Written by Michael Feder
Reviewed by Kathryn Uhles, MIS, MSP, Dean, College of Business and IT
This article was updated on March 8, 2024.Â
If you are interested in a math-driven field, a degree in accounting or finance may be something to consider. Accounting and finance degrees both focus on using math to help businesses succeed, but the two programs have differences. For students studying accounting, this means using their skills to handle budgets, taxes and audits. For those specializing in finance, this means using their skills in more big-picture ways, including in-depth studies in analysis of strategic growth, company finances and business principles.
Here, we speak with Joseph Aranyosi, associate dean of the College of Business and Information Technology at °®ÎŰ´«Ă˝, about the differences between accountants and financial directors:
Joseph Aranyosi
Associate Dean, College of Business and Information Technology
“Typically, accountants manage daily/monthly financial transactions and records (e.g., cash flow, income statements, balance sheets), whereas financial directors oversee overall corporate financial assets/capital (e.g., investing, borrowing, lending, budgeting and forecasting functions). In other words, accounting generally looks at past and present transactions (such as assets, liabilities, equity) while finance focuses on forecasting, profitability and strategic decision-making (e.g., investment opportunities and expected future performance).”
Accounting and finance degrees provide different opportunities. With deeper insight to what each degree offers, you can find the choice that aligns with your goals.Â
An accounting degree typically refers to an . A Bachelor of Science in Accounting (BSA) can help prepare you with skills to pursue a career in accounting, in which you help organizations run more efficiently. This degree is often a prerequisite for an accounting position.
Accounting programs are an excellent fit for those who enjoy math and the prospect of learning complex financial concepts. Ideal candidates should also have strong attention to detail and value precision.
We spoke with Natalie Pratt, MAEd, MC, MBA, associate dean, College of Business and Information Technology, about important skills and qualities to learn in an accounting program to best step into the field: “In the field of accounting, being good at math, paying attention to details and enjoying diving into complex financial concepts are essential skills. Math ensures accuracy, attention to detail keeps everything in order, and a passion for understanding complex financial ideas fosters success in the dynamic world of accounting.”
Similarly, Aranyosi explains: “Accounting involves a great deal of numerical analysis and computation, requiring accuracy and attention to detail when recording financial transactions and preparing reports. Students who enjoy analyzing complex financial concepts, such as accrual accounting, depreciation, inventory valuation and financial statement analysis, will find accounting engaging. They’ll be able to use a wide variety of problem-solving skills to identify discrepancies in financial data and make corrections to address them.”
The money that goes into and out of a business must be tracked and analyzed to ensure the business is financially sound. Accounting professionals work with businesses daily to balance budgets and identify areas of fiscal concern.
When students earn an accounting degree, they generally learn skills in:
Quality accounting programs provide resources to learn skills that businesses in the current marketplace may be looking for in new hires. The accounting program at UOPX teaches specific accounting skills and principles with hands-on accounting practices.Â
What can you do with an accounting degree? Within the accounting profession, there are multiple options, including:
According to the U.S. Bureau of Labor Statistics (BLS), typically require a bachelor’s degree in accounting. Some employers prefer candidates to have a master’s degree, especially if they manage teams or work as organizational controllers.Â
As of May 2023, it's reported that accountants made , with a median wage of $79,880, according to BLS. Salaries can vary based on many factors, including the sector where you work and the size of your organization.
According to BLS, the job outlook for accounting professionals is projected to grow by .
One important thing to consider is the difference between public and private accounting: Private accountants help businesses with tax prep, financial analyses and internal audits. Public accountants provide these services to private, public or government organizations. Â
Pratt shares: “The main difference is that with public accounting, services are being performed on behalf of another entity (e.g., government organization), whereas in private accounting, one is in business for themselves or a privately owned organization.”
Aranyosi further explains: “Both complete similar tasks. The main differences are when they’re busiest (e.g., tax season versus the end of a fiscal quarter or year), how much they get paid (since private firms generally pay better) and the size of their team (private businesses generally have smaller teams than public/government groups).”
Salary ranges are not specific to students or graduates of °®ÎŰ´«Ă˝. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. °®ÎŰ´«Ă˝ does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.
BLS Occupational Employment Projections, 2022-2032 is published by the U.S. Bureau of Labor Statistics. This data reflects BLS’ projections of national (not local) conditions. These data points are not specific to °®ÎŰ´«Ă˝ students or graduates.
Finance degrees can take several forms, including a dedicated bachelor’s or master’s degree. A finance degree program usually focuses on a few essential topics that go beyond the scope of day-to-day accounting. for finance majors include the following skills:
While an accounting degree teaches students to help businesses and individuals with their concrete, day-to-day financial needs, a finance degree often has a bigger-picture focus. Professionals with a finance degree help businesses make solid financial decisions that contribute to growth.
When students take finance classes, they generally learn skills to use as financial analysts, advisors or planners. These skills include investing, financial planning, ethics, and risk management and insurance planning. According to Aranyosi, quality finance programs cover the requisite content needed to pursue careers and certification opportunities in finance. Students might study content such as investments, financial accounting, fraud examination and forensic accounting, public finance, behavioral finance, international finance and trade, financial technology, and retirement and benefits planning.
What can you do with a finance degree? Much like an accounting degree, studying finance can open up potential career options. A finance degree can help students develop business skills they need to succeed in the workplace. Individuals who hold a finance degree might work in industries such as banking, investing and insurance. They use their knowledge of math, economics, business and finance to help businesses make strong financial decisions. In some cases, finance professionals can even help individuals plan for their retirement or other goals.
Choosing which degree to pursue is an important decision. If you are trying to choose between an accounting or finance degree, then consider what your long-term goals are and what kinds of skills you want to develop throughout your degree program.
If you are considering earning a degree online, college advisors can help you understand the benefits of different degrees and which option fits your professional aspirations. In the end, it all comes down to what your goals are and what you are passionate about studying and working toward every day.Â
°®ÎŰ´«Ă˝ offers a variety of programs in accounting and finance. Students may pursue one of the following online programs:
A graduate of Johns Hopkins University and its Writing Seminars program and winner of the Stephen A. Dixon Literary Prize, Michael Feder brings an eye for detail and a passion for research to every article he writes. His academic and professional background includes experience in marketing, content development, script writing and SEO. Today, he works as a multimedia specialist at °®ÎŰ´«Ă˝ where he covers a variety of topics ranging from healthcare to IT.
Currently Dean of the College of Business and Information Technology, Kathryn Uhles has served °®ÎŰ´«Ă˝ in a variety of roles since 2006. Prior to joining °®ÎŰ´«Ă˝, Kathryn taught fifth grade to underprivileged youth in °®ÎŰ´«Ă˝.
This article has been vetted by °®ÎŰ´«Ă˝'s editorial advisory committee.Â
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