The accountants' thread

Discussion in 'Finance, Investing & Economy' started by tcmahoney, Sep 9, 2008.

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  1. DSC05 Moderator

    Member Since:
    Jun 25, 2002
    Location:
    Detroit, MI
    Club:
    --other--
    No it was in accounting.
    DSC05, May 15, 2009
    #51
          

  2. Sachin New Member

    Member Since:
    Jan 14, 2000
    Location:
    La Norte
    Club:
    DC United
    Oh.. Did you do your MBA right after undergrad? I figured you went back to school for it after working.
    Sachin, May 15, 2009
    #52

  3. DSC05 Moderator

    Member Since:
    Jun 25, 2002
    Location:
    Detroit, MI
    Club:
    --other--
    Yeah I got it right after undergrad. I couldn't find a job, and most people told me, I needed to be CPA eligible, so I went back for the extra credit hours and was told I might as well get another degree in the process.
    DSC05, May 17, 2009
    #53

  4. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    Studying for my CPA now. Financial reporting sucks.
    AmoebaCulture, Jun 21, 2009
    #54

  5. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    IFRS is the next big thing, comparable to SOX, some say. The learning curve that the companies will have to face by 2012 will force them into an uncomfortable position, leading to massive consulting expenses. This is probably where lots of accountants would like to be at. But it doesn't guarantee anything - companies will eventually learn how to do it themselves.

    Just to nitpick - IASB are the International Accounting Standards Board, that mandates the International Financial Reporting Standards. The FASB are the Financial Accounting Standards Board that also mandates generally accepting accounting principles in the United States (US GAAP).
    AmoebaCulture, Jun 21, 2009
    #55

  6. cleansheetbsc Member+

    Member Since:
    Mar 17, 2004
    Location:
    Albany, NY
    Club:
    --other--
    Can't
    Pass
    Aagain

    I took the exam the old-fashioned way. It's computerized now, correct?
    cleansheetbsc, Jun 27, 2009
    #56

  7. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    Correct. With also a simulated writing portion. Did you guys have those?
    AmoebaCulture, Jun 27, 2009
    #57

  8. cleansheetbsc Member+

    Member Since:
    Mar 17, 2004
    Location:
    Albany, NY
    Club:
    --other--
    WTF is a simulated writing portion? We had 2.5 days of multiple choice questions.
    cleansheetbsc, Jun 29, 2009
    #58

  9. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    Basically, the CPA examination now comprises 4 different sections that you can take at at least 4 different times, and each section (with the exception of the Business section) has three multiple choice tests (I think around 30 or so questions) and two simulations, where they give you a scenario, plug in some numbers, write a fcuking memo depending on what they ask you, and find the correct FASB SFAS or any other authoritative literature, as the final research question.

    The last summer break of my life.
    AmoebaCulture, Jun 29, 2009
    #59

  10. Wingtips1 Member

    Member Since:
    May 3, 2004
    Location:
    Tulsa, OK
    Club:
    Liverpool FC
    i was in the consulting arm of an accounting firm, and as a first job, the travel was great. while my friends were paying for flights back to homecoming, paying for hotels when we followed the USNT, I was doing everything for free due to all the hotel points and airline miles I racked up.
    Wingtips1, Sep 24, 2009
    #60

  11. Wingtips1 Member

    Member Since:
    May 3, 2004
    Location:
    Tulsa, OK
    Club:
    Liverpool FC
    remember, if you score above 75 on any of the parts, you studied too hard!
    Wingtips1, Sep 24, 2009
    #61

  12. aimorris Member

    Member Since:
    May 2, 2007
    Location:
    Fayetteville, NC
    Club:
    Carolina Railhawks
    Country:
    United States
    bump.

    Two years into my accounting career... and I finally decided to give the CPA exam a shot before they completely revise it in 2011 for the international standards I won't use.

    Not looking forward to this at all.
    aimorris, Apr 23, 2010
    #62

  13. Caesar Moderator

    Member Since:
    Mar 3, 2004
    Location:
    Oztraya
    We've been using them for years, and IMO IASes are a thousand times more commonsense than the US GAAP.
    Caesar, Apr 24, 2010
    #63

  14. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    Bump. I passed them all! I found out last month and it feels great.
    AmoebaCulture, May 6, 2010
    #64

  15. AmoebaCulture New Member

    Member Since:
    Nov 25, 2001
    Location:
    Andromeda
    Club:
    FC Seoul
    I hate traveling. It's game for the first few weeks. I was on the road for a bit over a month. It was exhausting.
    AmoebaCulture, May 6, 2010
    #65

  16. Caesar Moderator

    Member Since:
    Mar 3, 2004
    Location:
    Oztraya
    I just quit a few weeks ago, finish up next Friday.

    Moving out of pure accounting (I work for a chartered firm) and into a broader commercial role. It was only ever a stepping stone for me career-wise, I always knew I didn't want to be working with numbers for the rest of my life. But the great thing about accounting is it's the best possible background for working anywhere in business.
    Caesar, May 6, 2010
    #66

  17. ntg. Moderator

    Member Since:
    May 9, 2007
    Club:
    Arsenal FC
    Country:
    Canada
    i am studying for bba now
    and with the down turn of the economy
    majority of my classmates are going for finance/accounting, despite some of them wants to be doctor, computing scientist, and even designing

    i am not sure if this is a suitable question to ask
    how many of you actually took 'accounting' instead of pursuing your own desired occupation?

    i am majoring in marketing/international business
    but i often have the feeling of 'being unstable' for not taking part in finance/accounting.
    ntg., May 11, 2010
    #67

  18. Dave Brull Member

    Member Since:
    Mar 9, 2001
    Location:
    Mayfield Hts, Ohio
    Club:
    Columbus Crew
    Country:
    United States
    I wanted to be an accountant but it isn't my ideal job, I thnk. But since I could never identify what that was, I'm sure, if and when I find a job (I complete my masters in December) that I'll be happy with it.
    Dave Brull, May 11, 2010
    #68

  19. ntg. Moderator

    Member Since:
    May 9, 2007
    Club:
    Arsenal FC
    Country:
    Canada
    congrats on finishing your master
    i can imagine the pressure and burden of studying, and perhaps, working at the same time

    i would say accounting is one of the most stable jobs offered in the business concentration

    the earnings of accounting is stable and it is needed in almost any economic situation

    marketing, heh, overly relies on the economy
    once there is decline, the manager will have their rulers ready for spanking.
    ntg., May 11, 2010
    #69

  20. bostonsoccermdl Moderator

    Member Since:
    Apr 3, 2002
    Location:
    Connecticut
    I wouldnt really worry about it.. It seems (in my possibly wrong opinion) that unless you really actually want to be an accountant, or deal heavily with corporate finance, you dont need it.

    Especially if you interests lie elsewhere.. I guess my point is the area that you are focusing on probably wont care if you dont have classes in accounting.
    bostonsoccermdl, May 11, 2010
    #70

  21. junjunforever Member

    Member Since:
    Feb 18, 2002
    late, but congrats!
    junjunforever, Aug 4, 2010
    #71

  22. Barbara Hail Grimes!

    Member Since:
    Apr 29, 2000
    Club:
    DC United
    Country:
    United States
    If you want to own a business or run a business or speak intelligently about the financial matters of your business, you need to have an understanding of accounting and finance.

    At the very least, you need to be able to read and understand financial statements.
    Barbara, Aug 19, 2010
    #72

  23. bostonsoccermdl Moderator

    Member Since:
    Apr 3, 2002
    Location:
    Connecticut
    A pretty basic understanding. Which can be done easily by buying an "Accounting for Dummies", or similar small business owner book.

    My point is that he shouldnt feel empty for not taking accounting in his studies, especially if it doesnt interest him. Not taking such courses will only hurt him if we wants a actual accounting/actuarial job, or high end corporate finance job.

    I would argue the large majority of small business owners didnt even take accounting/finance. They come from all sorts of backgrounds, many non business related.
    bostonsoccermdl, Aug 22, 2010
    #73

  24. ntg. Moderator

    Member Since:
    May 9, 2007
    Club:
    Arsenal FC
    Country:
    Canada
    thanks all for the comment
    my undergrad includes:
    - financial accounting
    - managerial accounting
    - financial basic

    the reason why i feel bad is:
    there's more jobs for finance/accounting more than marketing/communication

    i also envy the 'stableness' of finance/accounting related job
    ntg., Aug 22, 2010
    #74

  25. derrickJones New Member

    Member Since:
    Oct 18, 2010
    Hey, I also find it really fun to be responsible for all money transactions in a company you are working in. I'm thinking about taking an accountancy course at ACCA. What do you think about that?
    derrickJones, Oct 19, 2010
    #75
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