Who are you and what is your background? “I’m Aniek de Bekker (22 years old) and – if you’re looking for me – I can be found on the hockey field or the padel court. At the latter you can also find me with my colleagues by the way,” she says with a laugh. “When I’m not playing sports, I focus on my Business Economics studies at Tilburg University or my work as an Assistant Accountant at Wesselman.” You’ve been working here for several years; how did you end up here? “In year three of the Bachelor of Business Economics, I was presented with a choice: go abroad for six months, take a minor or do an internship within the field. I wanted to apply the theory I learned at school in practice and decided to opt for the internship. Tilburg University organized an internship market. There were mainly employees of accounting firms; from small to (medium) large. I was curious about the industry and talked to people from different organizations, including Maartje (HR advisor) from Wesselman. She showed a lot of interest,” says Aniek. “That felt really good. A while later she called to inquire if I was interested in an internship. That’s how we finally got into a conversation.” Nice! What was it like getting acquainted with the organization this way? “Very nice. All interns are assigned a coach. The first period was sometimes exciting because Accountancy was new to me. BUT the guidance was very good and I could go to anyone with questions. In the end, they offered me a job as a working student or Assistant Accountant. A very good opportunity! The work-study position was more compatible with my schedule at the time. When I later decided to complete my studies part-time, I was still able to move up to Assistant Accountant. Basically, I assist the team, but of course I also take on tasks myself. If I need help, I can contact supervisors or other colleagues. I perform audits, but I also get to attend client meetings. It’s very interesting to get to know so many different companies.” Does it combine well with your studies? “In the first semester for sure! The contact hours for my studies were minimal. I had a subject in which I only had to go to school for once a week and wrote my thesis mainly in my own time. That was quite compatible! Currently, I have three more courses to complete. How the workload is going to be remains to be seen. Sometimes I have to finish some things in the evening for my studies, but that’s part of it. Despite that, I really enjoy being able to gain practical experience. It is very valuable that I get to make so many steps and learn new things,” Aniek says proudly. “I would recommend it to everyone to gain experience within the work field in this way! Next year I want to take a gap year. Time to think about the future.” What’s so great about working at Wesselman? “The click with Wesselman was there right away! It’s very cozy with colleagues; we regularly go out for drinks after work or play a game of padel together! Everyone is interested in each other and helps where necessary. That makes the atmosphere very pleasant.” Would you – like Aniek – like to work at Wesselman? Curious if you too have a click with Wesselman? We would like to discover it over a cup of coffee – or tea 😉 Interested? Then contact milou.kutscha@wesselman-info.nl.
Jasper Vreman – Just Graduated
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!