The Myth: Accountants and Personal Finance

It took me four years to complete and understand, a bit, my college course BS Accountancy before I graduated last 2008. It took another sleep-deprived six months before I became a full-pledged Certified Public Accountant (CPA).

Accountants, especially CPA’s, are always placed on high regard, especially on topics pertaining to handling finances. We are known to be financial superstars and are expected to have lots of knowledge regarding how to manage money effectively.

Well, not exactly. That is actually one of the many myths about the profession.

In fact, if I weren’t given the opportunity to experience the stock market during college, I wouldn’t even have a clue on how investing in the stock market works. Very ironic since, as accountants, we frequently use and encounter vast investment terms all throughout our college years.

Unfortunately, the profession is equally clueless on how investments can really improve the quality of our lives, just like anybody else.

My former colleagues, friends in the profession, my girlfriend (who happen to be a CPA as well), and her colleagues and friends in the profession – they know very little about how investments can work for them.

In short, we entered the real world, equally financially illiterate.

Here is my point.

Our education system does not really intend to make us financially independent. Majority of us were never really taught on how to invest, how to value the importance of insurance, and so forth.

Financial literacy, as unfortunate as it seems, is not part of our educational curriculums.

But will that stop us in striving to know more and in continuously educating ourselves on how to better our lives financially? Well, it SHOULDN’T. I hope.

With the financial industry working very hard to instil financial literacy to a much wider audience as possible, let us continue to open our minds, accept everything that’s out there, and then VALIDATE.

After all, if we don’t educate ourselves today, time will force us to. When that time comes, I hope you’re not in a desperate scenario of financial turmoil.

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  • Anne

    Definitely Nick! and people like you play a big role on increasing Filipino’s financial literacy. Great post!

    • Nick Raquel

      And the appreciation of people like you keeps us working ultra hard.. Thanks Anne :)

      • Anne

        Welcome Nick :)