books to self study accounting
I bought the WSO tech guide and it's been helpful. But, I've been having trouble bullshitting my way thru the interviews about accounting questions.. I could memorize how the 3 statements are linked, but it's hard for me to answer naturally when I have not even done any accounting before. Are there any good books out there that I could use to self study?
HBS press has an online course in Financial Accounting
http://cb.hbsp.harvard.edu/cb/product/105708-HTM-ENG
My corporate finance teacher used this when he realized some of us didn't take the accounting prereqs - it takes the place of an undergrad semester long intro to accounting class
This book was great for me, I started my first job out of college having only taken one accounting course:
http://www.amazon.com/Financial-Statement-Analysis-Workbook-Step-/dp/04…
Best IB Accounting Books (Originally Posted: 12/19/2007)
I am starting as a full-time analyst at a BB next year. As a Finance and Econ major I feel well prepared technically, but I really want to touch up on my accounting skills.
What are the best accounting books that I could read over the next semester to prepare me for the accting skills I will need as an IB analyst next year?
Thanks for your suggestions (and please dont tell me to wait until training... I am taking 3 classes this semester and prefer to do stuff like this on my own anyways).
If you really want to be solid on your accounting I would take a review course for the Financial Accounting and Reporting (FARS) section of the CPA exam. You can get the Wiley books or take a course like Becker; either way, a CPA review course will be a comprehensive review of all the accounting you will need to know.
PS. If you do sign up for a course, make sure you're not paying for any of the other 3 sections of the CPA exam (BEC, REG, AUD). You will not find them helpful.
Kieso/Weygandt - Intermediate Accounting Stickley, Brown - Financial Statement Analysis
"Accounting for M&A, Equity, and Credit analysts" James E. Morris
When I was in IBD training, the instructor mentioned classes in financial statement analysis would be pretty helpful for would-be bankers.
+MIT Sloan, 15.535 Business Analysis Using Financial Statements http://ocw.mit.edu/OcwWeb/Sloan-School-of-Management/15-535Business-Ana…
+Free PDF Textbook, Investment Valuation - 2nd Edition http://pages.stern.nyu.edu/~adamodar/
Accounting for I-Banking books (Originally Posted: 01/15/2007)
Which books are good to learn and review accounting needed specifically for I-Banking? Both for on the job and for interviews (if the vary that is).
Man... accounting is so fucking horrible, I hated those fucking classes so much.
As for the question... any college level financial accounting book would do. I don't really think you would need a intermediate financial accounting book, introductory level should suffice. Do a search, I remember a couple threads about this in the past.
Good question. I would avoid intro level stuff since it tends to focus on journal entries and things like that. You do not need to really know these things.
I would suggest "Financial Reporting and Analysis" by Revsine, Collins, Johnson. It is a really exceptional book that teaches you some really useful stuff. I just took a Financial Statement Analysis course last semester, and I really wish I read this book before my internship last summer. It really gives you some perspective and fills in a lot of details.
Best part about this book is that it really links the statements together and makes you feel comfortable working with them. I think you will enjoy it (that is, as much as accounting can be enjoyed).
Good luck.
I own this one: http://www.amazon.com/Financial-Accounting-Annual-Report-Products/dp/04…
And I know everything in it but still am lost at times when it comes to discussing financial accounting.
I couldn't find any threads on financial accounting when I ran a query on these forums.
I originally planned on just downloading a ton of real statements and working on linking them, making changes and adjusting other statements accordingly. However there are some things that I know are not strictly statement related that may be asked at interview time.
For analyst interviews, Vault's Guide to Finance Interviews covers quite a bit of the basic stuff. You can always take one of those i-banking crash courses as well, if your style is hands-on practice. Hope this helps.
Best book to learn accounting (Originally Posted: 11/19/2014)
Hi.
My friend is really into IB, however he lacks on technical knowledge. Like, really lack. He sees a financial statement and it's just random numbers for him. He lacks accounting knowledge.
So -- my question to you - what accounting books do you reccomend to learn this shit? Bear in mind that those books should be written with an understandable language.
Send your friend to: http://ocw.mit.edu/courses/find-by-topic/#cat=business&subcat=accounting
But he doesn't know anything on technicals, what exactly attracts him to IB? Models and bottles?
I mean - he is solid at market research, industry knowledge, overall IB business - and maybe it's not like that he doesn't know anything accounting related - he has some basics.
But if you tell him - how depreciation affects 3 statements, calculate WACC, walk me through DCF, etc. he is blind. Because he doesn't understand what interact with what.
So by friend, you mean yourself right?
Haha, I knew someone would post that.
No, I'm an analyst at MM boutiqe and I feel my technicals are quite okay. I just want to help my friend.
There's a book called something like "Understanding Financial Statements" that my wife's bank gave to her (she came from a legal and not financial background). I think it's for newbies to financial statements, probably would do the trick to explain the concepts.
Is that the red book, landscape page layout, with the hands "wringing out the data" (picture of hands wringing out a towel)?
The one I'm talking about is actually called How to Read a Financial Report ... it was pretty good.
In case you're still looking for suggestions, MIT offers free course material online - I would recommend your friend look at Course 15.501 - Intro to Fin. and Managerial Acctg. http://ocw.mit.edu/courses/find-by-topic/#cat=business&subcat=accounting
If your friend is looking for a solid textbook, I would recommend one of the intermediate accounting books by David Spiceland. I think that's his first name, I know the last name is correct. It really does a solid job of building on topics covered in past chapters. Its kind of bulky but if your friend has the time it will really enhance his accounting knowledge.
Accounting books (Originally Posted: 03/27/2011)
Folks,
I have 2 queries -
1) Are there any books similar to Financial Shenanigans by Schilit ?
I am aware of the following books -
1) Financial Fine print by Michelle Leder 2) Creative cash flow reporting by Mulford 2) Quality of earnings by O'glove
Are you guys aware of any other more usefull books ?
2) Which book would you recommend for M&A accounting ?
Are you looking for a book on the basics? E.g. Financial statements?
Regarding 1 - I am not looking for basic. I am looking for books that talk about those things which are not there in standard financial accounting books. How companies cheat, lie, embellish, inflate, deflate, mislead, under/over report stuff etc. In short how to protect myself and what to be watchfull about ?
I was talking about 2).
Oh. About 2) - Yes. Basic book on M&A accounting. Something easy to understand.
QUERY THIS
FARTMAN
I found one which is good -
Accounting for M&A, Equity, and Credit Analysts by James E. Morris
http://www.amazon.com/Accounting-M-Equity-Credit-Analysts/dp/0071429697…
[quote=vikram_eda]I found one which is good -
Accounting for M&A, Equity, and Credit Analysts by James E. Morris
http://www.amazon.com/Accounting-M-Equity-Credit-Analysts/dp/0071429697…]
link not working
Good accounting book? (Originally Posted: 10/25/2012)
Does anyone have a recommendation for an accounting reference that gives or includes a good in-depth treatment of goodwill accounting/deferred tax assets (NOLs, book vs. tax depreciation)/anything else that you need to know backwards and forwards for PE?
This is for someone who has no formal accounting background but knows the basics pretty well.
Wall Street Prep's lbo model did a pretty good job for me in terms of translating it from concepts to a model. The instructions explain some of the background and why you do it (not super in depth, but as far as I wanted to know). I had no background in LBOs so it was about the right level of information.
I thought my accounting textbook did a decent job of explaining tax/book differences and NOLs/DTAs/DTLs:
http://www.amazon.com/Intermediate-Accounting-Donald-E-Kieso/dp/0470587…
You can probably pick up an older/intl version for cheap.
WSO's interview guide touched on it a little bit, BIWS went into a little more depth too.
bump
Pre FT Training Accounting/Finance Workbooks (Originally Posted: 06/14/2011)
I will be working for a BB and the bank sent us a workbook full of accounting/finance/excel exercises accompanied with an answer booklet. Accounting portion is mindless and takes FOREVER to finish. Any idea how seriously these workbooks are taken and if I will be penalized for using the answer book to fill in basic / mindless sections?
Are these books actually collected and graded page by page comes FT training?
Thank you!
posting to follow
Bump!
Accounting help books for IB (Originally Posted: 07/24/2012)
In training right now and realized that my accounting skills are quite rusty. Does anyone have any suggestions for books/review guides for banking related accounting and financial statement analysis?
I really liked this. Goes step by step through all the statements and goes through how they're all linked.
http://www.amazon.com/How-Read-Financial-Report-Wringing/dp/0470405309/…
This should help you out. click on chapter 6-10. It's material used in the CFA http://www.investopedia.com/exam-guide/CFA-level-1/ethics-standards/def…
Financial Accounting book (Originally Posted: 11/02/2013)
Hey all,
To keep it short, what is the best book(s) that you can learn all about the financial statements, terms, etc. It is necessary to have a grasp of all of these terms and how they link before you can start any valuation. I haven't taken a financial accounting course, and I eagerly want to learn these myself for future interviews/internships. The Rosenbaum/Pearl (Investment banking-valuations,leverage buyouts, and m&a) book is highly recommended for beginner's valuation... but is there any quality book like that one for a step before (financial accounting)?
Thanks a lot.
Schwesser, which is used for CFA has a good section on financial accounting if you're not used to it
Here are two recommendations you can start with:
Financial Statement Analysis: A Practitioner's Guide (Wiley Finance) by Martin S. Fridson CFA Accounting for Value (Columbia Business School Publishing) by Stephen Penman
Feel free to message me you're looking for some further suggestions.
Looking for a good Financial Accounting textbook (Originally Posted: 04/11/2014)
I'm a sophomore at a target with non-business major. Although I will be taking financial accounting in the fall, I'm really interested in getting a head-start, because-- from what I understand-- I solid understanding of financial accounting is crucial to understanding finance.
Despite my non-business/ finance background, I am incredibly interested in a career in finance, and am highly determined to do whatever it takes to make myself the most attractive applicant possible. Again, I will be taking a financial accounting class in the fall; however, I want to learn as much as I can ASAP.
Long introduction, but I'm wondering if anyone has any recommendations for good financial accounting textbooks. By good, I guess I mean something that will both teach me all of the necessary fundamentals as well supply me with the information that would be most beneficial to have a firm understanding of when I start interviewing for internships next year. To clarify, I am planning on applying for BB Investment Banking internships. In short, something that is basically college accounting class meets WSO technical interview guide.
Anyway, all suggestions are appreciated.
You could maybe check out Wall Street Prep's crash course in accounting. No experience with it personally, but most financial accounting classes focus on different things than what would be needed in a finance setting in my experience. Best of luck!
Study Courses (Basic Accounting) (Originally Posted: 05/23/2014)
Basically, I got ****ed in my last two phone IB analyst phone interviews on the technical questions part. They were basic Financial Statement questions, but they went into details/specifics. I've learnt the basics in College, and i've gone over CFA level I guides, except they didn't give me the answers I was looking for. Could you guys possibly suggest some books/guides I should go over? I heard about the Vault Guide, Breaking into Wall Street, Wall Street Prep, and the guide on WSO, which would you recommend?
This was just posted a few weeks ago: http://www.wallstreetoasis.com/forums/need-to-brush-up-on-your-accounti…
I haven't used any of the guides, but if the above doesn't work for you, or if you're having a hard time with the concepts, I'd suggest just grabbing a accounting textbook. I've personally used for my accounting coursework: http://www.amazon.com/Intermediate-Accounting-Donald-E-Kieso/dp/0470587…
It should be more than sufficient to cover most any accounting related question you might get in an interview.
@crackjack This is exactly what I need. Thank you!
Cannot speak to how much CFA I teaches you accounting, but I never took accounting in college so I learned the basics from Financial Accounting: An Introduction to Concepts, Methods and Uses by Weil.
If you're relying on CFA materials, CFA Level I goes over very basic intro accounting principles. Level II covers more of it, How the financial statements flow together, ratio analysis, more intermediate stuff, which is content that might be more relevant for an interview.
If you want basic financial, Coursera.com has an online class by a Wharton prof that covers bare bones stuff (three statements, a little on ratios, accrual, etc). Its been three years since my last accounting course and I'm just brushing up on the very basic stuff before I start my MSF. It's free and only during the month of May but if you're not looking for like Intermediate or anything then it might help.
Accounting for Full-time IBD (Originally Posted: 02/05/2013)
I'm an incoming FT analyst and was wondering what were some good accounting books to read? I've already looked through the accounting portion of BIWS, and was hoping more of a textbook recommendation. Appreciate any advice
Honestly, the BIWS is probably more than enough to prepare you to hit the ground running. Sure, you will encounter obscure situations, but you are going to constantly be learning new things on the job and you can't possibly prepare for it all. If you want some additional prep, check out the Rosenbaum book as that should be plenty.
I second this... the BIWS interview questions cover accounting, financial statements, valuation, and DCF very well and in plain language that is usually not found in textbooks
maybe an intro to financial accounting book
More of a texbook recommendation: Accounting Principles by Weygandt
Or, if you want more advanced accounting theory: Intermediate Accounting by Kieso
One would have to be a masochist to read Intermediate Accounting by Kieso in their free time.
thanks for the advice. have any of you looked into Financial Reporting & Analysis by Revsine? also, do any of you know a good resource to learn more about working capital management (forecasting, efficiencies, etc.)?
http://www.amazon.com/gp/product/0078110866/ref=s9_simh_gw_p14_d0_i4?pf…
[quote=dukebanker12]thanks for the advice. have any of you looked into Financial Reporting & Analysis by Revsine? also, do any of you know a good resource to learn more about working capital management (forecasting, efficiencies, etc.)?
http://www.amazon.com/gp/product/0078110866/ref=s9_simh_gw_p14_d0_i4?pf…] that table of content looks like it covers the same topics, in the same order, as an intermediate acct texbook.
bump pls
what's the best way to brush up on some accounting before FT IB? (Originally Posted: 12/06/2011)
Hey everyone,
Haven't taken accounting since freshman year, now a senior. Starting FT next year, but realized that my accounting is rusty at best. What do you guys suggest to brush up for accounting, since I have some time before I start working?
FT Training
investopedia.com
http://www.becker.com/accounting/cpaexamreview/
Have you tried learnaccountingforfree (dot) com? It's the online course both BYU and Harvard University use and now it's available free as a public service. Pretty cool.
How to prepare for accounting questions? (Originally Posted: 01/28/2011)
The accounting questions that most of the guides have seem very basic, but I heard that some firms like to ask really tough accounting questions. How can you prep for these?
I was considering looking through some accounting study guides, but most of that stuff focuses on preparing journal entries, bookkeeping, lifo/fifo, etc., rather than the financial accounting questions I'm expecting to get.
Interested in this as well.
This site does a good job of explaining the basic 3 statement questions (how does x affect bs, is, cf).
http://www.ibankingfaq.com/category/interviewing-technical-questions/ac…
Also use search function.
Mergers and Inquisitions guide has quite a bit. Has some pretty advanced questions
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