The Accountancy program may seem like a daunting degree to take up. It could also be a bit confusing – having been mistaken for a major which focuses on math like say Engineering or Actuarial Science. Some may even think of it as an equivalent of Banking and Finance because of the monetary-centered aspects of the discipline.
Various misconceptions have plagued Accountancy through the years, but essentially, in order to survive, thrive, and successfully snag the most-coveted Certified Public Accountant license, one must possess the following characteristics.
1. GOOD LOGICAL SKILLS
Ask any accounting student what accounting is all about and they’ll tell you one thing: logic. Accounting isn’t so much about the numbers as calculators are used when solving problems. Surviving accounting requires a lot of analysis and critical thinking. Your success will depend on how well you can understand a problem, and come up with the best solution to solve it.
2. GREAT DISCIPLINE
One cannot simply wake up one day and be the best at accounting. To ace an exam, one must prepare for it well. This means constant reading, analyzing, and solving. One must develop the discipline to practice computing – the more frequent, the better the retention.
Studying for classes and reviewing for the boards won’t be easy. There will be days you’d feel like giving up. Multiple wrong answers in practice tests and questionnaires can often lead to frustration but the key is to keep on going.
Be patient with yourself. Understanding accounting concepts take time. Mastering processes, memorizing standards, and developing techniques can’t all be done in a day. Take each lesson one step at a time. Don’t let anger and disappointment stop you from pushing yourself to learn and because topics are usually cumulative, missing out on one step might get you stuck.
4. TIME MANAGEMENT SKILLS
Majoring in accounting doesn’t have to mean you can’t relax. In fact, in order to think critically, it is important to keep your emotional, physical and mental health in check. Make sure you get enough sleep and have time for leisure as well. Having a good study-life balance could save you from getting burnt out.
When the going gets tough, keep going. This program definitely isn’t for the faint of heart. Obtaining a degree will wear you down and so will the actual work after graduation. But having the drive will help you get through anything. Review season can be brutal too, but with enough strength and determination, you’ll be able to slide your way through the grueling process with flying colors!