Class of 2021 graduate Matthew Melia is an Audit Trainee at BDO. We discovered what his role involves, how he landed it and his advice for students.
What advice do you have for final-year ULMS students who will soon become new graduates?
Transitioning from university to the world of work takes some adjustment. When you first start work, the hours can be draining. The hours I work are usually 9am - 5:15pm - much longer than a normal lecture or seminar.
When you start a graduate job there is training you’ll have to complete so you’ll feel like you’re learning all the time and this can be overwhelming. I would recommend making notes when completing the training and learning and asking as many questions as you can think of, I know it’s a cliché but there are no silly questions.
When I joined BDO there were a couple of weeks of training and then our intake all studied at college for between 1-3 ICAEW ACA exams. This was a good opportunity to talk to your year group so make the most of this if you end up doing something similar.
At BDO, you’re assigned a People Manager and a buddy who is happy to answer any questions you may have. My advice would be to meet your manager during your first month or two after joining and schedule meetings with them on a bi-monthly basis, so they understand your progress.
This is a good opportunity to raise any issues or concerns and find a solution. A point to note in Audit is that you don’t often work with your People Manager on jobs.
In the Liverpool office, we had a social on the first weekend after joining where we went to Chester Races. This was a great day and allowed me to get to know the people working in my office. If there are any socials when you join, make sure to go to them even if you don’t know anyone before you go as it will definitely help you settle in.
Please tell us what your role as an Audit Trainee involves
My role involves supporting the BDO team in planning and completing audits. BDO give you exposure to all of the different stages of the audit process which is useful. Since I joined BDO I’ve worked on many different clients in many different industries.
As you may know, if you’ve studied audit, the approach and testing are specific to the client, so the work varies.
I’ve worked on financial statement areas, such as Cash, PPE, Share Capital, Cost of Sales and Administration costs. The work ranges for each area but you basically test the balances to reduce the risk that they are not materially misstated in the client’s financial statements.
As a first year, I’m guided through the work by someone more senior and my work will be reviewed to ensure it meets the quality BDO expects. I then receive feedback on the work completed at the conclusion of my booking on the audit.
In my first six months, I was usually booked to an audit for 2-3 weeks and then was moved on to another audit. This is common practice for the first years. I completed a secondment in the Technology Risk Assurance department which focuses on testing the internal controls of an entity.
Based on this work, BDO can make an assessment as to whether we place any reliance on these or whether a fully substantive audit is required. About 1-2 months before I am booked to a job, I will be invited to an Engagement Team Discussion about the client we’re auditing.
In this, we look at the risk of material misstatement whether due to error or fraud and put plans in place to mitigate these.
What was the application process like at BDO? Do you have any pointers for others looking to apply there?
The application process at BDO, when I applied, was an initial CV, cover letter and application questions. This is then checked by BDO and if successful, you are sent an email with a link to psychometric testing which included numerical and verbal reasoning assessments. You’ll be sent a feedback report based on your answers and this doesn’t say whether you have been successful at this stage. If you pass this stage, you’ll be invited to attend an interview and assessment centre. To my knowledge, these are still completed online.
During this day, you’ll complete an interview with a partner or director, a group exercise (with other applicants), a presentation based on a brief that you’re given time on the day to prepare for and an email based on your group exercise. In addition, there will be an opportunity to ask two Managers/Assistant Managers questions about working at BDO. This element is not assessed and is a good opportunity to learn more about anything to do with your role, the ACA, the apprenticeship or the working environment at BDO.
My advice is to personalise your CV and cover letter ensuring you clearly state why you want to work for BDO, rather than the Big Four or any other accountancy firm. Be specific! A good place to start is BDO’s website and the firm’s values - think about how they relate to your own values. For psychometric testing, practising is the only way to pass them. There are several free sites which offer good tests to prepare you for the BDO assessment. The University’s Careers Service provided a list of sites to use and the majority were useful.
For the assessment day, just be yourself - BDO is employing you as a person so don’t try to be someone you’re not. For the interview, research BDO, understand their values, service lines and any new projects. Look for news stories about BDO. Also, research the Audit industry, what changes are taking place, and how will this impact BDO and the sector as a whole.
Think of examples where you have exhibited BDO’s values in something you have done so far, whether that be in your personal life, university or any previous work experience you have. Make sure you have questions for the interviewer and think about the questions you’re asking e.g. don’t ask something where you could find the answer online.
For the presentation, make sure you prepare properly and have practised presenting so you can improve and ensure you don’t run over on time. Think about the questions you might be asked and your answers to them. Be clear and concise in the presentation and don’t write loads on a PowerPoint - you need to engage with the reviewer. With the email exercise, don’t panic - it’s designed to see how you perform under pressure. Stay calm, think about the situation and you’ll be fine.
Following on from the assessment day, you’ll be told whether you have been successful or not. BDO will provide feedback on your performance, no matter what the outcome, when they call you to let you know whether you were successful or not.
Finally, how did your time with ULMS prepare you for your current role?
I completed a four-year programme: Accounting and Finance with a Year in Industry, and the modules are linked to the accounting qualifications you can complete after graduating.
From university, I gained 8 exam exemptions, so I only needed to pass 7 exams to become a qualified ACA ICAEW accountant when I started at BDO. That is one big advantage of going to university, as you need less study time off and can continue working on clients and building your practical knowledge of audit.
At university you have to complete individual work (i.e. exams and reports) and group tasks (i.e. coursework). Both are things you have to do in the workplace too. Working as part of a team is important as you’ll never be the only audit team member, but you will be given tasks to complete independently (with support, if required) as well. University sets you up for this.
In my second year at University, I studied abroad in France for two weeks as part of a summer school course. People from across the world were on the same course and this helped me understand different cultures and beliefs. BDO has a diverse workforce, with people working from around the world, so the experience I gained from studying abroad was very useful and held me in good stead for work.
In my third year, as part of my degree, I completed a placement year at Airbus as a Management Accountant. This was a massive learning experience as I was given responsibility early on. Feedback is a key part of learning - take feedback as either constructive or positive and look at where you can improve. People are not giving feedback to be horrible - they want you to develop. I would recommend completing a placement year or some sort of work experience, even if not related to the job.
I volunteered for the NHS in their accounts department and this was useful as it helped me understand how a company processes and pays invoices. Try to get work experience if you can as this will only help your development, it certainly did mine.