Accounting is a fundamental part of the business world, it is a subject area which largely influences the growth, management and decision making of a large variety of businesses. What interests me most is how, by analysing financial information, without extensive knowledge of specific business areas, accountants can aid the growth and development of specialist business’ and play key roles in huge managerial decisions made by all types of companies.
This influential nature of accounting and its value to each and every business is what has motivated me to study and pursue a career in this field. In addition to this, the opportunity to learn about global financial markets and the dynamics of multinational companies is something that has always appealed to me.
My interest in this field is expressed through my participation in the August 2018 PwC Business Insight Week. My involvement in this week allowed to me to explore three different accounting services that PwC provide as well as understanding the importance of client relationships. I learnt about the legal importance of ensuring tax forms are correct, alongside how a company can ensure they are maximising business profit whilst adhering to tax law.
Furthermore, I became aware of the importance of assurance and audit, learning how presenting financial statements accurately and fairly is paramount in ensuring investor trust is high as well as finding out how to aid business’ in taking opportunities by considering and advising on risk and strategy as well as the numerous variables that need to be considered in successful strategy consulting. Such as deciding where and when investments should be made, how operations can be improved and advising on spending changes.
Taking such risks as well as strategy are key to the upscaling and development of businesses. To further my knowledge about the role of strategy and finance in development of a business I completed a MOOC on finance for business growth. This taught me about how liquidity is an important factor in business management, how assessing risk return issues are important for ventures as well as the role of private equity in the development of a business.
Alongside to this MOOC, I went on to read “Too big to fail,” by Andrew Ross Sorkin to understand from the perspective of those in the highest positions of financial institutions, why irresponsible decisions lead to the financial crisis in 2008. Sorkin discusses the roles of CEOs such as Joseph Cassano, head of the AIG group, who made huge amounts of money from CDS issuance. This turned out to be a huge issue that required over 150 billion dollars from the government to keep the company from failing, when these contracts turned out to be at the heart of the organisation’s loss. I learnt from this and other similar examples, how the finance world relies on trust between large financial organisations and how flaws in legislation alongside irresponsible/selfish attitudes can lead to global scale issues.
Global issues and current affairs are two things I am consistently track through my study of geography at A level. In learning about the geopolitics involved in policy decision making and the cause and implications of such decisions, I have developed an understanding that can be applied to similar situations and decisions made in the finance world.
Accounting is all about communicating and analysing information to find solutions to business issues, studying mathematics and chemistry has provided me with helpful problem solving skills, improved my ability to think critically and aided me in constructing logical arguments after deconstructing complex and intricate problems.