Life beyond the books: fitness Posted 09/03/2012 by Louise Bell & filed under Study tips. You don’t have to be at university or college to enjoy the lighter side of student life. In the first of a series of posts throughout September, Louise Bell brings you a guide to broadening your horizons. First up: health and fitness Healthy body, healthy mind; it may be a cliché, but there’s plenty of evidence that regular exercise can boost your brainpower as well as your muscles. Physical activity releases endorphins – your brain’s feel-good chemicals – helps you relax and improves your mood. In short, it’ll help give you the energy and focus you need to juggle a busy schedule of working and studying. The choice is endless. From archery to zumba, from cricket to capoeira, you can take your pick. Although fun and enjoyment should be your main motivation, whatever you choose you’ll be learning valuable lessons about focus, commitment and concentration – all skills employers love to see. Go for something like football, cricket or netball and you’ll get a crash course in teamwork too. If you’re studying at a college, that’s the obvious place to start. Check the noticeboard to see what’s going on, and ask about the facilities available. It’s also worth enquiring about any arrangements with local sports centres or gyms, such as discounted membership or free introductory sessions. Check your local authority website or search on Active Places or Change4Life for activities near you. There are also organisations that run leagues and events specifically for students at further education colleges. British Colleges Sport runs leagues in sports including athletics, badminton and swimming, with a major national championships each year. The Southern England Student Sports Association offers beach volleyball as well as the usual football, cricket, hockey, rounders, basketball and golf. So there’s plenty to try, but make sure you check that your college is a member of the relevant organisation before taking part in any events. Get (even more) involved Keen on sport? Want to give something back? Then why not join the two million volunteers in the UK who are already helping organise community sports activities and events. It’s a great way to broaden your experience and develop your leadership and communication skills. Sport England’s volunteers page explains how to help and where to go for more information. Volunteering England has a list of local volunteer centres and the Sports Makers website explains how you can become part of the London 2012 Olympic legacy. If you’re in the South East… Kent Colleges Student Sports Association organises football, basketball, netball and rugby events for local further education colleges If you’re in Newcastle… A Leisureplus card costs less than £10 and offers a year of discounted activities This article first appeared in the July/August 2012 issue of Accounting Technician, AAT’s membership magazine. Don’t miss Louise’s second post, which goes live on 10 September, which will look at getting involved in writing for newspapers and magazines.
Why cash is still king in a slump Posted 08/31/2012 by Ben Walker & filed under Run your business. Accounting Technician magazine’s cover story that cash is dying had a great deal to commend it. But the recession means all is not quite lost for the folding stuff, according to Ben Walker. Some say reports of cash’s death have been greatly exaggerated. In the September/October edition of Accounting Technician, which came out this week, Colin Marrs presented a powerful case that the shiny stuff has lost its sparkle. There is a lot to dislike about a trading tool that grows in volume as it reduces in value, and removes millions of pounds from circulation in bowels of sofas or forgotten penny jars. Even the old benefits of cash are not as strong as they were. Electronic innovations such as Barclays Ping It mean even transactions between friends – to pay for lunch or square up for a day out – are now possible without reaching for your wallet. And yet some experts argue that cash has a future. Not least among these voices is the man who makes the stuff, Adam Lawrence, chief executive of the Royal Mint. ‘I can’t see cash disappearing in my lifetime,’ he told the Cardiff Breakfast Club. Some £30bn will be removed from cash machines in the UK this year, he points out. ‘Cash is trustworthy and when you pay in cash it’s seldom refused and you know its value.’ But maybe there is more to it than the ring of authenticity. Tom Ironside, director of business and regulation for the British Retail Consortium (BRC), has evidence that people still find it easier to budget with cash than they do with electronic money. Indeed, in the world of retail cash has seen a small but significant renaissance. According to BRC research, consumers paid with cash in 58% of retail sales last year. In 2010, that figure stood at 55 % 2010. The key, says Ironside, is the contracting economy. When money is short, cash’s presumed budgeting benefits come to the fore. ‘Customers have less money,’ Ironside told the Daily Mail. ‘They’re buying things only as and when they need them, shopping more often but spending less each time. And they’re more likely to be paying with cash.’ The bigger question is whether that’s just what economists call a dead cat bounce – things have a tendency to stage a brief, illusory recovery when doomed to die. Richard Braham, head of payments at the BRC, thinks not. ‘People are always trying to get rid of payment methods,’ he tells AAT Comment. ‘They tried to get rid of cheques, but people said we would like to keep them. As a consumer, I don’t want to get rid of all my cash and rely on something else.’ And back at the Mint, Lawrence stands strong. ‘We are going to see the eroding of cash and people will make choices,’ he told the Cardiff Breakfast Club. ‘[But] we are not going anywhere.’ Ben Walker is Group Editor of Think Publishing and Editor of Accounting Technician, AAT‘s membership magazine.
Tackling youth unemployment in Saudi Arabia Posted 08/23/2012 by Claire Angus & filed under AAT news, News. The ambitious Saudisation programme aims to create 1.2 million new jobs for Saudi Arabia nationals in just two years. Claire Angus, AAT’s Assistant Director of Global Development, joined a technical and vocational training delegation visiting the country to find out more I recently got the opportunity to travel to Saudi Arabia as part of a senior technical and vocational training delegation led by John Hayes, Minister of State for Further Education, Skills and Lifelong Learning. I was inquisitive to learn more about the education landscape in Saudi. I was quick to read up about the Saudisation programme and its vision to create 1.2 million new jobs for Saudi nationals by 2014. While the programme certainly sounded ambitious, I was keen to learn the pivotal role vocational and technical skills would play in helping reach the Saudisation programmes objectives. Like many other parts of the world including the UK, Saudi is struggling with growing youth unemployment figures. This was heightened by a news story in the Financial Times. Youth unemployment had reached crisis levels around the world, with almost 13 per cent of the global youth labour force out of work this year, according to the International Labour Organisation. Saudi also has the added pressure of a large expatriate workforce (roughly 8 million) so the job market is undoubtedly competitive. However, the government is keen to meet these targets and a rigorous process is in place to ensure companies comply. Companies that fail to meet targets and don’t employ the expected quota of Saudi nationals face losing renewals of work visas for their expatriate staff entirely. The programme is aimed at both Saudi men and women. Currently, women are mainly employed in education or health but the government is keen to widen the options available so they can train to work in other industries including finance. Not only is youth unemployment affecting the country, but they also have a large influx of university graduates that are out of employment, not utilising their skills and qualifications. Interestingly, the same issues that are discussed in the UK are also prevalent in Saudi. We know only too well that many employers believe that there is a large majority of university graduates that are not ready for the working world – lacking core working skills, the right attitude etc. As part of the Saudisation programme vocational and technical learning will help play a key role in giving university graduates new skills and tools to help enter the job market. During my visit, I was fortunate enough to meet a selection of women that will join the finance team ladies’ office at BAE systems. They had such exhilaration and passion for learning, and I was constantly made aware of how valuable vocational learning can be to suit individual and employer needs. Certainly within the finance and accountancy sector we know that on-the-job training has real benefits when applied directly in the workplace. The government is investing heavily in order to ensure Saudi builds a more diversified economy. While the Saudisation programme has high targets to reach, the investment in lifelong learning through technical and vocational learning will prove fruitful as employers play a big hand in the training requirements they need for their businesses. Naturally, any country that has growing youth unemployment statistics wants to put into place measures to address the problem. It will be interesting to see how well the incentives put in place to engage Saudi nationals work. More importantly, I’m eager to see how well vocational learning benefits the overall economy. In this day and age, university education still sits on a pedestal but there remains the universal problem of too many graduates and a skills shortage in many industries (including finance, IT, and manufacturing to name a few). With this in mind, I believe now more than ever technical and vocational education has a core purpose to address this widening gap and give people fundamental skills for life. More information about AAT’s work outside of the UK is available online.
Disappointing A-Level results aren't the end of the world Posted 08/20/2012 by Aimee Bateman & filed under Career. While news channels focus on the successful students, it’s easy to forget that many students don’t get the A-Level results they had hoped for. AAT career coach and successful businesswoman, Aimee Bateman, shares her experience of the dreaded day, and demonstrates that bad A-Level results are not the end of the world. I remember the day I received my A-Level results clearly. Everyone lined up outside our school hall as we all walked in, slightly scared and excited. One of my subject teachers walked past and gave me a little wink and a smile. What did that mean? Had she seen my results before me? Was she sending me a pity smile because she knew I hadn’t achieved the grades I needed? Or was she just in a good mood? To this day I still don’t know, but it sent my adrenaline into overdrive anyway. It was finally my turn and I was handed a brown envelope with my grades inside. My hands were shaking as I opened it and then my heart just sank. I actually remember the feeling of it hitting my shoes and rolling across the floor as I stood there and realised what I was dealing with. Most of my friends had achieved exactly what they wanted and were all hugging each other while I just stood there. I’ve always been a very positive person and I didn’t want to rain on anyone else’s parade, so I just forced a smile and pretended that I was really happy too. Some teachers came over and I showed them the crumpled up piece of paper in my hands. Everyone said well done, but I didn’t think they meant it. My head was gone, my heart was on the floor and I wanted to cry. There was no internet for us ‘everyday folk’ back then. No texting, emails or twitter to communicate. No social media platform to drown myself in, and certainly no websites that could offer me help or guidance. I don’t remember anything else about that day or in fact the days/weeks that followed, so I can’t tell you what I did in detail or how I handled it. I can tell you that I didn’t go to the most perfect university I could find or that had the best course I had ever seen. The one which was so cool they arranged work placements with MTV. Nope, I went to my second choice to do a course that I didn’t really want to do. It was closer to home, I suppose. The halls are cheaper, I reasoned. I tried to think of the positives and just get on with it. Well, as it turns out I had the best three years and realised I loved the subject of marketing more than I thought I would. I graduated with a 2:1 before securing a job at one of the biggest recruitment companies in the world, Hays Plc. I started working in corporate recruitment the day after my final exam. This job obviously brought me into contact with hundreds of people who were looking for their first job, second job, pay raises, promotions. In my first year I met and interviewed hundreds, if not thousands, of people who were extremely successful in their careers. I learnt very quickly that many of them hadn’t gone to university at all. Some people my age had gone straight into the workplace, started making their mark and climbing the career ladder years before I had joined in with all the corporate fun and games. Some had taken apprenticeships straight from school and were slightly ahead of me in terms of work experience – and guess what? They had no student debt! Even though I was glad I had taken the university path, the path they had chosen had also paid off. I wish the 31-year-old woman I am now could have five minutes with the heartbroken 17-year-old girl I was that day. I’d tell her it doesn’t matter in the slightest. I’d tell her about all the amazing things she is about to achieve. I’d tell her that even though her dream career seems out of reach, her attitude and ambition will get her there and beyond, regardless of that crumpled piece of paper in her hands. Ultimately you have to find out what will work for you, what will make you happy and don’t panic or let anyone (including yourself) make you feel that you have underachieved. Recruitment isn’t the industry I dreamt of working in – I had never even heard of it. If I had gone to my first choice, then I may never have found the career that I live and breathe with total passion and fulfilment to this day. Sometimes you have to walk a different path than you originally thought in order to get to your destination. You can still get there, if you’re determined enough. P.S. That University that didn’t accept me? They now regularly ask me to talk to their students about career success. The irony. Even they had to giggle when I told them. Use AAT’s Qualifications navigator to see whether an AAT course could be an option for you. Order your free AAT information pack Watch Aimee’s AAT career coach videos Visit Aimee’s website, Careercake.com More information on how AAT can help you achieve a career in finance is available at aat.org.uk.
A Levels – it’s that time of year again Posted 08/13/2012 by Adam Slater & filed under Career. For the past two years, Adam Slater has been working towards his A Levels. Now that he has finished, he looks to start a career in accountancy with the help of a Kaplan scholarship and traineeship at RSM Tenon. For the past two years, I have been working towards my A Levels in history, business economics and physical education at my sixth form in Leeds. Like many people of my age I have also spent time deciding what I want to do with my life and the best course of action for me – something which is quite daunting, as it’s hard to think about the future when you’re only 18. I had always been good at maths and so I felt I should think about a career which would utilise these skills. I applied for university to study accounting and finance and had a few offers of places. However, the debt that I would be getting myself into worried me. I also worried that my parents would be making sacrifices to help support me financially. I found out about an accountancy scholarship run through Kaplan where all your training (AAT and choice of further professional qualification) is paid for and you are given support to find a job. I thought about my university applications and whilst the thought of student life appealed, I also realised I would still have to do my professional qualifications after graduating so I came to the conclusion that the scholarship would offer me better prospects. It felt like a fantastic opportunity and one I was keen to take advantage of. There is quite a rigorous application process including a panel interview – but I’m glad to say I was successful. I feel really proud of myself as well as privileged and I really believe this will help me to stand out from the crowd. I was also lucky enough to get a job as an AAT Trainee at RSM Tenon in Leeds and will start work and my AAT training in September. My goal is to become a chartered accountant and work with multinational companies offering them advice. Accountancy is a profession with lots of options and one where you can work all over the world so I am excited about the journey ahead. I also feel really lucky to have a job and the chance to learn at the same time without the thought of debt hanging over me. My advice to anyone leaving school or in sixth form at the moment is to keep as many options open as possible. I really wouldn’t discredit anything until you know for certain what it is what you want to do. I would also speak to friends or someone who has followed a similar career path to the one you are interested in and see what their preferred option would have been in hindsight. Try and weigh up the positives and the negatives and look at your decisions objectively. There is a lot of pressure to go to university but these days there are other alternatives available which could potentially benefit you even more in the long run so don’t be afraid to go against the grain. I found lots of people gave me lots of good advice – but always remember the final decision is up to you. This Wednesday 15 August at 1pm, AAT will be hosting a live televised Q&A on www.facebook.com/yourAAT about alternatives to university and where our qualification can take you. Harry Collins, PKF and Emma Mason, Baker Tilly will be talking about their journey with AAT and Aimee Bateman, AAT’s career coach will be giving tips on how best to secure a job. If you or anyone you know have any questions about AAT, studying after leaving school, alternatives to university, or finding your first job, please submit them on our Facebook page and we will do our best to answer them live on air.
A step ahead of the rest Posted 08/10/2012 by Lisa Whiteside & filed under Career, Inspiring stories. With graduate unemployment rates at a high and the average university student debt rising to £45,000, vocational education and apprenticeships are becoming more attractive options for school and college leavers. Lancashire accounting apprentice and AAT student, Lisa Whiteside, talks about why choosing an apprenticeship was the best decision she made After finishing college, I was faced with the same challenging question that many school leavers encounter – ‘Do I go to university?’ One thing I was sure about was that I wanted to work and learn at the same time so I decided against university and enrolled in the AAT Accountancy Qualification. Little did I know, my decision would secure me a 2011 Kaplan Accountancy Scholarship and an apprenticeship with a local accountancy firm. I studied my A Levels at Cardinal Newman College in Preston, Lancashire where I heard about AAT. I was always interested in a career in accountancy and set myself the goal of becoming a chartered accountant. The most appealing aspect about this career was the fantastic opportunities and experiences on offer, as well as the bonus of being able to study and work at the same time. I decided to apply for a Kaplan AAT scholarship. If successful, I would receive assistance with course fees and would be on my way to achieving my goal. After attending a number of interviews, I was over the moon to hear that I was successful in receiving a scholarship and started studying through Kaplan Financial in September 2011. Shortly after, I got a job as a trainee accountant at Danbro Accounting Ltd providing accountancy and bookkeeping services. My situation was ideal, I was going to earn money while still learning and progressing my knowledge and skills. Better yet, I could directly apply my learnings at work, immediately putting theory into practice. I know the thought of studying and working full-time is daunting but it’s definitely not impossible. As a trainee, my main responsibilities at work include assisting qualified accountants in their duties. I take comfort in the fact that while my peers are at university, I am getting one step ahead of the rest by gaining valuable work experience. My employer is also extremely supportive of my apprenticeship and gives me time off work to attend exams. With graduate unemployment rates at a high, the cost of tuition fees at £27,000 and more and more graduates working in non-professional roles, I knew that a university degree wouldn’t guarantee me a job. In hindsight, not going to university and training through an apprenticeship was the best decision I’ve ever made. I am avoiding debt, gaining valuable experience and applying my learning in the workplace. Young people, especially school leavers, need to consider all of their options and make the effort to learn about the different pathways that will lead them into a professional career. More information on studying AAT and registering as an AAT student is available online. You can hear from more AAT students talking about their experiences of studying AAT on YouTube.
Accountancy: a diverse profession Posted 08/08/2012 by Steven Perryman & filed under Career. Accountancy can no longer lay claim to having a staid image of men in suits. Far from it. We meet the AAT members who are bucking the trend All professions have their stereotypes. Fairly or unfairly, accountants have become typecast as white, middle-class men in sensible suits, sitting in stuffy offices poring over ledgers. Indeed, it is an image AAT acknowledged a few years back with ‘Colin: a new kind of superhero’ – a spoof YouTube video which played up to the stereotype. But times are changing. Accountancy is, in fact, an incredibly diverse profession, as these members and their stories show: Arman Hussain, 18, financial analyst at Morgan Stanley and Level 4 AAT student I don’t feel my Pakistani background has ever been an issue in my career – and nor should it be for anyone else when it comes to applying for a job. We live in a modern society where companies are more interested in employees’ talent and skills than their ethnicity. My career goal is to become a stock-market trader, so I’m hoping my multicultural background will actually be an advantage. I speak Urdu and Punjabi, and I can read and write Arabic; trading is an international career, so hopefully I’d be able to apply the languages I’ve learned from having this background. Sanaz Amidi MAAT, 32, director of Rosetta Art Centre, I think that more small businesses than ever are being run by ethnic minorities, so it’s great for business that the accountancy sector is becoming more diverse too. If you are, say, a Polish or Iranian businessperson, it helps if your accountant speaks your language and shares your cultural background. That’s not to say that the white British male no longer has a place in accountancy, just that the UK sector is increasing its appeal to non-white accountants from all over the world. AAT has an international presence, and people can see its cosmopolitan appeal. It stands to reason that accountancy has become more diverse than the population as a whole. After all, numbers are numbers and maths is maths – it’s a universal language. All over the world, the basic methods we use are the same. Greg Edelston, 42, Level 4 AAT student and former sports therapist I’ve never encountered any prejudice among accountants because of the fact I’m gay, but I think that’s because I live in London; generally, I think accountancy is still quite a heterosexual, white environment, and about middle of the pack in terms of accepting homosexuality. It’s a case of what individuals you end up working with. You could be with easy-going people where it’s not a problem. Or the boss could be the blue-eyed boy who also happens to be a homophobe. I’ve been lucky: the firm where I did four months’ work experience wanted to buck the trend where diversity was concerned, and told me the fact I was gay and Jewish was perfect. Sheryl Miller MAAT, 39, senior manager, financial planning and analysis, at Tarmac When I joined Ernst & Young in 1991, it was less common for black and minority ethnic trainees to come forward. My recollection was there were few people from black Caribbean backgrounds, and certainly not many women. I would say that now diversity is on the agenda of most big corporate accountancy firms, the issue is probably less around attracting diversity into the profession and more about getting it into the upper echelons. Here there are the same challenges faced by other professions about why we haven’t got more female and BME representation at the highest levels. That said, diversity is about more than just gender and race, but it’s a good place for organisations to start. This is an abridged version of an article which first appeared in the July/August 2012 issue of Accounting Technician, AAT’s membership magazine. More information on studying and joining AAT is available online.
How to blow the ethical whistle Posted 08/06/2012 by Francesca West & filed under Accountancy resources. If wrongdoing is happening at your workplace, you have a professional and ethical duty to speak up. Francesca West explains all. If only someone had spoken up. Examples of corporate scandals that could have been mitigated by whistleblowing are everywhere. Enron, WorldCom, Barings Bank and more recently Lehman Brothers demonstrate that reputations and businesses built up over decades can be destroyed almost instantly, as long as good people are willing to stand idly by and allow wrong to be done. The financial crisis has placed much criticism at the doors of financial institutions. And, with new legislation in the form of the Bribery Act, whistle-blowing is increasingly recognised as an important tool in deterring and detecting malpractice. It is likely that, at some point in your career, you will have a concern about a serious issue. You may be anxious that raising the matter may be seen as disloyal and could put at risk your relationships with colleagues or your employer. However, as a professional, you have an ethical and professional responsibility to speak up. If the matter relates to suspected money laundering or a tax issue, you may have a legal obligation to report it. To this end, AAT is working with Public Concern at Work (PCAW) to develop guidance and support for members who may be facing whistleblowing dilemmas. What to do when you want to speak up Find out your options Is there a trusted co-worker or manager you can speak to? Are there other workers who also wish to raise the concern? Does your organisation have a whistleblowing policy? Be a witness not a complainant As a whistle-blower you are a witness, communicating a risk about the interests of others to those who can address it – either within the organisation or at the appropriate authority. It should not be a grievance. If, however, you are aggrieved about your personal position, use the grievance procedure and keep this separate to a whistleblowing concern. Let the facts speak for themselves Communicate the concern in a professional, calm and factual manner. If you know how to resolve the problem, suggest a solution. As a witness you do not have to prove your concern and it is important you do not delay by acting as a private detective. Going outside If you have raised your concern and believe the risk has not been addressed, or the matter is serious and you are unable to raise it internally, you can contact an appropriate regulator, such as the Financial Services Authority (FSA) or the Financial Reporting Council. A good whistleblowing policy will suggest appropriate external options. For more information, the FSA has guidance about when to get in touch. Get advice If you are in any doubt about what to do, seek confidential advice from your professional body, union or PCAW. Legal protection If you raise a genuine concern in an honest and reasonable way and you suffer reprisals, you are likely to be protected by the whistleblowers’ legislation, the Public Interest Disclosure Act 1998. The law protects you if you raise a concern with your employer, and it is also easy to be protected for going to a regulator, such as the FSA. The statute may also protect you if you raise a concern with the media or an MP, though PCAW suggests seeking advice if you are considering this last step. An annotated guide to the law is available online.
Future of banking is the rediscovery of customer service Posted 08/03/2012 by Matt Packer & filed under Run your business. In a recent post AAT member Dawn Clarkson argued that putting customers first was key to reviving an ailing banking sector. Innovative banks are already using modern techniques to embrace traditional values, argues Matt Packer If there’s an obvious disjunction between banks and their clients that has developed over the past three or four years, it is this: that banks have become steadily more remote, while financial transactions have withdrawn to the realm of personal immediacy. Powered by smartphones, iPads and even the trusty laptop, the public have embraced ultra-convenient modern creations as one-click shopping, and have been able to log product reviews and seller assessments on the web pages of sites such as Amazon and eBay. Those retail and auctioning behemoths have therefore been increasingly personalised by their customers. By contrast – as Dawn Clarkson FMAAT argued in her blog here on AAT Comment – in the areas of personal finance and business lending, banks have come to distinguish themselves by a lack of immediacy; a lack of convenience; a lack of any kind of user-generated buzz that may help to lift them above the realm of the horribly impersonal. One year ago, I wrote a column for Accounting Technician online that assessed the likelihood of a return to our town centres of a new generation of Captain Mainwarings, archetypal local bank manager styled on the treasured Dad’s Army character. I concluded that – despite pressure from property dealers and business groups for a more measured, reasoned and local voice to advise and, above all, listen to clients – resistance in the higher echelons of banking prevailed. Captain Mainwaring just doesn’t share enough of Big Banking’s world view to make the decisions HQ thinks are right, suggested Lloyds chairman Sir Win Bischoff, adding somewhat dismissively: ‘Some people should not be getting loans.’ But is there a middle way? A model that combines the technological realities and scope of modern banking with the personalisation that appears in other areas of large-scale business on the internet? Forbes magazine argued that the man to bring this model about is Richard Branson. In a recent article that covered his takeover of Northern Rock to create Virgin Money, the journal speculated that the tycoon would tap into social media and customer advocacy to give his financial group a personal touch – and that this could extend into a clever deployment of smartphone and tablet tech to make itself accessible. Forbes cited Virgin Money Giving as an ethical example of how Branson hasn’t levied fees from people seeking to raise funds online – although omitted the fact that he announced £60 per-year current account charges for his bank when he launched it. That notion was only binned as a result of an effective Daily Mail campaign that cried foul over his ambition to turn a formerly taxpayer-owned organisation into his own, fee-extracting fiefdom. Until Virgin Money’s first Big Ideas make it into the public domain, then, the jury is out on Branson. Perhaps a better-placed to seize the zeitgeist is Metro Bank. In May, the new entrant to the high-street market announced that it had acquired £125 million of capital for hiring staff and opening new branches. ‘Big deal,’ you might say. But where Metro scores on the novelty front is by basing its entire business model on having superior customer service. The economics are not wildly dissimilar from those of other banks, but the attitude is light-years ahead. As explained by Metro cofounder Vernon Hill, the bank’s mission statement is: ‘Attract customers, make them stay with you – and they bring their friends.’ According to Hill, if Metro captures just 2% to 3% of the UK retail banking market purely by offering superior service, it will be a success – and pave the way for flotation in 2014. In terms of models that are breaking new ground, though, the most high-profile examples are Zopa and Funding Circle: effectively, social networks – effectively financial dating agencies – designed to match borrowers up with individuals who have capital they would like to lend. Zopa chief executive Giles Andrews told the Observer in June that his organisation takes a completely different measure of a company’s strength when weighing up its commercial potential, factoring in a range of revolutionary metrics such as the extent of its Twitter presence. It’s prudent to conclude that Virgin Money and financial social networks should be watched carefully for signs of slippage or maturity before they become viable propositions – but Metro could be on to something. All it is doing is seeking out the future with the neglected beacon of good, old-fashioned common sense. Matt Packer is Online Editor of Think Publishing.
Education and learning in numbers Posted 07/31/2012 by Steven Perryman & filed under News. It is now only two weeks until A-Level results are announced. To celebrate, we bring you the killer stats on the wackiest student stunts, veteran primary school pupils and most extreme locations to complete your studies 78°N Latitude of the University Centre in Svalbard, the world’s most northerly higher education institute. Snowfall is common year-round, while students share the island of Longyearbyen with native polar bears. Fittingly, the institution specialises in Arctic studies. $26BN Endowment value in 2009 of Harvard, the world’s wealthiest university. The troubled world economy hasn’t been kind to the institution: its endowment in 2008, before the global financial crisis began, was $36.9bn. 9 Age of Zohaib Ahmed in 2009 when he became the youngest ever student to gain an A-grade at A-level maths. Zohaib achieved a 90% score across all six modules to gain the A-grade when he took the exam nine years early. Prodigious maths skills run in the family: Zohaib’s big brother Wajih gained an A-grade in further maths aged just 11. The Hampshire-based boys both have ambitions to become actuaries in the City. 18 Age of Alia Sabur when she was appointed the world’s youngest professor. Professor Sabur, born in the US in February 1989, became Professor of the Department of Advanced Technology Fusion at Konkuk University, Seoul, South Korea in 2008, three days short of her 19th birthday. Sabur counts the clarinet and taekwondo among her other talents – she got her black belt in the martial art aged just nine. 1,360 Record number of Diet Coke bottles turned into Mentos fountains by students in 2008 in Leuven, Belgium. Spouts reportedly reached 29 feet. Sadly for the sticky students, the record has since been beaten. 859 AD Year of inauguration of the University of Al-Qarawiyyin, the world’s oldest continually operating university. The institution, in Fez, Morocco, is one of the leading educational centres in the Islamic world. Nearer to home, the University of Bologna in Italy is Europe’s oldest – it has been teaching students since 1088. 84 Age of Kimani Ng’ang’a Maruge when he became the world’s oldest person to begin primary school. Maruge enrolled into Standard One at Kapkenduiywo Primary School in Kenya in 2004. Getting into the spirit, Maruge even wore school uniform. His aims: to learn to count money and to become literate enough to read the Bible.