CONSOB business meeting

Author: Sara Beth Swan | Major: Accounting | Semester: Summer 2025

Hi! My name is Sara Beth Swan, and I am an accounting major at the University of Arkansas Walton College of Business. I had the incredible opportunity to participate in the IMACC Rome Global Immersion program in Italy for a summer intersession. I applied to this program because I felt it was an incredible chance to learn about a country that I thought I wanted to work in. I also felt it was a one-time chance to see and compare accounting standards and practices from the US to those in Europe and more specifically Italy.

One of my good friends, Anna, brought this program to my attention, and she was dead set on going. I agreed, and we both had the time of our lives. This program was perfectly tailored to accounting students and showed a plethora of firm options to pick as a future career. There were six firms, and many cultural visits all stuffed into a ten-day intercession at the beginning of May. Even this was perfectly articulated for accounting students that had to quickly get back to the United States for a summer accounting internship.

I feel as if everything I learned in Italy, good and bad, helped sculpt what I want – and do not want- in my future job. The one that stuck out to me the most was a business visit with the Milan office of EY. I realized how different it is than the American counterpart that I had just interned with the previous semester. Italy is much more focused on the sustainability of the client and auditing that aspect than the actual financial records. It was slight culture shock to see a Big 4 accounting firm be so relaxed about work hours and deadlines. It helped show me how an office would be if I later transferred to Italy from the Rogers office.

Another crucial visit, for me, was the visit to CONSOB which is the SEC equivalent. Here I realized that the differences I was seeing between US firms and Italian firms stemmed from both legislation and culture. The legislation was much less friendly to business debt than the US is. Debt is viewed as a bad sign in these businesses as it is a release of power and leads into uncertainty. They do not go into debt for school or everyday items, and they go into very little debt for houses and cars. They are not issued a credit score that they need healthy debt to raise. It was eye opening compared to the huge consumerism of American citizens. Below is a picture of me on the rooftop terrace of their beautiful office.

While abroad we got one free day in the program, and we all decided to spend it as a group. One of the most amazing things about study abroad is how quickly you bond with others around you. We all spent the day in Lake Como and loved every minute of it. Below is a picture of me and some new friends. What stood out to me in this moment was how welcoming everyone was. Students that study abroad have an immense sense of wonder and curiosity. We strive to learn and see new things. Here I learned that is also true of friendships. People are more than willing to explore new things together.

The biggest advice that I would give anyone wanting to study abroad is to experience everything you can. There is a reason that you take the class abroad and not in a classroom in Fayetteville. It is important to see all the cultural and historical sites in your area. Below is my friends and I at the Colosseum. It is also important to experience the new cultural norms. For example, Italian dinners last hours and are a special time with friends and family. The accounting knowledge is important, but what is more important to learn is different cultures and business practices, so that you know the type of professional you want to be. You will develop soft skills that you will carry into your career and will make you a more well-rounded and experienced individual. To anyone even thinking about studying abroad I encourage you to take the leap!