personal statement on accounting and finance

Sample Personal Statement Accounting and Finance

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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Accounting and Finance Personal Statement Example

Sample statement.

No one who has watched the news or read the newspapers over the last few years can doubt the importance of finance in the modern world. Since the economic crash of 2008, the economies of Britain, Europe and the wider world have been headline news, and the affects have been keenly felt by each and every one of us. I want to study finance at university not only to allow me to understand what is happening, but also to influence these events for the better.

With my parents running a long-standing family business, accounts and finance have been a large part of my life for as long as I can remember. My father has always involved us in the running of the business, explaining his decisions so that we could support him and know what was going on. However, it has been really difficult to watch as events way beyond his area of business, have caused his company to struggle, despite the hard work and dedication of him and his staff.

I have steered my studies towards the ecomomic subjects so that I can gain a better understanding of the wider picture and how this has affected my family business. I have studied maths and business studies, along with geography to give me a worldwide context for these events. As I have got older, I have also become more involved in the details of the company’s finances, gaining an in depth understanding of the mechanics of running a small business.

While I will ultimately inherit the family business from my father, I aim to spend the intervening time gaining as much experience in the wider world of finance and accounting as I can, in order to bring fresh perspectives to the way things are done. I believe the best first step on this road is to study finance and accounting at university, so that I can apply the very best practice to the business.

I am a subscriber to The Economist and regular reader of the Financial Times, which help by giving me different views and opinions on the key issues of the day. I am also a keen member of the school debating society, and enjoy being given a point of view to defend, especially if it is one that I do not personally agree with. I have even considered a career in law as a result of this, but I feel that finance and the economy are in my blood as part of my upbringing.

Of course, life is not all work, and I enjoy hill walking with my friends as well as playing for the school rugby and cricket teams. I was also part of a school project to build and race a go-cart, and was one of just a handful of people who stuck with the project to the end. This experience of working in a close-knit team was a valuable time for me and one that I will treasure, along with the second place trophy that we worked so hard for.

I believe that university life will be an education for me, not only academically, but also in a social and interpersonal way. The experience will prepare me for the working world and ultimately make me a worthy successor to my father as head of the family business. 

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How to Write a Personal Statement for Accounting (Best Tips)

Your personal statement for accounting school application must reflect your deep interest in the field.

It should signify your love for numbers and your passion for business and finance. It should also provide an in-depth look into your personality and evidence that you are qualified for this course. This article will show you how to write a captivating personal statement for accounting school in the simplest yet most substantial form.

What is a Personal Statement?

A personal statement is a detailed yet concise essay that requires you to elaborate on your suitability for your desired admission program, scholarship, or job. It is a pivot part of the university and college admission procedure. Besides your academic record and experiences, the personal statement is an integral part of convincing the selection committee to consider you for admission.

What to Include in Your Personal Statement?

A personal statement is not a lengthy essay to be filled with your life story and fancy goals. It must be a concise, realistic, and compelling justification of why you’re the most suitable candidate to be granted admission.

Include these in your personal statement:

• Reason(s) for choosing the
• Proof of your deep understanding of the course you are going to study.
• Mention academics and work experiences that apply to the course.
• Relevance of the course to your goals.
• The value that you can bring to the course, society, and industry.
• Validation that you know the program and that you are making an informed decision.
• Clear career plan after completing the course.
• Brief of relevant skills, experiences, and potential to complete the course.

According to James Seymour, Director of Marketing and Student Recruitment at the University of Gloucestershire , universities do not want a beautifully written essay with tens of achievements but a realistic picture of a candidate with all efforts, traits, goals, and hardships that shaped him for an accounting major.

How to Write a Personal Statement for Accounting (Step-by-Step Guide)

Writing a personal statement for accounting differs slightly from writing a personal statement for other business schools. Accounting is a straightforward and practical subject, and you must justify your position in choosing such an intensive course that requires hard work. Since accounting has nothing to do with creativity, personal statements for accounting are precise, simple, short, and directly explain your interest in the subject. Here is a step-by-step guide to writing a personal statement for accounting:

1. Do Your Research

Be very sure about what and where you are applying for and why you are applying for it. Do your research on:

• What is unique about the institute?
• What does the course prospectus look like?
• Who are the instructors and what is special about them?
• What are the achievements of their alumni?
• The importance of accounting in every industry?
• How do technology and business dynamics affect accounting and finance ?
• What would be the demand for accountants in the future?
• What will you do after completing this course?
• What value will you bring to society and industry after getting an accounting diploma?

This research will make you confident about your choice and your plans. Reflect the knowledge gained from this research into your statement. Tip: Do thorough research and make notes on the achievements of instructors, industry leaders, and related case studies. This will help you in compiling evidence-based personal statements.

2. Brainstorm and Write

Once you have done enough research and analysis on pursuing an accounting and finance program, the next step is to jot it down. Take a paper and pen, and write whatever comes to your mind regarding the course and your application. Leave the structure and language for now, and think and write whatever comes to your mind. Support your every thought with evidence from the research you did in step#1.

3. Filter it Out

Now you have a very long, unstructured, raw content, the next step is to read it and group your sentences into the following sections:

• Introduction and Passion for the subject and institute
• Academics and research
• Work experience
• The value you will bring to society and the industry
• Hobbies, interests, and soft skills

Group sentences into the above sections and then write them in paragraph forms under each section.

4. Arrange and Refine

Once you categorized sentences, the next step is to arrange them in a sequence and flow. Write your sentences in sequence in each section. Refine each sentence to make it more logical, more relevant, and worth reading. Re-read each section many times and think of ways to improve it. Make sure that every single sentence is supported with an example or evidence. Tip: Instead of writing, “Accounting and finance was my favorite subject since grade 7”, write “I won a Kangaroo math and puzzle-solving competition in grade 7, which sparked my interest further in solving mathematical problems related to real-world business”

5. Analyze and Improve Sections

Once content under each section is written, the next step is to analyze each section to make it much better and more logical. Think of every section as a separate essay. Analyze each section and think about what the reader will get from it. Each section must justify your choice of accounting and finance.

6. Set the Flow

Once the content is completed, the next step is to arrange the paragraphs in a sequence. Read the individual paragraphs and make connections between them. Each new paragraph should be a smooth transition from the previous one. Arrange paragraphs in such a way that it keeps the reader engaged and gradually provides insights about you. Think of it as the art of storytelling . It goes from the introduction to the body of the story to the climax.

7. Proofread

Once done, proofread your personal statement. Re-read it several times to make it better. Make sure that it sounds strong and is not just a word waffle. Scan it for spelling, punctuation, grammar, and other errors. There are a lot of content writing and editing tools available for modern writers, one of which is Grammarly. If you are not using it yet, I suggest you download it immediately to your PC. It is very helpful.

8. Peer Check

After writing the final copy of your personal statement, get it reviewed by your friend, colleague, teacher, supervisor, and subject expert. Be open to critique. Listen to their reviews and comments, ask them what they thought while reading your statement, and then jot down the suggested improvements.

9. Don’t be Hasty in Submitting It

Yes, do not submit your personal statement along with your application if the deadline is still far off. Keep the final version with you and read it after a day or two. You will see lots of space for improvement after checking it with a fresh mind. Keep on improving and submit the best version a few days before the closing date. That’s it. We provided you with the best approach to writing a personal statement for an accounting school application. You may end up writing an amazing one if you follow these steps in a sequence. If you are still confused about structuring your accounting and finance personal statement, here is how you can do that.

How to Structure Personal Statement for Accounting and Finance

Making a general structure or outline for your personal statement will make your writing ten times easier and will give it a natural flow. The widely accepted personal statements usually follow the following structure:

Opening Paragraph

Begin your personal statement with an interesting opening paragraph. It is a very crucial part of your essay as it draws the reader in. Mention your interest in accounting and finance and explain what stokes your passion for choosing this course.

• Keep it simple
• Avoid cheesy, exaggerated, unrealistic, bookish, and cliche sentences
• Express your strong passion for the subject
• Grab the reader’s attention
• Be very sure what you are getting into and how excited you are about it

Try to sum up the theme of your personal statement in the beginning lines. Don’t stress too much about it and keep it natural. The more you think, the more muddled your opening will become. Here is a complete guide for the opening paragraph of the personal statement.

Middle Part

Place your logical evidence in this part, showing your passion and suitability for accounting and finance. Prove it to the committee that you can do it.

You can divide this part into academics and work experience as follows:

• Academics: Besides your academic track record, you can mention and elaborate on any book (print or ebook ), lecture, research paper, or case study that spiked your interest in the course.
• Work Experience: Explain your past or current job and what learning experience in accounting and finance you got from them. If you do not have any work experience, then mention any online or offline courses you took or activities that show your passion for the subject.

Watch this and learn how to include academics and work experiences in your accounting and finance personal statement.

This part is a personal touch. This is where you can mention the least significant part of your story. Mention your interests, hobbies, and other activities and elaborate on how they help you develop relevant soft skills. Mention books, events, programs, or people by name that you follow. Tip: Even the least significant information must significantly relate to your passion for accounting and finance. For example, you can mention reading books like ‘Rich Dad, and Poor Dad’, listening to TEDx talks, etc. Check out this guide to learn how to talk about hobbies in a personal statement.

Tips for Writing a Great Accounting Personal Statement

Here are a few very useful tips for writing an appealing personal statement for accounting school. We gathered these tips after a keen analysis of multiple successful personal statements. They are going to help you stand out from the crowd.

• 1. Define what exactly appeals to you for the career rather than simply saying “I have wanted to be an accountant since a very young age”.
• 2. Rather than elaborating on work experience, focus on transferable skills that you learned from your experiences.
• 3. Focus on elaborating details that are not anywhere else in your application.
• 4. Emphasize your interest in mathematics, economics, and business.
• 5. Be realistic and genuine. Do not flatter the admission committee.
• 6. Realistically present yourself in the light in which the admission committee wants you to be.
• 7. Read profiles of selected and successful students to learn what type of person the institute prefers.
• 8. Make your statement academics-oriented. Express your passion for accounting and finance courses.
• 9. Do not mention books that are too common.
• 10. Choose a trendy topic like a country or a company facing a financial crisis or technology affecting global finance, elaborate on it in a paragraph or two, and link it back to accounting.

Common mistakes:

• Tending to express passion for business and entrepreneurship rather than for accounting.
• Too many fancy words and unrealistic goals.
• Showing off or exaggerating interests, goals, and skills.
• Using flowery language.

Amazing examples of personal statements

After reading all the tips and tricks for writing a personal statement for accounting and finance, check out these successful examples that got selected for top-ranked institutes.

• This personal statement got offers from four UCAS universities.
• This video explains the accounting personal statement that got selected for all the top five choices of UCAS.
• This personal statement got accepted for an accounting course at five UCAS universities.
• This is a typical, very simple, and yet compelling personal statement for an accounting course.

Want more examples? Here is a list of the best accounting statements that have been shared by the UCAS admission officer.

Writing a personal statement for accounting is not simple. It requires you to express and justify your interest in this rigid subject. It also requires lots of background knowledge and research. We provided a very comprehensive guide for you to write the best personal statement for accounting. Go, grab your laptop, gather your knowledge, and follow these guidelines to come up with a landing personal statement for the accounting program of your dreams. If you are still on your educational path, learn how to write a “why do you deserve the scholarship” essay and get the funding you need. Next up, you may want to explore a guide on how you can stand out to employers .

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What Is Financial Accounting?

Financial accounting is a specific process of recording, processing and reporting a company’s business transactions. These transactions are recorded in financial statements that detail the organization’s financial health.

Given the importance of financial accounting, the Financial Accounting Standards Board (FASB) sets regulations for financial accounting, referred to as GAAP (the generally accepted accounting principles). Private companies are not required to provide this information; only public companies must. Public companies include any organization that issues shares available to the general public.

What Are the Principles of Financial Accounting?

• Principle of Conservatism
• Principle of Accrual
• Principle of Cost
• Principle of Consistency
• Principal of Economic Entity  
• Matching Principle
• Principle of Going Concern
• Principle of Full Disclosure

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Financial Accounting Statements

There are five basic statements that are always included in financial accounting documents.

• The balance sheet
• The income statement
• The statement of cash flow
• The statement of shareholders’ equity
• The statement of retained earnings

1. Balance Sheet

The balance sheet provides details describing what the company owns (“assets”) and owes (“liabilities”) as well as shareholder equity.

Businesses can own various types of assets, each of which is recorded on the balance sheet. Assets are any form of capital that the business either possesses or is owed by another entity. Examples include:

• Accounts receivable
• Buildings (separate from real estate investments)
• Intellectual property and other intangible assets
• Investments, which can include real estate assets owned specifically for the purpose of financial investment
• Machinery and equipment
• Notes receivable, or money owed to the company that it expects to receive within one year
• Prepaid expenses

Liabilities

Liabilities are any form of financial obligation that a business has to another entity. Examples include:

• Accounts payable
• Current taxes
• Deferred tax
• Loans payable
• Notes payable, or money the company owes to another entity and must pay within one year
• Unearned revenue, otherwise known as a product or service for which a client has already paid but has not yet received
• Warranty obligations

Shareholder Equity

Shareholder equity refers to all forms of capital owned by the business shareholders. Shareholder equity can include:

• Common and preferred stocks
• Money on hand to invest in the business (retained earnings)
• Profit or loss in company investments over the recorded time period (comprehensive income)

Since the balance sheet details the financial status of the company, every dollar is accounted for in either assets, liabilities or shareholder equity. As a result the total value of a company’s assets is equal to their liabilities plus shareholder equity.

2. Income Statement

The income statement details the net income for the business over the specified time period. This includes all forms of revenue (from the sale of goods or services, rental income from real estate assets, licensing revenue from intellectual property and more) and all expenses (loan payments, payroll, property expenses and more). Comparing revenue to expenses in the income statements provides a clear picture of the income produced by the company.

The income statement is also sometimes referred to as a profit and loss statement.

3. Statement of Cash Flow

A statement of cash flow details a company’s income and debt over a period of time (usually a year). This statement is exclusively concerned with cash and does not include amortization or depreciation (both of which are important entries on the Income Statement). By focusing solely on cash into and out of the business, the statement of cash flow demonstrates the company’s ability to pay existing debts and demonstrates the organization’s short-term viability.

More in Finance and Accounting What Is Entrepreneurial Finance?

4.Statement of Shareholders’ Equity

The statement of shareholder’s equity details the change in shareholder equity, or ownership value, over the specified time period. As with the other statements, the time period for the statement of shareholders’ equity is typically one year.

Shareholder equity is identified by calculating the difference between the company’s total assets and total liabilities. Larger values indicate that the company has more assets relative to liabilities, and that the company is worth more money. Thoroughly reviewing the statement of shareholders’ equity can provide insight into areas of the company that are increasing or decreasing equity each year.

The statement of shareholders’ equity typically includes the following components:

• Common Stock : This is the most publicly available form of stock in many companies. It is typically lower on the list of priorities than other forms of stock, which means owners of common stock are less likely than other stock owners to receive dividends or a share of liquidation revenues if a company goes out of business.
• Preferred Stock : Preferred stock is a special kind of stock that entitles owners to earnings and dividends before common stock owners. This stock is typically listed on the statement at face value.
• Treasury Stock : This is stock that has been repurchased by the company. An organization might repurchase its stock if it’s attempting to avoid a hostile takeover by a different organization. Shareholder equity is reduced by the amount of capital spent to acquire treasury stock.
• Additional Paid-Up Capital : This represents the excess capital investors pay over face value to obtain company stock.
• Retained Earnings : This is the amount of money that the company has brought in that hasn’t been distributed to investors as dividends or paid out to cover expenses. 
• Unrealized Gains and Losses : This entry represents the change in price for investments that have not yet been sold. Increases in stock values prior to stock sale are unrealized gains, while decreases in stock values prior to sale are unrealized losses. When selling the stock the gains or losses become realized.

5. Statement of Retained Earnings

The statement of retained earnings shows the amount of earnings the company has accumulated and kept within the company since inception. This is all cash held on hand after paying expenses and shareholder dividends. Each year the retained earnings shown on the statement changes based on the company’s retained cash from the previous year.

Investors considering a company value the statement of retained earnings because it provides insights into the mindset and motivations of the business’s management team. Higher retained earnings values indicate the company has plenty of cash on hand to finance new initiatives and growth, which is attractive to investors. Low retained earnings could either indicate that the business doesn’t turn a profit, or that the management team distributes the cash to shareholders in the form of high dividends, both of which can be concerning to potential investors.

Why Is Financial Accounting Important?

Financial accounting is critical because it provides critical information to people who are making important decisions. They’re used by the business to drive directional decisions or by outside parties considering investing in the business. Since such important decisions are based on this information, financial accounting documents are strictly regulated and required by law in the United States.

These documents are often referenced by individuals both inside and outside of the organization, including: 

• The management team uses financial accounting documents to identify and troubleshoot financial issues within the company and to create plans for the future direction of the organization.
• Investors use these documents to understand the financial health and growth potential of the company prior to deciding whether or not they want to invest their money.
• Government auditors use these documents to understand the inner workings of a company when performing an audit on the organization.
• Lawyers analyze financial accounting documents while reviewing a company’s business practices as part of a lawsuit or other legal action.
• Suppliers will sometimes require review of the businesses finances before agreeing to provide goods or services to the company to ensure the company can pay for the goods or services.
• Banks typically require information about a company’s financial health prior to lending money to the organization.

More From Peter Grant What Is GAAP?

Principles of Financial Accounting

There are eight general principles of financial accounting. These principles should be followed to ensure that the documents are accurate, reasonable and provide useful information to the readers. The eight principles are:

• Principle of Conservatism : Expenditures and liabilities are to be reported as soon as possible. Profits and assets are registered only after an accountant is confident they will be received. This yields a conservative estimate of the health of the business and prevents providing overly optimistic estimates to readers.
• Principle of Accrual : All amounts should be entered in the amounts they occur instead of when the associated cash flow occurs. This creates a detailed record of finances that allows outsiders to observe what occurred over time. 
• Principle of Cost : All equity, contributions, profits and liabilities are to be recorded at their initial purchasing prices. Quantities reported cannot be increased for market value increases or inflation. 
• Principle of Consistency : Accounting practices should be consistent across different aspects of the business. This allows an organization to use the same accounting practices and standards for internal and external documents. 
• Principal of Economic Entity : A company’s operator has separate legal liabilities and must be treated as separate from the business itself. Transactions between the business and operator must be tracked with clear definition of purchaser and seller. 
• Matching Principle : This states that costs and receipts must be correctly identified in financial statements. Following this principle ensures that costs are accurately tracked at the time they were sustained.
• Principle of Going Concern : The principle of going concern indicates the company can sustain for a specified period of time, usually one year. 
• Principle of Full Disclosure : This principle demands that a company publish accurate information in its financial reports and ensures that those making decisions have access to accurate information.   

Financial Accounting vs. Managerial Accounting

Financial accounting and managerial accounting are two similar but distinct forms of tracking business expenses.

Financial accounting focuses on the reporting processes used to convey information to important stakeholders, including many outside reviewers. Accountants responsible for financial accounting focus on long-term financial strategies related to organizational growth. Additionally, since these documents are legally required they must be prepared in ways that comply with industry standards.

Managerial accounting is a more internal process that uses an understanding of the business to drive management decisions. Accountants responsible for managerial accounting are usually focused on short-term growth strategies relating to economic maintenance. For instance, an accountant may consider the cost/benefit of purchasing a part to help make a product. Since managerial accounting is an internal process, each organization can use their own procedures and templates when creating their documents. 

This content is for informational and educational purposes only. Built In strives to maintain accuracy in all its editorial coverage, but it is not intended to be a substitute for financial or legal advice.

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What to include in a Personal Statement

Personal Statement Tips

Personal statement example accounting and finance (with a placement year) personal statement*.

Submitted by Sharlyn

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Accounting and Finance (with a Placement Year) Personal Statement*

Since speaking with a Careers Advisor and my mentor from PricewaterhouseCoopers, I have developed a strong interest in the world of Finance . To broaden my knowledge of Accountancy and Finance, I attended a conference held by the Institute of Chartered Accountants in England and Wales. From attending this conference I had learnt that in summary, Accounting and Finance is like a puzzle. It involves solving problems to real-life situations - this, in my opinion, is what makes Accounting and Finance exciting. In addition to the numerical and analytical aspects of Accounting and Finance, it is the broadness and flexibility of Accounting and Finance that has further sparked my interest in wanting to study this course. Given my passion for travelling and experiencing new things, I aspire to acquire a role within Finance which will allow me to work in different fields across the globe.

Studying A Levels has enabled me to develop analytical, qualitative, quantitative and essay writing skills. Philosophy enables me to think critically when assessing the theories of historic philosophers. Economics involves drawing and analysing graphs, making calculations such as the price elasticity of demand and drawing conclusions from the results. Politics has furthered my ability to analyse and evaluate political institutions, processes and ideologies.

Moreover, as Economics and Politics are broad, current subjects, this requires me to keep up to date with current world affairs; I regularly read the BBC news and The Economist magazine. This not only enhances my commercial awareness but also puts me at the advantage of being able to apply and incorporate recent issues into my essays and thus enhance the quality of my written work. For example, in one of my economics essays, I discussed how Brexit has impacted the economy in terms of exchange rates, business uncertainty and trade. Each of these subjects has enabled me to develop a valuable and transferable skill set in preparation for university.

By attending insight days at Architas and Nomura investment banks, and a business conference at Barclay's headquarters where I participated in networking activities to get to know other employers and learn about the company itself, my networking skills have improved. Furthermore, during my work experience at PricewaterhouseCoopers where I worked in the Tax Department, I was able to shadow professionals and visit other departments. I also had the opportunity to help a colleague conduct research for her project and create an accounts rota on excel spreadsheet; thereby advancing my research and IT skills.

During the summer holidays, I undertook a week's internship with APAX Partners working under the Consumer Department. I was required to work in a team of four to conduct research for a project based on the relationship between retail and e-commerce industry. Part of the research involved analysing reports, conducting international telephone interviews and creating questionnaires. Consequently, my research and teamwork skills have improved. Overall, these experiences have given me an insight into the world of Finance and has thus reinforced my desire to study Accounting and Finance.

Volunteering as a Shop assistant at Royal Trinity Hospice charity requires me to interact with customers, maintain the appearance of the shop, process cash and card transactions. This experience has heightened my time management and organisational skills as I have managed to maintain a balance of college work, volunteering, Japanese club, Netball club and my social life.

As demonstrated by my academics, work experiences and extra-curricular activities, I believe I have the determination and commitment to succeed at university. I feel that studying Accounting and Finance will provide me with a steady career path into the financial world. Experiencing the independent lifestyle university has to offer is also something I very much look forward to.

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Keep these 10 financial documents forever. Scan and shred the rest.

Always hold onto birth certificates and social security cards, but it’s okay to cast off those old bank statements.

No matter how digital we’ve become, we’re still a paper nation.

Are your financial documents stuffed in a closet, files, shopping bags or stacked up on the floor?

Get Michelle’s advice free in your inbox

You may prefer to view it as organized chaos. But isn’t it really just a manifestation of your inability to discern what you need and what you should let go?

When I look at the piles of paper in my office accumulated throughout the past year, I know it’s time for another document dump. It’s part of my spring cleaning ritual .

Sometimes we hold onto all that paper because we aren’t sure what to keep and what to toss. Here’s a rundown of what should be retained.

Forever documents

Certain papers should be kept in a safe location where they are protected from damage, loss and theft. Such original documents, which may be hard or costly to replace, include:

• Birth certificates and adoption papers
• Death certificates
• Marriage and divorce records
• Social Security cards. Yes, you know the number, but there may be an occasion where you have to produce the actual card.
• Military service records, including discharge documents. An honorably discharged service member is eligible to receive funeral and burial benefits.
• Loan payoff statements. Here’s something important: If you negotiated to pay less than what you owed on a debt, keep the original agreement in perpetuity. Often when debt is sold to debt collectors for pennies on the dollar, the sale doesn’t include a lot of information, including documentation proving a payoff.
• Year-end pay stubs. If a company goes out of business you may not be able to track down the information should you need it later.
• Retirement or pension records. Be sure to keep the records from previous jobs.
• Estate documents
• Funeral programs. Although many funeral homes will post an obituary online, they are often shortened versions of the program you might receive at the service. I have a folder of programs because they contain a wealth of information that can be helpful in estate planning, including maiden names and other family history you might need. (In this case, I like keeping the originals rather than a scanned version.)

Loan documents: Keep original loan documents and statements until you have paid off the loan. Then, save the paperwork verifying the balance was paid in full. My husband and I are coming up on one year of paying off our home . I may be a little paranoid, but I’m keeping the original documentation.

Vehicle title: Keep the original as long as you own the vehicle.

Receipts for big-ticket items: For insurance purposes, in case of fire or theft, save receipts for big-screen TVs, computers and other major purchases. Hold on to each receipt as long as you own the item. Personally, I like to keep the original, but a scanned copy should be fine.

Home improvement purchase orders, receipts, canceled checks: Keep proof of any upgrades until you sell the home. If you have a capital gain from selling your primary home, you may qualify to exclude as much as $250,000 from your income or as much as $500,000 if you file a joint return with your spouse.

If you exceed these limits, here’s where having proof of the capital improvements helps your tax situation: “When you make a home improvement, such as installing central air conditioning or replacing the roof, you can’t deduct the cost in the year you spend the money,” according to TurboTax. “But, if you keep track of those expenses, they may help you reduce your taxes in the year you sell your house.”

Investment statements: If they are available online, you do not need paper copies. The most important reason to maintain these records would be to establish your cost basis when selling an asset to make sure you claim the proper capital gain or loss on your tax return.

3 to 7 years

Tax records: Record-keeping guidelines are tied to statutes of limitations. That’s generally three years, but it’s seven years for worthless securities and bad debts, according to IRS spokesman Eric Smith.

“For most people, the tax-related statute of limitations is pretty straightforward,” he said.

But there are special circumstances that extend that time. For example, getting a tax-filing extension, serving in a combat zone, qualifying for a disaster-area deadline postponement or a financial disability.

You must keep records, such as receipts, canceled checks and other documents that support an item of income, a deduction or a credit appearing on a return, according to the IRS.

But it doesn’t have to be an original. Scan and shred. The agency will accept a legible digital copy of a document.

“Electronic storage is also fine, as long as they can be retrieved, if needed,” Smith said.

Why keep even a scanned version after several years?

Your past returns contain your financial history — employment, investments and charitable giving choices.

But you won’t have to worry about having a scanned copy if you have an IRS online account. With an account, you can access a transcript of your return.

Maintaining years of tax returns can help if you ever need to research payments made into Social Security .

Medical bills: If you paid a medical expense with your health savings or flexible spending account, keep the receipt for three years. Consider it a tax-related document.

If you want more personal finance advice that's timeless, order your copy of Michelle Singletary's Money Milestones.

Credit card statements: Companies will provide you with a year-end statement that categorizes all expenses. If that works for you, shred the monthly statements you may have been getting in the mail.

And if you’re still getting paper statements, stop. Get them e-delivered. I still scan and save statements in case I close an account and no longer have online access.

Less than a year

There is no need to keep all those ATM or retail receipts. Once you get your statements, you can shred and toss.

Word of caution

I’ve mentioned this before, but be sure to research online services that will backup your scanned documents. By the way, an external hard drive attached to your computer is still vulnerable to hackers.

Make sure you also regularly update your computer software. The Washington Post’s Help Desk is a great source to help secure information.

B.O.M. — The best of Michelle Singletary on personal finance

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678).

My mortgage payoff story: My husband and I paid off the house in the spring of 2023 thanks to making extra payments and taking advantage of a mortgage recast . Even though it lowered my perfect 850 credit score and my column about it sparked some serious debate with readers, it was one of the best financial decisions I’ve made.

Credit card debt: If you’re in the habit of carrying credit card debt, stop. It’s just a myth that it will boost your credit score. For those looking to get out of credit card debt, see if a balance transfer is right for you.

Money moves for life: For a more sweeping overview of my timeless money advice, see Michelle Singletary’s Money Milestones . The interactive package offers guidance for every life stage, whether you’re just starting out in your career or planning for retirement. You can also purchase a copy for yourself or as a gift.

Test yourself: Not rich and wondering what it’ll take to build your wealth? Take this quiz for my wealth-building tips.

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Accounting and finance personal statement example 18.

When thinking of how much power polymer notes hold, it was normal for a child like myself to ask, 'What is money?'. Looking back the answer was obvious. The literal meaning might be 'a medium of exchange' but I simply see it as 'to sustain'. I came to my interpretation of money through a trip to my motherland, Ghana.

For years, Ghana has experienced severe electricity supply challenges due to the economic crisis that led to the scarcity of consumers' payments. The frequent lack of electricity during my time there, impacted my daily activities. Although this was a short stay, having to come up with solutions everyday was frustrating, but it also made me think about the people who go through it every day.

This made me acknowledge the importance of business strategy and investment management. The ability of the Ghanaian government to come up with solutions for their monetary purposes is what inspired me to choose Accounting and Finance.

Studying A-Level Accounting has re-enforced the idea of wanting a to pursue a career in Accounting and Finance. I really enjoyed learning about suspense accounts due to their ability to give clarity to transaction errors along with doubtful entries. I believe that my further comprehension of basic accounting principles, shows transferable academic skills such as communication and debate. Heartland Payment Systems data breach in 2008 was the debate topic that questioned whether businesses should modernise their accounting records or not.

As a student of Business, A-level, I discovered how to form a profitable organisation through conducting internal and external analysis and judge financial performances. Learning about the techniques used in strategic analysis enabled me to assess the strategic position of a business, which is also one of the key components of a business' approach to become financially stable, and it’s something that’s vital to know for the work done in Accounting and Finance.

Studying Spanish and Italian, helped to improve my overall understanding and enhanced my knowledge on Spain's cultures and traditions along with both countries political and economic issues which were covered in the course. The courses brought various skills such as interpreting skills gained via translation and understating the link between ideas, acquired through linking topics of the course like financial impacts of tourism in Spain to employment.

The EPQ was an opportunity of fulfilling my curiosity gained from crime documentaries and series. Their cases are inhumane. This stimulated an interest to investigate an understanding of morality and the human brain distinctions. My independent study and time management skills have all come from the commitment and dedication I have put throughout the project, which shows traits that will support me in higher education.

When volunteering to the British Heart Foundation as a cashier, I realised the deeper sentiment of customer service. The existence of Gift Aid which I promoted when taking donations, is for charities to have extra money from HRMC but only if the donator pays tax. This gave me a broader understanding of the different types of businesses. To be more involved in the world of music, I learned guitar. I now play in my free time and I'm able to play complex pieces of music like 'Tears in Heaven' by Eric Clapton and thanks to joining a band, I played in a concert at the Staller Hall in Manchester in front of hundreds of spectators.

I’m eager to enhance my skills and I believe that my maturity, persistence, and curiosity are traits that will support me throughout the journey at university.

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New CPA exam section on financial planning links tax and wealth

Certified public accountants with the personal financial specialist credential are hailing the "significant milestone" and "monumental addition" of a planning section to the CPA exam.

starting at the beginning of the year , between 30% and 40% of the questions in the "tax compliance and planning" discipline of the test — one choice among three options for the other section that CPA hopefuls must pass besides the three core components of the 16-hour examination — cover financial planning. 

any changes to the certified financial planner exam , any shift in the topics on the test brings new possible areas of professional development, business and client services to practitioners in the field.

on LinkedIn . "As we move forward, CPA clients stand to benefit from more comprehensive and integrated personal financial advice, a direct result of a collective effort and vision."

how to study for the CPA exam , which summarized the questions as concerning "qualified retirement plans, investing, education funding and risk mitigation through the use of insurance."

Taxes + wealth: 2 connected but still (for now) distinct fields are merging

Kostelanetz Senior Counsel Sidney Kess, "who also fought in the trenches for this agonizingly slow progress of our beloved profession." 

the planning section of the American Institute of CPAs for 14 years, and the process began with the submission of comments to the organization, Bourdon wrote. The new part of the test launched in the first exams of 2024 in January following a reassessment period, an academic task force and many other steps.

a December column in the AICPA's publication, The Tax Adviser.

"The need for PFP services is great; the need for PFP services offered by CPAs is even greater," Tillery wrote. "The multiplication that occurs in client revenues, client retention, employee satisfaction, employee recruitment and the overall benefit to the client compels CPAs to take a closer look at why PFP services are not already being offered by their firms."  

earlier this month .

"Adding PFP to the CPA Exam increases awareness of the role of CPAs in PFP planning, which is an exciting development for the accounting curriculum and the PFP field," Snyder wrote. "This inclusion will inspire the next generation of accounting professionals by motivating aspiring candidates to pursue this dynamic and rewarding field."

5 tips for advisors preparing for the CFP exam

CPA Alliance . 

"While there will always be a need for accurate and timely fair presentation of business records, well-prepared tax filings and a profession with strong ethics and strong training to guide business and personal financial matters, expanding the role of CPAs into personal financial planning is long overdue," Levine said. "Some predict that AI will take over our profession and reduce our value. I believe financial planning done properly requires a professional to gather information, listen and provide insight. Preparing more CPAs for this area by providing coursework and adding the subject to the exam is a major step toward building a workforce to handle the needs that are already here."

erosion of financial literacy in America ," Avantax Wealth Management Vice President of Planning and Growth Solutions Andy Watts said in an email. CPA Herb Vest launched Avantax's predecessor firm, HD Vest Financial Services, more than 40 years ago, so the company supports "efforts to ensure all future CPAs are equipped with the skills and knowledge needed to create the highest probability of success as clients pursue their financial goals," Watts said.

"You can't really do a complete job of financial planning without tax being a huge part of it," Watts said. "Our perspective is that everyone's financial planning should be rooted in an assessment and understanding of the impact of taxes every step of the way. In fact, I firmly believe that someday, financial planning without incorporating tax planning will be considered unthinkable."

Not only are ransomware attacks growing dramatically, 90% of IT decision-makers have made at least one payment in the last year.

How do you charge sales tax when different kinds of digital product are sold together?

Deloitte auditors have been turning their attention to climate risks affecting clients who need to deal with a growing array of regulations and laws.

Experts say that busy entrepreneurs often miss incentives and advantages available to them. Financial advisors and tax professionals can give them a nudge.

The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by businesses that don't pay employment taxes.

After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.