Finance or Accounting, which should you select?
It is a mind-blowing question, or so it would seem at first glance. But don’t worry! Deciding which option you should select in the question of “finance degree vs accounting degree” is easier than you would first assume.
Doing a Bachelor’s in Accounting will make you prepared you to record transactions and analyze the financial statements, in order to have a clear picture of the financial health of the company.
If you get an undergraduate degree in Finance means you will learn about long-term financial and budget planning. You will easily get how to make sure a company reaches its financial goals. Finance activities include raising funds, and gathering cash flow into from the accounting department so you create projections.
As an accountant, you will need to deal with numbers expressing sums that reflect taxes owned tax returns, income, revenue and more.
The role of a financial analyst is to create draft budgets, compare them and come with the best option to cut the financial risks and uncertainties.
- Pursue a finance degree or an accounting degree?
Well, it is actually tough to select one. A person who gets an accounting degree can work in the fields of finance. In the same way, the person who gains a finance degree can also work in accounting although, it does not always apply.
If you have an interest in a particular field, you can go for that. It allows about what you are expecting to do in the long run.
Like in case, you are interested in getting a CPA, go for an accounting degree or finance degree as you wish. Here, many people say students to pursue an accounting degree because of the preparation that an accounting degree would provide for the CPA exam, and because CPAs have more job opportunities for them.
- Differences in Salaries
This is a fact that there is a wide salary range in the fields of both finance and accounting. Both fields hold very strong progressive prospects. As per the data presented by BLS, the median pay for Financial Analyst in 2014 was $78,620 yearly, $37.80 per hour. In 2014-2024, the number of Financial Analyst jobs is estimated to flourish by 12%.
As per the BLS, the median pay for Bookkeeping, Accounting, and Auditing Clerks in 2014 was $36,430 every year, $17.51 hourly.
Actually, salaries in finance tend to be high, but their exceptions.
- Bottom Line
In the end, it depends on you whatever you think the right choice for you and your career goal is. Both fields are equal; both need high-level fo skills, education, and interest in quantities analysis. They are dependent in some ways actually if you are working in accounting your recording and reporting of financial transactions will support the work o the finance team. In the same way, if you are working in finance you are depending on the work of the folks in accounting.