Accounting and finance are the oldest professions in the world and offer excellent career prospects and high salaries. These fields also provide job security as every industry in the world requires accounting and finance-related services.
Both accounting and finance fields deal with numbers, but there are crucial differences between the two. Accountants are more focused on studying the past financial dealings of a business, while finance professionals are focused on using data and managing money for future endeavors of a company.
To enjoy a career in any of these fields requires at least a bachelor’s degree. Advanced degrees and certifications like CPA increase your marketability and chances of success. Passing degree courses or CPA exam successfully requires you to study properly. Students are often intimidated by finance and accounting courses. However, studying these courses can pay off in the future.
Apart from self-study, a variety of online tools and resources are available to help students in accounting and finance-related courses. In case you are preparing for a CPA exam, different artificial intelligence websites, online tutors, and CPA course reviews are available, which you can compare and choose the most suitable for yourself. If you’re having trouble choosing between Wiley or Becker, look at online reviews and courses available to make an informed choice.
While both websites offer review courses, other tips and tools to help students in finance and accounting-related courses, Wiley has a clear advantage in pricing since it offers just as much material at lower costs.
Now that you have the right study material, let’s discuss how finance and accounting students can improve their learning process.
1. Develop a strong understanding of the concepts
Accounting and finance may seem like theoretical fields, but they are quite practical. After graduating, you will be expected to apply different finance and accounting-related concepts to solve real-world problems. Therefore, you should avoid cramming and focus on understanding the application of certain principles.
Logically thinking and understanding necessary concepts will allow you to pass exams, and you will also excel at your job, solving real-world financial issues. However, cramming will barely let you pass the exam, and you will not survive in the competitive business and finance industry.
2. Join a study group
Study groups are an excellent option for studying any subject as they provide support and motivation. They also introduce you to new viewpoints, and regular accountability pushes you to do better.
Study groups eliminate procrastination and help you learn faster by filling in the gaps in your notes. Join a committed study group with mostly like-minded students.
You will get deeper insights into the subject and learn various study tips and tricks through a study group. Group studies are beneficial so try to arrive on time, ask questions, and participate in discussions. Moreover, explaining things to other members also helps you understand those concepts in more depth.
3. Find your learning style
Everyone learns differently. Being aware of your learning style can help you learn things in a better and easier way. The basic learning styles are;
People with a visual learning style learn by seeing, so watching accounting video logs can be beneficial.
Verbal learners learn by listening. They can find recorded lectures to listen to them, or they can discuss different accounting principles with their peers to get a better grasp of the concept.
Logical learners learn best by reasoning and thinking logically. They can solve real-world accounting and finance problems and apply learned principles to internalize different concepts.
Start studying according to your style, once you identify it. It will help you retain more information and learn more quickly.
4. Study with a positive attitude
If you don’t like a subject or have heard that it’s difficult, it is only natural for you to start studying that subject with negative emotions. However, you should ignore all the negative things and study with a positive attitude. A negative attitude can cloud your judgment, and you may not be able to understand the theories and practices in accounting and finance. However, a positive attitude will help you relax, focus, and absorb more information. You become open to learning new concepts and start to enjoy the learning process.
Each person has a different skill set, interest, and work ethic. For this reason, even if someone struggles with finance and accounting courses, it doesn’t mean you will too. Focus on your qualities and always study with a positive attitude to retain concepts and clearly understand what you are studying.
5. Work at a steady pace
All the topics in finance and accounting are related to each other. To move on to the next exercise, you must clearly understand the previous concepts. You should work at your own pace and give enough time to each exercise. Alternatively, if you rush and don’t clearly understand the concepts, you will struggle more in the long term, which will also cause a lot of stress.
Attend all your classes on time and take notes during class. Regularly review those notes after class and focus on things you don’t understand. Take the help of the course instructor or another bright student to clear those concepts before the next class so that you can understand the next lecture. Maintain a steady pace of study to slowly but clearly understand all concepts.
The Bottom Line
Finance and accounting are difficult subjects for many students. Even though both fields offer a promising career, many students still don’t choose these courses because they are challenging. Studying finance and accounting courses requires discipline, dedication, and a lot of hard work from students. Many students take the help of online tools, while others may use other ways to improve their learning process. In this article, we have discussed some of those ways.
Students should not cram and focus on clearly understanding the concept. Joining a study group can be beneficial as it helps you learn more and pushes you to do better. Moreover, identifying and using your learning style to study can improve your learning process. Furthermore, studying with a positive attitude at a steady pace can help you retain concepts for a longer time. Hopefully, this article will help you understand the various ways finance and accounting students can improve their learning process.