What is doing accounting like at University? (1 Viewer)

[kaylie94]

Hi all!


I've done Accounting in Years 11 and 12 and enjoyed it to an extent, and have applied for accounting cadetships with the Big 4 (I'm up to the phone interview stage with one). However, I've realised I actually have no idea what it's like doing accounting subjects at University (and in the real world, I guess), and was wondering whether anyone can enlighten me, so I have a bit more of an idea of whether I'd even like doing business?

At the moment I'm thinking if I get a cadetship I'll be doing a business degree at Monash University, majoring in accounting (since I think that needs to be your major for the cadetship).

If no cadetship, same course but I may choose another major. And do a double degree... Business and Arts.

Thanks for reading!

 

[bladeys]

I just completed Accounting 1A at UNSW, relatively simple not really challenging

 

[4025808]

accounting at UNSW for first part of the first year course is like repeating most of TAFE accounting again, with some parts extra. Then you have even more added on top for the second part of the first year course, which includes cash flows, law and all that in more detail.

In second year, I was told that you look more at management accounting, which seems more interesting (to me that is), and it doesn't comprise of much of the stuff you do in financial accounting, rather, just the theory of the stuff in financial accounting.

In 3rd year, you go into issues in financial reporting, auditing and all that. Seems better than the stuff in 1st year, i.e. financial statements, doing balance sheets and that :S

 

[Azure]

1A is probably the most boring subject in the degree. It basically teaches you how to be a bookkeeper if anything.

Studying accounting in itself is largely boring IMO because accounting is an area which is practical in nature. It's hard to appreciate it unless you're actually out there and putting it into use because it's relatively hard to find a sense of perspective at university. An accounting major really goes beyond debits/credits and more into areas such as accounting standards, business/corporations/revenue law, accounting systems and a little bit of exposure to finance.

In general, it's not a hard major by any means and everything kind of comes together quite well roughly mid way through your second year. You just need to learn to think like an accountant. I'd argue that "cause and effect" kind of thinking is pretty important and a lot of the time you will be looking at how various actions impact the business in general. Contrary to what seems to be popular belief, there isn't a great deal of maths involved. A lot of the stuff you do is pretty logical in nature and makes sense once you get the main principles down.

 

[Azure]

accounting at UNSW for first part of the first year course is like repeating most of TAFE accounting again, with some parts extra. Then you have even more added on top for the second part of the first year course, which includes cash flows, law and all that in more detail.

In second year, I was told that you look more at management accounting, which seems more interesting (to me that is), and it doesn't comprise of much of the stuff you do in financial accounting, rather, just the theory of the stuff in financial accounting.

In 3rd year, you go into issues in financial reporting, auditing and all that. Seems better than the stuff in 1st year, i.e. financial statements, doing balance sheets and that :S

I personally didn't enjoy management accounting too much, although I was interested in the theoretical part of financial accounting (accounting standards and such). Corporations law was also a really interesting and useful subject IMO.

 

[seremify007]

I think everyone above has said pretty much my sentiments. I actually found 1A really challenging at the time and couldn't piece it together, and was worried that my cadetship might be the wrong path for me... but lo and behold, once I started working in practice, I got the swing of things quite easily. I am by no means an expert but I find the work in practice quite interesting as I write accounting papers on various topics for my clients, and I also offer accounting advice both internally and externally as to how to treat complex transactions which cross multiple jurisdictions in terms of accounting standards here, abroad and various laws (e.g. Corps Act).

As Azure mentioned though, it does start to make a lot more sense around mid to late second year, and first year is going to be a rerun of what you did in TAFE as you need to learn journal entries and the accounting cycle.

 

[4025808]

I personally didn't enjoy management accounting too much, although I was interested in the theoretical part of financial accounting (accounting standards and such). Corporations law was also a really interesting and useful subject IMO.

I actually find the theory of accounting so much more interesting than the actual stuff in accounting; I HATE doing the practical stuff like balance sheets and journal entries (it's what screws me over the most).

Wouldn't know too much about Corporations law though.

 

[seremify007]

I actually find the theory of accounting so much more interesting than the actual stuff in accounting; I HATE doing the practical stuff like balance sheets and journal entries (it's what screws me over the most).

Wouldn't know too much about Corporations law though.

I don't think that's what people usually mean when they say practical stuff. Practical stuff is really more along the lines of reading a standard (e.g. AASB 119) and understanding the limitations in the practical application of the requirements (e.g. what discount rate should you use since some employee benefits stretch out past the yield curves on government bonds), and understanding the intention of the standard to try and determine what is a suitable proxy/etc (and whether it materially approximates the true discount rate?). Then you also have to consider how it interlinks with other things such as the Corporates Act requirements for remuneration disclosures, the ASIC guidance on non-statutory financial information (RG230), etc.... Then there are also various guidances published by various bodies, as well as recommendations from government project groups/steering projects (e.g. CAMAC), etc... and you can see how in practice, things become quite complicated

 

[kaylie94]

Wow, so many replies! Thank you all so much for taking the time to reply. It sounds good, I'm going to do it.

I'm also wondering whether if I don't get the cadetship, should I do a double degree with arts? Would that make much of a difference in looking for a business job?

 

[seremify007]

To be honest I don't think it would significantly change your prospects. For most business jobs, a straight Commerce job with relevant majors will get you there.

 

[immabee]

More theory and standards (practical application: implication of standards on extractive industries, agricultural biological assets, financial instruments, accounting policies, leases, recognition and subsequent measurements, transactions involving acquisition, accounting tax treatment etc). Less journal entries. Taxation's pretty interesting though. Just finished that paper this arvo. Management Accounting isn't too bad either.

Just make sure your mindset is that accounting in university is almost to none like year 11 & 12 accounting, well except for the introductory accounting unit and you'll be fine.

Or hop in to any university libraries and have a look at the reserve. E.g corporate accounting

 

[dd24]

1A is probably the most boring subject in the degree. It basically teaches you how to be a bookkeeper if anything.

Studying accounting in itself is largely boring IMO because accounting is an area which is practical in nature. It's hard to appreciate it unless you're actually out there and putting it into use because it's relatively hard to find a sense of perspective at university. An accounting major really goes beyond debits/credits and more into areas such as accounting standards, business/corporations/revenue law, accounting systems and a little bit of exposure to finance.

In general, it's not a hard major by any means and everything kind of comes together quite well roughly mid way through your second year. You just need to learn to think like an accountant. I'd argue that "cause and effect" kind of thinking is pretty important and a lot of the time you will be looking at how various actions impact the business in general. Contrary to what seems to be popular belief, there isn't a great deal of maths involved. A lot of the stuff you do is pretty logical in nature and makes sense once you get the main principles down.

+1, hands down the most boring subject I have EVER done at university =_=

 

[seremify007]

Lol maybe I'm the only slow person who just didn't get it when we were learning 1a and doing Barry's nursery for the practice set.


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