Difference between finance and Accounting Major? (1 Viewer)

[jazzyman]

Way i see it.....

With accounting, you work with the general ledger alot more and many accounting jobs involve maintaining the ledger ie bank recs, data entry, investigating problems in the ledger and basically figuring out what journal entries need to be posted into the ledger.

With finance, the job market is more broader. Common finance jobs include: stock broking , trading, financial planning, investment research, investment banking, retail banking as well as managing funds.

Personally, I reckon the way to go is financial planning. You make money primarily through commisions. And therez heaps of money to be made in this area.

 

[havy]

What is the difference between a financial planner and a para planner?
ps. planners earn heaps if they make the right investment decisions, what happens if they incur losses?

 

[day26.org]

the difference is: accounting is way harder.

 

[Cookie182]

Id really like to revive this thread. Having so much trouble deciding between an Accounting 'or' Finance major. I can't do both. Im doing a law degree concurrently.

Believe me ive researched this a lot, spent many nights googling accy v finance. There is a hell of a lot of advocates for accy generally based on the following-

1) Great demand/employment opps
2) Big 4 offer solid training programs, CA is widely regonised and can move you into a variety of careers.
3) Pay isn't bad
4) International travel
5) Safe

Cons appear to be-

1) the degree gives someone who is interested in financial assets such as derivatives etc no knowledge
2) Its is considerably more boring to study and I daresay at times more difficult
3) People hate the info systems focus

Finance advocates promote-
1) Interesting and hence can be easier to get good marks
2) Can lead to 'forefront' work- ie working on future transactions rather then studying past transactions.
3) Is a chance to earn higher salaries
4) Learn a lot of knowledge to help you on a personal level- eg wealth creation, derivative trading etc

Cons-

1) Obivously- way way way more competitive
2) Risky due to number 1 and the jobs are easy to lose in eg IB
3) Less lifestyle job- longer hours in IB for eg then accy
4) Not sure- but i dont think a single Finance major can lead u into Big 4 and hence CA (could be wrong on this)

So far the first year accy ive studied ive found very interesting and done well. However, im yet to study finance (only second year subjects) and may well find it more interesting.On a side note, im quite good at maths/stats and find the Finance formulas/models interesting. I find the lack of math in accounting frustrating.

I DONT want to be an investment banker. I want to work into the financial services industry for a few years/or Big 4 accy, get a professional acrreditation either CA or CFA or even just CFP and then move into business in property investment with a mate (yes i know, how risky- but what do u do?) He is also studying comm/law.

Hence im more looking for skills that will complement our partnership- practical skills i can use to invest. People suggest financial planning, but the major seems to take a little accy and a little finance and merge them into nothing with substance. Plus, with a finance or accy major you can practically still qualify for CFP. Remember also i will hopefully have a law degree. I may decide to work in corp law or watever for a few years after grad in order to build the equity to start our investment company. Thinking along the lines of law, accy seems to have more correlation. For eg- Both fields take a detailed look at tax laws, corporation ect etc How interesting this i dont know. I know tax barristers make a lot of $$$. This is not to say finance isnt useful, ie banking law, M and A

What would YOU pick?

 

[DexJnr]

Id really like to revive this thread. Having so much trouble deciding between an Accounting 'or' Finance major. I can't do both. Im doing a law degree concurrently.

Believe me ive researched this a lot, spent many nights googling accy v finance. There is a hell of a lot of advocates for accy generally based on the following-

1) Great demand/employment opps
2) Big 4 offer solid training programs, CA is widely regonised and can move you into a variety of careers.
3) Pay isn't bad
4) International travel
5) Safe

Cons appear to be-

1) the degree gives someone who is interested in financial assets such as derivatives etc no knowledge
2) Its is considerably more boring to study and I daresay at times more difficult
3) People hate the info systems focus

Finance advocates promote-
1) Interesting and hence can be easier to get good marks
2) Can lead to 'forefront' work- ie working on future transactions rather then studying past transactions.
3) Is a chance to earn higher salaries
4) Learn a lot of knowledge to help you on a personal level- eg wealth creation, derivative trading etc

Cons-

1) Obivously- way way way more competitive
2) Risky due to number 1 and the jobs are easy to lose in eg IB
3) Less lifestyle job- longer hours in IB for eg then accy
4) Not sure- but i dont think a single Finance major can lead u into Big 4 and hence CA (could be wrong on this)

So far the first year accy ive studied ive found very interesting and done well. However, im yet to study finance (only second year subjects) and may well find it more interesting.On a side note, im quite good at maths/stats and find the Finance formulas/models interesting. I find the lack of math in accounting frustrating.

I DONT want to be an investment banker. I want to work into the financial services industry for a few years/or Big 4 accy, get a professional acrreditation either CA or CFA or even just CFP and then move into business in property investment with a mate (yes i know, how risky- but what do u do?) He is also studying comm/law.

Hence im more looking for skills that will complement our partnership- practical skills i can use to invest. People suggest financial planning, but the major seems to take a little accy and a little finance and merge them into nothing with substance. Plus, with a finance or accy major you can practically still qualify for CFP. Remember also i will hopefully have a law degree. I may decide to work in corp law or watever for a few years after grad in order to build the equity to start our investment company. Thinking along the lines of law, accy seems to have more correlation. For eg- Both fields take a detailed look at tax laws, corporation ect etc How interesting this i dont know. I know tax barristers make a lot of $$$. This is not to say finance isnt useful, ie banking law, M and A

What would YOU pick?

I'd go for Accounting mate.

For the reasons you mentioned as pros for it. The pros definitely outweigh the cons.

If worst comes to worst, you can always do a CFA later...though do you need a finance degree to do a CFA? I'm not sure about that..

 

[decypher]

What would YOU pick?

Cookie, while I haven't looked into it in too much detail (that will come) I'm under the impression that UOW will let you do both majors (even if you are doing a double) provided you are willing to spend longer at uni and pay more HECS, so long as you meet the requirements for both degrees. And with the commerce faculty offering a lot of accy subjects over summer you can probably do both and only add 6 months to your degree.

 

[A - Z]

4) Not sure- but i dont think a single Finance major can lead u into Big 4 and hence CA (could be wrong on this)

The Big 4, or any big accounting firm for that matter, always have openings for graduate finance people during the graduate intakes, so i assume there is a future for people with finance majors in accounting firms.

As for the CA certification, as long as you do the prerequisite subjects required by the CA, you can begin the CA course. You could probably cram these subjects into your electives if you have any spare units. Theres only like 4 or so required subjects.
So as far as i know you don't need an Accounting major. But you should check the CA website to confirm this, and also to check which subjects are the prerequisites.