In late 1959 or early 1960 I had occasion to visit a neurologist because I was suffering ‘nervous debility’. I was working extremely long hours for Victorian Producers Co-op at Wodonga. We were having markets every Monday (Pig & Calf Markets), Tuesday (Cattle Market), Wednesday (Sheep Market Albury). Market days were generally long, but the nights were the concern. Bookwork involved working after tea until approximately 11.30 pm every Monday till Thursday. This was constant. My days began at 7-7.30 am, knock off for a beer at 5.30 pm; have tea at the pub where I was boarding; return to work at 7.30 pm and consistently work until 11.30 pm Monday to Thursday, Friday was my night off. I would go with Tom & Mick Flanagan to an Albury pub every Friday night.
I experienced a persistent rash on my arms, was waking up intermittently at night as if in fright and not really sleeping. Dr. Grant of Wodonga made an appointment for me with a specialist in Baylis Street, Wagga Wagga. I do not recall his name. Tom and Mick, my two mates, took the day off work and drove me to Wagga. The Specialist put me through a thorough gruelling and told me I was over-working. His verdict – “nervous debility”. His advice – “study accountancy and work for yourself”.
My employer was considerate and realised the seriousness of my condition. I was transferred to Head Office in Melbourne and took on the role of assistant internal auditor. This involved routine daily work, 8.45 am till 5.15 pm and regular in-hour visits to the company’s 14 country branches. I registered with the Australian Society of Accountants to do a correspondence course but admit that I was an ordinary student. I was easily distracted. I boarded with my brother John’s family in Prahran and really enjoyed life for the next two years.
Out of the blue management offered me a transfer to the Benalla Branch of the VPC. It was experiencing some difficulties and the manager, Mr Kevin Donnelly, with whom I had previously worked, asked that I be transferred to take charge of the office administration.
I must admit that in my 15 years with the company I had never found any real satisfaction with my job. I could never see any future. I continued in Benalla until 1966 and changed jobs. On being married, I again changed jobs and worked for Jim Smith in his accounting practice.
Here was the dormant opportunity. Study Accountancy and work for yourself. In 1968 I renewed my interest in studying accountancy in earnest. The Australian Society of Accountants was phasing out its examination. To comply with its requirements, I would need to study 100 hours per subject to ensure a pass. This necessitated 20 hours per week which I strictly adhered to.
November 1972 came around. I had one subject to pass to qualify as an accountant. By chance it was the termination of the Society’s exams.
In all my study years I had not known one student who had passed Auditing on first try. The pressure was on!
The date for the examination came around! I sat for Auditing for the first time! 60% pass mark! 58% was not good enough! I failed! The Society was not conducting any more examinations. I was in Limbo!
Then fate smiled. The Society compromised with the Bendigo Institute of Technology, now La Trobe University, and it was agreed that I could do a 12-month course with the Institute. This involved travelling three times per week from Benalla to Bendigo for the year, and then doing their final examination. A strenuous year. Fortunately, the examination was a breeze after my tutored year. I passed with 87%.
“Study accountancy!” Accomplished.
“Work for yourself!” Still to come!
Then came the toughest year of all. Qualify as a Chartered Accountant to become eligible for partnership. With hard work this was achieved. I borrowed money to enable the purchase of a 1/3rd interest in James H. Smith & Co., thence Smith O’Shannessy & Co. I was working for myself.
Subsequently I was awarded a Fellowship of the Chartered Institute and increased my interest in the partnership to 50%.
Thanks to Neurologist Specialist (name unknown), Baylis Street, Wagga Wagga. I had followed your advice!
“STUDY ACCOUNTANCY, AND WORK FOR YOURSELF”
Ray O’Shannessy, FCA., CPA
This story was originally written for the topic 'Turning Point' and presented in class on 19 April 2020
I experienced a persistent rash on my arms, was waking up intermittently at night as if in fright and not really sleeping. Dr. Grant of Wodonga made an appointment for me with a specialist in Baylis Street, Wagga Wagga. I do not recall his name. Tom and Mick, my two mates, took the day off work and drove me to Wagga. The Specialist put me through a thorough gruelling and told me I was over-working. His verdict – “nervous debility”. His advice – “study accountancy and work for yourself”.
My employer was considerate and realised the seriousness of my condition. I was transferred to Head Office in Melbourne and took on the role of assistant internal auditor. This involved routine daily work, 8.45 am till 5.15 pm and regular in-hour visits to the company’s 14 country branches. I registered with the Australian Society of Accountants to do a correspondence course but admit that I was an ordinary student. I was easily distracted. I boarded with my brother John’s family in Prahran and really enjoyed life for the next two years.
Out of the blue management offered me a transfer to the Benalla Branch of the VPC. It was experiencing some difficulties and the manager, Mr Kevin Donnelly, with whom I had previously worked, asked that I be transferred to take charge of the office administration.
I must admit that in my 15 years with the company I had never found any real satisfaction with my job. I could never see any future. I continued in Benalla until 1966 and changed jobs. On being married, I again changed jobs and worked for Jim Smith in his accounting practice.
Here was the dormant opportunity. Study Accountancy and work for yourself. In 1968 I renewed my interest in studying accountancy in earnest. The Australian Society of Accountants was phasing out its examination. To comply with its requirements, I would need to study 100 hours per subject to ensure a pass. This necessitated 20 hours per week which I strictly adhered to.
November 1972 came around. I had one subject to pass to qualify as an accountant. By chance it was the termination of the Society’s exams.
In all my study years I had not known one student who had passed Auditing on first try. The pressure was on!
The date for the examination came around! I sat for Auditing for the first time! 60% pass mark! 58% was not good enough! I failed! The Society was not conducting any more examinations. I was in Limbo!
Then fate smiled. The Society compromised with the Bendigo Institute of Technology, now La Trobe University, and it was agreed that I could do a 12-month course with the Institute. This involved travelling three times per week from Benalla to Bendigo for the year, and then doing their final examination. A strenuous year. Fortunately, the examination was a breeze after my tutored year. I passed with 87%.
“Study accountancy!” Accomplished.
“Work for yourself!” Still to come!
Then came the toughest year of all. Qualify as a Chartered Accountant to become eligible for partnership. With hard work this was achieved. I borrowed money to enable the purchase of a 1/3rd interest in James H. Smith & Co., thence Smith O’Shannessy & Co. I was working for myself.
Subsequently I was awarded a Fellowship of the Chartered Institute and increased my interest in the partnership to 50%.
Thanks to Neurologist Specialist (name unknown), Baylis Street, Wagga Wagga. I had followed your advice!
“STUDY ACCOUNTANCY, AND WORK FOR YOURSELF”
Ray O’Shannessy, FCA., CPA
This story was originally written for the topic 'Turning Point' and presented in class on 19 April 2020
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