The Milk Round

Pandoras Twist

Hello All,

I've done a bit of reading through old threads but I haven't really got all the answers so I am hoping some of you don't mind helping.

I am UCD Commerce student, going into my final year, specialising in Accountancy. I know the milk run is going to kick off in college in September, but I'm a little confused as to how exactly its going to work.

I'm guessing the big 4 and maybe Grant Thornton etc will advertise on campus similar to their advertisements for summer internships. If this isn't how it works please fill me in. All I've managed to glean from college people is pretty circumstantial

So the main questions

* I plan to do a masters in accountancy after I graduate. What are the criteria accountancy firms usually look for in order to sponsor the masters. I have good grades, all A+'s in my accountancy modules, and a 1.1 degree overall so far.

* How do I look at applying to other accountancy firms. Do I just get out the golden pages and start sending in my CV?

* Forgive me for asking this, but I've been told ACA is the best way to go, especially for a graduate, and as far as I'm aware the big 4 concentrate on ACA. Am I massively missinformed?

* When applying for trainee positions, particularly with the big 4, I have been told I need to specify whether I want to do tax or audit etc. It's a bit unfair as we don't have any experience of either in college so far. We have just done final accounts and the likes. I don't think I want to do advisory, and I think I'm leaning towards audit, but that may be more out of fear of tax than anything. So:

- Can I change my decision?
- Is there a massive difference in the earning power/difficulty of the options?

* What do they look for on your applications? Ive spent college knuckling down and trying to get the best grades I can, but I'm worried that people who have just gotten C's and Bs but spent there time organising activities with the C&E society and other college activities may get in ahead of me

*What do I do if, worst comes to worst, I dont get taken on by anyone. Do I take the masters myself, and if so, can I go into next years milk round, and will it be made more difficult by the fact I'm not an undergraduate?


So sorry the post is so long, if you can answer any of the questions or give any extra information at all I would truly appreciate it.

Thanks all!

bibi9000

Hi,

I completed a BComm and a Masters and a training in a big four firm and found the below in my experience

1) Typically speaking ppl have a 1:1, or 2:1 degree to date. There may not be as much demand for the masters as you might think because they are just not everyone's cup of tea. While they reduce your contract by six months, they do push the end of your contract out by an extra year......some ppl just want to get in and get out of training. The main thing is to have done some research on the masters and be able to answer why you want to do it. For me, I was just too young to start a training contract (I would have just been 20!) and I wanted that extra year of college life.

2) There is a massive difference in the training between the big four (and other large firms) and smaller practices. I would recommend that you talk to people who have completed training contracts and decide which it is you want. Friends of mine have gone from big four to tiny firm and adored it and vice versa. It's all about getting the best mix for you. Remember also, final exams in Semester 1 can be short for time, and all job applications take time so applying for 20 jobs won't benefit your exams.

3) In my experience the big four concentrate on ACA......although many of the qualified staff members are ACCA and ACA qualified. If you decide to join a big four, they will just automatically enrol you in ACA exams along with everyone else. Most ppl who are completing ACCA had commenced them prior to joining the big four.

4) You can't really change between tax and audit. They hire a certain number of people for a department. To move, someone would nearly need to have left for you to take the space. Also, ppl are human and partners and managers may get a bit prickly if you suddenly decide you want out of their speciality. You really need to speak to people who trained in tax and audit. I trained in audit and I loved it but its a personal thing.

Both options have their own difficulties - a training contract isn't a summer camp!!

5) The application is about about personality and showing you can communicate with ppl. Most ppl I work with have excellent results, and the most random degrees but they all have something else. I travelled extensively - other ppl are mad into sports, scout leaders, play music, anything at all really. you have to demonstrate on the application that you can engage and communicate with others and that you want the job.

Focus on interview techniques and stay up-to-date on current affairs. Everyone they interview meets the academic requirements so its all about personality from then on in. If you remember that, it makes it easier to get on well in interviews. I would learn something about each firm I was interviewing with, e.g. well-known clients and mention those in the interview. Always turn up early and thank the interviewer for their time - it all helps to make a good impression. Each of the big four has a different way of managing themselves so you want to get the best match for yourself.

6) Most ppl on the master who weren't in contracts at the beginning were at the end.

the long lad

I did a bcomm (accounting) and just finished masters. everything bibi said is exactly what i'd say.
Stop worrying about it for now though, by the second week of third year you'll be blue in the face with it all between presentations, lunches, interview skills seminars etc. There'll be loads going on and you'll be well informed through blackboard and ucd email.
As bibi said don't underestimate how long the applications take. I know I spent a whole day doing just 2 of them and they weren't fully finished at that and i'd done some thinking about what i was going to write in the application forms before sitting down to apply. It will defo eat into study time.

Pandoras Twist

Thank you so much!

I'm definitely going to go the masters route anyway.

I just need to figure out what Tax and Audit really involve and find a way to make myself stand out.