Kevin
Donovan '97 |
|
I started that position about three months out of college and it was a pretty good career. It was really intensive working with clients as far as the day to day basis and money management, budget management. I had interviewed with Ernst and Young, my present employer, spring semester of my senior year. I had missed the original recruitment phase so that's why I took the job with the law firm. This past the time while I waited for the recruiting season for that company and I got into a graduate program with them over at UHART. They employed me and put me through school to get my Masters in Accounting at the same time.
How did Trinity prepare you? Was economics as a major worthwhile?How did you know you wanted to get into accounting?
I didn't! My sophomore year I took an accounting class and fell asleep through
everyone. I swore I would never be an accountant and when I accepted the job offer, I sat
back in my chair and thought, 'I can't believe I am doing this.' If you can see what
the firm brings with its national standards, what it can do for you and how may doors it
can open is enormous. You can take and learn from it, not that I want to be an
accountant for 15 years. Eventually it will get me to things I want to do, whether
it be within the firm because there's so many diverse practice groups in our area or
whether I take the knowledge and go somewhere else.
What are some experiences that are most important in getting
into financial service?
Any kind of internship in financial services, investment banking, or
anything at the brokerage houses downtown. I did one with American Express Financial
Advisers which was 50/50, it wasn't as good as some of the other people I've talked about
but either way still exposed me to certain atmosphere which was good.
What opportunities are available to recent grads?
The initial opportunities for liberal arts undergraduates are slightly more limited. The
program I was hired into at Ernst and Young specifically catered to liberal arts
graduates. They wanted graduates who were well rounded and had more than just
accounting skills. Trinity supplied me with an excellent education. I would not
trade my education for anything and that has definitely helped me in the program and
employers seek you out for those qualities. I have definitely managed to have my
head above others.
As far as typical, they typically look for accounting majors but that can't discourage
people. With the right attitude you can get in even if you go and get your degree by
yourself, get your accounting degree. You can still get in and there's a bunch of
other stuff that can be done. Computer consulting is huge with us right now so any
undergraduate with those majors are more than qualified to get into the firm.
Are there training programs available?
All positions in our firm offer training. It's a systematic training. You come in and
you're trained on firm policy and as you progress you are trained annually.
that specifically gives you the tools and the skills you'll need to form your role at a
given level and every time you move up another level , you're trained at that level. It's
not a training program where you're going to go for 3 to 4 months and they're going to
send you on your way, as you progress through the system they do send you to higher and
higher training to prepare you for what you do next and your increased responsibility.
What is a typical day like for you?
There's a yearly track within Big 5 firms and you start out as a Staff I
accountant. In the first five years you do many of the audits, execute the physical
test work and anything else to move up from Staff I to Staff II; you then move into a
Senior 1,2,3. Everyone is constantly being evaluated by others at different ranks
and levels. All the reviews go back down and there is a system of checks and
balances. If you're new there is someone to help you. That person has to review your
work and sign off on it, but you do progress to a new level every year and with that level
comes a pay increase, seniority increase and responsibility increase until you ultimately
get to be a manager. The track then starts to prolong itself. You spend
more time at manager and more time as a senior manager and if your ultimately on partner
track you'll ultimately become a partner, but that's very selective.
I am Staff II so a typical day is contacting my manager or my senior. I have a maybe a handful and a half of clients that I spend most of my time with throughout the year. Every two weeks I'm somewhere different, but I am essentially going out there and the audit is broken down into sections. You are not going to spend all your time with one client at one time of the year. You're going to go there three times a year to execute different parts of the audit. The year is cyclical. You plan the audit and go out and do the audit. You go do some planning some place else then you go back to the first client to do interim work and some audit work and then you leave again. At the end of the year after they close all their accounting figures, books and then audit you, that's actually when you issue a final report which is called The Opinion, it's hopefully a qualified opinion.
What do you like most about your job?
As I mentioned before, even after 14 months I am still learning continuously everyday and
every week I learn something new. I had a conversation with a Senior 3, who is 29 years
old, today and he'll be a manager next year. There is a trend in the industry where
people leave after 3-5 years because they have enough experience to go on to other things
and he says he continually leams, he still learns everyday. He has been there for
five years, so hearing that stresses that you learn, encounter new situations daily, new
techniques, new auditing standards, and new business practices. The industry is very
dynamic; there's government regulations and standards that come out monthly which changes
programs and updates your knowledge. Leaming is the key if you can take the long
hours and deadlines and stress; you're should realize you're getting knowledge and a
wealth of experience. Thsi makes it all worth it, but I also work with a great group
of people and I wouldn't trade that for anything in the world. Our firm is fantastic
about hiring people.
What do you like least about your job?
Hours wear on you there's no doubt about that the stress wears on you and I think
as Staff I, Staff II early in your career path in an accounting, public accounting firm
there position is somehow ambiguous and they're asked to do things on a whim so I think
leaming the whole audit process seeing the whole scope of the business process is
difficult at first for the first 2 years but as you progress able to see the whole big
picture and it's very satisfying maybe initially frustrating but eventually it works
itself out.
What resources do you recommend using for job leads?
You should definitely use the external websites. Our firm offers a host of
websites; and there's tons of stuff on any Big 5 firms' websites. They provide youw
with contact and recruiting information, history and culture of the firm, what they do,
etc. This is more of a cheerleading response to the firm, but in corporate America
you're gong to find that at any large corporation. These are publicly traded firms, so by
researching this information you'll find out if you want to work there and eventually get
your foot in the door just to interview and see the people you would eventually work with.
Did you use Trinity connections to get you where you are?
Actually the way I got in touch with the person was through a focus group.
The firm was wondering why they weren't attracting as many Trinity students as Arthur
Andersen was in the Hartford area. I was part of a panel of Trinity students that
went down to the office, met people, and discussed recruiting options. They
discovered they didn't recruit enough, their face wasn't in the crowd and they were not
plastered all over the place like Andersen was. Andersen is bigger than we are, which is
also a drawback to being bigger. I wanted a more personal touch from a company such
as someone calling me back and being tangible and answering my questions and Ernst and
Young did that. This was all connected through the Career Services Office.
Do you recommend any trade journals for students to review for information?
Anything on the web as far as accounting news, accounting standards, auditing
standards, any of the Security and Exchange commission publications, financial accounting
standard board any of their publications websites and anything that has to do with the
AICPA- American Institution of Certified Public Accountant websites any kind trade
journals with those headings.
Do you have any final words of advice for students?
Focus on your leaming and on what you can gain everyday by going to work. This
job is by no means for everyone. I've seen numerous people come and go at my level and the
turnover is rather high, therefore you have to focus on what you want and where you want
to be. You should focus on what learning a tremendous amount every day is and how
important it can be. Most of my friends go to work and then come home, it's the
daily commute and I don't think that's a way to live. If you can somehow take home with
you something everyday whether it be something you learn, interpersonal relationship, or
piece of the industry knowledge or what not you're going to learn something everyday and
if you look at that and focus on that think of what that's gonna add to you, to your
character and your professional package, your resume or whatnot, its gonna add a
tremendous amount.