Deloitte TJ

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					Fall 2010
IB 495
Intern # 9270

Deloitte Touche Tohmatsu Limited
Tijuana Baja California, Mexico
Section I. Self-selected Book
        How to Win Friends & Influence People by Dale Carnegie is an excellent book on human
relations principles. It helps the reader to discover himself and improve in the small and big
weaknesses he might have in its professional life. As a transfer pricing consultant I had to learn
greatly about finances and I am not a Finance Major, however; this book helped me a lot to
understand human behavior and to start asking for help in a way that people were glad to help me
and did not look me as a burden in their daily agendas.
        The most important advice was to be genuinely interested in other people. On my first
week I was not even sure if I was doing the job correctly. I had a myriad of doubts and wanted to
ask everything. It took me some time to understand that even though almost all of my co-
workers loved their jobs and enjoyed teaching me how to do things, I had to show my gratitude
with a little bit more than just a “thank you”, besides they were very busy doing their jobs. I had
to be cautious on when and how to ask for guidance. Nonetheless, by being constantly and
genuinely interested in my co-workers life, I believe they were glad to help me and guide me in
my career path. They kept advising me on more than just transfer pricing.
        Every advice in this book is very useful for all kind of jobs. Every principle in human
relations is important in the business world. For instance, I believe I created a very good
impression of the quality of employee I could be. The concept of accepting my mistakes
immediately meant a lot in my daily operations. I was very naïve the first months, I lacked
humility and never wanted do face my mistakes. I kept blaming I had not taken the courses I
needed or that my direct supervisor never told me what to do. The fact is at the end of the day I
was responsible of my own work.
Section II. Description of Job.
         The Company is formally called Galaz, Yamazaki, Ruiz Urquiza, S.C, and it is a member
of Deloitte Touche Tohmatsu Limited. Everyone in Tijuana calls it just Deloitte and it provides
audit, financial advisory, tax and consulting services to their clients. It is one of the biggest
private-professional-services organizations in the world.
       During my internship, Deloitte Tijuana was located on the Grand Hotel Tower II on
Paseo Aguacaliente, they recently moved to another building in Rio Zone. The formal address is
“Mision de San Javier” #10643 on the 8th floor.
        As a Transfer pricing consultant I elaborated Transfer Pricing Reports (‘TP Report’) for
different companies on specific deadlines. It is important to consider that these reports are a
requirement for every company that has any cross-border tax matters. In Tijuana that is
particularly common with the Maquiladoras all around the city. The report contained basically
everything there is to know about the company and especially all the activity between the parent
company and their subsidiaries. I actually did reports for local companies where I constantly go
and buy my groceries at.
          Most of the basic information like the sections of the company’s location, history,
clients, services they provided, their matrix etc. were ready on the reports I did because Deloitte
did their last year’s report and it was information that did not change over the years.
        I had plenty of tasks because my job was to turn in that full report to my supervisor.
However, when I first began my internship I did minor and my supervisor turned in the report
himself. I updated the financial reports from last year’s TP Report and the same companies sent
that information when they hired Deloitte’s services. The only difficult part of that section was to
translate and regroup some of the accounts on the financial reports to the simplicity of the TP
Report “Financial Reports” section. Some of the companies sent their internal reports of all the
accounts they managed and I had to put them were they belonged (sales, accounts receivables,
banks, etc.). Other companies sent their reports from their parent company in the United States
and the subsidiary in Mexico and the report had to be in Spanish. It was a simple task, but it
could take me an hour sometimes.
        Another interesting section of the report I was able to do at the beginning of my
internship was the industry description. I had to analyze the whole industry of the client’s service
or product. Some of the databases that Deloitte managed, like Data Monitor, had the industry
description very clear and specific for general products like metal or paint. However, sometimes
the company had some activity selling or buying something very specific that was not easy to
find. For example, I once did a whole report of the Avocado Market in Mexico including daily
prices of last year, import and export quantities, the tendency of the local market etc. The
Mexican secretaries or organizations provided detailed information about the agriculture but it
was not accurate sometimes.
        One task that really helped me to understand what I was doing and I really undervalued
when I was ordered to do, was to organize the old binders. Deloitte had the company’s old
reports all over the place and some were incomplete because the final report was already
complete and in the client’s hands. Checking older reports and going through the binders gave
me the big picture of the Transfer Pricing Reports. My job was to check what was missing on
each TP report, look for it on the computer files, and print it.
         The best part of my internship was when I understood the whole TP Report and I had all
the financial knowledge needed that I had not gained at school. I was able to run the numbers on
the software Deloitte used and then adjust everything for the TP Report. It took me one day to
do this section of the TP Report but the software gave all the data needed to analyze the
company’s turnovers and current financial situation. With this data I was able to modify or create
the whole TP Report by myself.
       I enjoyed being advised by my co-workers most of the time. Almost everyone had
masters in economics or finance. They were already juniors and seniors (more than 2 years as
consultants) and they were able to create new systems and new ways to analyze the financial data
that Deloitte did not regularly used. Maybe it was simple stuff for their areas, for me as an
international business major was amazing. They inspired me to go deeper on those areas, I am
even considering going after a Masters or PhD in Finance. One good thing about Deloitte is that
everyone worked together on the Transfer Pricing Area. My reports were evaluated by my
supervisor and then by the business associate and even though there were different supervisors
with different teams, everyone helped each other.
       Deloitte is an incredible place to learn, I got to work with other interns from different
universities in Tijuana and it was fascinating to learn from them. They might have one month
more as interns and they knew way more on Transfer Pricing. Some of there were International
Business interns developing finance skills just like me.
       It is a very demanding job, but it gives you the big picture of what a worldwide top
company works like and how hard you should work if you want to start a business as successful
as Deloitte.
Section III. - Application of the International Business Major.
        The most important course I was supposed to use on Transfer Pricing was International
Finance (Fin329). It would have been perfect if I had made the internship after taking the course,
the whole area of Deloitte revolved around Finance and I did not even have taken Introduction
to Finance (Fin323). Unfortunately, I finished my internship before taking Finance 329 and after
taking the course I understood better the purpose of my job. It would have been better to apply
my courses on the internship and not the other way around.
        Accounting was one of the most useful courses for my internship. I was able to do most
of the TP Report and even understand their financial information and compare it between
companies. I also managed to understand all the financial statements in English.
        Communication classes were also important. I was able to give presentations and to be
very clear on what I wanted from my co-workers. Furthermore, I was able to write better and
more professionally all my emails and reports. The Transfer Pricing Report needed to be very
specific and I managed to write everything with the exact number of words.
       English courses were very useful since I made a lot of translations. I kept obtaining
information from English-written databases translating everything for the Spanish-written TP
Reports. I did some TP Reports on English with information from Mexican websites.
       Marco Fiscal Empresarial Comparado (at CETYS Universidad which is mostly a tax
course) I took the course during my internship and it helped me, or thought me why all the
companies had to obtain this kind of reports. On the other hand, the consequences of the
companies that did not follow the tax laws could end up paying a lot of money sinking them to
banktruptcy.
Section IV. – The Student Intern’s Role
        The perfect Transfer Pricing intern at Deloitte should be a person ready to learn and
ready to face the fact that they have to be patient and work hard. Deloitte is a great place to learn
how to be professional. It is part of the Big 4 audit companies and you have to be ready to
become a Big 4 employee, to work hard and become the best of the best.
        One important skill every intern must have is the ability to work in teams. Even though
the report is turned in individually and everyone manages certain number of companies, you
have to be humble enough to ask for help and to help the other with humility. Everyone needs
help because the whole job is very demanding.
        Highly organized interns will enjoy this internship a lot. Deloitte forces you to keep
everything in order and leads you to become a time oriented person. You will be able or will
need to be able to manage certain number of companies with different products or services in
places all around the world. Even the report is presented to the client in a very organized way.
        Computer skills such as Excel and Word are very important. Your whole work would be
on the computer and you will inevitably need this software. You will be able to do your job if
you are not very good with computers, however it could save you half the time if you possess
this skills. Every report is very demanding and will keep you busy. Without computer skills, the
job could turn to be very frustrating.
        English skills (or a second language) were very important in Tijuana. As I mentioned
before, almost half of the paperwork was in English. Being able to write, read and understand
the language made a huge difference between me and other interns.
        Finance and Economics are useful knowledge for an IB intern. Transfer pricing is
definitely part of the financial branch. To fully understand why you are doing this kind of reports
every IB major should have the finance background to fully assimilate all the information.
       Database skills are also important, most of the public companies information can be
found on different databases and there are several types of reports from different years. It will be
important to keep track of all the databases and the information you can obtain from each. Even
more, you will have to evaluate in which cases what database is better. Of course you can check
every database with every research you make, however; the point is to be efficient and save you
work and time.
         Transfer pricing will demand the intern to be all the time on the computer. Everyone will
learn a lot, but it’s a cubicle job. There is not a lot of interaction. In fact, the office will be quiet
most of the time and the only noise will be the sound of the fingers on the keyboard. For some,
that is not the idea of an International Business student profile.




Section V.- Career Potential in this Field.
         Deloitte is like a second university. If you spend two or three years there you will be have
a lot of job offers later on. But if you stay on Deloitte you will have a lot of opportunities
because after a couple of years you gain different certifications, for instance, you become junior
consultant, and then senior consultant. Deloitte, a Big 4 company, certifies you as a consultant.
That means a lot on the business world. Furthermore, after five years you are able to buy
company stocks and become a business associate of the company and receive dividends.


        Deloitte is a very demanding company and not everyone likes manages the pressure of
this job and this keeps constant job opportunities for people that is well educated and ready for
the challenge. Most of the Job Opportunities at Deloitte revolve around the business environment
that the IB Major covers throughout the different courses.
        A full time job at Transfer Pricing area requires the IB student to have a Masters on
economics or finance. It is completely necessary because the full time job includes managing
every little concept perfectly in order to face the clients and explain their company’s situation.
The client’s multimillionaire company relies on Deloitte’s ability to do the job perfect.
Unfortunately, Transfer Pricing is not the perfect area for an IB student. However, if the student
is very interested on the financial area of the company, Deloitte is the perfect place to learn and
become a great consultant.
        There are some technical skills needed for the job, most of them are provided by Deloitte.
Deloitte keeps constant evaluation of their consultants’ performance. The company has exams on
Microsoft Word and Excel and it provides constant training on the software needed for the job to
be done. Deloitte also provides their employees with constant teaching on the most recent
updates of the software. Deloitte also has an special department of engineers that help you with
every technical problem you might have or every doubt you might have of your computer.
        As I mentioned on the whole report, Deloitte is an excellent place to learn and to learn the
real thing about international business. It is a job that will teach you every day and will challenge
you constantly. It is not an easy job and will demand you more than eight hours sometime. You
will never stop learning about professionalism and client-company relationships. It is a company
where most of the knowledge you gained at school will be used. Moreover, explaining what you
do as transfer pricing consultant to your friends and family will be difficult. But at the end of the
day you can become a one of the best consultants in the world.


Bibliography
Dale Carnegie. How to Win Friends and Influence People.
New York: Dale Carnagie and Associates , Inc., 1981.

				
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