Question 1

What is accounting, and why is it important to learn about?

Accepted Answer

Accounting is the “language of business,” a system for collecting, classifying, measuring, and communicating financial information. While this language includes familiar terms like revenues and costs, assets and liabilities, and profits and losses, accountants use them in specific ways to express key details about the financial health of a company.

This discipline is important for anyone trying to understand the performance of an organization, whether managers or employees within a business or external parties such as investors or the government. Rigorous financial accounting is particularly important for high-level executives, who rely on this information to guide effective decision making.

Thus, accounting requires much more than being good with numbers or spreadsheets. It requires a blend of analytical skills as well as interpersonal “soft skills,” as accountants must be able to interpret financial information, prepare financial statements and reports that capture this information accurately, and then convey the most important findings clearly.

Question 2

What kinds of careers can I pursue with a background in accounting?

Accepted Answer

While accounting terminology is generally the same regardless of your job in this field, accounting careers can vary widely depending on the audience you are communicating to and for what purpose.

Public accountants such as Certified Public Accountants (CPAs) are a familiar type of accounting professional, and they work with clients to produce legally-required financial documents such as balance sheet statements for investors or annual reports for taxation authorities.

Private accountants, often known as management accountants, instead prepare findings for internal use within an organization. Managerial accounting focuses on collecting and analyzing financial information used to create business plans, forecasts, and budgets, as well as data used for performance evaluation.

A background in accounting can also lead to a career as an auditor, employed within a company or by an outside organization to examine financial records and identify signs of mismanagement, waste, or fraud. Similarly, forensic accounting is a specialized job in this field that works with law enforcement agencies like the FBI to “follow the money” in criminal investigations, identifying suspicious activities and uncovering financial clues.

According to the Bureau of Labor Statistics, most accountants have at least a bachelor’s degree, and many pursue additional certifications in more specialized areas of the field.

Question 3

Can I learn accounting skills through online courses on Coursera?

Accepted Answer

Yes, Coursera offers a wide range of online courses on topics related to accounting, from introductory-level courses in financial accounting to more advanced courses and Specializations in areas like financial management, reporting, and taxation. Coursera also offers a Masters of Science in Accountancy from University of Illinois at Urbana-Champaign to take your accounting career to the next level.

Best of all, taking classes remotely lets you learn on a flexible schedule that can fit into your existing work or family life. And, although online courses and Specializations through Coursera offer the same materials and credits as on-campus alternatives, they are available at a significantly lower tuition cost.

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