The difference between finance and accounting is that accounting focuses on the day-to-day flow of money in and out of a company or institution, whereas finance is a broader term for the management of assets and liabilities and the planning of future growth. It’s often said that accounting looks back to a company’s past financial transactions, whereas finance looks forward to plan future acquisition of assets.

An accounting degree will provide a foundation for specialized accounting careers, as well as many other related careers. Accounting careers typically involve analyzing and utilizing financial information in order to evaluate a business’ financial position. This can involve anything from basic book-keeping to managing balance sheets and income statements. Accounting careers often have a large focus on past records and present reports, involving the creation and analysis of these records, and now often also extend to encompass planning, controlling, decision-making, stewardship, accountability and more.

Although it is fairly easy to pursue accounting careers with just a bachelor’s degree, postgraduate study is an option for those who want further specialized knowledge in a particular area. In order to become a chartered accountant, you’ll need to gain further professional qualifications specific to the country in which you wish to work. Depending on the hiring business, however, these professional qualifications can sometimes be gained on the job, often with subsidies from your employer.

Those who study accounting can often specialize in topics such as auditing, tax, risk assessment, international accounting and management accounting. Forensic accounting is another possible option, allowing students to immerse themselves in real-life case studies in order to provide a rounded understanding of how accountancy processes are used within legal proceedings, such as with cases relating to fraud, electronic crime, insurance claims, bankruptcy and corporate ethics. As with finance degrees, those who wish to study accounting with further specialization and independent research are also able to undertake a further postgraduate degree at MRes or PhD level.

Accounting Personality Needs:

A finance degree, on the other hand, is a great starting point for careers in financial services, across business, banking and consultancy sectors. According to US salary data gathered by PayScale, finance careers also have the potential to be slightly more lucrative than most accountancy routes. This is due to the fact that finance careers typically focus on the management of current and future figures of a business or organization, as opposed to just the recording of past and present income and expenditure. This means that those in finance careers often have the added responsibility of predicting and analyzing the potential for profit and growth, assessing monetary resources, utilizing accounting statistics and reports, and also looking externally for future funding options.

Finance Specializations

Common specializations for those who study finance at degree level include corporate finance, financial evaluation, behavioral finance, derivatives, capital markets, econometrics, financial modeling, quantitative finance, investment management, financial regulation, financial reporting, and even some aspects of accounting. These specializations, although taught within one program at undergraduate level, are sometimes offered as entire courses in their own right at postgraduate level. Other possible programs include financial management, banking, international finance, financial engineering, risk and financial planning.

Finance Personalities Needs:

 

If you like to view tertiary programs related to this article, click the followings for list of  recommended accounting courses and here for recommended finance courses.  If you are not sure which path you want to pursue for your tertiary education,  you should find this psychometric test here to be helpful in providing some aptitude breakdown and course suggestions upon completion of the test. Feel free to proceed to the test, it's free after all.