My name is Tom Janssen, 25 years old and born and raised in Breda. After completing my high school education here, I started at Tilburg University with the bachelor International Business Administration. After this bachelor, which gave me a broad perspective on the business of corporations, I decided to enroll for the Strategic Management master. The content of this master definitely matched my interests, however I believed the program did not fulfil my needs in preparation for a role in this field. Nevertheless my internship at HLB Van Daal & Partners, were I wrote my master thesis, provided me an opportunity to apply my theoretical skills in practice. Here, I realized that I enjoyed working together with clients and discuss potential solutions of their problems. Finally I defended my master thesis, which was titled ‘Social media as a strategic value driver: A case study in the Dutch accounting industry’, successfully in June 2012 with a 7.0 and graduated for my master. As explained my needs had not been fully met by this program and during the completion of my thesis I decided to pursue another area of my interest by beginning my second master, in finance. At the same time I figured out that I wanted more out of my student life and became an active member at Asset | Accounting & Finance as Vice-Chairman in the iFinance committee of 2012. I fully enjoyed the life at the student association and was asked to join the board of 2012, a position which I proudly accepted. As board member External Affairs I learned and improved a large number of organizational, process and social skills. But most importantly, I have met a great variety of very nice and interesting people, of whom I still have regular contact with and consider my friends. One of the highlights of this year was the studytour with destination India, which I will never forget. Therefore I would recommend any student a very active student life, and not comply to the increased focus on finishing your studies as fast as possible under pressure from more governmental pressure. This is the period were you can meet loads of new people, and find out your personal talents and interests. Finally, I ended this fantastic period by graduating from the Finance master with an 8.0 on CEO compensation, firm risk and the effect of CEO characteristics: Evidence from the U.S. financial industry in December 2013. As External Affairs I already had a great opportunity to get to know a lot of potential employers. During my studies I found out that I wanted to work in consulting, since I enjoyed looking for solutions to complex problems for a wide variety of clients. After my graduation I talked with a number of companies and decided to join the consulting firm of PwC as of May 1, 2014. The company fits my personal preference for an informal organization, with an international network and a great potential to learn perfectly. Reviewing and getting in touch with a lot of potential employers has certainly benefited me in selecting the right match and is something I would recommend any student. As a member of the finance competence of PwC consulting I am currently staffed at a big regulatory reporting project at a large international bank as part of Basel III requirements. The first couple of weeks of the working life were pretty exhausting, with a lot of new impressions combined with the time I had to travel between Tilburg and Amsterdam, before I moved there. Looking back at my first six months at PwC, I am still convinced I have made the right choice and enjoy my work very much!
‘Just graduated’ Rik van Maanen
Hi everyone! My name is Rik van Maanen and I am 25 years old. Although it feels like yesterday, I graduated approximately one and a half year ago. By doing that, I finished my Master in Accounting at Tilburg University. Bachelor Before I signed my diploma in the early summer of 2013, I tried to get most out of my time as a student. It all started in 2007 when I moved from the picturesque Renkum to the ‘big’ city of Tilburg. During my first years of the bachelor of Business Economics (Bedrijfseconomie) I really enjoyed the possibility of going out on any day of the week and decide the next morning whether or not you go to class. The absence of (real) obligations made student life really extraordinary for me. During this wonderful period I also became an active member of Asset | Accounting & Finance. One of my housemates convinced me that it was time to gain some extracurricular experience. After that is all went really fast. I started organizing Benefit Event Student Tilburg (B.E.S.T.) where we managed to arrange Hardwell to play for charity. Shortly after that I organized the Studytour to Brazil and became chairman of the association’s board in 2011. Of course, Asset | Accounting & Finance gave me a lot more than some extracurricular experience. It enriched my life with experience that I never could attain during classes. Next to that, it gave me friends for life. Master Unavoidably, life got more serious during my time on campus. After intensely enjoying my year as board member I immediately started a Master in Accounting. As a completion of my Master Accounting I wrote my thesis on the subjects of bargaining power and abnormal audit fees. I expected companies which are perceived to have more bargaining power where able to decrease the amount of audit fee they were paying. However, somewhat disappointing, the evidence did not support my hypothesis. Work life During my active membership of Asset | Accounting & Finance I also met my current employer: PwC. As you might know PwC (former: PricewaterhouseCoopers) is one of world’s largest professional services networks. PwC’s services can be divided in three practices: Assurance, Advisory and Tax. It will be no surprise I started working in the Assurance practice. In September 2013 I started with the Associate Academy program. The Associate Academy fully focuses on development of soft skills and improving technical skills. It supports me as an Associate with multiple development days during the year. In addition, I immediately got a personal coach who gives me guidance and is a sounding board when necessary. Before I started working I did not know what to expect, and asked myself multiple times if I had enough knowledge to function properly in an organization as PwC. However, partly supported by the Associate Academy program as well as my personal coach, integration with my fellow colleagues went smoothly. During my normal work days I spent almost all my time visiting my clients. In multiple different engagement teams I focus on auditing accounts and assessing internal control processes and systems of different customers. My client portfolio is divided between various types of organization (big vs. small, national vs. international, etc.) so I have to possibilities to maximize my learning curve. Last but not least, I really enjoy working at PwC, but you should enjoy student life as long as you can!
Interview Jules Muis
Can you tell something about your career? I had the good fun over my fifty years of active professional life in experiencing the exciting intricacies of the accountancy profession in its broadest sense, at the coalface first: as a public accountant, controller, internal auditor, in both client management and practice & people management positions; from a junior, transaction testing box ticking role till oversight roles, both in the private sector as well as the public sector. I had the good luck about every five years to be able to change focus, to do something new, challenging. All this happened for most part with the enabling-winds in the sails of a post-war fifty years roller coaster boom in demand for accountancy services. The last twenty years of my career also gave me the opportunity to add a new dimension to my predominantly micro optic of accountancy, and merge it with macro-prudential issues, systemic risk and governance issues, internal and external, facing the World Bank and when working for the European Commission. Luck has been a major and indispensable ingredient in my career path. What about your education? My formal education has been totally unremarkable. I almost failed high school if it had not been for the few truly sterling teachers everyone runs into during his or her early life. I am mainly referring to those who go beyond the curriculum, instill curiosity and give you perspective. My professional training was equally unremarkable but solid: vocational training via the evening study for ‘registered accountant’ (NIVRA). The NIVRA study’s academic grounding was paper-thin. But I did my studies by taking off three months a year, for 8 years in a row, worked from the University of Amsterdam library and took my NIVRA exams religiously. This arrangement allowed me to go beyond formal NIVRA package training, search on my own steam for the academic side of the profession, which, in the Netherlands, had a very instructive but one-sided hypothetico-deductive slant, borrowing from the German and Austrian school economic tradition. This I complemented in 1971, just after qualifying as a ‘registered accountant’, with a year exposure to the American academic tradition at the University of Chicago. When doing my internship at Ernst & Young in Chicago, the university invited me to sit in on its bi-weekly workshops of Accounting Research. This gave me crucial new angles on the very empirical tradition of American academia; all accountancy adjacent pastures that have helped me tremendously in problem analyses and problem solving during my professional life. This happy mix of practical experience and informal academic training and interest has been invaluable in building and communicating my deep concerns about the sustainability of the financial system in 2004 and the following years. You worked for a long period at EY. Thereafter you became vice-president and controller at the World Bank and in 2001 you were appointed by the European Commission as its first Director-General and Chief Internal Auditor. How did you experience these changes? A fascinating experience, with many aspects they do not teach you at school. But I had the wind in the sails in that both 50+ jobs (the World Bank and the EU) were born out of serious financial scandals at both institutions. That helped my empowerment in pushing through much needed change, my prime mandate at both institutions. There were very ugly moments, but also times for cheer. In the end, I feel I made a solid net difference for the better, for the institutions and myself. One of the first things I discovered was the crucial difference between ‘auditing’ and ‘controlling’ in applying your brains. As an auditor you use your brain ‘extraction’ muscles. You pull information; but whatever good you are at it, you can never be sure you are pulling the right ropes. It still depends whether they accept your advice or not. As a controller you use your brain push muscles. You are a change agent par excellence, the first line of defense, much better empowered to achieve real change, and certainly less budget vulnerable if you show results. Secondly, these were moves from the private to the public sector. Both sectors have their unique internal politics, their own code of do’s and don’ts; and you have to learn how to negotiate that. The public sector also has a more ethereal bottom line, which means it is easy to surf the waves and avoid causing waves. I was blessed in my last two big multilateral jobs with a superb staff, very professional, who gave me excellent cover in terms of expertise and institutional-cultural understanding. I returned the favor, to take the political heat myself, hence give them political protection in return. Looking back, I see my Controllers job at the World Bank as having been the most interesting. Moreover, it had the added dimension of a few financial crises, crisis management, systemic and macro-prudential issues. During the 1997 East Asian crisis I saw legions of economists rediscovering proper accounting, auditing and governance as an economic fundamental. You are at present one of the five members of the ESM Board of Auditors (BoA). What does that function entail? The Eurozone not really having its own institutions such as a Court of Auditors, the BoA is basically designed as a hybrid of a mature Audit Committee in the traditional corporate sense. It has an oversight responsibility for the financial statements, audit and controls, but with an added responsibility for efficiency and effectiveness audits. The Board has five members, appointed for three years on a rotating bases by the Board of Governors. Two are nominated by national supreme audit institutions, one by the European Court of Auditors and you have two ‘at-large’ members nominated by the Chairman of the Eurogroup- presently our Minister of Finance, Mr. Dijsselbloem. The ESM manages €700 billion funded by Eurozone member states. Yet it is the Trojka (European Commission, ECB, IMF) that decides whether money will flow to a member state. Hence the other member states have lost