welcome to the hub this is the place
where you learn all you need to know
about the world of accountancy and
finance it may not sound like the most
exciting subject out there but there's a
lot more to working in these fields than
you might think and you'll be pleased to
know that you don't need to be the next
Einstein to earn pretty good money - in
fact anyone can give accountancy and
finance a go if you like meeting people
or if you like trying to solve puzzles
then you're probably just as soon as
your school's biggest brainbox
today I have a few folks who are going
to take you to the A to Z of accountancy
and Finance from now tell carrier
services we have Financial Controller
Michele Fagan who in her spare time
likes to play accordion to her little
dog Lucius we have financial advisor
Darrin O'Reilly don't mess with him he's
a black belt in Taekwondo there's Sophie
Garden from KPMG when she's not hard at
it in the office
she's playing hard on the pitch in
tankrumble and from the world of
manufacturing we have trainee accountant
David Kenan who loves downhill mountain
biking grilling our panel of experts
will be three school students and want
to be finance and accountancy stars of
the future we got Amy Dan and Richie
they'll be asking our panel all the
questions that you want answered from
what skills you need to how much money
you can make but first things first
let's get the basics sorted
what exactly is accountancy what exactly
is finance
here's an attempt at the definition
I gotta find account servers probably
about and truth though next question
accountancy is more than number
crunching to some of Accountancy and one
sentence will be quite difficult it's
quite a rare subject it involves every
different area of business so it's quite
interesting engage in topic to learn
about what is accounting and finance
it's it's banking it's managing a
business it's maintaining books and you
know there's it's a hugely diverse area
did you know that in finance and
accountancy there are literally hundreds
of jobs to choose from you don't simply
have to be a chartered accountant or a
financial officer this job could take
you in many directions our student amy
has been on a write pad to ask a man who
knows all about the career side of
things hi friend how are you I'm very
well Amy and how are you today I'm good
thanks so what do you do I'm a guidance
counselor I work in a secondary school I
deal with students who are at Leaving
Cert and doing their leaving certificate
and contemplating what goes on next
after school why do we need accountants
and finance experts well all business
relies on cash coming in and cash going
out and they've got to monitor their
costs and accountants former a crucial
role within business because what they
do is they look at the process that's
happening in the business world how many
jobs right there and what kind of jobs
can Schooley of his aim for they're an
extensive number of jobs I couldn't give
you an exact figure and but the school
leaver can can get into it in various
ways
and they can get in on one level as an
accounting technician where they keep
the accounts of a company or they can go
on through where through university
education or even directly training with
with a firm of accountants to become a
professionally qualified accountant so
can you make big money enough to buy
shoes and handbags you certainly can now
it depends whatever you you come in at
and you needn't expect huge money
straightaway but once you get yourself
qualified once you get into the
accountancy area and work as an
accountant technician is is quite well
paid but once you get into the
being a fully qualified accountant the
money is rather good how did you get a
star in this sector do you have to go to
college now I would highly recommend
going to college and getting an an
initial and qualification in business or
accounting if you're going for the full
accountancy trying to get into be calm a
professional accountant chartered
certified our management accountants
it's worth going as far as you can in
terms of Education before you start the
actual work part if you want a bit of
variety in terms of job options is it a
good career to choose there's a huge
variety of areas and you can get into
and basically go wherever you want you
can use it to get into marketing and to
get into um personnel and to get into
any of the areas that are of interest to
you or you can set up your own business
if that's what you wish do you need to
be brilliant at maths work at
accountancy you don't need to be
brilliant at maths what you need more
than that
is to be able to communicators you can
understand the figures and you can see
the patterns in the accounts are the the
figures are whatever but what you need
most of all is to be able to convey that
and to communicate that to the people
you have to you have to work with tell
you very much Fred that's been a very
useful thank you very much Amy and I
wish you well in your future choices by
in the past accountancy has had a bit of
a public image issue old man in grey
dusty suits sitting behind desks doing
sums but this time it got real and
showed you that in the 21st century the
last thing you need is an old gray suit
to be a success story
my name is Marie Tracy I'm in Auto
partner here in Ernst & Young in Dublin
hello I'm Joe ballard's I'm an
international tax partner at Ernst &
Young based here in Dublin with a firm
like ours are instant young we work all
over the world it's so cool when you're
in Sydney and you see the offices it's
so good when you're in Times Square you
see there in Sterling offices it just
gives you huge buzz I can't emphasize
the variety of what we do in a day to
day basis sometimes people say to me
what is your typical day like and at
this stage in my career it's probably no
typical day it's it's a very dynamic
exciting place to work so you're working
with really smart people but with our
clients and in terms of the people I'm
working with so and you get a lot of
reward from working with bright people
to me it offers you variety over your
whole career you're not doing the same
thing for the next 40 years I
I know a lot of people have come across
my career that are accountants that are
in operations roles are in America in
roles that are in very different roles
from if you like what the traditional
view of what an accountant will be you
never hear of unemployed accountants
which is one of the few professions I
think that can say that at the moment
with your career you've got to pick
something that you truly like accounting
opens up a wide wide range of
opportunities in terms of career path
but ultimately my own advice and what's
worked for me is selecting for something
that I truly enjoy I I love being able
to explore different countries different
cultures and being in this job was the
right move for me and it allows me to do
that
the one daunting prospect getting into
any career is the job interview so we've
turned the tables and let our students
grill the professionals so tell me what
to do and I'm training your counters
with KPMG it describes me a day in your
life
Oh a day when I well in work and so I'm
working on the big four so I work in as
an auditor and we're an auditor is I'd
be going out to companies and checking
that their financial statements are
correct and what everything they saying
is true and fair and how do you find
your way into such a big firm well I
actually have went a bit of a different
way I did a degree in engineering so I'm
a qualified electrical engineer but I
wanted to learn the business side of an
engineering company and I thought
accountancy is the best way to learn it
so I joined I went into my for my
interview KPMG and I was telling there
are some wives I wanted and I wanted me
to get into the business background of
renewable energy companies yeah I need
are there any perks you got a free car
or anything like that none of my not my
say Jewish but am we have great study
leave great night sighs it's pretty
sociable it's great being part of one of
the big four as I'd say if I wanted to
get into accountancy what are some good
steps to take
I think them the main first step is
getting a third level education I think
doesn't matter water days is something
that you're really interested in because
it where I applied to and KPMG and I did
an engineering background and they
really liked that so just get at her
level and do well and enjoy college
thanks very much Sophie no problem
if variety is the spice of life maybe
this is the career for you as careers
correspondent with the Irish Times brine
Mooney explains accountants and people
in the financial section of any business
are the people who ultimately will
determine whether the business continues
or not
they will monitor whether the product or
service being provided is ultimately
profitable in the market and accountants
therefore ultimately will determine the
success or failure of any business the
skills which you require in studying for
accountancy and in becoming a fully
qualified accountant are vastly used
throughout all employment opportunities
for management positions so accountancy
as well as being a job in itself is an
entry route to higher management
accountants and those with accountancy
skills will always be required so those
with such qualifications will be
continuously employed right up to
ultimately the moment you choose to
retire because it is a generic skill
within the economy that always has
clients being in accountancy is not
ultimately about money it is about the
satisfaction and the self fulfillment
from doing the sort of jobs that those
who qualify when accountancy
qualifications get to do starting out in
finance can be pretty intimidating but
it can help if you meet somebody who's
jumped through all the entry hoops and
landed themselves a pretty good job as
Richie's about to find out what's your
job so I'm a financial adviser sort of
involves meeting and advising clients
under finances in a financial situation
although given the small organisation I
work in my roles are purely and
financial advice I work in many
different areas whether it be finance
credit control of America and so I've
got my diverse and feel for all the
different departments within the
what do you need a today so day today is
quite different you never know what
still not going to be working in one day
I could be American the next day I could
be influenced cause it a small scan of
the organization it gives me that
opportunity to get involved in different
areas when you like bide your job like
that the job is constantly changing it's
different every day and I get to work
and meet with the people in the
community given that it's a community
based organization so we go to different
skills and we teach kids about finance
and then we do all different sorts of
stuff so it's quite change Emma CFA well
let's say the taxman gets a good bit of
that lately but the way just quite good
that you can get different your earning
potential roles as you go through the
exams so as you reach different stages
you get a different and wage scale so
that's quite good that as you get a
reward for passing each exam as you go
along and one of the perks that the
perks would be your education gets paid
for as part of a training program within
the organisation so any exams you need
to sit any books anything like that gets
paid for by the company and we also get
out our phone bills papers so that's
quite a good perk as well and then we've
got a lot of social albums and stuff and
lights out - that's another goddamn
aspect of the job so would your
immaculate recommend it as a good career
option I'd recommend accountancy Danny
when looking to get into this
environment as I said accounts is not
purely based on accounts there's all
different areas you can work and let it
be marketing credit control accounts
gives a good overview of the whole
organisation how it works oh I can't
seize a good solid foundation to start
your career in any kind of industry and
thanks very much talking about it
once you've got the basics under your
belt whether it's experienced on the job
or a qualification your working world
isn't just limited to accountancy firms
or finance houses as I discovered when I
met her logic is our dough hi Carlotta
how are you I'm good very good thank you
tell me where you work and what do you
do in my company we do trade shoes and
I'm an Account Manager the accountancy
part of my job it's more a support that
I do to my boss he wants to know what's
the history of this customer how many
shoes we sold to him what are the
customers that we didn't sell that much
in the last period so we might go back
to them and say hi hello do you remember
me and you want to buy more shoes so in
your job Carlotta you need more Skills
than just being an accountant
oh yeah totally definitely and because
you need yes you need to do the
bookkeeping you need to record all the
numbers but if you do it it's because
you need to give these figures to
somebody you need to relate to the
customer you need to relate to your boss
or you need to relate to your colleague
sitting just beside you that she has to
finalise something else so it's not just
recording numbers but it's doing part of
an overall job so in your case and for
many other people accountancy is a
gateway for so many other opportunities
it's something that you can use in every
sector in lots of different departments
so good fundamentals good fundamentals
for for any any sector you you're
working for so you're working accounting
and you're working fashion what's the
best thing about your job I mean do you
get free shoes oh yes of course at least
once a week yeah change shoes every week
it's very important
one of the advantages of a career in
accountancy in finance is the
flexibility temping can be a great way
to get a taste of work without putting
all your eggs in one basket with a
single company Dan's about to get on
skype now and ask a recruitment
specialist all about this and a whole
lot more hi Maureen hi Dan how are you
today I'm good thanks if I walk through
your door what would happen what's the
process we would go through your CV get
an overview of what you're looking for
and then we'd invite you into our office
for a full interview at that point you
would meet a specialist consultant that
works within your area of expertise and
then you would have quite a thorough
interview with that individual what's
very important to us within Hayes is
finding people the right job because we
believe the right person can transform a
business and likewise the right job can
transform a person
what type of qualifications do you look
for in candidates within the currency in
finance yes you can go and do it and
train on the job and learn the skill
however it's one of the it's one of a
number of professions that actually does
require you to go and do a professional
qualification for you to really continue
on your career and absolutely if I was
meeting somebody and meeting you down in
the morning I would be saying to you
absolutely go and get a professional
qualification what's the difference
between tamping and permanent tamping as
it probably defines itself it's a
temporary position it starts at one
point and there's a finishing Dasia the
other they normally are as a minimum
three months okay but it can be your
paid weekly in three months in my launch
six months in like one to nine months
okay then permanent firm they're like a
permanent contract so somebody's
offering you a permanent job a job for
life almost and in that you have
contract with that company that's bound
by a month's notice
either way is tamping a good way to dip
your toe into accountancy yes temping is
a great way to find out if you would
like accountants in fire
or that type of industry or that
profession go out and find out get a job
somewhere even work for free if you can
but just find out if this is something
that you would like to do and that's
what temporary are doing a temporary
position can offer you you can find out
whether you actually like it consciously
in finance or not Thank You Maureen
thank you Dan it's been an absolute
pleasure and best looking now it's time
to turn the spotlight on Michelle as Amy
finds out all about her job so are you
ready for the questions I am a date and
what is a Financial Controller financial
control er somebody who runs all the
finances in a company and cash
reconciliation and cash management and
board meetings and basically producing
all the accounts for the directors to
know how the company's performing now be
honest with me is it a boring job it's
actually more interesting than a general
accountancy job because you get involved
in every aspect of the finances and also
managing the cash flows really
interesting on a day-to-day basis it's
like managing your own bank accounts so
some days or so and some days there's no
money it was quite interesting how did
you find your way into finance and
banking
and when I was in school they had a
careers day and they asked people if
they were interested in going to and
speak with an accountancy firm so a bit
like what we're doing now I went and we
were asked loads of questions of
accountants and I went for an interview
with one of the accountancy firms and I
got offered the job and then started
there straight from school how much
money do you earn well 50 plus we're put
in that pressure so it's really good
morning if you put the time and effort
in you can read a working wheel and what
are the people like that you work with
are they nice or the people that I work
with are based in London so they're very
interesting I go over and see them once
a month and they take me over for lots
of drinks and let the party so they're
really nice people to work with knows
how far you go in accountancy is down to
you if you want to head to the very top
you don't necessarily have to work for a
big multinational firm for a taste of
what it might be like to go out on your
own and the pros and cons dublin-based
John McElhenney will talk you through it
as a partner in charge of accountancy
firm I have responsibilities at all
various levels of the business from
supervising and reviewing other accounts
tax work to hiring staff and even
marketing firm the pros are working for
myself is it gives me the flexibility to
build my business and to reap the
rewards of of that work that I put in I
suppose the difference between working
for a small firm and a large firm yeah
my view would be so much biased being
from a small practice is it a small firm
you're going to get a wider exposure to
all the various disciplines day to day I
don't know necessarily what I'm going to
be doing I could be every client I could
be in doing tax work I could be advising
an UK property management I really don't
know each day when I come in what I'm
going to face and my challenges I don't
encounter and that's what I love about
my job accounting and Finance it is a
great career to take and really with a
business or accounting qualification you
know your world is your oyster
businesses whatever they do can survive
without bright young professionals
working out their accounts and finances
and we have a special guest whose job is
to do just that
Dan's about to meet them what do you do
to help your company operators business
so basically I do probably the most
important thing is and that is payroll
it's a big responsibility if people
don't get paid they're not going to come
to work so and they're what you what you
like of a job you got a good insight
into the business you get to see what's
being paid out what money's coming in
why would you recommend an accountant
career the main please not recommended
is that every company needs an
accountant there's lots of jobs in the
KMC and and you get paid really well
when you pass your exams it's a lot of
travel with your jobs you go abroad a
Thailand
yeah well I'm due to go to Texas in
October for a month to an artist so you
know I can't wait hello all right thanks
for talking to me that no problem best
luck to you leaving sir cheers thank you
very much getting the right
qualifications for the right job is
vital if you want to be a success but
how do you know what to study and where
to apply well luckily for us Richie
knows just the man to ask hi Ivan no
Richie nice to hear from you can you
tell me what exactly do you do well
Richie I'm the man in charge of the CEO
applicants fill out all their data my
job and my team of staff that are here
their jobs are to make sure data is
correct and we validate it and in
basically we present all the information
to the institutions so they can see who
exactly is applying to what courses then
when the results come out we literally
just match your results to your
application store your points and then
hopefully you'll get your place in
college how many people are applying for
your kind C courses each year we have
approximately 10,000 students out of a
total of 75,000 that have indicated that
they're interested in doing an
accounting finance course these ten
thousands of people have chosen about
five different accountancy courses in
their list of ten choices why is a kind
C in finance a good corruption people
are attracted into it because there's
jobs all businesses will need
accountants all businesses will need
people with a bit
our accounting background so even if you
don't get a job specifically as an
accountant
it will always be a benefit to you in
actually gaining a job Thank You Alvin
no problem Richie that's what we're here
for
we're out of time in the hub but I hope
by now you have a better picture of what
it takes to work in the world of
accountancy and finance remember you
don't need a gray old suit or to be a
professor in Matz to make it all you
need is a bit of Drive enthusiasm and
determination best of look it's given me
a self-confidence in a self-worth that's
very personal to me and I think it's
that sort of inner pride that it's given
me that I think is probably the most
valuable thing to me that I've taken out
early career and accountancy for me has
expanded my career potentials it's
increased my earning potential and it's
giving me a solid foundation which to
build my career on accounting at a
massive impact of my life I make my
better half in this profession he might
not say the same thing mind you for me
accounting for me was a passport to my
future career and that's only limitation
was my own ambition it does a lot to
find a job that gets you a salary every
month shoes every week No