8 answers
Jake
Student
2
Questions
Asked
757 views
What career should I go into finance or accounting, both seem interesting to me but I don't know which one would make my life more enjoyable. What is your favorite part about either accounting of finance. ?
I'm a senior in highschool, like math classes and social studies classes. I enjoy watching sports and playing fantasy football, I also like to bowl.
8 answers
Andrew Copeland
Cyber Security Manager
4
Answers
New Jersey, New Jersey
Updated
Andrew’s Answer
Hey Jake! I hope all is well. I faced the same dilemma when I was in college. I was very interested in finance and started majoring in Business Administration with a concentration in Finance (but still liked accounting). During freshman year, my accounting professor gave me a very helpful piece of advice: he said if I majored in finance, I would only be able to do finance, but if I majored in accounting, I would be able to do accounting AND finance. It was still early enough in freshman year to switch my concentration from finance to accounting since some of the early courses overlapped, so I switched.
And that's exactly how the early stages of my career began! I started working at PwC after interning for a few summers during college. I loved the nature of the work, how much I learned & how fast, and the ability to travel. Then I eventually transitioned into finance as a senior analyst where I was actually posting journal entries that I learned about in college! So it was cool to see everything come full circle and be able to analyze large set of data, forecasting, and reporting.
As such, I would propose going into accounting to give yourself more opportunities and the ability to do both if you choose to pivot during your career. I eventually found my way into Cyber Security and some of the experience from both accounting and finance such as data analysis and being a quick learner has laid a great foundation. So wherever your career takes you, I have seen for myself and others that starting out in accounting will help to set you up for success. Best wishes and good luck!
And that's exactly how the early stages of my career began! I started working at PwC after interning for a few summers during college. I loved the nature of the work, how much I learned & how fast, and the ability to travel. Then I eventually transitioned into finance as a senior analyst where I was actually posting journal entries that I learned about in college! So it was cool to see everything come full circle and be able to analyze large set of data, forecasting, and reporting.
As such, I would propose going into accounting to give yourself more opportunities and the ability to do both if you choose to pivot during your career. I eventually found my way into Cyber Security and some of the experience from both accounting and finance such as data analysis and being a quick learner has laid a great foundation. So wherever your career takes you, I have seen for myself and others that starting out in accounting will help to set you up for success. Best wishes and good luck!
René H
2
Answers
Zürich, Switzerland
Updated
René’s Answer
Hello Emmanuel, I believe that pursuing financial and accounting studies at the university level is a wise decision. These subjects are technical in nature and may not be easily understood without formal education. Furthermore, upon completion of your degree, you can opt for postgraduate programs and become a Fellow of the Chartered Accountants (FCA), which can significantly advance your career.
In my opinion, accounting can be a bit more monotonous, while finance tends to be broader and somewhat more intricate. However, regardless of the path you choose, there are numerous additional programs and opportunities available to you to further shape your career. So, overall, there's no need for concern. Your future in either field looks promising.
In my opinion, accounting can be a bit more monotonous, while finance tends to be broader and somewhat more intricate. However, regardless of the path you choose, there are numerous additional programs and opportunities available to you to further shape your career. So, overall, there's no need for concern. Your future in either field looks promising.
Jennifer J
Real Estate
3
Answers
Walnut Creek, California
Updated
Jennifer’s Answer
The decision between pursuing a degree in finance or accounting will become more apparent once you start college. Both fields overlap significantly, with many common classes and a requirement to explore aspects of both.
Accounting is a discipline grounded in principles and strict guidelines. If you're someone who thrives on understanding the rules and enjoys repetitive tasks, you might find accounting quite satisfying. It's akin to solving puzzles, playing chess, or engaging in word games where creativity is bounded by the game's rules. Accounting primarily deals with facts and past data.
Furthermore, a career in accounting can offer a balanced lifestyle, as the work hours tend to be more predictable.
Contrastingly, finance encompasses investing, capital management, and other business areas characterized by greater uncertainties, fewer rules, and higher risk-taking. If we draw a parallel to games, a finance major might enjoy playing Monopoly or other games that involve more risk and competition. Finance is more about varying scenarios and future projections.
Careers in finance can be demanding, often involving long hours and unpredictable schedules. While some finance roles can be highly lucrative compared to accounting, they also come with more risk, including less job security.
Accounting is a discipline grounded in principles and strict guidelines. If you're someone who thrives on understanding the rules and enjoys repetitive tasks, you might find accounting quite satisfying. It's akin to solving puzzles, playing chess, or engaging in word games where creativity is bounded by the game's rules. Accounting primarily deals with facts and past data.
Furthermore, a career in accounting can offer a balanced lifestyle, as the work hours tend to be more predictable.
Contrastingly, finance encompasses investing, capital management, and other business areas characterized by greater uncertainties, fewer rules, and higher risk-taking. If we draw a parallel to games, a finance major might enjoy playing Monopoly or other games that involve more risk and competition. Finance is more about varying scenarios and future projections.
Careers in finance can be demanding, often involving long hours and unpredictable schedules. While some finance roles can be highly lucrative compared to accounting, they also come with more risk, including less job security.
Emmanuel Henson, CFP®, EA
Financial Planner
18
Answers
Towson, Maryland
Updated
Emmanuel’s Answer
During my college years, I faced a similar dilemma. The choice became clear to me when I took Managerial Accounting and realized how complex the problems were. Accounting involves more than just basic arithmetic; it also requires memorizing rules and following specific procedures, as any errors can lead to incorrect answers. In contrast, my finance courses focused on finding solutions, modeling changes in input variables, and understanding the interdisciplinary nature needed to utilize accounting statements for decision-making. In my opinion, accounting is backward-looking, while finance is forward-looking and more enjoyable. Personally, I found economics more interesting than both accounting and finance. My final decision was to Major in Finance, which is applied accounting, when you think about it.
Switching gears to the topic of career prospects, I believe that socialization could be an interesting aspect of the daily routine. When it comes to finance, the field is quite divided depending on your academic performance. A top finance student from a prestigious school might pursue a career in investment banking or acquire cross-training in computer languages. On the other hand, a different path might lead to starting at the bottom in financial services. Despite being a B student, I had an enjoyable time in college and joined a large company after graduating, but I was unable to secure a position in their accounting department. Although sales didn't initially appeal to me, I found my footing and now spend most of my days doing interesting things as an owner of my own financial planning and advisory firm. I even obtained a tax designation and several other licenses. Working with people can be challenging, but that's the path I chose, and I am never bored. Every day is different.
For those considering a career in accounting, it's important to note that there will always be demand for accountants, and starting salaries are generally higher than those in financial services. However, the earning potential may plateau in the mid-career stages. Additionally, there is a risk of automation replacing certain accounting roles with AI in the future.
Consider reading a book, and taking the assessment in a book called Strengthsfinder 2.0
Look at College Board to look at Universities with Finance and Accounting departments in your budget, and pay them a visit
Take managerial accounting, and intro to Finance, before declaring. Ask people about Cost accounting
look at Rate my professor for recommendations on who to take. All Accounting professors are not equal
If you don't think you like sales, make sure you get great grades if you study Finance. 3.5 or higher
Switching gears to the topic of career prospects, I believe that socialization could be an interesting aspect of the daily routine. When it comes to finance, the field is quite divided depending on your academic performance. A top finance student from a prestigious school might pursue a career in investment banking or acquire cross-training in computer languages. On the other hand, a different path might lead to starting at the bottom in financial services. Despite being a B student, I had an enjoyable time in college and joined a large company after graduating, but I was unable to secure a position in their accounting department. Although sales didn't initially appeal to me, I found my footing and now spend most of my days doing interesting things as an owner of my own financial planning and advisory firm. I even obtained a tax designation and several other licenses. Working with people can be challenging, but that's the path I chose, and I am never bored. Every day is different.
For those considering a career in accounting, it's important to note that there will always be demand for accountants, and starting salaries are generally higher than those in financial services. However, the earning potential may plateau in the mid-career stages. Additionally, there is a risk of automation replacing certain accounting roles with AI in the future.
Emmanuel recommends the following next steps:
Shrungali Rathod
Asset Pricing Specialist
17
Answers
Dublin, California
Updated
Shrungali’s Answer
Hello,
Both finance and accounting are commendable and rewarding professions in their distinct ways, but making a choice between the two can indeed be challenging.
Finance is typically more extensive and dynamic, encompassing areas like investment analysis, asset management, financial planning, and risk management. If you're drawn to strategic thinking, market analysis, or fields such as investment banking or corporate finance, then finance might be your calling. It often provides more opportunities for high-level decision-making and innovation.
On the other hand, accounting is characterized by structure and precision. It forms the crux of financial reporting, compliance, auditing, and tax planning. If you have an eye for detail, appreciate accuracy, and enjoy understanding the workings of a business through its numbers, then accounting could be your ideal profession. It's generally a stable career with clear progression paths, such as becoming a Certified Public Accountant (CPA).
As for the aspects I find most appealing in each:
In finance, I appreciate the need to continually study and analyze how various elements - from economics and politics to global trends - influence markets.
In accounting, I find satisfaction in presenting an accurate representation of a company's financial health, ensuring everything is precise and in order.
Which aspects of these fields pique your interest? Perhaps that could steer you towards a decision.
Best of luck!
Both finance and accounting are commendable and rewarding professions in their distinct ways, but making a choice between the two can indeed be challenging.
Finance is typically more extensive and dynamic, encompassing areas like investment analysis, asset management, financial planning, and risk management. If you're drawn to strategic thinking, market analysis, or fields such as investment banking or corporate finance, then finance might be your calling. It often provides more opportunities for high-level decision-making and innovation.
On the other hand, accounting is characterized by structure and precision. It forms the crux of financial reporting, compliance, auditing, and tax planning. If you have an eye for detail, appreciate accuracy, and enjoy understanding the workings of a business through its numbers, then accounting could be your ideal profession. It's generally a stable career with clear progression paths, such as becoming a Certified Public Accountant (CPA).
As for the aspects I find most appealing in each:
In finance, I appreciate the need to continually study and analyze how various elements - from economics and politics to global trends - influence markets.
In accounting, I find satisfaction in presenting an accurate representation of a company's financial health, ensuring everything is precise and in order.
Which aspects of these fields pique your interest? Perhaps that could steer you towards a decision.
Best of luck!
Muthu Maheswaran
Director Payroll - Microsoft Operations Ltd Singapore
1
Answer
Singapore
Updated
Muthu’s Answer
Deciding between a career in finance and accounting is a personal choice, based on your individual interests, abilities, and long-term aspirations. Both fields offer unique career paths, but they also intersect in certain areas. Here are some insights to guide your decision:
Finance: This field is primarily concerned with managing money, investments, and risk. It's future-oriented, focusing on financial strategy, forecasting, and identifying growth opportunities. Potential careers in finance include investment banking, financial analysis, corporate finance, or wealth management. It's a field that requires strategic thinking, a vision for the big picture, and a keen interest in investments and growth.
Accounting: This field revolves around the recording, categorizing, and reporting of financial transactions. It's more of a back-office role, looking at past data to ensure that financial records are accurate and comply with laws and regulations. Career options include becoming an auditor, tax consultant, management accountant, controller, or even a Chief Accounting Officer for large corporations.
When it comes to what I love most about each field, I find the strategic aspect of finance thrilling because it allows you to influence growth and direction. On the other hand, the satisfaction in accounting comes from the clarity and precision it provides, knowing that everything balances out correctly. I've chosen a role in Finance Operations, which nicely combines elements of both finance and accounting. I hope this information is helpful to you.
Finance: This field is primarily concerned with managing money, investments, and risk. It's future-oriented, focusing on financial strategy, forecasting, and identifying growth opportunities. Potential careers in finance include investment banking, financial analysis, corporate finance, or wealth management. It's a field that requires strategic thinking, a vision for the big picture, and a keen interest in investments and growth.
Accounting: This field revolves around the recording, categorizing, and reporting of financial transactions. It's more of a back-office role, looking at past data to ensure that financial records are accurate and comply with laws and regulations. Career options include becoming an auditor, tax consultant, management accountant, controller, or even a Chief Accounting Officer for large corporations.
When it comes to what I love most about each field, I find the strategic aspect of finance thrilling because it allows you to influence growth and direction. On the other hand, the satisfaction in accounting comes from the clarity and precision it provides, knowing that everything balances out correctly. I've chosen a role in Finance Operations, which nicely combines elements of both finance and accounting. I hope this information is helpful to you.
Michael Q
Transactions Analyst
1
Answer
Hartford, Connecticut
Updated
Michael’s Answer
Hi Jake! Hope your fantasy football team's doing well. Just to give you a bit of background, I kicked off my career journey in asset management, starting with trading and then moving to private credit. Now, I'm in the commercial real estate game. I have buddies in both the finance and accounting sectors.
Both fields offer a wide variety of career paths, but finance tends to cover a broader range. In accounting, your tasks might be a bit more predictable and repetitive, while in finance, your daily duties and projects could change quite a bit depending on your specific role.
To be honest, I don't think either field guarantees a more enjoyable life. I've seen my accounting friends go through their "busy season," where work-life balance can get a bit tricky, but it's only for a short while. The work-life balance in finance really depends on your role. For instance, investment banking can be quite demanding with long hours (think 80+ per week), but roles in asset management or wealth management usually stick to a more standard 40-50 hour work week.
One of the things I love about finance, real estate, and investment management is how the markets are always shifting along with the economy. It's a field that keeps you on your toes, making you think critically about economic cycles and challenging you to solve complex problems.
I'd recommend doing some research on the different career paths in both finance and accounting. See which one lines up best with your skills and career goals.
Both fields offer a wide variety of career paths, but finance tends to cover a broader range. In accounting, your tasks might be a bit more predictable and repetitive, while in finance, your daily duties and projects could change quite a bit depending on your specific role.
To be honest, I don't think either field guarantees a more enjoyable life. I've seen my accounting friends go through their "busy season," where work-life balance can get a bit tricky, but it's only for a short while. The work-life balance in finance really depends on your role. For instance, investment banking can be quite demanding with long hours (think 80+ per week), but roles in asset management or wealth management usually stick to a more standard 40-50 hour work week.
One of the things I love about finance, real estate, and investment management is how the markets are always shifting along with the economy. It's a field that keeps you on your toes, making you think critically about economic cycles and challenging you to solve complex problems.
I'd recommend doing some research on the different career paths in both finance and accounting. See which one lines up best with your skills and career goals.
Rebecca Tang
Banking
1797
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. There are many careers related to finance or accounting.
Below are my suggestions:
1. Do you have interest to be financial analyst, accountant, trader, equities research analyst, auditor, finance manager, banker, etc? You can find out more careers online
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from your mentor, school career counselor, your parents, etc
4. Shortlist 1-2 careers you would like to pursue
5. Explore the entry criteria of relevant subjects in colleges
Hope this helps! Good Luck!
May Almighty God bless you!
Below are my suggestions:
1. Do you have interest to be financial analyst, accountant, trader, equities research analyst, auditor, finance manager, banker, etc? You can find out more careers online
2. Find out more on these careers and determine what you have interest
3. Speak to someone who are working in these careers. Seek guidance from your mentor, school career counselor, your parents, etc
4. Shortlist 1-2 careers you would like to pursue
5. Explore the entry criteria of relevant subjects in colleges
Hope this helps! Good Luck!
May Almighty God bless you!
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