Part 1 What are the differences between accounting majors and finance majors?

While accounting is concerned with the day-to-day management of financial reporting and records throughout the business world, finance uses the same information to predict future growth and analyze spending to develop corporate financial strategies. Therefore, finance majors may be more interested in financial strategies and controls, while accounting majors will focus more on professional principles and processes for managing numbers rather than influencing numbers.

Part 2: What aspects of knowledge will accounting majors learn?

An accounting degree will provide the foundation for a professional accounting career as well as many other related careers. Accounting careers often involve analyzing and using financial information to evaluate the financial health of a business. This includes anything from basic bookkeeping to managing balance sheets and profit and loss statements. The accounting profession typically focuses on past records and present reporting, including the creation and analysis of those records, and is now often expanded to include planning, control, decision-making, management, and accountability.

While it is fairly easy to pursue a career in accounting with just a bachelor's degree, graduate school is an option for those who want to gain further expertise in a specific field. In order to become a chartered accountant, you need to obtain further professional qualifications specific to the country in which you wish to work. However, depending on the recruitment industry, these professional qualifications can sometimes be gained on the job and are often subsidized by employers.

Subjects for accounting majors:

Those who study accounting can often specialize in subjects such as auditing, taxation, risk assessment, international accounting and management accounting. Forensic accounting is another possible option that immerses students in real-life case studies in order to gain a comprehensive understanding of how accounting procedures are used in legal proceedings, such as those related to fraud, electronic crime, insurance claims, bankruptcy, and corporate ethics . As with finance degrees, the same goes for those who wish to further professionally and independently study accounting.

Part 3: What aspects of knowledge will finance majors learn?

On the other hand, a finance degree is a great starting point for careers in financial services, business, banking and consulting. U.S. salary data collected by PayScale shows that finance careers are also likely to pay better than most accounting careers. That's because finance careers typically focus on the management of a business or organization's current and future data, rather than just recording past and present income and expenses. This means that those in finance careers often have the additional responsibility of forecasting and analyzing potential profits and growth, evaluating monetary resources, utilizing accounting statistics and reporting, and looking externally for future financing options.

Subjects for finance majors:

For those pursuing a finance degree, common professional courses include corporate finance, financial valuation, behavioral finance, derivatives, capital markets, measurement Economics, financial modeling, quantitative finance, investment management, financial regulation, financial reporting, and even some aspects of accounting. These majors, although taught in only one course at the undergraduate level, are sometimes offered as a separate course at the graduate level. Other possible courses include financial management, banking, international finance, financial engineering, risk and financial planning.

Part 4 What are the admission requirements for accounting and finance majors?

To study accounting or finance at the undergraduate level, you do not need to have relevant work experience or a degree specifically in accounting or finance. However, applicants will be asked to demonstrate their numerical abilities, as well as their interest in the accounting and finance sector. This can be achieved through A grades in high school and related STEM (science, technology, engineering and mathematics) and prestigious subjects such as business, mathematics, economics, computer science and other science and technology. Extracurricular activities such as membership in math clubs may also be considered.

If you are applying to a postgraduate course in accounting or finance, you will be expected to have completed a relevant undergraduate course and/or several years of relevant professional work experience. However, this is not always mandatory and students can demonstrate their quantitative and analytical skills through content covered in their previous degree or by taking exams such as GMAT (Graduate Management Admission Test) or GRE (Graduate Record Examination) .

Part 5 What are the advantages of studying for graduate school in accounting and finance?

At postgraduate level, accounting and finance degrees have become even more popular, with up to 25% of all full-time postgraduate students in the UK taking courses associated with prestigious courses. This popularity comes from the fact that many accounting and finance careers require highly specialized skills, with high demand for graduates who are ready to keep pace with ongoing developments, new processes, changing markets and emerging technologies. Those who study accounting or finance at the graduate level often benefit from a stronger understanding of the theories and models that underlie surface-level processes. This can better prepare them to adapt to the environment and make sound business decisions at the management level.

Part 6 What are the qualification certificates for accounting and finance majors?

In order to become a qualified accountant, you need to obtain a professional accounting qualification, such as the globally recognized Association of Chartered Certified Accountants (ACCA) or Chartered Institute of Management Accountants (CIMA) certificates.

If you study at postgraduate level, depending on the specific credits and modules you study, you may find that you do not need these external qualifications.

Practical experience is also widely regarded as an important factor in helping students deepen their understanding of accounting and finance topics and prepare for professional roles. While a predominantly theoretical approach is adopted at undergraduate level, for research-based courses and taught master's degree courses there are greater opportunities to gain practical experience during your studies. This may be a formal requirement for the degree, or it may simply be an additional option that students are encouraged to pursue, often with advice and support from the course leader and the University Careers Service.

Part 7 What are the career directions for accounting majors and finance majors?

Accounting and finance graduates are in high demand, with employer demand showing little sign of slowing down. The U.S. Bureau of Labor Statistics predicts that employment opportunities for accountants and auditors will grow by 10% in the 10 years ending in 2026, while employment opportunities for financial analysts are expected to grow by 11% during that period. Sectors expected to provide the greatest job growth within these areas include management, scientific and technical consulting services; computer systems design and related services; accounting, tax planning, bookkeeping and payroll services; and general financial investment activities.

However, keep in mind that many of the fastest-growing positions are expected to be for students with graduate degrees in those majors. On the other hand, other less specialized jobs currently have lower levels of demand; these roles include data entry, file clerks, typists, couriers and switchboard services.

Accounting firms, insurance companies, building societies, investment banks, commercial banks and public sector bodies are just some of the potential employers for people with accounting or finance degrees, with large multinational financial services companies still offering many Most popular opportunity. These companies often conduct large-scale recruitment campaigns to attract the most promising graduates in the field. But despite the relative abundance of these opportunities, entry is still very competitive – so a specialist postgraduate degree can really help you stand out.

Part 8 What is the future salary for accounting majors and finance majors?

The American Association of Colleges and Employers pointed out in an analysis report on the business majors with the highest salaries for American graduates that the average starting salary for accounting graduates in the United States is US$57,511, while the starting salary for finance graduates is The salary is slightly higher at $58,464. At the graduate level, the gap widens; finance graduate students earn an average annual salary of $74,201, while accounting graduate students earn an average starting salary of $69,605. While this means finance is the more promising major, if you decide to get a professional accounting qualification on top of your degree, you could earn up to $68,000 as a CPA.