Category Archives: Internships

Internships, Melissa, Student Life

Melissa Takes Boston: Part 4

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Hello everyone!

I am back with one last installment about my internship experiences this semester. McCombs provides  its students with a well-rounded business education and as I reflect on my internship, I realize that I used far more than just what I learned in my accounting classes. I thought I would share with you all how I used the McCombs core curriculum to succeed at my audit internship.

Finance: As as auditor, you will be exposed to a variety of financial instruments for which you need to audit and a background in finance is very helpful. I couldn’t have audited equity if I didn’t first understand present value!

Operations management: Throughout the course of the audit, you are exposed to the entirety of the business. As you audit certain areas such as inventory, you will identify fluxes (variances) that will need explanations. With my knowledge of operations management, I understood the nature of a supply chain (obtaining supplies, manufacturing, distributing, etc.) and thus I was able to dive deep into the numbers and understand what exactly was happening behind the scenes.

MIS: The MIS department will tell you this, and it’s definitely true- MIS is EVERYWHERE! Whether its the implementation of a new accounting system or database, or RFID tagging on your client’s inventory, you are definitely going to be exposed to a variety of information systems as an auditor.

Business communications: My BA324 experience is certainly a cliche one- I was a terrible public speaker (or as my professor so gracefully described it, an “inexperienced public speaker”) and the presentations and exercises in BA324 were crucial to my success in this realm of the business world. As an auditor,  you will need to be able to speak professionally with the client.

Management: As you move up in the public accounting world, or even if you leave and work in industry, eventually you are going to be in charge of some of your colleagues. And even before that, you are going to be the one being managed. This being said, the concepts that we are taught in management are always going to surround us in the business world.

Marketing: One thing that stuck with me from marketing classes, and something that I try to use in my career, is that you have to know how to market yourself. This trait did not apply so explicitly to my actual internship, but moreso the recruiting process that led up to it. I had to know how to showcase my strengths as I recruited so that my potential employers knew that I would be an asset to their firm.

I just think that McCombs is great and I hope you all agree! Remember this week that you can donate for BBA Legacy (even though we are MPA students- some of us are BBA too!)

Internships, Melissa, Student Life

Melissa Takes Boston: Part 3

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Hi again!

I have yet another week at the client under my belt and I am still learning every day. The idea for this blog came to me after an intense conversation about the reality vs. entertainment value of the Kardashians empire.  (I’m sure, considering the title of my blog series, you can tell that I am a fan.)  After working for four weeks, I wanted to take the time to dispel some of the rumors that I heard about interning; a “fact vs. fiction” piece, if you will. I understand my intern experience is unique to me; however I still believe that this is applicable to those of you who will be interning in the future.

RUMOR  1: “You will work on one client the whole time and only on cash.”

REALITY: FACT/FICTION. This was something that I consistently heard spoken with a negative connotation as I went through recruiting. Although I wasn’t even 100% sure what it meant, I was convinced that it was definitely something I didn’t want. However, I have been on the same client for four weeks now, and I have loved every minute of it. Being on one client for so long has allowed me to get comfortable with the client and with my team. I understand the work that is being done and my team has been able to give me projects that allow me to see a large piece of the audit and even build on my previous work. If I was switching around clients, I doubt I would have this luxury. As far as the ‘working on only cash’ piece of this rumor is concerned, that certainly hasn’t been the case for me, and even the projects that I have done that relate to cash have all been so different and each one was a brand new learning experience. I guess I can’t say this rumor is completely fact or completely fiction, but I do want to dispel the negative connotation that accompanies the idea of working on a client, or within a specific area of the audit, for an extended period of time.

 

RUMOR 2: “You will work CRAZY long hours.”

REALITY: FACT. After talking with my friends who are also interning right now, we have all been on slightly different schedules, but overall, you shouldn’t expect to leave work at 5:30 every day. We are lucky enough to intern during busy season, the time of the year where there is the most work to be done, and this means we will be working a lot. This being said, the day will fly by – at least it has for me. I have left work anywhere from 8:30-11:30PM but even my longest days haven’t dragged on in the slightest. The great thing about there being a lot of work to be done is that you will constantly be busy; no sitting around waiting for something to do.

 

RUMOR 3: “Clients HATE auditors.”

REALITY: FICTION. As a person who likes to be liked (don’t we all?) this particular rumor really made me nervous. I have had quite a few interactions with the client thus far and I can’t say all of them have been 100% pleasant, but there has never been a time where I felt personally victimized by the client. Even though being audited is a government requirement for accounting firms’ clients, the clients still do appreciate the work we are doing.

These are three rumors I can almost guarantee that you will hear before embarking on your internship and I hope that my experience can help you to understand them a little bit more.

Happy interning to my fellow interns and happy studying to those of you taking classes!

Click here to read Part 4 of Melissa Takes Boston!

Academics, Internships, Student Life

Melissa Takes Boston: Part 2 (Lessons from Beyonce)

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Did everyone have a happy Super Bowl weekend? (Or happy Beyonce weekend to those of you whose interests align more with mine.) Beyonce has been very popular in entertainment news recently with the lip syncing controversy and as headliner for the Super Bowl halftime show. I thought I would take some time to share some of my favorite (and applicable) lessons we, as MPA students, can learn from Beyonce.

1. No one can tell you that you can’t succeed. One of my favorite quotes is, “If you hear a voice within you say ‘you cannot paint,’ then by all means paint, and that voice will be silenced.” – Van Gogh. I think this quote can be extended as a solution to any voice you hear that tells you that you cannot succeed. As students at the University of Texas, members of the MPA program, and even interns in the field, there will always been someone who does not believe we can succeed. (Even if it is ourselves.) Looking at the Beyonce lip-syncing controversy, when she was criticized for her inaugural performance, she retaliated by singing the National Anthem at the start of the Super Bowl Press Conference. As you go through school and our internships, you have to remember that no one can tell you that you can’t succeed. And when they do, because they will, then prove them wrong.

2. “You know it costs to be the boss. One day you’ll run the town.” I have always found this lyric of Beyonce’s to be particularly interesting but I find it more applicable as I get further into my education. Classes can be overwhelming sometimes and I know I am not the only one who has dramatically questioned if it is all worth it. As we go through intense classes and now a busy-season internship, we must keep in mind that these are all steps towards our goals. We may have some struggles along the way, but one day we’ll run the town. (and according to B, us girls will run the world.)

3. Image is important. Before I became a business student, I didn’t own a suit, and I had maybe one or two business casual outfits. Throughout recruiting and now during my internship, I am learning how important it is to ‘dress to impress.’ How you dress is often the first impression that others have about you. Although it is key to act professionally, you will not be taken seriously if you are not also dressed with professionalism. (Beyonce certainly always dresses to impress.)

Beyonce’s driven personality and inspiring songs are great sources for inspiration as we continue along our educational paths and soon into our careers.  Who do you look to for life lessons and what lessons have stuck with you?

Click here to read Part 3 of Melissa Takes Boston!

Internships, Jamal, Recruiting, Student Life

The Pur$uit of Happine$$: Part 2

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Right now I’m in my 4th week of my internship. Things have been a little different from my expectations, but that’s why being able to roll with the punches is a good thing. FAs an intern, auditing has been a lot about reviewing, editing, and generally supporting the full-time staff and firm in ad-hoc tasks. So far, I have assisted in basic accounting for 5 different clients in 4 different industries. Right now, I’m helping HR with some of their recruiting efforts. Both of these experiences are relatively unique for an assurance intern and not what I thought the traditional auditing role would be like, but I really like the people that I’m working with, which makes everything a lot smoother and enjoyable.

As an intern, you may be subject to some pranks that the senior staff will pull on you. I have outlined some of the more common ones, to help you know what to expect:

1)      “Go ask the client where their list of unrecorded liabilities are.”

2)      “I’m going to need you to grab me some tick marks from the supply closet.”

3)      If you’re ever staffed on an engagement where you’re told that you need to find the size (in square feet) of a road or building and your Senior tells you since they don’t have an adequate tape measure available  you have to measure your foot with a ruler and measure the area by walking around, be a little suspicious.


Continue reading with Part 3 of The Pur$uit of Happine$$!

Internships, Melissa, Student Life

Melissa Takes Boston: Part 1

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Hello Everyone!

I am 3 weeks into my auditing internship here at a Ernst & Young in Boston, MA. It has been crazy, a bit overwhelming, and already it feels like I have been working forever. I am learning so much everyday and I want to share what I have learned with those of you who are currently in MPA and thinking of participating in this awesome program.

My first internship lesson actually had nothing to do with accounting at all.

It was my first day at the client and my start time was 8:30 AM. The commute was about an hour, so naturally I left at 6 AM. (This might seem crazy but those of you who know me know that it is actually very predictable.) All was going well and I was on track to be not-so-fashionably early for my first day. All of a sudden, the “low tire pressure” alert began sounding in the car. As I pulled off at the next exit, I heard my tire completely blowout. I frantically called the rental car company, and then the towing company, and then a team member on my client to explain what was going on.

As all of this was happening, there were so many thoughts going through my head. The first, of course, being that I was going to late my first day of work because of a flat tire. That’s almost as cliche as forgetting your homework and saying your dog ate it.

In the end, I was late, but I learned a valuable lesson. As cheesy as it is, I learned that these things happen and no one is going to hold it against you. As adolescents we often resort to one of two reactions when these kinds of things happen. We either blame everyone except ourselves or we completely internalize the situation and worry about what everyone will think of us. As new interns we really hope to impress, not only because we want to secure that 5-star performance review that Jamal alluded to in his last post, but also because we are representing the University of Texas as we intern.

As you begin your internship, nerves and anxiety are okay, but my as my dad always tells me, the difference between excitement and nervousness is confidence.  It’s important to remember that no one is expecting you to be perfect, they only expect you to be the best you can be. Don’t be nervous because McCombs more than prepares us for the actual accounting part of the internship.  If something happens on your first day, just remember that things happen, and don’t sweat the small stuff.

Click here to read Part 2 of Melissa Takes Boston!