Hi,
I'm debating about whether I should take Managerial Accounting.
I was wondering how helpful it is for interviews and if it is worth to take, because I took Financial Accounting and I didn't do well.
Does Managerial Accounting use a lot of Fin Acctng material/principals and is it very beneficial for interviews?
Thank you.
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USELESS USELESS USELESS
Take Intermediate. Yes, it's very painful, but you will be a better banker because of it.
Just be aware that some universities (I go to a non-target, so maybe this is different) require managerial to be taken before intermediate. That being said, if you did well in financial, you should do well in managerial.
I go to a target that's known for grade deflation. I'm pretty sure that I'm not going to take Intermediate Acctng.
My dad's an Accountant and said it's beneficial to know Managerial Acctng especially if you're not an Accounting Major, so that's why I'm considering it.
Plus, I'm wondering if it is beneficial at all for interviews?
Intermediate accounting will make technical interviews much easier.
Don't take it. Finance and accounting major here and I second the Intermediate Accounting. Yes it's painful, but completely worth it.
Agreed
At my school, I need Managerial to take Intermediate, which frankly I do not want to do, because I'll screw my GPA.
Is it worth taking Managerial Accounting for the sake of itself and not for the purpose of Intermediate Accounting?
It's worth taking it to get to Intermediate
Stop being a pussy and take Intermediate.
Btw, I should add I'm not really looking into IB more so Investment Management, Research, etc.. so would Managerial Acctg be beenficial for that at all?
Actually it still wouldn't.
The only thing that class might be good for is for a Big-4 Auditing. Anyone from a Big-4 care to comment?
OP: should i take managerial accounting? WSO: take intermediate financial OP: pretty sure not gonna take intermediate, dad told me managerial acct is beneficial to know WSO: take intermediate financial - painful but worth it OP: no itll screw up my gpa WSO: take intermediate financial OP: not looking into ib, so should i take managerial? wtf
silver banana for this lol
Take a pass on managerial, it really doesn't help anything.
If you didn't do well in the Intro Financial course, you may need to work a little harder on these courses. That's one of the easier finance or accounting courses.
managerial accounting is great for Corporate Finance type jobs... not as helpful for a career in banking.
dude if you want to go in to consulting or F500 take that shit
then u can talk about all the variable and fixed cost bs all day.
For finance i think it is completely fucking useless
Well said
I did Big 4 Audit last summer and it still proved useless. Audit is all Financial Accounting and regulations.
Managerial Accounting is useful for Corporate Finance jobs and Operations type roles.
Managerial Accounting is all about fixed and variable costs, completely useless for a lot of jobs unless you're a manager. However, it'll still be helpful, because you'll learn about contribution margin, mixed & fixed costs, etc. (Probably not helpful in IB, but helpful towards your overall knowledge of accounting).
At my school you have to take Managerial before Intermediate. Intermediate is helpful for both finance and accounting jobs. Definitely good know.
Just take Managerial, get an A. Then take Intermediate, even for the jobs you're currently looking at.
Quit complaining about grade deflation and study harder...
it's mandatory at my school before intermediate. i'm taking it now and thus far it's really easy. much much easier than financial, but it also seems really boring. i don't know if managerial will do you any good but if you need to take it for intermediate, then go for it. it should be a relatively easy A
as far as my two cents goes... financial accounting is more "BS" than managerial accounting. managerial accounting focuses more on creating and interpreting metrics for actual decision-making, while financial accounting is more concerned with prescriptive rules of accounting...
but yes, financial is more important for IB. but just take managerial as well if you can.... it's great knowledge if you ever end up in an operational role at a company.
Managerial (cost) Accounting? (Originally Posted: 04/01/2016)
When and where would I use managerial (cost) accounting? Is it quite useful?
I'm taking this now for undergrad and it's shit I'll never use. Very easy content wise (allocating costs, deciding which costs are relevant, cost-benefit analysis). A lot of common sense.
W has a mandatory cost accounting class (ACCT 102) and it is absolutely reviled. Unless you are the CFO of Lululemon or want to literally run a factory's accounting system, it's not much use practically, and it is deathly boring anyway. I suspect it was added to Wharton's (and other business schools') core curricula years ago when the skill was, if not universally required, at least more relevant; look for classes like these to start becoming more and more elective in the near future.
If you're really interested in it for whatever reason, it's best not to pursue it for a grade. Get a book, knock out a couple chapters' worth of practice problems, and you'll have learned as much as you would have in a more formal setting.
Hmm, I've had a slightly different experience.
If you work in a manufacturing environment in any capacity it is extremely relevant. Not sure what you want to do post BSchool but pretty much any position within a company it is likely advantageous to know cost accounting. This includes the CEO, CFO, Operations, IT, etc. I'd imagine it would be useful for some consultants as well.
As an example, I was recently involved in a divestiture where a mfg plant was going with the deal, a big area of focus during diligence was the carve-out financials (business unit didn't have separate financials) and the true gross margins for NewCo and DivestCo on a restated basis.
That being said, you don't need to be an expert and it is not rocket science as noted by posters above. You aren't going to learn anything from a professor so I would recommend just reading the book to get the nomenclature down which will help you learn on the job.
managerial accounting (Originally Posted: 01/09/2011)
Im a first year mba and am currently taking a managerial accounting course. I was curious as to if knowledge of managerial plays a big role in the finance world ie PE IB or S&T. I already hate it and hope to just get my A and go about my business. On another note I really enjoyed Financial accounting which seems to be more significant of the two in respect to PE IB and S&T.
Any thoughts?
It's relevant if you work at a corporation - helps you understand financial management issues related to operations. Financial accounting is the BS you show to investors, while managerial accounting gives you the lowdown on what happens inside - which products are profitable, what drives their profitability, how each part of the company contributes to the bottom line. However, for IB or PE, FinAcct is much more relevant as this is your primary source for data. Don't worry about managerial - it will only help you understand a little bit better how companies monitor their operations, but you won't need it for PE/IB/S&T.
Yeah, it teaches you a lot of budgetign type stuff you won't use in IB/PE, but doesn't it also teach you alot of cost issues that would be really useful in PE? You'd be better equipped to analyze what impacts gross margin, etc, with managerial acct knowledge...plus, wouldn't it be helpful if you want to jump to a start up on the finance side later?
Managerial Accounting Test Prep (Originally Posted: 02/19/2013)
This question probably makes me appear like a huge douche, but I need help so here it goes anyway.
So procrastination got the best of me, I got a managerial accounting test tomorrow (boring as hell/pointless for finance but required to be taken at some point during undergrad to get the degree) haven't opened the book/attended lecture all month of this semester.
How hard is it to master in Hilton's book (one of the most commonly used at uni) normal costing with the predetermined overhead rate, activity based costing (due to the ineffectiveness of aggregate labor hours in assigning overhead costs to products), the weird graphs like curvilinear/step fixed costs and regressions, and computing manufacturing costs through unit/batch method, work in process/schedule of cost of goods manufactured and various other equations like this?
Conceptually managerial accounting seems simple and I think involves a lot of memorization, but I'm essentially starting cold turkey. Will an all nighter and say 8 hours of studying be sufficient to get an A (it's a known weedout class at my school but I go to a non target that isn't as rigorous as the ivies) or will I be lucky to get a gentleman's C?
this is the one class that kicked my ass at wharton...get off WSO and get cracking...
why dont you just write it off as a C? saves you stress all semester
Took it as an online class (much easier) and thankful I did based on stories I heard. Better start now
Managerial accounting is a pain in the ass. Hope you got off this site and started reading. ABC is a bitch.
Intermediate Finacial Accounting or Managerial Accounting ? (Originally Posted: 08/26/2014)
Only one semester left already took financial accounting ! What will be better for IBanking?
delete
Intermediate Financial Accounting
Intermediate FA. Management Accounting is of little relevance to IB.
Managerial Accounting vs. everything else (Originally Posted: 05/25/2016)
Does anyone here struggle or has struggled with managerial accounting? I'm a freshmen and I did very well in financial accounting and I've managed to build a Dcf, levered acquisition model, precedents/comps model by myself but I'm struggling on this Managerial course. It's not difficult to understand but I just screw up on the exams, and I'm getting so frustrated because I would say I'm pretty good at finance and accounting in general. While studying, it just seems like I'm memorizing and during the test, some detail jut slips my mind.
What's the best way to study because it seems like 90-95% of it is just memorization. I appreciate your advice.
Just finished this course and can confirm its mostly bullshit. What are you struggling on: Budgeting? EOQ? Labor/Material price variances? It's all simple math you just have to memorize the equations and do practice problems to be aware at any possible scenario thrown at you.
I agree it's all simple math, and I have no problem understanding how to do the problems. It's just that it feels like it's so much memorizing; for example, the budget schedules for manufacturing, cash budget etc.. Sometimes a little detail just slips my mind, and I screw up a question. Some of it also seems somewhat counter intuitive from the things I studied in financial accounting as well as my finance knowledge.
Memorize the formulas. Once you have that, it's just figuring out what variables you do and don't have in order to get to the question they're asking.
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