Everything you wanted to know or should know about accounting

<p>WJB,
If you are spending that much time preparing for accounting exams in the basic courses and it is because you are having difficulty absorbing the material, you may want to rethink if this is the right major for you. If it's just because you just want to do well on the exams, well that's a different story. Regardless, the intermediate accounting courses are designed to weed out the folks who aren't likely to go the distance, so you'll know soon enough.</p>

<p>It's not because I have to, it's because I want to. Being sick a lot in my first two years of college really hurt my GPA and I don't want to slack off or allow a class to sneak up on me and hurt it even more... especially accounting. Many of those 20-30 hours were spent in multiple study groups I organized with other students in the class. </p>

<p>I wouldn't classify the material as "hard". The amount of material is more bothersome than the actual topics. The studying definitely didn't hurt though, I ended up with a 95 when the college average was a 76.</p>

<p>"4. Should I go to the highest ranked schools for accounting? This question seems to be asked in one way or another many times and is probably the most frequently asked question about accounting.</p>

<p>Answer: As long as a school is accredited ( AACSB accreditation and regional accreditation), it DOESN'T MATTER which school you attend. The reason is that the State Boards of Accountancy mandate the curriculum. Thus, from school to school, probably 80% or more of the courses taken will be the same. Even the books used are usually the same. Job opportunities will probably not increase that much from school to school for accounting jobs</p>

<p>You should understand the process: Accounting firm partners usually interview at their local schools. Again, for accounting, it won't make a difference whether you attended Stern ( NYU) or Baruch College."</p>

<p>I'm in a bit of a predicament. I've read through this whole thread and a slew of other online resources, but I'm still left with some case specific questions.</p>

<p>Here's my story: I'm currently a sophomore accounting major at the University of Massachusetts Dartmouth with a 3.9 GPA. Although my university is AACSB accredited, I don't feel like I'm receiving a "good" education. Sure, the classes can be the same as the other schools but the teachers and err.. the difficulty of courses doesn't seem to rectify the accreditation (I do understand I'm haven't hit junior or senior level courses). Specifically, I've learned nothing from my economics courses and worst of all, my accounting class is equivalent to my high school honors course! I wouldn't mind if the electives were garbage but c'mon, my business courses? I thought I could save some money by attending a state school that was accredited but apparently at the cost of my education. </p>

<p>So I ask, what would you do? And if you did decide to transfer (the way I'm leaning) where would you go? (particularly northeast but all schools welcomed, cost not necessarily uncapped but I could afford a relatively pricey education)
I've been looking at some private schools & other schools in general but.... I was thinking Bentley. But for the cost are there better schools out there? (Benefits also include better job placement - closer to Boston & network of alum is fantastic)</p>

<p>I'm just trying to lookout for my career early in the game. I want to sit for the CPA knowing that I received the proper education and preparation for the exam!</p>

<p>Thank you for this thread. The opening post and following discussion have helped me out a lot!
-Sanyo89</p>

<p>I have a question about the intellectual/personal characteristics necessary to succeed in accounting in both college and the real world. My D has a relative weakness in Math, but quite strong in English and language-related skills. She is also diligent and organized. Does this fit the profile of a successful accounting person, or are they generally stronger in Math?</p>

<p>In a way math is not that big a deal in accounting. It requires fairly low level of math. I don't think you need to know more than high school algera, although I remember my college required a course called Calculus for Business. Afraid not, it's no calculus! She needs to be logical, analytical and persistent, which you seem to indicate she has those qualities.</p>

<p>I agree w/ hillbillie that acct. is not math. Yes, it requires some math, but generally not high level math. However, we, at the state school I teach, often find that students w/poor math SAT's do no do well in accounting. </p>

<p>We do require acct. majors to take calculus and statistics. Auditing requires a knowledge and use of statistics.</p>

<p>Your D can give it a try. She might find she likes it and it clicks. Not all poor math students have a difficult time w/ acct.</p>

<p>Ok I have a question.</p>

<p>I just got accepted into U of I's business school. I am thinking of possibly going into accounting. As you may know U of I's accounting program is ranked #1 nationally. What would be the best course of action for me in order to make the most money? I know this sounds very materialistic but I am curious. Do I go work for the Big 4 for 2-4 years and then go somewhere else? Your thoughts would be great on a good plan.</p>

<p>Is sophomore-junior summer to early for an internship?
Also, what is a good minor for accounting?</p>

<p>bump, can anyone answer my Qs?</p>

<p>Also how do I know if I will enjoy accounting</p>

<p>Whats the best accounting position to get that makes the most money, has more to do with math, and will still be strong 5 years from now?</p>

<p>goIllani asks,"What would be the best course of action for me in order to make the most money?"</p>

<p>Response: Honestly ,it doesn't matter per se since both auditing and tax jobs pay about the same. If I were you, I would emphasize skill development. Long term skills will provide the best pay. Thus, I might want to start off in accounting services and switch to tax at some point.</p>

<p>Mrd124 asks,"Is sophomore-junior summer to early for an internship? '</p>

<p>Response: Internships are available usually starting after the sophomore year.</p>

<p>Taxguy, can accreditation take a long time? Some colleges say they are 3/4 or 1/2 way through accrediation, but I wonder if that can be years longer or months. I wrote a couple but am awaiting a reply.</p>

<p>How do you know if you will enjoy accounting?</p>

<p>Goillini, I would look at what classes you would have to take, the textbooks, etc. and maybe attend an upper level class if you can. My D is planning on staying a day at a college and hopefully seeing a freshman/sophomore class and then an upper-level class when the work gets more involved. If you mean, how will you know you will like the job AFTER college, that would depend on which of the many jobs you can apply for. You might hate one and love another.</p>

<p>On a side note, This isn't about accounting, but I met a woman today who is a school psychologist. I told her my son was interested in that career. She told me to have him talk to some if possible beforehand, the "idea" of what it is and the reality differ. She does less counseling than she would like and more testing and studies and there is a lot of paperwork and deadlines etc. The gist was to ask around, write, get as much info as possible, but always realize the personality of the person you are talking too might be completely different than your own. Concentrate more on what they do, not on what they say.</p>

<p>If a college is just accreditated in Business with the AACSB, but not accounting, does it really make a difference with most jobs?(not the elite) Some of the schools boast of internships and getting jobs for graduates, I can't imagine that the students don't work after they leave. Some colleges as mentioned are "in process", I heard it can take 3-7 years, that doesn't mean the classes aren't complient, but it just takes time and money to complete.</p>

<p>There are three types of accreditation,which makes things confusing.</p>

<p>The first, and most important, is the normal accreditation such as "Mid Atlantic accreditation" or "southern accrediation" of colleges. These and other bodies are the main accrediting organ. Most schools are accredited by these since they are crucial.</p>

<p>The second accreditation,which isn't as required but is becomming more essential today is AACSB. They accredit business programs. More of the better university and business programs are becomming AACSB accredited as well. Is this accreditation essential? NO,but is very nice to have.</p>

<p>The final type of accreditation,which is the newest accreditation, is by AACSB as well but for accounting as well as business. This isn't as well known, and you certainly could get a job without a school having this last accreditation. However, it will become the gold standard for accounting firms in the future, in my opinion. Thus, going to a school that has this accreditation in place will be nice but NOT essential at this time.</p>

<p>As for the time frame for accreditation, it could take years. A lot depends on the time frame of the accreditation process by the school. It can be weeks to several years. No one really knows.</p>

<p>Yes, all the intitials can get confusing : ) I just didn't know why they singled out accounting for a different accreditation, but I can see how it will look better to have it. Some colleges are close to finishing, but even after all the paperwork is done, it's up to the AACSB whether they get the seal, which is why they wont release what colleges are "in process" because it gives the impression they are a "done deal".
I feel in today's economic times though, money/aid might be a more motivating factor than other things, which isn't ideal, but a reality.</p>

<p>is the university of michigan an accredited school for accounting?<br>
i know they have an undergrad business program, but no accounting major per se, but they do have a 5th year MAcc program.
michigan has a very strong business school (Ross) so i'm assuming the MAcc program is very prestigious even though it is not a AACSB accounting accredited right? (im not even sure about that fact, that was the whole point of this post in the first place)</p>

<p>taxguy: thanks for all of your great information..it has helped me greatly.</p>

<p>--
Firstly: Please do not answer my questions if you are guessing or do not have a direct relationship to it. Professionals' opinions are very valuable to me.</p>

<p>I have a couple questions about jobs after graduation:</p>

<p>1) My brother did a finance/account degree(major/minor), and during his internship he did the grunt crappy work. All I know is he was miserable stuck in a confined space going through several stacks of papers with a ruler looking for anything abnormal. Truly tedious and horrific work.</p>

<p>If I do an Accounting/(Finance, Economics, Information Systems, Business Law, whatever), what kind of work would typically I be doing(I understand describing specifics due to a broad range of companies, etc. makes this very difficult). I understand you do not "make partner" right out of college either, it takes several several years of hard work. But how many years would require the tedious secretary cubical crappy work? </p>

<p>I'm not necessarily stating I don't want to work my way up, but how many years would I have to "sacrifice" to finally make some decent bucks later in life. I don't want to be 45+ and finally earning a respectable income. Hell, might as well do Pre-Med and make cash in late 20's.</p>

<p>2) Investment banking seems like a very interesting and fun(not the typical daily grind) occupation. Good competition = Hard Work = Good rewards. I like. </p>

<p>But honestly, what is it? Is a degree in Accounting even the <em>best</em> way to approach becoming an Investment Banker? </p>

<p>3) Lastly, a "degree to likes" question. I like the inner workings of economies, how to plan and make wise investments for huge companies, how several unique factors help control finances, and how the world market works together as one. Merging and business law seems interesting as well. I am very analytical and precise. I do not like being stuck at a desk with several layers of managers and bosses telling me what to do all day. Making responsible decisions is something I am prepared to do...well.</p>

<p>What would anyone suggest to me? I've talked to some professors who say, "just wait until your in the business school and you can choose from there". But I don't want to mess around for 5 years getting a Masters. I want one in 4 years or less, done deal. I want a game plan BEFORE my first college semester. I love to plan.</p>

<p>Thanks for any responses, feedback, or advice to my questions. A lot of the threads I have read so far come with lots of mixed opinions and have just worsened my situation.</p>