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Is it better to have a degree in finance or accounting if I want to be a financial analyst?
I want to be a financial analyst and I’m curious to know which degree would educate me more.
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Michael’s Answer
Both finance and accounting degrees are valuable for becoming a financial analyst. A finance degree offers broader knowledge of financial markets and investment strategies, while an accounting degree provides a strong foundation in financial reporting and analysis. Choose finance for investment and strategy focus, and accounting for detailed financial statement work. Both can lead to a successful career as a financial analyst.
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Aaron’s Answer
Some universities offer the chance to major in finance and minor in accounting. This could be a great option for you if it's available at your school. If not, a finance degree is a solid choice, unless you're also considering public accounting. It's a good idea to try out an accounting class if you haven't yet, just to see if that interests you more.
Absolutely agree with Aaron!
Susan Andrews-Esposito
Melanie White, PMP
Compliance & Op Risk Management SME * Project & Process Management
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Melanie’s Answer
By pursuing a Finance degree, you'll gain a comprehensive education in various finance sectors, including forecasting, analysis, reporting, and risk management. Although an Accounting degree is valuable, it tends to be more specialized. A Finance degree, on the other hand, typically offers a wider range of career paths and job opportunities. Wishing you success on your journey.
Thank you so much for the advice.
Ronnie
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Liz’s Answer
Excellent query, as this is a common dilemma among many students - choosing between finance and accounting as their main field of study. Even though you didn't pose this follow-up question, I'd like you to ponder over why finance and accounting are often considered in the same context? From my perspective, the answer is straightforward: accounting is the business language, and finance is a component of the business world.
To elaborate, every business worldwide maintains some form of financial statements, which include elements evaluated using financial concepts. Accounting education helps you comprehend the creation of these financial statements and their interconnections. As some have pointed out, finance primarily concentrates on understanding the valuation of these elements and the foundational principles of financial markets.
Although accounting can be more specialized if you choose, I've noticed that introductory courses usually lay the foundation for understanding financial statements. Eventually, with this foundation, you'll find that financial concepts become easier to grasp. Your choice of majoring in either accounting or finance will ultimately depend on your personal preference. However, I would suggest at least minoring in the other field.
To elaborate, every business worldwide maintains some form of financial statements, which include elements evaluated using financial concepts. Accounting education helps you comprehend the creation of these financial statements and their interconnections. As some have pointed out, finance primarily concentrates on understanding the valuation of these elements and the foundational principles of financial markets.
Although accounting can be more specialized if you choose, I've noticed that introductory courses usually lay the foundation for understanding financial statements. Eventually, with this foundation, you'll find that financial concepts become easier to grasp. Your choice of majoring in either accounting or finance will ultimately depend on your personal preference. However, I would suggest at least minoring in the other field.
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Zach’s Answer
Certain people have different outlooks on this issue. I would say that an accounting degree gives you more career options, especially if you end up getting your CPA. I think accounting information translates into finance much more than finance translates to accounting because the way most programs are set up accounting will require several finance classes and then accounting goes more in depth and becomes more specialized within those finance matters. If you are specifically going to be a financial analyst and you know that is what you want to do then finance is probably the way to go as it is an easier curriculum and you won't end up spending extra time learning specialized accounting knowledge that you won't necessarily use. On the other hand though, having that specialized knowledge from accounting could give you a leg up on people you are competing with for jobs and help you advance in your career, but I don't know much about being a financial analyst.
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Rustin’s Answer
As someone who majored in both (BBA Finance, MS Accounting), I would tell you to start with accounting and then finance if you want a career in corporate finance. A lot of corporate finance concepts don't really click without an accounting foundation. If I had to choose one, I would've done accounting (as I'm now a CPA). As a CPA, you get to write your own career, and the sky truly is the limit. People take you a lot more seriously as a CPA, even when you're relatively new in your career.
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Vincenzo’s Answer
Hi Ronnie,
Both Accounting and Finance are great degrees. Depending on the university you chose to attend, they may let you double major in accounting and finance. This is what I did and I found it very beneficial as my accounting classes helped me with my finance classes.
Both Accounting and Finance are great degrees. Depending on the university you chose to attend, they may let you double major in accounting and finance. This is what I did and I found it very beneficial as my accounting classes helped me with my finance classes.
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Shirley’s Answer
Hi Ronnie,
Both finance and accounting are great career options. I have an accounting background, and I think it's a versatile degree in terms of landing accounting and finance jobs.
Both finance and accounting are great career options. I have an accounting background, and I think it's a versatile degree in terms of landing accounting and finance jobs.
Nikolaos Zormpas
Global Manager – Digital Services Offerings / Technology, Software & Services Offerings Marketing
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Nikolaos’s Answer
Hi Ronnie,
As additional advice, I would propose considering the CFA program, which is recognized as a prestigious postgraduate program in the field of finance and can enhance your career prospects and provide you with advanced insights into financial analysis. You can definitely research online for more details about it!
Best of luck!
Regards,
Nikolas
As additional advice, I would propose considering the CFA program, which is recognized as a prestigious postgraduate program in the field of finance and can enhance your career prospects and provide you with advanced insights into financial analysis. You can definitely research online for more details about it!
Best of luck!
Regards,
Nikolas
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Yuxuan’s Answer
Hi Ronnie,
If you want to do FP&A at work, account is a necessary course to gain basic knowledge. I would recommend finance since it covers broader field than accounting.
Best,
Violet
If you want to do FP&A at work, account is a necessary course to gain basic knowledge. I would recommend finance since it covers broader field than accounting.
Best,
Violet
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Josh’s Answer
In general, an accounting degree will prepare you better for an analyst position that involves financial statement review. If you are looking more at the capital allocation and investment areas, a finance degree will be the better option. However, if you can manage the workload, a double major would be extremely valuable. As a bonus, your accounting classes should count as electives for your finance degree and vice versa. That makes the prospect of a double major mush less daunting.
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Takera’s Answer
As someone who is currently studying accounting, I would encourage you to consider a finance degree if you're aiming to be a financial analyst. Accounting is a fantastic field, but it's slightly more specialized and typically leads to a career as an accountant. In contrast, a finance degree offers broader preparation for your career. So, if you're looking to expand your opportunities, a finance degree might be the best fit for your future.
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Lou A’s Answer
I think that majoring in Finance may give you more options in terms of a career, particularly if you are interested in working as analyst or in portfolio management. However, accounting is also valuable and you may be able to add accounting classes to your major. Accounting at times may provide a more stable career particularly during an economic downturn when certain analyst positions could be cut back if you are working for a financial services firm.
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Alexander’s Answer
Both are good options however a finance degree will likely set you up for a broader set of career opportunities while an accounting degree is slightly more specialized.