Accounting Is Back

[bmw335i]

In case you missed the business article where they rank the best firms for college graduates to start their careers, ACCOUNTING FIRMS held the top 3 spots.

1. Deloitte & Touche Accounting

2. PricewaterhouseCoopers Accounting

3. Ernst & Young Accounting

4. IBM

5. Google

6. Microsoft

7. Walt Disney

8. Accenture

9. Lockheed Martin

10. Teach for America

11. KPMG Accounting

[skindog]

That's because accounting isn't accounting anymore. Most people these days don't know what an 'accounting' major is all about. Nowadays it's a lot more about people skills and general business knowledge than anything else.

I just graduated from the University of Illinois at Champaign-Urbana - rated the number one undergrad accounting program in the US. I've got an MS in tax, and I can't do a journal entry to save my life. lol. Neither can any of my classmates. Yet most competent people in my program were hired by one of the big 4 (they were drooling over our class), because this program emphasized communication, people skills, and research skills instead of debits and credits. Those are the skills needed to solve real world accounting problems and to attract clients to your firm once you become a partner.

Accounting is at the top, but it's not 'accounting'.

[bmw335i]

[ QUOTE ]
I just graduated from the University of Illinois at Champaign-Urbana - rated the number one undergrad accounting program in the US. and I can't do a journal entry to save my life. lol. Neither can any of my classmates.

[/ QUOTE ]

This is nothing to brag about.

Accounting has always been about those things. You just figured this out so it seems like some kind of breaking news.

[thing85]

[ QUOTE ]

I just graduated from the University of Illinois at Champaign-Urbana - rated the number one undergrad accounting program in the US. I've got an MS in tax, and I can't do a journal entry to save my life. lol. Neither can any of my classmates.

[/ QUOTE ]

I think you're making us look bad...I was U of I grad in accounting (tax) as well, and journal entries are probably the easiest, most basic part of accounting.

However, the general point of your post is correct for auditing and tax, the two areas that the Big 4 specialize in (aside from consulting, for Deloitte). Accounting at its most basic level (think private accounting - corporate financial statements, etc.) is still about measuring financial data and disclosing it properly ("debits and credits").

Accounting is still accounting. The difference is, most accounting majors end up doing auditing and tax consulting - professions that utilize (and to some extent, manipulate) the output of "accounting." When people think of accounting, they think of the traditional accounting/bookkeeping role. This role still exists, but is far different than what auditing and tax consulting professions have become. Tax in the Big 4 accounting firms (in the US) is becoming far more consultative, with much of the compliance work outsourced to India.

Similarly, auditing USES accounting, but is concerned with communication and general business/industry knowledge in order to properly examine the accounting output (financial statements). This is, in essence, why the Big 4 accounting firms are among the top places to "launch a career," although I'm sure many people would/could debate this.

All of what I said is obvious to people who have studied accounting and/or worked in the field, but the average Joe really doesn't have a clue.

[skindog]

[ QUOTE ]

This is nothing to brag about.

Accounting has always been about those things. You just figured this out so it seems like some kind of breaking news.

[/ QUOTE ]

As for my class not being able to do journal entries, I was (slightly) exaggerating to make a point.

Lol... you are right, my post is not breaking news. I know accounting has always been about this - my point was that the general populace doesn't. I don't know how in touch you are with your fellow human beings, but most people I talk with think accounting is about none of those things.

[ QUOTE ]

I think you're making us look bad...I was U of I grad in accounting (tax) as well, and journal entries are probably the easiest, most basic part of accounting.

However, the general point of your post is correct for auditing and tax, the two areas that the Big 4 specialize in (aside from consulting, for Deloitte). Accounting at its most basic level (think private accounting - corporate financial statements, etc.) is still about measuring financial data and disclosing it properly ("debits and credits").

Accounting is still accounting. The difference is, most accounting majors end up doing auditing and tax consulting - professions that utilize (and to some extent, manipulate) the output of "accounting." When people think of accounting, they think of the traditional accounting/bookkeeping role. This role still exists, but is far different than what auditing and tax consulting professions have become. Tax in the Big 4 accounting firms (in the US) is becoming far more consultative, with much of the compliance work outsourced to India.

Similarly, auditing USES accounting, but is concerned with communication and general business/industry knowledge in order to properly examine the accounting output (financial statements). This is, in essence, why the Big 4 accounting firms are among the top places to "launch a career," although I'm sure many people would/could debate this.

All of what I said is obvious to people who have studied accounting and/or worked in the field, but the average Joe really doesn't have a clue.

[/ QUOTE ]

Well put. I was trying to express just that, and it would have worked if I knew how to communicate. [img]/images/graemlins/smile.gif[/img]

[john kane]

i reckon it's becuase in accounting those who survive have become very good workers. they've had to put up with 3 years of intense dullness and at times intense cramming and revising, yet have needed to communicate a lot with clients and colleagues as well.

this produces a well rounded worker.

ill be doing auditing at one of the big4 and am going to hate it. if i can survive the 3 years training ill be both very happy with myself but very shocked that i wouldn't of quit, it seems like a living nightmare given ive been on a 5 year holiday.

[PRE]

I can't name one person that would rather work at any of those accounting firms over Golman. That list is a joke.

[haakee]

[ QUOTE ]
if i can survive the 3 years training ill be both very happy with myself but very shocked that i wouldn't of quit

[/ QUOTE ]

Maybe you shouldn't get that apartment that costs 65% of your monthly salary then...

[johndenver]

[ QUOTE ]
I can't name one person that would rather work at any of those accounting firms over Golman. That list is a joke.

[/ QUOTE ]

I think the list is meant for companies that undergrads have a realistic chance of being hired at.

I don't see the NFL or the NBA on the list either.

[Uglyowl]

No way on God's green earth would I work for one of those sweat shops.