Should I go into finance/economics even though I hate accounting?

Should I go into finance/economics even though I hate accounting? Topic: Should I go into finance/economics even though I hate accounting?
April 22, 2019 / By Staci
Question: I am a sophomore in high school and I am planning for a career in business. I am currently taking grade 12 accounting first semester and will be taking financial securities next semester. I am in a dilemma right now because from my own research, a successful career in finance needs an individual to have a strong foundation in accounting. I understand that finance deals more with the mathematical aspects of business, whereas accounting is more about theory. I feel that I am a strong math student. However, I also feel that I am slow to grasping new concepts/theory - hence which is why I am somewhat struggling in accounting (I received a 78 mark final for grade 11 accounting, while getting 91 in gr 11 math). I have also taken data management in summer school, where I got a 92 final. I personally find that the task of memorizing so much theory and concepts in accounting to be very tedious and relatively uninteresting to me. I would much rather do something more mathematics-heavy rather than accounting theories. I also want to mention that I absolutely love economics (I am taking AP econ at this moment) – thus I am also considering to study economics in university. So my question(s) are: 1)How different are accounting and finance careers in terms of the skills required, and knowledge gained(i.e. mathematics, theory) 2)Is it recommended to pursue a career in finance/economics while taking MINIMAL courses in accounting?
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Best Answers: Should I go into finance/economics even though I hate accounting?

Priscilla Priscilla | 3 days ago
In college you'll find that with any business degree, the minimum number of accounting courses required are 2 (Financial and Managerial accounting), with 2 more accounting electives depending on your major. So it won't be too bad. That's all I had to do with my Finance degree. Like you I hate accounting, because it's man-made math that doesn't make sense. (How and accrual and cash methods still count towards the same financial results?) It is good to brush up on accounting though, because if you're later going to be in some heavy finance career (financial analyst, financial advisor, wealth management, tax advisor, etc), it will come into play. It's just a fact within the business world unfortunately. There are exceptions though. I'm in a Banking career, and accounting is virtually nonexistent on the retail side. Instead financial terms, relationship building, portfolio management, customer service, all those are more relevant. Good luck.
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Priscilla Originally Answered: Should I pursue a Bachelors degree in Accounting or a Masters degree in Accounting?
I have both. During my undergraduate years, my major was Economics, but was not allowed to major in Accounting if I was majoring in Economics, so I pursued the M.S. in Accounting program. I had taken all the undergraduate classes for Accounting, so when I came into the program, nothing was new! There were a good group of students who had degrees in Statistics and Mathematics. Thought these students did amazing in classes like "Managerial Economics" or "Advanced Financial Economics", they absolutley bombed (did poorly), on their core classes which were a total of 8 courses. This really hurt their GPA, which I could imagine made it tougher for them to get a job afterwards. A B.S. in Accounting is all you need to take the CPA exam. In all states by 2010* (dates vary from state-to-state), you will need 150 hours to become a CPA. In addition, you will need 2 years of work experience. The advantages to an M.S. degree is that in most states, the M.S. degree can be credited towards one full year of work experience, knocking off one year on the work experience requirement and bringing it down to just 1 year. Also, since you need to take 30 extra credits anyway, why not take them in advanced accounting courses? Before you ask what on earth does one learn in the M.S. in Accounting program, let me first explain why you need to finish your other undergraduate accounting classes. The first two courses of accounting are your "Principles" courses. This means that they will only give you a basic understanding of the fundamental principles of accounting. The only practicle application they have however, is helping you audit journal entries to see if they are done properly. The bread and butter of accounting isn't really seen until Intermediate Accounting II. This is the weeding-out course, which seperate the wanna-be accountants, from those who actually have the potential to become CPAs. After that, you can take Advanced Accounting, Cost Accounting, Computer Accounting Systems, and Business & Federal Income Taxation. You know you're not really an accountant when you can't answer questions like: "How do I prepare my Income Taxes? What is the difference between my Business Income Taxes and my Federal Income Taxes? What do my Cash Flow Statements mean? What are the proper SEC proceadures? What are the proper Auditing proceadures? How can I establish effective Internal Controls?". These are all questions you need to know like that back of your hand before you can think about jumping into an M.S. in Accounting degree program, let alone the Accounting workforce! Once you do deside to take these courses, this is what you can expect from an M.S. in Accounting Program: Core Courses: - Advanced Managerial Accounting (Cost Accounting for Government, Non-for-Profits, Special Cases) - Advanced Managerial Economics (Microeconomic Theory, Game Theory, Price Theory, Internal Controls) - Advanced Income Taxation (Tax Shelters, Taxation of Private Equity, M&As, Trusts, Estates, Gifts) - Professional Responsibility & Ethics (Stuff you don't do when Auditing or issuing Financial Reports) - Research Methods in Accounting (Sampling Methods, Statistical and Mathematical tools for Modeling and Testing) - Individual Research Project (Masters Thesis Project) 2 elective courses: - Advanced Financial Economics (Futures & Options, Derivative securities, Asset Valuations, Stochastic Calculus, Brownian motion, Volatility, Portfolio Management, Risk Management) - Corporate Governance (Internal Controls, Corporate Structure, Auditing Standards, SEC Regulations) - State and Local Taxation (Taxation issues arrising within State jurisdiction and localities) - Estate Planning (Structuring Estates, Wills, Trusts in such a way as to minimize the Tax burden on the beneficiaries) The biggest advantage to an M.S. degree in Accounting is the demand for your labor. Most Big4 Auditing firms like to employ cheap labor, contrary to what people think. Auditing is usually done by those without a CPA yet, and looking for 2 years of experience towards their CPA. Taxes and Financial Reporting are now being outsourced to villages in China, or large companies in India and (1/10)th the cost of an American Accountant. The end result is that less and less CPA's with a B.S. degree are being hired for high salary positions. The question then arrises, why would they hire you? What do you have to offer? The answer is, one-on-one client service; something that can't be outsourced; yet.. lol.. Clients don't like to sit on one end of the phone and have someone tell them how to leave their estate, or how to invest their life savings. For the most part, clients like to deal with people, face-to-face. You are worth the money for as long as you can bring that to the table. Your knowledge of Financial Economics, along with Estate Planning and Tax minimization strategies can make you a useful consultant or project manager for any company. Remember, people won't pay money for you to tell them what a calculator could easily show them. They want service, expert advice, credibility. An M.S. in Accounting is the way to go, but before you can go there, you need to know your Accounting on the undergraduate level, ALL OF IT! Best of luck, feel free to ask more questions.
Priscilla Originally Answered: Should I pursue a Bachelors degree in Accounting or a Masters degree in Accounting?
Would any of your accounting classes transfer to your MSA degree program or would it basically start new? If it is a "fresh start", and you really want to make accounting your career, I say go for the MSA. See if you can find a good company who would be willing to pay for your schooling. When the next fall semester starts here next year i'm going to talk to my company about possibly doing the same thing you are doing and getting my masters in accounting (my previous bachelors was in Sociology)...my position in my company is Finance Coordinator and I deal a lot with accounting procedures. Good luck to you!

May May
I agree with William. There will be usually two subjects Financial accounting and Management accounting. Financial accounting will stress on the accounting concepts whereas Management Accounting is a bit different. However, the subjects might not be as theoretical as they are now and will have a more practical approach in terms of Accounting related Math. So it should not be as bad as you might think. With regard to Q2. a minimal understanding of accounting is required if you want to take up finance. It will certainly help when you have to analyze financial statements such as balance sheets, profit and loss accounts, etc.
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Laurelle Laurelle
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Laurelle Originally Answered: im going to finance a car?
Do your homework before you step foot in a dealer showroom. What is your credit score? ... what interest rate do you qualify for? How much of a monthly payment can you reasonably afford? ... How much cash can you bring to the table as a down payment. As a general rule of thumb ... if you want to choose how long to finance and the monthly payment amount .. you will have to bring a large enough down payment to make the numbers work. Going into a Dealer showroom unprepared is like taking a leisurely swim in a shark tank. Don't think in terms of "I can afford that payment next month" ... think of the next 36, 48 or 60 months. Reoccurring expenses can be a real determent to cash flow ... the fun of an auto purchase wear offs quickly but the payments go on for a while.
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