I want to get an internship this summer and I am slightly confused. The Big 4 accounting firms are all offering internships but what I want to know is what is the scope for a finance major in them? Corporate finance major does include half of accounting tho. Is anyone familiar with them? I have no clue abt what to do..have changed major three times already
can someone explain these terms to me and what kind of a job it is:
Audit
Tax
Human Capital
Technology and Security Risk Services
Business Risk Services
Internal Audit Services (IAS)
Information Risk Management (IRM)
Contract Compliance Services (CCS)
Systems Process Assurance (SPA)
looks like you are talking to KPMG based on the acronyms.
Best starting point is for you to go and look on the website and see what they have to say about these practices and the work that they do. They would explain it in muc more detail, have some case studoes etc to really show what this is all about.
These three are focused on computer and IT-related projects. Don't go there unless you are passionate about computers and IT security-related issues:
Technology and Security Risk Services
Information Risk Management (IRM)
Systems Process Assurance (SPA)
This sounds more like consulting projects related to employees/staffing/compensation etc.
Human Capital
These three are internal audit and SOX related positions. Pretty crappy work and long hours, but these days its very hot.
Business Risk Services
Internal Audit Services (IAS)
Advisory – Internal Audit Services (IAS)
Not sure what this is, but sounds more like consulting projects:
Contract Compliance Services (CCS)
Tax is tax and audit is audit.
If your ultimate aim is to get into corporate finance and CFO track, then you may want to get into regular audit and get out after 5-8 years (Manager/Senior Manager level) and get into Controller positions in the industry. Or you can later actually get into government positions (SEC) in their CorpFin department.
Any of the internal audit tracks will also take you in lucrative careers with industry later on, but you will likely always be pigeon-holed into internal audit and risk compliance roles.
If your ultimate aim is to get into corporate finance and CFO track, then you may want to get into regular audit and get out after 5-8 years (Manager/Senior Manager level) and get into Controller positions in the industry. Or you can later actually get into government positions (SEC) in their CorpFin department.
Any of the internal audit tracks will also take you in lucrative careers with industry later on, but you will likely always be pigeon-holed into internal audit and risk compliance roles.
so the scope for advancement is limited?..but my ultimate goal is to make a lot of moolah :D, and its really hard to get into investment firms like merill lynch and goldman's :( ...thank u so much for that explanation..i m so clueless abt this kind of work
pigeon hled does not mean scope for advancement is limited, it mesns that you would be a specialist in a particular field. You can still make tons of money.
If your ultimate aim is to get into investment banking then why waste time with KPMG right now? Why don't you apply right now to some of those banks? I am not saying you should or should not, because I am not too familiar with that career track, but I am asking you to may be check from your career counseler or someone.
As Fraudia said, you can make a lot of money in any of those fields. You just have to be good at what you do. It helps if you like what you do too. :-)
SOX will be watered down considerably this year with the passage of Audit Standard 5. On the other hand, from '08 onwards the remainder of public companies (smaller ones) have to come on-board SOX bandwagon too. Thats a big big number of companies who currently have a free pass. Likely there will be a huge demand for SOX experts for the next 2-3 years, but then things will settle down. Although it won't go away completely like Y2K bug/consulting, but it won't be as lucrative 3-4 years from now. I will be reluctant to advise anyone to structure their career around SOX, especially if we are talking 5+ years from now.
Plus, I have a huge bias against internal audit positions. I think its the worst of all worlds. I have my reasons to say that and I can explain that too, but suffice is to say, I generally won't recommend it to anyone.
^^ agreed but its a foot in the door thing. No one can stay testing for too long - its gets too boring and once you learn all the businesses that you test, you start to feel you need a challenge.
I starting SOX testing went over to associate controller.
I did apply to ML and GOldman's and Smith-barney but havent received any letter back..tho i did interview for Smith-barney..I want to keep my options open. I know any kind of work requires hardwork..but the problem with me is choosing..i was a computer engg major earlier..i topped the yearly exams..but hated programming..then swithced to finance and then to corporate finance...and I get A+'s in all my classes...so when someone asks me what u like..I m like..i dunno..everything perhaps..gimme anything and I will do it..and i like doing whatever is given to me..so I have being having a really hard time deciding. I think I am going to apply to all of them and will see later once I get a response from them.
That is interesting to know. I don't think smaller companies can afford the overhead that is required to make them SOX compliant. Not sure what Audit Std 5 is...I hope it is not as retarted as SOX.
Park1983, if you like working with computers and finance then see what's available in the MIS field. Think outside the moolah!
Pretty much every company (large or small) has a Corporate Controller. These jobs are plenty, but they usually require 5-12 years of experience in Accounting (depending upon the size of the Company). If you really start looking, there will definitely be more than one Controller job available in SFO.
Being a public company has a price, and smaller public companies will realize that when they have to become compliant with SOX in '08/'09. Although, hopefully, their requirements won't be as strenous as for larger public companies (COSO-lite is in the works). Aud Std 5 is a watered down version of AS 2, and it reduces the work required of external auditors; however, SEC/PCAOB can not eliminate the requirements of SOX (as retarted as they may be) since it is a congressionally mandated law. Unless, of course, the Congress amends the law.
