Finance and accounting refer to the process of collecting information about financial activities of a company. Financial accounting deals with the systematic description, assessment and reporting of various financial transactions related to such a company. This involves the preparation of periodic financial reports available for public viewing. It also involves evaluation of the performance of a company in terms of financial performance. Therefore, a person having knowledge of these two fields is said to be an expert in finance and accounting.
So which is better between finance and accounting vs. finance and accounting? There are many pros and cons of each line of work. People usually go for a career in accounting because of the nature of the job and the benefits that one can enjoy by opting for this profession. The salary offered in comparison to other professions is high. Also, there is little job risk as the salary of accountants is fixed according to the promotion and responsibility earned.
If you are looking forward to get a job in this field then you should possess certain qualities like good mathematical and verbal skills along with some degree in finance and accounting management program. In order to get into any of the three major departments of Finance & Accounting like Finance, Banking, and CPA, you must have a bachelor of science in finance and accounting management program from an institution recognized by the U.S. Department of Education. You must hold at least a bachelor’s degree in finance and accounting management program from a reputed college. You must have a minimum GPA of a 3.4 in all subjects including subjects that are prerequisites for admission into MBA courses. Finance and accounting course include topics like micro and macro economics, introduction to accounting principles, basic accounting techniques, and basic management accounting concepts. Some of the subjects that are commonly covered in the finance and accounting management program include taxation, working capital options, retirement planning, portfolio balance, investment banking and financial markets, international finance, and financial markets.
There are various sectors where finance and accounting have made immense career opportunities. The finance and accounting jobs are available in all levels like BPO, IT, mergers and acquisitions, private equity, bank tellers etc. These jobs are widely shared among people of different backgrounds and educational levels. As far as finance and accounting careers are concerned, those who are equipped with proper knowledge about accounting and finance and those who have excellent interpersonal skills can have greater chances of progressing with their career in this field. Those who want to take up a full time career in finance and accounting should ideally complete their graduate studies with an appropriate bachelor’s degree in finance and accounting before they select their career options.
There are various finance degree courses like Bachelor of Science in Accounting and Financial Management, Finance and Accounting Associate, Financial Planning and Insurance Associate, and Accountant to name a few. All finance degree courses include both classroom learning and self-study modules. The classroom learning mainly consists of core modules that cover fundamental risk management principles, macro and micro economics, accountancy principles, risk assessment methodology, portfolio management, risk management plans, ethics of finance, and business mathematics. Other incidental topics like derivatives, venture capital, exchange trade, money flow, personal finance, and portfolio optimization are also covered under the classroom modules.
For the purpose of obtaining a degree in finance and accounting, students need to opt for electives like government finance and accounting, statistics, personal and corporate finance, and business law. Students who wish to pursue higher education in finance and accounting also need to opt for electives like foreign exchange, investment banking, financial markets, statistics, and risk management. Students need to undergo internship in some reputed banks and financial institutions to increase their exposure to international markets. In order to broaden their knowledge about finance and accounting, students can join study finance and accounting programs offered by post-graduate institutes.