Everything you wanted to know or should know about accounting - Page 162

WallyxD · 11-07-2012, 06:35 PM

Hi, I'm an accounting major.

I'm in my first semester of my second year. I'm taking financial accounting this semester. I wanted to know when did you guys (Accounting majors) decide what you wanted to do with your accounting degree. I have a feeling I'm not gonna like audit and that I may be interested more in tax. But again, I'm just taking my first accounting class so I'll obviously have more knowledge of the both and be able to make my decision from there.

Another thing I want to know is what electives have you accounting majors taken, because for my free electives, I'm gonna take accounting electives but not sure which ones would benefit me most.

ValleyAccountant · 11-07-2012, 11:41 PM

The real world does so anything that counts for the CPA requirements of your state is what will benefit you the most. What you learn in school will help for your exam but what you will do in the real world has little to do with what you learn in school.

ijamjl · 11-08-2012, 11:56 AM

I'm taking financial accounting 1 right now and failing (59 and 61). Should I just withdraw from the course?

I'm planning on switching to finance, so I won't retake the course.

WallyxD · 11-08-2012, 12:42 PM

If you're at a community college, you'll have to take financial accounting if you're a business major. If your main concern is your gpa, I would just withdraw from it. But I'm assuming your semester doesn't end til late-ish December so you should be able to get a passing grade by then.

WallyxD · 11-08-2012, 02:07 PM

Valley, what do you do if you don't mind me asking.? And when did you decide which direction you were gonna go with your accounting degree.?

ijamjl · 11-08-2012, 02:34 PM

I attend Baruch College, and it's not required of all business majors. I forget the name of what it's called, but a quick google search for Baruch's acc2203 will tell you what's required of non-accounting majors. Accounting majors take cost accounting instead.

The only exam remaining is the final, and it's worth 35%, and also is cumulative. After thinking about my situation since my post, I'm pretty much set on withdrawing unless someone points out I'm being irrational.

Teemoo · 11-08-2012, 11:46 PM

Hi, my first question on this thread. What is your view on Liberal Art Colleges offer Accounting degree and the college is not accredited by AACSB? Should I forgo the small class size and the quality of the program and go for the accredited ones? Because the accredited institutions has a set of standards whereas LAC don't?

taxguy · 11-09-2012, 07:13 AM

AACSB is NOT required particularly for a job or for an interview. Doesn't anyone read my first post here? It is nice and useful for getting into graduate programs that are AACSB accredited.

Also, as long as the business program is AACSB accredited, you don't need it for the accounting program too. My take is that if you are attending a good school, feel that you are getting a good education, don't worry about the AACSB. It is nice to have, but is only an optional extra benefit.

dirkslam41 · 11-09-2012, 07:37 AM

I know a neighbor who's a CPA who works for the government, and he makes 98k per year. That pretty awesome in today's economy imo.

Viddar · 11-10-2012, 02:22 PM

Can some of you guys answer my question on how important the statement of purpose essay is for masters of accounting programs. My GMAT will probably be 20 points below average, will a great essay make up for that deficiency?

taxguy · 11-10-2012, 03:09 PM

If you are within range of what they want, even if below median, your statement can make the difference. It might also make the difference if you emphasize something highly desirable that the school didn't know: i.e. you won some special award, wrote a book, participated in the Olympics etc. My son applied to a grad program and was at least 100 points below the medium GMAT for his school. However, there was an essay as to why he wanted to go to that school. My son wrote one of the best, creative essays I have ever seen. It might have made the difference. He also did one other very important thing: He want to the school's open house and personally met the dean. Don't forget business schools understand the importance of networking and one-on-one communication in business. I guess my son impressed the dean since he was admitted, although provisionally, Just an aside,despite being admitted provisionally, my son graduated with highest distinction from the masters program and was the top student. So much for the correlation with GMATS.

Viddar · 11-10-2012, 03:14 PM

Thx taxguy, could you tell me if this seems like a good topic to write about. I'm writing about how I believe accounting is the best career for me, the fact that I came to the US as a kid and hardly knew any English, the fact I got a bachelor's degree despite this, and the fact that I ran a small business for a short time (a few months).

Also, is there a place I can get my essay evaluated?

taxguy · 11-10-2012, 03:53 PM

That might be good. My son's essay was about why he wanted to go to a specific school. It is hard to figure out what topic would get you the biggest bang.

ValleyAccountant · 11-11-2012, 03:35 PM

I have worked for 2 public accounting firms and I am currently a senior. I recently jumped ship to a national firm where I primarily do tax compliance and consulting for corporations. I only have a bachelors degree in accounting and graduated from a very low ranking school with top grades.

To the guy that is having a hard time with the first accounting course you may want to reconsider your career path. If you have a hard time with that I can only imagine what upper division courses will be like for you or the CPA exam. The latter is far more difficult than the former. I have known licensed attorneys that failed the CPA exam but could pass the BAR. The CPA exam is VERY hard.

Accounting is not about intelligence although a base level is probably necessary to grasp the concepts. It is mostly about commitment and focus. The latter is the most important. If you cannot focus for extended periods of time you have no business in accounting. There have been days where I have gone 5-6 hours straight without a meal or a bathroom break until my mind turned to jello.

ValleyAccountant · 11-11-2012, 03:43 PM

I don't know anything about grad school FYI. I may go back to school but right now work consumes my life. FYI you don't need a masters to be successful as a CPA. The masters only matters to get you the job. After that performance is what matters. It doesn't matter if you have an MSA from UT Austin pedigree if you can't meet your budgets and deadlines. Partners and managers want people on their teams that will make them money by billing hours making deadlines and meeting budgets. I don't care what school you graduated from if I am reviewing your work and your 1120 and M3 cannot be tied to your workpapers and your workpapers cannot be tied to the PBC's you have made mistakes. Continue ****ty performance after your 6 month to 1 year staff anniversary and you can get fired or pushed out. My advice is stay cheap accredited and CPA eligible and work on your leadership skills. Don't go into debt!