FAQ
What is a practice firm?
The practice firm is a hands-on learning model that closely simulates real-world business operations. It serves as a "workshop" for commercial training, where learners become familiar with economic processes and challenges through various tasks and activities. This action-oriented learning arrangement specifically prepares graduates for immediate employment in a commercial environment.(1) Practice firms can be found in vocational schools, universities, technical colleges, adult education institutions, and commercial training workshops. (2)
Vgl.:
(1) URL: https://www.bmbwf.gv.at/Themen/schule/schulsystem/sa/bmhs/kfm/uebungsfirmen.html
(2) URL: https://act.at/info/was-sind-uebungsfirmen/wo-gibt-es-uebungsfirmen/
What are the aims of a training firm?
In the practice firm, theory and practice are directly connected, allowing commercial knowledge in areas like purchasing, sales, marketing, and accounting to be immediately applied and reinforced. The use of standard software facilitates the transition to real-world work. Learners act independently, experiencing the consequences of their decisions and developing problem-solving skills. Communication and teamwork are key, and interaction with other practice firms fosters social competence. Hierarchical roles offer additional learning opportunities. Instead of lectures, problems are addressed and solved collaboratively through practical approaches. (1)
Vgl.:
URL: https://deutscher-uebungsfirmenring.de/wp-content/uploads/2021/05/ZUEF_Broschuere_2021.pdf
How does our practice firm operate?
In our practice firm, participants of the semester apply for positions in departments like PC East, West, South, or Corporate Support. (You can find more details about these departments on our website under the relevant section.) After thorough onboarding into the processes, they independently manage business transactions, place orders, handle accounting and payroll, and implement marketing strategies. The work is highly practical and supported by market-standard business software, which in our case is BMD.
When establishing a new practice firm, we develop an annual plan that outlines educational and business priorities. Strategic and operational goals are set. Our partner firm, Raiffeisenlandesbank (RLB), supports us as a major sponsor. Participants document their work to track performance and hold regular meetings with the management. (1)
Vgl.: (1) https://act.at/info/was-sind-uebungsfirmen/wie-arbeiten-uebungsfirmen/
How does trading in the training firm market work?
In the world of practice firms, there are two main customer groups:
1. Other practice firms as business clients:
Most of a practice firm's trade is with other practice firms, which expect timely responses to inquiries, orders, and invoices. Business clients purchase raw materials, goods for resale, or services like company outings or website design. Participants compare prices, quality, and services to choose the best deals.
2. Participants as consumers:
Participants in the practice firm receive wages, often based on real-world pay scales. This income flows back into the practice firm market as consumer demand, generating sales and business transactions. (1)
Vgl.: (1) URL: https://deutscher-uebungsfirmenring.de/wp-content/uploads/2021/05/ZUEF_Broschuere_2021.pdf
Where do the members of the practice firm work?Our office is located in the RESOWI building, section FE, and is shared with the staff of KFUNIline. You can find us there during our office hours on Tuesdays between 12:00 and 3:00 p.m. However, we might also be working in the office throughout the week, as KFUNIline students have the flexibility to organize their work schedules as it suits them best.