What’s the difference between a degree in finance and one in accounting? Understanding this will help you find the best career path for your goals and interests.
Accounting Undergraduate Degree Overview
Undergraduate students in accounting programs complete general education courses and general business classes. Upper level coursework includes study of:
- accounting information systems
- auditing concepts
- income tax accounting
- cost accounting
- intermediate and advanced accounting practices
Additionally, accounting majors can opt to specialize in a specific area. These specializations include:
- internal auditing
- cost accounting
- government accounting
- public accounting
- forensic accounting
- tax accounting.
Finance Undergraduate Degree Overview
After completing general education coursework, undergraduate finance majors will also finish general business courses required of accounting majors. Examples include:
- business communications
- business law
- ethics of business.
The additional upper level courses in finance will prepare students for the world of finance. Courses include advanced:
- macroeconomics
- advanced microeconomics
- statistics
- corporate finance
- managerial accounting
- eBusiness
- strategic business decision-making
- fundamentals of international business
Concentrations in finance are also often available. Common areas that students might choose to specialize in include:
- international finance
- corporate finance
- risk management
- investment management
In some programs, students are also able to specialize in a field such as financial accounting. This includes courses such as corporate accounting and auditing.
Additional Certifications and Professional Development
Many accounting professionals will want to become a Certified Public Accountant (CPA). Completion of an undergraduate and graduate credit hours in accounting is a requirement to register for the CPA examination. So if you’re planning on entering this field, choosing a degree in accounting is the first step to qualify. The American Institute of CPAs has additional information on CPA requirements. It also has other professional certifications and training that accounting professionals might choose for career development and advancement.
Professionals in areas of finance benefit from certifications that offer further training in a specific niche. For example, after completing a degree in finance, you might choose to pursue a position as a financial analyst. The Certified Treasury Professional (CTP) designation is a resume-building training to help candidates stand out. More information on certifications for finance careers can be found at the Association for Finance Professionals.
Careers in Accounting and Finance
Graduates with a degree in finance versus accounting will usually pursue different career options. Positions in finance include:
- general manager
- operations manager
- budget analyst
- controller
Common positions in accounting include:
- tax accountant
- IRS investigator
- cost accountant
- actuary.
Related Resource: Finance Degree Online: 15 Best Deals
Choosing to complete a degree in finance or accounting is an important decision. Some classes and course outcomes are similar. However, the emphasis on different areas of each field are essential to be successful in an accounting or a finance profession.