This personal statement is part of this student’s successful admission to the London School of Economics and Political Science (LSE), University of Bath, University of Warwick, University of Lancaster and University of Leeds.
It was thanks to a history documentary which sparked my interest in accounting and finance. Watching the Great Depression intrigued and encouraged me to explore the workings of the financial world especially the regulation aspects. It genuinely fascinated me as to how a simple act of buying on the margin could have the potential to plunge some of the world’s leading economies into deep recession culminating in the rise of political extremists such as Adolf Hitler. My marvel at the significance of financial malpractices inspired me to pursue a career in accounting and finance specialised in banking. I wish to participate in the development of an effective surveillance framework to ensure the safety and soundness of financial institutions. Hence, I decided to apply for my country’s central bank scholarship which I believe is the stepping stone in realising my dream. To prepare myself better, I chose to study a Business elective in high school and deepened my research on the roles of central banks. I also sharpened my knowledge and soft skills by entering debating competitions. All my efforts paid off as I was successful in my endeavour. Now, I am halfway towards achieving my aspiration.
To improve my understanding further, I read “The Alchemists”. This highlighted cheap and easily accessible credits as the culprit of most banking failures and economic recessions. Cheap credits provided by Stockholms Banco created the first recession in history and this was repeated in 2007 when subprime mortgages led to the credit crunch. These financial malpractices necessitate and justify the roles of central banks, not only as a regulatory body, but also as a lender of last resort. The fact that the latter was a role which was already conceived by Bagehot in the nineteenth century known as “Bagehot’s Dictum”, only emphasises the importance of a central bank in maintaining the stability and sustainability of a country’s economy. This interests me greatly. The book showed me that the financial world is a dynamic and constantly evolving entity and in order to reinforce my understanding of it, a degree in accounting and finance is essential.
Taking up Accounting and Economics in A-level helped to widen and deepen my knowledge in the subject area which I gained during high school. For example, Accounting exposed me to how a company can improve its performance through capital reconstruction, even in the event of making continuous losses. Learning the theory of the firm helped make sense of economic crises whereby financial institutions resort to providing substandard loans in order to gain supernormal profits. Mathematics also benefitted my studies by improving my accuracy and in interpreting graphs through statistics. Being my school’s MENSA treasurer also gave me the opportunity to apply some basic accounting principles into managing the club’s funds. I hope that the knowledge I gained will better equip me for my university education.
My determination to become an accountant spurred me to cultivate important traits associated with it. My involvement in the Duke of Edinburgh Gold Medal Award helped to mould me into a holistic individual and provided me with the opportunity to serve the community. The most memorable experience throughout this programme was my involvement in an English Proficiency Camp whereby I had the chance to teach rural school children English through a variety of interesting modules prepared by students from my high school. Interacting with the participants of the Camp was both an eye-opening and humbling experience as I witnessed their eagerness to learn, their enthusiasm to contribute in team activities and their willingness to make mistakes. Their desire for knowledge fuelled my determination to learn more about my field of choice.
I would very much appreciate the opportunity of reading Accounting and Finance at university in order to contribute better as an aspiring accountant in my country’s central bank.
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