Finance Vs Accounting Degree From Non-Target
I'm in a bit of a dilemma:
I go to a non-target, and I'm totally lost as to whether I should major in accounting or finance. Originally, since my school isn't Wharton, I decided on doing accounting, but that shit is so fucking boring and tedious. It's not difficult, and I get all the problem solving questions/conceptual correct, but there is way too much shit to memorize for my taste, and this is only intro financial accounting. I'll probably get my ass handed to me in intermediate or the other upper-level classes. I'm not doing horribly in that class (I have a B- pre-curve), and I'm busting my ass to get 97+ on the final since our final score replaces one of our midterm grades, but I feel like shooting myself every time I try to study for that class and I'm not sure if I can keep a high GPA if I were to major in it.
On the other hand, I've always enjoyed finance/econ, and I have done well in my macroecon class so far (no e-brag as I know I go to a non-target and am competing with complete morons for the most part). I haven't even had to study too much aside from doing a couple of practice exams and attending the review sessions, and I've been getting 97s on all of my tests and 100s on my quizes pre-curve. I really think that if I were to major in finance/minor in econ, I'd be able to do well since it's all about theory/problem solving, which I can handle.
Here's the dilemma. I know accounting is "the language of business" and that it is important in i-banking, but is the benefit of majoring in it over finance that much greater that I should risk getting a lower GPA in it? How much do accountants make? I figure if my banking "career" goes to shit, I can take my finance degree, go to a macc designed for non-accounting majors (I just have to make sure I don't take too many accounting classes, usually they allow up to 12 credits), and then just live with being an auditor, but accounting is also a more challenging major, so if I do well, then recruiters might look more favorably upon me than a finance major. So basically, I'm at a complete loss about whether I should major in finance or accounting.
Suggestions?
If you want to go into finance do finance. It's not hard.
This is sort of a no brainer.... Finance major, accounting minor. You have way more exit opportunitys with a finance major. With an accounting major you're pretty much looking at Big4 or corp fin. A finance degree will get you all of the same opportunities and more. Be smart and get a good GPA, 3.6 or higher. Just do it.
I can't minor in accounting because my business school is retarded, plus I don't want to take too many acctg classes in case I fuck up and need to go to a macc for non-accounting majors. I'm thinking about minoring in econ since I enjoy it and seem to be doing alright in it, so is that a legit minor with a finance major?
I'm not expert, but I'll go against the majority and say accounting. I'm struggling in accounting a bit as well, but every person in finance says that you should take more accounting since a lot of the stuff in banking/consulting is understanding balance sheets/cash flow statements and all that stuff.
Is a minor in accounting really an advantage for banking? I always hear conflicting arguments saying if your not going to double major (e.g. accounting and finance) then its not worth it to get just a minor. Could a minor possibly make a candidate look weak for not pursuing a double major? Can anyone shed more light on this?
Depends on the non-target... I go to one but was able to get multiple interviews because of a strong alumni network. I say go finance if you're willing to put in the time and reach out to alums.
Here is a balanced argument.
First off you'll have more opportunities out of a non-target with an accounting major. Think about it this way. If you don't get into IB, what opportunities exist out of Accounting majors versus Finance majors? Accounting majors from random schools (albeit with good grades) can still make it into the Big4. While the Big 4 don't command any respect on this site, they are solid opportunities for people from non-target schools, and can open the doors to IB later on down the line (either through a MBA or lateral). I know several senior people who have taken this route. Also, in general there will be more F500 opportunities out of accounting as well. Jerome 123 got it backwards. Many Finance gigs are open to those with Accounting degrees, but not vice versa.
That being said, you obviously have no interest in Accounting, which is pretty understandable. That also means that those Accounting job opportunities are worthless to you anyways. In the end, you should do what you feel like doing. Don't become one of those grinders stuck in something you hate. If you know you can get better grades in Finance/Econ, then go for it. Coming from a non-target, getting a high GPA is especially crucial if you want to break onto the street. Even a .1 difference in your GPA is more important than the perceived value of your major. Also just think about the misery that you will have to endure to graduate with an Accounting degree, and perhaps even be forced to work in Accounting as a result.
As far as minoring goes, it's not really worth it. Although banks like to see that you've taken some accounting classes, if the classes will bring down your GPA, fuck it. As far as minoring in Econ, do it if you will enjoy it.
It seems like you are a freshmen or sophomore. Why don't you try a few more Finance/Econ classes, and if they work out for you, run with it.
If your at a non-target then your going to need to have good grades and then something. Nevertheless, I think you should double major in both accounting and finance. If accounting is too hard for you, banking is probably going to be too hard for you. Being a finance major from a non-target can get you an ibanking position, but it won't differentiate you, it won't challenge you as much, and you won't have all the skills that you could have had you had an accounting major as well. Having the accounting skills and being able to sell them during the interview definitely helps.
Being from a nontarget and only doing one major isn't that much of a challenge at all, I can say that from graduating from a non-target myself. Challenge yourself a little and sell the challenges and the struggle you've gone through.
I already told you brah, I can't do a double in accounting and finance since my biz school won't allow it. The most I can do is either an accounting or finance major and an econ major or minor. I'm planning on doing an accounting/finance major with either a minor or major in econ depending on how much time I have.
Plus, banking, despite being hard to break into isn't an intellectually challenging job that only the absolute brightest can do. Read a myriad of posts here or ask people working in the field, and they'll all say it's mind-numbing, tedious work. Plus, although the history major from Harvard went to Harvard, if someone with absolutely no background in finance can do that job, I believe, especially if I get an extremely high GPA in finance that I'll be just fine. Also, as I said throughout the post, I'm not failing accounting or anything, it's just that I'm getting Bs in accounting, which is lowering my GPA and will reduce my chances at banking. Furthermore, I have to spend more time understanding accounting than I do at finance, which reduces the time I have for networking or doing ECs.
Nonetheless, I appreciate your input and I totally understand what you're saying about challenging yourself in accounting and attaining some skills accountants have that finance people do (although I bet accounting majors can't talk NPV and investment theory like finance majors can either). Right now it seems somewhat 50-50 in terms of what I should do, so keep the opinions comin!
I completely agree with Ksman99, major in acct and finance.... you need to challenge yourself... if you do not get acct now.. you won't get it when you're in banking
Do Accounting + Econ double major.
They do not expect analysts to be finance experts coming in -- but definitely expect you to have a deep grounding in financial statements.
Either way -- make sure you take Intermediate Accounting at your school and then learn about DCF's/Comps on the side.
transfer to a target. plain and simple. if u cant handle the boring aspects of intro accounting, dont bother majoring in it. it means u have no idea what bankers do.
If most of banking really is just glorified accounting, would I be better for aiming for Equity Research, Trading or Consulting? I want to do stuff that is a bit quantitative and requires strategic thinking, not just accounting and looking at balance sheets all day. Also, I've already transferred twice (long story), so I don't want to do it again if at all possible, but are ER, Trading and Consulting even harder to get into than i-banking (I know MBB consulting is generally harder than banking)?
Yes, it seems you are more of a consulting guy. Try to major in management.
Hmmm, not sure if you're being serious or if you're trying to be hilarious.
I'm serious...
If you want strategic thinking type work... go do consulting. If you don't like looking at BS, IS, CF, 10K, etc..... banking may not be for you. You will spend a lot of time looking at that stuff.
If your school has corp strategy track under management, it should be easy and interesting major. BTW: I'm not a consultant,,, just a suggestion.
Oh. Sorry if my response sounded rude, it's just that I always thought management was a BS major that gets you nowhere, so that's why I was a bit confused. I've heard that finance, accounting and if you go to Wharton and the like, marketing are the only degrees worth considering.
Financial services include various businesses that deal with management of money. From that angle, it refers to organizations such as banks, credit card companies, investment companies and insurance programs. Additionally there are services and products offered by insurance brokering and credit card companies.
However, An accounting degree inherits all such programs and you have variety of programs to look for. Programs like Forensic Accounting, Financial management and many other comes under accounting program. you can get more clear idea just read this blog post at accounting degree post at
http://accounting.careeredublogs.com/financial-services-programs-in-acc…
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