2 answers
Jake
Student
2
Questions
Asked
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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.
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2 answers
Shrungali Rathod
Asset Pricing Specialist
9
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!
Emmanuel Henson, CFP®, EA
Financial Planner
17
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: