Accounting Vs Finance: Which Should You Study?

Those who love maths and numbers often face this struggle: which one to pick? In the battle of accounting vs finance, no one is a sure winner. It all comes down to your choice of a degree, as well as how good you become at what you study.

These two fields of study fall under the economy category. By choosing a major in each, you’ll get the chance to study many interesting things from blackchain to the real estate industry economics. But, how do you make the choice that best fits your skill set?

Difference Between Accounting and Finance

Before you make your choice, you should differentiate between the two fields of study. Some of the accounting and finance topics from topics mill can help you better explore the fields once you know the difference.

Accounting is narrower than finance. It involves the financial statements’ preparation process. Basically, it explores where money come from, where they’re spent, as well as focuses on making cash flow plans and budgets.

Finance is broader. It doesn’t focus on making statements, but on evaluating the existing statements. The task you’ll have in this field is to understand the financial situation and make important financial decisions, such as where the money should be invested or how they should be spent.

Accounting vs Finance: Choosing Between the Two

In order to choose the right major, accounting or finance, you need to pick what you want to be studying and what you’d be good at.

If you choose to study accounting, you should know that this field is broken into three main categories: tax accounting, auditing, and public accounting. On the other hand, finance is divided into: financial planning and traditional finance.

If you choose to study accounting, you should know that this field is broken into three main categories: tax accounting, auditing, and public accounting. On the other hand, finance is divided into: financial planning and traditional finance.

This decision is a grand one, so naturally, you are spending a lot of time trying to figure things out. It’s wise if you use the best essay writing service in Great Britain to reduce some of the workload while you’re exploring the fields, maybe even volunteer in a company to see what you’re more interested in.

Now, let’s dig deeper into the specialization paths that these fields offer you.

Specializations for a Major in Accounting

Public accounting involves keeping and preparing financial statements and records. It’s the perfect job for those who are detailed and persistent in doing everything perfect, as well as the ones that don’t mind the idea of constantly having to create detailed and accurate statements.

Tax planning involves preparing tax returns, providing tax consulting services, as well as doing tax planning. That being said, such a job requires a lot of learning even after you graduate, since regulations change very often. It’s perfect for those who enjoy research and have highly developed research skills.

Auditing involves evaluation of financial records. Your job in this career will be to check if records are accurate. Most of the time, you’ll be auditing other people’s work, which makes this the perfect task for those who are detail-oriented and enjoy the opportunity to investigate and dig in.

Specializations for a Major in Finance

Traditional finance requires deep knowledge of both economics and finance. If you can’t decide between the two, this is the perfect combo of both fields. It requires knowledge of global markets and an understanding of investments. The perfect person for this job is one with leadership skills, ready to take over the most important and difficult decisions. These are usually the highest paid people in the company, since the entire company or big teams rely on their input and their expertise.

Financial advisor/ planning include helping people by checking their financial statements, income, taxes, insurance, and investments. It requires a great deal of financial planning and knowledge of many fields, as well as great communication skills.

How to Finalize Your Decision

Now that you know what each field expects of you, it should be easier to finalize your decision. As I said, you can get the best picture of how each career path works by shadowing someone who does this, or volunteering in companies that work in the field of finance and accounting.

Also, you definitely want to consider your personality. As you can see, every career path requires a specific personality from the person who does it. Therefore, do your research thoroughly and pick the one that fits you best.

In the world of finance and accounting, things are similar. But, this doesn’t mean that you can change your mind constantly and easily switch from one career to the next one. Both fields require a lot of constant work, practice, and knowledge.

Moreover, for most of the careers in this field, you’ll have to get a degree, certification, or a title that allows you to do that job. It takes some time and a hefty investment to get the education you need to thrive in this field. So, take your job of choosing a major seriously since you’ll probably have to stick with it.

Yes, it is possible to change careers, but it will require an even bigger financial investment and will waste a lot of your time.

Join the World of Finance or Accounting Today!

These two career choices are of high influence and importance in the world. They’ve always been in high demand and this isn’t about to change any time soon. So, whatever you choose, make sure that you study a lot – it will definitely pay off for you!

Author’s Bio

Bobbie Sanchez is a financial advisor. He works privately as a contractor who helps small businesses and business people in keeping their finances organized, spending them wisely, and tracking their money. In his written work, you can read very useful advice in terms of your investments.

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