So, you fancy playing with numbers and financial values and are trying to decide whether your career pathway has to be in accounting or finance. Don’t worry; you are not the only one!
Many aspirants are confused on which one is the right for them – finance or accounting. The reason being both the areas of study sound pretty much similar and have overlapping areas of interests. However, in reality, finance holds an extensive scope, and accounting has relatively narrower. Also, they have some notable differences, which we will discuss in detail today.
Let’s find out everything from their differences, branches, career choices to what courses you can study in detail.
Finance Vs Accounting: What’s the Difference?
The first and foremost difference between finance and accounting rests in their meanings. Both finance and accounting belong to the same sector and are interrelated, but look at what sets them apart.
Finance
Finance deals with managing investments and funds of the companies, individuals and government-owned enterprises. Finance professionals need to ensure that clients possess sufficient funds to meet their financial objectives. They also have to see that funds are distributed ideally. Finance professionals focus on raising funds through capital management in a manner risk-adjusted returns are higher.
Accounting
Accounting focuses on creating financial records of the business. Accounting professionals require to report, organize, maintain and record a company’s financial transactions. They prepare detailed financial statements of the company to know their financial position. As accounting professionals, they are responsible to see if all the transactions are recorded correctly.
So, this is how accounting differs from finance. While finance is all about managing funds, accounting records its transactions.
Finance Vs Accounting: Which are the Branches?
Both finance and accounting are split into 3 sub-branches, respectively. Check out the branches of both the disciplines below.
Finance Branches:
- Corporate Finance:It refers to financial activities related to investment and operation of the business. This finance concerns the company’s financial position.
- Personal Finance: It refers to the analysis of an individual’s current financial position and strategies for wealth management of the individual in future.
- Public Finance: It focuses on tax, budget, and debt payments of government-owned enterprises and their related policies.
Accounting Branches:
- Financial Accounting: Itfocuses on recording transactions through the income statement and balance sheet, which helps know the firm’s financial position.
- Cost Accounting: It focuses on collecting, classifying and determining the production cost of the firm. It helps the firm control cost and makes intelligent decisions.
- Managerial Accounting: It focuses on information availed from financial and cost accounting to make decisions, solve business problems, plan, control and formulate policies.
Finance Vs Accounting: Job Opportunities
Finance and accounting professionals have been in demand always and will continue to stay so in the coming times. Due to the finance sector expanding like anything, globalization and the complexity to understand taxes and regulations, the requirement of professionals for both disciplines is surging. Apparently, finance and account professionals are open to a plethora of job opportunities in the industry.
Let’s look at the job opportunities a finance graduate can go for:
- Investment Banker
- Financial Analyst
- Fund Manager
- Risk Analyst
- Financial Advisor
- Financial Planner Etc
Let’s look at the job opportunities an accounting graduate can go for:
- Internal Auditor
- Accountant
- Public Accountant
- Management Accountant
- Government Accountant
- Forensic Accountant Etc
Finance Vs Accounting: What Can You Study?
To build a career in any of these disciplines, you will need to specialize in the field, so you end up with a lucrative job. Both areas of the study hold a lot of potential to build a successful career in if chosen right course and college to study.
Most finance aspirants opt for MBA in Finance to learn industry-focused skills and get their doors open to endless career choices. To pursue a career in accounting, one needs to have a Bachelor of Commerce (B.Com) degree. Further, to add more knowledge of the discipline Master of Commerce (M.Com) in Accounting can be pursued. Another pre-eminent course to opt for is Chartered Accountancy (CA).
Marwadi University (MU) focuses on educating students using a hands-on learning approach to support the development of their personal and professional attributes. Advance your career by studying finance or accounting courses at MU. We are a NAAC A+ certified university, and hence the most ideal for building a rewarding career.
Remember, both finance and accounting go together in the corporate world and have immense scope to provide you with plenty of career opportunities. So, based on your goals and interests, choose the one that’s apt for you.
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