When pursuing a career that involves financial management, it may be confusing trying to distinguish between a degree in finance and a degree in accounting. Generally, these degrees are four-year undergraduate programs that help prepare you to work in careers that deal with finances. Both of these degrees have some overlapping primary skills, and in a degree program you will learn what these are and how to apply these skills. However, there are some important differences when comparing a finance degree with an accounting degree.
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If you are looking for a career in the finance or banking sector, an online finance degree will help you prepare you for a suitable profession. Finance degrees are one of the most sought after credentials in business education. From the basic principles of accounting to advanced budget analysis, you will learnabout the multiple aspects of this field. Pursuing an online finance degree can be quite manageable and convenient. With an online degree in finance, there are a number of jobs you can look forward to, such as financial analyst, accountant, and more. |
Finance Degree vs. Accounting Degree
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Finance Degree vs. Accounting Degree
Due to the similarities between the two subject areas, it is often common to find the same or similar job titles available for holders of either finance or accounting degree.
| Finance | Accounting |
| Job Titles | |
| Compensation and Benefits Managers | Compensation and Benefits Managers |
| Compensation, Benefits, and Job Analysis Specialists | Compensation, Benefits, and Job Analysis Specialists |
| Market Research Analysts and Marketing Specialists | Auditors Bright Outlook |
| Accountants | Budget Analysts |
| Auditors | Credit Analysts |
| Budget Analysts | Financial Analysts |
| Credit Analysts | Personal Financial Advisors |
| Personal Financial Advisors | Insurance Underwriters |
| Financial Examiners | Risk Management Specialists |
| Risk Management Specialists | Bookkeeping, Accounting, and Auditing Clerks |
Relevant Skills
Both finance and accounting degree holders are expected to exhibit a similar range of skills that would be an asset to them when seeking employment.
| Finance | Accounting |
| Job Skills | |
| Critical Thinking | Active Listening |
| Reading Comprehension | Mathematics |
| Writing | Reading Comprehension |
| Speaking | Writing |
| Active Listening | Critical Thinking |
| Complex Problem Solving | Speaking |
| Judgment and Decision Making | Judgment and Decision Making |
| Mathematics | Complex Problem Solving |
| Active Learning | Time Management |
| Monitoring | Active Learning |
Finance is generally concerned with the management of money, while accounting focuses more on collecting and organizing financial information. In other words, the study of finance may involve learning about how money is invested and managed, while accounting is more focused on budgeting, audits, taxes, and the tracking of business financial operations.
Because these degrees require a similar knowledge base, there are some basic skills and classes that may cross over in both accounting and finance degree programs. It is important in both of these fields to be proficient in computational math skills, and students may be required to take additional upper level math classes to help understand and correctly apply formulas and concepts used in finance and accounting. Students in both degree programs may take the same general business courses to gain a basic understanding of other areas in business;this may include courses such as finance, accounting, marketing, management, and ethics.
When pursuing an accounting degree, you should expect to take classes in business law, statistics, accounting theory, economics, and ledger keeping. In a finance degree program, core classes might include risk management, corporate finance, portfolio management, business analysis, and underwriting.
Both of these degrees could prepare you to work in similar jobs in many finance and accounting departments. However, an accounting degree is more specialized for someone trying to become an accountant or an auditor, while a finance degree is more tailored to prepare someone to be a financial analyst, loan officer, or portfolio manager. It is also important to note that earning an accounting degree may be more beneficial for someone who is interested in becoming a Certified Public Accountant because this degree is more likely to prepare them for the CPA exam.
When trying to decide between a degree in finance or accounting, it is important to consider your career goals as well as your current area of interest. Once you narrow them down, you may be able to make a good determination of which degree will work best for you.
Due to the narrow focus of this degree, finance graduates have access to a field with specialized employment opportunities. In other words, not everyone can do what these professionals can. Some of the jobs available with a degree in finance and the industries they work in are:
Financial Analyst – Financial management services, international financial management
Financial Manager – Commercial and investment banks
Personal Financial Advisor - Personal financial planning for individuals
Financial Examiner – Different from financial analysts, these professionals work for federal and state governments.
The above mentioned professionals need to be licensed to work. Certifications in this field are also recommended.
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