What to major in! Accounting/Finance (1 Viewer)

[businessstudent]

Hey all,

So I'm a second year Com/Eco student who's probably going to be transferring to a single Com degree due to the major options in Com, limited time period (only 3 years), and the fact that the Eco subjects are just downers on your WAM. But I'm so confused on what to major in.

See I am very ambitious but due to a very stressful financial situation last year I wasn't able to focus on uni alot so my grades weren't great. Thus, I don't feel like I got a real taste of what each major could be like. I'm interested in doing a double major and here are my options:

1) Finance and Accounting
2) Accounting and Management OR International Business
3) A new major offered by UNSW: Business Strategy and Economic Management AND Accounting

Firstly as you can see all my options involve accounting because I would like that as a backup. Out of all of my subjects I did very well at it and I enjoyed it. Even after everyone saying how dry it was, I liked it. But on a side note, I would like to clarify, if you find Accounting quite okay and not so dry then will it actually get a lot dryer and will I be put off later down the track? Or is it a good sign that I don't find it dry from the beginning?

Secondly and getting back to the bigger question, which major to choose. I am someone who is naturally big picture orientated, strategic etc so ideally I'd like to pursue ambitious careers in management consulting BUT I do not want to limit myself to management majors just because I'm good at, as most good companies ONLY consider you if you've got finance or accounting under your belt. However, I do know and by experience if I do major in Management or International Business I'll do very well in terms of WAM.

BUT do I stick to what I'm good at and go for IB or Mgmt major or do a combination of majors that will keep employing options open? How hard is it to maintain a good WAM doing Finance and Accounting for example? Keep in mind that I am not a very mathematically inclined person, I did standard level at the international bacceularate which is 3 unit and did not enjoy it haha and secondly I want to maintain at least a Distinction average with whatever combination I do (which I know I can do now that I'm out of financial difficulty). Which two majors will compliment my strengths, allow me to maintain a high WAM and be thriving careers that pay well? Please understand guys, that a challenging career and something that has great employment opportunities is more important to me than whizzing though uni with a HD doing management.

Thanks very much guys. So sorry for the wishy washy english was typing this in a hurry.

 

[Shadowdude]

Have you gone on the Handbook website and looked through the general overview of each major, and the sorts of subjects you'd have to do? That might narrow your options.

 

[suica]

I hear finance might get a little troublesome if you aren't comfortable with numbers, although I'm sure it's probably fine if you've done the equivalent of 3 unit. Finance and accounting majors are usually a very solid combo, but I hear the workplace is starting to get saturated with both so you'd probably have to maintain relatively decent marks.

The fact that the Eco subjects are just downers on your WAM.

Could we get a second opinion on this?

 

[Shadowdude]

Finance? Finance "maths" is a joke. Second and third year finance is just plugging numbers into formulas and stuff.


You can get by with 2u, actually.

 

[seremify007]

Finance? Finance "maths" is a joke. Second and third year finance is just plugging numbers into formulas and stuff.


You can get by with 2u, actually.

Whilst everyone says that (even me), I actually found some of the more statistical side of finance/economics to be quite challenging. I didn't do that well in 3u but I consider myself to be above average at general maths/analysis (given I was in the Olympiad teams for my high school). If you aren't that comfortable with it, and aren't planning to work in hardcore finance roles where you need those maths skills, you can get away with doing the more qualitative finance subjects within the Finance major at uni.

 

[seremify007]

Firstly as you can see all my options involve accounting because I would like that as a backup. Out of all of my subjects I did very well at it and I enjoyed it. Even after everyone saying how dry it was, I liked it. But on a side note, I would like to clarify, if you find Accounting quite okay and not so dry then will it actually get a lot dryer and will I be put off later down the track? Or is it a good sign that I don't find it dry from the beginning?

I actually found that accounting was dead boring in first year. It only got a lot more interesting once you did the more advanced courses which were less about book keeping and more about the modern issues with accounting and how businesses/companies/firms deal with it. If you're motivated now you're in good stead for later on!

ps. When you say grades weren't good before, how good/bad were they? It sounds like you hold yourself to a very high standard! (I personally had a very high credit WAM- narrowly missed out on a distinction... but all I lost was bragging rights).

 

[Shadowdude]

Whilst everyone says that (even me), I actually found some of the more statistical side of finance/economics to be quite challenging. I didn't do that well in 3u but I consider myself to be above average at general maths/analysis (given I was in the Olympiad teams for my high school). If you aren't that comfortable with it, and aren't planning to work in hardcore finance roles where you need those maths skills, you can get away with doing the more qualitative finance subjects within the Finance major at uni.

Some of the stats is challenging probably because it's not really something that follows on neatly from high school.


I agree that the statistics is probably going to be more difficult than the hard 'Finance' maths, i.e. plug this into the Black-Scholes equation, what is the present value of this annuity or whatever

 

[seremify007]

Thinking back, I even bought "The complete idiot's guide to statistics" to help me get through as I had NFI what the lecturer was talking about half the time (he wrote on overheads and didn't use conventional slides!). Helped me later on in other subjects where they talked about the different methods of analysing data/regression/etc.

 

[lyounamu]

Finance/accounting combination is good. However, It's the one that everyone really goes for (which is the drawback)

Finance? Finance "maths" is a joke. Second and third year finance is just plugging numbers into formulas and stuff.


You can get by with 2u, actually.

Dude, u have only done 1613 or whatever the easy finance is and you tell us you know about finance?

some finances are harder than you think in terms of mathematics involved. obviously someone didnt look into actl2001 (financial mathematics), fins3636 and or fins3635.
Alternatively look into fins3775. you will shit your pants

 

[Shadowdude]

I actually did some second year Finance and quoted a friend who actually did do third year Finance. Now I don't know if he did any of the super insanely difficult mathematics apparently required in FINS3635, 3636 or 3775 - but I'm pretty sure it's not as hard as you make it out to be.


ACTL2001 is Actuarial, of course that's hard. Finance majors won't touch that. It's not even part of a Finance major - I'm 99% sure it's not prescribed on any of the recent handbooks.

 

[businessstudent]

Have you gone on the Handbook website and looked through the general overview of each major, and the sorts of subjects you'd have to do? That might narrow your options.

Hey Shadowdude,

I actually have and unfortunately I'm one of those types of people that will look at all the majors descriptions and be like hey this sounds good, this sounds enticing and then I get confused? Any tips on how to handle that? Also are those descriptions very accurate? Just don't want it to give a "trying to sell it" point of view?

 

[Shadowdude]

Confused as in... too many options?


Then, look at the sorts of courses you have to and read the descriptions.

For instance, I would've loved to do Creative Writing - but I looked at the courses and wasn't really a fan of the limited scope. So I didn't do that anymore.

 

[businessstudent]

I actually found that accounting was dead boring in first year. It only got a lot more interesting once you did the more advanced courses which were less about book keeping and more about the modern issues with accounting and how businesses/companies/firms deal with it. If you're motivated now you're in good stead for later on!

ps. When you say grades weren't good before, how good/bad were they? It sounds like you hold yourself to a very high standard! (I personally had a very high credit WAM- narrowly missed out on a distinction... but all I lost was bragging rights).

Hey Seremify,

They were very bad some were very bad others were very good it was weird haha. I don't like admitting it haha but I'm doing summer school making up for some subjects etc. But yeah thanks for that advice! I know that my degree will get harder as I'll probably stick to finance and so I understand that it will be very difficult to maintain a distinction average for someone who's not very mathy! so I'm realistically going to be looking at a high credit WAM too! Also, I'm impressed with your knowledge about Accounting and Finance as I've looked at many of your other replies, I'm probably gonna contact you later about my failing career Thanks!!!

 

[businessstudent]

Finance/accounting combination is good. However, It's the one that everyone really goes for (which is the drawback)



Dude, u have only done 1613 or whatever the easy finance is and you tell us you know about finance?

some finances are harder than you think in terms of mathematics involved. obviously someone didnt look into actl2001 (financial mathematics), fins3636 and or fins3635.
Alternatively look into fins3775. you will shit your pants

Hey lyounamu,

Actually I did Fins1613 and failed it but not due to me finding it hard purely due to a troubled personal situation. Just didnt have time unfortunately. BUT I did hear that it was difficult and I'm NOT a mathy person. I can work hard but I've nearly really worked hard at maths even in 3u I didnt because I shyed away from it, naturally being a more wordy person. Do you think if hard work is put in mostly anyone can do it? Also, if you don't mind, would mind naming the more qualitative AND the more easy finance subjects codes? So sorry for the hassl ebut that would be a tremendous help!

 

[businessstudent]

Confused as in... too many options?


Then, look at the sorts of courses you have to and read the descriptions.

For instance, I would've loved to do Creative Writing - but I looked at the courses and wasn't really a fan of the limited scope. So I didn't do that anymore.

Great thanks alot. Also so you've done second year finance? Like it must be easy for you since you're doing advanced mathematics haha....

 

[Shadowdude]

Great thanks alot. Also so you've done second year finance? Like it must be easy for you since you're doing advanced mathematics haha....

I did FINS2624. And then said: "I don't want to waste my time doing completely boring finance."

Transferred to Arts.


I have never yawned in an Arts lecture. Ever.

 

[Omnipotence]

Hey lyounamu,

Actually I did Fins1613 and failed it but not due to me finding it hard purely due to a troubled personal situation. Just didnt have time unfortunately. BUT I did hear that it was difficult and I'm NOT a mathy person. I can work hard but I've nearly really worked hard at maths even in 3u I didnt because I shyed away from it, naturally being a more wordy person. Do you think if hard work is put in mostly anyone can do it? Also, if you don't mind, would mind naming the more qualitative AND the more easy finance subjects codes? So sorry for the hassl ebut that would be a tremendous help!

There wasn't really much math in fins1613 though, it was just substitute and making 'x' the subject.

 

[seremify007]

Hey Seremify,

They were very bad some were very bad others were very good it was weird haha. I don't like admitting it haha but I'm doing summer school making up for some subjects etc. But yeah thanks for that advice! I know that my degree will get harder as I'll probably stick to finance and so I understand that it will be very difficult to maintain a distinction average for someone who's not very mathy! so I'm realistically going to be looking at a high credit WAM too! Also, I'm impressed with your knowledge about Accounting and Finance as I've looked at many of your other replies, I'm probably gonna contact you later about my failing career Thanks!!!

Glad to help - I have been here a bit longer than the average person but I was once in your shoes posting on BoS asking for uni and career advice. For what it's worth, WAM isn't everything except in a few very selective jobs. I'd focus more on getting everything else right (e.g. work exp/extra curricular, meeting prerequisites for post-grad studies/industry qualifications, etc.)

 

[businessstudent]

Thank you!