Recent Graduates
Graduate Trainee - KPMG
How did you get your job at KPMG?
During university I went to careers fairs, which gave me the opportunity to meet representatives of accountancy firms. The experiences that trainees shared with me then convinced me that accountancy would be a worthwhile career to pursue, although I knew it would be hard work.
After my second year at university I did a summer internship at KPMG, which gave me a real taste of the ACA training life.
I had the opportunity to go to clients’ sites and see how an audit is carried out first-hand. I also had some time shadowing a partner, which showed me how decisions are made at a higher level. After a final interview and presentation, I was offered an ACA Graduate Trainee position, before I started my final year at university.
What does KPMG do?
KPMG is one of the ‘Big Four’ professional services firms that offer three main services: Audit, Tax and Advisory.
Audit
Involves going to clients’ sites and checking their accounting records to ensure that none of the numbers in their financial statements have been ‘materially misstated’, i.e. by more than a threshold set by auditing standards. |
Tax
Allows specialisation in a particular area early on. For example, Corporate Tax will help you to learn about the tax calculations for companies and the reliefs that apply. Working in an international firm gives you exposure to the tax treatment in different countries. |
Advisory
Includes a variety of areas focused more on ‘adding value’ to clients’ businesses. |
Transaction Services
Is based around ‘due diligence’ procedures on companies’ transactions before a merger, acquisition or even listing on a stock exchange. |
Restructuring advice
Is needed when companies go into liquidation, which has been more common as a result of the recession. Accountants are needed to ensure that the company has been properly dissolved and that its funds are distributed appropriately to its shareholders and other parties. |
Forensic work
Is focused around fraud and litigation. For example, accountants investigate fraud and money laundering claims and try to find out what has happened to the funds in companies. Also they solve disputes between two parties over the value of companies or where there is disagreement over assets during a couple’s divorce. |
Rotations in business areas
KPMG offers the opportunity to experience work in different business areas. For example, although I am based in Audit, I have worked in Economics, Forensic and Tax. Such breadth of experience is important both for your career and for yourself in deciding which line you wish to pursue after qualification.
What was the interview process like?
The interview process was very efficient, with KPMG responding promptly by email and keeping me informed of my application progress regularly. After submitting an online application and taking online tests, I attended a first round interview.
The first interview was competency based: a manager asked a series of questions for about 45 minutes. The questions started off based on my CV and achievements, and then moved onto why I wanted to work for KPMG. Also there was a discussion of recent news stories and how they may have affected the firm.
The final round interview with a Partner included a 10 - 15 minute presentation, for which I had prepared slides in advance. The presentation essentially prompted a discussion about the strengths and weaknesses of the company and then this moved onto considering wider business issues and the possible future direction of the company.
It is worth finding out which industry the Partner specialises in and then choosing a company in a different area, since otherwise they will have a very detailed knowledge of the industry and may catch you out on some particular points!
What is a typical day like for you?
Working as an ACA trainee requires a great degree of flexibility; sometimes you might be working in the office, other times at clients’ sites.
As an Audit junior, my main duties involve performing tests on various balances in the financial statements. Sometimes there are meetings with clients to understand a specific process in more depth. Trainees usually produce working papers and calculations, and then an assistant manager will review the work.
What do you enjoy most about your job?
I particularly enjoy the unpredictability and variety of work. Working in Audit is interesting since I have gained experience of clients in different industries. Also, working in Tax, Economics and Forensic has taught me how the wider business operates.
Do you have advice for anyone wanting to get into the industry?
The best research is speaking to current trainees to discover more about their experiences. Also, find out as much as you can about the ACA (ICAEW) exams and what they entail, since that is a major part of your training contract.
When choosing a training organisation, do not only consider its reputation but look for somewhere where you will be comfortable and more importantly enjoy working and learning for three years.
In terms of skills, you need to have a logical mind and be comfortable with analysing numbers and spotting anomalies by using good judgment. It is important to be sceptical and never take anything at face value. A naturally inquisitive mind will help with this. Doing some work experience will give you first-hand exposure of the types of skills you will need to succeed in this career.
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