MQ Chatter Thread (8 Viewers)

[BLIT2014]

Trying to cut words for an essay.

Check word count, has gone up by 10.
Hmn.

It has been submitted and somehow I finally manage to kill enough

 

[BLIT2014]

Exams commence tomorrow.

Good luck everyone, try not to stress and focus on doing your best.

 

[BLIT2014]

I hope everyone's study (or exam/s) went well today. *

 

[ProdigyInspired]

Agree on ECON241. There's so much assumed knowledge that the lecturer implies for such simple pre requisites of STAT150 and first year ECON subjects. Then you look at the tutorial questions and assignment everything was just plug values in with some ambiguous marking that has broad specifics even though I copied the format from the answers they provided.

ACCG224 has some methods that are tough to memorise, feels relatively complex with all the specific conditions needed for different entries. AFIN250 I'm not even up to date lol

In other words, I've gotten so lazy for this semester it's pretty bad :\

 

[BLIT2014]

Agree on ECON241. There's so much assumed knowledge that the lecturer implies for such simple pre requisites of STAT150 and first year ECON subjects. Then you look at the tutorial questions and assignment everything was just plug values in with some ambiguous marking that has broad specifics even though I copied the format from the answers they provided.

ACCG224 has some methods that are tough to memorise, feels relatively complex with all the specific conditions needed for different entries. AFIN250 I'm not even up to date lol

In other words, I've gotten so lazy for this semester it's pretty bad :\

ACCG224 is a strange beast that is for sure. Are DTAs and DTLs assessable this semester?

 

[mrstripedshades]

Agree on ECON241. There's so much assumed knowledge that the lecturer implies for such simple pre requisites of STAT150 and first year ECON subjects. Then you look at the tutorial questions and assignment everything was just plug values in with some ambiguous marking that has broad specifics even though I copied the format from the answers they provided.

ACCG224 has some methods that are tough to memorise, feels relatively complex with all the specific conditions needed for different entries. AFIN250 I'm not even up to date lol

In other words, I've gotten so lazy for this semester it's pretty bad :\

lmao i legit pretty much do the same subjects as you

honestly happy if i credit econ241, and aiming for distinction for accg224. Ive heard accg224 is one of the hardest accounting units, i personally found it alright with the exception of theory which is tedious to memorise.

 

[ProdigyInspired]

ACCG224 is a strange beast that is for sure. Are DTAs and DTLs assessable this semester?

Yeah, as part of Statement for Cash Flows. I'm pretty sure the focus lectures assessed are the first lecture and all the lectures that weren't covered in the first test.

lmao i legit pretty much do the same subjects as you

honestly happy if i credit econ241, and aiming for distinction for accg224. Ive heard accg224 is one of the hardest accounting units, i personally found it alright with the exception of theory which is tedious to memorise.

I think we're overestimating ECON241 but there will be a lack of total understanding for me.

I didn't do too hot on the ACCG224 mid-sem. I would agree that this is the hardest accounting unit so far for me with the only 200 accg unit I've done being ACCG200. 80% of the unit is pretty ok and branches from previous accounting units with a few extra conditions here and there. But something makes the methods of ACCG224 a lot harder to remember and pay attention to. In the later lectures I think Lecture 10, my tutor spent 2 hours explaining one question, the methods were relatively confusing and it'll be a question that probably won't be marked well amongst most of the cohort.

 

[BLIT2014]

What are people’s plans after the exams end?

I might be getting a tad a head of myself given it is only the second day of exams.

 

[Zoinked]

What are people’s plans after the exams end?

I might be getting a tad a head of myself given it is only the second day of exams.

Misread that as you getting a tad of head.

Lol who else has the dreaded ACCG224/ECON241 exams in the one day ?

 

[ProdigyInspired]

Misread that as you getting a tad of head.

Lol who else has the dreaded ACCG224/ECON241 exams in the one day ?

On the same day and so early in the exam period as well..

 

[mrstripedshades]

Misread that as you getting a tad of head.

Lol who else has the dreaded ACCG224/ECON241 exams in the one day ?

yep and legit trouble sleeping for no reason, already awake lmao.

luckily my next exam has a week break and it will be my last one this sem. I dont think I'll do that good this sem haha. Definitely havent been that motivated.

 

[BLIT2014]

Misread that as you getting a tad of head.

Lol who else has the dreaded ACCG224/ECON241 exams in the one day ?

What a combo! Who angered the Exam gods/goddesses?

 

[InsoulvencyReaper]

What can you tell me about going into insolvency without a law degree with my accounting degree? Also, in general what is insolvency like in terms of career path?

You do not need a law degree to get into insolvency or to excel in it. I only know of one firm that actively seeks law grads. However, it is useful given that a lot of the time you are pursuing recovery actions (such as an insolvent trading action or voidable transactions).

If you are purely doing formal appointments (bankruptcies, liquidations, administrations etc.) the normal hierarchical structure for most firms is something along the lines of:

- Junior/Graduate
- Intermediate 2
- Intermediate 1
- Senior 2
- Senior 1
- Supervisor
- Manager
- Senior Manager
- Director / Consultant
- Principal / Appointee

Some other firms call their "Accountants" - "Analysts" but roughly follows the same structure as above but with different title names. You usually move through each grade within 6 to 12 months up until Supevisor/Manager which may take longer to move on up. Supervisor/Manager/Senior Manager/Director you would be expected to be "marketing" i.e. trying to bring in new work and how quickly you move through these ranks will depend on a range of factors not limited to the work you are bringing in, your contacts, your management/people skill and technical ability etc.

Money is not bad either but obviously not as good as someone working in banking/finance. This is taken from Hudsons Pay Guide (2015):

Insolvency Graduate/Intermediate 40,000-60,000
Senior (Part Qualified) 55,000-65,000
Senior (Qualified) 60,000-70,000
Insolvency Supervisor 70,000-90,000
Insolvency Manager 90,000-110,000
Senior Insolvency Manager 110,000-150,000
Principal/Partner 180,000-180,000+

I'm a Senior 2 (only just graduated and started CA), and I can confirm that I earn more than a "Senior (Qualified)" so this is only indicator of earning potential.

For someone working on formal appointments who decides that insolvency is what they want to do, they may decide that they want to go for their "ticket" meaning their Trustee or Liquidators Licence. Some may end up becoming pre-appointment advisors.

For someone working on informal restructuring appointments (consulting) your career is not confined to the above. Firms such as Kordamentha or McGrathNicol provide their graduates opportunities to work on a mixture of Corporate Insolvency and Restructuring/Consulting Appointments, making you a much more well-sought after candidate moving within and even outside the industry.

Bear in mind, it is difficult to get out of insolvency but it's up to the candidate. You could be amazing at other things or have great contacts which means that it moving into something new is not a problem for you. Recruiters have told me that Insolvency Candidates often move to Business Services. Other areas are a little more difficult to break into.

If you decide to work in the Insolvency Industry I would recommend going for a larger firm. You work on a lot of small matters working at a Boutique firm. It makes you invaluable for other Boutique firms but if you were a Manager at a Boutique Firm looking to go big, you are unlikely going to get an interview (my Manager's experience).

I honestly hope that whatever you choose works out for you!

Which subjects are you planning to teach?

Business Studies and Legal Studies (I know, not the most exciting but subjects I enjoy). Not sure if I responded earlier but I can't be bothered to check, haha.

 

[BLIT2014]

Business Studies and Legal Studies (I know, not the most exciting but subjects I enjoy). Not sure if I responded earlier but I can't be bothered to check, haha.

I didn't mind Business Studies, and probably should have done legal.

 

[BLIT2014]

I'm over study but I am so close to the end.

 

[BLIT2014]

Also once exams are offer I am planning to review more of my subjects. Is there any Accounting subject that people want a review of?

 

[BLIT2014]

yep and legit trouble sleeping for no reason, already awake lmao.

luckily my next exam has a week break and it will be my last one this sem. I dont think I'll do that good this sem haha. Definitely havent been that motivated.

I'm hoping I get enough sleep tonight don't want to be up super early either :/

 

[Zoinked]

You do not need a law degree to get into insolvency or to excel in it. I only know of one firm that actively seeks law grads. However, it is useful given that a lot of the time you are pursuing recovery actions (such as an insolvent trading action or voidable transactions).

If you are purely doing formal appointments (bankruptcies, liquidations, administrations etc.) the normal hierarchical structure for most firms is something along the lines of:

- Junior/Graduate
- Intermediate 2
- Intermediate 1
- Senior 2
- Senior 1
- Supervisor
- Manager
- Senior Manager
- Director / Consultant
- Principal / Appointee

Some other firms call their "Accountants" - "Analysts" but roughly follows the same structure as above but with different title names. You usually move through each grade within 6 to 12 months up until Supevisor/Manager which may take longer to move on up. Supervisor/Manager/Senior Manager/Director you would be expected to be "marketing" i.e. trying to bring in new work and how quickly you move through these ranks will depend on a range of factors not limited to the work you are bringing in, your contacts, your management/people skill and technical ability etc.

Money is not bad either but obviously not as good as someone working in banking/finance. This is taken from Hudsons Pay Guide (2015):

Insolvency Graduate/Intermediate 40,000-60,000
Senior (Part Qualified) 55,000-65,000
Senior (Qualified) 60,000-70,000
Insolvency Supervisor 70,000-90,000
Insolvency Manager 90,000-110,000
Senior Insolvency Manager 110,000-150,000
Principal/Partner 180,000-180,000+

I'm a Senior 2 (only just graduated and started CA), and I can confirm that I earn more than a "Senior (Qualified)" so this is only indicator of earning potential.

For someone working on formal appointments who decides that insolvency is what they want to do, they may decide that they want to go for their "ticket" meaning their Trustee or Liquidators Licence. Some may end up becoming pre-appointment advisors.

For someone working on informal restructuring appointments (consulting) your career is not confined to the above. Firms such as Kordamentha or McGrathNicol provide their graduates opportunities to work on a mixture of Corporate Insolvency and Restructuring/Consulting Appointments, making you a much more well-sought after candidate moving within and even outside the industry.

Bear in mind, it is difficult to get out of insolvency but it's up to the candidate. You could be amazing at other things or have great contacts which means that it moving into something new is not a problem for you. Recruiters have told me that Insolvency Candidates often move to Business Services. Other areas are a little more difficult to break into.

If you decide to work in the Insolvency Industry I would recommend going for a larger firm. You work on a lot of small matters working at a Boutique firm. It makes you invaluable for other Boutique firms but if you were a Manager at a Boutique Firm looking to go big, you are unlikely going to get an interview (my Manager's experience).

I honestly hope that whatever you choose works out for you!



Business Studies and Legal Studies (I know, not the most exciting but subjects I enjoy). Not sure if I responded earlier but I can't be bothered to check, haha.

Wow, that was an awesome writeup. Thank you!

 

[BLIT2014]

You do not need a law degree to get into insolvency or to excel in it. I only know of one firm that actively seeks law grads. However, it is useful given that a lot of the time you are pursuing recovery actions (such as an insolvent trading action or voidable transactions).

If you are purely doing formal appointments (bankruptcies, liquidations, administrations etc.) the normal hierarchical structure for most firms is something along the lines of:

- Junior/Graduate
- Intermediate 2
- Intermediate 1
- Senior 2
- Senior 1
- Supervisor
- Manager
- Senior Manager
- Director / Consultant
- Principal / Appointee

Some other firms call their "Accountants" - "Analysts" but roughly follows the same structure as above but with different title names. You usually move through each grade within 6 to 12 months up until Supevisor/Manager which may take longer to move on up. Supervisor/Manager/Senior Manager/Director you would be expected to be "marketing" i.e. trying to bring in new work and how quickly you move through these ranks will depend on a range of factors not limited to the work you are bringing in, your contacts, your management/people skill and technical ability etc.

Money is not bad either but obviously not as good as someone working in banking/finance. This is taken from Hudsons Pay Guide (2015):

Insolvency Graduate/Intermediate 40,000-60,000
Senior (Part Qualified) 55,000-65,000
Senior (Qualified) 60,000-70,000
Insolvency Supervisor 70,000-90,000
Insolvency Manager 90,000-110,000
Senior Insolvency Manager 110,000-150,000
Principal/Partner 180,000-180,000+

I'm a Senior 2 (only just graduated and started CA), and I can confirm that I earn more than a "Senior (Qualified)" so this is only indicator of earning potential.

For someone working on formal appointments who decides that insolvency is what they want to do, they may decide that they want to go for their "ticket" meaning their Trustee or Liquidators Licence. Some may end up becoming pre-appointment advisors.

For someone working on informal restructuring appointments (consulting) your career is not confined to the above. Firms such as Kordamentha or McGrathNicol provide their graduates opportunities to work on a mixture of Corporate Insolvency and Restructuring/Consulting Appointments, making you a much more well-sought after candidate moving within and even outside the industry.

Bear in mind, it is difficult to get out of insolvency but it's up to the candidate. You could be amazing at other things or have great contacts which means that it moving into something new is not a problem for you. Recruiters have told me that Insolvency Candidates often move to Business Services. Other areas are a little more difficult to break into.

If you decide to work in the Insolvency Industry I would recommend going for a larger firm. You work on a lot of small matters working at a Boutique firm. It makes you invaluable for other Boutique firms but if you were a Manager at a Boutique Firm looking to go big, you are unlikely going to get an interview (my Manager's experience).

I honestly hope that whatever you choose works out for you!

That advice is amazing

 

[BLIT2014]

Are all exams 10 am or later this semester?