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Comparison Between Finance Vs Accounting Degree

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Today, the fields of finance and accounting are not only popular majors but also attractive career options. The decision to choose finance or accounting not only affects the learning journey but also shapes the student’s future career. Before making a decision, the comparison between finance vs accounting degree become important, posing unique challenges and opportunities. Let’s find out with lifesviews.com.

Finance vs accounting degree: What is a finance degree?

When you pursue a bachelor’s or master’s degree in finance, it prepares you for organizational asset allocation and planning. A finance degree develops the skills you need to obtain funding, distribute capital and analyze spending across different organizational departments.

In a finance career, you will often work closely with investors or executive team members, identifying their financial goals and evaluating steps to achieve them.

Finance vs accounting degree: What is an accounting degree?

Pursuing an accounting degree through a bachelor’s or master’s program will prepare you to analyze and track organizational assets. Compared to finance majors, accounting majors develop skills in cash flow management, analyzing financial trends, reporting assets, and managing tax-related issues.

Additionally, while finance professionals typically work toward goals set by supervisors, accountants operate based on standard practices dictated by generally accepted accounting principles (GAAP). ) fabricate. If you want to be employed in an accounting role, you will likely study and work toward your certified public accountant (CPA) certification.

Finance vs accounting degree: What is an accounting degree?
Finance vs accounting degree

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Finance vs accounting degree: Finance versus accounting degrees

Focus areas

A finance degree prepares you for financial planning for the future of an organization. Meanwhile, an accounting degree prepares you to evaluate and analyze an organization’s current and past financial situation.

Course

Students seeking a finance degree can take courses in banking, investing, financial analysis, financial planning, underwriting, and portfolio management. Those interested in earning an accounting degree can take courses in financial accounting, reporting, cost management, auditing, accounting systems, accounting theory, and income taxes.

Skill

Analytical and mathematical skills are useful in both finance and accounting careers. However, finance professionals also need planning and strategy skills, as one of their biggest responsibilities is planning an organization’s financial strategy. Accounting professionals require reporting and analytical skills because they are often responsible for auditing and evaluating previous financial records.

Mission

If you have a finance degree, you can look forward to a career as an analyst or consultant, acting as a consultant or managing financial budgets. A career in accounting will likely involve regular audits and preparation of accounting documents.

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Finance vs accounting degree: Finance versus accounting degrees
Finance vs accounting degree

Finance vs accounting degree: Jobs for the finance industry

It is helpful to consider what degrees are needed for each type of finance career. People who pursue finance degrees tend to work in financial consulting, analysis, or management positions. Some may even choose to expand their education and pursue a position as a chief financial officer.

1 Investment banker

National average salary

66,609 USD per year

The main task

Investment bankers are responsible for raising capital for organizations. They can seek financial capital, make investment recommendations, and track financial progress. Investment bankers may also work with state or federal employers to reduce debt or collect outstanding payments.

Job prospects

Job opportunities for securities, commodities and financial services sales agents are expected to grow 4% from 2020 to 2030, slower than the average for all occupations, according to the Bureau of Statistics. US Labor Statistics (BLS). Approximately 42,500 openings are expected each year.

2 Financial analyst

National average salary

67,971 USD/year

The main task

Financial analysts often work in the banking industry or with small businesses, providing financial advice on investment decisions. Some financial analysts may also work with a large organization, determining the future financial needs of the business. Financial analysts tend to have specialized skills in stocks and bonds.

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Finance vs accounting degree: Jobs for the finance industry
Finance vs accounting degree

Job prospects

Job opportunities for financial analysts are expected to grow 6% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 41,000 openings are expected each year.

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3 Financial advisor

National average salary

$74,124 per year plus $30,366 in commissions

The main task

Financial advisors assess a client’s current financial situation and make recommendations on investments, retirement and tax options. Financial advisors can work with individual clients or an organization, determining their short-term and long-term financial goals.

Job outlook

Job opportunities for personal financial advisors are expected to grow 5% from 2020 to 2030, slower than the average for all occupations, according to the BLS. Approximately 21,500 openings are expected each year.

4 Financial director

National average salary

95,664 USD/year

The main task

Financial managers oversee the financial sustainability of an organization. They will often lead a team of financial analysts, working to accomplish the company’s future financial goals. Financial managers can work in a variety of industries including banking, insurance, real estate or with a large corporation.

Job prospects

Job opportunities for financial managers are expected to grow 17% from 2020 to 2030, much faster than the average for all occupations, according to the BLS. Approximately 64,200 openings are expected each year.

5 Chief Financial Officer (CFO)

National average salary

$131,176 per year plus $20,000 profit sharing

The main task

A CFO oversees the finance department of an organization. This role focuses on creating financial goals, analyzing previous financial trends, and managing finance staff. The CFO is responsible for identifying the company’s financial strengths and weaknesses and then making recommendations to executives.

Job outlook

Job opportunities for top executives including CFOs are expected to grow 8% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 247,100 openings are expected each year.

Finance vs accounting degree: Jobs for the finance industry
Finance vs accounting degree

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Finance vs accounting degree: Accounting jobs

People who pursue an accounting degree tend to work as accountants or auditors. Accountants may choose to work with individuals or companies, assisting them in preparing and filing tax returns.

1 Accountant

National average salary

$55,377 per year

The main task

Accountants work directly for organizations, tracking and reporting all financial figures. Bookkeepers will often work in teams with other accountants or under the supervision of a CPA to meet an organization’s financial tracking needs. Bookkeepers may also manage day-to-day bookkeeping responsibilities.

Job outlook

Job opportunities for accountants are expected to grow 7% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 135,000 openings are expected each year.

2 Auditors

National average salary

61,093 USD/year

The main task

Auditors are responsible for examining tax documents and financial records. Auditors may work for an outside source, evaluating the accuracy of a business’s financial documents, or directly for a company to ensure it meets all state and federal regulations. federal. Auditors must stay up to date with the latest laws and regulations because companies often hire them to maintain these rules.

Job outlook

Job opportunities for auditors are expected to grow 7% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 135,000 openings are expected each year.

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3 Valuation analysts

National average salary

$62,978 per year

The main task

Valuation analysts evaluate the current and past financial successes of companies, then use that data to determine business value. Valuation analysts use a variety of methods to assist investors or business owners in understanding the value of a company before buying or selling it.

Job prospects

Job opportunities for financial analysts, including valuation analysts, are expected to grow 6% from 2020 to 2030, about as fast as the average for all occupations, according to BLS. Approximately 41,000 openings are expected each year.

4 Tax accounting

National average salary

64,794 USD per year

The main task

Tax accountants work with both individuals and businesses, assisting them in preparing and paying taxes. Tax accountants also help individuals prepare for taxes owed and calculate quarterly and annual tax liabilities. They are also tasked with organizing and maintaining their clients’ tax-related documents.

Job outlook

Job opportunities for tax accountants are expected to grow 7% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 135,000 openings are expected each year.

5 Certified Public Accountant (CPA)

National average salary

81,223 USD per year

The main task

CPAs are certified through the American Institute of Certified Public Accountants (AICPA) after completing all hourly requirements and the CPA exam. CPAs will act as consultants, guiding individuals and businesses in preparing and paying taxes. CPAs can work for themselves or for a tax preparation company.

Job prospects

Job opportunities for CPAs are expected to grow 7% from 2020 to 2030, about as fast as the average for all occupations, according to the BLS. Approximately 135,000 openings are expected each year.

Finance vs accounting degree: Accounting jobs
Finance vs accounting degree

In conclusion

Deciding between a finance vs accounting degree is not just about choosing a field of study, but also about building a foundation for future career success. Both disciplines make important contributions to financial management and business information, but there are important differences in the scope and criteria of work. Understanding these differences will help students make mature and confident decisions about their chosen career direction.

 

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