Accounting knowledge at Business Analyst level

I noticed that quite a few consulting presentation include somehow complex accounting/finance terminology. At the same time, consulting firms often hire lots of young people from unrelated majors and don't really test the aforementioned knowledge during the interviews (or do they?).

I was wondering what level of knowledge is required to do well on the job and whether there are specific accounting/finance training programs for people who studied arts or sciences? Do you get staffed on complex project when you don't really understand the issue?

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