'Business losing best and brightest'

[eeps]

http://afr.com/p/national/education/business_losing_best_and_brightest_xegdqwy24Gmhp0Yqp8faXP

I thought this article from the Australian Financial Review, from earlier this year, would interest current VCE students considering going into the commerce/business field.

Figures compiled by the Group of Eight show that over the decade to 2011, applications for management and commerce degrees at Australian universities declined by 15.4 per cent. At the same time, demand for health, society and engineering grew.

Nevertheless, skills shortages are forecast in management and commerce roles. The federal government estimates a need for an additional 16,000 accountants, auditors and corporate treasurers per year between 2016 and 2020. A report by Skills Victoria which analysed the impact of the demand-driven system said by 2014-15, when the current crop of students begin to enter the labour market, the largest fields of study where employees will be required to hold a bachelor degree would be management and commerce, followed by society and culture, health, education and engineering. It said the state needed a 19 per cent increase in graduates of management and commerce-related degrees by 2014-15, the equivalent of 155,210 extra employees.

Professor Brailsford said students who study business degrees with majors in disciplines with strong vocational outcomes, such as accounting, fare better in the employment market than those who choose to specialise in, say, industrial relations or marketing.

"Universities have been very entrepreneurial about growing new fields and disciplines but the reality is that I don’t think the job market has been quite ready for graduates in a number of those disciplines,” he said. "Certainly not in the numbers that have been produced."

Just something to consider!

[aes_999]

But the market is full of commerce graduates! Whatever that thing says, there are still a whole heap of commerce graduates out there.

[Fyrefly]

Yeah... competition for jobs is really, really fierce. Firms literally receive hundreds of applications, and yet are seeking only one or two graduates.

I had an interview a couple of weeks ago actually, for a mid-tier accounting firm. They'd received 800 applications, and were only hiring a maximum of 5 graduates. And this was a mid-tier firm. I can't even imagine how many applications the Big 4 receive.

[eeps]

Yeh, I agree. Commerce/business is a competitive field of employment and it is pretty volatile (i.e. GFC/job cuts). Those figures in the article are a bit concerning. To Year 12/VCE students: the 'Big 4' offer cadetships and if you’re successful, you will work with them consistently throughout the duration of your degree (helps with gaining experience). Otherwise, you have to separate yourself against the tons and tons of commerce/business graduates applying for the same job as you. Just with that, for those interested, it may be worth considering the Bachelor of Accounting degree offered at Monash University. It’s a scholarship course and you get the opportunity to work with a number of firms. That said, I don't regret choosing the course that I'm doing now.

[Hodgeyhodgey]

By the time I graduate I'll have 3 years of work experience, would that help stand out from everyone or should I still look for vacation work in my 2nd/3rd year?

[Fyrefly]

By the time I graduate I'll have 3 years of work experience, would that help stand out from everyone or should I still look for vacation work in my 2nd/3rd year?

Is it run of the mill work experience, or something very relevant to your desired career?

[Hodgeyhodgey]

By the time I graduate I'll have 3 years of work experience, would that help stand out from everyone or should I still look for vacation work in my 2nd/3rd year?

Is it run of the mill work experience, or something very relevant to your desired career?

Working in a finance department so payroll, accounts receivable/payable, purchases, asset management, etc. I guess it really depends on what I look to do after uni. I think if I decide on finance/financial planning kind of stuff more specific vacation work might be handy.

[Fyrefly]

By the time I graduate I'll have 3 years of work experience, would that help stand out from everyone or should I still look for vacation work in my 2nd/3rd year?

Is it run of the mill work experience, or something very relevant to your desired career?

Working in a finance department so payroll, accounts receivable/payable, purchases, asset management, etc. I guess it really depends on what I look to do after uni. I think if I decide on finance/financial planning kind of stuff more specific vacation work might be handy.

At the end of the day, the more experience you have, the better.

[Hodgeyhodgey]

By the time I graduate I'll have 3 years of work experience, would that help stand out from everyone or should I still look for vacation work in my 2nd/3rd year?

Is it run of the mill work experience, or something very relevant to your desired career?

Working in a finance department so payroll, accounts receivable/payable, purchases, asset management, etc. I guess it really depends on what I look to do after uni. I think if I decide on finance/financial planning kind of stuff more specific vacation work might be handy.

At the end of the day, the more experience you have, the better.

Most definitely, very thankful for my opportunity.

[appianway]

Quite honestly though, you can work in commerce without having a commerce degree. For instance, an engineering degree gives you much stronger quantitative skills than a commerce degree in most instances, and you could go into an engineering job and then transition to management.

[eeps]

A bit of a bump, but I found this piece and I thought it was worth noting for those in commerce/business: http://news.efinancialcareers.com/au-en/121767/a-warning-to-all-interns-start-building-your-personal-brand-now-before-you-graduate/.

Whether you’re fresh out of school or already accustomed to the groove of university, you will have increasingly heard the phrase “personal brand”. On first encounter the concept may seem completely alien or even unnecessary; however, in fact, you already have a brand but may not be aware of it. It’s the key that will open your eyes to prospects and create the opportunities that will hopefully lead to your dream career.

There are four essential considerations when building your brand:

1) First impressions count, always

Look presentable at all times. You don’t need to spend a fortune on designer clothes, just ensure that you put thought in to what you wear. I try to follow this line of thinking: dress for the job you want, not the one you have. It says that you pay attention to detail and that you care about your company and clients.

2) Work hard

Utilise your passion for the financial services industry. Being young, we are supposedly full of energy and enthusiasm – don’t let it go to waste. I arrive at my intern job early and leave as late as possible. The more hours I clock up gaining experience and learning from my colleagues will help me long term. Make yourself visible in a positive way, and don’t waste your employer’s time chatting on your mobile, answering personal emails, or looking at Facebook.

3) Impress your boss

Do everything in your power to ensure your work is correct and completed on time. Also, if you have the option, complete extra tasks – you’re there to gain experience and it may lessen other’s workloads.

4) Start networking

The Financial Services Institute of Australasia (FINSIA) offers free membership and fantastic opportunities for students to connect with professionals and leaders in the industry. Look out for networking events run by your university or finance societies as well. Networking demonstrates your enthusiasm and helps promote your personal brand beyond your friendship circles. You may even consider making your own business cards, which will help to represent who you are and what you stand for. Create a LinkedIn profile as a student to establish your professional online presence and make sure your profile is consistent with the brand you wish to have.

[excal]

There was a massive saturation of commerce (particularly accounting) graduates around the GFC. This is probably a correction on the input side.