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I'm currently enrolled in the accounting program at a four year public college. I'm taking Intermediate Accounting I and I'm enjoying it. I find the nitty gritty financial details of business fascinating, but there's a part of me that is having reservations. Quite honestly, I'm not sure how comfortable I am with this major. Mathematics hasn't always been my strongest subject and I'm actually considering withdrawing from a general college level math course (probability and calculus) since I've failed several quizzes. The course is a requirement in the business school, so I'll probably take it this summer when I can put 100% of my focus towards it. Now, the reason why I brought this up is because, while the math in the accounting courses I've taken so far have only been basic calculations and formulas, I'm not sure how complicated it will get, and most importantly, I don't think I'll do well on the tests. Much of it simply has to do with the large volume of technical information that has to be memorized. Part of it has to do with the possible complexity of the math. Simply put, I don't think I'll be competent enough to finish the program. The thought of taking the regular exams in accounting courses, let alone something like the CPA exam almost frightens me.
I'll admit that my self-confidence and motivation is a huge factor to consider in this overall dilemma I'm facing. I do go through streaks where my motivation to work hard and do well is high. Such "streaks" have translated into success, good fortune, and good grades. FWIW, I completed an A.S. in Business Administration with a decent GPA. But, I'm at a point where I'm tired of school and just want to be done with it. I know that I would be able to successfully complete a business administration program, but I don't have high hopes of making it through accounting. I understand that career prospects with accounting are better than something broad like business administration, but my goal really is to just graduate and do well in my last couple years of school. I know my thinking is short term, but with the amount of money and time that has already been invested by my parents and myself, failure is not an option.
So my confidence, motivation, and competency are the core issues here. Sorry for the long-winded, personal journal sounding post, but I really needed to sort out my thoughts and hope to hear some advice and feedback. I understand that it probably sounds like I'm trying to take the easy way out, but it is what it is.
In general the highest math you deal with accounting is basic algebra and some basic probability usually when you study auditing. The vast majority of the math you really need is basic arithmetic. You still should have a good head for numbers of course. If you're enjoying the material in your intermediate course [which is often the "weed out" course, especially Intermediate II] I would not worry too much.
The CPA shouldn't intimidate students as much as it does, with a few exceptions a huge percentage of it involves stuff they have covered in their courses, and a lot of it is not that in-depth.
I'm currently enrolled in the accounting program at a four year public college. I'm taking Intermediate Accounting I and I'm enjoying it. I find the nitty gritty financial details of business fascinating, but there's a part of me that is having reservations. Quite honestly, I'm not sure how comfortable I am with this major. Mathematics hasn't always been my strongest subject and I'm actually considering withdrawing from a general college level math course (probability and calculus) since I've failed several quizzes. The course is a requirement in the business school, so I'll probably take it this summer when I can put 100% of my focus towards it. Now, the reason why I brought this up is because, while the math in the accounting courses I've taken so far have only been basic calculations and formulas, I'm not sure how complicated it will get, and most importantly, I don't think I'll do well on the tests. Much of it simply has to do with the large volume of technical information that has to be memorized. Part of it has to do with the possible complexity of the math. Simply put, I don't think I'll be competent enough to finish the program. The thought of taking the regular exams in accounting courses, let alone something like the CPA exam almost frightens me.
I'll admit that my self-confidence and motivation is a huge factor to consider in this overall dilemma I'm facing. I do go through streaks where my motivation to work hard and do well is high. Such "streaks" have translated into success, good fortune, and good grades. FWIW, I completed an A.S. in Business Administration with a decent GPA. But, I'm at a point where I'm tired of school and just want to be done with it. I know that I would be able to successfully complete a business administration program, but I don't have high hopes of making it through accounting. I understand that career prospects with accounting are better than something broad like business administration, but my goal really is to just graduate and do well in my last couple years of school. I know my thinking is short term, but with the amount of money and time that has already been invested by my parents and myself, failure is not an option.
So my confidence, motivation, and competency are the core issues here. Sorry for the long-winded, personal journal sounding post, but I really needed to sort out my thoughts and hope to hear some advice and feedback. I understand that it probably sounds like I'm trying to take the easy way out, but it is what it is.
If you enjoy the accounting courses, I would stick with it and look for an easier option for the calculus and statistics classes. Most people will never use calculus and you don't need it for accounting classes. Can you take calc at a community college during the summer? Look at what options you have and do it as soon as possible since most universities have restrictions on classes that can be taken somewhere else. Most require your last 30 credits to be taken at your school and even at your own campus.
I wouldn't be worried about calculus for accounting work. The only time I've ever had to use it when I wasn't confident that a client's Black Scholes calculations were accurate (they guy who did them was an idiot and generally unqualified to do them). I just knew enough that it didn't look right and referred it to our finance/actuarial type guys.
The type of math you need to know cold is present value, internal rate of return, and annuity calculations, what I think the PP's are referring to as simple arthimetic. As it is based on general algebra concepts learned in junior high or high school. If you are struggling with these, you really need to get tutored on how these forumlas work and practice and practice with a lot of problem sets. No need to take a whole class on them, unless you need remedial type help in math and aren't proficient with algebra.
The statistical math and probability isn't really that important unless you are going into research. The computer programs really spits that stuff out, you just need to understand the concepts like what confidence intervals mean.
So unless you have issues with present value etc., I'd just take the absolute easiest math class you are allowed to graduate. At my college, I think it was called math for social scientists or calculus for dummies that never need to use it in real life. I'd be really scared if an engineer or architect took that class, as it was so basic. Just be warned that taking such an easy math class might cause problems if you want to switch your major into something more technical.
Accounting is not really about calculating things, it is more about properly classifying figures to present useful information to decision makers.
My impression so far has been that the math is pretty basic and that I would know it like the back of my hand if I used it over and over again. As for the math requirement, I'll see if I can take a course at a community college over the summer. I believe I have 64 credits and I took college algebra and a statistics course at community, but I don't think they transferred, hence the math requirement. I would guess that pre-calculus at a community college would be transferrable though. I'll have to speak with an advisor about all this.
Anyway, thanks for the advice. I'm still mulling over this. Maybe I'm just stressed with the math course and overwhelmed since I've been working part time, in addition to my other courses. With that said, however, I'm interested in hearing your thoughts on accounting vs. business administration. An accounting degree seems more useful than a general business degree. It offers more direction and I would think it offers more opportunities. But surely there has to be benefits to a regular business administration degree?
Accounting was/is a tough major, and the intermediate portion is where departments wash out their students. I don't know how it is with your school, but my first degree was in Accounting, minor in math, and the school would wash out well over 1/2 of the accounting majors in Intermediate, so, if that pattern still is in place, then you are the toughest portion of your major, though Advanced wasn't easy.
Stay with it, by all means. Accounting is considered the hard science of the business department. It demands not just a way with numbers, but an understanding of FASB's, SEC regs and IRS laws, which underscores an ability to interpret those regulations and codes and apply them to the real world. I only minored in Math but I found Accounting more demanding.
If you want some online help with your math, look up an internet site called Kahn Academy. IMO one of the best of its kind anywhere in digital space. Also, if you're not gettin the math, it's likely that you don't understand the concepts. In order to get a better conceptual understanding, annotate your text book. By that I mean take the book and rewrite in your own words. Look at the examples and try to figure out what the core concepts are that it's trying to present. Don't do any homework until you understand the concepts. After you do that, meet with your professor and go over what you're written and discuss it....
A Bus. Admin. degree is a catchall degree for anything that doesn't have its own department like Finance, Accounting, etc. It can be a generalized degree or more soft skills oriented like management, organizational behavior, and marketing, or more technical like logististics, information systems, etc.
It's hard to say, but generally the soft skill students have a tough time getting jobs and a lot end up in sales or a position that doesn't actually require a business degree. The business degree could help give you an edge in the workplace over poets in terms of advancement, but that first job is real difficult outside of sales or in a professional environment.
The technical business administration degrees really depends on your school and its relationship with employers. I know my school have a specialized Bus. Admin. HR degree that focused on employee benefits and most got good jobs at benefits consultancies. It was kind of a mix between tax, finance, and labor law.
You should be aware, however, that accountants can generally apply for any job a Bus. Admin. major can because of the overall background in business the degree offers. However, Bus. Admin. majors typically cannot get entry level accounting jobs.
Accounting was/is a tough major, and the intermediate portion is where departments wash out their students. I don't know how it is with your school, but my first degree was in Accounting, minor in math, and the school would wash out well over 1/2 of the accounting majors in Intermediate, so, if that pattern still is in place, then you are the toughest portion of your major, though Advanced wasn't easy.
Stay with it, by all means. Accounting is considered the hard science of the business department. It demands not just a way with numbers, but an understanding of FASB's, SEC regs and IRS laws, which underscores an ability to interpret those regulations and codes and apply them to the real world. I only minored in Math but I found Accounting more demanding.
If you want some online help with your math, look up an internet site called Kahn Academy. IMO one of the best of its kind anywhere in digital space. Also, if you're not gettin the math, it's likely that you don't understand the concepts. In order to get a better conceptual understanding, annotate your text book. By that I mean take the book and rewrite in your own words. Look at the examples and try to figure out what the core concepts are that it's trying to present. Don't do any homework until you understand the concepts. After you do that, meet with your professor and go over what you're written and discuss it....
I've heard great things about the Khan Academy. I'll have to check it out.
I ended up dropping the math course. I'm going to take math this summer. It'll be the only class I take, so I'll be able to fully focus on it. I think I just bit off more than I can chew this semester with the courses and working part-time. I think I'll do well in Intermediate Accounting and my other general business courses this semester, so I'm a little less stressed now. I do have my first accounting test Thursday, so I'll be studying like mad the next two days. We'll see how it goes.
Quote:
Originally Posted by slim04
A Bus. Admin. degree is a catchall degree for anything that doesn't have its own department like Finance, Accounting, etc. It can be a generalized degree or more soft skills oriented like management, organizational behavior, and marketing, or more technical like logististics, information systems, etc.
It's hard to say, but generally the soft skill students have a tough time getting jobs and a lot end up in sales or a position that doesn't actually require a business degree. The business degree could help give you an edge in the workplace over poets in terms of advancement, but that first job is real difficult outside of sales or in a professional environment.
The technical business administration degrees really depends on your school and its relationship with employers. I know my school have a specialized Bus. Admin. HR degree that focused on employee benefits and most got good jobs at benefits consultancies. It was kind of a mix between tax, finance, and labor law.
You should be aware, however, that accountants can generally apply for any job a Bus. Admin. major can because of the overall background in business the degree offers. However, Bus. Admin. majors typically cannot get entry level accounting jobs.
And that's the cold hard truth - lol. I think I'm going to stick with accounting then. It seems that it'll open more doors. Motivation truly is the key to doing well in college.
Quote:
Originally Posted by TheBeagleLady
Keep in mind, you don't HAVE to go the CPA route with an accounting degree. There are other options.
That's true, and who knows what the future will bring. If I enjoy the tax and auditing courses, I'll probably want to go for it. But I do understand that there are other options.
Thanks to everyone for their insight and thoughts. They're greatly appreciated.
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