Quarterly Profit | Volume 2, Issue 2

QUARTERLYVOLUME 2, ISSUE 2NOVEMBER 2014

P R O F I T

GLOBALIZATION

2 | Quarterly Profit | November 2014WANDERLUST

November 2014 | Quarterly Profit | 3PAGE 26

5 LETTER FROM THE EDITOR 6 LIVING THE DREAM: JAMES POLITESKI

12 WORLD WIDE WORK

14 INSIGHTS ON WORKING ABROAD WITH BENSON TSANG

24 TEN THOUSAND MILE CLASSROOM

25 DEGROOTE BIZX PROGRAM

26 WANDERLUST

30 DREAM DESTINATION

33 GET LOST

35 HOW DO YOU ‘SELL’ AN ACADEMIC EXCHANGE EXPERIENCE?

36 PART I - GRADUATES: WHERE ARE THEY NOW OLIVIA STILLE

38 PART II - GRADUATES: WHERE ARE THEY NOWCHRIS ROSARIO

40 UP CLOSE WITH PROFESSOR COSSA

46 WHAT’S HAPPENING ON THE PRICE OF OIL?

50 TAX WATCHDOGS ON THE HUNT

52 THE ALIBABA HYPE

56 THE EUROZONE CRISIS

58 LOST IN TRANSLATION: INTERNATIONAL MAR-KETING BLUNDERS

60 MCMASTER DECA CASE COMPETITION

62 FASHION WEEK: WHO CARES?

65 A STEP-BY-STEP GUIDE TO BEING GLOBALLY AWARE

67 GET INFORMED OUTSIDE THE CLASSROOM

68 CENTRE FOR BUSINESS CAREER DEVELOPMENT: WINTER WORKSHOPS

Contents6

14

40

November 2014 | Quarterly Profit | 5

EDITOR-IN-CHIEF Joseph Cruz (‘16) MANAGING EDITORS Alexander Karpenko (‘15) Julia Dinh (‘16)

CREATIVE DIRECTOR Sajid Ali (‘16)

DESIGNERSAnduena Sertolli (‘18)Florence Pau (‘17)Sasha Srinivas (‘18)Victoria Mangialardi (‘18)Xueqin Lin (‘18)

WRITERS Imran Dhalla (‘16)Krish Puri (‘17) Lauren Zylik (‘17) Rachel Mostert (‘15)Taylor Browne (‘17)Tara Khudairi (‘17)

PHOTOJOURNALIST Cory Bryck (‘16) MARKETING DIRECTOR Marco Coccari (‘17)

MARKETING ASSOCIATERebecca Snarry (‘16)

DIRECTOR OF OPERATIONS Allan Chan (‘17)

Quarterly ProfitNovember 2014 | Volume 2, Issue 2

DISCLAIMER // All photos or logos used without sourcing are used in compliance with the Fair Use Law - for not-for-profit educational purposes. In no way do we assume ownership or affiliation with any images seen. If there are any questions or concerns, please contact us at: [email protected] http://copyright.mcmaster.ca/Fair_Dealing

Contact us at: [email protected] Visit us online: http://issuu.com/quarterlyprofit

Wow! I cannot believe that we’re more than halfway into the semester already! The days have gone by so quickly and it’s unfathomable to think that we will soon approach the end of the term as the dreadful days of exam prepara-tion and last minute projects and assignments loom ahead. Since this will be our last issue for the semester, I’d like to take a moment to wish each and every one of you the best as you complete the remainder of the semester! May the odds be ever in your favor!

It has been quite a momentous past few months for the magazine. Our first issue that we released back in Septem-ber was warmly welcomed by the DeGroote community garnering almost 15,000 impressions in its first week! On top of that, we’ve also welcomed new additions to the QP team, along with the growing number of freelancers who are all very eager to contribute to the magazine in more ways than one! I am a witness of the ever growing interest that this publication continues to receive from our readers, as well as the continuous support from our very own DeG-roote faculty and sponsors. With this in mind, I am beyond ecstatic as we move forward to another semester and I hope that you will continue to join us in our journey as a student publication.

The premise for our second issue revolves around the theme of globalization and the world of International Busi-ness. As business students in a society that is increasingly becoming more globalized and a world that is increas-ingly becoming smaller, having a global mindset is more important than ever. To be able to recognize the value of embracing cultural differences both on an individual and corporate level has become a vital component of the mod-ern business world. To say that the world is in the palm of your hands is no longer an overstatement.

This issue is filled with stories and articles that will give you a glimpse of what is happening around the world. As you read through the pages, I hope that you will find yourself engrossed on every article and story. And by the end, I hope that we have inspired you to become a globally competent business leader in the highly competitive global arena.

We are always open for collaboration and contribution. If you are interested in becoming a part of our journey as a student publication, or would like to share your thoughts and ideas with us, please feel free to contact us at [email protected]. We’d love to hear from you!

Cheers!

Joseph Cruz, Editor-in-Chief

Letter from the Editor

6 | Quarterly Profit | November 2014

SPECIAL FEATURE

LIVING THE DREAM: JAMES POLITESKI

INTERVIEW BY LAUREN ZYLIK

As President of Samsung Electronics Canada, James Politeski is re-sponsible for sales and marketing of the company in areas including Mobile Communications, Consumer Electronics, Information Technol-ogy, and Home Appliances. Starting in the company as Vice President of Sales and Marketing in Samsung Electronics America, James has displayed incredible progression to his current position. James also holds a double-degree in Mechanical Engineering and Management from McMaster University. With experience working for Samsung Electronics in the United States as well as Canada, James has exper-tise in both international and domestic approaches to the business. His leadership focus is on creating highly effective and efficient teams and continually innovating in order to propel growth and keep a competitive edge. James is also philanthropic towards causes like the Canadian Cancer Society and The Learning Partnership.


How did you get started in the field of Sales and Marketing?

It goes back to my first job out of University, which was in Engineer-ing. There was a bit of sales and marketing involved, but mostly en-gineering. I learned very quickly that I was going to have more fun being in a job that was not pure en-gineering. When you figure out what you’re meant to do, it sticks. You know if you’ll be in sales. You’ll know if you’ll be in finance. You’ll find within a few years of doing a job you don’t like what you’re real-ly going to do. For me it was sales and marketing. I got excited about sales and marketing early on. I be-lieve this kind of thing also comes in phases because throughout my career I kept going back and forth between sales and marketing jobs. But in terms of what I was going to do for my career, two years out of University was when I realized that sales and marketing was my calling.

How did you get started with Samsung Electronics Canada?

I was actually at General Electric before I joined Samsung. When I was at General Electric I did a lot of close work with Samsung so I’ve

had a long-time relationship with the company even though I didn’t directly work for them. Samsung came to me ten years ago with an opportunity that was too good to say no to. Samsung’s such a huge growth company and I found that very inspiring. So I made a switch, joined Samsung, and now here I am!

What are some of the highlights of your role as the President of Samsung Electronics Canada?

The parts that are most stimulating about my role is that I get to bring people together and lead them in or-der to grow the company. Samsung is a company full of hard workers and we invest in growth. I love lead-ing people and growing the busi-ness. But as you know, leadership is not for everyone, it turns out that I love it! Leadership is an interesting thing. It’s making sure you surround yourself with excellent people, which means hiring great people, coaching and mentoring people, and setting strategic vision and di-rection. Everyone has a thousand ideas of things they want to do but you have to make sure you have a very clear vision on where you want to go and make sure everyone is in line with those priorities. A lot of

the role is making sure people have what they need to get the job done based on the direction and vision we’ve set for the business. I really enjoy these parts of my job.

You started in Samsung Ameri-ca as Vice President of Sales and Marketing in 2006 and moved up to your current role as President of Samsung Electronics Canada in 2011. How were you able to successfully move up in the com-pany in such a short time?

There’s no magic to it. It’s a com-bination of hard work, a lot of it, and then getting results. I work long hours but on top of that I also con-stantly think about things and fol-low–up on everything. The strength of any company comes from the strength of its team. I’ve been for-tunate to be able to work with great teams. I like to assemble strong teams around me, and strong teams produce great results and they make you look good. I’m very focused on people. I’ve been doing this for a long time, not just here. It acceler-ates your career along. At the end of the day you hire great people, and you coach them, but there is no sub-stitute for your own hard work.

“There’s no magic to it [success]. It’s a combination of hard work, a lot of it, and then getting results... there is no substitute for your own hard work.”


How have you been able to bal-ance work and family life?

You hear a lot of people talk about work-life balance, but I think there’s a debate between whether it’s work-life balance; as in, there’s work and then there’s your life, or if work and life are intermixed. From my point of view I like to think of it as a har-monizing of your work-life and your home-life together. How do you do that? Be efficient at work and try to get the most done out of the hours that you’re there. Likewise, when you’re at home, try to turn work off and focus on your family. There will always be times when there are work demands and you have to turn work on when you’d normally turn it off. There’s times when you can turn work off when you’d nor-mally have it on, like when you get home early on a Friday or you take an extra day vacation. Altogether, it’s making sure that the time counts wherever you are, at work and at home. The reality is that I put a lot of hours in here, so when I go home I have to make sure that the hours at home are good hours, not just going home, eating dinner, and then fall-ing asleep on the couch. That’s not good family time. So that’s how you do it. There’s no method or magic

to it other than recognizing stress signs and trying to deal with it. It’s about choices as well. If you find yourself in a job that you don’t love then it can be very stressful. I love what I do and so if you love what you do during your work hours, you go home happier. If you hate your job, going home is nice but it’s im-possible to separate your work from your personal life.

Is there a specific accomplishment that you’re most proud of?

About eight years ago I went to the U.S. with Samsung, they asked me to go down there and lead their home appliance business. So I went down there as a Canadian going to the U.S. with a very small team and was given the mandate and freedom to do what I needed to do to grow the business and the team. I spent five years commuting back and forth between Canada and the U.S., which was very difficult on work-life balance, but I’m really proud of the results we achieved. We grew the business ten times in those five years! We also built an amazing team of people that had a great spirit and culture. So that experience will always be one accomplishment that I remember.

As President of Samsung Elec-tronics Canada, where do you see Samsung Canada headed in the near future?

Samsung is a very innovative and growth-focused company. It’s a very competitive market and we’re going to continue to push forward in the business and continue to in-novate products like phones, tele-visions, and home appliances. Our Information Technology business is also a very big focus for us now, with Business-to-Business enter-prise-type products so we’re going to continue to focus on that. The company is planning to get into new business areas like renewable ener-gy, health and medical equipment. It’s a very big company and it’s ex-panding into a variety of different areas. We do recognize that it’s a tough and competitive market. We have to keep working hard, innovat-ing, and changing because the only way to survive in this business is to be agile and able to change every-thing.

Looking back to when you were a student at McMaster, what would you consider as your great-est learning experience that has stuck with you over the years?


I have a famous story that I tell this to every student who will listen…Going to University is a liberating thing. Your parents aren’t around and no one’s there to tell you what to do, so you have a lot of freedom. In my early years at McMaster I really enjoyed that freedom…may-be a little too much. I wasn’t ap-plying myself as much as I should have. Unfortunately there are lots of students that fall into that trap. On a fall day in my third year, the

Dean of Engineering called me into his office. I was confused and had no idea why I was going there. The Dean said to me, “Maybe you should choose to do something else.” The Dean was actually trying to throw me out of engineering. I was in the Engineering Management program, so I was doing both commerce and engineering courses. The Dean told me, “This is a serious program, and we want serious students in it. You are not a serious student.” This

was a huge slap in my face and I was shocked. If you can imagine someone saying that to you, that’s the moment that you realize that you’re about to have screwed up the greatest opportunity of your life of being able to go to University in a double-degree program. I watched my entire life pass before my eyes. I would not leave his office. I stayed in his office for an hour negotiating, crying, and begging but I would not move. By the end of that hour I had convinced the Dean to let me stay. He did say, “If I ever hear your name again, other than for an award, you’re out.” That day was the most eye-opening reminder that you are given opportunities but it’s up to you to seize them and work hard. From that point onward my univer-sity career had totally changed. I worked harder and I was never back in the Dean’s office again. I was fo-cused on school and that work eth-ic has continued to push me right to this very day. So work hard and don’t blow it! Unfortunately a lot of people at that moment in the Dean’s office would have said, “Oh darn, I guess I’m out,” but I fought for it. The Dean had no idea I was going to negotiate and try to keep myself alive. When I left the office I felt like I had literally just dodged a bul-let. I was shaking and was a mess for a day afterwards. You have to fight for what you love. It was un-comfortable and painful and humil-iating, but such a valuable learning experience.QP writer Lauren Zylik (left) with James Politeski (right) at the Samsung Electronics

Canada office in Mississauga


What is the best advice that you can give to a Commerce student at McMaster?

Never quit and keep trying. Know where you want to go and work hard to get there. In University, a lot of students will go into programs they don’t like or they’re struggling so they change. And that’s ok. But once you’re out of school life, it’s not that easy. You’re going to have to work really hard and stick with things you don’t like. If you keep changing because you don’t like it, you won’t pick up any experience. When employers look at resumes where it changes every six months, that’s not a good sign to them. You have to stick with some things and you have to really try. When I went to school for Engineering and Com-merce, I got into the program be-cause I was good at math and sci-ence and I thought it would be cool. I actually didn’t know how amaz-ing the program would end up be-ing and how powerful it is to have both commerce and engineering degrees. I was just a young punk. Even though it was brutal, I still stuck with it. I had long days every day because I had to do engineer-ing subjects and then the core com-merce subjects with almost no elec-tives. While everybody else I knew didn’t have to be in class till 10:30 and only had a few hours of class a day, I had class everyday from 8-5. It was like a full time job. And even though I only worked in engineering for two years out of university, the

most amazing thing is that I stuck with it, I owned it, and ultimately realized in the end I don’t really want to be a pure engineer. That did not change the amazing value of the education. I’ve gone on to use my engineering degree just as problem solving in other kinds of business and it’s been fantastic. I wouldn’t go back and change anything about my education, other than I would’ve worked harder earlier and avoided that whole incident with the Dean. Then again, sometimes you don’t know when you need to work harder and you need that wake up call. For me it was like an extreme person-ality change. Anything less harsh probably wouldn’t have worked.You don’t know what career you will be in fifteen years from now, so even if commerce isn’t for you in the end it’s still a great education and you’re learning a lot of different subjects that work in a lot of areas that are applicable to life. The paths are multiple. Stick to the program, do well, own it, learn from it, and work hard. If you lose the opportu-nity because you fail out or if they throw you out because you’re not working hard it would be such a disappointment. Especially if you know in your heart that you could have done better. The times you chose your social life over school-work all add up. So if you’re going to switch out of a program, make sure in your own heart that you’ve done your best, because there’s nothing worse than knowing that you didn’t do your best. The shock

that got me was that I knew back then that I had the brains to do it, so being asked to leave was kind of offensive. I screwed it up. So work hard and don’t let your lack of effort be the reason that you don’t get to where you want to go.

Do you have a personal mantra or words to live by that you would like to share?

My favorite saying for the last sev-eral years has been, “Living the dream.” People say, “Hey James. How are you?” and I always re-spond, “Living the dream.” It goes hand-in-hand with optimism. I’m a chronically optimistic person. Even in the toughest times and when ev-erything seems impossible I’m al-ways figuring a way out and trying to be positive. Always looking on the bright side. When you’re opti-mistic, people around you become optimistic and you can inspire peo-ple. You can’t inspire anyone if you’re not optimistic, it just doesn’t work. People ask, “What do you mean? Are you rich?” and so ‘liv-ing the dream’ is my way of saying, “No, I’m just happy.”ple. You can’t inspire anyone if you’re not optimistic, it just doesn’t work. People ask, “What do you mean? Are you rich?” and so ‘liv-ing the dream’ is my way of saying, “No, I’m just happy.”


WORDS BY JULIA DINH

One thing that is common among people, regardless of location, is the propensity to work. Whether it is to pro-vide for a family, contribute one’s skills to support soci-ety, spend time on meaningful endeavours, or achieve financial security, working is a component of our every-day lifestyles. Of course, on the other side of the coin to work is leisure. To increase productivity, there should be a balance of work and time off, allowing workers to be reinvigorated and more efficient during the work hours.

Though these seem like simple concepts, the perception of work and time off can vary greatly between countries. See how Canada fares in the global workplace among its fellow nation members of the Organisation for Eco-nomic Co-operation and Development (OECD), in the categories of Average Hours Worked, and Paid Vacation and Paid Holidays.

Canada places roughly in the middle among the 34 OECD countries, with average hours worked below the

OECD average. The shortest working hours are found in northern European countries, notably the Nether-lands, which works about 20% less hours than Canadi-ans. A number of factors come into play in explaining the range in hours worked around the world. While Mexico, South Korea, Greece and Chile top the list of longest average hours worked, working harder does not necessarily mean working smarter. Longer working hours can be linked to lower productivity per hour as workers work longer in trying to achieve a minimum level of output or a minimum level of wages, though not in an optimally productive manner. On the other hand, nine out of the ten countries with lower average hours worked have the highest GDP per capita. This can be attributed to technological advancements in industry which increase productivity performance and reduce hours worked. In Western countries, including Cana-da, the decline in hours worked over the years is the result of an increasing part-time workforce that has sur-passed the full-time workforce. As another factor, the

Who Works the Longest Hours?

Data source: OECD Factbook, 2014

WORLD WIDE WORKHow Canada fares among other countries at work and off from work


WORLD WIDE WORKHow Canada fares among other countries at work and off from work

difference in hours worked between countries can also be dependent on a country’s allowance of paid leave for workers, which is illustrated in the next category.

Among the OECD countries, Canada ranks third last in the amount of paid vacation time guaranteed to work-ers. Of the countries in this study, Canada and Germany are the two which determine holidays at the regional level. In particular, Canada offers at least five days in each province for paid holidays and also guarantees at least two weeks paid vacation—except Saskatchewan, which offers three weeks of paid vacation. Workers in France, the United Kingdom, Austria and the Scandina-vian countries of Norway, Denmark, Finland and Swe-den likely have little to complain about as these coun-tries fare quite well in this category, with workers who are entitled to, more or less, a month’s worth of paid vacation. As for the last place holder: employers in the United States (also notoriously known as the “no-va-

cation nation”,) are not legally required to provide paid time off to workers. Almost one in four Americans has no paid vacation and no paid holidays. Looking from this aspect at least, it seems that we are on the better side of the border. Although some of us working Cana-dians dream of taking a 6-month vacation twice a year, we will have to settle for those two weeks paid for now.

It is good practice to become aware of the social con-ditions across the globe, especially as future leaders in an increasingly globalized world. While work may seem to take up a large portion of our lives, through keeping productive we ensure that society functions sustainably as well as allow ourselves to appreciate our time off from work even more.

Who Receives the Most Paid Time Off?

Data source: Center for Economic and Policy Research (CEPR), 2013


Benson TsangCFO and Chief Accounting Officer of ATA Inc. (Beijing, People’s Republic

of China). McMaster University – DeGroote School of Business B.Com

(’87) & MBA (‘88) Graduate

ALUMNI FEATURE

INTERVIEW BY JULIA DINH

INSIGHTS ON WORKING ABROAD WITH BENSON TSANG

Benson graduated from the McMaster DeG-roote B.Com program in 1987 and the MBA program in 1988, and qualified as a Canadian CA in 1991. He has over 25 years of experience in accounting, financial management and cap-ital markets. He has held senior financial and management positions in multinational cor-porations and international accounting firms, and has served as a financial executive of com-panies listed on the New York, NASDAQ, Hong Kong, and Singapore Stock Exchanges. Some examples of these companies are Deloitte, PricewaterhouseCoopers, 3M (Imation Corp.), PCCW and Wuxi Pharmatech. He has worked in North America, Europe and Asia.

In 2006, Benson served as Chief Financial Officer of Wuxi Pharmatech, a global phar-maceutical contract research company with

about 4,000 employees, and led its IPO exer-cise. The listing of the company stock on the New York Stock Exchange was completed in August 2007. Since then, he has been actively involved in the capital market and financial sector.

Presently, Benson is the Chief Financial Offi-cer of ATA Inc, a NASDAQ listed company.

Although he spends half of his time working abroad between different countries outside of Canada, he still manages to make time for golf, family trips and catching up on TV episodes of CSI. The Quarterly Profit had the great opportunity of speaking with Benson as he reflected on his dynamic life and career as a global business professional.


Please tell us a little bit about your organization and your current role.

My organization is ATA Inc. (ATAI), which is a U.S. NASDAQ company. We are in the business of large-scale computer-based testing services, and mainly fo-cused in China at the moment. We have about 450 peo-ple – 50% at the head office in Beijing, China, and 50% in Shanghai, China. As for my current role, my title is CFO and I am also one of the key management mem-bers who run the company. I have been at this company for approximately 5 years.

How did you get your start in the field of accounting/ finance?

I think just like every student, when you first get start-ed you really don’t know what program to take. In my case, I was a naïve, silly boy, and I picked accounting because my father was working for a company as an ac-countant. I noticed that he could provide for the family and his work was pretty stable, and to me it looked like it would be simple, so I decided to give accounting a try. It could be the same reason for many students.

That’s good how you decided on a field and then now you are able to find success in it and challenge yourself. How do you keep up to date with and pre-pare for new developments in this field?

There are two areas. One is work-related, where there are internal communications among my colleagues, and we also have public relations companies that help pro-vide us with news clippings. They will, on a daily basis, research media and newspapers, write summaries and send them to us.

When we are talking from a professional perspective, I do read a lot of magazines. I am a Canadian CA and read the CA Magazine online. I am also a Hong Kong CPA and read those magazines as well. For Big 4 ac-countancy firms, given the fact that I have been in the area for 27 years, I have lots of friends, they will send me updates, such as trainings provided by SEC (the Securities and Exchange Commission in the United States), trainings provided by the Big 4 and legal firms, and investor relations firms.

So this is the way I keep myself up-to-date in all capital market, finance and accounting-related matters. I think everybody does that, or at least they better be!

Not only do you work abroad, but your organiza-tion also operates abroad as well. ATAI has recently signed a cooperation agreement to administer Uni-versity of Cambridge examinations in several coun-tries. In addition, ATAI is publicly traded on the American NASDAQ Stock Market. How does your executive team generally interact and maintain rela-tions with clients, counterparts and shareholders in different locations across the globe? (What are key elements in effectively coordinating operations at an international level?)

This definitely needs teamwork – it’s not possible for one person to take care of everything. As I mentioned earlier, the majority of my company’s business is in China, but the reason [why the University of Cam-bridge chose us] was about our experience in providing examination services and also the technology we have in developing a testing system to write examinations using mobile devices. Before Cambridge, Microsoft

“If you think that you can resolve

every single conflict you encounter, keep dreaming. If you can resolve the majority of the conflicts you are facing, you are very successful, and it is doable.”


licenced the Dynamic Simulation Testing technology ATA developed, and that was the first technology we marketed outside of China.

So now because of the successful roll out with Cam-bridge, we are now quite aggressive going overseas. In terms of how we do it, we have a team, led by our Vice President of Business Development Overseas. We trav-el around the world, talk to different potential partners and try to close a deal and establish a relationship. We have a team of 4 to 5 people supporting the VP.

If you are talking about shareholders and investors, it is under my umbrella. I travel around the world to see my shareholders, talk to them and maintain these relation-ships. Visiting international clients and partners are part of my role as well; since I travel, I may as well go to visit some of them. For local clients and partners, we do have the local team to take care of them. I cover more international relations outside of China. I enjoy the “personal touch”; I enjoy a handshake with a partner.

What influenced your decision in pursuing a career abroad?

I qualified as a Canadian CA in 1991, many years ago. I think just like many young professionals, once after they are qualified, they are unsure of what they want; same here. But one thing that was in my mind was—I could be wrong—I thought Canada was pretty small and not very challenging. Don’t take me wrong, I am sure that there are challenging jobs here, but I guess the opportunities were very limited. At the time, I was with a Big 4 firm (well, back then it was “Big 8”), and the good thing about multinational companies is that they are very mobile and provide international transfer opportunities.

Honestly, at that time I did not know what exactly it was like to work overseas. So, I figured, I was young, why don’t I give it a try? I had no idea of what I was getting into, and students like me were a bit more gen-

uine; we did not think too much about making a lot of money, we were very simple. I just wanted to give it a try; given the fact that it was an international transfer, I could come back after the 3-year term. I wanted to ex-plore the world and expand my horizons, and I enjoyed it very much.

How was the transition in moving your life and ca-reer to Beijing, China?

It was very natural for me. In 1992, I was first trans-ferred to Hong Kong and I continued to be with a pro-fessional firm for 5 years. After that, I continued to be in Asia and joined the multinational company 3M and was selected to be in the management training program. As a result, I got the chance to move around – I was in Amsterdam, Taipei, China and Singapore. It was won-derful; the program gave me a chance to see different departments and how they work together to generate profit.

After that, I started to build my expertise in different areas, moving on to investment-related areas. I was in the private equity area for 3 years as what we called a “company doctor”, who would be called in to help a company turnaround and restructure. It was very in-teresting, and strengthened my knowledge and experi-ence. Then, I was given a chance to become the China CFO of a big corporation in Asia. Later, I moved to the pre-IPO market and helped a company complete its IPO in the New York Stock Exchange (NYSE) in 2007. I retired from that company in March 2009. After staying home for a year, my wife kicked me out and said “go do something, with money or no money”, so I

“If you want to go overseas and work in different locations, it’s about

how much you can change yourself to fit into that environment.”


started working again. I joined ATAI 5 years ago, first starting as more like a consultant, but eventually, I de-cided to become its CFO.

So, to me, moving to different places is natural. Like when I moved back to Canada—after 20 years of living abroad, my wife wanted to come back to spend more time with her parents [in Canada]. When she wanted to come back, I said, “No problem, let’s move”. Whatev-er you do, the most important thing is that the family should be together. If the family members are not to-gether, that could create a lot of problems. Wherever I go, my wife and kids move with me.

Were there any challenges, such as culture or lan-guage, that you had to overcome?

Of course. If you work in different places, different countries, there are the cultural differences, the lan-guage barriers, and all people-related conflicts. In dif-ferent countries, there are different philosophies. You just have to get used to it, but you want to get things done. There are different ways of living in different parts of the world. In North America, we drink Tim Hortons coffee. In some parts of China, they drink white wine. Their beliefs may be contradicting to what you believe—how do you deal with this? The chal-lenges are all related to people.

Language is relatively easier to tackle. Try to find a place where you have the ability to learn its language, as it would be a lot easier. I came to Canada when I was 15, and after 11 years in North America, my Can-tonese got a bit rusty. When I first went to Hong Kong, it took me about 9 months to catch up on my vocabu-lary. When I moved to China it was a bit of a challenge because I didn’t speak Mandarin. My employer at that time provided more than 50 hours of one-on-one lan-guage training for me, but I still couldn’t get it. But it’s different when you live there on a daily basis—you have to eat, get to where you need to go, mingle with the locals, and you might fall into a lot of scams, like

when taxis purposely take a longer route to overcharge you. But, you know, that’s the way you learn.

If you think that you can resolve every single conflict you encounter, keep dreaming. If you can resolve the majority of the conflicts you are facing, you are very successful, and it is doable.

How do you balance your work life and family life when spending time between Toronto and Beijing?I spend about 50% of my time outside Canada. My wife is very happy because I used to travel 75% of the time. But when I’m away—back in the old days, when we didn’t have all these mobile devices, I had a fax machine at home. Every night I would draw a picture and send it to my kids. Every night my kids would be waiting for that picture, and then they would send me back some pictures. I’m a family man. I do believe that family is very important and it gives me the motivation to work harder for them. Once technology improved, I could call them, every other night at least. During the BlackBerry smartphone time, about 8 years ago, every-one then started using email. And now there’s WeChat, WhatsApp, Facebook; you name it. So, keeping up with my family members is not an issue at all. At the end of the day, I think the most important factor is the individual; whether he or she is willing to make the ef-fort to keep in contact. If you are willing, it’s easy—it’s a simple phone call, text message, or photo.

How does business and your work environment dif-fer between each location?

One thing you have to remember is that every location is different. If you want to change it to the way you want it, keep dreaming. If you want to go overseas and work in different locations, it’s about how much you can change yourself to fit into that environment. Many people would say “I want to go to China or to Singa-pore and then I will change the way they do things”—they would never be successful. In fact, whenever you go overseas, you always have to find a way to fit into

“When you try to have global awareness, you need to understand that the world is flat and that no single news source is unbiased. But when you combine them and hear all the facts, you can make your own judgment, and then consider whether it would affect your business or not.”


“When you try to have global awareness, you need to understand that the world is flat and that no single news source is unbiased. But when you combine them and hear all the facts, you can make your own judgment, and then consider whether it would affect your business or not.”

the local community. If you want to change the way they approach business-related issues the way you would like to; that is doable. But if you want to change the way they behave—for example, I’m in the northern part of China where they drink wine like water and you want to change it—it’s not going to happen, but you don’t want to behave like them too.

It doesn’t matter where you go; we are all residents of the Earth, so we want to make sure that there are mu-tual respect. You respect I drink coffee, I respect you drink wine. At the beginning of the meeting, I would say “okay, drink, but if you drink, you are to ensure that you won’t affect the progress of the meeting; we want to get it done”. When people work overseas, you just have to try to find a way around it. One way to do this is to state all the rules and facts upfront, and tell people “it’s not because I don’t respect you”. In my case, it works about 85% of the time; in some cases it won’t work out, but sorry, I can’t change anything.

What were you able to apply to your career from skills that you developed during your time at DeG-roote? (How has DeGroote helped you in the career path you have chosen?)

Back in about 1987 to 1988, the programs here were very different, and they have evolved since then. Back then, I was like a blank piece of paper and I was gain-ing textbook knowledge. During my 3rd year and 4th year, I took courses which included cases, class discus-sions and group projects. These taught me about human conflicts and how to deal with disagreements; and how to do presentations, convince others of your ideas and convey your message—these are all valuable things that are learned.

I feel that, today, the program is a lot stronger, and pro-fessors are trying to find more people from the “real world” to come in and tell students how to bridge the gap between university and the workplace. You students are very fortunate to have many alumni who are will-

ing to come back and provide you with their insights. When you walk out of the doors here, it’s just a start. If you receive better training here, you will become a much faster learner and navigate yourself better out in the real world.

I highly encourage students, if possible, that they take summer jobs, with or without pay. The reason for that is once you move out to the commercial world and move up the corporate ladder, all issues are people-related. For example, “A is not happy with B, and B is talking about back-stabbing C”—it’s all people-related. If stu-dents can try to get a sense of the real world sooner, it will help them in studying and better understanding why the textbook describes these concepts.

For MBA students, I strongly recommend them not go for their MBA right after undergraduate studies. It is best if they go out and work for a couple of years, get yelled at a few times, then try to deal with some real conflicts, and then come back to study—this way, the MBA program will be a lot more meaningful and ben-eficial to them. I was the case where, after my under-graduate program, I went straight to the Master’s pro-gram and got it done in 8 months. The professors were very good, but personally, I didn’t think I got too much out of it because I didn’t have the experience to click. So, I highly suggest students to take a year or two to work, and then go back to MBA studies.

You have been a part of many international compa-nies and have worked in many locations around the world, including North America, Europe and Asia. How have you increased your global awareness?

Firstly, I think the world is flat. In this day and age, ev-erywhere is very globalized and international—thanks to communication, technology and transportation. I could be in Asia within 15 hours; if I depart in the morning, I could be in Europe for dinner. The way I see it is the world is actually one single economy.


I think, these days, it doesn’t matter what area you’re in, you just have to keep yourself very up-to-date. Many would agree that every single news channel is biased. When I watch the news, I watch CNN, BBC and CNBC Asia—I try to combine them and I make my own judg-ment. Any newspaper or TV station would say that they are 100% independent, but I doubt it.

When you try to have global awareness, you need to understand that the world is flat and that no single news source is unbiased. You would take different news sources—each individually would be biased—but when you combine them and hear all the facts, you can make your own judgment, and then consider whether it would affect your business or not.

How do you think having the experience of working abroad has contributed to your professional and/or personal development?

It has been very beneficial to me and has made me think more globally. It has made me understand that all de-cisions I make are people-related because, in the end, people make things happen. With this international ex-posure, I have realized that I have to be sensitive to who my audience is and who I am working with—realizing the purpose of what we are working on and who it is for. Working abroad has improved my decision-mak-ing ability and helped me to become a better leader and manager.

One thing about working overseas people need to un-derstand is it is quite easy for us to work abroad, but what I share with all my mentees is that it’s not quite as easy for you to come back and find a decent job. To a certain extent, what you learn overseas may not be ap-

plicable here, unless you can work up to a senior-level position, then it will be the leadership and management skills that will help you to come back.

So, when people go overseas, they have to make a long-term plan and think about what they exactly want. Like, if you work in a law firm that has an international trans-fer program—many multinational companies have this type of program—that would work. But other than that, if you want to work overseas on your own, you have to think it through twice before you make a decision.

What has been a memorable experience or accom-plishment for you during your time abroad?

I have met a lot of people and made a lot of friends. The 20 years overseas has made me a better leader and professional; there’s no question about that. In terms of an actual achievement, it was in the capital markets area where I helped a company launch their IPO in the New York Stock Exchange. When I finished that IPO day, it was a market cap of $1 billion USD, and today it is about $3.5 billion USD. It was a very successful IPO, and I was a key member of the project, which made me very happy. It has also made me financially secure.

What is a valuable lesson you have learned through your career?

If you look up “career” in the dictionary (I haven’t checked), but it would probably say “a job”—essential-ly, if you have a job, you have a career.

The lesson I have learned is about balancing life; it is very key. The way I look at career is that it’s only part of a bigger picture. I would see how to make myself suc-cessful or how to define success. I would define success as balancing my life. In balancing life, I need to define what the key areas are in my life. I believe every indi-vidual should have a minimum of three major priorities in their life. Number one is family—if you’re single, you have your siblings and parents; and if you’re mar-

“Think about it: if you make a lot of money, but you don’t have family or health, what’s so good about that?”


ried, you have your spouse and your kids. The second priority would be health, and the third priority I would consider is finance or money. Career is only a part of the finance area; I don’t put career as a very major item, but you have to have that. At different stages [in one’s life], your priorities would surround these three areas. Then I would ask myself, how can I balance myself in these areas? And then, of course, within these areas, at different stages you would try to set different objectives on what you want to achieve.

You need to make sure that your objectives are measur-able, making them tangible and achievable. As an ex-ample, for family priorities, I would say every year we will take a minimum of three family trips—it could be for one day or for one week, but at least three trips. It’s important to have measurable objectives; people feel good when they can tick off items on their list. In the end, if you can balance these, I would consider you as successful. This is how I look at career; it’s only part of the overall picture. This is what I shared with Harvard Business School too, and they found it very interesting.

Think about it: if you make a lot of money, but you don’t have family or health, what’s so good about that? If a person considers finance as their only priority, un-fortunately for them, I feel that they would encounter some challenges. I consider having balance is key.

What skills and qualities do you think are import-ant for one to have if he or she would like to work abroad?

Flexibility, be willing to learn, and interpersonal and communication skills—I think these are the key ones. Accounting and other specific technical knowledge are dependent on what area you are going into, but these are more general type of skills that are transferrable to working abroad.

Do you have any advice for aspiring DeGroote busi-ness professionals who are thinking of working

abroad in the future?

Think twice before making a decision.

It doesn’t matter what business school you are attend-ing; all business schools have one objective, which is to train future business leaders. In my opinion, a genuine business leader, or any leader in general, should have a couple key attributes. First is integrity—when people look at him/ her, they know that they can trust him/ her. Secondly, this business leader should have charm and confidence that, when they talk, they are able to demon-strate this confidence and have positive influence on others.

Generally, if people want to work overseas, try to figure out what you want to achieve before you move. If a per-son is not on an international transfer and goes abroad on their own, be prepared; it might be a one-way trip. It may be difficult to come back to their hometown and find a decent job. If you just want to give it a try, like me when I first started, that’s fine; set a time period to work abroad and then come back. The best way is to try to get an international transfer that will give you some experience and your return will be guaranteed. In my case, after 2 or 3 years, I decided to stay and changed it into a permanent placement in Asia. That’s better be-cause you actually get a feel for the experience there and then make a decision on whether to stay or not; you are still young and can start over again. I think that’s important to consider.

Thank you very much for sharing your insight with us. You seem to have gained a lot of knowledge and experience during your career.

No problem, I enjoy visiting the campus and talking to students. After 27 years in the real world, I’ve bumped into many people-related conflicts and have made many mistakes that I have learned from. As a result, I became a more mature person.

Go abroad with


Ten Thousand Mile Classroom

Rarely is there an occasion where you can contribute to a cause, and have a blast doing it. The Ten Thousand Mile Classroom, however, is exactly that. For a total of nine days, ten students who have signed on with the Ten Thousand Mile Classroom program will be selected to travel to Ecuador, as volunteers, to partici-pate in a skills development program. Although this program will generally take up the majority of the trip, volunteers will also have the chance to explore the Quito’s Historic Centre, a UNESCO World Heritage Site, take an unforgettable journey up into the Andes Mountains of the Chimborazo Province, and engage in lively festiv-ities with the community. In completing the journey, students will return with life-long skills in leadership, social entrepreneurship, and global development, attain experience in environmental and development issues, and receive a three-course credit.

Words | Taylor Browne

Exchange Program


BizX Exchange Program Beyond the confines of McMaster lies a world of educational opportunities, an international

realm of diverse cultures, languages, and customs that can enrich the educational experience. As students, and aspiring business professionals, being able to expose ourselves to these diversities have advantages beneficial to not only the way we think, but also the way we act on the interna-tional stage. But how do we go about exposing ourselves to these diversities? The answer is BizX.

The BizX exchange program is partnered with 45 schools across the globe to bring you, undergraduate commerce and MBA students, the opportunity to study abroad for one or two semesters at your selected school, while incoming students study here at McMaster. With over a 1000 students having already participated, and the vast number of positive feedback received, you can be assured that BizX is reliable by not only education standards, but also by the standards of ensuring an enjoyable experience.

If you are interested in the BizX exchange program, and meet the eligibility requirements provided below, visit the DeGroote website, navigate to the BizX exchange program, and apply online. With the mandatory application is required your resume, statement of interest, and as-sessment of language competence (if applicable). The deadline for the application process for the 2015/2016 exchange terms is Tuesday, January 20th, 2015 at 2:30pm.

Undergraduate Student• Undergraduate students in an Honours or com-

bined Honours program and graduate students of any discipline.

• Undergraduate students are expected to partici-pate in an exchange program during their third year of a four-year program or their fourth year of a five-year program. (Students must return to McMaster University to complete their final year.)

• Students who have completed at least 60 units of work with a cumulative average of at least 7.0 at the end of level 2. Individual programs may have specific additional requirements.

• Part-time students at McMaster ma participate; however, they must pursue studies during the ex-change on a full-time basis

• Students must have proficiency in the host coun-try’s language (where applicable)

Graduate Student• Students who have completed Year 1 with a min-

imum B average. Individual programs may have specific additional requirements.

• Be able to fit the courses and calendar dates into their academic programs, and into their co-op stream if applicable.

• Graduate students must consult their respective department and the School of Graduate Studies before submitting an application. Additional re-quirements for specific exchanges may apply.

• Students must have proficiency in the host coun-try’s language (where applicable).

Words | Taylor Browne

Program Eligibility


Wanderlu s t“A very strong and irresistible impulse or desire to travel the world.”

Words | Rebecca Snary


Wanderlu s t“A very strong and irresistible impulse or desire to travel the world.”


This past September, I began my exchange at EDHEC Business School, located on the French Riviera in Nice, France. To say it has been an incredible experience would be an understatement. Ex-change has transformed me in many more ways than I could have ever have imagined, and I am ex-tremely fortunate to be able to take part in this life changing ex-perience. To give you some insight about my exchange experience thus far, let your mind take a trip to France.

“As a child, I always dreamed about studying abroad. Paris was a goal, learning French was a must, and the Eiffel Tower was an obsession. Regretting the decision to not go throughout high school, I choose DeGroote knowing the opportunity to study abroad was available. I am a firm believer in the statement that the only regrets we have in life are the chances we don’t take, and a personal goal of mine has always been to study abroad. “

Envision the French Riviera, and its perfect turquoise pigment sitting to the right of you. Envision colourful aged buildings, with cast iron balconies, towering over you as you roam the streets of Europe. Envision the sunshine in your eyes and the wind in your hair on the rocky beaches of La Cote D’azur. Envision a group of international students laughing around you, as you explore a new school and gain a global education.

Now that you have an under-

standing of my experiences, I can officially welcome you to my life as an exchange student, where these visions have become my reality.

Exchange has allowed me to discover my potential, and push my comfort zone to its limits. Ex-change is scary in the sense that you are thrown into a completely new city, with a foreign language and have no idea where to go. I constantly find myself disorient-ed, unable to understand the lan-guage, or running to catch trains to school every day. (The struggle

is real. haha). Accounting as-signments are now completed at the airport, studying finance is done on trains, and showing up to school with luggage is the new norm. Although exchange has been incredible, by no means has it been easy.

School in France is very dif-ferent than Canada and regularly challenges me. My class times are always changing, the grading sys-tem is very strange, some of my exams are in November, and all

the classes are three hours long. In addition, courses are taught with a heightened global perspective as we learn about world economies, different currencies, and study cases much more. Adjusting to this new way of learning has been challenging to say the least, but has also provided the opportunity for growth and adaptation.

Aside from academics, a typical weekend of mine usual-ly consists of several train rides, many bus excursions, and usually a couple flights. Each day offers a new opportunity to see more

“Each day offers a new opportunity to see more of the world and explore foreign places.”

Exchange Program


of the world and explore foreign places. Although I have only been on exchange for two months now, I have already travelled to Paris, Rome, Venice, Monaco, Cannes, Bern, Geneva, Interlaken, Barcelo-na, Eze, and Antibes. Paragliding over the Swiss Alps, wandering the Roman Coliseum, taking a selfie with the Mona Lisa, and exploring the Venetian canals in a gondola are only some of my experiences so far. Travelling to other cities has been incredibly exciting, and has allowed me to gain independence as I explore breathtaking cities with new friends.

Meeting other international students is definitely one of the biggest advantages of exchange. I now have many friends from all over the world and have learnt so much about foreign cultures and diverse ways of life. They in-spire me as we all share the same passion for our studies and unite through our ambitions to trav-el the world. Together we learn, grow, experience, and more often

than not, get lost in some foreign city. Although it isn’t always ideal, the worst situations make the best stories and provide the greatest opportunity for growth.

Exchange offers a competi-

tive advantage in the international market by posing an abundance of global knowledge and connec-tions onto individuals. Studying abroad transforms the world into a classroom and teaches cultural customs with exceptional ease. In this sense, exchange has definite-ly changed my mindset and has shaped me into a more open indi-vidual. I have developed a greater appreciation for cultures, new cit-ies, and find myself eager to learn here.

Put simply, exchange was the best decision I have ever made. I can’t stress enough the importance of gaining a global perspective as a

“As a business student, I feel it is critical to con-stantly build ourselves stronger and consider the BizX program an amazing way to do so. “

future business leader and I have no doubt that exchange has shaped me into a better person than I was yesterday. The world has so much to offer, and I’ve quickly learnt the importance of discovering new

places and seizing the day.If there’s any advice I could

offer to prospective students, it wouldn’t be that you should go on exchange, but rather, that you HAVE to go on exchange as it will change your life forever.

Au revoir, ciao, auf wiederse-hen, and adiós,

Rebecca Snary


Dream DestinationAnna Pocrnick shares her story as an exchange student in England.

Exchange Program

>> Anna Pocrnick, Honours Commerce IV


England, as cliché as this will sound, was my dream destination. Not for a vacation though. No offence intended, but England’s cuisine and gloomy weather isn’t exactly a ‘TripAdvisor’ highlight. I’ve always been into English culture, mainly the music scene. As an avid fan of older bands like Led Zeppe-lin and The Clash , as well as some newer groups like Kasabian and Arctic Monkeys , I always felt like Eng-land was the place to be for the vibes I get from those musicians. I also made really good English friends in 2012 when they were studying abroad at McMaster. So, with the combination of an admiration for the country and multiple friends urging me to visit, my decision didn’t require much convincing.

I found myself on a plane to London, England in Sep-tember 2013. I can’t even express how pumped I was. It did take a while to truly fall in love with Leeds once I made my way up to the North of England to start the school year. I studied at the University of Leeds within their business school. I was able to take adver-tising courses and enjoy my free time until my 100% exams came around at the end of each semester. This leads me to my main point of studying abroad - if you can feasibly do it for a full year, do it. Once I got used to my new city, found a job, and started meet-ing locals, everything fell into place. I felt entirely and happily immersed in the English culture and it was a really cool feeling.

Probably the most important thing I learned in hind-sight would be that the expression, ‘the grass is always greener on the other side’, holds a lot of truth.I’m

pretty smitten with the UK currently and I’m high-ly considering moving back for as long a Youth Visa will allow me. However, when I was living in York-shire, I managed to find a way to play on a University ice hockey team, travel to London to watch Olympic hockey at Covent Garden’s Canada-themed ‘Maple Leaf Pub’, and get giddy over the fact that there was a bar in the city centre that sold bottles of ‘Moosehead’.

“It’s been 4 months since I’ve been back in Canada. I’d like to think my exchange story is a pretty prime example of making the most of an experience abroad. I got an internship, a boy-friend, a new wardrobe, and a passport full of border officer-approved memories. Let me elaborate.”


But as you can tell by the way I refer to Leeds, I really genuinely loved living there. The knowledge that you can thrive and survive in multiple environments is both exhilarating and empowering. In terms of my future in business, I’m 100% confident that I’ll be a better leader due to my experiences in Europe. Cul-tural intelligence increases tenfold, and your ability to understand and appreciate that everyone comes from a different background as well as your flexibility and adaptability in all situations becomes unparalleled.

Highlights (there are multiple):

1. I independently obtained a marketing intern-ship with a digital studio called ‘calls9’ (calls9.com). I ended up working the entire year there, gaining exposure to the English market and getting a pretty comprehensive glimpse into the lifestyle of English entrepreneurs (my bosses were two awesome guys who started a company together post-‘realizing law wasn’t for them’).

2. I applied to and was accepted as a delegate for Stockholm University’s International Business Stu-dent Week. I flew first to Copenhagen, Denmark for a day, and then continued on to Sweden for a week vis-iting companies including IKEA and learning about the Scandinavian business landscape with students from all over the globe. Pretty incredible.

3. I met people who I am craving to see again. Com-ing to the realization that no matter where you end up, you’ll be dearly missing multiple people evokes powerful emotions.

Studying abroad unleashes your inner Carl Fredrick-sen (the old man in Disney’s “Up”). You want to prove to yourself you can do something you’ve always wanted to, and then you come to the realization that you totally can. So you go do it. And you don’t regret it because you learn to stay young at heart by learn-ing new things and understanding that there’s more out there than you can possibly fathom. You begin to comprehend your tiny size on this planet, but simul-taneously just how much power you have through

connecting with people on other continents. I can’t really conclude this because I don’t want my own sto-ry to end so I’m just going to leave this open-ended. A one-page spread can only provide a taste of what’s to come from an international experience.

If you’re contemplating going on exchange and have any questions at all, you can email me ([email protected]). I will gladly tell you everything I can to help your decision be a ‘yes’ to studying abroad.

Words | Anna Pocrnick


Get Lost Words | Spencer Russell

I can distinctly remember sitting in the large Gilmour Hall lec-ture room, completely captivated by the experiences and pic-tures being shared by returning exchange students. Immedi-

ately following the presentation, I found myself on the phone with my parents while I was walking home, explaining to them what an amaz-ing opportunity I had available to me. Imagine being able to travel the world, gain international perspective and study in a different education system – while all the courses transfer right back to your degree at Mc-Master. Luckily you don’t need to imagine; the BizX program at McMas-ter allows you to do just that. It all seemed too good to be true; but it was all true, and it was just the beginning.

Exchange Program


As a third year Honours Bachelor of Commerce student at McMaster, I spent the fall semester studying abroad at the University of Warwick in Coventry, United Kingdom. I did not know it at the time, but this experience would change the landscape for the rest of my professional career. Going on exchange is fantastic for many obvious reasons, but I’d like to share with you the opportunities and advantages of doing a semester abroad that are not frequently shared. My exchange was a door opener for me. My exchange helped me in all aspects of developing myself professionally. Hav-ing international experience gave me a distinct advantage

in recruitment, interviewing, performance at work and bet-ter exit opportunities during graduate recruitment.

During the dreaded 3rd and 4th year graduate recruit-ment season, I like many other students, was quite nervous. I quickly found out how intrigued employers were about my international exchange. The stories and experiences I had proved to be great conversation during networking events. This was especially interesting when I would speak to employers who had international work experience. In many ways an academic exchange is similar to an interna-tional work term. In both cases you are dropped into a for-

only Canadian on campus. I need-ed to network, meet new friends and use the support systems in place to adjust to the different ed-ucation system. The education at

the University of Warwick is the best in the UK for Accounting and Finance. I found the curriculum to be much more application based, with real life experiences and pro-jects involving real businesses. This style of education was a great change from DeGroote and fur-ther helped prepare me for my in-ternship. Solid performance dur-ing my work term has allowed me

eign world and required to adapt in order to succeed. Sharing these experiences with employers at recruiting events and interviews allowed me to gain an advantage over other potential candidates. It allowed me to stand out in a homogeneous stack of resumes, which all contained the same de-gree and similar work experience. I was able to leverage my exchange experience to land a 12 month paid internship at a ‘Big Four’ ac-counting firm.

The fast paced nature of the professional services industry was not difficult to adjust to. I was able to adapt and perform almost im-mediately, something I can only attribute to the skills I learned by going on exchange. While first on exchange I found myself as the

“Two roads diverged in a wood, and I, I took the one less travelled by, and that has made all the difference. ” --Robert Frost

to sign a full time contract upon graduation.

The benefits of going on ex-change can be very obvious; you meet amazing people, experience

the cultures of the world, get to travel and live in a totally new country. The hidden benefits are the exit opportunities an exchange can open up for you. It is the most rewarding decision I have ever made in my life, and I can’t encour-age students enough to participate in this amazing program. It truly is the experience of a lifetime.


Embarking on an academ-ic exchange abroad is an exciting time and one that presents many opportunities to build on both your personal and professional skill set.

From a career perspective, doing an academic exchange, es-pecially in a country where the language and culture is very dif-ferent from Canada, is a great way for a candidate to set themselves apart. You have the advantage of standing out both on a resume and in an interview by highlight-ing these unique experiences.

So where do you start?Think about how you got in-

volved while on exchange – em-ployers want to hear about how you successfully accomplished tasks while in a new environment. What type of activities did you participate in both from a social and academic perspective? Did

you lead a tour group of fellow travelers? Did you organize a so-cial event or volunteer with a par-ticular student group? What about completing projects within a mul-ti-cultural environment and work-ing with colleagues from around the globe?

Keep in mind that you want to position your time abroad in a professional manner when meet-ing with prospective employers. Before going into an interview, reflect on the skills you obtained while on exchange. For example: adaptability – being able to work with others from a diverse back-ground and personality; com-munication skills – coping with language differences in your daily interactions; change management skills – adjusting to a new envi-ronment and managing cultural differences. One of the greatest advantages from having been ex-

posed to a different country, cul-ture and language is the reward of having developed both your personal and interpersonal skills.

Be prepared to answer the question “How was it?” or “What was your favourite experience?” By preparing for these questions in advance, you can be more ar-ticulate and leverage the ways the exchange experience makes you a better candidate for their posi-tion.

Finally, remember to be genuine when sharing your sto-ries. There is no need to exag-gerate your experiences, nor are employers expecting an over-ly captivating story for each an swer. While it is important to show the employer that you en-joyed your time abroad, the key is to link your experiences to the job in a way that the employer can understand and relate.

How Do You ‘Sell’ an Academic Exchange Experience?

Words | Michelle ReyesManager, Centre for Business Career Development

About Michelle ReyesAs part of the CBCD team, Michelle Reyes works with students to provide support in all aspects of their

career development. She also partners closely with employers to understand recruitment needs and facilitate CB-CD’s experiential learning programs.

Michelle is an avid fan of Broadway musicals and salsa dancing, and has been singing as part of a community choir for over 20 years.

Originally posted on January 16, 2013 on the CBCD website at: http://cbcd.degroote.mcmaster.ca/2013/01/16/how-do-you-sell-an-academic-exchange-experience/.

Exchange Program


Recent Graduates

Where Are They Now?Interview with Recent Graduates

Q1: What are the highlights of your DeGroote Experience?I always tell people the two smartest decisions I made in undergrad were to go on exchange and to do an internship. Through those ex-periences I learned so much academically, professionally and per-sonally. They were huge resume boosters and were also some of the most fun parts of my University experience.

Q2: Exchange location and partner University?BI Norwegian Business School in Oslo, Norway.

Q3: What was the highlight of your exchange experience?A really memorable moment for me happened about two months into my exchange. I was getting off the metro on my way home from a class and walking into the grocery store near my apartment when a realization hit me: I had picked up my Canadian life and moved to another country, and I was actually doing okay! In fact, I was thriving and I was having so much fun. I’d made new friends, visited countless new places, and tried all sorts of unfamiliar things. When I left Canada for Norway, I didn’t know if it would be possible, but in a short amount of time, I had adjusted and I had made myself a whole new, amazing life from scratch! It was such an average moment but it’s one that has really stayed with me and has given me so much confidence in my ability to adapt to new environments.

Q4: How did exchange impact you as a student and as a future business leader?Things I learned while on exchange, inside and outside of the class-room, changed the way I think about the world!

Olivia Stille 1

“Keep a positive attitude but push yourself. Put

yourself out of your com-fort zone. You will grow

and you will be surprised of what you can achieve.”

• Pricing Strategy, Bell Residential Services• Honours Bachelor of Commerce, 2012• BI Norwegian Business School, 2009


At the University I attended in Oslo, there was a huge selection of elective courses I could take advantage of. I ended up taking a Public Relations course and a Scandinavian Management course. Neither of these courses were offered at McMaster so I learned topics on exchange I would never have been exposed to back home! Because I was at a business-only University there was a differ-ent culture among the students that gave me an early taste of profes-sional life. Lots of students wore suits or business casual attire to class...definitely different from the sweatpants most McMaster undergraduate students are used to! Another difference in the University atmosphere was due to Norwegian culture, which is more socialist than ours. Nor-wegians are all about equality! I noticed that there was no hierarchy in the student-professor interactions and how helpful it was to students’ learning. I now try to demonstrate similar attributes in my work-life. Not only did I get to learn about Norwegian culture while on ex-change, but I also learned about countless other cultures from the huge number of exchange students I met and traveled with. Having an inter-national network has been hugely advantageous, whether I’m looking for career opportunities or friends to visit! Lastly and maybe most importantly, from my exchange expe-rience, I’ve become more comfortable with change and with new sit-uations which has been very advantageous since change is constant in business!

Q5: What is your advice to current and incoming DeGroote students?Seize as many opportunities as you can! You get so many chances in University to try all sorts of cool stuff: you can join clubs, run clubs, do case competitions, try new sport, etc. The list could go on for days! Remember to keep a positive attitude but continue to push yourself. Put yourself out of your comfort zone. You will grow and you will be sur-prised of what you can achieve!


Recent Graduates

• Account Executive, Maple Diversity Communications• Honours Bachelor of Commerce, 2013• Euromed Management, 2012

Christopher Rosario

Looking a few seasons back into my academic journey at DeG-roote, my fondest memory was in Europe. I participated in the BizX exchange program to study abroad at Euromed Management in Mar-seille, France. Courses included: cosmetic marketing, luxury mar-keting, fashion branding and retail marketing, social media tribes and strategy, international business and level 2 beginner French. Cit-

ies visited included: Stockholm, Zürich, Vienna, Milan, Brussels, Prague and Barcelona.

Through the program, I grasped the importance of cultur-al exploration. Various complex situations tested my true ability of adapting to a new environment. I had to transition from my life in Hamilton to la vie en Marseille for almost half a year. I learned that I am more adept to risktaking and resolving conflict. I developed an enterprising spirit to go beyond my comfort zone. With my grow-ing appreciation for cultural dif-

“Various complex situations tested my true ability of adapting to a new environment.”

ferences, I realize that culture is an ingrained part of our social world. By spending six months overseas, I learned so much about myself. I am blessed to have engaged with so many phenomenal cultural ex-periences as part of my university degree.

The majority of DeGroote alumni will tell you to join comit-tees, conferences, and competi-tions. This adds to your compet-

itive advantage upon graduation amongst your peers. There is no doubt that you will experience a rush from your accomplishments with a hunger for more. And most times, you will experience blood, sweat and tears. You will realize that the struggles during your university career are all worth it when you look back from a differ-ent phase in your life. Try to make the best memories to carry for-ward beyond your quarterlife cri-ses (should you have one). Always remember to live your moments with true passion.

2


“You will realize that the struggles dur-ing your university career are all worth it when you look back from a different phase in your life...Always remember to live your moments with true passion.”

DeGroote is a place for personal growth and pro-fessional development. Take advantage of the resources available to you at DeGroote. Acknowledge the pletho-ra of extracurricular and academic opportunities like the BizX program. As students, you need to be active partici-pants in your academic journey.

Being involved in the DeGroote Marketing Associa-tion, Canada’s Next Top Ad Exec, and BizX are the epito-me of my DeGroote experience. I am now an Account Ex-ecutive at Maple Diversity Communications, striving to highlight the importance of multicultural marketing and advertising to ethnic communities in Canada. Looking forward, I always find time to reflect on my experience and experiential learning at DeGroote for its contribution to my aspirations in life. Everything was worth it.

>>Christopher Rosario

FEATURED FACULTY

UP CLOSE WITH PROFESSOR COSSAINTERVIEW BY TARA KHUDAIRI

Professor Rita Cossa currently teaches Business Environment & Organization to both Commerce and non-Commerce students, as well as Business Policy & Strategic Management, a capstone case-base course. Professor Cossa has also taught introduction to marketing courses in the Bachelor of Commerce, the Master of Business Administration (MBA), and the Master of Communications Management (MCM) programs. Recognition for her teaching is highlighted through multiple nominations for a McMaster Student Union Teaching Award, a nomination to TVO’s Best Lecturer Competition, and notations in the Ma-clean’s Guide to Canadian Universities as a Popular Professor for Marketing. In addition, she has co-authored five editions of Understanding Canadian Busi-ness, a best-selling introduction to business textbook. Prior to her teaching ca-reer, Professor Cossa held management-level positions in the financial services industry. The Quarterly Profit team had the privilege to get a one-on-one interview with Professor Cossa as she reflected on her life and career.


Looking back to your undergraduate years at Wil-frid Laurier University, what drew you to pursuing a degree in Business Administration?

Business administration struck me as a career that would provide many job and growth opportunities. While ‘return on investment’ was not a term that came to mind while I was considering university programs, I was aware that graduating with this degree would al-low me to quickly start building a career. I was also appreciative of the flexibility inherent in holding a busi-ness degree. This was from the perspectives of job role choices, industry and company applicability, and geo-graphic flexibility. While I did not intend to immigrate to another country, as had been the case for my parents, I did want to keep my options open as to where I would work. Wilfrid Laurier University was an ideal choice

due to the reputation of the program, the small cam-pus size, and the city’s proximity to a train service that would take me home when required.

What contributed to your decision to attend Mc-Master University for your graduate studies? What was the highlight of your experience as an MBA stu-dent in the DeGroote School of Business (DSB)?

My decision to attend the DSB was based on two fac-tors: the program’s reputation and its geographic loca-

tion. Working in Hamilton, I was aware of the reputation and esteem attached to holding a McMaster University degree. Enrollment in our MBA program would allow me the flexibility to attend part time while I continued to work. It was a relief to leave my weekly night classes with the knowledge that I had a short commute.

The highlight of my student experience was meeting my classmates. Given that most of my peers were part-time students in professional roles, they were able to bring their work experiences into our class discussions. These discussions certainly added a layer of interest when connected to course theory. Working with class-mates that held a variety of jobs resulted in networking opportunities while we shared the common experience of balancing work challenges and personal responsibil-ities. To this day, I value the friends that I made while in the program.

What drew you specifically to teach at the DeGroote School of Business fifteen years ago?

This certainly comes under the category of timing. Upon completing my studies, I explored new job op-portunities. When evaluating two job offers, I sought the counsel of one of my former instructors, Professor Terry Seawright. He suggested that I explore a third option, which was a teaching opportunity at the DSB. As his former teaching assistant, he had recalled a con-versation where I shared that teaching appeared to be a challenging yet rewarding career. He encouraged me to apply to teach the Introduction to Marketing course. As the saying goes, the rest is history. Working with en-gaged students and dedicated faculty and staff, I remain convinced that this was the right decision.

In recognition of your service to the McMaster Uni-versity community, you were honoured as McMaster University’s Volunteer of the Month (August 2012). Could you please tell us more about your contribu-tions to various faculty and University committees?

“Ask questions, be flexible,

embrace opportunities for growth, and be enthusiastic. These are all qualities that will ensure a stronger and more positive overall experience.”


My service contributions are varied. The common link in these committees is that they are student centred. Within the DSB, I serve in two capacities: the first is on the Undergraduate Recruitment, Admissions, and Student Affairs Committee, and secondly, as a Board advisor for AIESEC.

There are three primary functions of the Undergrad-uate Recruitment, Admissions, and Student Affairs Committee. To begin, members assess and make rec-ommendations to the Faculty on matters of undergrad-uate admissions policy, as well as adjudicate admission matters. We also plan, for approval of the Faculty, all recruitment activities and events within the Faculty, and at an institutional level. Third, at the end of an ac-ademic session, the grades of all students registered in undergraduate programs in the Faculty of Business are reviewed and recommendations are then made to the Faculty. With the advice of Mr. Greg Rombough, Man-ager of the Academic Programs Office, and his staff, the Committee works to make the best recommendations.AIESEC is the world’s largest student-run, non-profit organization that focuses on creating global leaders by sending its students overseas on volunteer and intern-ship opportunities. I am the faculty representative on the Advisory Board for the AIESEC McMaster chapter (www.aiesec.ca/mcmaster). As advisors, we provide suggestions on how the executive team can continue to build its membership and exchange program partic-ipation. A current initiative is targeted to upper-year students who may be interested in paid teaching intern-ships in China, Indonesia, and Colombia. I remain im-pressed with the dedication and effort of these student executives as they pursue their full-time studies while also developing their leadership skills within the man-date of AIESEC.

In addition to my faculty service, I participate on three University committees. They are the University Library Advisory Council (ULAC), the Faculty Accessibility Consulting Board, and the Take Our Kids to Work Day

Committee.

As a member of ULAC, my Council members and I hold the roles of advisors, ambassadors, and advocates. As advisors, we are tasked with developing an individ-ual and collective awareness of various trends impact-ing higher education. We then consider these trends as

they apply to McMaster University. We are encouraged to bring views and perceptions of the Library from our own faculties and from the campus at large to both the Council and the University Librarian, Ms. Vivian Lewis. As ambassadors, we serve as the initial points of contact for concerns related to the strategic direction and/or programs of the Library. We are encouraged to actively participate in Library events so we are aware of the Library’s development. When required, we then communicate Library developments to our Faculty. Lastly, as advocates, we work to ensure that the campus community is aware of the Library’s continued contri-butions to the University’s success.

The Faculty Accessibility Consulting Board consults with Student Accessibility Services (SAS) on matters related to SAS, the academic accommodation process, and all of its related issues. The work and commitment of Mr. Tim Nolan, Director, and his team is noteworthy as they actively provide necessary supports for students with disabilities.

“Commerce students are en-

couraged to develop their skills in four areas: academic learn-

ing, experiential activities, community engagement, and

professional development.”


The Take Our Kids to Work Day Committee supports the national program that targets Grade 9 students. This program illustrates the importance of education, skills development, and training while giving students the op-portunity to experience the world of work and the vari-ety of career opportunities that await them. Committee members work all year to organize a morning full of activities that include faculty booths, team-building ex-ercises, a campus tour, a career session, and participa-tion in a faculty-sponsored breakout session. By inter-acting with campus faculties and service providers, we have an opportunity to highlight some of the Universi-ty’s programming strengths. While the students are in Grade 9, it is never too early to talk about the benefits of attending McMaster University!

Looking back, what would you say has been the big-gest challenge as a professor and how were you able overcome it?

From a career perspective, one challenge has been adapting to the political changes as they relate to career advancement. I was first hired as a sessional instructor. This then led to over ten years of multi-year contracts. Currently, I am a Teaching Professor and I am working toward permanence. Over the years there has certain-ly been an element of uncertainty surrounding contract renewals. I don’t think that one necessarily overcomes this challenge. Rather, one learns to accept it and adapt to it while contributing to the student experience. In re-ality, there are few roles where one is guaranteed a job for life so I expect that this level of uncertainty is the case with most jobs.

From the beginning, my primary objective has been to teach effectively. As part of this, I explore new teaching approaches and how they can be incorporated into the classroom. Some days are exciting, other days are chal-lenging. All in all, no two days are alike. I would not have it any other way.

You have co-authored five editions of Understand-ing Canadian Business, a textbook targeted to the university and college market in Canada. You have worked with individuals of different academic and geographical backgrounds. What has been the high-light of working with such a diverse group of peo-ple?

The textbook is based on the American best-selling introduction to business textbook. Over the years, I have been fortunate to interact with three Canadian co-authors. On my first edition, I met and worked with Professor Paul D. Berman, the creator of this Canadi-an-based textbook. His many accomplishments includ-ed being the founder of a firm of chartered accoun-tants, an instructor at John Abbott College and McGill University, and the author of a book on small business and entrepreneurship. On the last two editions, I have worked with Professor Bob Sproule, a faculty member in the School of Accountancy and Finance at the Uni-versity of Waterloo. His interests extend to teaching and learning and he has received two international teaching awards recognizing his innovation in teaching. Recent-ly, work has begun on the 9th edition of this textbook. Dr. Julie Stevens, a faculty member in the Department of Sports Management at Brock University, will be re-placing Professor Sproule as he prepares for retirement. Like my co-authors before her, she is engaged with her students and is looking forward to contributing to the textbook.

What I value most is working with professionals that have different perspectives and teaching experiences. We usually connect in an initial author meeting. After this, we run ideas by each other via emails and phone calls as we work toward producing a textbook that is market ready. This is all with the support of a team of experienced McGraw-Hill Ryerson professionals that are also dedicated to producing the best book in this market.

“Work hard, be committed, adapt to change, be ready to change direction if you are not being challenged, and don’t forget to have fun.”


With your numerous accomplishments as a business leader, author and professor, is there a particular accomplishment, work, or recognition that you are most proud of?

Certainly any validation, whether it be an award nom-ination or a head nodding in class, is appreciated. I get great satisfaction when students find value in what they are learning. Teaching can be a tricky business as some-times I wonder if the content is understandable and if it resonates with the students. I am most proud when I see students developing as future business leaders. This can be in the area of skills development (e.g., research and communication), their passion for the study of busi-ness, and/or their active participation on campus clubs. This could certainly not happen without the support of teaching assistants, faculty, and staff members both in the DSB and across both campuses.

As a professor in the undergraduate program at the DeGroote School of Business, what do you hope to see happen with the school in the near future?

I hope that the DSB will continue to work collective-ly to support our stakeholders. This includes students (both present and past), faculty, staff, employers, the campus community, and the community at large. We are in a phase of transition as Dean Waverman contin-ues his efforts to facilitate the completion of a Faculty strategic plan. Under this direction, I expect that the DSB will continue to grow and prosper.

Many first years come into university feeling like a guppy swimming in a sea of sharks. What piece of advice would you give them particularly to help them get more accustomed to all the changes that they may be facing?

I encourage first-year students to take the time to be re-ceptive to the information that is communicated about our program (e.g., through the Academic Programs

Office staff, and the Undergraduate Bulletin), courses (e.g., as communicated in Course Outlines and discus-sions with instructors and teaching assistants), avail-able campus services (e.g., Centre for Business and Career Development, and the Student Success Centre), and campus clubs (e.g., the DeGroote Commerce Soci-ety). By being informed, students can then better adapt to different situations.

Commerce students are encouraged to develop their skills in four areas: academic learning, experiential ac-tivities, community engagement, and professional de-velopment. Each area has its own combination of re-sources available. Ask questions, be flexible, embrace opportunities for growth, get involved, and be enthusi-astic. These are all qualities that will ensure a stronger and more positive overall experience. Incorporating these experiences into one’s Learning Portfolio will en-courage self-reflection as well as capture examples that apply to each of these areas. Upon graduation, students can then point to these milestones and fully appreciate their accomplishments.

And as for our fourth and fifth years that are about to graduate and enter the ‘real world’?

For our graduating students, I wish them every suc-cess in their future endeavours. Realize that sometimes there is no perfect job but rather, a job that is perfect at that point in time. Advice for these future graduates is to continue developing along the areas noted earlier. Employers seek bright, flexible, and engaged employ-ees. Aspire to be more than a satisfactory employee as not only should you demand more of yourself, but also a competitive business environment will demand it of you. Work hard, be committed, adapt to change, be ready to change direction if you are not being chal-lenged, and don’t forget to have fun.


What’s Happening with the Price of Oil?

FACULTY EDITORIAL

WORDS BY PROFESSOR LINDA STOCKTON

I was asked by the Quarterly Profit to write a short ar-ticle about an international event that may be affecting business around the world. I considered a few issues like the Umbrella Campaign in Hong Kong and the in-vasion of Russia in the Ukraine but decided that the price of oil has a more widespread impact on business. I used the popular press as a source reading articles from The Globe and Mail, the Toronto Star, The Wall Street Journal, Reuters, and The New York Times. Following is a synthesis of what I learned.

The price of a barrel of oil has fallen sharply this year. It was about $116 per barrel in June of this year and is now $84. That’s a whopping 27%. In June, I thought that the price of a barrel of oil would increase because of threatened sanctions put on Russia by the U.S. and E.U. as a result of its invasion of the Ukraine and in re-sponse to the turmoil in Iraq. Russia is the third largest producer of oil after Saudi Arabia and the US.

This didn’t happen. The price is at a five year low. It’s a matter of supply and demand. What we have right now is similar to what happened in the 80’sand 90’s when conservation measures were successful in reducing de-mand and hence the price of oil declined substantially to about $13 per barrel by 1998.

Supply is increasing partly because of the shale depos-its discovered in the U.S. in Texas and North Dakota. The supply from this new source is about one million barrels per day which has drastically reduced the Amer-

icans’ dependence on OPEC oil. Imports from OPEC have fallen 50% creating a surplus of oil there. In Can-ada, the Alberta oil sands have been the largest contrib-utor to increased oil production and the break even for a well-established, steam-driven project is about $65.

Libya is also adding to the glut of oil by increasing pro-duction by 500,000 barrels per day and OPEC countries have increased production by another 400,000 barrels per day. Some analysts predict that when OPEC meets in November, Saudi Arabia will call for a reduction in quotas for 2015.

Experts say that we consume about 90 million barrels per day but are producing about one million barrels more than that.

At the same time, growth in demand is decreasing by an estimated 22%. We are seeing more hybrid vehicles, commercial vehicles running on propane and electric vehicles to name a few reasons. Furthermore, the larg-est market for oil in the world is China and it is seeing a slowdown in economic growth so its need for oil is lessening by about 290,000 barrels per day which is about 60%.

Japan has decreased demand for oil by switching to gas and coal. Restarting the nuclear power plants next year will further reduce their demand for petroleum prod-ucts.


As a result, Saudi Arabia is effectively starting a price war with oil because it needs revenues from oil to sus-tain government budgets rather than reducing the quo-tas. This has forced the OPEC nations to compete with each other for market share in Asia hence having to cut prices.

Saudi Arabia has been using lower prices to maintain market share with Asia in the midst of a spending spree to improve living conditions and diversify their econ-omy.

Lower prices mean less profitability for oil drillers in the U.S. so many plan to keep production flat for the next year to hopefully keep oil prices from falling fur-ther. It appears that even with keeping production flat, output will take a long time to slow down substantially.Drillers often have long term contracts for rig equip-ment and suffer large penalties if they cancel the con-tracts early, so existing producing wells will not be stopped. Analysts estimate that the boom in drilling oil in North Dakota and Texas is not affected as long as

U.S. Energy AdministrationCosts for Producing Crude Oil and Natural Gas, 2007-2009

2009 Dollars per Barrel of Oil Equivalent

United States- Average

All Other Countries- Average

On-shoreOff-shore

CanadaAfricaMiddle EastCentral & South America

Lifting Costs Finding Costs Total Upstream Costs

$12.73$10.09

$12.18

$9.95

$12.69$10.31$9.89$6.21

$21.58

$18.65$41.51

$15.13

$12.07$35.01$6.99$20.43

$33.76

$31.38$51.60

$25.08

$24.76$45.32$16.88$26.64


the price stays over $60 per barrel, the estimated break even.

Saudi Arabia seems to be accepting of allowing oil prices to fall over the next couple of years to encourage American oil drilling companies to reduce output. Falling prices have led to a reduction of share prices for oil drilling companies. Companies like British Pe-troleum have fallen 10.8% over the past month. Exxon Mobile is down 14.6% and Royal Dutch Shell is off by 21.7% over the same period. Maybe it’s time to buy oil stocks!

So you can see that even at $80 a barrel, oil extraction is still profitable.

Declines in oil prices are straining the budgets of ma-jor petroleum exporting countries raising a specter of spending cuts in Russia where the economy is under pressure from Western sanctions and potentially posing a major security threat for Iraq which is struggling to finance its fight against ISIS.

Russia’s economy is sensitive to oil prices and its bud-get depends on the price staying at or above $100. For every dollar the price falls, the Russian budget loses about $2 billion according to the head of the Russian Finance Ministry. Revenue from oil exports is used to fuel Putin`s militaristic ambitions along its borders. The fall in the price of oil has not blunted his ambitions so far.

Russia, in particular Vladimir Putin, once said the sanc-tions meted out on Russia due to its behaviour over the Ukraine were nothing more than a minor annoyance. His bravado seems to be waning, talking spending cuts to social and other programs typically funded by the government.

In mid-September, the U.S. and E.U. announced their latest in a series of sanctions against Russia prohibit-ing U.S. and E.U. companies from providing goods and services to Russian deep-water, Arctic and shale proj-ects. The I.E.A. predicts that this will have limited im-pact on Russian production of oil in the short term.

Another Russian spokesman for the state controlled oil company, Rosnet, accused Saudi Arabia of colluding with the U.S. on oil prices.

The Russian Central Bank believes price of oil will re-bound to about $100 per barrel over the next three years and has enough in reserves to weather that storm.

According to the U.S. Energy Information Administra-tion, Russia derives half of its federal budget from oil extraction revenue.

Falling crude prices have served as a form of stimulus for the Canadian consumers since they have to spend less of their income on gasoline and hence may prop up the retail industry in the coming months. The same can be said for American consumers. Lower oil prices have

“Canada’s economic fortunes are largely dependent on our neighbours to the south. Things are looking up for them and that bodes well for us.”


been accompanied by the Canadian dollar depreciating against the USD. This makes our exports cheaper for Americans, the largest consumer of our goods. It`s like a giant ‘sale’ and may stimulate non-commodity seg-ments in Canada which will translate into more jobs in central Canada.

On the other hand, in the oil producing provinces of Canada, the fall in the price of oil is not so positive if the price remains low or falls further for a prolonged period of time. Approximately a quarter of all new oil projects in Canada can break even at $80 per barrel. A prolonged price decline will stall new investment and may also mean cost reductions on current projects.

Canada’s economic fortunes are largely dependent on our neighbours to the south. Things are looking up for them and that bodes well for us.

Estimates are that for every $.10 drop in the price of gasoline annual savings per household is about $120 in the States.

Some energy experts say that long-term investment planning could be affected if the price stays low. Large companies do their planning years in advance but small to medium sized companies are more sensitive to price swings.

Other experts say that production in the US has become very efficient and profitable as long as the price stays

above $60 or $70 per barrel and hence there will not be a decline in production.

Countries like Russia, Venezuela and Iran who have sought to see less American control may have to mod-erate their behaviour as they come under growing fi-nancial pressure.

Venezuela has called for an early meeting of OPEC to discuss the price but other members prefer to wait until their regular meeting in late November. According to the Wall Street Journal, Saudi Arabia, Kuwait and the U.A.E. will oppose any move to reduce production in OPEC countries to put upward pressure on the price of a barrel of oil.

Some analysts say that OPEC may cut production next month to try to stabilize oil prices. Others suggest that Saudi Arabia may allow even lower prices to persist to put pressure on its rivals like Iran and Russia, as well on oil producers in the U.S. which have higher oil pro-duction costs making it harder for them to compete when prices fall.

As you can see, there is a lot of somewhat contradictory information out there. But what will happen to the price of a barrel of oil? It’s anybody’s best guess!


Tax Watchdogs

OverviewThe issue of corporate taxes

has been an emerging problem in the world of international busi-ness, with major multinational corporations like Apple, Google, Starbucks and Amazon coming under fire for orchestrating prac-tices that allow them to reduce their taxes paid. And in a society where many believe that taxes are critical to maintaining econom-ic development, the Organiza-tion of Economic Co-operation and Development (OECD) have stepped in with a proposal to crack down on tax havens.

The Issue Corporations have long been

using complex, yet legal, means to avoid paying corporate taxes, along with a number of wealthy individuals who have taken ad-vantage of bank secrecy and off-shore jurisdictions to move their money to more favorable tax re-gions. Offshore accounts are pop-ular in favorable tax havens like the Bahamas, Bermuda and the Cayman Islands because of their lack of general corporate tax rates.

Notable CasesStarbucks Corp. vol-

untarily paid over $17 million in taxes after numerous protests and boycotts by the British people over their practices in utilizing Swiss fi-nancial instruments to avoid pay-

ing corporate taxes in the UK. Google, another enormous

corporation, was successful in moving over $8 billion in untaxed profits from Europe and Asia through their subsidiaries in Ber-muda, where the tax rate is zero.

UK telecom provider Voda-fone generated a whooping $500 million in profits last year. How-ever, an unusual Luxembourg tax rule allowed Vodafone to pay no taxes on the profits.

All these companies have been using practices to avoid pay-ing or minimizing corporate tax-es with reports suggesting that overall, U.S companies have been holding almost $2 trillion in prof-its offshore to avoid corporate taxes, which in the United States

“With the help of bank secrecy and offshore jurisdictions，some businesses are able to move their money to more favorable tax regions to avoid paying corporate taxes.”

“However, a proposal of OECD has been sent to the G20 preventing busi-ness to avoid paying little or no taxes by setting up offshore subsidaries to fun-nel their profits taxfree.”

On The hunt Words | Imran Dhalla


ranges from between 15% to 35%. In a recent event, the $12.5 billion takeover of

Tim Hortons by Miami-based BURGER KING, has sparked debates as to whether corporate tax mini-mization is one of the major reasons for the acqui-sition. In a recent study, KPMG rated Canada as the most favorable tax environment for businesses in the developed world. Not only does Canada have a low nominal corporate tax rate, it also allows foreign profits to be brought back home tax-free.

These corporate acquisitions do have their share of pros and cons, as consumers, we do want to know what is going to change, and how that will impact our consumer experience as a country. The inflow of for-eign investment does benefit the general economy, an increase in capital leads to a higher output, lead-ing to higher demand for labour offsetting the supply of labour and reducing unemployment.

What’s Next?Recently the Organization of Economic Coop-

eration and Development (OECD) sent in a proposal to the G20 to plug in the loopholes that allow these businesses to avoid paying little or no taxes by setting up offshore subsidiaries to funnel their profits tax-free.

With a possible implementation of the new Standard for Automatic Exchange of Financial Ac-count Information in Tax Matters, countries who commit to the implementation of the standard, cur-rently at a headcount of 51 countries will automat-ically exchange financial information annually with an emphasis to support less developed countries to benefit from this transparency initiative. This means countries with more favorable tax treaties would have to share information with countries where their operations of these businesses are initiated making it hard for large companies to avoid paying all their taxes.

“Today’s launch moves us closer to a world in which tax cheats have nowhere left to hide.” said by OECD Secretary-General Angel Gurria.

With these initiatives in place, it does raise questions on what this could mean for Canada, as

well as the rest of the world. Going back to the classic “Big Pharma” debate, where their patent play gives them an incentive to continue working and investing in R&D on drugs that could benefit the rest of the world, or at least those who can afford them. And of course, when companies move their base from the United States to Canada (i.e., Burger King – Tim Hortons), it would likely benefit the country in terms of jobs, greater output etc. However, does the pros-pect of this new Standard in implementation risk de-motivating companies to drop their standards, raise commodity prices or stop production and move their focus to other projects that are likely to benefit them? Only time will tell what these standards will lead to.

“The G20 mandated the OECD to work with G20 and OECD countries and stakeholders toward the devel-opment of an ambitious information exchange model that would help governments fight tax fraud and tax evasion.”

—OECD Secretary-General Angel Gurria.


The Alibaba Hype Words // Allan Tai Cheong Chan and Gurkirat Vasir


Who hasn’t heard of the name Alibaba? Many people know the tale of “Alibaba and the Forty Thieves”. However, recently this folk tale has much been overshadowed by the IPO of the Ali-baba Group Holdings on September 19th, 2014 at the New York Stock Exchange. It has indeed beena historical event, hailed as the largest IPO in the world by Reuters. Debuting at $68 per share, with a market capitalization of $224.93 Billion USD, this near quarter of a trillion dol-

lar giant is indeed impressive. With social media trending wildly with the current generations, ini-tial public offerings followed. It seemed that ev-ery internet giant wants to generate capital for growth; but what kind of growth? Many compa-nies that are considered a ‘sexy buy’ have a high Price to Book ratio. This means that their share price is much greater than their assets owned.


Jack Ma, Alibaba’s co-founder, celebrated the ringing of the bell from the floor of the New York Stock Exchange (deal-book.nytimes.com).

As of October 2014, Alibaba holdings now have a P/B of 24.05, which is significantly higher than the industry P/B average of 8.38.

The common argument for these types of companies would be growth potential. Alibaba boasted how they captured 80% of the e-com-merce market of China and that the Chinese market has yet to be completely penetrated. However, this potential for growth may be a dangerous assumption as the technological en-vironment is very dynamic and consumer de-mands change rapidly. It is a very concerning fact, considering how web platforms such as MSN Messenger and MySpace have once been hailed as social media giants yet now are ob-solete. Beyond the risk aspect of Alibaba, the fact that it is a foreign asset in China makes it not a favourable investment. One of the ma-jor concerns would be the fact that people who

purchase Alibaba stock do not actually own any portion of it. Chinese regulations on asset owner-ship forbid the sale of internet companies due to the sensitive nature of these types of assets. The Al-ibaba Holdings share that is being sold on the NYSE (New York Stock Exchange) is called a VIE (Vari-able Interest Entity). This VIE is a separate com-pany that has a claim to a certain predetermined amount of profit that the actual Alibaba company makes. This allows the VIE to act as a vehicle for Alibaba to gain capital from foreign markets and bring It back to China while bypassing asst own-ership laws. However, this is at the expense of the risk that NYSE stock holders will now shoulder.

It is very concerning how shareholders will not actually have any control over how the company is being run, some controversialde-cisions that the company has made would be how Alibaba’s Board Chairman, Jack Ma,


“. . .Jack Ma, bought a Chinese Soccer team for $192 million USD for a 50% stake after discussing the deal one night over drinks.”

bought a Chinese Soccer team for $192 Million USD for a 50% stake after discussing the deal in one night over drinks. Although this can be considered a strategic deal, actions that are taken on behalf of the company are not be-ing decided, or voted on by the shareholders. .

The 2011 spin-off of Alipay, which was the PayPal equivalent service offered by Alibaba, is another controversy that makes buying non equity owning VIE stocks a risk. In this trans-action, Jack Ma transferred the successful Ali-pay service from Alibaba to another company where he had significant ownership to bypass new government regulations on online pay-ment systems. Yahoo! Inc., which had a signifi-cant stake in Alibaba at the time and still own about 24% stake, was not even consulted about

It is unquestionable that Alibaba has been an out-standing success in China and that its’ track record thus far makes it a very attractive company to in-vest in. However, as an internet company, it can still fall susceptible to the risk of changing consumer demands; especially in a growing market like Chi-na. This coupled with the fact that buying a stake into Alibaba Holdings doesn’t allow you to have company ownership really means that each share bought from Alibaba in New York is in essencea token of trust to Jack Ma and his executive team.


ooperation among European countries dates back to the late 1940s when a war stricken continent realized it required collective eco-nomic and political stability to facilitate growth. The European Union (EU) traces it origins to six founders: Belgium, France, Germany, Italy, Luxembourg and the Netherlands, in 1951. Thereafter, economic develop-ment during the 1960s throughout Europe, the United Kingdom’s admittance into the EU in 1973, and the fall of the Berlin Wall in 1989 helped foster continuity and cohesion in Europe. On January 1999, the euro became the official currency of the Eurozone. Today, 18 of the EU’s 28 members use the Euro as their national curren-cy. The early 2000s were pivotal for the European Un-ion with the Union further expanding, however, most of Europe fell into an economic crisis by 2009. Today, the EU is fighting its way out of that “Eurozone crisis,” which officially began when ten central banks asked for a bailout amid deflationary pressures, staggering unemployment levels, weak growth, the low liquidity of European banks, and European countries’ large debt-to-GDP ratios.

Governments spend and collect money in an effort to influence the economy through their fiscal policies.

Europe arguably fell into their economic struggles be-cause they failed to implement a collective fiscal policy throughout all of Europe. Recognizing the severe diffi-culty in setting fiscal regulations across a diverse conti-nent, it is probable that with the exertion of rough fiscal requirements/standards the severity of the Eurozone crisis could have significantly curtailed. The housing bubble in 2002-2009 – where the Spanish government assigned non-recourse loans to homeowners - is an instructive example.. These non-recourse loans were backed by collateral so that the buyer of the loan was not personally liable for the asset if it did not default on that loan. Upon default, the lender had the right to the collateral (i.e., the house itself). This ended the hous-ing bubble in Spain and emptied Spanish houses, thus hindering economic growth and consumer spending, contributing significantly to Spain’s high current debt.

The previous example brings to light Europe’s easy credit conditions prior to 2009. Then, it seemed as though it was possible for virtually anyone to get a loan. Private companies and banks alike took little ac-count into how likely the borrower was to default on a particular loan. This fundamental problem also led to the U.S. economic crisis in 2008.

The Eurozone Crisis

CWords by Krish Puri


the high amount of debt in the private sector that the euro zone suffers from.

What is Europe going to do about it? The European Central Bank president Mario Draghi made a promise to expand the EU’s balance sheet by 1 trillion euros. The European Central bank recently bought $2.2 billion worth of French covered bonds in an effort to simulate the economy. Covered bonds are short-term loans (for 2-10 years) that are backed by cash flows stemming from public sector financing or mortgage payments. In short, covered bonds are a low risk method to stimulate the economy through a process called quantitative easing, or QE. The ECB has also launched a long term refinancing operation (TLTRO) program where it plans to provide financing to banks throughout Europe. The ECB just bought $106.9 bil-lion in four-year bonds, although some economists fear the ECB will have t resort to even more deficit spend-ing in order to truly foster economic growth.

smaller amounts of cash. People defaulted on loans as a consequence and countries such as Spain and Greece fell into severe debt. This in turn made it nearly impos-sible for these countries to refinance debt without in-tervention from the European Central Bank (ECB) and International Monetary Fund (IMF).

Why is the Eurozone Crisis Persistent?The relationship between deflation and unemployment explains Europe’s economic struggles. Deflation oc-curs when the prices of goods and services decrease, reducing profits as well return on investment, in turn contributing to a contracting economy. In September of this year, the euro zone suffered from immense defla-tionary pressures, which saw an inflation rate of 0.3% compared the United States’ rate of 1.5%. Deflation and unemployment have a causal relationship, which can be exemplified by Phillip’s curve that shows and inverse relationship between the unemployment and in-flation rates, i.e., decreased unemployment, correlates with inflation rates.Countries suffering from deflation find it very diffi-cult to deal with debt. The growth in the European Union’s debt-to-GDP ratio grew from 66% in 2007 to 93% in 2013. Greece and Portugal endured debt-to-GDP ratios of 175% and 124% in 2013, respective-ly. Furthermore, roughly 25% of firms in Portu-gal experienced debt five times their earnings in 2013, starkly illustrating

“Although a bit lower than what our European economists had ex-pected, [the ECB] continues to stress the importance of today’s re-sult together with the operation in December. This is because these first two operations should be seen largely as a means for banks to roll over their existing LTRO funding. To this end, we expect euro area banks will draw a cumulative €250–300 billion over the first two TLTROs.” - Keng Goh, RBC Strategist

As a result, counties such as Por-tugal, Ireland, Italy, Greece, and Spain (PIIGS), continued to amass significant debt, inducing a subse-quent credit freeze. A credit freeze occurs when banks and institutions stop lending money to investors. In short, companies that relied on loans for daily operations began to shut down or go bankrupt one by one. Consumers had to become more frugal since they had access to


When it comes to developing brand presence on a global scale....

..careful analysis is needed to prepare the brand for launch in a new market. Important aspects to consider in particular to the local market include the target consumers, the context in which the product will be used, cultural practices and informal social norms. In-depth research and test markets can save companies the negative impact on brand reputation, not to mention time and thousands of dollars of investment spent, that result from market-ing campaigns which prove to be nothing more than an inside joke — one that local consumers, not so much the

companies, will be in on.

Some of the well-known multinational companies we know and love today did not always start off on the right foot. Check out ten international marketing blunders that these companies probably do not want to relive.

When Gerber’s, a Nestlé-owned purveyor of baby food, first started selling in Africa, they used the same packaging as in the USA with the cute baby on the label. Later they discovered that African companies routinely label packages with pictures of what was inside the package, since many people cannot read.

Kellogg’s had to rename its Bran Buds cereal in Sweden when it discovered that the name roughly translated to “burned farmer.”

Being new to the Chinese market in the past, Coca-Cola intended to name their product something that, when pronounced, would sound like “Coca-Co-la.” However, the characters that were used meant, “bite the wax tadpole.” After learning this, the name was changed to a set of characters meaning

“Happiness in the mouth.”

In the 1970s, American Motors tried to market its new car, the Matador, based on the image of courage and strength. However, in Puerto Rico the name means, “killer,” and was not popular on the hazardous roads in the country.

In Italy, a campaign for Schweppes Tonic Water mistakenly translated the name into, “Schweppes Toilet Water.”

Lost in Translation: TEN


Lost in Translation:In the late 1980s, KFC first opened in Beijing, China and accidently trans-lated its slogan “Finger-lickin’ good” to the less appetizing “Eat your fingers off”. KFC seemed to have bounced back pretty well as it has been the number one quick-service restaurant in China, with more than 4,400

restaurants in over 850 cities.

When PepsiCo advertised Pepsi in Taiwan with the slogan “Come Alive with Pep-si”, they didn’t realize that it would be translated into “Pepsi brings your ancestors

back from the dead”.

Another blunder that shouldn’t be brought back to life: When Ford launched an advertising campaign in Belgium, the tagline that executives thought would mean, “Every car has a high quality body,” instead turned

out to read, “Every car has a high quality corpse.”

There are several examples of companies getting tangled up with bad translations of products due to the word “mist.” “Irish Mist” (an alcoholic drink), “Mist Stick” (a hair curling iron from Clairol) and “Silver Mist” (a Rolls Royce car) all fell victim to

the same word, which in German is slang for “manure.” Not very appealing.

Marketing blunders have happened to companies based outside of North America too. Hoping to demonstrate its vacuum’s power, Swedish vacu-um manufacturer Electrolux translated its slogan into English as, “Noth-ing sucks like an Electrolux,” for an American advertising campaign. Though the slogan may have been grammatically correct, it never really

caught on with American consumers.

The lesson to be learned here......which all marketers can recite, is: know your market. Analyzing how elements of a brand are impacted by culture and then catering the brand to local consumers can, quite literally, make a world of difference. Needless to say, these companies have learned from their mistakes along the road to success and won’t be looking back!

Words by Julia Dinh

Cross-Cultural Marketing BlundersMade by Multinational CompaniesTEN


On November 1st 2014, McMaster DECA U hosted the 2014 McMaster DECA U Case Competition (MDCC). The event was held at the Ron Joyce Centre in Burl-ington. The Faculty and staff at the Ron Joyce Centre and the DeGroote School of Business have been a vital part in the planning and organization of this event. The growth of McMaster DECA U has allowed the organi-zation to continue hosting MDCC as an invitational for its second year. It was pleasure to have other DECA U chapters join the competition this year which include delegates from the University of Guelph, University of Guelph-Humber, University of Waterloo, and Wilfred Laurier University.

McMaster DECA U members attend weekly training meetings with the McMaster DECA U executive team who help train members according to their specific cat-egories which include: Accounting, Business-to-Busi-

ness Marketing, Fashion Merchandising and Marketing, Finance, Human Resource Management, International Marketing, Management Consulting, Marketing Man-agement, Restaurant and Food Services, Sports and Entertainment Marketing, and Travel and Tourism. MDCC is structured as a traditional DECA-style case competition, wherein delegates are presented with a business case challenge and are required to create and present a viable solution to a client or a judge imme-diately. Either individually or with a partner, this is all done within a time limit that allow delegate(s) to think and act quickly while demonstrating their ability to pose a creative, effective and innovative solution in a matter of minutes. Over thirty business professionals hailing from prestigious companies and organizations such as PricewaterhouseCoopers, Scotiabank, Loblaw Companies Limited, Deloitte Canada, BMO Financial Group, RBC Royal Bank of Canada, and more were in

McMaster DECA U Case CompetitionWORDS BY MONICA PATRICIO


McMaster DECA U Case Competitionattendance. Furthermore, this year’s MDCC could not have been a success without the generous support of the following companies and organizations: Scotiabank, Project Management Institute (Lakeshore Chapter), Beckett Lowden Read, Chippingham Financial Group, Canadian Association of Management Consultants (GTA Chapter), and Kaplan Test Prep.

MDCC is more than just a competition; it’s also a learn-ing opportunity. In addition to competing, delegates at-tend workshops wherein they gain insight on various business related topics. This year, in partnership with the McMaster Student Success Centre, Ms. Nadia Eghbali (@NadiaEghbali) spoke to delegates on the importance of personal branding and how to properly approach it, especially when considering professional avenues such as LinkedIn. She spoke about the importance of being able to visualize what you want, and where that lies in

both your personal and professional life. The evening concluded with Mr. Paul Nazareth (@UinvitedU) as the keynote speaker, who shared his expertise on career development. He emphasized the importance of clearly communicating your goals and integrating a network-ing mindset, but more importantly, his final take-away message to the delegates is that “you only live once, but life is long [and your] short term job search should be career driven.”

Above all else, McMaster DECA U strives to continual-ly find ways to help their members pursue personal and professional growth by providing a number of avenues through MDCC. McMaster DECA U would like to give a final thank you to all sponsors, judges, and delegates, whose continued support made this year’s MDCC a re-sounding success. McMaster DECA U hopes to see all of you again at MDCC 2015!


Versace 2014 Milan Fashion Week


Fashion Week: Who Cares?

WORDS BY RACHEL MOSTERT

“’This. . . stuff’? Oh. Okay. I see. You think this has nothing to do with you. You go to your closet and you select. . . I don’t know. . . that lumpy blue sweater, for instance because you’re trying to tell the world that you take yourself too seriously to care about what you put on your back. But what you don’t know is that that sweater is not just blue, it’s not turquoise. It’s not lapis. It’s actually cerulean. And you’re also blithely unaware of the fact that in 2002, Oscar de la Renta did a collection of cerulean gowns. And then I think it was Yves Saint Laurent. . . wasn’t it who showed cerulean military jackets? And then cerulean quickly showed up in the collections of eight different designers. And then it filtered down through the department stores and then trickled on down into some tragic Casual Corner where you, no doubt, fished it out of some clearance bin. However, that blue represents millions of dollars and count-less jobs and it’s sort of comical how you think that you’ve made a choice that exempts you from the fashion industry when, in fact, you’re wearing the sweater that was selected for you by the people in this room from a pile of stuff.”

- Miranda Priestly, The Devil Wears Prada


If you think that Fashion Week is important only for those elitist upper class divas or those immersed and involved within the fashion industry, think again. New York Fashion Week is come and gone and I’m here to tell you why it matters. Did you know that New York Fashion Week’s value to New York City is somewhere around $865 million (Vanessa Friedman, Financial Times Fashion Editor)? Did you know that it is the sec-ond largest industry in New York City besides finance (Steven Kolb, CEO of the Council of Fashion Design-ers of America)? With that kind of reputation, Fashion Week must be important to a lot of people. But why is it important to you? How does Fashion Week fit in with the business lifestyle? Fashion Week has become something that is no longer only accessible to the privileged. In a world cen-tered on the emergence of digital marketing and shar-ing, Fashion Week has become accessible and relevant to everyone. Some designers, such as Rachel Roy, even chose to showcase their lines digitally rather than in the traditional runway style. Inaccessibility isn’t an excuse anymore. Everyone with access to the World Wide Web can be a part of Fashion Week, and in a participation generation such as ours, this accessibility is what peo-ple have been looking for. This increased accessibility means that Fashion Week is entirely relevant to every-one. Fashion Week is exemplary in the process of creating a personal style and identity through fashion. Fashion Week and other runway shows are the only time that we, as consumers, can see the designers’ true vision for their piece. Although the outfits modeled on these runways are often over-exaggerated, overpriced, and impractical, this doesn’t mean that they aren’t rele-vant. Precisely the extravagant nature of runway cloth-ing is what makes it a show. Designers do not create runway looks in the hopes that everyone in New York City will be wearing those exact pieces. Instead, these looks are created to attract attention, and that they do.

New York Fashion Week receives some of the most ded-icated coverage while it is on. Oscar Wilde once said that, “the only thing worse than being talked about is not being talked about.” Specific looks and designers are remembered for years to come for their bold and daring attempts at publicity and, following this, their revolu-tionary ideas in the fashion industry. This is primarily what Fashion Week is about: ideas. The fashion industry is one that combines a serious art form with the busi-ness of commerce. The designers present their ideas and their creativity in order to gain your attentions and to sell their product. Like almost everything else in pre-dominant capitalist society, fashion operates under the umbrella of commerce and profit. Though the runway looks may be a bit too bold for real life, these looks fore-shadow that which will come in the future as well as what you will wear in the future. Fashion shows exhib-ited through Fashion Week are to give onlookers a taste of the trends that will be present in retail in months to come. Style and colours that we choose to wear can sig-nify what we stand for, for example the scarlet flags of communism or the purple, white, and green colours of the suffragettes. We choose to dress ourselves in a way that mutually expresses who we are as human beings and makes us happy at the same time. Fashion Week is a big part of this. All ideas about how we should dress and what makes us look professional, put together, and clean stem from origins laid out in Fashion Week. The influence of the fashion industry and Fash-ion Week itself are unavoidable. To think that fashion is irrelevant in your life would be naïve. Your future employers, peers, friends, and family, will inadvertently attach what you wear and how you style yourself to who you are as a person. Fashion Week keeps us informed and is really an indication of what’s going on in the world at a particular time. Fashion influences every part of our lives, from commerce to culture to music and the everyday lives of people around the world. Q

Armani 2014 Paris Fashion Week


A Step-by-Step Guide to Being Globally Aware

Cross-cultural differences influence all forms of com-munication; from the way we greet each other to the way we eat a meal. As the world is becoming increasingly interconnected, business people are urged to become more aware and knowledgeable of the many cultures they are dealing with. Even if a business isn’t directly stationed in another country, chances are someone in their supply chain is. It is crucial to be aware of cultural differences that may affect any part of a business and to be sensitive to that issue. Here are ways to make your-self more knowledgeable and aware of other countries and cultures you may become connected with.

Stay Informed The easiest way to connect and relate to someone from another country is to talk and ask questions about cur-rent events. Whether it’s a tragic event, a natural di-saster, or a political debate, bringing up current issues brings people together to speak their opinions. By lis-tening and learning about currents events, you can get a sense of the culture by how the country functions. You also get a sense of what seems like a normal occurrence in a culture and what seems like a shocking event. In some places, a shooting or a robbery may be a common

Take advantage of the fact that you’re living in a time where we have limitless access to so much global in-formation through the Internet. There is no reason for you to be unaware of what is currently going on in any particular country. All the information you need is right at your fingertips.

Educate Yourself Learn as much as you can about a country before at-tempting to connect with it. Read up about the legal

WORDS BY LAUREN ZYLIK

• Increased adaptability and flexibility in terms of problem solving

• Wider service range from a collection of different skills and experiences

• Greater variety of viewpoints

occurrence and may not come as a shock to someone who’s lived there all their lives, whereas in other plac-es it could be a huge tragedy. If you’re travelling on a business trip, you’ll also want to be aware of any issues going on that may be a threat to whatever you’re trying to accomplish or your safety.

Benefits of Multiculturalism in the Workplace:


system, how the economy works, any new technolog-ical advances that have taken place and anything else you can find. Don’t get caught in a situation when your lack of research causes you to offend someone and make yourself look bad. Always be armed with infor-mation. Of course you can’t find all the information you need from the Internet, and in that case it’s alright to ask questions. Most importantly, understand that there will be many differences from Canada, and no matter how much you may disagree with how another country functions keep your opinion to yourself and accept the differences.

Q U I C K T I P

Consider Learning Another LanguageLearning another language gives you major em-ployment prospects and gives you a competitive edge when applying for jobs. Knowing another lan-guage opens up doors for travelling opportunities for you job, not to mention that it gives you incred-ible insight into a culture as well. You’ll be able to connect with a culture in ways you never have before, through TV, newspapers, and the Internet.

If learning a whole new language seems like a daunting task, at least make the effort to learn a few common words or phrases, especially if you ever plan to visit a place. Apps on your smartphone like Duolingo give you the ability to learn a language from the palm of your hand!

• Communication difficulties may arise• Workplace policies may have to be altered• Resistance to change from some employees

Experience It!Get a taste of a culture in as many ways as you can before actually going there. One way to do this is to try out an ethnic restaurant in your town. You get a chance to try some food from that country, see how people from that place normally eat it, and you may even learn a few words through any dishes written in a different language on the menu. Food explains a lot about a country, from its landscape to it’s religious rituals. Take advantage of this tasty way of getting acquainted with another culture.

Going to cultural festivals and events is another fun way to immerse yourself in a different culture. Festivals are usually based upon a country’s history or religious rituals so a lot of knowledge can come from attending one of these. Watch, listen, and learn from people at these events. They’re often your best source of infor-mation about a culture.

Being taken out of your comfort zone and experiencing a different culture is a great practice. It’ll broaden your

horizons and help you develop acceptance for those who are different than you. You’ll have a new perspective on life, determining what you love about your life and what you feel you can change.

Develop a Curiosity for Different CulturesAccept and be excited about the diverse demographic make-up of your school/workplace. If you take an in-terest and ask questions about a culture you don’t know much about, you may come to enjoy and have a lot more in common with a culture than you thought.

Jawaharlal Nehru, the first Prime Minister of India once said, “Culture is the widening of the mind and of the spir-it.” There is so much worldly intelligence to gain from other cultures, and it’s a shame that most of us stay in our own little bubbles and miss the chance to explore and discover the world. Don’t waste one more second being ignorant of all the cultures you’re surrounded by. Open your eyes and your mind to the vast diversity amongst the people you study and work with.

Challenges of Multiculturalism in the Workplace:


GET INFORMED OUTSIDE THE CLASSROOMGiving you a cultural twist, these books and talks focus on the globalization and interconnectedness of today’s business world. Aspects including the way we eat, greet, negotiate, and communicate ideas are addressed, as all of these are vastly distinctive among cultures around the world. Business is becoming more and more inter-national. Without being aware of cultural differences, you will not go far in this globalizing business world. Read up and inform yourself on some of these import-ant cultural variations in business.

BOOKS

The World Is Flat: A Brief History of the Twenty-First Century Thomas Friedman (2005)

Friedman’s account of the great changes taking place in our time, as progressive advances in technology & communications put people all over the globe in touch like never before. With his ability to translate complex foreign policy and economic issues, he explains how the flattening of the world happened at the dawn of the 21st century and what it means to countries and com-panies.

The World’s Business Cultures: And How to Unlock ThemBarry Tomalin, Mike Nicks (2010)

Developed from their experiences with the business cultures of many nations, Barry and Mike provide the essentials that will enable any business traveler to come to a full understanding of cultural differences in com-munication, negotiation, partnerships, socializing, in-centives and rewards. The book provides a framework for understanding any culture in the world, but specifi-cally focuses on China, India, Brazil, Russia, UK, Ger-many, Italy, France, Japan and the USA.

Trading Places: The Airport Economist’s Guide to International BusinessTim Harcourt (2014)

Tim Harcourt takes you around the globe, talking to businesses, governments, union officials, NGOs and others in the community to understand what makes each economy tick. He reveals where the opportunities are, identifies the risks, and provides insider tips on do-ing business in each destination. This novel is essential reading for business travellers, students of economics or business, and anyone who wants to understand the complexities of our modern globalized world.

WORDS BY LAUREN ZYLIK

Check out inspirational and educational speakers at tedtalks.com. Here are a few recommendations:

Don’t Insist on English! / Patricia Ryan

How Ideas Trump Crises / Alex Tabarrok

The Worldwide Web of Belief and Ritual / Wade Davis

PERSONAL DEVELOPMENT


CENTRE FOR BUSINESS CAREER DEVELOPMENT:WINTER TERM WORKSHOPS

Keep an eye out for when these great upcoming workshops will take place! Check out the Business Events tab on OSCARplus for more details near the Winter term.

Connect with CBCD!DeGoote School of Business - DSB 112 | Monday to Friday, 8:30am - 4:30pm

Telephone: 905-525-9140 ext. 24611 | Email: [email protected] | Website: cbcd.degroote.mcmaster.caFacebook: facebook.com/degrootecbcd | Twitter: @DeGrooteCBCD

Networking 101Networking is an essential career development skill required to effectively participate in recruit-ment events. If you are nervous to speak with po-tential employers, don’t know what to say or how to make a positive lasting impression, we can help!

Beyond the Big 4Gain an understanding of the CPA career op-tions that are available outside of the Big 4 accounting firms.

LinkedIn WorkshopCome for an informative discussion on how to make LinkedIn a central part of building your net-work of contacts, and ultimately using it as an ef-fect job search tool.

Resume WorkshopsLearn the critical components for creating a power-ful resume that will catch an employer’s attention!

Interview WorkshopGain confidence and insight into how to excel in your next interview. Discover skills and tips for putting together well-crafted interview answers.

Ensuring Your WorthNegotiating a Job OfferNegotiating a job offer can be an intimidating and nerve-wracking experience, whether it’s your first time, or your tenth. Learn effective tools for suc-cessfully negotiating an offer.

Cover Letter Workshop:Learn the critical components for creating a pow-erful cover letter that will catch an employer’s at-tention!

Overview of Capital MarketsStudents looking for opportunities within the Cap-ital Markets industry will benefit from this intro-duction to and discussion about Capital Markets recruitment.

Who Am I?Play a fun and interactive self-discovery board game with your peers where you will identify your skills, abilities, interests and desires, and create a personalized career profile to help guide your ca-reer exploration.

CBCD Ettiquete DinnerEnjoy a delicious meal and learn proper etiquette from an expert.

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Quarterly Profit | Volume 2, Issue 2

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