Non watch-related: can some wise folks offer me college advice?

ffej4 · Feb 20, 2015

Hello, fellow watch-connoisseurs!

First of all, thanks for all the replies to my forums posts. They have generated some interesting discussion and I have really enjoyed participating in it.

Second of all, I apologize if the open discussions are supposed to be watch-related. I couldn't find any rules stating that, so I figured I would post just one thread requesting advice from the wonderful people on this forum.

Anyways - I am currently in college. I am trying to decide what to major/double major in, and right now, it's between accounting and economics OR accounting and information systems.

I am not 100% sure what I want to do at this point, but I am positive that I want to work in the business world and I am 95% positive I want at least a degree in accounting. I don't plan to be an accountant, I plan to use my knowledge of the subject and apply it to any field of business I can break into (management, consulting, finance, accounting, etc.).

Here's (what I think are) the pros for the Accounting/Econ combo: it will allow me to understands both spectrums of the numbers game in business. Not only will I understand and be able to perform accounting tasks, but I will be able to understand, comprehend, and apply the abstract concepts of microeconomics to the business world. In my opinion, this is both a unique and marketable combination that would serve me very well in the business world.

Here's (what I think are) the pros of the accounting/information systems combo: I would understand and be able to apply accounting, AND I could manage my work with technology. This could potentially be a very good combo if I would pursue consulting.

In regards to the Accounting/IS combo, though: I feel as if I could learn any IS skills on the job. That's not necessarily true with econ.

Once I graduate, I plan to pursue one of two paths:

1) Entrepreneurship - I am working on a small-scale used watch business now, and I'm having a ridiculous amount of fun with it. I understand the risks and downsides of entrepreneurship, but to me, this path seems über exciting and has potentially very large rewards.

2) An MBA - if I go into the work force with my degree(s), I would like to then pursue and MBA at a top-ten business school. This would be very difficult to achieve, but it would be an enormous life milestone and would open up an amazing number of opportunities for me. It might even make my path to entrepreneurship more realistic.

So, to everyone who is reading this: what would you advise me to do? Any advice helps, and everyone's words will be considered. I place a high value on any advice that comes from individuals older and more established than me, simply because they have driven the road that I will be soon driving down as well.

Thanks for any and all advice, guys. I really do appreciate it!

oddboy · Feb 20, 2015

take with a grain of salt -- i don't know you, nor you me.. so YMMV 😀

I'd suggest the Accounting/Economics path. Both are useful fields of study and helpful in understanding complex problems and problem solving. I think you can (and will) pick up enough IS/IT skills (can you spell Excel?) along the way. Unless you want a career specifically in IT, then I don't think taking courses in that field will help you much.

I would recommend picking up some tech skills on the side though as you are able to. teach yourself how to write code, build a little web app or two; it's really not that hard and it's a great way to distract your mind. sort of like a rubix cube -- are you too young to know what that is? 😉 -- and you might find a niche or use for whatever you produce that you can use your academic skills to capitalize on.

Whatever path you decide to take, practice the art of being aware of your surroundings and being able to identify opportunities that are close by. that's something they can't really teach you in school, but with some practice (and maybe a mentor), this can be the real difference between a career and a calling.

all the best on your journey young lad!

JG808 · Feb 20, 2015

I second the Accounting/Economics path because I believe this combination would be much more useful in business/management roles. However, if information systems is a passion and you could see this being a major part of your career then that would possibly be a better path. It's ultimately about what you are looking for in a career.

With either path you decide, I strongly recommend the MBA. It is one of the best ways to learn great management theory and also to set yourself apart in the job market. I am currently in the last semester before completing my MBA and it's been a very enjoyable experience. When you do start thinking about applying, especially to a top 10 university, make sure you spend SIGNIFICANT time on GMAT prep.

I admire your drive and wish you the best!

citizenrich · Feb 20, 2015

I wouldn't dare exercise the hubris required to give someone I don't know specific advice about something so personal as college.

But, (lolzz), I faced the exact same choices as you some 25 years ago. I was an MIS major and after my freshman year I qualified for my university's 5 year BBA/MBA program. Long story boring: I feel like it worked out pretty well for me.

My younger friends tell me that if you're really interested in finance/eco then you're probably going to need Grad School as you noted.

It seems to me that Grad school isn't as necessary for success in IS / CS fields.

ffej4
Hello, fellow watch-connoisseurs!

First of all, thanks for all the replies to my forums posts. They have generated some interesting discussion and I have really enjoyed participating in it.

Second of all, I apologize if the open discussions are supposed to be watch-related. I couldn't find any rules stating that, so I figured I would post just one thread requesting advice from the wonderful people on this forum.

Anyways - I am currently in college. I am trying to decide what to major/double major in, and right now, it's between accounting and economics OR accounting and information systems.

I am not 100% sure what I want to do at this point, but I am positive that I want to work in the business world and I am 95% positive I want at least a degree in accounting. I don't plan to be an accountant, I plan to use my knowledge of the subject and apply it to any field of business I can break into (management, consulting, finance, accounting, etc.).

Here's (what I think are) the pros for the Accounting/Econ combo: it will allow me to understands both spectrums of the numbers game in business. Not only will I understand and be able to perform accounting tasks, but I will be able to understand, comprehend, and apply the abstract concepts of microeconomics to the business world. In my opinion, this is both a unique and marketable combination that would serve me very well in the business world.

Here's (what I think are) the pros of the accounting/information systems combo: I would understand and be able to apply accounting, AND I could manage my work with technology. This could potentially be a very good combo if I would pursue consulting.

In regards to the Accounting/IS combo, though: I feel as if I could learn any IS skills on the job. That's not necessarily true with econ.

Once I graduate, I plan to pursue one of two paths:

1) Entrepreneurship - I am working on a small-scale used watch business now, and I'm having a ridiculous amount of fun with it. I understand the risks and downsides of entrepreneurship, but to me, this path seems über exciting and has potentially very large rewards.

2) An MBA - if I go into the work force with my degree(s), I would like to then pursue and MBA at a top-ten business school. This would be very difficult to achieve, but it would be an enormous life milestone and would open up an amazing number of opportunities for me. It might even make my path to entrepreneurship more realistic.

So, to everyone who is reading this: what would you advise me to do? Any advice helps, and everyone's words will be considered. I place a high value on any advice that comes from individuals older and more established than me, simply because they have driven the road that I will be soon driving down as well.

Thanks for any and all advice, guys. I really do appreciate it!

Nobel Prize · Feb 20, 2015

Advice is dangerous thing to give and even more to take, but you asked...

Accounting and economics for me. Technology always evolves so whatever you study will be irrelevant unless it's used within 5 years. Also one rule of thumb for me is not tonfocus on what I can pay someone else to focus on. There are a thousand resources for it and technology. My 2 cents

jud · Feb 20, 2015

BS in Business, Master's in Software Engineering and an MBA here. I vote for Accounting and Economics. I think Economics is better learned in school. While you may not learn algorithms and data structures on the fly, you can pick up coding on the side, but you will not pick economics as easily.

gatorcpa · Feb 20, 2015

I was a Business/CIS major back in the days when dinosaurs ruled the earth and a proper computer was an IBM 380 mainframe and ran on COBOL. I changed to accounting once I realized that all I would be doing was sitting at my desk waiting for someone to need help with a computer-related issue.

I switched to accounting in my 3rd year and never regretted the change. But I took a different path by going more into consulting and into tax practice rather than auditing. I've spend my career almost entirely in public accounting, although I supposed that's not as necessary now as it once was.

I do not have an MBA (although it was a consideration at one time) or a master's degree, as neither was really necessary in my line of work as I was coming up through the ranks. I work with many serial entrepreneurs and can tell you that there are two kinds:

1. Those who are just naturals. These people are a lot like pro athletes. They just have the gift, and regardless of their level of education they are generally successful. And if they don't succeed the first time, they try again and again and again.

2. Those who are able to make connections in school that serve them well or are born (or marry) into sufficient wealth to remove much of the risk involved with starting a business. These people are far less common than the former. After all, it's a lot easier to make a small fortune out of a large one.

I took several economics courses as part of my general business education. However, my school did not offer dual majors or major/minor combinations at the time I was there. I highly recommend it, like the other posters here.

But it's also important to know how a computer thinks, so you will be able to solve some of your own issues within your small business. Those IT guys can get very expensive...🙄

Good luck whatever you decide!
gatorcpa

Selbo · Feb 20, 2015

I majored in Accounting back in the day and took my fair share of IS courses. It's a powerful combination initially but be careful with IS if you don't stick with it for a few years. IS changes so, so quickly. I went to a good school and you would be appalled at what I learned in IS. Ask someone who graduated 5 years ago, it's such a fluid field. If you graduate and concentrate in Accounting, your IS knowledge will deteriorate rapidly. What I learned in Accounting still applies though. Even if you don't love Accounting get your CPA. It's an unbelievable differentiator in the real world. "I majored in Finance" could mean anything. "I'm a CPA" will get a job forever. I'm serious. Econ is great knowledge but no one is going to hire you for being an Econ major. And if you stick with Accounting, find a way to learn the International standards, not US. International standards are the future and every serious company knows it.

If you're going to go the entrepreneurship route, do it when you graduate. Once a paycheck comes in from a "real job" it's very difficult to give it up and pursue your own interests. And once you start a family, forget it. Not going to happen. The same applies to grad school. Get some real world experience but not too much. And you're dead on with going to a top 10 MBA school. I don't mean to upset anyone but my professors always said and I now recognize the veracity in their statement, "go to a top 10 MBA school or don't go at all". The expense is considerable. You want to be incredibly marketable when you're out.

Hey, I wish I had the foresight to ask when I was in your position. I wish you the best of luck. Ah, to be younger again...

ffej4 · Feb 21, 2015

Everyone,

Thank you for the advice. It is much appreciated!

I agree with pretty much everyone in that I can learn IS on the job/on the side, and that's almost a requirement because it is a such a constantly-changing industry.

I think I'll stick with the Accounting/Econ combo, because I actually enjoy both of those. Hopefully in three years I can pick up a job at Bain as a consultant - I'll keep you all updated. 😀

cicindela · Feb 21, 2015

Second of all, I apologize if the open discussions are supposed to be watch-related. I couldn't find any rules stating that, so I figured I would post just one thread requesting advice from the wonderful people on this forum.

I'll take the easy part. The open forum is just that, you may discuss whatever topic you wish. It does not have to pertain to watches.
If you get too weird, we'll let you know. 😁

Hijak · Feb 21, 2015

If you are not aware of or haven't looked into this already...

http://www.beanactuary.org

It's worth looking into.

cicindela · Feb 21, 2015

Hijak
If you are not aware of or haven't looked into this already...

http://www.beanactuary.org

It's worth looking into.

You had me wondering what a "bean" actuary was, some kind of accountant hybrid.😁

Nobel Prize · Feb 21, 2015

Once you get that job there is a requirement to raffle one of your watches on this forum....🙄

ffej4 · Feb 21, 2015

Hijak
If you are not aware of or haven't looked into this already...

http://www.beanactuary.org

It's worth looking into.

An actuary would be a very, very good job! That's definitely on the prospective list. We'll see what I can do in a few years with the Accounting/Econ combo 😀

ffej4 · Feb 21, 2015

Sergio Maclean
Once you get that job there is a requirement to raffle one of your watches on this forum....🙄

Hahaha, it'll probably be a broken Quartz SMP, but you never know! 😉

Rallis · Feb 27, 2015

I think what you study/where you want to work, largely depends on where you live. As in country. I studied finance in Australia, and an undergrad is all you really need to break into a bulge bracket bank, proven your GPA is good enough.
MBA's are pretty obsolete over here, we on average tend to spend a lot less time in school than our American cousins. We don't really have professional schools like Harvard Law, Wharton Business, etc etc.
I befriended a lot of Americans on exchange to my particular university, and they all seem to hold the belief that a commerce bachelor followed by an MBA at a top tier professional school is the only way in which you're guaranteed a bulge bracket firm as part of your employment perspective.
The job market is comparatively a lot less competitive over here. If I were you, I'd try and gain entry to a prestigious US school, complete an economics degree, then transfer to Australia or the like, and complete an MBA. You'll be able to leverage your US education on a resume, and easily find a job in a consultancy firm with branches in the states. An internal working transfer back to the US is pretty easy from there.

I've found myself that selling watches on the side is more of a hobby than a business. You can make a reasonable profit over a small amount of transactional volume. But you're going to run into problems if you ever try and effectively scale the business. (I am working under the assumption that you are both buying and selling over mediums like eBay and craigslist and don't actually have a grey market supplier providing you with a constant stream of inventory priced below market).
I'm also assuming you don't buy vintage omegas, have them refinished with yellow dials, and then sell them to first time online buyers who purchase them for ridiculous prices. Because that market is over-saturated as it is, and I'm looking forward to the day that the suppliers of such junk are forced to sell them at parts cost due to ferocious competition from India, Singapore and Ukraine.

MSNWatch · Feb 27, 2015

I have friends who have gotten degrees from Penn's Wharton School and the feedback is the undergraduate finance degree is far more helpful education-wise than the MBA degree is. An MBA would be helpful I think if your undergraduate is in a different field like law or medicine.

Non watch-related: can some wise folks offer me college advice?

ffej4

oddboy

JG808

citizenrich

Nobel Prize

jud

gatorcpa

Selbo

ffej4

cicindela

Hijak

cicindela

Nobel Prize

ffej4

ffej4

Rallis

MSNWatch

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