In this dynamic corporate society, the question of whether to major in accounting or finance is a daunting concern to many scholars. Today, accounting and finance applications don’t have significant differences. However, to understand the best field to specialize in, you need to narrow down the benefits of each assertively. So, let’s carry out an in-depth analysis of both subjects to help you make sound decisions.
Accounting has three major categories of specialization. They include public accounting, which involves preparing and maintaining accounting records and financial statements. Tax planning involves tax planning, filing the returns, and doing tax consultancy services. Auditing focuses on the evaluation of enterprise financial statements and records within a specific fiscal period. In finance, specializations include traditional finance and financial planning. Traditional finance deals with global markets and investments. Financial planning mostly deploys financial details and advisory services.
In accounting at the undergraduate level, you are equipped with accountancy skills to attain a Bachelor of accountancy, Bachelor of Arts in Accounting or Bachelor of Science in accounting. In finance, you either achieve a Bachelor of Arts in finance or a Bachelor of Science in Economics.
In both finance and accounting, it’s an obligation to join a professional accreditation body to be marketable in corporate society. For instance, in accounting, you ought to be a member of the Certified Public Accountant (CPA) or Chartered Accountant (CA). In finance, you are supposed to have accreditations of Chartered Financial Analyst (CFA).
Key skills gained
Once you achieve your accounting degree, you are skilled in building and analyze accurate financial documents. Skills learned in accounting are quantitative, mastery in the business industry, and knowledge of accounting regulations, to be a competent accountant. Once you achieve your finance degree, you are skilled in analyzing financial statements. In finance, you acquire analytical, research, and communication skills.
In both finance and accounting, high levels of expertise in education are a prerequisite. Softs skills are incredibly crucial to venture into any career path. The median pay for an accountant per year is $69,350, while the median for a financial analyst is higher at $84,300.
Accounting and finance will continue to be positions of interest and influence. Depending on your personality and career interest, it’s good you visualize the courses genuinely before opting for any. Go with the one that satisfies you personally and financially.