the audit systems and more simple tasks such as using the emails system. The exciting part of the day was being shown who my clients were for the next 6 weeks and I have been lucky enough to have been placed on an away client in Birmingham.

I would say something that attracted me to apply to PwC, was the opportunities available to grow in the firm. The opportunities available to you to take part in different areas of the firm are endless and when you join as a graduate you can easily ask to be placed on a client of your choice. Even though I was lucky enough to have an away client in Birmingham, a technology consultancy is flying to South Africa next week for 3 weeks. Only experiencing one week at PwC, it is clear that the opportunities are there and they will let you experience as much as possible with them.

How I became a PwC Intern: The Application Process

By Ash Davies, BA Accounting and Financial Management and Mathematics

Almost a year ago I decided that I wanted to gain some experience in the financial services industry. I recognised that competition for graduate places in the ‘Big Four’ and other financial firms is highly competitive and having that extra edge on other graduates is definitely something I wanted. In early September, I started to research many firms which specialised in finance and accountancy. My research led me to understand a lot more about PwC and the several different routes you can take in their firm.

Around November, I began my application process for the PwC Assurance Internship where the process takes around 3 months as there are 5 steps which are: application, logical & numerical tests, a telephone interview, an assessment centre and a final partner interview.

I fully researched PwC, looking into their values, services, clients and more simple things such as how long the internship is (which some people forget). Another important thing I would definitely recommend is to research into recent financial news on the FT, as one of the questions could be related to recent financial news and how PwC could help the situation. After the telephone interview you are invited to an assessment centre for a series of different exercises, where you have to pass all of them. The day can be quite tiring but PwC do support you throughout the day and if you have any questions, just ask! After the assessment centre, I went through a final partner interview in your chosen office, where it was more a casual chat than an interview. The final interview is a short discussion about why you would like to join PwC and a little bit more about yourself outside of your degree.

After such a lengthy process, I am proud to say I have been successful in securing a place on the internship and I will give you an update how my first week is going soon.

Top Tips – Things to do before applying:

Research PwC and the professional services they provide
Practise the numerical and logical tests and use websites such as Assessment Day to help you get through.
Research financial markets and current financial affairs.
Get involved in as much as possible at University – it allows you talk about a lot in your interviews!
Be patient as they have over 8000 applications for around 300 places!