Should I major in Accounting?

by YellowImpossible. Posted on Sep 10, 2020    7    10


I've searched around google and haven't found much information when it comes to majoring in accounting to start a business.

I realize that it doesn't matter much what you major in, but I enjoy my accounting class in high school, and was wondering if that would be a good choice?

I don’t care too much about the technical parts of accounting but I am really interested in things like reducing taxes, tracking cash flow, learning about cash flow, budgeting, looking at assets and liabilities, determining if a business is profitable, Making a business more efficient.

What degree out of Finance, Accounting, and Financial planning would help me own and run a business.


Comments

xmarketladyx

What you mentioned is only about 1/5th of running a business. I know some Accountants who work corporate and make very good money. Then, there are those who struggle in their own firms and other businesses they've started. Think of running a business like making dinner:

Accounting is the side of green beans.

Market research is the 2 chicken legs.

Salesmanship is the mashed potatoes and gravy.

Inventory and personnel management are the dinner rolls.

Marketing is the dessert.

While you're gifted in one dish, you need the others to make it and 1 dish doesn't make dinner. You need to do a lot of long, hard research and introspection before you just decide you want to be an entrepreneur.

Peterd90 1

It can be a great career and Controllers and good accountants are the last ones laid off in bad times. For me it opened up doors to other areas like finance and management as every business wants people good with numbers.

TaxPlot 1

I'd suggest that you're getting ahead of yourself. You have a leg up on a lot of people in that you know what interests you, so just keep pursuing those interests and see where it takes you. Having a background in accounting or finance will be an asset in running a business as would having a background in almost any other field.

JaySayMayday 2

Business administration degrees require taking a few accounting courses along with many other relevant subjects. If your plan is to use college so that you can run the business efficiently I would suggest an MBA or at least a bachelor in business. You can hire an accountant to crunch numbers, and there's software solutions to handle most complex financial analytics.

Ultimately though, it sounds as though you're still in high school. Focus on the next steps and doing well now. A college academic advisor can help you choose the degree that fits your needs. Or try r/college

eXceLviS 2

Majors or minors in accounting, finance, or economics are typically strong degrees. Having said that if you plan on being an entrepreneur, having many hours of accounting will definitely be beneficial imo.

itprobablynothingbut 1

This is the best response. Majors arent life sentences; think of them more as a focus of study, rather than a career path. But yes, for entrepreneurship, accounting is the most practical skillset, finance the second, and economicts the most general. All three are excellent choices. I would typically avoid undergraduate entrepreneurship or business majors, unless the school in question has a particularly stellar reputation for that major. Obviously, if your business is in a specific field, where field-based knowledge is at a premium, then focusing on those studies might be more useful. For example, computer science or engineering.

My guess on the best return on investment is a degree in accounting. Assuming you dont have an unusual opportunity, like an ivy league degree, or admission to a specialized program with industry connections.

Aioeyu 3

Most of the things you listed as being interested in can be almost fully automated these days. As long as you ensure the data sets are correct, most accounting software can do most of the things you said you liked. A degree in finance is a lot broader and probably more useful, unless you like the mechanical parts of accounting (which you said you didn't care about). While I don't know any poor accountants, the majority of really rich people I know had degrees in finance or business.

From my personal experience, I never understood why degrees in just Finance or Business existed; until I started a business and got an MBA. The fields are so broad that it wouldn't be as useful to hyper specialize right away. For example, I know plenty of people who got degrees in Business with an emphasis on finance or accounting, but they still have the business info to go along with the specialized knowledge. Having the broader business knowledge allows one to better understand how their particular area of interest fits into the larger scheme of things.

Since it sounds like you're interested in opening a business, I would suggest a business degree with a minor in accounting or finance.

One lesson many learn the hard way: school is just the beginning of education. You'll need to keep learning your whole life if you want to stay competitive. Most of the really successful people I know read and learn new skills constantly. While school is important in some industries, it can never replace a self motivated desire to learn and grow.

Another overlooked benefit to college is the social connections. Fraternities and other clubs or social orders are great ways to build contacts for after college. Military service is another great way to both pay for college and build contacts. For example, ROTC pays for your college, and you get paid thousands of dollars per month to go to college and stay fit, and you become part of an exclusive fraternity that opens a lot of doors after you get out.

I used grad school to the fullest, but completely wasted undergrad. I basically partied for a few years and somehow got a degree. I wish I could go back and do undergrad again with a bit more focus on studies and later life. But that's the hard thing about school. Most people don't realize just how small a part of life school is, and how quickly it goes by. I had fun in college, but wasted so much time.

LavenderAutist 3

r/accounting

adamkru 6

Tax accountants always have work, and they make good money. The 3 guys I know that have Finance degrees eventually started $MM companies. It took them a while to get there, but their background and contacts in the banking industry opened doors that led to big things.

Jackoatmon1 1

Making a lot of money is rare unless you can ascend to CFO. Most accountants aren’t entrepreneurial, but rather risk adverse. But this theme is on point. Many take the solid skills they learn in accounting and transition to another career to build on them... supply chain, consulting, finance. If you want to transition build a lot of contacts. If you love accounting it is a stable career but can be a bit monotonous. It’s the trade off.