Accounting (2 Viewers)

[persephone]

Just a general question. What's it like. The subjects that you take and what it's actually all about. I'm thinking about transferring to it and I just wanted to know people's opinions on it.

 

[kow_dude]

It's boring. There's no creativity involved. For example, in financial accounting, you learn a set of rules from the accounting handbook and apply them in problems.

 

[Far_Q]

I like accounting so far, alot of people do accounting degrees and hate it, I can't understand why they continue doing it, then there's alot of people who don't do it who will despise those that do it.

Whether you'll like it or not is a personal thing, seeing that ur an Arts student, it might be a bit extreme to go into accounting cuz it's heavier workload and much more tedious than ur casual artsy stuff. But if u like numbers and u like recording things, u might like accounting.

Also depends on why u are considering accounting?...is it cuz of greater jobs, or cuz u came across it in uni and liked it or u heard it from other people?

As for the subjects, first year subjects are crap, apart from accounting u have to do economics, statistics and all other irrelevant stuff that you'll probably never use or never remember.

But in my opinion, go to ur uni library and read through the first 2-3 chapters of a first year accounting textbook, it'll give u a rough idea of what ur in for...

 

[turtleface]

It's boring. There's no creativity involved. For example, in financial accounting, you learn a set of rules from the accounting handbook and apply them in problems.

Yeah maybe if you're a bit of a hack or rote learner. How about gaining a deeper understanding of underlying theory so that you can propose changes to accounting standards, and contribute to international debate of accounting standards. In any case, Financial Accounting is just one discipline of Accounting just like Chemistry is one discipline of Science.

Whether you'll like it or not is a personal thing, seeing that ur an Arts student, it might be a bit extreme to go into accounting cuz it's heavier workload and much more tedious than ur casual artsy stuff. But if u like numbers and u like recording things, u might like accounting.

I disagree, if you like numbers by themselves do Finance (I mean Finance Finance, its confusing cause Accounting depts are often called "Finance" depts and Accountants are often called "Finance professionals" in practice)

Also if you like recording things go become a musician or a computer. Noone records anything in accounting, computer systems does it.

I agree with the heavier workload aspect, some of the content is really confusing to get your head around

But in my opinion, go to ur uni library and read through the first 2-3 chapters of a first year accounting textbook, it'll give u a rough idea of what ur in for...

I wish this was the case but unfortunately typical first chapters of intro textbooks i.e. information about the users of accounting information is just rhetorical nonsense and bookkeeping processes are redundant now with the introduction of ERP systems and the like.


Its impossible to say what accounting is about because it is such a wide discipline. Like in medicine where you have surgeons, cardiologists, pediatricans, immunologists etc in Accounting you have system accountants, forensic accountants, liquidators, administrators, receivers, auditors, cost accountants, corporate accountants, management accountants, tax accountants, business analysts, technical accountants etc etc. Its impossible to generalise what accountants do. Any attempt to do so would be like "yeah all doctors do is give people injections" but if you want a very broad definition along the lines of "doctors promote people's health" then for accounting it would be "accountants help people and organisations finances" <though this is an extreme generalisation.
theres a site that deals with a lot of the accounting in practice issues, heres a link, go to here if you want to read some more stuff, though warning some of it may be rhetorical nonsense.
www.geocities.com/trekkieaccountant/faq

 

[turtleface]

um I think so, though not sure
some forensic accountants are ex-cops from fraud squads I think

I think theres like different areas. the fraud one is an example. Others include say moneys gone missing, and a forensic accountant is needed to detect and trace the flow of the money through banking channels etc. Other types may be those who support auditors in assessing the likelihood of fraudulent financial reporting.

A possible problem with forensic accounting is that there are often court visits involved, where you may be the expert witness. Its always unnerving when you give evidence against the mafia or something. :S

 

[seremify007]

Is Forensic Accounting sorta like...investigating frauds?

Yep- it's highly specialised and to get into it you need to be pretty damn pro. I don't think it's possible for an ordinary graduate to get into it at most firms?

Try reading this: http://www.answers.com/forensic+accounting&r=67

 

[seremify007]

Depends what type of accounting you are interested in I suppose... People also say that knowledge in accounting is essential for many other careers- maybe that explains why there are some very old people in our accounting classes?

 

[Sarah168]

It is abit of an extreme to go from humanities to accounting. I do commerce units like acct simultaneously with arts subjects and it's weird to have to switch your brain around from subject to subject cos however you wanna spin it, acct is not an especically creative subject. (I mean, the term "creative accounting" itself lends itself to meanings of fraud and white collar criminals cooking up numbers in various financial reports LOL)

Why do you want to go into acocunting anyway? You said you are thinking of going into it even though you don't know anything about it, so job prospects perhaps?

 

[turtleface]

I was thinking of majoring in Accounting, but theres something about the huge number of Accountants in Australia that just doesnt make it seem like such a good job prospect at all.

Numerous social forecasts predict that from now to at least 2010, for every Accountant in Australia, there will be 4 job vacancies. Such is the acuteness of the skills shortage.

Obviously this comes with some qualifications, for starters you still won't be hired if you don't know english, and big 4 spots will still be filled, albeit with less competent people

Again, I copied this from www.geocities.com/trekkieaccountant/faq

EDITed to add :

It is abit of an extreme to go from humanities to accounting. I do commerce units like acct simultaneously with arts subjects and it's weird to have to switch your brain around from subject to subject cos however you wanna spin it, acct is not an especically creative subject. (I mean, the term "creative accounting" itself lends itself to meanings of fraud and white collar criminals cooking up numbers in various financial reports LOL)

The problem is Accounting is so complicated that all uni can really do is give you the hard facts, and equip you with some basic skills. You'll then have to branch off and specialise at work, and in areas especially like Cost Accounting, you can make fortunes if you devise a new costing technique that say is even better than Activity Based Costing. Its just that noone bothers much because its too damn difficult (probably due to a lack of innovative and creative thinkers who are attracted to the subject)

Once you get to 3rd year Financial Accounting Theory, where theres not a single number or objective fact in the entire textbook, you'll start to appreciate/hate the creative side of accounting

Theres so much area for improvement in accounting its just that noone seems to bother cause everyone's happy with the status quo until your next xerox or cendant or worldcom goes off

 

[seremify007]

It is abit of an extreme to go from humanities to accounting. I do commerce units like acct simultaneously with arts subjects and it's weird to have to switch your brain around from subject to subject cos however you wanna spin it, acct is not an especically creative subject. (I mean, the term "creative accounting" itself lends itself to meanings of fraud and white collar criminals cooking up numbers in various financial reports LOL)

Creative just means you're thinking of something on your own- try to take it as 'lateral' thinking when in an accounting context perhaps? But once you start working in a certain field, I'd imagine your brain gets more used to doing a certain thing?

Some people enjoy accounting and working with numbers, others just hate it. I'd talk more, but that link (http://www.geocities.com/trekkieaccountant/faq) is actually pretty good so I recommend you read that. Kudos for the link!

 

[Sarah168]

I suppose but it's difficult to determine if a person LIKES accounting without attempting the subject.

Maybe take a look at an Accounting textbook for 1st yr students?

I remember thinking accounting wasnt for me, I tried it, proved myself right. Am now majoring in it. I think some logic went wayward there LOL

Edit: And yeah I know the bridge between my use of the term creative accounting and lateral thinking but was just trying to be amusing

 

[Minai]

I was thinking of majoring in Accounting, but theres something about the huge number of Accountants in Australia that just doesnt make it seem like such a good job prospect at all.

As turtle said, there is still a shortage of 'skilled' accountants in Australia, despite your perception of many graduates.

Also seremify - I think some of the Big4 do offer graduates a position in Forensic, but it's only like 1 or 2 places offered every year

 

[seremify007]

Isn't Forensics pretty tough to get into? *shrugs* But yeh Minai is probably right because I know one of the UNSW tutors got into Big4 Forensics.

EDIT: ... or was it insolvency. Hmm... Bad memory ><!

 

[redruM]

Number of firms offer places in Forensic Accounting. The Big 4 do have a couple of spots. Also firms like Ferrier Hodgson who focus on Forensic Accounting and Insolvency take on graduates.

 

[sikeveo]

I think accountants will always be in demand, unlike actuaries where most of the jobs are in asia.

 

[seremify007]

It's not like forensic science. There's no actual degree in forensic accounting, but you need to do certain units and post-grad studies to be able to do it.

And it is a little obscure.

True- but according to my sis you have to be pretty 'pro' to get in (at least at her firm).

*shrugs*

Maybe one day I'll consider looking into it- or maybe consultancy.

 

[turtleface]

i think forensic accounting is a bit glorified from its name

i mean, even the (alledgedly) most boring area of accounting, auditing involves compulsory forensics training to detect fraudulent reporting as a result of AUS210

 

[seremify007]

I think he's referring to people who despise Forensics. You're essentially a detective who's out to catch people who are unfairly profiting through deceit- or just covering up something they've screwed up.

 

[humphreybear]

while i still have a link to this documetn in my clipboard here it is, an example of what forensic accountants do:

http://www.nabgroup.com/vgnmedia/downld/pwcreport.pdf

this is in regards to the currency options trading desk losses from NAB a few years back, discussed in the other topic

 

[ishq]

accounting is logical. unlike other commerce majors *cough* marketing *cough*