Career advice for an older member (1 Viewer)

[3li]

Not if I have my way. I like to propagate the saying "Once back office, always back office" :rofl:

thats mean and harsh to all the accounting students

 

[3li]

Actually head of Lehman in Aus is a dr, and one of the execs is a vet. Not sure how current that is, but it was true at one stage.

Banking does not need specific skills, it has a generic skill set but needs dedicated and intelligent people.

woww

very unexpected but then there are probably some ex-bankers who now practice surgery

 

[Newbie]

Look Newbie, you are wrong again. I dont know if you work at a big 4 or not, maybe go and ask someone there in transfer pricing because you are giving people the wrong idea of what happens here, and be big enouhg to admit it.

Transfer pricing is not tax based at all really, they even told me this at deloitte, and said it sits under the international tax banner, but its not really like any tax work. It is not a science it is an art, it is about coming up with logical reasons and defences as to what and why the prices for the contribution should be.

And why then do most of the big 4s encourage all their transfer pricing staff to do CFA?? Must be areason there?

And what are you talking about structuring, the company already has a structure in place, that may be planned and worked out between the transfer pricing team and the international tax team, but once that is done the prices need to be set and defended.

All this setting and defending of prices is done with COMPARABLE TRANSACTIONS. This is a very important main part of the work of transfer pricing. So its about finding best fit comparables and then tweaking them depending on the circumstances. IE, maybe in the comparable the company that is selling is taking on a lot more risk, so this needs to be analysed then taken into account when setting the price. Make sense??

THere is also a fair bit of valuation done, most frequently with intangible transfer within companies and in M&A transactions.


Now tell me where did you learn about what transfer pricing is?

Now Im not saying its a finance job, because i never did i dont think, and i agree its not, but it is quite different to what you are having people believe.

i actually dont know why im helping you considering you are pretty stubborn. =/
but i believe this is good karma.

http://www.deloitte.com/dtt/article/0,1002,cid%3D56155,00.html

go read your own handbook before you start work. you should also put back the f1 key on your keyboard and read some tax law. CCH has a good version and EMs on their site too.

transfer pricing is all about compliance, documentation and review defense against the ATO. It is a tax job. If you refuse to believe that, thats fine. You will find out what it is about soon enough.

 

[khosanman]

i actually dont know why im helping you considering you are pretty stubborn. =/
but i believe this is good karma.

http://www.deloitte.com/dtt/article/0,1002,cid%253D56155,00.html

go read your own handbook before you start work. you should also put back the f1 key on your keyboard and read some tax law. CCH has a good version and EMs on their site too.

transfer pricing is all about compliance, documentation and review defense against the ATO. It is a tax job. If you refuse to believe that, thats fine. You will find out what it is about soon enough.

Look man, this is the last time im going to argue with you on this. Firstly do you work in transfer pricing, you have merely read a document or 2, and maybe learned a tiny bit at school. It is nothing like traditional tax.

I have been in many interviews now talking to partners and managers about the job and what it involves. I have done a lot of reading up on it too.

Yes there is that strategy matrix you showed, these are the countries laws on which pricing methods they accept. THis is the simple quick part. After this you have to apply the pricing method. So its a matter of finding which one is the best fit to the situation, and then using analytics to come up with the best price. This involves doing all sorts of analysis on comparables or other methods, this is the main heavy part of the job. Trying to find suitable comparables and then applying those comparables in a defendable way to the situation. So say you find a comparable product sold to a comparable location, but the volume being sold is a lot different YOu have to work out how this volume effects it and what the price should then be.

Please stop giving people an incorrect view here. YOu really are the stubborn one here. I can tell you are one of those people who always thinks they are right and would rather die then admit they are wrong. Please if you wrok at a big 4 newbie, I ask you to go find the transfer pricing team and find out exactly what they do.

You are very agrevating, but at the end of the day, I am just going to let it go now because people can do their own investigation into it if they are interested. All the best

 

[Newbie]

you havent done a day of transfer pricing
which means my experience goes beyond yours. I've been there already. in a firm bigger than deloitte.

you fail to see that i have nothing to gain from telling you this information. You have nothing to lose by listening either.

2 months from now you will be back here asking for advice because you are stuck in a tax compliance job that really wasnt for you because you had some false impression of what it really was about.

 

[khosanman]

you havent done a day of transfer pricing
which means my experience goes beyond yours. I've been there already. in a firm bigger than deloitte.

you fail to see that i have nothing to gain from telling you this information. You have nothing to lose by listening either.

2 months from now you will be back here asking for advice because you are stuck in a tax compliance job that really wasnt for you because you had some false impression of what it really was about.

Ypu really are an arrog frustrating twat. I rang my work before to confirm what I will be doing and to discuss it, and they have confirmed and said what the job entails. I can now guarantee I am correct.

You are one of those people who you just cant argue with I can tell, so good luck to you, you wont get much farther in life with your attitude.

 

[khosanman]

Ypu really are an arrog frustrating twat. I rang my work before to confirm what I will be doing and to discuss it, and they have confirmed and said what the job entails. I can now guarantee I am correct.

You are one of those people who you just cant argue with I can tell, so good luck to you, you wont get much farther in life with your attitude.

Also further to reiterate without it just being word, here is what someone roteon yahoo answers about what an analyst does:

http://answers.yahoo.com/question/index;_ylt=AitzR37NU31vBIwaZiDRJN4jzKIX;_ylv=3?qid=20071120054928AAeOYo6

I just feel I need people to stop believing all the horse sh!t that comes from newbies fingers here, as people may actually think hes a bit of an authority on things round here because he posts so much.

 

[AsyLum]

Ypu really are an arrog frustrating twat. I rang my work before to confirm what I will be doing and to discuss it, and they have confirmed and said what the job entails. I can now guarantee I am correct.

You are one of those people who you just cant argue with I can tell, so good luck to you, you wont get much farther in life with your attitude.

Can you see the nerd rage?

 

[khosanman]

The nerd rage is rising in me.

But as I said, letting it go now, hes wrong, i dont care, its not important.

 

[Newbie]

Also further to reiterate without it just being word, here is what someone roteon yahoo answers about what an analyst does:

http://answers.yahoo.com/question/index;_ylt=AitzR37NU31vBIwaZiDRJN4jzKIX;_ylv=3?qid=20071120054928AAeOYo6

I just feel I need people to stop believing all the horse sh!t that comes from newbies fingers here, as people may actually think hes a bit of an authority on things round here because he posts so much.

hahahaha yahoo answers. nice.

im not here to convince you, you are clearly beyond helping.

But i hope i can provide information to what exactly a transfer pricing role means in a big4. its a tax job. lots of forms,compliance, some advisory on the structuring, comfort letters/defense against reviews.

 

[khosanman]

Man u r stupid.

Look at this adver from EY looking for grads. Firstly they want economics grads! Why would you want economic grads for a compliance job?

http://www.seek.com.au/users/apply/index.ascx?Sequence=32&PageNumber=1&JobID=13944688

Look everyone on this board, just trust me. It is very much about economic analysis of transactions to determine an arms length price. Big 4s provide this consulting service where they determine the fair price applying it to the correct standards that can be used. Most countries allow like 3 or 4 possibilities of ways of pricing. The main crux of the job is loooking through comparable transactions, and there are so many factors that need to be compared ie business size, risks, product, etc, and no 2 transactions are ever likely to be the same so further to this after comparing appropriate adjustments need to be made based on the differences.


Another add for transfer pricing says the job involves this :

Our Transfer Pricing Team is involved in a wide range of transfer pricing consulting services, e.g.

economic analyses, including intangible asset valuations and benchmark searches.
transfer pricing planning.
documentation services.
audit defences.

Documentation by the way is putting together all the documents showing your economic analysis to show that a justifiable arms length price has been established.


I cant understand why you keep arguing this against me and will not accept the facts. Are you trying to cread some nerd rage here? You have no sound arguments and evidence. I actually am going to be doing this job, i have discussed it at length with the partners and the managers of the firms.

What have you done????

You really are a total moron. I don't want to slander like that, but the way you are behaving here I think its justifiable.

And good luck in life I think you are just a frustrated 20odd year old virgin who cant find a girl.

 

[pete_mate]

haha woah, settle down there.


I think the problem here is different ways the job title "transfer pricing" is used between countries at the end of the day.

I don't think you need to get thing personal.

 

[khosanman]

haha woah, settle down there.


I think the problem here is different ways the job title "transfer pricing" is used between countries at the end of the day.

I don't think you need to get thing personal.

You are right mate. I now what nerd rage is. Went in for a meet and greet this morning and intro to things, and they showed me what it is I will and they are doing. So all is good and I can be comfortable in the fact that I was correct, and think I am going to enjoy the job quite a lot.

 

[Newbie]

if you actually read what you write
you are just quoting what im saying

and as for twisting "documentation" into something more glamourous...nice try.


Please dont even try comparing the content of what we posted, i think people can see the difference between yahoo answers/seek.com and a textbook the firm you are joining authored. And the fact that you rely on those sources as information just means you certainly lack the common sense to research properly for the job you are applying for.

I posted what i did just to give you a headsup that your job might not be as cool as you think it is. if you cant take advice from someone who has been there thats fine.

also no need to get too personal, im sure your sex appeal exceeds mine now that you are in "transfer pricing at deloitte". you lucky thing

 

[khosanman]

Dude what do yohink documentation is. It is exactly what I said. Get a clue. I just told you I spoke with my transfer pricing unit on wha they do and what i said is correct, so how could it be wrong. How could you possibly be right and not them?

What are you doing up posting at 430 in the morning anyway?

if you actually read what you write
you are just quoting what im saying

and as for twisting "documentation" into something more glamourous...nice try.


Please dont even try comparing the content of what we posted, i think people can see the difference between yahoo answers/seek.com and a textbook the firm you are joining authored. And the fact that you rely on those sources as information just means you certainly lack the common sense to research properly for the job you are applying for.

I posted what i did just to give you a headsup that your job might not be as cool as you think it is. if you cant take advice from someone who has been there thats fine.

also no need to get too personal, im sure your sex appeal exceeds mine now that you are in "transfer pricing at deloitte". you lucky thing

 

[khosanman]

Pursuant to Regulation No. 42 of 24 January 2006 a transfer pricing documentation should include the following items:


1. Description of the business including the legal structure, organisational structure, turnover and EBIT for all affiliated companies for the past three years with which controlled transactions have been concluded, historical review, and industry review.
2. Description of the controlled transactions including any cost contribution arrangements.
3. A comparability analysis.
4. A description of the implementation of the transfer pricing method including any price adjustments made.
5. Copies of written agreements.

---------------------------------------------------------------7
There that has the guidelines in general to what most countries documentation requirements are. What do you think the bulk of the work is, its the comparability analysis! and then price adjustments etc.

There is no getting through your thick stubborn skull. Oh do tell us all knowing great and mighty Newbie, what firm do you work for? In audit at a big 4 I suspect and think you know all?

On a side note for all, Documentation requirement no1 sounds great as you get to learn a lot about the company and the industry with the description and analysis required.

 

[ifsonotso_100]

Pursuant to Regulation No. 42 of 24 January 2006 a transfer pricing documentation should include the following items:


1. Description of the business including the legal structure, organisational structure, turnover and EBIT for all affiliated companies for the past three years with which controlled transactions have been concluded, historical review, and industry review.
2. Description of the controlled transactions including any cost contribution arrangements.
3. A comparability analysis.
4. A description of the implementation of the transfer pricing method including any price adjustments made.
5. Copies of written agreements.

---------------------------------------------------------------7
There that has the guidelines in general to what most countries documentation requirements are. What do you think the bulk of the work is, its the comparability analysis! and then price adjustments etc.

There is no getting through your thick stubborn skull. Oh do tell us all knowing great and mighty Newbie, what firm do you work for? In audit at a big 4 I suspect and think you know all?

On a side note for all, Documentation requirement no1 sounds great as you get to learn a lot about the company and the industry with the description and analysis required.

i think he was working at an ib

 

[Newbie]

Dude what do yohink documentation is. It is exactly what I said. Get a clue. I just told you I spoke with my transfer pricing unit on wha they do and what i said is correct, so how could it be wrong. How could you possibly be right and not them?

do you see how weak that argument is

"i spoke to someone and they said i am right, therefore i am right and you are wrong"

 

[khosanman]

And ts your argument merely "i am right"

My argument is perfectly fine, I spoke to transfer pricing managers and partners at the bloody big 4 for firm im going to br working at for christs sake

Anyway delude yourself I dont give a f*ck

 

[Newbie]

haha my points were all confirmed in the textbook that your firm wrote, the textbook that your partners refer to and the textbook that you will refer to when you are filling in forms and reading the tax acts