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Accounting at Schulich

A photo of kb24gunner101 kb24gunner101
So considering deadlines for applications are coming soon, I'm posting this hoping it will help me decide where to go.

I'm thinking about going to Schulich mostly because I'm not 100% sure if I want to do accounting, but most likely I will be doing accounting. So I wanted to know if Schulich is good for accounting in terms of job opportunities and as a fast track to a CA. I've read in many places that Schulich does not have connections with good employers and its hard to get a good job since its an internship, however I know someone in first year getting job opportunities since he's very smart.

Also, what other high paying jobs are there in business other than investment banking(I don't think I can do it because of the ridiculous hours), in case I don't want to do accounting. Right now im thinking about Schulich and Laurier for BBA, and Waterloo and Brock for accounting.
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A photo of immaculatedx immaculatedx
Schulich is one of the better business programs to pursue your CA designation.

But seriously, why do all kids think that the only jobs in business are in accounting or investment banking ..... real
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A photo of Nick0rz Nick0rz

@immaculatedx wrote
Schulich is one of the better business programs to pursue your CA designation.

But seriously, why do all kids think that the only jobs in business are in accounting or investment banking ..... real


BECAUSE I WANT TO MAKE 100K A YEAR AND DRIVE A FERRARI AND HAVE A HOT WIFE AND A MODEL EX WIFE AND SNORT COKE ALL DAY EVERYDAY. I CAN'T DO THIS AS A MARKETER. GOTTA BE AN INVESTMENT BANKER.
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A photo of aak94 aak94

@Nick0rz wrote

@immaculatedx wrote
Schulich is one of the better business programs to pursue your CA designation.

But seriously, why do all kids think that the only jobs in business are in accounting or investment banking ..... real


BECAUSE I WANT TO MAKE 100K A YEAR AND DRIVE A FERRARI AND HAVE A HOT WIFE AND A MODEL EX WIFE AND SNORT COKE ALL DAY EVERYDAY. I CAN'T DO THIS AS A MARKETER. GOTTA BE AN INVESTMENT BANKER.



^This guy is retarded. But to answer the question you can become a CFA if you're into finance and it can land you really high paying jobs. The average age to retire for CFAs is around 33 because they make so much LOL.
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A photo of Junction Junction

@aak94 wrote

@Nick0rz wrote

@immaculatedx wrote
Schulich is one of the better business programs to pursue your CA designation.

But seriously, why do all kids think that the only jobs in business are in accounting or investment banking ..... real


BECAUSE I WANT TO MAKE 100K A YEAR AND DRIVE A FERRARI AND HAVE A HOT WIFE AND A MODEL EX WIFE AND SNORT COKE ALL DAY EVERYDAY. I CAN'T DO THIS AS A MARKETER. GOTTA BE AN INVESTMENT BANKER.



^This guy is retarded. But to answer the question you can become a CFA if you're into finance and it can land you really high paying jobs. The average age to retire for CFAs is around 33 because they make so much LOL.



It seems like a lot of people on these forums have an illusion that getting a certain designation will automatically land you an amazing job. Having a CFA or a CA would be a good asset, but it is by no means an automatic guarantee.

I have talked with individuals working in big 5 Canadian banks in the investment banking and asset management functions and they have told me not only is a CFA required, a MBA is pretty much needed to advance in regards to financial jobs.

As for your "average age for CFA to retire is around 33", I don't even know where you guys are pulling these stats from...it is absolutely NOT true. Having a CFA or pursuing your CFA will get you entry jobs such as being an analyst. The finance markets are still recovering from the recession, I have a family friend that was unemployed for 2 years and he only got a job a year ago after passing level 3 of the CFA exam and starting salary was around 55k (which is considered decent for being unemployed for 2 years).

Your statement on early retirement might be referring to investment bankers, who tend to work in the industry for a few years before they "burn" out from working 80-90 hour weeks minimum, then work in lighter financial roles and have a steady income.

Hope that breaks the illusion that you high schoolers have.
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A photo of Nick0rz Nick0rz

@aak94 wrote

@Nick0rz wrote

@immaculatedx wrote
Schulich is one of the better business programs to pursue your CA designation.

But seriously, why do all kids think that the only jobs in business are in accounting or investment banking ..... real


BECAUSE I WANT TO MAKE 100K A YEAR AND DRIVE A FERRARI AND HAVE A HOT WIFE AND A MODEL EX WIFE AND SNORT COKE ALL DAY EVERYDAY. I CAN'T DO THIS AS A MARKETER. GOTTA BE AN INVESTMENT BANKER.



^This guy is retarded. But to answer the question you can become a CFA if you're into finance and it can land you really high paying jobs. The average age to retire for CFAs is around 33 because they make so much LOL.


Oh god satire is lost on children these days.

Source? If anything I'd think CFA's would retire much later as work/career is much more central to their life, then compared to someone who is not a CFA.

From http://luminouslogic.com/cfa-program-diermeier-on-cfa.htm we can get that the average salary for a CFA is 250k. You need 4 years of work experience to become a CFA.

Assuming graduation at the age of 22, and coming out with no debt, and that the person makes approximately 90k a year while attaining their CFA we find:

4x90k = 360k
(33-(22+4) x 250k = 1.75m
For a total of 2110k or 2.11m. I'll give you the benefit of the doubt, and round it up to 2.5m (for easier calcuating). Maybe they got a going away present, or invested intelligently.

For the 11 years of working, I'll take the numbers from here: http://www.canadaimmigrants.com/Torontoliving.asp and divide it in 2 as its for household income. That gives:
72/2 = $36k a year

I'll be lazy, and nice, and assume a flat tax rate of 20% on all yearnings. That leaves you with 2m earned. You spend about ~400k while working those 11 years, so you're left with 1.6m.

Lets be hopeful, and say you'll live to be 83, there's no inflation (or you put all that money in an account that gains interest at the same rate of inflation, thus counteracting its effects). That leaves you with 50 years of life to pay for. Assuming you spend at a constant rate, and have no extraneous costs (marriage, divorce, kids, new home, dog, etc), you're spending 36k a year. So we have:

50*36k = 1800k.

Meaning you would be 200k in debt if you retired at the age of 33. Of course we could assume that as a CFA holder they would be able to invest intelligently, and thus make larger returns on their wealth. However I'd also argue that someone would only retire young if they were assured of the ability to live way above average (cottage, boat, vacations, etc), which does not seem to be the case.

Sincerely,

Retarded Guy
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A photo of Junction Junction
Nice analysis Nick0rz, but I think you were too generous with those numbers. I would say a very small margin of new graduates make 90k while obtaining their CFAs. A typical graduate would probably start off working in the back office where pay is substantially less (unless they were the all-stars of the graduating class or what not)

But other than that, bravo!
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A photo of Nick0rz Nick0rz

@Junction wrote
Nice analysis Nick0rz, but I think you were too generous with those numbers. I would say a very small margin of new graduates make 90k while obtaining their CFAs. A typical graduate would probably start off working in the back office where pay is substantially less (unless they were the all-stars of the graduating class or what not)

But other than that, bravo!


Cheers thanks!

I thought about that, but I decided to be somewhat best case scenario when I could. And in the end the difference between making 60k and 90k for those few years wouldn't of changed the end result too drastically.
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A photo of kb24gunner101 kb24gunner101
I don't think I would be successful in marketing which is why I'm not considering it.
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A photo of kb24gunner101 kb24gunner101
I don't think I would be successful in marketing which is why I'm not considering it.
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A photo of kb24gunner101 kb24gunner101
And why do you say schulich is fairly good for accounting? What about the fact that there is no co-op? Isn't that crucial in finding a job?
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A photo of immaculatedx immaculatedx

@kb24gunner101 wrote
And why do you say schulich is fairly good for accounting? What about the fact that there is no co-op? Isn't that crucial in finding a job?



Long story short:
Co-op is misleading to a lot of people. While there are differences with advantages and disadvantages, Accounting Recruiters recruit at Schulich so you can find internships. Co-op doesn't guarantee you a job - it's only attractive at UW because recruiters hire there.
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A photo of kb24gunner101 kb24gunner101
Which uni do you attend?

And I just saw their supplementary form and I saw that they need extracurricular. What do they think of a job, I work about 25 hours a week.
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