For this week’s interview in Faces, we had the opportunity to speak with Indy van Heijst, a 23-year-old master’s student in Accountancy from the Netherlands. Indy is currently spending a semester abroad at Shenandoah University, a small institution located in Winchester, Virginia, just 1.5 hours from Washington, D.C. Motivated by her curiosity about American universities, Indy decided to add this semester abroad to her program through ISEP, an organization that connects students with global study opportunities. Despite some initial challenges, such as transitioning to online classes and adjusting to the campus culture, Indy is embracing the American experience and looking forward to exploring the U.S. during her stay. Read on as she shares insights into student life in America, cultural differences, and her travel plans. How does university life in the USA differ from what you experienced in the Netherlands? Perhaps due to its size, with approximately 4,000 students, Shenandoah University offers a unique academic environment characterized by small class sizes. All of my classes accommodate a maximum of 15 students, and attendance is mandatory for all lectures. Another change I have experienced is the prevalence of numerous small assignments. While at Tilburg University I typically had one final exam and one group project, at Shenandoah University I have almost weekly quizzes and assignments for each course. Additionally, as previously mentioned, I reside on campus in dormitory accommodations. One notable difference from the Netherlands is that I share a room with another person, which is an integral aspect of the American university experience. Luckily, my roommate is very nice and we have already bonded. I also have a meal plan that includes 18 meals per week, which allows me to enjoy meals in the dining hall or at three small restaurants on campus—Moe’s Southwest Grill, The Spread, and Bento Sushi—where I can order food. What has been your favorite aspect of studying in the USA so far? Especially interesting to see was the official moving-in date. As international students, we arrived on campus earlier than the majority of students due to two additional orientation days that provided information about the university, our visas, and various other topics. On the official move-in day, student-athletes assisted the incoming freshmen with their belongings, creating a welcoming environment. Additionally, the marching band and cheerleaders were present, contributing to a vibrant atmosphere with their performances. How do you find the academic workload compared to your university back home? Thus far, I find the academic difficulty to be lower compared to Tilburg University. While the overall workload may be slightly higher due to the numerous weekly assignments, the complexity of the material is noticeably less challenging. Additionally, I expect that the workload at the end of the semester will be lighter compared to what I experience at home, particularly since not all courses conclude with a final exam. What aspects of American culture have you found most surprising or interesting? Many aspects of American culture have aligned with my expectations. For example, the presence of the marching band and the prominence of athletes on campus are very much part of the experience. Additionally, most students dress quite casually. It’s common to see athletes wearing sports attire or t-shirts representing their respective sports. And don’t be surprised to see people wearing pajamas on campus. Especially in the dining hall when getting food. The most surprising thing is that there is not really a drinking culture at this university. Since the legal drinking age in the U.S. is 21, all university-sponsored activities are alcohol-free. In my opinion, as well as that of a few other European students, this made some of the orientation activities feel somewhat bland or less engaging. This is the downside of studying at a small university, because I would have loved to see and experience how that is. Moreover, there aren’t really any clubs or good bars in this town. Additionally, the town itself lacks vibrant nightlife, with very few clubs or bars available. What challenges have you faced while adapting to life in the USA? The biggest challenge I have encountered is meeting new people. So far, I have primarily connected with other international students, as they tend to be more open and approachable compared to American students. I was also somewhat unfortunate in that all of my classes were transitioned to an online format. Due to low enrollment in the face-to-face versions—typically only two or three students—professors opted to conduct the courses entirely online. This has made it more difficult to engage with others and build connections. However, this issue seems specific to MBA courses, where many students are slightly older and working full-time. For the four other exchange students taking undergraduate courses at the university, all classes are still held on campus. Fortunately, the university organizes several weekly activities, including shopping trips, hiking excursions, yoga, dance classes, and more. These events provide some opportunities to meet new people and foster connections. What skills or lessons have you learned that you didn’t expect to gain from this experience? One thing I’ve come to appreciate more is the public transportation and infrastructure in the Netherlands. In Winchester, commuting is quite challenging. It is evident that America is designed with car ownership in mind. There are few footpaths, and in some areas, they abruptly stop, making it difficult to walk to places like grocery stores or shops. For example, while there is a gas station nearby, the closest grocery store is a 20- to 25-minute walk. Additionally, most stores here are surrounded by large parking lots, which means you have to navigate through several of them when moving from shop to shop. This makes getting around without a car quite inconvenient. Luckily, since I have a meal plan, I don’t really need to buy a lot of things. Have you had any moments of homesickness? How did you cope with that? I did have a brief moment of regret after arriving. This feeling was mainly due
StudyTour 2023: Brazil
For the Dutch version, click here. After two editions of absence, the famous StudyTour of Asset | Accounting & Finance is finally back! That is why we are going big with an amazing trip to the beautiful country Brazil! We will visit many beautiful places and travel to two of the world’s greatest cities: São Paulo and Rio de janeiro. In this Faces article we will explain more to you about Brazil, our travel, and the research we are going to perform during the trip. Information about Brazil Brazil is a beautiful country with a rich culture and natural wonders. One of the country’s biggest attractions is its beaches, which are among the best in the world. The warm waters of the Atlantic Ocean, combined with soft sand and picturesque landscapes, make for an unforgettable experience. São Paulo and Rio de Janeiro are two of Brazil’s most famous cities and are known for their vibrant culture, exciting nightlife, and beautiful architecture. São Paulo is the largest city in Brazil and is a major economic hub, known for its skyscrapers, museums, and art galleries. The city is also home to some of the best restaurants in the country, offering a diverse array of cuisines. Rio de Janeiro, on the other hand, is famous for its beaches, samba music, and Carnival celebrations. The city is home to some of Brazil’s most iconic landmarks, including Christ the Redeemer, Sugarloaf Mountain, and the Tijuca Forest National Park. The beaches of Copacabana and Ipanema are also major attractions, drawing tourists from all over the world. In addition to their natural beauty and cultural offerings, both São Paulo and Rio de Janeiro are home to a diverse and friendly population. The people of Brazil are known for their warm hospitality and love of life, making it a great destination for travelers looking for a unique and exciting experience. Our research in Brazil During our trip to Brazil we will do various activities. First of all, we will do some company visits and have meetings with large multinationals to answer our main research question. This will be done to compare Dutch companies to the ones in Brazil and see how their corporate culture is different, how different issues are dealt with while focusing on an increasing issue regarding sustainability in the agricultural sector. In recent years, sustainability has become an increasingly important issue in Dutch politics and has had a significant impact on the agrarian sector. The Dutch government has set ambitious targets for reducing greenhouse gas emissions, promoting sustainable agriculture, and increasing biodiversity. The Dutch agrarian industry is known for its highly advanced and technology-driven farming practices, allowing maximum productivity and efficiency. The Netherlands is a very small country, yet it is one of the world’s largest exporters of agricultural products. In contrast, the Brazilian agricultural industry is known for its vast expanses of farmland, with Brazil being one of the world’s largest producers and exporters of agricultural products. Brazil’s agriculture is diverse and ranges from crops like soybeans, corn, and coffee to livestock like cattle and poultry. However, Brazil’s agriculture is often criticized for being heavily reliant on unsustainable practices like deforestation, monoculture, and the use of pesticides. The country faces a number of sustainability challenges, including deforestation, climate change, and inequality. Both nations demonstrate resemblances in their respective agricultural sectors. Agriculture plays a vital role in the economies of both The Netherlands and Brazil, as evidenced by their significant exports to foreign countries. Moreover, both countries face somewhat comparable sustainability challenges. Therefore, examining and contrasting the Dutch and Brazilian agricultural sectors is an intriguing prospect, focusing on how companies are differentially supported, the growth of the sector, expert opinions, particularly from financial analysts, and governmental approaches to the agricultural sector. As a result, the following main research question will be investigated during our stay in Brazil: What is the role of Brazilian organizations in promoting sustainable agricultural practices, and how do their economic and CSR strategies align with national and international sustainability goals in the agricultural sector? Exciting activities in Brazil Besides formal activities, the Studytour also includes many exciting informal activities to make sure that we can also see something of the beautiful Brazilian landscape and exciting culture. During the trip, we will for example visit the famous Brazilian Formula 1 circuit Autódromo José Carlos Pace, the Minhocão’s closure, Ibirapuera park and Meseu da Bolsa during our stay in Sao Paulo. After this, we will travel by nightbus to find ourselves in Rio de Janeiro within seven hours. During our stay in Rio, we will of course visit Crist the Redeemer, the Selaron stairs, Copacabana beach, Ipanema beach and watch the beautiful sunset from the sugarloaf mountain. It will thus be a promising trip which will have a lot to offer, and we are very curious about what these 2 weeks are going to bring. However, I just looked up the Brazilian weather and saw that it is going to be 25 degrees with only sun all day long, so I think that we will be just fine!
Interview with Jochem Janssens – Commercial FP&A Manager at Beer Brewery AB InBev
For the Dutch version, click here Jochem Janssens has been Commercial Finance, Planning & Analysis Manager at Brewery AB InBev for the past six months. AB InBev is one of the world’s largest players in the field of beer brewing, mainly known for many famous brands, including Hertog Jan, Jupiler and Corona. In this interview, he tells more about his career and the impact of COVID-19 on AB InBev. Can you tell something about your career? I was born in the Netherlands, but when I was two months old, I moved abroad with my family. Most of my life I have lived abroad, including Singapore, Dubai and England. I lived in Singapore for eight years and spent my high school life there. After that, I moved to Canada for three and a half years to earn a bachelor’s degree from McGill University. During my Bachelor of Commerce I got the opportunity to do three different internships in three summers. First at Unilever, then at IndusInd, a bank in India, and my third internship was at BBDO, at a Canadian branch of the American marketing company. After these internships, I joined AB InBev in 2018 as a Global Management Trainee What kind of impact did growing up in many different countries have on you? Meeting many different people from different cultures has brought me the most value. However, nowhere in the world does it feel like home and your friends are spread all over the world, which makes it socially more difficult. Living abroad has its pros and cons, but I gained a lot from the many life experiences. I know who I am, what I want and which norms and values I want to apply in my life. How did you experience the transition from studying to working? The biggest difference was that as a student you have much more control over what you do with your time. When you start working for a company you have to adapt to the norms and values that prevail in a company. Some organizations are much more flexible than others. I am a social and interactive person, that is why I like team sports. I have the same feeling in my work, working together with a large team on a subject, I like that a lot. The special drinks you produce, which people enjoy very much in a social environment. That’s one of the best things about working for a beer company. What attracted you to do a traineeship at AB InBev? The traineeship I did at AB InBev is an intensive ten-month program, where you learn a lot about the different departments in the company. You do projects in supply, sales, marketing and e-commerce. That was a fantastic learning experience for me, because it gives you the opportunity to see various sides of a company up close and you see how all the departments come together. “The special drinks you produce, which people enjoy very much in a social environment. That’s one of the best things about working for a beer company.” What does your work as a Commercial Finance (FP&A) Manager look like? In my role as Commercial Finance Manager I’m actually the spider in the web. I’m certainly not the central point of the company, but mainly the person who brings everything together. My specific role is financial planning & analysis, which means that I am responsible for reporting the financial figures of the Dutch company. My role consists of two parts. I work in a cycle that starts in the first week of the month with booking all costs and revenues of the previous month. After that, I start analyzing the performance of the previous month. Then I switch to the forecast part, in which I work together with the hospitality industry and retail sales directors to determine their forecast for the rest of the year. Then you bring together the analysis of the past month and the forecast for the upcoming months, with which you will build a forecast together. This forecast shows you what the company can expect for the coming year and this will be adjusted every month. In order to make the forecasts as accurate as possible, data from different departments is needed, in other words, a good collaboration. What effect will the current crisis with COVID-19 have on Beer Brewery AB InBev? We are a company that works with two major channels, namely the hospitality industry and the retail industry. Those two are always the balance for us in the company. The impact of COVID-19 has mainly affected the hospitality industry, where a lot of restaurants and bars had to close down. This means that people have only limited opportunities to consume beer. This is very painful for us, because the hospitality industry is a segment on which we rely very much in terms of performance. One ray of hope, however, is that a lot of consumption from the hotel and catering industry has flowed on to retail. For us, it was important to find ways to support entrepreneurs in the hospitality industry during the crisis. This often concerns an individual, namely an entrepreneur who has set up his own business. Approximately 10% of our hospitality relationships have a rental construction with us. Besides, we are not owners but intermediate tenants, we do not own any premises ourselves. To accommodate our tenants during this crisis, we have offered them a discount on their rent. In addition, we offered them to return the already sold tank and cask beer and to credit them on their next order. Who are AB InBev’s main competitors? Not only in the Netherlands, but also in the rest of the world, that is of course Heineken. Certainly when it comes to beer, but I think it is always nice to work as an AB InBev employee in our competitor’s largest home market. You are the underdog and you have to compete against the bigger brewer. I think, if you
Exchange: an (un)affordable experience?
Studying for a semester in a foreign country is one of the best and most valuable experiences in a student’s life. It gives you the possibility to study at a different university, yet that is not all: getting to know people who become friends for the rest of your life, exploring a new country, and planning spontaneous trips are just a few examples of the advantages an exchange semester offers you. In addition, it allows you to further develop yourself; you become more independent and will better understand the culture and norms and values of international students. However, an exchange semester needs to be financed as well. For some students, this is the deciding factor whether they are going on an exchange or not . Therefore, this column draws attention to the financial side of an exchange period. Four students, who each studied in a different country, will share their experiences and dive deeper into exchange expenses. Jönköping, Sweden Romano Ruijtenburg Sweden, and Scandinavian countries in general, are known for being expensive. In 2017, I studied for one semester in Jönköping. A financial windfall when doing an exchange within Europe is receiving an Erasmus grant; I received 270 euros per month (5 months in total). I lived in a spacious apartment in a small flat which I shared with two other international students. Monthly rent expenses were 3300 Swedish crowns, which equals about 330 euros. In Swedish terms this is a fairly low amount, so I was lucky when it came to accommodation expenses. In Sweden, students often receive discounts on gym memberships and public transport; this cost me about 35 and 40 euros monthly, respectively. As expected, everything in Sweden is a bit more expensive compared to the Netherlands. Groceries cost me around 25% more than in Tilburg. However, especially going out is costly in Sweden; in a bar, a beer costs about 7 euros, and in clubs 10 euros. Luckily, student bars and some clubs give discounts to students, yet still going out was way more expensive than it is in Tilburg. During an exchange, chances are pretty high that you will do some trips to different cities and countries. Not surprisingly, these trips bring expenses with them. However, since student organizations often organize these trips, they are still relatively cheap. Altogether, studying in a Swedish city is more expensive than Tilburg. Nevertheless, it is a great country to spend your semester abroad, and if you handle your money and expenses smartly, the additional financial burden remains reasonable. Monterrey, Mexico Roel Elissen I left for Monterrey, Mexico, in July 2018. I studied there for one semester at Tec de Monterrey. Unfortunately, I did not receive a grant to study in Mexico. So naturally, I continued borrowing money from DUO during this period. In Monterrey, I lived in an independent studio with my own bathroom and kitchen. This furnished studio cost approximately 375 euros, which is relatively expensive for Mexican standards; however, in the Netherlands I would have paid at least 1.5 – 2 times that amount for such a studio. It would have been possible to find a room costing 250 euros, yet that would have been less luxurious than my studio. Life in Mexico is way cheaper than life in the Netherlands, such as lower grocery expenses. However, as an exchange only takes half a year, you want to make it an amazing time by travelling and going out. Obviously, this brings expenses with it; especially going out is different than here in Tilburg. In Mexico, you usually go to bigger clubs where you pay quite some money for a drink (or bottle). Altogether, I have probably spent more than I typically do in Tilburg, yet compared to other destinations, Mexico is definitely a great option if you want to go on exchange and limit your expenses. However, you have to be lucky to find a cheap flight! ”However, the experiences that you receive in return are beautiful, and therefore I do not have any regrets from my choice of going on exchange to Australia.” Sydney, Australia Wouter Janssen During my exchange I studied at Macquarie University in Sydney, Australia, from July 2017 till December 2017. I did not receive any grant for my studies in Australia, since studying in that country does not receive any financial support from Tilburg. Of course, you have fixed monthly costs, which were often higher compared to Tilburg. For my room, which had its own shower and toilet and was 16 square meters, I paid about 850 euros per month. Groceries were 200 euros, costs for a sports membership were 40 euros and public transport near 45 euros. Going out and trips cost me approximately 250 euros per month. As mentioned, costs in Sydney were higher than in Tilburg, yet if you go on exchange, you know in advance that it is going to cost more than studying in the Netherlands. However, the experiences that you receive in return are beautiful, and therefore I do not have any regrets from my choice of going on exchange to Australia. Victoria, Canada Maarten Zandvoort In 2017, I studied for 5 months (from August till December) at the University of Victoria on Vancouver Island, Canada. Unfortunately, I did not receive a grant, since there were no specific grants available for Canada. Some of my fixed expenses were the following: accommodation costs were approximately 600 euros (900 Canadian dollars). I lived in a one-person studio, and the monthly expenses included gas, water, and electricity costs. Groceries cost me about 220 Canadian dollars per month, which is roughly 150 euros. Another cost was my gym membership, which cost 30 Canadian dollars. Additional costs came from travelling (in total, I traveled five times), going out (which I did almost every weekend) and activities such as sports games. This cost me on average 1000 euros per month. Altogether, I estimate that my expenses were approximately 2000 euros per month. Hopefully, the above information provides a useful insight into the expenses that are
Taiwan, “gateway” to Southeast Asia
Last October and November we went with a group of 25 students for our studytour to Taiwan. During this trip we visited several companies and organizations to find answers to our main question why Taiwan is an attractive country to do business. The aim of the study tour is to discover business in another country in combination with enjoying the nature and culture of a country. The main question we would like to answer during our study tour is which factors influence the decision to do business in Taiwan. To answer this question, we looked at economic and political factors. We have been to several companies such as PwC, Grant Thornton and the Shanghai Commerical & Savings Bank. We have also been to the Taiwan Stock Exchange, the Dutch trade office and the university and these visits have helped us to learn more about doing business in Taiwan. “Economic power is shifting from the Atlantic to the Pacific Rim and Taiwan is seen as a gateway to Southeast Asia.” Taiwan is a country that is located next to the east coast of China and in between Japan and the Philippines. That immediately leads us to the first advantage of doing business in Taiwan, the central location in Asia. Economic power is shifting from the Atlantic to the Pacific Rim and Taiwan is seen as a gateway to Southeast Asia. In addition, Taiwan is high on all kinds of lists, such as ‘the ease of doing business’ and purchasing power. Which indicates that Taiwan has a developed and open economy. Taiwan has a high production and export capacity, particularly in the area of high-tech and knowledge-intensive industry. For specific Dutch companies is good help available to start doing business in Taiwan. The NTIO, Netherlands Trade & Investment Office, is a kind of embassy and helps companies with all kinds of Taiwanese rules and helps them with the right connections. During our study trip we had the opportunity to visit the NTIO. An example of what the NTIO does was the visit of a Dutch delegation a week after our visit. This delegation included the CEO of Philips, Frans van Houten, and the mayor of Almere. The goal was to connect the Taiwanese and Dutch business community. Other countries such as Germany and France have also such trading offices in Taiwan. “The Taiwanese government is trying to make the country as attractive as possible for companies.” The Taiwanese government is trying to make the country as attractive as possible for companies. One of the most important buttons that politicians can turn in order to achieve this are taxes. In 2010, the government decided to reduce the corporate tax rate from 25% to 17% in order to attract more foreign companies and become more competitive. The tariff is therefore lower than the average rate in Asia. Taiwan also tries to cluster all kinds of companies that are in the same industry in the country, such as in the Netherlands in Eindhoven with technological companies. Another factor that influences the business climate is political stability. Although the situation with China is still very complex and Taiwan is politically a stable country and comparable to the Netherlands. Taiwan has a parliamentary democracy and politics is not corrupt. The country is on the international list of political stability over other Asian countries such as China and South Korea. Another political factor is how much the government tries to intervene in the business climate with all kinds of rules. Taiwan is 13th on this rankings above China, South Korea, Japan and even the Netherlands. In Taiwan, companies therefore have great economic freedom. Historically, Taiwan is known for its political relationship with the People’s Republic of China. The People’s Republic of China still claims that Taiwan is part of China and it is also called Republic of China. In contrast to China, Taiwan argues that it has all the characteristics of its own state. The China-one rule applies to every country in the world. If a country officially recognizes Taiwan, then China will break all trade relations. Economic cooperation, however, is allowed by China and this means that the tension between China and Taiwan is irrelevant to business as long as all countries respect the China-one rule. At present, Tsai Ing-wen is the Taiwanese president and she is certainly not pro-China. She thinks that Taiwan has all the characteristics of an independent state. She is also not a fan of communistic China, but she recognises the importance of the trade between Taiwan and China. The bond with the US, on the other hand, is good and she called with Donald Trump after his election and that was the first time since 1979. In short, given the economic and political factors, Taiwan is a favourable country to start or expand your business. The location is very centrally located in Asia making it a gateway to the Southeast Asian market. The economy of Asia is ‘booming’ at the moment. The NTIO plays an important role in entering the Taiwan market for Dutch companies. Finally, the Taiwanese government plays an important role in making the business climate for businesses as favourable as possible, for example through low taxes and the clustering of companies.
Studying in Monterrey, Mexico – “The city of the mountains”
When the 2nd year of university started, I started thinking: “Where do I want to go to in one year?” There was one thing for sure: If they offer me the opportunity to go abroad, I will definitely not stay home! Started thinking and looking through possible destinations, I knew that I wanted to experience a complete culture, Europe was not far enough for me. Since I already have been on Asset | Accounting & Finance’s study tour to Singapore and Malaysia, and besides that traveled through some other places in Asia, I decided to go for the other side of the world: North- & South-America. After some time, I finally found the place where I wanted to spend one semester of my student life: Monterrey, Mexico – “The city of the mountains”. Monterrey Monterrey, located in North-East Mexico, is a city where you can clearly see the American influence. Above the highways you can find billboards and for an American fastfood-restaurant you don’t have to go far from home. Next to the American influence, Monterrey has beautiful nature spots and the whole city is surrounded by beautiful mountains, of which some even go through the clouds. It is therefore that Monterrey is also called “The city of the mountains”. In Monterrey live around 1.1 million people. The size of the city is almost 900 km2, which is 10 times the size of Tilburg. For the Northern part of Mexico, Monterrey is the most important economical center. There are some business areas where a lot of global companies are located, for example all the Big4 companies have offices here. The Mexican people are really open. When you are taking an Uber through the city, almost all the time the driver will start a conversation with you about where you are from and what you think of Monterrey so far. The same happens when you meet one of university’s staff members and get in a conversation with them. As I said, Mexican people are really open to foreign students and they really want to know how they think about them and their city. Instituto Tecnológico y de Estudios Superiores de Monterrey As you can see, the name of my university is a long Spanish name. In English it is called: “Monterrey Institute of Technology and Higher Education”. I actually never heard anyone using this name. When you just say the word “Tec”, everybody knows where you are talking about. Tec is a modern and private university with almost 90.000 students. The academic level at Tec is, as far as I can see, lower than the academic level in The Netherlands. The way of teaching here feels like going back to high school. Classes are held in a small classroom with a maximum of 30 people, and in most of the courses they take note of absences. You can only afford a limited number of absences. This sounds really strict, but on the other hand, most of the teachers are not that strict to international students. If you tell them before you will not be in class because of for example a travel, they will just allow you to stay out of class and won’t register your absence. ISE & Integrate Monterrey In Monterrey there are two big associations to help international students. One is called ISE, International Student Embassy, and the other one is Integrate Monterrey. The names will sound like these are formal and official institutions, but this is absolutely not true. These associations are Mexican (and some longer staying international) students, who want to help and party with all the international students, coming to Monterrey. Each week they ask you to join them at the best parties in the city and next to that they organize activities and really cool travels to the most beautiful places of Monterrey, a lot of fun and drink guaranteed. These 2 associations help you making the best of your semester abroad and they are the communication factor between all international students. ”Before my arriving I was a bit nervous and curious about how life would be here, but I don’t regret a single second of my time here in Monterrey.” My experience A lot of people from The Netherlands ask me what I think of Mexico and if I like it here. Until now I have always answered that Mexico is amazing. I love the people, I love the culture, I love the food, I love everything here. Before my arriving I was a bit nervous and curious about how life would be here, but I don’t regret a single second of my time here in Monterrey. At the moment of writing this message from abroad, I am here for exactly 3 months and have exactly 2 more months to go before I have to leave back to The Netherlands. Yes, you read it right, I said “have to leave”. This shows how much I love my time here. For everyone who is in doubt of staying one semester in another country, I can only say what every student who has been on exchange says: “Just do it!” You will have the best semester of your life!
