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But you still need to be able to identify the inputs into the function. I'm not an accountant, but I think that requires some math. And, wouldn't you need to know how to calculate it, at least in a simplistic way (ie, for an Ice Cream Shop) "by hand" (or at least a calculator.)
Plus, as an accounting student you learn to do that “by hand” before being introduced to accounting software. At least I did, anyway.
"Should I go for a career in Accounting if Im bad at math?"
No. You should be a florist.
A certain amount of math is required to be an accountant, but only the very basics. If you are aware of the principles involved in addition, subtraction, multiplication and division, you already have enough math knowledge to be an accountant. There is limited algebra involved, but nothing more. There is no need to know integrals, differentials, or any other complicated mathematics properties and/or equations.
"A certain amount of math is required to be an accountant, but only the very basics"
Agreed. That said, economists need to know some real math. Economists know where money comes from, where money is and where money goes. Yes, you can destroy money. It is called inflation. It is absolutely intentional and Joe Sixpack has no idea how it is done to him. Inflation is a tax.
In 1918 you could buy a cow with a $20 gold piece. Today you can buy a cow with that same $20 gold piece. However, a $20 bill will get you five pounds of hamburg at the meat market. If the average voter understood the Hickes Hansen Model of Disaggregated Macroeconomic Demand, they would vote out most congresscritters and abolish the Federal Reserve next year. That is two lies in one term. It isn't federal and there is no reserve.
A certain amount of math is required to be an accountant, but only the very basics. If you are aware of the principles involved in addition, subtraction, multiplication and division, you already have enough math knowledge to be an accountant. There is limited algebra involved, but nothing more. There is no need to know integrals, differentials, or any other complicated mathematics properties and/or equations.
Okay, since a blog post at a website I've never heard of said you don't need to know more than mere principles of basic math, then I would base a career choice off of that.
Yes, the website is correct that accountants do not normally spend their days hand-calculating complex 20-step equations. However, that link is also ridiculous in implying that you always use the same formulas with no judgments when creating a balance sheet. What percentages do you use for allowances for doubtful accounts? What are pension formulas? What depreciation method(s) are used for each type of depreciable property, and what were the in-service dates? How much amortization of premium should be entered for that new set of bonds issued mid-year that retired the old callable bonds that had 19 months before maturity?
Some of this may be pre-programmed by the accounting information system. However, accountants often have to go and update/double-check what is programmed. Not to mention, they need to be able to provide explanations to the auditors, and I can guarantee that an accountant telling an auditor "I'm not really good at math but I don't need to be" will result in a much more expensive, tedious, and nerve-wracking audit.
I'm not saying you can't or shouldn't be an auditor. But I was serious in my previous post. Explain what you mean by not being good at math. While I'm glad you did well in your collegiate basic math classes, you may need to investigate what types of math are expected by your college before blithely declaring accounting or finance as your major.
Finally, one of the other comments were spot-on. Even if certain jobs in the profession require less math in the daily work (or you can use a computer to do it all), that isn't the case for most college classes. If you can't create a double declining balance or sum-of-the-years depreciation schedule by hand (which yes, is basic addition/subtraction/multiplication/division), you won't pass the accounting classes.
Good luck. Stay positive. But also keep a level head.
Last edited by Mike From NIU; 06-06-2018 at 01:33 PM..
Reason: added example.
A certain amount of math is required to be an accountant, but only the very basics. If you are aware of the principles involved in addition, subtraction, multiplication and division, you already have enough math knowledge to be an accountant. There is limited algebra involved, but nothing more. There is no need to know integrals, differentials, or any other complicated mathematics properties and/or equations.
Seriously. I’m an auditor. People thinking they can play accountant by just plugging some numbers into a spreadsheet and getting by on basic math is why I have a job.
A certain amount of math is required to be an accountant, but only the very basics. If you are aware of the principles involved in addition, subtraction, multiplication and division, you already have enough math knowledge to be an accountant. There is limited algebra involved, but nothing more. There is no need to know integrals, differentials, or any other complicated mathematics properties and/or equations.
I've worked at three large CPA firms over the past 16 years. The billing rate for staff (the lowest-level accountants) is $160 per hour; partners bill at over $300 per hour. Clients aren't paying that much for grade-school level math skills and data entry work. Would YOU pay that kind of money for someone who didn't understand what they were plugging into Excel or have any intuitive idea whether the answer was right?
Whether you'll use higher-level math like calculus at work is beside the point--bachelor of accounting programs require courses like calculus and statistics. Purdue is one school my employer recruits from--accounting requirements are here.
Something nobody else has mentioned is the long hours accountants work, especially February through mid-April for tax accountants, February through the end of April for auditors, September through mid-October for benefit plans, and, it seems, year-round for valuation. It is NOT a 40-hour-per-week job. You'll need to spend a lot of time at clients' places of businesses and possibly travel as an auditor.
WE aren't talking about homework. DO you even know the topic of the tread? WE are talking about in the real world, not school work. I did taxes and was an accounting major. You did not need to know anything outside of basic addition and subtraction. All taxes is is addition, subtraction, and multiplication, but even the computer does all that for you. Since youre so sure, give me specific examples of how an accountant has to do any complex math by hand or even understand complex math to do their job. I'm waiting....
YOU are the only person talking nonsense about doing complex math by hand at work.
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