anniebeth24
Pearl Clutcher
Posts: 3,566
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Feb 11, 2016 18:13:06 GMT
In the "professional in the family" thread, there seemed to be quite a few of you who are accountants.
My DS16 is looking at possibly studying accounting or finance in college. Several people have said to us things like, "Finance is a much better option. Don't bother with accounting, it's a dying field." "My firm got rid of all of their in-house accountants." "Computers have taken over what accounts used to do."
DS is a VERY left-brained person who loves math and loves order. Seems to me that it might be a good fit. (He's considering engineering, too.)
What say the Peas about the future of accounting?
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Post by jeremysgirl on Feb 11, 2016 18:16:05 GMT
Well, I certainly hope not. I am working on a masters in accounting right now. Where I work, there is a lot of demand for accountants, which is why the university partnered with my workplace to offer and an accounting MBA.
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Post by whopea on Feb 11, 2016 18:18:56 GMT
If he loves math and order, I would recommend he study statistics and finance. Managing and manipulating data and drawing conclusions from it seems to be where many large organizations are headed. Even in the finance sector, many employers are looking for those who are able to use data.
ETA: have him look on indeed.com or another job board for a job that he might find interesting. Look at the qualifications necessary to do his dream job and pursue that line of education.
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Deleted
Posts: 0
Jun 2, 2024 11:34:32 GMT
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Post by Deleted on Feb 11, 2016 18:21:09 GMT
I'm not an accountant but I want to say my cousin who studied accounting and finance and went on to get his MBA is the CFO for Merritt hotels, southwest region. He makes very good money. I think, like most other fields, it really depends on what job you get afterwards.
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Post by katlady on Feb 11, 2016 18:22:15 GMT
You are still going to need accounting knowledge to input those numbers into a computer. I work for a large company with a large accounting staff. Someone still has to prepare and review journal entries before they get inputted. And accounting and finance is a stepping stone into the budgeting groups. I do not think the industry is going away anytime soon. And, accounting is not just taxes. I get asked if I get really busy during tax season. Um, no because I don't do taxes. ETA: he should at least take the basic accounting class even if he goes into finance.
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Post by Meri-Lyn on Feb 11, 2016 18:22:30 GMT
How about an actuary? I do accounting for pension actuaries, and I think that's one field, particularly in life/health, where you will always be able to find a job.
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Dalai Mama
Drama Llama
La Pea Boheme
Posts: 6,985
Jun 26, 2014 0:31:31 GMT
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Post by Dalai Mama on Feb 11, 2016 18:25:16 GMT
I'm a public accountant which means I audit and review financial statements, prepare corporate tax returns, provide financial consulting, structure share roll-overs, etc. In the past 10 years, after the accounting fiasco that lead to Sarbanes-Oxley and the adoption of IFRS, my job description has only grown. I can't imagine a computer doing all of that.
I've got business clients who can't even manage basic bookkeeping with a comprehensive software package.
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Post by katlady on Feb 11, 2016 18:28:06 GMT
I'm a public accountant which means I audit and review financial statements, prepare corporate tax returns, provide financial consulting, structure share roll-overs, etc. In the past 10 years, after the accounting fiasco that lead to Sarbanes-Oxley and the adoption of IFRS, my job description has only grown. I can't imagine a computer doing all of that. I've got business clients who can't even manage basic bookkeeping with a comprehensive software package. I blame Enron for all the extra work we now have to do!
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smartypants71
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Posts: 5,714
Location: Houston, TX
Jun 25, 2014 22:47:49 GMT
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Post by smartypants71 on Feb 11, 2016 18:31:47 GMT
I think those people who say that it is a dying field are confused about what companies are offshoring or giving to robotics. A/P type tasks, like scanning or coding are many times not in house, but there is definitely a need for actual accountants. But you can't go wrong with a finance degree.
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Deleted
Posts: 0
Jun 2, 2024 11:34:32 GMT
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Post by Deleted on Feb 11, 2016 18:32:39 GMT
My DS16 is looking at possibly studying accounting or finance in college. Several people have said to us things like, "Finance is a much better option. Don't bother with accounting, it's a dying field." "My firm got rid of all of their in-house accountants." "Computers have taken over what accounts used to do." I would say that people who think this don't understand the difference between accountants and bookkeepers. Accounting is about a lot more than pushing numbers and requires a lot of knowledge and skill that computers can't take over.
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Post by whopea on Feb 11, 2016 18:34:27 GMT
My DS16 is looking at possibly studying accounting or finance in college. Several people have said to us things like, "Finance is a much better option. Don't bother with accounting, it's a dying field." "My firm got rid of all of their in-house accountants." "Computers have taken over what accounts used to do." I would say that people who think this don't understand the difference between accountants and bookkeepers. Accounting is about a lot more than pushing numbers and requires a lot of knowledge and skill that computers can't take over. Yes, accounting is a lot more about interpreting and applying the laws and regulations. If we ever move to a flat tax (probably not likely) I would not want to be a tax accountant.
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Dalai Mama
Drama Llama
La Pea Boheme
Posts: 6,985
Jun 26, 2014 0:31:31 GMT
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Post by Dalai Mama on Feb 11, 2016 18:35:59 GMT
I'm a public accountant which means I audit and review financial statements, prepare corporate tax returns, provide financial consulting, structure share roll-overs, etc. In the past 10 years, after the accounting fiasco that lead to Sarbanes-Oxley and the adoption of IFRS, my job description has only grown. I can't imagine a computer doing all of that. I've got business clients who can't even manage basic bookkeeping with a comprehensive software package. I blame Enron for all the extra work we now have to do! I wasn't going to name names, but every accountant knows why our work load suddenly increased.
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Post by disneypal on Feb 11, 2016 18:36:18 GMT
Accounting is anything but a dying field!!! Computers and technology have made the life of an accountant easier but certainly has not eliminated jobs. If your son likes math and order, he will make an excellent accountant.
Now I must say that there are a LOT of people that seem to be going into the Accounting field so he has to know that competition is tough - when we have a vacant position, even for an entry level accountant, we could get 500+ resumes.
I strongly suggest that if he goes into Accounting to pick a specialty such as Tax Accounting - that will give him a bit of an edge that other general accountants do not have.
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Post by Darcy Collins on Feb 11, 2016 18:37:47 GMT
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Post by jeremysgirl on Feb 11, 2016 18:39:44 GMT
Thank you for that link. Someday I hope to be an auditor.
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mjmone
Full Member
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Jul 3, 2014 2:58:29 GMT
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Post by mjmone on Feb 11, 2016 18:46:54 GMT
Oh Myyyyy, you hit on a sore point for me. Even my company (run by dh) thinks A/R and A/P are 'just data entry' and the mistakes I am constantly having to fix! What do they say, "Garbage In, Garbage Out". Data entry skills are okay for the routine, but we know not everything fits into a 'box'.
Basic Accounting knowledge from these desks would be WONDERFUL!
A high schooler I know is also interested in the field and I told her you've got to be curious. ASK where did that come from..where does it go...understand the whys and whats.
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Dalai Mama
Drama Llama
La Pea Boheme
Posts: 6,985
Jun 26, 2014 0:31:31 GMT
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Post by Dalai Mama on Feb 11, 2016 18:52:00 GMT
Thank you for that link. Someday I hope to be an auditor. Auditing is the best part of my job! It's like detective work, only with numbers.
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Post by jeremysgirl on Feb 11, 2016 19:03:29 GMT
Thank you for that link. Someday I hope to be an auditor. Auditing is the best part of my job! It's like detective work, only with numbers. I will graduate in August and I can't wait to get into my next career. I took this opportunity because I'm in a dead end job with no upward mobility and this was offered to me at half price. I actually am surprised at how much I've enjoyed my coursework. I am really looking forward to my next chapter.
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anniebeth24
Pearl Clutcher
Posts: 3,566
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Feb 11, 2016 19:04:10 GMT
Thanks, everyone, for your encouraging replies. Obviously, the naysayers in our little world don't know the realities of this field. Neither did I!!!
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Post by debmast on Feb 11, 2016 19:04:33 GMT
I hope it's not going away! My daughter is a sophomore in college & an accounting major!
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anniebeth24
Pearl Clutcher
Posts: 3,566
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Feb 11, 2016 19:04:36 GMT
Thank you - will definitely share this with DS.
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anniebeth24
Pearl Clutcher
Posts: 3,566
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Feb 11, 2016 19:07:39 GMT
Accounting is anything but a dying field!!! Computers and technology have made the life of an accountant easier but certainly has not eliminated jobs. If your son likes math and order, he will make an excellent accountant. Now I must say that there are a LOT of people that seem to be going into the Accounting field so he has to know that competition is tough - when we have a vacant position, even for an entry level accountant, we could get 500+ resumes. I strongly suggest that if he goes into Accounting to pick a specialty such as Tax Accounting - that will give him a bit of an edge that other general accountants do not have. Thanks for your insight. Would an advanced degree be a necessity in this field, then? Are specialties offered at the BA/BS level?
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schooner3
Junior Member
Refupea 755
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Jun 26, 2014 3:16:22 GMT
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Post by schooner3 on Feb 11, 2016 19:35:28 GMT
I work at a college in the Accounting and Finance department. Many of our majors will double major in both fields, or major and minor. However, for some, Accounting makes perfect sense and Finance doesn't. Or vice-versa. I recommend that he take a class or two in each subject before he decides.
I, too, love logic and order. I went into computer science. It's another field to consider. College is the perfect time to try out courses and see what fits best.
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Post by barbarac on Feb 11, 2016 19:44:32 GMT
There will always be a need for accountants. But I second the recommendation for actuarial studies - perfect for someone that loves math.
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Post by utmr on Feb 11, 2016 20:30:10 GMT
The lower level positions (AP, AR, processing) are definitely being automated, offshored, outsourced. Years ago AP was a giant bullpen of people touching mountains of paper. Now 5-6 people can do what previously took 30+. But there will always be work for CPAs. Audits still have to be completed, taxes have to be filed, someone has to make sense of the numbers and explain to management.
Finance is good, but investment banking is a whole different world.
A lot of CPAs I know have moved to the FP&A side of the house. Interesting work, more predictable schedules and minimal travel. There is a new Certified Corporate FP&A Professionak credential.
Actuarial work is good for people that like statistics, math, etc. Forensic accounting is like detective work. Tax is interesting, particularly when you get into the state and local stuff.
Lots of interesting things to do. BUT (IMO) you have to get the CPA. Not just a bookkeeper or low level accounting job. Get the credentials - CPA, CFE, CIA.
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Post by disneypal on Feb 11, 2016 21:10:26 GMT
Thanks for your insight. Would an advanced degree be a necessity in this field, then? Are specialties offered at the BA/BS level? While an advanced degree is not entirely necessary, I think it will give him an advantage over other job candidates. There are often undergrad classes offered for the more specialized accounting fields but it would be outside of the core classes. I must say it is important to become a CPA if he hopes to either (a) work for a big firm or (b) work in management (become a controller). Becoming an auditor may be something he could think about too - there is always a need for good auditors - plus, you generally get to travel quite a bit, meet a lot of people (although you do put in more hours in general).
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Post by AN on Feb 11, 2016 21:31:13 GMT
If he loves math and order, I would recommend he study statistics and finance. Managing and manipulating data and drawing conclusions from it seems to be where many large organizations are headed. Even in the finance sector, many employers are looking for those who are able to use data. Totally. My degree is in communication and I'm technically in marketing/sales, but what has gotten me ahead has been my ability to collect or find data, ask the data intelligent questions, and draw conclusions about the next steps we should take based on that. Data is king now that it's so easy to gather.
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Deleted
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Jun 2, 2024 11:34:32 GMT
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Post by Deleted on Feb 11, 2016 21:48:17 GMT
He might also consider a degree in Applied Mathematics -- which could lead to an Actuary path, Statistics, Finance, Computer Science/IT, etc. It tends to be a bit broader of a math degree than pure theoretical math and does a lot of what AN and others have stated is needed -- manipulating and analyzing data. There just don't seem to be that many people good at it and the good ones can and do rise to the tops of companies.
Within my Applied Math degree I was able to take a lot of different classes - statistics, accounting, finance, industrial distribution, etc.
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anniebeth24
Pearl Clutcher
Posts: 3,566
Jun 26, 2014 14:12:17 GMT
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Post by anniebeth24 on Feb 11, 2016 22:13:39 GMT
He might also consider a degree in Applied Mathematics -- which could lead to an Actuary path, Statistics, Finance, Computer Science/IT, etc. It tends to be a bit broader of a math degree than pure theoretical math and does a lot of what AN and others have stated is needed -- manipulating and analyzing data. There just don't seem to be that many people good at it and the good ones can and do rise to the tops of companies. Within my Applied Math degree I was able to take a lot of different classes - statistics, accounting, finance, industrial distribution, etc. I haven't heard of an "Applied Math" degree - will certainly look into it. Thanks!! So far, DS hasn't really considered a major in mathematics because he's under the impression that all you can do with it is become a math teacher or professor and those options don't appeal to him. Hoping his AP Statistics class next year will help him clarify whether certain fields are a good fit.
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Post by kimpossible on Feb 11, 2016 22:41:50 GMT
Business Analyst! That is a huge field right now.
Forecasting is where its at. Our company Controller (who is 66) and a CPA says that she was never taught how to forecast. We've had to bring in a Business Analyst to help us with this. (searching for a CFO too).
Forecasting is what every business needs - so if he can do Accounting and have that skill...awesome. But I'd have him check into Business Analyst - a very big field right now.
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