Accounting and Financial Management – Page 2

What will you study in your second year of BA Accounting and Financial Management?

By Robbie Bailey

The second year of the BA Accounting and Financial Management programme aims to build on core knowledge gained during year one whilst allowing students to tailor their degree by choosing two optional modules. After the fun and excitement of first year, I found starting second year quite daunting as I realised that my grades from this point onwards actually count towards my final degree classification so it was important to get off to a good start. However, it hasn’t meant that I have had to stop having fun and enjoying the student life completely!
There are four core modules and two optional modules in the second year of this programme, with all six being twenty credit modules. ‘Intermediate Financial Accounting’, ‘Intermediate Management Accounting’ and ‘Financial Management’ are all continuations of modules studied in the first year of the degree and are designed to build on this foundation knowledge. In Financial Accounting, you are introduced to a range of accounting standards and key areas of debate in real-world accountancy. Part of the assessment for this module is an essay discussing the arguments surrounding these issues. In Financial Management, you will be introduced to bond pricing and advanced investment appraisal amongst various topics. Personally, the Financial Management has been my favourite module I have studied since arriving in Sheffield and this has led me to pursue a career in finance after graduation. I have also been successful in getting a finance internship at Santander this summer and this module helped me a lot during the application process.
Second year students also study ‘Introduction to Corporate Governance and Asset Pricing’, a module designed to help students develop their finance knowledge further. This course covers topics such as risk/return pay offs and portfolio theory and is significantly important for anyone aiming to go into the finance field. I am currently in the process of studying this module and I am really enjoying it so far as it is quite mathematical and this is an area of strength for me personally.
Students have a choice of two optional modules, from a list of eight, covering a variety of topics from strategy to equity analysis. Personally, I chose ‘Quantitative Methods for Accounting and Finance’ and ‘Law for Management’. I enjoyed the analysis module in year one so I chose to study quantitative methods as it was a natural progression from that module. Topics covered include Multiple Regression Analysis and Probability. The management law module appealed to me as I wanted to study something slightly different and I also felt that the areas covered would give me important knowledge for my future career. I am studying the module currently and have so far been introduced to UK and European law making and will soon be studying areas such as Contract Law and Negligence.
I am really enjoying my second year so far and I am definitely starting to feel like I have a very good knowledge of a number of key areas in accounting and finance. Many students say that second year is the best year. I would agree with this as, although the work is hard and requires a lot of effort, it has made me appreciate my free time and my student life a lot more.

My placement experience at Nationwide Building Society

By Becky Altria, BA Accounting and Financial Management with Employment Experience

I am a final year student, with a confirmed place on Nationwide Building Society’s Graduate Programme. I can focus entirely on my studies, without worrying about securing a graduate position. All because I took a placement year.
If you are driven to succeed, keen to get in to work or unsure about what exactly you’d like to do in future – taking a placement year may be perfect for you.
I spent a year working in Nationwide’s Treasury. I worked on reports for regulatory and decision making. I was given a real job, with real tasks and responsibilities. It was tough at times, but ultimately an exciting and engaging experience – I’m not sure that I will ever learn so much in such a short period of time again. I made so many great friends and I was exposed to an array of opportunities. I also got involved in Nationwide’s citizenship agenda, including teaching maths to disadvantaged children. I loved the culture and had no doubts about returning there for a graduate position. This is one of the many fantastic benefits taking a placement year provides; I got to experience the job and the organisation I could be working for in future. This helped massively when making the life changing decision as to what graduate role to choose.
The university offer a huge amount of support for students looking to take a placement year. The Management School’s dedicated Employability Hub advertise opportunities to students, as well as providing skills workshops and interview & application support. You get a designated mentor, who has been on placement the previous year, just like myself, to support you through the whole process.
This support continues while you are on placement, students are provided with a placement tutor, who visits twice a year and supports you whenever you need it. Further to this, the Employability Hub are always there to support you.
Taking a placement year has not only helped me to secure a graduate position. I’ve developed an array of skills that I know will help me to hit the ground running when I start in my new role. The experience I’ve gained has made my university studies even more relevant. I am now able to apply my learning to real life scenarios that I have experienced, helping me to develop my understanding much faster. My placement year has taught me how to focus for long periods of time, a huge benefit to my final years studies. Finally, I am able to take up my graduate position at Nationwide, knowing I already have a fantastic network of friends and colleagues to support me.

Life outside the classroom

By Anamil Kochar

When I first came to Sheffield, I was excited and wondered what Sheffield had in store for me. I had no idea what to expect. The number of activities one could get involved in at Sheffield astonished me, and right then, I knew I would make the most of my time in Sheffield.
There are more than 300 sports clubs and societies in Sheffield suiting diverse tastes. You can get involved in national or cultural societies, departmental and academic societies or any creative and special interest society like Bird Watching and Debating society.
If you are interested in fundraising, you can get involved in RAG (Raising and Giving) or Bummit. These societies hold a lot of fundraising events from bake sales and food crawls to high rush adrenaline events such as Bungee Jumping and Arts Tower to charity hitchhikes across UK (Baby Bummit) and one across Europe, that happens during Easter (Big Bummit). I have taken part in Bungee Jumping and the Big Bummit Charity Hitchhike to Romania and it was one of the best experiences of my life. Last year, RAG and Bummit managed to raise over £200,000 for charity!
Apart from this, Sheffield also has a number of volunteering societies if you are interested in regular volunteering. Sheffield University Conservation volunteers run conservation and ecological related events in Sheffield and the Peak District. Sheffield volunteering also offers volunteering in teaching centres, day care’s, hospitals, churches and almost any area you can think of.

If interested in Journalism and Media related societies, there is Forge. Forge is a student run group and offers services like Forge Radio, Forge TV and Forge Press. You can get involved in this, and be an editor for the local newspaper, a radio jockey, or a television host apart from being hosts for various sports matches, elections etc.
Being an international student, I wanted to travel around UK as much as possible, and the student’s Union City day trip idea was excellent. It allowed me to travel to Newcastle and various Christmas markets in between breaks from studies. Being cheap and affordable, it provides us the perfect way to experience different cities.
‘Give it a Go’ is another set of activities offered by the university. It is exactly what the name suggests and offers a unique opportunity to try new things, meet new people, or learn a different skill or sport. I have enjoyed taking part in archery and scuba diving. It is a good way to know where your heart lies and follow it.
University of Sheffield Enterprises offers various activities, and challenges for budding entrepreneurs such as the module making ideas happen, the university business challenge, skills building sessions and a skills of work certificate. By taking part in UBC, and making ideas happen, I have learnt the abc of entrepreneurship, brainstorming and thinking out of the box.
Taking part in all these activities does not impact studies and it is very easy to balance studies with extra-curricular activities if you manage your schedule well and maintain a calendar.
In Sheffield, you are strongly encouraged to get involved in extracurricular activities, these are not only fun but also look great on your CV and help students stand out from the crowd in the real world. By participating and contributing in various activities and events, I have learnt a lot and made myself personally and professionally more presentable, which is very important for employment and to succeed in life in general. Improved interactions with the team, ideation, people skills and taking up responsibility are just some of the direct benefits I see.
Sheffield Graduate Award is recognized by employers because of its commitment to personal development. This award showcases one’s extra-curricular achievement by recognizing valuable skills and experience gained at the university outside of the degree. Participating in all these activities also helps you as a student move a step closer to the Sheffield Graduate Award.

Your first year on the BA Accounting and Financial Management programme

By Robbie Bailey

The first year of study for the BA Accounting and Financial Management degree is designed to give students an introduction to a number of topics within finance. There are a lot of core modules in the first year programme to ensure that all students get the same basic knowledge which then helps them to decide which routes they would like to take to tailor their degree in the second and third years of study. I came to the University of Sheffield with no experience of accountancy or finance at all so it was very helpful for me that the modules required no prior knowledge of the subject, just a desire to learn and a bit of hard work!
Two important first year modules are ‘Introduction to Financial Accounting’ and ‘Introduction to Management Accounting’. The financial accounting module covers the basics of company reports, things like Balance Sheets and Cash Flow Statements, and explains how they are created. You will also cover the fundamental accounting principles that form the foundations for these reports. Management Accounting focusses on the accounting processes within an organisation like Cost-Volume-Profit analysis and Budgeting. You may find it helpful to do some research before you arrive in Sheffield, as to the differences between financial and management accounting to give yourself a head-start!
There are a number of other compulsory modules aimed at giving you a strong foundation on which to build later into your studies here at Sheffield. ‘Business Economics’ is a one-semester crash course in basic economic theory. Personally, I struggled at first with this module as I had never done economics before but as the weeks passed I became more comfortable and got a good result in my exam. The ‘Behaviour at Work’ module covers organisational behaviour and provides an introduction to areas such as Leadership Theory and Motivation Theory. I found this module very interesting as it gave a great overview of the day-to-day decisions managers face and the theories that underpin their approaches. ‘Professional Self-Management’ helped me to gain valuable knowledge about my career development. This involved guest speakers from a number of organisations including BT and Enterprise Rent-a-Car and CV writing sessions.
My favourite module from year one was ‘Analysis for Decision Making’. I have a strong mathematical background as I studied both Maths and Further Maths at a-level so I enjoyed this module as it is effectively a statistics module. This course takes statistical methods like probability distributions, hypothesis testing and regression analysis and shows how they are used in the finance world day-to-day. I chose to study BA Accounting and Financial Management as I wanted to focus my maths skills into a particular field and this module was my first opportunity to do that. Those of you who have not done a-level maths, don’t panic! The module is divided into two halves (A and B) and those students doing Analysis for Decision Making B, who don’t have a maths a-level, are given more contact hours to ensure that everyone is at the same standard.
You will also have one unrestricted module, which means you can do 10 credits of any subject you like from a long list of modules from throughout the university. I did a post-GCSE level German module that helped me to further improve my language skills, but many people choose to take the ‘Business Challenges’ module offered by the Management School. This gives students the opportunity to take part in a number of challenges that require the use of team-working, problem-solving and leadership skills and provides a great experience to add to any job applications.
To summarise, the first year of study here at the Sheffield University Management School provides a fantastic foundation knowledge on all the key areas of finance and really helps students to decide where their interests may lie. This learning experience partnered with the excitement of first year university life makes for a brilliant year all-round!

Get great experience with a summer internship

By Hannah Regan

Internships are such a great way to spend your summer break during your time at University. You can use those summers to not only gain professional experience, but also have a great summer, earn money, and travel!

I have had the opportunity to take part in several internship programmes during my time here. My first was based in South Carolina, working at a Disney Vacation Club beach resort. When I arrived to South Carolina I had no idea what to expect, I was picked up by the Disney managers and driven to our apartment where I met the 3 other interns I would be living with. They were all girls from the UK, and we quickly found the other apartments with people on our programme- there were 14 of us in total, 6 from the UK, 4 from Hong Kong and 4 from Mexico. I settled in to the programme really easily, another intern and I were working on Front Desk; our training lasted about a week before we were then out there on our own. Our team was made up of Americans from all over and a complete mix of ages, our shifts varied between 6am and 11pm, typically 8/9 hour shifts 5 days a week. On our evenings and days off we often went to the beach, the shopping malls, or out for dinner at the various restaurants on the Island. Disney provided us with bikes, and most places were accessible by bike, or by taxi, but we also made American friends on the island who had cars and they would often take us to cities slightly further away for us to explore such as Savannah and Charleston! After the internship your visa allows you 30 days to travel, a friend I made on the programme and I decided to travel the East Coast, visiting Atlanta, Washington DC and New York, before flying home.

My next internship with The Walt Disney Company was based down at Walt Disney World in Florida. This is a much larger programme, with between 150 and 200 people from all over the world participating in the programme. Our arrival was a lot less personal, as over 200 of us arrived on the same day, but took a similar format. I was placed in an apartment in a large apartment complex owned by Disney in Lake Buena Vista. On this programme we were working with people from Australia, Hong Kong, France, Morocco and Italy. I was working in Parade Audience Control, so my job involved working the parades and fireworks in Magic Kingdom, ensuring guest and performer safety. I absolutely loved my job, there was a really big team of us and we all got on so well and had so much fun at work. On our days off we spent a lot of time in the parks, or in the outlet malls, but we also had plenty of time to explore the restaurants and nightlife in Orlando. Again after the programme we had time on our visa left to travel, and so I spent 5 weeks travelling the West Coast, me and a friend drove from San Diego to San Francisco and then flew up to Canada to travel the Rocky Mountains.
Finally, I undertook a professional internship in Canary Wharf at the Financial Conduct Authority. This internship was completely different and gave me an entirely different experience. I gained so much professional experience, built up contacts, and gained an insight into my future career, whilst earning a decent wage! I was working in Authorisations and dealing with shareholders buying additional shares, gaining control, or takeovers of firms. I was given so much responsibility and from day one I was dealing with businessmen owning huge firms, and at no time was I treated like an ‘intern’ or my competence doubted. I was allowed to shadow other departments, and get involved in as much as I wanted to gain the additional experience I needed. One of my favourite things was also getting a taste of graduate life in London, and the social scene that accompanies graduate jobs!
At the end of our internship we had to give a presentation to a room of managers, and had an additional interview. From this I was offered a graduate role with the company starting in September after my graduation. The internship was so valuable, from the application and assessment centres being great practice, all the way through to the actual job and people I met, I really had a great summer and it meant I went into third year not having to deal with graduate applications and could focus on my exams!

Applying for an internship

By Anamil Kochar

Around late November during my first year at university, I started thinking that I wanted to make the most of my summer break by doing something productive. Knowing nothing about the corporate world, I decided to apply for an internship as I thought working in a financial company would greatly enhance my chances for a career on the Wall Street after I graduation.

The first step was to get my CV reviewed by the Careers Service, once I had done this I started searching for internships in various companies through websites like ratemyplacement. Figuring out the right company to apply for was a journey in itself encompassing understanding the opportunity in detail and researching the company to see if it made sense for me, after my initial analysis I decided I wanted to apply for several internships, the application process is probably the most time-consuming part of the overall process, from filling in information on education and personal details to answering application questions, it is also the most important step. Inching through the online tests, which consisted of numerical, verbal and logical reasoning was the next stage of the process and by March, I was asked to appear for a Skype interview from Bank of New York Mellon Corporation, Pune, India office. I had a week to prepare and I spent that time researching the company, what it does and the services offered, a few weeks after my interview, I got an offer letter for a two month internship in the Finance Team of BNY Mellon one of the biggest investment banks in the USA. Can you imagine? my very first corporate job! I was so excited.

The first week I went through induction and attending a training program getting to know how the company works. The next week was spent in shadowing my team members and getting an overview of the work my team was responsible for. The main work started after that. I spent my time analysing the Financial Reports of the company. I also helped in developing profit and loss and cash flow statement and Budgets for different department such as HR, IT etc. I also undertook several online trainings such as mutual funds and derivatives, learning more about the different areas of finance and investment. I also received training on stocks, share market and how to analyse them. In the last week of my internship, I had to write a report about what I had learnt during the two month period, my manager and my team were really happy with my work and congratulated me.

Through my internship I believe I have gained a practical approach on the subject and can understand my course in a greater detail with focus on real life scenarios. I have started developing a practical approach of working in accounts. Also, I understand risk and uncertainty much more, which will help me immensely towards a career in area of Investment Banking. I believe this two month experience has opened my eyes to the real world of Finance & Investments.

Supporting our students

By Annabel Faulkner

The support level at the Management School here at The University of Sheffield is excellent. There are many ways they ensure your time here runs smoothly and you have the best time possible; from assigning you a personal tutor from day one to the team in the Student Experience Office, to your module leaders.

When you first arrive at university, you will be assigned a personal tutor at the Management School who will stay with you throughout your years of studying. This is great because they really get to know you as a person and are a familiar face to call upon throughout your time at university. A personal tutor is your first port of call for any questions, queries or worries you have about study or general life at university. If they are unsure of the best course of action or answer to your question, then they know who is best to contact and will point you in the right direction to find the answers to your questions. Another beneficial aspect of a personal tutor is that they are an experienced academic within the Management School so not only are they experts in their specific field, but they know how to structure essays and academic papers, which is often very different to how you will have written essays before. They are more than happy to give any help or advice you need on your studies! Further to this, their offices are based on site at the Management School so they are in a really convenient location for you to pop by between lectures or seminars and are close by for whenever you need them.

The Student Experience Office, based at the Management School is your go-to place for if you have any timetabling issues, coursework queries or any general questions needing answers. They are fantastic as they are so knowledgeable and are open throughout the day during term-time, every day. You can pop by the Student Experience Office at any time to sort out any queries or questions. They help with timetabling issues such as if you have a clash or need to change seminar group. They are also the office where you submit all your coursework, so you will visit them often throughout your time. Their location is conveniently based at the Management School once again so they are accessible to everyone and available for students to drop in between lectures and seminars.

Specific to the course, there is a high level of support provided. Each module has a module leader who runs and executes the module, often taking the large core lectures. They give you their contact details at the start of the module and encourage you to get in touch if you have any problems. Their offices are also based at the Management School and they have office hours where students are welcome to drop-in for a general chat, to ask about the course or solve any problems they are having. Alongside the module leader, there are seminar tutors. Seminars are smaller and more interactive classes, which give you the opportunity to ask more questions in a more intimate learning environment. Seminars are there to go over the material studied in the lectures in more detail and answer any questions students may have. Seminar tutors also have office hours and encourage students to speak to them if they need any clarification on any topic they are studying. They are really approachable and willing to help! If any issues of the course arise or you are struggling then the academic staff running the modules are there to help!

The general support provided within the Management School is fantastic. All the staff within the Management School are always friendly, willing to help and make themselves available to do so. If you have any course or general issues throughout studying your degree, there is always someone on hand to talk to and solve your issue!

A degree that suits you

By Annabel Faulkner

I’m Annabel and I am in my final year studying Accounting and Financial Management, here at the University of Sheffield. I have thoroughly enjoyed my time here in Sheffield and studying at the Management School.
One of the key reasons why I have enjoyed my course so much is because of the flexibility there is within the course. This is a benefit for many different reasons, from choosing from a wide variety of modules to taking a year in industry in your penultimate year.

I opted to undertake a research project between my second and third year; a scheme run through the central university and supervised by an academic member of staff in the Management School. This is an example of one of the many options available to you during your years of study within the Management School; all of which add to your CV and to the skills you build upon throughout your degree. I really benefited from the research project and it gave me an insight into the world of academia and into some of the topics that the Management School research alongside running degrees. It lasted for 6 weeks; however, I extended mine to last the majority of the summer as I enjoyed the work more than I thought I would! I had a great experience and built on many different skills such as interviewing, collating results and writing up a research report, which was new to me at that time. Overall, I would definitely recommend looking in to the variety of options there are for work and experience during the summer months, such as a research project, internship or year in industry.
In first year of study, the school get everyone ‘up to speed’ by introducing an assortment of modules so students get a taste of many topics and get to understand and learn about many of these and to know which they would like to specialise in. Then, in second and especially third year, the modules studied become more and more the choice of the student. You can pick from a huge variety of modules which interest you and can choose to specialise more in finance or the management side of the degree. The choice is yours! Some of the modules give professional exemptions whilst others are more practical. There are modules which have more coursework, are more exam-based or include group work. You are able to choose the modules which suit you and will benefit you most. This is a real asset whilst studying here because you can really tailor your course to suit yourself and also choose modules heading in the direction of where you would like to work when you graduate. There is also help on hand, in the form of your personal tutor, the Management Society and module leaders, to aid you in your choice.
The flexibility of the course really enables you to select the path you take yourself, rather than it being dictated to you. This is definitely one of the main reasons why I have enjoyed the course so much!

Alumni profile – Michael Ginn, Corporate Banking Risk, Santander UK

In your job, what is a typical day / week for you?
Every day is unique for me as I work alongside companies across a vast array of industries, providing bespoke banking services to meet their financing needs. I might be working with a small bakery one day and a multinational chemical manufacturer the next, so gaining knowledge of what influences each business and market is crucial. Building relationships with customers is vital for me to understand management strategy and how the business operates, so I need to communicate with customers on a daily basis. My role also entails carrying out detailed analysis of customers’ financials and business model before forecasting their ability to service their debt.
What skills and experience did you gain on your undergraduate course that has helped you in your current role?
In an academic sense, I learnt a lot from the modules I selected. The Financial Accounting modules have been extremely beneficial for me when analysing prospective customers’ accounts whilst taking ‘An Introduction to Financial Derivatives’ helped me quickly understand the complex foreign exchange products that Santander offer.
The course also helped me develop my transferable skills. Working on group projects helped me learn the importance of teamwork, communication and delegation which I have been able to apply when being tasked with managing projects in my role. During my three years on the course my report writing improved, becoming much more structured and concise which is now invaluable in my role when writing up deals to submit to our credit team for approval.
How do you think the university / Management School helped you in your career thus far?
Graduating from the University of Sheffield, a Russell Group university, gave me an excellent platform to build a successful career in banking. Added credibility comes from obtaining a degree from one of only 57 Triple Crown accredited management schools across the world.
Career events put on by both the Management School and The University of Sheffield were pivotal for me in obtaining the type of job I wanted. I attended networking events with professional service firms, CV building workshops and careers fairs which all provided me with help and guided of how to succeed through the tough application processes of multinational firms.
What advice would you give to prospective students studying your course who want to go into a similar area?
Really have a detailed look at the modules on offer. There is such a variety, so pick the ones that interest you (not just the highest pass rate!). Enjoying a module will mean you read around the subject and build a good foundation knowledge before going into your chosen role. Gaining a keen interest in a certain module may influence your decision of jobs to apply for.

Top 10 tips for studying AFM

By Annabel Faulkner

1. Understand the reason behind the answer rather than just regurgitating it by memory – this will ensure you understand the topic fully. This will also help you later on in the course because accountancy builds on previously taught topics – if you’re unsure of something then make sure you understand it before you move on.

2. Prepare fully for lectures, seminars and tutorials to make sure you reap the benefits. Print lecture hand-outs to ensure you can engage fully with the lecture and do the tutorial work prior to the tutorials so you can ask for clarification from your tutor for parts that you don’t fully understand.

3. Questions can often be wordy in exams so make sure you read questions carefully and thoroughly, and always double check your answers to avoid easy mistakes and errors.

4. Join the Management Society as it is a great way to make friends and offers lots of exciting opportunities from socials to trips abroad to careers event.

5. Practice exam style questions in preparation for exams so you understand how to lay out your answers correctly – in accounting there are often easy-to-pick-up-marks for the layout.

6. Work with course friends in revision time and in preparation for tutorials – they can help you and you can help them.

7. Keep up-to-date with current affairs, for example, by subscribing to the Economist, as this will help you with your degree as well as interviews and beyond.

8. Make the most of the career events run by the Management School, ManSoc and the central careers service – they are free to attend and you can build up your own industry links!

9. Look in to taking a placement year in industry or doing an internship as this can give you real life experience which will make you stand out when it comes to interviews. It also is a great way to see if you enjoy working in that environment.

10. Use your personal tutor in the Management School; they are experts in their field and understand how to structure essays and how to prepare for exams. They are there to help you or point you in the right direction of someone who can.