Who are you? I am Jasper Vreman, 23 years old and raised in Oud Gastel. In 2018 I started my bachelor’s degree in Business Economics in Tilburg, which I completed in 2021. Then I did both the master’s in Accountancy and Finance, also at Tilburg University. After completing both masters, I joined QVO Values, a start-up in corporate valuation, on September 1, 2023. What was graduation like? In 2021, I first started my master’s degree in Accountancy. I pretty much completed this master’s in the first year, except for one subject. In order to avoid paying a huge fee for the second master, you should not yet complete your first master. Therefore, I chose to leave one subject open. The master’s in Accountancy is special because you do not write a thesis, but an MSc File. Here, the thesis is divided into three parts, so to speak: the Business Application, the Replication Study and the Research Note. This divides the workload of one large thesis over an entire year. The Research Note is the largest “project,” and I wrote it under the supervision of KPMG in Rotterdam. I would recommend writing the Research Note with an employer to anyone to get a sense of your possible future work environment and what work is involved in the accountancy profession. All in all, I liked the setup of the MSc File, however, you now have a whole year of guilt if you prioritize social activities over an afternoon in the UB. The Finance master’s did require writing a full thesis. In January, I decided to apply for a research project within the thesis: here a group of thesis writers share the same direction, in my case inflation hedging, and that way you can help each other by sharing knowledge and tips. Also, you get a supervisor who is at home in this topic, which can help tremendously in thesis writing. With the help of my supervisor Rik Frehen, I experienced the whole thesis process as pleasant, with an 8 as the icing on the cake! What was the job search like? The serious job search started with a LinkedIn message, in which I mentioned that I had completed both masters and was looking for a job in Finance. I then sincerely received more than 100 responses from recruiters. Many messages were from secondment and interim finance firms, but of course many accounting firms sent messages as well. However, there was one message that stood out, from Henk Oosterhout. He stated that he was embarking on a new adventure: a start-up in corporate valuation. Now valuation was exactly what I was looking for: a lot of analytical thinking, but also a social touch through contact with clients. I then called Henk while I was still on vacation in South Africa. The first click was very good, and we decided to have a ‘formal’ job interview in Leiden, on the terrace. Here the initial suspicion was confirmed, and I subsequently started on September 1. What is it like working at QVO Values? Currently I have been working at QVO Values for more than four months and I am still enjoying it immensely. The great thing about a start-up is that you get to experience all aspects of the ins and outs of founding the company. For example, in the first month I got to give a valuation workshop for the tax and accounting reporting division of an AEX fund. Furthermore, giving guest lectures at the VU and RSM is of course unique. Because we would like to grow, we obviously need to hire more analysts. The nice thing about this is that Henk and I do the job interviews together. That way we can complement each other with questions for the applicant or information about QVO Values. What else do you do? Actually, apart from the start-up work, the work can be divided into three parts: modeling, deepening and appointments. Modeling very simply means developing models for valuation work. Because we are just starting out, we have to start completely from scratch. Although developing models may not sound very sexy, it does ensure that you get a better understanding of the models that you will then use in the future. In that way, I can say that I have learned an enormous amount in the past four months. Furthermore, delving deeper is mainly researching our customers and their competitors to get a better understanding of the customer, or an entire industry. Figures, of course, only tell part of the story: a low gross margin for a supermarket is not so crazy, but for a pharmaceutical company it is. Therefore, it is important to understand the company and its industry well. The last facet is agreements: the data supplied by our clients is sometimes incomplete or raises questions. To resolve the noise then, we have appointments to ask our questions. Furthermore, our results are checked by, for example, an audit firm or the tax authorities. If they then have questions, we also provide explanations in an appointment.
Working at Van Oers
For the Dutch version, click here. Veerle Vanlaerhoven started working at Van Oers Accountancy & Advies in 2020 as a work student tax. After she completed her Master Fiscal Economics in 2022, she decided to continue working full-time at Van Oers as a Junior Tax Advisor. What made her choose Van Oers and how does she experience working at Van Oers? We talked to her. Difficult choices Choosing the right education doesn’t happen overnight, as Veerle found out. In high school she already had a strong preference for subjects such as Economics and Management & Organization. On the other hand, she was also interested in Law. In her fifth year of high school, she went to the open day at Tilburg University to look for an education in which she could combine these interests. Veerle: “I found the Business Economics program a bit too economic and the Law program a bit too static. Fiscal Economics was a nice balance of both and that’s actually how I ended up with the Fiscal Economics program.’ Fortunately, she found the choice for a work-study at Van Oers somewhat easier. On this she says, ‘I myself was born and raised in the region where Van Oers is located. Therefore, I was familiar with the company from childhood. During my studies, I also participated several times in the formal and informal activities of study association De Smeetskring, where Van Oers was also often present. When Van Oers employees then talked about the atmosphere within Van Oers, this immediately appealed to me. In addition, Van Oers has a nice and diverse client portfolio where the work is diverse and there is a lot to learn. That made me apply.’ A good balance ‘Brabant sociability is a term we often use at the office to describe the atmosphere. We work hard, but at the same time there is also plenty of room for a nice chat, a Friday afternoon drink, a good party or a sporting activity.’ She also names the close involvement with the customer and among each other as a big plus: ‘Even as a Junior, you are quickly given responsibility and are immediately a full member of the team. You get many opportunities and there is always someone ready to help. At Van Oers you are not a number and that makes Van Oers as an employer special to me.’ Sticking around After her Master’s, Veerle didn’t feel the need to look elsewhere. She feels right at home at Van Oers and gets plenty of opportunities. She is currently taking her NOB training and will soon start the Personal Development program. This allows her to continue to grow both professionally and personally. Is she planning to look elsewhere any time soon? Absolutely not. Veerle sees herself working at Van Oers for some time to come and hopes to make great strides: ‘I hope to be able to trade in the Junior position for the next step. I also hope to be able to develop myself even more in the tax world in order to help clients even better.’ Peaks and troughs Growth and development naturally comes with peaks and valleys. On this she says: ‘Fortunately, at Van Oers there is also room to make mistakes, as long as you are alert to them and come up with solutions. Besides, the highs win out over the low days.’ She finds it difficult to choose her favourite moment at Van Oers, but she does list a few: ‘the tax outings, the big Van Oers party, my first day as a tax graduate and receiving my first salary. Advice for students As her final advice to students, Veerle has, ‘Especially the atmosphere and the click you feel with a company is very important. The work or the customers at different companies are not going to make the difference. If the atmosphere is not good, you will also go to work with less pleasure. I also recommend that students do a work-study or internship in addition to studying to get a feel for the business world. But above all … still enjoy your student time!
StudyTour 2023, Brazil: Looking back
For the Dutch version, click here. On May 5, we gathered with our group of 25 people at Tilburg University. From here we would take the bus to Schiphol Airport where a plane would take us halfway around the world, because after all those years of Covid-19 and lockdowns we could finally go on our annual StudyTour again! In addition to the company visits, we thoroughly enjoyed the cultural and natural highlights that Rio de Janeiro and São Paulo had to offer. After arriving at the São Paulo Guarulhos airport, we were immediately confronted with the immensity of Sao Paulo. As we drove to our hostel we saw skyscraper after skyscraper, in addition we also saw the less beautiful parts of Brazil, as we also drove past some favelas while some cab drivers told us what to look out for during our stay in Brazil. After this, we arrived at our hostel in the northern part of São Paulo. During our first full day in Brazil, we immediately did some fun things, as we went all the way to one of São Paulo’s southernmost attractions. We did this via a 1.5-hour subway trip that cost us only 80 cents per person and took us to the famous F1 circuit: Autódromo José Carlos Pace. There we watched both the free practice of a GP and the Sao Paulo cup karting race. We also had lunch there, where we walked over a buffet and paid a certain amount based on the weight of your plate (something quite normal in Brazil). After this, we walked through one of the wealthier areas in Brazil that led us to a large lake where we sat on the waterfront with some caipirinhas, local beers and live music. The next day we would see a completely different side of São Paulo and understood why the cab driver had warned us. After arriving in the old city center, we immediately caught sight of all the homeless people there to collect their free meal for the day. Since there was a somewhat less pleasant atmosphere here, we quickly walked on through the neighborhood. While walking, we came across a large skyscraper with a viewpoint over the city, and upon arrival on the 26th, we were again confronted with the immensity of the city. Skyscrapers were visible as far as the eye could reach! After satisfying ourselves with lunch while enjoying this view, we visited the Minhocas closure, a highway that is closed to motor traffic every Sunday, so that the population (and mostly tourists) could travel on it and admire the city from a different perspective. We ended the evening at a restaurant called Bar Brahma where we had a delicious meal. The following days had more free time planned for the participants, where they went in different smaller groups to different places, such as local shopping malls, neighborhoods with lots of street art, beautiful parks, and other fun sights. We also had some simple formal activities, and organized a fun evening with a games tournament that we christened the “buddy games” and finally left for Rio de Janeiro by night bus when it finally showed up after a 3-hour delay. When we arrived in Rio de Janeiro, we immediately recognized a city that was very different from Sao Paulo in terms of culture and nature. The city was much prettier and greener, and much more centered around the waters there, so it naturally attracted many more tourists. After checking into the apartments, we immediately began our planning as we headed to FGV Ebape, a smaller university in Rio. After a brief presentation about the university, a quick tour of the buildings, and a discussion about ESG in Brazil, we headed back to Copacabana for dinner and finally to bed early as the ride on the night bus had taken its toll on the sleep of the participants. The next day would begin with another formal activity as we had an additional university visit at the Pontifical Catholic University of Rio de Janeiro. After most spent the afternoon at the beach as the weather was lovely, we made our way to Sugarloaf Mountain with the whole group towards the end of the afternoon, to enjoy the beautiful view this gave over the city and the bay with the sunset. We started Saturday with a great tour of downtown Rio de Janeiro. During this tour we visited all kinds of beautiful places like the famous Selaron steps, the city’s cathedral, the city’s oldest park and several other highlights and historical sites. Also, at each point our tour guide managed to tell us interesting stories about the city that belonged to the locations where we were at that time. On the same day, we also visited a soccer match between Rio’s Fluminense and Cuiaba and enjoyed the atmosphere of the bustling Maracanã stadium (the same stadium where the 2014 World Cup final was played). The evening ended fairly split, where some decided to go to sleep in time, and some decided to explore Rio’s nightlife at one of the larger local clubs. Sunday started the day again nice and early with a nice boat ride across the Guanabara Bay where Rio de Janeiro is located, where we could enjoy some drinks and the beautiful view of the city from the perspective of the sea. After we were able to rejoice some of the participants with some solid ground under their feet again, we made our way with the group to a nice beach bar that we had picked out in advance. Here we all had a delicious meal and made our way bit by bit to the beach we were right next to to try the water. After spending some time here and enjoying the wonderfully warm water, we decided to make our way to a nearby beach where apparently the most beautiful sunset in the world would be visible. Unfortunately, we found out too late that we had gone
State of Dutch Startup Ecosystem
For the Dutch version, click here. Success of the dutch ecosystem The dutch startup ecosystem has been steadily growing over the previous 5 years. Currently the Netherlands has 1.4 unicorns – private companies exceeding a €1 Billion valuation – per million citizens, placing itself fourth in the world after the UK (1.7) and in front of Germany (0.7). This success has been mainly driven by both the fintech and healthtech sectors within the Netherlands, boasting a scaleup ratio of 38% and 31% respectively. This reflects a greater success rate within these sectors compared to others. In the future, the greatest potential of Dutch startups lies within the deeptech sector. Commonly, technologies such as photonica, robotics, and quantum computing are included under the definition of deeptech, characterized by both taking a long time until commercialization and being capital intensive ventures. These startups are driven by the researchers at Dutch universities and are an example of the great societal value of these institutions. While the Dutch startup ecosystem has a lot to boast about, a great amount of potential is left on the table due to challenges with regards to access to capital and talent, but also a nationally interconnected community. Lacking Capital The main challenge for Dutch startups is a lack of capital. Compared to its peers, the Netherlands has less funding available per startups. E.g. both the UK and France have almost triple the funding available per startup. While capital alone does not make a startup successful, capital allows talent to become successful and scale their startups. This is especially true for startups within the deeptech sector, often needing funding in the hundreds of millions and years until turning break-even. They therefore need investors with patience and deep pockets, which currently are lacking within the Dutch ecosystem. Currently these types of investors can be counted on one hand, e.g. BOM, Invest-NL and Innovation Industries. While these set a great example, others are yet to follow. One cause for this is the limited allocation of funds to VC by Dutch pension funds. Dutch pension funds are the largest in the world yet invest a negligible amount into Dutch VC, while in contrast, the Nordic pension funds are smaller yet are consistently investing more into VC. If the Dutch startup ecosystem wants to reach it’s potential, the Dutch pension funds will have to step up their game. Talent At the moment, the Dutch startup ecosystem features multiple challenges regarding talent. First, attracting talent remains the main bottleneck for startups. Often job openings stay open for more than 60 days, and the percentage of hard to fill jobs keeps rising. Secondly, female founders remain rare within the startup ecosystem in general, but the Dutch ecosystem sees even less female founders compared to other EU countries. Lastly, too few employees of successful tech companies are founding their own startups or funding the next generation of startups. The challenges may be the result of a risk-adverse mindset of Dutch citizens, often choosing the safer options compared to other cultures. However, there is more at play. When looking at capitalization tables of Dutch startups, we see that foreign investors own more equity within Dutch startups resulting in a lower share for both the founders and employees of the startup compared to American startups. As a result, more capital flows out of the ecosystem leaving little for reinvestment, but more importantly Dutch startup employees enjoy very little of the profits of startups, removing any incentives for risk taking within the ecosystem. Community In the Netherlands, there is already a large amount of institutions ready to support the startup ecosystem. On a national level, Techleap supports the ecosystem as a whole, including collaborating with the government to make changes to it’s startup policy. Regionally, development agencies such as the Brabantste Ontwikkelings Maatschappij can be found, who provide government funds to both startups and VC funds, acting as a pillar within the region. Futhermore, there are collaborations such as Braventure, who try to connect the community within the region. However, the Dutch startup ecosystem is still too fractured. Each startup community is centered around the local universities, allowing access to the talent pools of these universities, but each communities remains too focused on their own region. There is too little collaboration between each region, and despite the small size of the Netherlands, other startup hubs seem too far away to work with. Once again this may be due to the Dutch culture, but for the Dutch startup ecosystem to thrive, we need strong connections between each region. This will have to start with collaborations between universities which allow students to make connections outside of their own university, which would disrupt the fractured nature of the Dutch startup ecosystem. Looking Forward All in all, the Dutch startup ecosystem faces major challenges in both available funding and talent, however it shows a great potential for growth and success. In the near future, policy changes learning from our peers in Sweden, the UK and Isreal will allow us to bridge the gap towards them. However, we will need a change in mindset, including risk taking, sharing profits with employees, and giving back to the next generation of startups in capital, knowledge, and experience to truly enable the potential of the Dutch startup ecosystem.
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!
Working at PwC
Trang Tran Assurance Financial Services – Digital Accelerator For the Dutch version, click here. What exactly do you do at PwC? Besides being an accountant in the Financial Services Business Unit, I am also a Digital Accelerator where I help innovate and digitize the Assurance practice. What does your working day look like? In the morning I start up with the Digital Associates where we discuss the status of the projects and brainstorm where necessary on how we are going to build the digital solutions. We do this by drawing everything out on a jam board and constantly adjusting where necessary. Then the Associates get to work and I have meetings with audit teams to see where I can support them in terms of automating work. I then write out a digital approach per digital solution and guide the Digital Associates with building the digital solutions. When the Digital Associates are done building, I review the digital solutions to ensure we are meeting quality standards and audit guidelines where necessary. Then I schedule meetings with the audit team to hand over the digital solution. There are also major projects in between that I am also involved in. In addition to coming up with new tools that can help the practice, I also help roll out existing tools throughout the practice. And, of course, I also do regular audit work. Depending on the period we are in, I also spend several hours a day on audit work. During busy season then I do work on audits the whole period. Trang Tran | Senior Associate | Digital Accelerator What do you like about your work? That I can let my creative juices flow and that the possibilities are endless. And all within a field where everything seems so rigid. As a Digital Accelerator you are completely let loose within your own audit practice to rethink everything and see how we as accountants can do things differently and thus save time and at the same time increase quality and deliver more added value to the client and society. Tell us something about the Digital Accelerator program. What opportunities do you get here? And how do you apply these in your daily work? After an intensive but fun training where you learn technical skills such as basic coding and data analysis and visualization, you will help the audit teams to digitize. During your training you will also receive soft skills training where you will learn how to ”sell” change and the importance of being agile. These soft skills are very important if you want to bring about change within an audit firm. At my own clients, I try to automate all manual and repetitive work by deploying software that enables automation or by building robots, for example. This leaves more time for the really interesting topics such as fraud, continuity, estimating items and other topics that you as an accountant also want to spend your time on. What role do you think innovation/new technology plays within accountancy? Accountancy is changing and it is only a matter of time before much of our work is fully automated. This does not mean that we as accountants are no longer needed but this means that we as accountants are going to need a different skill-set and add value in a different way. Because of the amount of data that our clients have available today, we as accountants will have to learn how to analyze the data and how we can thereby replace our traditional auditing work by, for example, performing integral data analysis and zooming in on the outliers. This also means that we as accountants will only add more value in the future because by building smart algorithms into our data analyses, for example, we can detect fraud faster and through predictive analytics we can serve clients better. In addition, I also believe that we will move more towards continuous auditing which will allow accountants to actually add value at any time of the day and not just after the financial year. And perhaps soon we will all work on the blockchain and we as accountants will no longer validate the transactions but the blockchain itself. What role do you think innovation/new technology plays within PwC? Innovation is very high on the agenda at PwC and PwC invests a lot in upskilling its people. PwC also invests an awful lot in developing new tooling and making existing tools available. Often people think that innovation is not possible at a Big 4, but precisely because PwC is not a startup and there are sufficient resources available, we can innovate and make the impossible, possible.- Tell us something about your development/coaching/mentoring The way I develop myself is by making mistakes. The skills I need to build digital solutions, I teach myself by just doing it and gradually learning from my mistakes. And the moment I don’t know where to start or if I get stuck then google is my best friend. Google, Youtube tutorials, forums and asking others to think with me. These are the ways to learn the fastest. However, PwC does have enough training courses so that you have at least the basic skills. These are online courses through Udacity and internal courses where you are adequately guided in developing these new skills. “I can let my creative juices flow and the possibilities are endless.” What would you like to say to your future colleagues? We are the future and we are ultimately going to make a difference for generations to come. The world is changing, our clients are changing, and therefore we as a profession need to change as well. The technological revolution is happening right now at this very moment and that’s why it’s just incredibly cool to become part of this change right now.
