yconic - Finance, Discussion Topic
A photo of Finance

Finance

Explore yconic
Explore Student Life Topics
My Money Matches
1092
Matches
Followers (286)
  • Angela Yao
  • NS Voice
  • Rowan Hollinger
  • Rachael Rowe
  • Nahtanha Herbster
  • Faiza Chowdhury
  • Sami Sawidan
  • Rachel Litton
  • Rebecca Todd
  • Christelle Bernabe
  • jenny ballesteros
  • Fairuz Shahriar
Scotiabank
STUDENT CHAMPION
yconic proudly recognizes Student Champion Partners who are providing our community with superior support for their student journeys. Learn More
Student Help Brands
Ryerson Accounting and Finance HELP
Hey there guys, I was wondering what marks some of the current Ryerson attendees for the accounting and finance section needed to get in.
FARM
Applying to FARM, PLEASE comment if got in this year or are planning to apply??
A photo of Anonymous Anonymous
Rotman Commerce Supplementary Application
Hi guys I'm in grade 12 and I've just applied to Rotman commerce, UTM commerce, and Schulich bba. I'm a bit confused on Rotmans supplementary application. Apparently for the last few years Rotman required you to create and upload a creative video about yourself, but I've just got an email from rotman for the sup app and it only mentions a 120 second video response to a question. Is that the same thing as what I've been hearing about or is it something different? Also, what do you think my chances are of getting an offer in each program with the following averages so far (98.5 adv functions, 89 English, 95 business management, 95 religion mixed level) I've got calculus, international business, economics and communications technology next semester. I have part time work experience as a service clerk, part of a global issues team (top 20 grade 12s selected), tutoring..etc. thanks! Also, if anyone knows, what written and video questions should I expect for Schulich and Rotman? Also I'm pretty sure UTM commerce doesn't require a sub app right?
A photo of Anonymous Anonymous
How's your hunt for Canadian Scholarships (Tips)
Hey yconic, 

For many of you who are thinking of applying for scholarships, it's important to remember that not all of them are the major ones (e.g. Loran, TD, etc) and that many of them are small scholarships which require much less work. Most of last year,  I applied to many scholarships and accumulated some tips and tricks that I wanted to share with you. 

1. Copy and Paste (Kinda) 
Most of the scholarships ask the same questions (or some variation of the same prompt). So what I did what copy and paste the important parts and fill in the word count. 

2. Make the first couple sentences impactful
I used the first couple sentences to make an impact for the judges. I never made my introductions monotone or boring. Since the judge is going to base your entire application on their first impression, It's always worth to take a risk. 

3. Don't be afraid to play with emotions 
Judges are human too. One of the best strategies is to paint yourself as someone who has overcome incredible struggle and appeared successful in the end. I have found that this has been one of the most powerful strategies I've used. 

All in all, don't be afraid to use all the cards at your disposable. At the end of the day, getting scholarships is a difficult task. 

*If I have any more tips , Ill remember to add them. 

Comment below if you have more tips!
AMA: Brock BAcc Graduate, Carleton MAcc Graduate, Big 4 Employee
My name is Neal, and I graduated from Brock's Bachelor of Accounting Co-op program in 2016 and Carleton's Master of Accounting program in 2017. I was a yconic Student Ambassador for 2016-17. Although I work full-time at PwC now, I'm still around answering questions about accounting as a career and universities. 

My co-op work experience includes:
-Corporate Accounting, Henkel (Germany)
-Assurance and Tax, Collins Barrow
-Risk Assurance, Ernst and Young

I currently work at PricewaterhouseCoopers in Assurance. . 

A snapshot of my time at Brock:  
-Served as an executive for several clubs  
-Participated in numerous internal/external case competitions and conferences  
-Served as a Tutorial Leader for Brock's first-year Macroeconomics course  
-Inducted into Beta Gamma Sigma (the top 10% of Goodman get invited)  
-Did co-ops and internships with 3 different companies in corporate accounting, assurance, tax and risk assurance located in Germany and Canada  
-Participated in a short-term exchange to France  
-Volunteered for the business school's Career Services office, where I critiqued students' resumes  
-Lived in residence (first-year) and off campus

A snapshot of my time at Carleton:  
-President of the Sprott MAcc Society  

Feel free to ask me questions below! Or you can add me on LinkedIn if you'd like to send a private message (https://www.linkedin.com/in/nsengupta).
Scholarships with upcoming deadlines! (Ep.2)
Hey yconic, 

This week, I have several more scholarships lined up for you. I also heard some of you got invited to the semi-final and final round of the scholarship. Congratulations! 

If you're interested in the last scholarship post I made, the link is below so remember to check it out. 

https://yconic.com/discussion/scholarships-with-upcoming-deadlines-ep.1/locxFsiilOvlgKV3Pm4tRmonXw0fWpTV

1. Upnature's Scholarship for Nursing and Medicine Students (Deadline: November 30th 2017) 
-All you have to do is complete a short application and a 500-word essay about your career aspirations and how you plan to contribute to your chosen field in the future.  

https://yconic.com/award/Up-Nature-Scholarship-for-Nursing-&-Medicine-Students/XeSfqydt5k1ElffkNvzg121FBrWcJGHt

2. The Expert Institue's 2017 Annual Healthcare and Life Sciences (Deadline: December 31st 2017) 
Complete 1,000-2,000 words on how you feel your specialized knowledge and training could be applied to improving the practice of law, submitted electronically as a document attached to the form below.

https://yconic.com/award/The-Expert-Institute-2017-Annual-Scholarship/duGR4aJhuVAzwgQ1w2OIfcEx1siL3rdf

3. yconic's #13FTW contest (Deadline January 18th 2018) 
Complete several quizzes for your chance to win (3) $1313 cash prizes. 

http://bit.ly/2wTFKpc

Best of luck applying for these scholarships and contest!

-Benson Law 
Best path to go down if I want to become a CFA?
I am interested in finance and economics. However, BComm. doesn't really appeal to me as much as BSc. (U of T offers BSc in Financial Economics, seems interesting). What would be best? Commerce? Science? What do employers (Banks, investment + fund companies) like more? Thanks!
BComm. or BSc in finance/economics?
I'm interested in doing my undergrad in something finance or economics related and eventually become a CFA. So, naturally, you'd think I'd apply to a commerce program... but for some reason a bachelor of Science degree in, say, financial economics appeals to me SO much more. Is that the right way to go? Will potential employers care?
How do you plan on paying for post-secondary?
How are you (Grade 12's) planning to pay for post-secondary education?

Some of you might have: 
-Savings 
-OSAP
-Bursury
-Scholarships
-etc

Comment below on how you are paying up for university or college!
What are some scholarships for Canadian students?
Post-secondary education can get really expensive. Even though you may have decided getting a bank loan or applying to OSAP is the way to go when it comes to funding your education, scholarships could still help lessen or even cover all of your tuition and expenses. Here are four scholarships for Canadian students:

1. Loran Award (Deadline: October 25)

The Loran Scholars Foundation's Loran Award is one of the most prestigious awards in Canada. According to their website, they "offer four-year undergraduate awards valued at $100 000 to young Canadians on the basis of character, service and the promise of leadership." The deadline is on Wednesday, so get your applications in ASAP.

More info: http://www.loranscholar.ca/becoming-a-scholar

2. Scotiabank National Scholarship (Deadline: November 2)

Brought to you by yconic and Scotiabank, the Scotiabank National Scholarship is back! There are $80 000 in awards available for yconic members. All you have to do is answer this scholarship question in 150 words or less: What word, quote, or phrase best represents your life as a student and why?

More info: https://yconic.com/program/scotiabank-national-scholarship/?utm_source=website_yconic&utm_medium=text_link_award_details&utm_campaign=sbnknationalscholarship

3. TD Scholarships for Community Leadership (Deadline: November 17)

The TD Scholarships for Community Leadership is open to Canadian students in their final year of high school or CEGEP. Students who are making a positive change in their communities could get a scholarship valued up to $70 000. 

More info: https://www.tdcanadatrust.com/products-services/banking/student-life/scholarship-for-community-leadership/index.jsp?cid=DFA:20256589:2951408:204277200:92459812

4. RBC Students Leading Change Scholarship (Applications will open in November)

The RBC Students Leading Change Scholarship is open to graduating high school, CEGEP, and post-secondary students. There are $150 000 in scholarships available for "Canadian students showing a passion to lead and inspire positive change in their community."

Applications are not open yet, but you can find more info about it here: https://scholarships.rbc.com/StudentsLeadingChange.aspx

Best of luck in your applications! 

Alyssa
yconic Student Ambassador
UW FARM FALL 2018 APPLICANTS
Hello, everyone! 
This forum is for all prospective students applying for FARM at Waterloo. This is where we discuss our chances of getting admitted or any question one might have.
1. Have you applied?
2. Any offers?
3. Evaluate your chances.
4. Any questions?

We'll start with myself:
1. I did apply, and FARM is obviously my top choice!
2. Well, of course no response yet. (Will edit once a response is received)
3. If Waterloo looks more at marks, then I definitely have a good chance of admission. I have mid-high 90s average, as opposed to the high 80s requirement. If Waterloo equates ECs with marks, then I'm damned. My ECs are focused on jobs, business training, and essay and math contests. 
4. Not really.
Feel free to add/suggest anything!
Scholarships with upcoming deadlines! (Ep.1)
Hey yconic, 

I've decided that each week, I'm going to try and update you on some up and coming scholarships that you might be interested in. I thought this might be a good idea because I want to help you develop the habit of looking into scholarships and financing your post-secondary throughout the year as opposed to only the end of the school year.  

1. The RBC® Black History Month Student Essay Competition (Deadline December 1st 2017)
In 750 words or less, please tell us how black Canadians have helped to define Canada’s diverse heritage and identity through their achievements and contributions to the broader society. There are a total of 30 scholarships available.

http://www.rbc.com/essay/ 

2. Body Gear Guide Scholarship Program (Deadline November 27th 2017)
Submit a 100-300 word essay about why you should be considered for the Body Bear Scholarship. You will also need to submit a short video of your recent achievements and a short video recommendation from you professor/teacher. 

https://bodygearguide.com/500-scholarship/

3. Burger King McLamore Foundation Scholarship  (Deadline December 15th 2017)
Multiple scholarships of varying amounts available for high school students. An extensive online application must be submitted to their website and only the first 50,000 applications will be admitted. 

https://bkmclamorefoundation.org/who-we-are/programs/burger-king-scholars-program/

5th Year Brock BBA/BAcc Co-op student, ask me anything! (IB and Big 4 Co-op)


I'm basically always on here so figured might as well make one of these and help out any prospective students.

Background:
- First 2 years spent as BBA Co-op student, secured first coop term through BBA
- Transferred into BAcc Co-op after 2 years
- Currently doing a spring semester

You kinda get the best of both worlds since I have been in all (both) the programs offered at the Goodman School of Business!

And since I know these are gonna be popular Qs:

WHEN SEARCHING FOR 1ST CO-OP:
- Avg (both major and overall) ~80%
- ECs: Leadership position in a club, some entrepreneurial stuff, sports stuff
- Work XP: General accounting internship at no-name organization doing very basic stuff, manual labour

INTERVIEWS:
Since attending Brock, I have received interview requests from:

Company / Quantity / (Co-op vs summer intern, Location) 

RBC x 3 (Various positions, co-op x2 and summer intern x1, Toronto)
Big 4 Audit x3 (1x Co-op and 1x Summer intern, Toronto...1 x Co-op in Calgary)
Big 4 Summer Leadership Conferences x2 (Toronto)
CPP Investment Board x2 (Summer Analyst, Toronto)
Scotiabank (Co-op, Toronto)
Grant Thornton Audit (Co-op, Toronto)
Canadian Tire (Co-op, GTA)
Ontario Securities Commission (CPA position, summer intern, Toronto)
Mercedes-Benz Financial Services (Co-op, GTA)
TeamBuy .ca (Summer intern, Toronto)
Imperial Oil (Co-op, Calgary)
Suncor (Co-op, Calgary)
Regional CPA firm (Co-op, Hamilton area)
Small CPA firm (Co-op, Niagara region)
Publicly traded minerals company (Co-op, Toronto)
OMERS Pension Fund (Co-op, Toronto)
Big 5 Canadian Bank Capital Markets x2 (Co-op, Toronto)
Husky Energy (Summer intern, Calgary)
Accenture Consulting (Full time, Toronto)
McKinsey Consulting (Full time, Eastern Europe)

AT TIME OF APPLYING TO UNIVERSITY (September 2012 Entry):
- Rejected from BAcc Co-op
- Accepted to BBA Co-op with 83.5% top 6

WHEN LANDING BIG 4 AUDIT CO-OP:
- Joined B4 Audit in January 2016
- Done 8 months of co-op, not at an accounting firm
- Major average ~85, overall ~80+
- ECs, unchanged from when applying to first co-op
- Completed a couple certificates in excel

ADVICE FOR CURRENT STUDENTS WHO WANT TO GET INTO B4 BUT DIDN'T/WON'T FOR THEIR FIRST COOP:
- Get public accounting experience somewhere else. This is basically a must. I believe I was the only upper year hired from my school into B4 this past term without prior public experience. It's something I noticed during recruiting
- If you have the above, grades matter a bit less. Yes you still want to do as best as you can, but a high 70 is OK enough if you have prior XP. An 80+ is still ideal though
- Be prepared to explain why you left your previous employer (and don't speak poorly about them)

That's basically it. So feel free to ask me anything and I'll try to answer your Qs as best as I can!

*Even if nobody has posted in this topic for a while, feel free to do so, chances are I'm still lurking on here


Are you planning financially for post-secondary?
For current high school students, what are YOU doing right now to plan financially for university? 

-Are you relying on parents to pay for everything?
-Financial aid (OSAP, bank loans)?
-Scholarships?
-Part-time jobs?

Share your thoughts below! 
OSAP Question
I got accepted to all the schools I applied to, but was not able to afford it. Thankfully, the school I wanted allowed me to defer my admissions offer to next year so that I could take a year off to save money. My parents are in a bad place financially (they're in a lot of debt) and they can't help me with any of my finances, meaning I am responsible for all of my tuition, taxes, living expenses ect. Unfortunately, OSAP didn't care about my financial situation and the fact that my parents weren't helping with my tuition, they just cared about how much my parents make and the savings I had. My parents make a fair amount (middle class), so I didn't get enough from OSAP. I am currently working full-time (40 hours a week) and I plan on continuing to do so until I start school in September and then i'll go down to part time during the school year. .However, I am scared that since I have been working all year and saving up all my money, OSAP will take away all my grants. I am trying to apply for every scholarships but I don't meet the requirements for the majority of them. If OSAP takes away my grants, then I will not be able to afford school at all. Staying home for school isn't an option, because they don't offer the program I want at my local university. I save every penny I can and I never spent money on anything that isn't 100% necessary (not even coffee). I didn't get that much to begin with, but considering how much I'll have saved up during the school year, OSAP will probably take it out of the money they give me, starting with the grants. Is there any way I can make OSAP understand my situation and have them consider the fact that my parents are not helping me whatsoever?
Note: I originally didn't plan on taking a gap year, so I applied to OSAP and the final amount given was $7000 less than what I needed. Depending on how hard the school is and the work load, i'm not sure what kind of hours i'll be able to work during the school year and since I have to move away I won't be able to keep my job, so I'm not sure how long it will take me to find another one, meaning I could be out of work for a long time (it took me 10 months to find the job I have now). I'm also not sure whether or not my current job will allow me to come back during the summers (they typically don't do transfers so that's not an option either). I'm not just the first year i'm worried about but the three subsequent years as well (maybe more depending on whether or not I decide to get my masters). I know I should have started looking for a job earlier on but it's too late to do anything about that. If anyone has any tips or suggestions on what I can do about OSAP please let me know. Thank you!
A photo of Anonymous Anonymous
Robert Half 2018 Salary Guides & Salary Centre

Sharing the link below to download RH's salary guide for Canadian Accounting and Finance professionals.  There is also an online salary calculator which is quite handy.

https://www.roberthalf.ca/en/salary-guide

A photo of Anonymous Anonymous
Schulich BBA Competition
So a York U representative came to my school last week and said that the cutoff for Schulich's BBA program was a 93 last year. I wanted to clarify or confirm this with anyone who may have information about this. In previous years, the cutoff was 91-92 so is it still possible to get in with those marks this year? Thanks
A photo of Anonymous Anonymous
How could I make a six-figure out of uni? (More explained below)
Anyways, I've already come to terms that I'll practically get acceptances into any university in Ontario....

Let's just say that I'm the most driven and passionate man in the world about making money in the field of BUSINESS!  I'm assuming that I need to go to a top-tier university in Canada but I'm naive and I really don't know much about the Canadian job-market...

5 years post-graduating how can I make an AMAZING salary and set myself up to be in at least the 5% of income-earners in Canada? (5% is a conservative number... I'm aiming to be in the top 1% but anything past 3% is just luck...) 
Financial Aid: How are you paying for school?
Hey everyone! I am one of your yconic Student Ambassadors for this school year. Today I will be discussing financial aid and sharing my thoughts on how you can pay for school.

Before you even apply to university, you have to pay fees to get your applications processed. In some cases, you might even have to pay more to complete supplementary applications (Check out my post last week about university applications: http://bit.ly/2jKJt6m). Unfortunately, this is only the beginning. 

I am currently in my third week of university and have spent A LOT of money. Textbooks alone can cost you hundreds of dollars. Thankfully, there are many ways for you to finance your education. 


1. OSAP (Ontario Student Assistance Program) 

OSAP is a financial aid program set up by the government to assist families and students to fund their education. You get grants and loans from OSAP and the amount depends on your family's income. That said, you might qualify for FREE tuition. 

When you're applying for OSAP, hand in your required documents ASAP to ensure that your OSAP money comes on time to pay your tuition and buy your course materials. 

Check out this page to get more information and to calculate roughly how much you can get from OSAP: https://www.ontario.ca/page/osap-ontario-student-assistance-program 

2. RESP (Registered Education Savings Plan) 

An RESP is like a savings account for your parents to contribute to for your post-secondary education. In addition to the amount your parents contribute, the government adds to it as well. 

3. Bank Loan 

Getting a bank loan is another option to help you pay for school, especially if you'll be studying as an international student abroad. It is important to note that the interest rate might be higher than OSAP and varies from bank to bank. 

4. Part-Time/Summer Job 

Working part-time or having a summer job is a great way to save and pay for school. It definitely helps reduce the amount you have to borrow to pay your tuition fees and course materials. An added bonus is that instead of asking your family for money, you have your own to spend for textbooks and of course, food! 

5. Scholarships and Bursaries 

Free money is awesome! Bursaries are offered to students who demonstrate financial need. Just like OSAP, it takes your family income into consideration. A lot of post-secondary institutions have a financial aid section on their websites, which gives students information on how to apply for them. 

In addition, you can get an entrance scholarship, which is based on your Top 6 for Grade 12. They might range from $500 to $4000 though it depends on the post-secondary institution. This is one of the reasons why it is important to maintain your grades after getting accepted into your program of interest. 

There are many scholarships available here on yconic, so if you're reading this, I would highly recommend that you start applying to them. Last year, one thing that I found surprising was the fact that many scholarships go unclaimed due to people not applying for them. Writing essays might seem unappealing and a lot of work now, but your future self will be thanking you later for doing so. 


Let me know in the comments how you plan to or are currently paying for school. If you have any questions, please check out my AMA as well: http://bit.ly/2fknIsA 

Hope to hear from you soon! 

Alyssa Vidal 
yconic Student Ambassador
Can I still be successful if I don't go to a prestige business school?
This may be a dumb question, sorry in advance.

The best business schools for accounting are Schulich, Queens, Rotman, Ivey ( more finance though), Mcgill etc. They all require averages in the 90s to get in which I know I won't be able to achieve. So I am gonna apply to programs like York Bcom  and pursue my accounting undergrad there. Will I still be successful?  I want to become a CPA.

( I'm not saying the schools I mentioned above are the only best business school/havethe best business programs,  AFM, Bacc and Laurier BBA  etc are also good programs, so don't get mad!)
A photo of Anonymous Anonymous
is my reasoning for picking Schulich BBA over Waterloo AFM dumb?
the only reason I choose Schulich is because I can stay at home, I am really attached to my parents ( make fun of me as much as you want) so i was scared to move away.
Did i make a mistake?
A photo of Anonymous Anonymous
why do i keep seeing comments that Schulichs reputation went down?
is this true? should I not apply there for Accounting anymore? Also does Schulich have the same Masters program where you don't have to do 2/3 exams to become a CPA?
A photo of Anonymous Anonymous
McMaster Bursary
Would anyone know or be able to give me an estimated value of how much McMaster would typically give in bursaries for students who received OSAP?
A photo of Anonymous Anonymous
Voluntary Donation Fee
Are there any negative ramifications in opting out of a voluntary donation fee to my faculty? I am trying to keep my costs down, and the extra money could be used to buy textbooks and other school materials that are necessary to my success in school. I would pay the fee if I had the money, but I am not in that position. So, I was wondering if opting out of this fee would mean I can't join clubs, or participate in other activities at the school (even though it is voluntary)?
A photo of Anonymous Anonymous