Accounting and Finance Personal Statement Example 16

Decisions are the foundation for everything in society today. In theory, we’re rational decision-makers who are capable of reaching a conclusion without allowing external factors to influence our decisions.

However, this is something I completely disagree with.

The endless number of factors that impact decision making is incredible.

Emotional and cognitive biases, loss aversion and self-control are some of the ideas I explored through articles and online lectures.

The notion that stands out to me, in particular, is financial decisions in society and the actual thought process behind influential individuals.

Exploring Economics at A-Level has allowed me to apprehend the micro and macroeconomy and the distinct ways firms choose to operate to succeed.

The relationships between different variables in a firm have helped me gain an understanding of why businesses may behave in a certain way and my study of A Level Business further enforces this.

Recently I was fortunate enough to attend a series of lectures at the University of Warwick where I was able to receive an insight into the financial crisis of 2008/09 and gain an understanding of why and how markets crash.

The main cause I understood for markets crashing was due to excessive investment into stocks which stemmed from greed arising from external parties desperately looking to play a part in purchasing the stocks.

Another key insight I discovered was humans following one another in decision making and altering their actions to fit the general norm.

The same concept can be applied here as humans will observe as others invest and will reach to seek a similar benefit without fully understanding the consequences of a decision.

I was intrigued by the theory discussed and looked to research further and came across the concept of Behavioural Finance which, built on the introductory module of Behavioural Economics this year within Micro Economics.

An insight into Behavioural Finance made me further aware of biases which impact decisions in the wider economy.

From my understanding, to maintain control of a business, individuals with significant decision-making power must execute decisions which satisfy all stakeholders to an extent.

Firms can use management accounting to help implement policies and decisions once they’ve analysed the accounts and information produced.

Through my wider reading I came across Contemporary Issues in Management Accounting (Bhimani, 2006) and it began to elaborate on the different perspectives on management accounting including the Non-rationale and Naturalistic frames.

Reading through selected extracts I understood the varied impacts of management accounting on an organisation; the way it can transform organisational structure further illustrates its influence on firms.

Understanding the concepts behind these perspectives and to further question the role of it in planning and control within an organisation has provided a starting point to explore a degree involved with all areas of accounting.

Upon finishing my AS Levels, I interned at Coventry Building Society for six weeks. This linked to my study of Mathematics at A-level as dealing with complex information is something which correlates in both environments.

During my time the managers stressed the emphasis of attaining information through financial figures and further analysing what the figures are implying.

Being a key component between the flow of communication between consumers, solicitors and internal stakeholders I demonstrated my numerical and communication skills.

Balancing between the internship and my hobbies, which consist of regular jogging, I also felt I utilised my time well in the summer while also preparing for my final year of my A-Levels.

Taking into account my past experiences and academic achievements, I believe that I acquire the right mindset and appropriate skillset to thrive in a course such as Accounting and Finance as a successful undergraduate.