I encourage my SCM students to get an Accounting minor because College Accounting to me feels like SCM Finance.
I tell my students: Long term in your careers, understanding SCM Finance will be critical. At the end of the day, SCM executives are evaluated on generating shareholder value (bottom line financial kind of stuff, of which has gotten very creative & complicated). Also, more & more SCM VP’s (C-suite types) are reporting directly to the CFO of the company (because SCM is that important to the bottom line). Students often ask me, if they go on to get a graduate degree, what should they get it in. I say get a graduate degree in something you are weak in but will matter in your career (especially long term). You will hit a ceiling professionally if you do not understand SCM Finance. So, I would give that serious consideration in your graduate education.
I encourage my SCM students to get an Accounting minor because College Accounting to me feels like SCM Finance. The worlds of Finance & SCM have collided — learn how to talk to the CFO…https://lnkd.in/guejd-vi.
Two classes in our Accounting minor, good fit for SCM types, right?: 3220: Cost & Managerial Accounting and ACTY 4220: Cost Mgmt & Analytics. FYI, we make EVERY business major take FIN 3200 — Business Finance Decisions.
3220: Cost & Managerial Accounting — A study of the accounting methodology & concepts that have been developed to serve managers in decision-making for planning and control. This course covers budgeting, standard cost variance analysis, incremental analysis, cost & profit analysis, relevant costing, & product costing concepts & practices.
4220: Cost Mgmt & Analytics — This course examines the information needs of managers in performing the planning, decision-making, and performance evaluation functions required for managing costs inside of an organization. Specific topics addressed in the course might include costing of products and services, cost allocations, activity-based costing, relevant costs, costs of quality, budgeting, absorption & variable costing, transfer pricing, & performance measurement. The emphasis will be on the appropriate use of costing info for optimal decision-making. How specific analytic tools can be used will also be examined. Concepts from financial accounting, economics, mgmt science, Ops Research, stats, finance, & OB are also integrated.
A great book read for CFO types that want to understand SCM types (or the other way around?): “Supply Chain Metrics that Matter”
CFO to CFO: Finance & SCM…https://lnkd.in/gFv3gqgn.
I could not help myself & asked chatGPT- Why do so many c-suite executives have graduate degrees in Finance? See: https://lnkd.in/g3PDJwSG.
I had a student ask: Shouldn’t I major in Finance or Accounting if I want to become a CEO? I said: Well, being able to talk CFO talk is critical to long term success, but you might want to give this SCM thing some thought — CEOs Will Come from…The Supply Chain (examples)…https://lnkd.in/gT-6EjjB.