You have a way with numbers and a desire to pursue a career in business. But what is the difference between finance and accounting, two of the most common business degrees? The quick answer is that an accounting major is focused on concrete numbers within budgets, audits, taxes and more, while a finance major has a wider range, covering an array of specializations in business, economics, and banking.
Read on to learn more about each career path and which is best for you. Finance is the use of financial data and information to manage and analyze financial trends in regards to investments and opportunities. Financial advisors, for example, focus on returns on investment ROI and strategies that maximize investments. Some day-to-day duties of a financial analyst include evaluating current and historical financial data, studying business and economic trends, and recommending individual investments and portfolios based on research and trends.
Accounting is the process of keeping financial accounts, whether they are budgets, audits, or taxes. With a concentration on numbers and financial reports in the business world, accountants and auditors manage the day-to-day cash flow within an organization. Some typical responsibilities of an accountant or auditor include examining financial statements, computing taxes, organizing and maintaining financial records, and suggesting ways to reduce costs, enhance revenues, and improve profits.
Accounting is a narrower field that focuses on professional processes to manage numbers and accounts, while finance uses the same information to analyze potential growth patterns in order to strategize company finances. Although these fields sound similar and utilize similar skills, they have their differences. An accounting degree student will utilize professional principals and processes to manage numbers rather than influence them.
On the other hand, a finance degree student will be more interested in financial strategy and control, and how they can wisely invest based on financial trends. There are different career opportunities when comparing finance vs accounting depending on your education level. According to an analysis completed by Burning-Glass. Check out the chart below to see what the minimum education level is required for accounting vs finance jobs posted annually.
Finance Jobs. Accounting Jobs. High school or vocational training. Associates degree. Graduate or professional degree. The course offerings vary between a finance vs accounting major, but some core business courses can be similar between the two majors. See below a listing of common courses for both majors. Business Statistics I.
Business Statistics II. International Business. Principles of Management. Earning an accounting degree at FNU offers students a wide array of knowledge beyond ledger management and financial reporting; the FNU accounting curriculum also includes courses in areas such as micro and macroeconomics, business and tax law, corporate finance, spreadsheet analysis, banking and finance, management, and supervisory skills.
These skills are applicable to any job profession, and this means that employers would greatly benefit from job candidates who possess these skill sets. Accounting skills can also be applied toward other professions such as financial planners, fund managers, banking specialists, and others. As previously mentioned, there are no guarantees that anyone will land a job once they have earned their degree, but it is worth noting that the demand for accountants consistently ranks high.
Since accounting essentially entails managing money, it can be considered to be a major driving force of our economy. Every business needs at least one accounting professional to handle their finances; in some cases, large corporations will employ accounting departments with hundreds of employees at offices around the world.
It is safe to assume that significant demand for accountants will continue in the 21st century and beyond. Everyone needs accounting; the demand is always constant, spanning across all business and industrial sectors, thus creating job security along with career longevity. It is up to prospective accountants to take the first step and learn more about what FNU has to offer.
The Bachelor of Science in Accounting program can be fully completed online; however, you can also take a blended approach that combines classroom education with internet courses.
Students with full-time jobs can take evening classes at FNU campus locations in Hialeah and Miami, and they can also apply for financial aid. For more information about this FNU program , get in touch with one of our academic counselors. With the right kind of networking connections, an entry-level accountant may increase his or her salary potential within a year. With the right combination of college accounting skills plus continuing professional education, accountants can expand their options by pursuing specialized positions such as Budget Analyst, Auditor, Controller, Tax Accountant, Payroll Clerk, Certified Public Accountant, and even a Corporate Financial Officer.
Additionally, the combination of accounting with other business skills will create an attractive resume that employers will certainly notice. Having general knowledge of accounting principles provides a good foundation for advancing into higher positions.
With positions such as Cost Accounting and Financial Planning and Analysis, it is important to know how reported figures are generated. Modern financial statements and reporting are more than just PowerPoint presentations; the finance sector is under pressure to become more strategic because this is what shareholders demand. Companies expect their accounting and finance departments to analyze, explain, and take action.
Because of the nature of their profession, accountants typically begin their careers at enticing salary levels. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less.
Employment conditions in your area may vary. It has since been updated. There are some errors in the form. Please correct the errors and submit again. By selecting "Submit," I authorize Rasmussen University to contact me by email, phone or text message at the number provided. There is no obligation to enroll. Brianna is a content writer for Collegis Education who writes student focused articles on behalf of Rasmussen University. She earned her MFA in poetry and teaches as an adjunct English instructor.
She loves to write, teach and talk about the power of effective communication. Posted in Accounting. Carrie Mesrobian Brianna Flavin Callie Malvik Hannah Meinke This piece of ad content was created by Rasmussen University to support its educational programs.
Rasmussen University may not prepare students for all positions featured within this content. Please visit www. External links provided on rasmussen. Rasmussen University is accredited by the Higher Learning Commission, an institutional accreditation agency recognized by the U. Department of Education. The earning potential is favorable Like anyone, you want a career that allows you to provide for yourself and your family.
You can work where you want to work Where would you like to live? There is entrepreneurial potential Starting your own business is the same option in every profession.
Skip to main content. Learn More Today! What type of degree are you interested in? Next Step We value your privacy. What Bachelor of Science in Business degree most interests you? Master's in Accounting. Master's in Information Systems. Master's in Business Administration. Complete the form to download the brochure. We value your privacy. You can choose from a variety of careers in the accounting world.
An accounting background opens the door to alternative careers in business. Accounting work can be intellectually challenging and fulfilling. You can fast-track your career with an online accounting degree. Start Your Journey Today.
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