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Accounting vs Finance: Part 4 – The work
To wrap up this 4 part series, I want to go into a little about the actual work itself and what you will be doing. Per usual, I will compare some typical roles in accounting with the typical roles in finance or banking. Accounting Audit In audit, your goal is ultimately to issue an opinion on a set...
How to be a Public Accounting Audit Intern Pro
Congratulations on getting an internship. Public accounting is a great start to your career. If you’re still on the hunt for an internship, check out the Big 4 Blueprint, where I outline networking, the Big 4 interview questions and how to answer them. You will typically see the same KPMG, EY,...
How Sale of PPE flow through the 3 statements? (with some twists)
A day ago I had an interview for an IB position and was asked the following question, which in general is simple, but some details got me confused: A piece of equipment was bought 5 years ago for 100k. Annual depreciation is 10k . In the middle of this fiscal year the equipment was sold for 20k. How...
Distressed debt buyback accounting
Say a company has debt with book value 100. It goes into distress and buys back all of it for 50 cents on the dollar. Cash goes down by 50, correspondingly debt goes down by 50. But that leaves 50 in debt whereas the whole debt was bought back, Where/how do I account for the missing 50 (basically...
JOB OFFER RESCINDED
So heres what happened. I had an offer in tax at a big 4 firm after my internship. My GPA at the time of recruitment was under 3.0 and I got in. Now a semester away from graduating and starting off they decided to rescind my FT offer. I currently carry a 2.7 but I'm not giving up. I always wanted to...
Introduction of a Junior College Student
Hi, everyone. I'm Antony, a junior college student, major in Accounting. Actually, I just came to the US few months ago. Thus I hope to know more about the working practices here, especially in the Accounting and Finance area. Through WSO , I want to expand my network and learn more about the job...
Engineer to Accounting Career Transition Advice
Hey Everyone,
How much accounting do you need to know?
I know a good amount of accounting when it comes down to it. I'm not really a CPA though. Do you need to know massive amounts of accounting detail to be an analyst at a hedge fund? Say for different types like L/S, arbitrage, distress, etc. Seems like hedge funds are more strategy driven. Figured I...
What are My Internships Really Worth?
I'm gonna try and make this quick so I don't bore anybody. Basically I just have a few questions about entering the IB world based on my current experience. I'll start off with a little bit about myself. My ultimate goal is to get into IB after undergrad and eventually move into Hedge Funds and...
Accounting Student Questions
Please pardon any naivete I'm about to reveal, but I'm currently an undergrad accounting student trying to escape my apparent destiny in audit. I've been reading up on the many aspects of management consulting but I had a few questions I was hoping somebody could answer. 1. How does one break into...
Big4Bound: Accounting vs Finance & taking questions!
@"Big4Bound" did a 4-part series on Accounting vs Finance, check out Part 4 - The Work , he's also answering questions if you have any
Rising Junior- Smeal Accounting- make me cry if necessary
Title is pretty informative. I'll be a junior in the PSU Smeal College of Business this fall. My GPA could certainly be higher but I'm working to make up for it with leadership and involvement. Two cool internships, one at a boutique PE firm and currently at an intel-backed smartgrid startup. I...
Career Advice for Non-Trad w/ Master's in Accounting?
I am about to begin my last year of my Master's in Accounting program, and I currently work for a small "part-time CFO" firm, where we do everything accounting/finance related aside from taxes for small to medium sized companies. I'm a non-traditional student. 28 years old, with a liberal arts...
Into and plea for guidance
Hello everyone. I'm a rising junior at Penn State in desperate need of ideas to get me out from the hole I have dug for myself. I am an accounting major and currently have a 3.33 GPA, some level of involvement (social fraternity positions, community service, some clubs), and a big fear I am screwing...
Adjustments when ParentCo acquires remaining stake in an associate?
Hey guys, a quick one - anyone kind enough to help on the below scenario please? Thanks! AssociateCo has assets $100, liabilities $20, equity $80. As of last years close, ParentCo owns 40% stake in AssociateCo, i.e. 'investment in associate' BS item worth 40%*$80=$32. Now ParentCo buys remaining...
Case studies from Security Analysis
While reading the Security Analysis by Ben Graham I was astonished by the stupidity of some accounting errors and intentional misguidance. At the same time while reading different financial reports for different companies in various industries it was very hard for me to notice any big irregularities...
Advice: Becoming a Big 4 Partner/Sr. Partner
It has been my goal since my senior year in high school to become a senior partner at a Big 4. I am now a rising sophomore in The McCombs School of Business at The University of Texas. I am in the Master of Professional Accounting Program and will be graduating in 2017 with my Bachelors and Masters...
Full-Time Vs. Part-Time for MACC
I plan on doing a MACC program next year, and I was wondering if full time/part time status would effect my ability to get a big four position? I'm currently in a retail role for a finance company, and I would like to keep my job throughout school. But when it comes time for recruiting, would I be...
Financial statement analysis help
I'm Looking at a company who uses the direct method to get to CFO. Cash Receipts from customers is $7bn but revenue as recorded on the IS is $6bn. Receivables only fell by c.200m so I'm not sure where the rest of this $800m is coming from. Any ideas?
Big 4 first day interning - Business Casual or Suit?
I'm interning with a big 4 firm and tomorrow is my first day. For attire it says that business casual is appropriate, but I can't decide on whether to go business casual or to go with a suit. I don't want to be "that guy" wearing a suit while every one else is in business casual, was thinking dress...
Rising Junior/Acctg. major at non-target school
Rising Junior at a Non-Target school extremely south of Mason Dixon line; majoring in Accounting and probably going to minor in Finance. I was wondering which career is better to get into? IB or Big 4 I want to know whats Investment Banking like? (for example I know much more about what a career in...
Accounting vs Finance: Part 3 - Lifestyle
Accounting Busy periods The longest hours for accountants will usually be during their time in public accounting. There is a good amount of travel, frequent periods of long hours including “busy season” which can be more than once a year . Audit What recruiters don’t tell you is that while...
PWM to CFO?
Hi WSO , Here is my situation: I'm a 2013 grad from a non target, economics major, work in BB PWM , 3.2 gpa, great EC's. Ultimately I want to be a CFO because it allows me to: 1. work with companies 2. Help build something from the start to finish, should I join a startup 3. great mix between sales,...
Training the Stree Accounting Pre-Test
Does this thing matter? Is it worth putting in the time? If I've taken basic accounting classes is there a need to study? Does your employer see it? There are some old threads on this but nothing recently.
Accounting vs Finance: Part 1 – Career Paths
In this 4 part series I’ll be covering in depth the differences between a typical career in accounting starting in (Big 4) public accounting, and a typical career in finance starting in investment banking. First up in the series is a long term look at the career paths of each Accounting – Career...
Currently an Analyst within Corporate Banking. Not sure which path will open most doors up for me. MSA in Accounting vs MBA?
First of all, I did not go to a target school. My undergraduate degree is in Accounting from a local well recognized public university. I graduated in 2012 and at the time did not want to pursue a career in Public Accounting (which I sometimes regret). But me graduating Summa Cum Laude, being in the...
Advice for a non-target incoming frosh
Hey all, I'm in incoming freshman at a non-target school (picture is a hint) that is fairly well represented on wall street meaning it (apparently) has pretty solid networking opportunities as well as decent finance, economics, and accounting programs. My dilemma is what to major in, or more...
Financial statements affected by 50/50 debt and equity payments?
Apologies if this question has been asked before on the board, but I haven't been able to find an answer to it. If a company is to buy a tractor and pay for it with 50% debt and 50% equity, how would that affect the financial statements in year 1 (before interest and depreciation), in year 2, and at...
Hall of Fame Con Men: Mark Morze – Part 2 of 2
( If you missed Part 1, you can find it here ) So, what about the CFO of ZZZZ Best? In part one I wrote about the headlines that many may have seen in any business or auditing class teaching about famous stock frauds. But in this particular case, there is so much more to it than that. I have to say,...
Looking for some guidance, looking to solidify a career path
Hi guys, I'm in bit of a tough time in my life right now. Currently, I'm a 1L in law school and to say that I'm having a difficult time would be an understatement. Since I committed to this school, it has dropped drastically in the rankings, and from my struggles in keeping up with the material,...
Greetings from Accounting!
Hey all, Stuckinaccounting123 here, I'm a tax intern at a Big 4 firm. I'm looking to break into MBB , or quite possibly IB . For now, I want to stick to MBB . I don't attend a target school, but I do have a strong GPA (3.8). I'm here for guidance and advice, and from what I have seen so far, you all...
HOW ON EARTH CAN SOMEONE GET A HIGH GPA!!?!
I am honestly a very very very hard working person, studied through nights, and I still keep having Bs in my GPA around 2.93 out of 4. Every job says they want someone with high gpa because they have dedication to stay long hours, but hello!!! i did , it just didnt work with me..... How on earth can...
Reconciling Cash Flow Statement & Balance Sheet in Model
Just a quick question regarding accounting/modeling. I have been learning to model with BIWS and recently tried to model two companies on my own from scratch. The place I'm having problems with is reconciling the current year BS and cash flow statement. For example, my formula for current year...
Basic accounting question
Quick question: Assume a firm has the following simplified balance sheet : Assets=300 Debt=100 Equity=200 Now assume the company's credit rating is downgraded. Does the balance sheet still accurately reflect the value of its liabilities?
Diversity program eligibility
I've been looking at some diversity programs that presently recruit at my midwest semi-target school. I do not qualify as a diversity applicant, but some of these programs appear to state that they are also available to "exceptional students" from non-diverse backgrounds as well. Would it be worth...
Accounting Question - D&A expense vs. Change in Accumulated D&A
Why would depreciation and amortization expense reported for the current year be different than the change in accumulated depreciation and amortization from the most recent year and the year prior to that? The expense is greater than the change in accumulated D&A.
Jobs within E&Y not directly involving Accounting
MBA student with concentrations in Supply Chain and Finance-Investments. Would love to work in IB or a Hedge one day. I know a family friend who is a partner at E&Y. He told me to contact him regarding a possible internship but I despise Accounting. Any recommendations? Culture of E&Y for...
Accounting technicals
Last week at work, someone shared this potential interview question as we discussed full-time recruiting for those trying to lateral. I would love to hear people's answer to this question: "Give 5 ways to increase cash without touching the income statement." What do you think?
Linn Energy - accounting irregularities
As many of you probably already know, Linn Energy’s stock (NASDAQ:LINE) took an 18% dive yesterday as they reported that they were being examined by the SEC for accounting irregularities. I understand the Cliff Notes version / basic overview on why they are being investigated but can someone...
MIND BLOWN!/ Connections?
2 Parts ----------- PART 1 All that glitters isnt gold. I am absolutely mind blown at how many interns attend schools I never heard of (not top ranked) and they claim their friends who also attend these schools secure jobs at places like Morgan Stanley , Goldman Sachs etc.
How often do auditors REALLY give a qualified opinion?
I don't know if any of you have been following the Ebix trainwreck today, but the tl;dr is that they had some accounting issues that are now getting an investigation by federal attorneys. I did some digging and found that KPMG resigned as their auditor back in 2003 (or somewhere around then), and...
struggling on an accounting question
Both were right. Thanks for the help
Was your Accounting, Finance, or Economics Professor Terrible? Head to MIT
Hey WSO, Do you ever wish you could get notes and problems to brush up on your Economics, Accounting, or Corporate Finance skills? Or do you need to learn more about Designing and Sustaining Technology Innovation for Global Health Practice for the upcoming biotech merger? Well, thanks to MIT, all...
Need Advice on Achieving Goals
Hi all (TL;DR version at the bottom...apologies for the length), I'm about to pursue a masters of accounting degree because I was initially very interested in corporate work, but recently, I'm having a change of heart and need some advice on how to attain my new goals. A bit of background on me:
New Accounting Graduate
I am about to graduate with a degree in Accounting but I am leaning more toward the Audit side because Tax seems insane. I live in Atlanta, GA and go to Georgia State University. I was never able to get an internship because I had to pay my way through school working restaurant jobs. So I am looking...
CPA or 3 BS Degrees (BSBA, BSA,BSIS)
So I have an interesting general question for this forum...
Future SA who hasn't taken corp fin or accounting. How fucked am I?
Somehow I got an SA position at a great bank in NYC , but I'm not taking either of the mentioned courses until next year (didn't realize importance until it was too late). Is the learning curve going to be impossibly steep? Or does most SA work entail being a bitch who doesn't do much modeling?
Help Modeling Asset Retirement Obligation and Royalty to Related Parties
Has anyone modeled out an Asset Retirement Obligation or a Royalty to Related Party liability in the context of a DCF ? Any other considerations I should be aware of? A) Essentially, my copper tailings processing company has an obligation to remove equipment, pipes, etc. from a site at the end of...
IB Accounting Notes + Free Corp Fin Textbook Online
A friend of mine asked me to post some basic accounting notes I put together a while back - said it could be helpful for interviews. Mostly focuses on linking statements (not going to explain in depth why A+L=E) and how items flow through them....
accounting interns/ jobs
Are they hard to find or get? My dad thinks it is, but I don't think so. My dad thinks it is because Im from a non target and he thinks those with masters get it than those with bachelors.
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