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What are some passion projects for someone who wants to get into finance/accounting during college?
I'm interested in pursuing something related to accounting/finance in college, but I don't know where to start in order to prepare for college admissions (people always say to do passion projects..) Are there any extra-curriculars that would help be get a better understanding of the fields (like math?)
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Annie’s Answer
The IRS's VITA program(volunteer income tax assistance program) could be a good option. It would allow you to learn more about accounting concepts while also giving back to the local community. If you are interested in this program you can contact a local university that is involved with the program to help you with next steps.
This is a great suggestion by Annie! There are also programs like DECA that high schools sometimes have available that show passion for the business world to jumpstart your education.
Juli Garn
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Jeremy’s Answer
This might not be the case for everyone, but having an understanding of accounting systems is a big plus. If you have the opportunity to learn about accounting technology, this can go a long way as a lot of the initial entry level training involves learning how to use the software. This can be a leg-up.
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Nashwat’s Answer
An accounting organization I'm part of (National Association of Black Accountants (NABA)) has a high school program called ACAP (Accounting Career Awareness Program). Here's the website for more information https://nabainc.org/acap/ . There looks to be a Cincinnati NABA chapter. I've been part of NABA since college and was able to network with some great people and attend conferences where I learned more about the profession.
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Adam’s Answer
You can join a club at school that you are passionate in and run for Treasurer or VP of Finance. It's a great way to meet people and also learn a bit about running an organization's financials.
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Allan’s Answer
Currently working in the IT sector, I've always been passionate about Financial Planning on a personal level. Possessing strong math skills is certainly a valuable advantage in the Accounting/Finance field, making it an ideal area for you to concentrate on. During high school, I joined an investment club that not only enhanced my finance and math abilities but also provided an enriching learning experience. Additionally, I was a member of a math club in high school. Wishing you the best of luck!
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Courtney’s Answer
I would apply for an internship and/or part time job in the accounting field, starting in an A/P or A/R position will give you a good start in Accounting in general, and give you a good idea of the types of skills and characteristics make a good accountant! There are so many opportunities in the accounting world, try a few to see what you like and go from there!
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Patrick’s Answer
If you're interested in finance and accounting and want to pursue passion projects during college, here are some ideas to consider:
1. Volunteer Income Tax Assistance (VITA): Participate in VITA programs, which offer free tax help to individuals with low-to-moderate incomes. This will allow you to gain hands-on experience in tax preparation and help those in need while also enhancing your understanding of tax regulations.
2. Case Competitions: Participate in finance or accounting case competitions both on and off-campus. These events typically involve analyzing business problems, preparing financial statements, and making strategic recommendations. Competing will enhance your analytical skills and expose you to industry professionals.
3. Finance-related Research: Collaborate with professors or join research projects related to finance or accounting. This will allow you to dive deeper into specific areas of interest, develop research skills, and potentially contribute to academic publications.
4. Investment Club: Start or join an investment club on campus where you and like-minded students can discuss investment strategies, analyze stocks, and make simulated trades. This will help you develop practical knowledge of financial markets.
5. Personal Financial Analysis: Conduct a comprehensive analysis of your personal finances. Create a budget, track your expenses, and optimize your savings and investment strategies. This will not only help you become more financially responsible but also give you practical experience in managing personal finances.
Remember, the most effective passion projects are the ones that align with your personal interests and goals. By engaging in activities related to finance and accounting, you'll gain valuable experience, demonstrate your commitment to the field, and further develop the skills necessary for a successful career in finance or accounting.
1. Volunteer Income Tax Assistance (VITA): Participate in VITA programs, which offer free tax help to individuals with low-to-moderate incomes. This will allow you to gain hands-on experience in tax preparation and help those in need while also enhancing your understanding of tax regulations.
2. Case Competitions: Participate in finance or accounting case competitions both on and off-campus. These events typically involve analyzing business problems, preparing financial statements, and making strategic recommendations. Competing will enhance your analytical skills and expose you to industry professionals.
3. Finance-related Research: Collaborate with professors or join research projects related to finance or accounting. This will allow you to dive deeper into specific areas of interest, develop research skills, and potentially contribute to academic publications.
4. Investment Club: Start or join an investment club on campus where you and like-minded students can discuss investment strategies, analyze stocks, and make simulated trades. This will help you develop practical knowledge of financial markets.
5. Personal Financial Analysis: Conduct a comprehensive analysis of your personal finances. Create a budget, track your expenses, and optimize your savings and investment strategies. This will not only help you become more financially responsible but also give you practical experience in managing personal finances.
Remember, the most effective passion projects are the ones that align with your personal interests and goals. By engaging in activities related to finance and accounting, you'll gain valuable experience, demonstrate your commitment to the field, and further develop the skills necessary for a successful career in finance or accounting.
This was super helpful, thank you!
audrey
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Tony’s Answer
Rate Plan optimization. This is becoming a big field, as I spent time developing a small business around this. Additionally, I have a friend who has become very wealthy building his own business by doing rate plan optimization of various expenses (think cellphones, electric/utility bills, water bills, etc) but he does it for large companies - Walgreens, etc.
Rate plan optimization has to use a lot of Finance and Accounting skills, to help customers see what they are spending today, and provide recommendations on how to save money.
Rate plan optimization has to use a lot of Finance and Accounting skills, to help customers see what they are spending today, and provide recommendations on how to save money.
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Lucas’s Answer
I was in a very similar situation going into college, and one thing I would recommend is joining and getting involved with a business fraternity (which are co-ed). Through that I was able to work on basic finance projects, budgeting for events, etc. with other like-minded people. Additionally, I met some really great friends that introduced me to personal budgeting, accounting case-study events, and more opportunities to engage in a wide range of extracurricular activities related to accounting and finance. Hope this helps and best of luck!
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Caleb’s Answer
I agree with above, anything in regards to tax technology and knowing the systems is a huge advantage. Becoming a consultant in that field you can learn alot about the different tax softwares. Then if you decide you would rather become a tax professional you already have knowledge of the systems. I have seen a lot of colleagues who were in tax that they went from being an associate to getting into tax technology. For example Alteryx is used for data especially like depreciation and large loads of data. Having that knowledge can be beneficial as a tax professional. For a project there are volunteer places like stated above that you can be hands on and get a vast understanding of accounting/tax. Hope this helps.
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Stacey’s Answer
Try obtaining a part time job as an A/R or A/P clerk. This takes you into the world of accounting. While going to college I highly suggest taking classes in both finance and accounting. I thought I wanted a career in Finance but after taking classes in both areas, found I hated finance and loved accounting. Both areas revolve around math but are vastly different focuses.
Great suggestion
Patrick Neeb
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Joseph’s Answer
I did VITA as well! This is a great opportunity to not only make a tangible difference in your community, but you can build relevant skills to accounting. VITA was super fulfilling for me, knowing I was helping people out. It also came up in all my interviews with accounting firms and is generally looked upon very positively. Would definitely recommend!
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Peter’s Answer
Something I participated in that I found to be very purposeful and helpful for my career was helping with Volunteer Income Tax Assistance (VITA) through my college chapter. I helped file tax returns for low-income families, so I was able to improve on my technical skills and also volunteer in my community. Another thing you can look into doing is forming a team to take on case competitions.
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Maria Clarette’s Answer
Hello Evelyn,
I suggest participating in extra-curricular activities such as Beta Alpha Psi and studying abroad. Beta Alpha Psi is a prestigious international honor society for students in accounting, finance, and information systems. They typically hold meetings every week or two, where they invite companies to interact with students. This is an excellent opportunity to network with professionals in the fields of accounting and finance. Additionally, they organize "Meet the Firms" events that can assist you in securing internships with top companies like the Big Four.
Regarding studying abroad, I think it's a fantastic way to explore the world and gain insights into diverse cultures. Plus, it adds an impressive touch to your resume. I highly recommend considering this option.
I suggest participating in extra-curricular activities such as Beta Alpha Psi and studying abroad. Beta Alpha Psi is a prestigious international honor society for students in accounting, finance, and information systems. They typically hold meetings every week or two, where they invite companies to interact with students. This is an excellent opportunity to network with professionals in the fields of accounting and finance. Additionally, they organize "Meet the Firms" events that can assist you in securing internships with top companies like the Big Four.
Regarding studying abroad, I think it's a fantastic way to explore the world and gain insights into diverse cultures. Plus, it adds an impressive touch to your resume. I highly recommend considering this option.
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Peter’s Answer
Do something for NGOs and non profits.
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James’s Answer
I would recommend fields or coursework related to mathematics, economics, and data analysis. I would emphasize the first two, as having strong mathematical skills combined with a strong understanding of the economy and economic theory will be a great foundation for any of these career options, but will also possibly highlight areas unknown to you in this fields that may interest you.
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Carly’s Answer
You could get involved in a non-profit in your area that you are passionate about and seeing if they have any accounting/finance needs. Non-profit organizations are always looking for volunteers and it would be great exposure to how a non-profit operates while providing an impact in your work.
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Samidha’s Answer
You could take some beginner's courses on Udemy / Coursera to see if and what topics interests you.
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Hunter’s Answer
I recommend pursuing internships, but you can also consider shadowing professionals and enrolling in LinkedIn courses. There are certifications available for Microsoft programs like Excel, which can be beneficial. I obtained my Excel certification in college, but being proficient in business applications like Excel before college can help you excel in finance and accounting classes. For hands-on experience to include in your applications, explore volunteering opportunities with non-profit organizations where you can assist their treasurer. This will teach you fundamental accounting skills and introduce you to specialized accounting practices that are less common in the industry.
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Jen’s Answer
Although it's not a passion project per se, I would highly recommend learning as much about Excel as possible. Master it. It's one of the most basic, most used bits of software in accounting (and pretty much every other industry), and a thorough knowledge will be a big help. If you can master all of the different functions and macros, you will have a HUGE leg up on your competition. Another good place to start if you're looking for experience may be a Temp Agency. They can help place you in either short duration or long-term jobs that will give you some amazing experience that will help you down the line. Temp Agencies are a wonderful way to get your foot in the door.
Agreed - getting good at Excel and knowing how to use it solve problems is a HUGE advantage.
Joseph Berman
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Lauren’s Answer
If there is basic intro accounting course offered, that would be a good intro prior to diving into several accounting classes when you start in college. Additionally, I would encourage you to develop your excel skills as much as possible, as excel is used heavily in most accounting jobs. Lastly, if there are any data analytic classes/technology you can learn, that will likely benefit you as well.
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