creamgethamoney

So I got back my intro to financial accounting midterm today and I got an 80. Although people say that there should be a curve at the end of the class, the average was around 69.5, so likely, the best I can hope for is a normal B (85/100 is my guess) on the test after the curve. I'm really frustrated because I really thought I understood the material (I got 92% on the free response part where we created the financial statements and did adjusting entries, but the MC ANNIHILATED me), I studied a lot, and despite my effort, since the material has gotten even harder, I probably will not get an A in that class. What I'm even more disappointed about is that now, if I'm struggling in an intro class, I will probably be bad in my upper-level classes, which means the Big 4 is slowly slipping out of my grasp, and any chance of having a good accounting career is gone since I'll probably get a job at a regional at best (although who knows if I'll get any job with the way I'm headed). I was also considering PHD programs, and a 3.0, or worse yet, 2.7 is not going to cut it even for the less prestigious ones, much less the ones I was shooting for.

So anyways, now that you have some background on my situation, my question to you guys is:

What do you do/have done in the past before studying for accounting tests to be successful on them? I made sure I knew all the practice problems, read the chapters multiple times, attended a tutoring session, and yet I still failed, so any tips from veterans?

If anyone can please offer advise, it would be greatly appreciated. I feel like such a failure right now, and any tips for how I can salvage not just my grade in the class, but really my whole future would be great.

thanks

Dawgie

Lol, first of all, if you really end up with a subpar accounting gpa, you can always go for an MSA to try to get to Big 4 that way. Let's leave that as a last resort.

There is no secret to doing well in accounting. You either know the material or you don't. None of the topics are difficult either. It's quite straightforward, all you need is an honest assessment of your grasp of materials before the test and you will get a good gauge of what you will score on the test. Either way don't worry you can still get a good grade, just ace the remaining exams. After cramming a week or so for each CPA section, college accounting tests must be jokes.

Thetaxdad

I wouldn't worry about your grade. You still have time to turn it around, and not getting an A in the class isn't the end of the world either. You should also know that landing a job at a regional firm is not a bad thing either! My two cents on getting a better handle on the material is not to read, but to do more problems. However, I do tend to agree with Dawgie that you either get the material or you don't.

sp1212

"will probably be bad in my upper-level classes, which means the Big 4 is slowly slipping out of my grasp, and any chance of having a good accounting career is gone since I'll probably get a job at a regional at best (although who knows if I'll get any job with the way I'm headed)."




Whoa whoa slow down there drama queen.


Really? I mean c'mon now, really?


So just because someone gets a regional job means they are not successful? That's an insult.

StephenR

If you scored 80 and the class average was 69.5 you did ok. Multiple choice exams can be tricky if you over-think or if you are just unfamiliar with how the subject matter looks when it's sliced and diced into multiple choice questions.

Take your time thinking about how you prepared for the exam and how you reacted to the questions when they were in front of you. You did something wrong and you will figure out what you did wrong as you think about it and talk to others in your class.

Also, instructors of introductory classes frequently take enjoyment in weeding out students. If the instructor knows from experience that half the class will give up on accounting he may be more intent on helping the process along than in teaching future accountants. Weeding out is something that happens early in a difficult major. Future years will be more about teaching the material than setting up hurdles to jump over.

Dawgie

sp1212, success is subjective.

creamgethamoney

^this, plus I have extremely high expectations for myself since I don't go out and party and do all that stuff. I'm very committed to schoolwork and finding clubs that I want to be a part of (still finding some), so not exceeding despite sacrificing social, and in large part my college experience, is really disheartening.

Plus, look at that not getting into the Big 4 = dead end career thread. So far, almost everyone has said that not getting to the Big 4 really closes a ton of doors, and this is ****ing me off/stressing me out the most. But whatever. Looks like I'm going to have to absolutely murder the final and next midterm, and if that doesn't happen, then I'm extremely screwed.

kmzizzle

no offense but u sound like a ******bag irl

AnyColour

lol. Anyway, I didn't know one had to get 100's on all tests in accounting, and if you don't you will fail?

creamgethamoney

^Why do you say that? Now that I've had a bit of time to calm down after the initial disappointment, I'll admit that I do sound somewhat ridiculous (I tend to do that when I get stressed), but I don't get how being disappointed after not reaching one's goals despite putting the work in for it qualiies as d-baggery. As I said, I'm shooting for the absolute best, and I really don't see how you can call someone a d-bag for being upset when that doesn't happen, especially since you don't know me.

creamgethamoney

Actually nvm. I really re-read my posts and I agree that I sound like a tool at times. As I said, I think part of this was a knee jerk reaction to my disappointment in my test score. I know it's not like I failed, but I'm a perfectionist, so that's why I'm a little upset and possiby exaggerating my situation. I apologize if I said something insulting and see where you got that impression from now.

But still, if anyone ha advice for how to do better, let me know. Otherwise, I've got a lot of accounting to study. Perhaps I should also educate myself about opportunities outside the Big 4? Anyone want to help me out with that one, bc all people talk about on these boards I Big 4, I-banking, and MBB, so it's hard to discuss anything else.

Thetaxdad

Regional and mid-sized firms are a great alternative to Big 4. They may not offer the exit opportunities that Big 4 do, but if you plan on having a career in public accounting, you might want to look at some of these firms. The work life balance is usually more in check with these types of firms. Big 4 are talked about often on here, and rightly so, they are great places to work and offer great exits into industry. Bottom line is that you need to think about what you want in the long run.

creamgethamoney

Hey taxdad, I'll be sending you a PM sometime tomorrow regarding my goals, so I guess I'll talk to you then.

But for the MAcc programs, is admission based solely on GMAT and GPA or do they look at ECs and all that jazz as well?

Dawgie

GMAT and GPA are the main considerations, don't let any lazy or unintelligent person tell you otherwise. There are always people around that like to deny the importance of both because either they aren't smart or they don't work hard enough.

sdmatt

i took intro to financial accounting at a CC during the summer so i really dont remember it.

But for intermediate classes. each chapter will have a few types of major problems (depletion, interest capitalization) that you know you will tested heavily on.

I developed a "process" or steps on how to solve each problem. Write down the process and review it the night before and right before the tests.

Focus on understanding the material. also if your that far ahead of the average your fine.

when you take intermediate, people are going say its a really hard blah blah blah, dont buy into it, just study alot and youll be fine.