Commerce/Law, major in accounting

[SeftonIsAHole]

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How well does an accounting major complement law? i've heard that its the most common major for a comm/LLB degree and thus thought that there were careers which required a knowledge of both accounting and law.

However, i've heard from some people that accounting doesn't go too well with law unless its more into taxation? You either choose one or the other.. any thoughts?

[flamearrows]

I did accounting as a major. I've heard people say that accounting is the hardest thing to teach in a professional environment in banking or consulting (e.g. an understanding of balance sheets etc.), but it's still probably not as good as finance for those jobs.

For law, I doubt it matters which major you do, so long as it's not something very soft (management or something).

[rubin]

I would say just choose which course you are most interested - after all you will be doing it for up to 5 years. In terms of overlap, as you mentioned, tax is the biggest area. The Big 4 accounting firms love lawyers because tax work is in essence interpretation and application of tax law. All major law firms have a tax practice group and much of the deals done in the m&a/corporate practices will require advice on tax implications. But the knowledge you gain from an accg degree can be useful in the banking & finance areas of a law firm, as well as Corporate groups generally because of the amount of time studying Corporations Law.

I think regardless of what you do as a second degree there will always only be a limited overlap.

[04er]

Unless you are actually interested in accounting, I would advise you against majoring in it. You can easily score a job in a big 4 accounting firm without accounting - hell, even without a commerce degree! Although obviously commerce makes it easier.

[rubin]

Originally Posted by 04er

Unless you are actually interested in accounting, I would advise you against majoring in it. You can easily score a job in a big 4 accounting firm without accounting - hell, even without a commerce degree! Although obviously commerce makes it easier.

Not that easily. When I did an internship at a Big 4, there was maybe 6 or 7 people in our group of around 120 that didnt have an accg degree and thats because they had done a course quite relevant to a particular area of the firm eg. actuarial studies --> working within actuarial. There were a couple other girls who had done non-corporate degrees (eg. psychology) and were working within a fairly niche area of the firm. I know they all like to promote that they take people from all different education backgrounds, but it is very much the exception rather than the rule.

[04er]

I suppose it depends on which department we're talking about. I got into the tax department with finance. I have met people who did law by itself or law/science or even law/arts. So from my experience the rule in tax seems to be that they prefer law degrees (preferrably combined) over single degrees. That's because you don't need to get certified in accounting to work in tax, because you can get a master in tax instead. Obviously they prefer commerce as your second degree, but I don't think it's crucial to choose accounting. I think it's good to choose something you will do well in so that you will pass the HR hurdles more easily. But if you're actually interested in accounting, go for it.

[SeftonIsAHole]

I personally prefer science but i was under the impression that a commerce/law degree had more career opportunities?

With science you could go into patent law (although a masters or doctorate in science is probably more suited to this area?), or IP.. is there anything else?

[hYperTrOphY]

Originally Posted by SeftonIsAHole

I personally prefer science but i was under the impression that a commerce/law degree had more career opportunities?

With science you could go into patent law (although a masters or doctorate in science is probably more suited to this area?), or IP.. is there anything else?

You can do any type of law with either. Your non-law component does not restrict the legal areas in which you may work. It may make you a more appealing candidate in some areas, but I wouldn't base my decision on any affect it may have on your future prospects. Do what you think you will enjoy.

For instance, I did Social Science (Criminology) as my other degree, and I just got a clerkship with Freehills - a firm which does not practice in criminal law.

[mcdee]

Originally Posted by SeftonIsAHole

I personally prefer science but i was under the impression that a commerce/law degree had more career opportunities?

I was in the exact same position, having done all 3 sciences at high school and ext 1 maths. But the reality is that commerce is the best complement to law and also allows you to keep your career prospects as wide open as possible. Having said that, you shouldn't do commerce if you're going to hate it. Personally, I find it very enjoyable but would have transferred to science immediately if I hadn't.

[SeftonIsAHole]

Originally Posted by mcdee

I was in the exact same position, having done all 3 sciences at high school and ext 1 maths. But the reality is that commerce is the best complement to law and also allows you to keep your career prospects as wide open as possible. Having said that, you shouldn't do commerce if you're going to hate it. Personally, I find it very enjoyable but would have transferred to science immediately if I hadn't.

Unfortunately I don't know whether i would hate commerce or not, as i don't do any social science subjects. Like you, i also do phys/chem, and ext1 maths, and thus am in quite a dilemma whether i should go into science, which i don't mind and have at least some aptitude in it, or go into commerce for the wider opportunities.

Also, can you can transfer after one semester? thus having to study for only an extra half year?

[04er]

Originally Posted by SeftonIsAHole

Also, can you can transfer after one semester? thus having to study for only an extra half year?

Absolutely. In fact, if you defer after your first semester, and reapply to UAC at the end of your first year, UAC will disregard your first semester results and allow you to transfer to whatever course you want on the basis of your UAI alone. That's what I did but I decided to stick with Law/Com after working with a barrister for 1 year.

EDIT: if you just want to change from commerce/law to science/law, it might be possible to do it internally without UAC. You would have to contact the relevant uni though to find out for sure.