Course Spotlight - AC101: Managerial Accounting and Financial Control

We sat down with Graceanne, who took AC101: Managerial Accounting and Financial Control in 2023, to hear about her experience of the course, from the teaching to her highlights. 

 

Why did you decide to attend LSE Summer School?

I chose LSE Summer School because my university has an affiliate programme, which meant I could transfer credit from my Summer School course to my degree. Additionally, LSE is a world-renowned school with a great reputation.

Why did you choose AC101?

AC101 is a core requirement at my university, and I currently work on the Accounts Payable team of a large firm in Austin, Texas, so I am passionate about the subject.

Tell us about an average day as a student on AC101.

AC101 was more rigorous than the other course I took at Summer School, MG101: Marketing, but I also felt I learned more. Every day we would attend an hour and a half small group session, called a seminar, in the morning where we went over practice problems and case studies. In the afternoon, we would have a three-hour lecture covering new topics that would be on the exam.

What was your favourite part of AC101?

My favourite part of AC101 was the professors and peer students in the class. I made a lot of friends and attended study groups, which was great, as we could revise together. The professors were very helpful, and we even went out to a pub all together after the final exam to celebrate. The lectures were entertaining, and the professor always asked for feedback on how to improve and make things more engaging.

What advice would you give to students considering AC101?

For AC101, I would recommend devoting a small portion of your time each day to reviewing lecture slides and finishing practice problems before lectures begin, so you do not have to cram in your studying closer to the exam. This will allow you to feel confident on the material without taking away your weekends, so you can travel and explore London.

What are your short-term professional goals, and how does AC101 contribute to these goals?

My short-term professional goals are to receive my CPA (Certified Public Accountant) license through the McCombs MPA programme and enter the workforce in an entry level position at a big four company. AC101 helped me contribute to these goals by giving me foundational knowledge in managerial accounting, which I will need in this occupation.

Was meeting and talking to other students on your course easy?

Yes! I found making friends and finding people to study with easy because of the small group sessions we had in the morning. Every day I would interact with a group of four students, who were all very kind and supportive. We formed study groups and attended some of the LSE events outside of the school day. I sat with the same people during lectures and made other friends in different small groups.

What would be your top tip for future Summer School students?

My best tip for future Summer School students is to go in with an open mind. Several people came with large groups of friends, which is nice, but I’d still encourage you to meet new people and have experiences outside of your comfort zone. Even if you have friends in other classes, you should actively try to meet and hang out with new people in your class. People truly come from all over, and you can get to know different people from all different cultures. I made two close friends from India that I still talk to.

How would you explain AC101 to someone who has never heard of it?

AC101 covers the basic principles of managerial accounting. This is mostly comprised of GAAP, Generally Accepted Accounting Principles, for various countries. You’ll learn how to properly record different journal entries based on the scenario. This is incredibly important in the accounting world because of legality issues.

How has AC101 helped you in your undergraduate degree/career plans?

This course allowed me to get ahead in my studies at The University of Texas because it is a core requirement. If I had not taken AC101 at LSE, I would not have been able to start the rest of my finance courses, halting my degree progress. This course is also important for my future career in accounting because I will need to follow GAAP principles in any accounting job I have.