Accounting & Economics Double Major?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

Only elementary school level math skills are needed to major in accounting/become a CPA.

This is mostly true, the actual math is not hard. However, if the problem is that he doesn’t have very good number sense that could be a problem.

Thank you for the information. He has pretty job number sense. I’ll continue to suggest it. I don’t want to be overbearing though . But it’s important to be marketable and accounting majors usually have a good shot at being employed.

[Anonymous]

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

I'm a CPA from another country and have been a CFO/CAO at multiple companies before coming to the US. Kick myself for leaving that domain and moving over to IT. Fundamentally, accounting is about arithmetic. You are not going to be using geometry, algebra or calculus. You need to know how a business event translates into two of four things - Revenue, Expense, Asset or Liability. That's it, and even that is done by software these days. On top of this are wrappers of regulations, rules, standards and best practices which kinda color those numbers and you need to be aware of those. You also have to deal with different types of accounting - financial, management accounting, etc. and US tax laws are very nit-picky and you need to master those. Does get mundane but once you get the hang of it, it's mostly repetitive work and your value increases with experience. The CPA is a great moat and barrier to entry unlike, say, programming in Python.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

I'm a CPA from another country and have been a CFO/CAO at multiple companies before coming to the US. Kick myself for leaving that domain and moving over to IT. Fundamentally, accounting is about arithmetic. You are not going to be using geometry, algebra or calculus. You need to know how a business event translates into two of four things - Revenue, Expense, Asset or Liability. That's it, and even that is done by software these days. On top of this are wrappers of regulations, rules, standards and best practices which kinda color those numbers and you need to be aware of those. You also have to deal with different types of accounting - financial, management accounting, etc. and US tax laws are very nit-picky and you need to master those. Does get mundane but once you get the hang of it, it's mostly repetitive work and your value increases with experience. The CPA is a great moat and barrier to entry unlike, say, programming in Python.

Thank you for the detailed information. I appreciate it.

[Anonymous]

Anonymous wrote:any recommendation for good colleges for accounting major? Does name recognition matter for internships/jobs? DD is somewhat interested but we are not very familiar with the field, being more geared toward healthcare. Thank you

You don’t need to go to a highly ranked school, but going to one that has an AACSB accredited business program really helps.

My daughter went to a large state college that is ranked lower than 150 by US News, but it is AACSB accredited & it is a school everyone has heard of because of its sports teams. My point is you don’t have to go to an elite school, but that’s not the same as saying it’s just fine to go somewhere almost nobody has heard of.

She works with people who went thru some of the highest-ranked accounting programs & they all know the same things.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

Only elementary school level math skills are needed to major in accounting/become a CPA.

-1

Try passing the CPA exam and get back to us.

Are you joking ? Way beyond your imaginary world.

Repeat: Only elementary math skills needed to pass CPA exams.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

Only elementary school level math skills are needed to major in accounting/become a CPA.

-1

Try passing the CPA exam and get back to us.

Are you joking ? Way beyond your imaginary world.

Repeat: Only elementary math skills needed to pass CPA exams.

You're neither a CPA nor have any accounting skills. Got it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

Only elementary school level math skills are needed to major in accounting/become a CPA.

-1

Try passing the CPA exam and get back to us.

Are you joking ? Way beyond your imaginary world.

Repeat: Only elementary math skills needed to pass CPA exams.

DP. While the level of math required for Accounting does not go beyond Arithmetic or basic algebra, it does not necessarily make the entire domain easy. If it were, you won't have people struggling to pass the CPA exam.

[Anonymous]

Anonymous wrote:Accounting is a great major. Lots of job prospects. Let it go!!

Yes and better to get a masters in accounting to meet the 150 hr requirement. Masters degree are only 9 months straight after bs degree. The big four will actively recruit these grad students. That is the path I took and is very lucrative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Accounting pays well and there are lots of jobs but it is so boring.

Disagree on "boring." Maybe bookkeepers/non CPA jobs are boring, but my husband definitely enjoys his corporate clients very much. He is an auditor by training. "Accounting" is more than taxes.

Tax accountants make much more than auditors. Tax accountants require a masters in tax and a CPA to get hired at entry level at the big 4 firms. I took this path and am retiring early. Life is good.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wonder why so few people consider accounting as a major and focus only on CS, etc.

Its a great field.. lots of jobs and tremendous location mobility...

Many find accounting boring--excruciatingly boring.

Many accountants feel that a career in auditing/assurance is stifling.

There are SO many job paths for accounting majors beyond audit/assurance! It is such a shame people think majoring in accounting, or even being an "accountant" by job title = box checking.

I'm interested in learning more. Can you say a bit more?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Majoring in accounting was probably the best thing I've ever done for my career! I'm not a CPA, and besides a tax internship I did when I was 21, I've never held the title of "accountant." It's a very flexible major that prepares you for a range of jobs/fields.

Do you use your accounting knowledge & accounting degree in your current job ?

Lots of tax attorneys--including many who work for Big Four accounting firms--have never taken any accounting courses.

And tax attorneys don’t know shi!. They usually end up getting fired as they don’t know accounting unless they got an accounting degree before law school. (Which a lot don’t and I feel sorry for them).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wonder why so few people consider accounting as a major and focus only on CS, etc.

Its a great field.. lots of jobs and tremendous location mobility...

Many find accounting boring--excruciatingly boring.

Many accountants feel that a career in auditing/assurance is stifling.

There are SO many job paths for accounting majors beyond audit/assurance! It is such a shame people think majoring in accounting, or even being an "accountant" by job title = box checking.

I'm interested in learning more. Can you say a bit more?

If your kid majors in business make sure they choose accounting. Accounting trumps all other business majors.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My son is a freshman college student majoring in business. I wish he’d consider accounting and I’ve “gently” suggested it but his answer is that he’s not wonderful in math. Are there any accountants reading this that weee B/B+ math in HS? He’s doing well in his college math class now, much better than he did in HS. I hope he has a change of heart but I know the accounting freshman majors are already in certain classes so he’d have to catch up if he does choose that path. Not sure of what concentration he’ll choose.

Only elementary school level math skills are needed to major in accounting/become a CPA.

-1

Try passing the CPA exam and get back to us.

lol:

Are you joking ? Way beyond your imaginary world.

Repeat: Only elementary math skills needed to pass CPA exams.

You're neither a CPA nor have any accounting skills. Got it.

This! Probably majored in liberal arts and are now poor. :

[Anonymous]

My senior HS daughter is interested in accounting. It seems like a great field from what I’ve read and a good work-life balance for a business field career. I know every career can be changed by AI in the future; will accounting continue to a secure career for young adults?

[Anonymous]

I started out as this. Ended up with accounting major and Econ minor. Not sure there is much benefit to Econ double major if you are going to audit/tax.