Accounting and finance are two related fields, but their roles and rewards differ considerably. With an accounting degree, you’re well-equipped to pursue a fruitful career in financial services, taxation, and auditing. Finance degrees focus more heavily on investments, financial planning, and risk management.
When it comes to salary, accounting graduates tend to earn more than those who pursue a finance degree. According to the U.S. Bureau of Labor Statistics, in May 2019, the median annual salary for an accountant was $71,550, while financial analysts earned a median of $85,660. That said, salaries for either field will depend on a variety of factors like job title, industry, and related experience.
In terms of job outlook, there’s also a slight advantage to the accounting versus finance degree. Current projections from the Bureau of Labor Statistics show that job growth for accountants is projected to grow by 4 percent between 2018 and 2028, while financial analyst positions will experience much faster growth of 11 percent.
Another major benefit of a degree in accounting is the fact that it provides a solid basis of knowledge, skills, and understanding that can help you land other roles in the field. For example, if you hold an undergraduate degree in accounting or a related field, you may also qualify for jobs in financial analysis and estate planning.
Meanwhile, a finance degree can open the door to working in investment banking, securities and commodities trading, or as a certified financial planner. Many of these positions require advanced degrees and certifications.
Ultimately, both accounting and finance degrees offer ample career opportunities and competitive salaries. It’s important to bear in mind that employers often value both sets of skills, so having a degree in either can increase your chances of landing a good job. In addition, having a background in both disciplines can give you even greater job prospects and earning potential.
Article Created by A.I.