Finance and Accounting are two excellent majors. They are business majors and cover an array of fields, giving graduates considerable job opportunities. The employment growth is good and currently, there are many jobs available.
Finance and Accounting degrees are considered FAME subjects. The acronym of FAME refers to finance, accounting, management, and economics. FAME subjects such as finance and accounting are the backbone of the world of business. Business ranked 2nd in The Best College Degrees In 2023.
The Main Differences Between Finance And Accounting
It can be hard to tell the difference between these two disciplines because they share many similarities. Both majors are concentrations within a business or business administration degree. In college, it can be confusing to students because many of the same classes, such as economics, accounting, math, business, and management will overlap with different concentrations. As a business major, I took both Finance and Accounting classes even though my concentration was Entrepreneurship.
I think the easiest way to differentiate between these two majors is, Finance is the management of money and Accounting is the reporting of money. In Finance you try and make more money and in Accounting, you keep track of where the money goes. If you like strategy and control Finance might be a good major for you. However, if you like rules and regulations Accounting may be the perfect major for you.
A Bachelor’s Degree In Finance
The Finance concentration emphasizes a conceptual and applied approach to the development of professional skills necessary for careers in such fields as banking, investments, corporate financial management, financial planning, insurance, and financial services.
Consideration and emphasis are given to the role played by financial markets, financial intermediaries, nonfinancial corporations, governments, and individual investors in the global economy.
The curriculum is designed to familiarize students with the financial management of business operations, the operation and management of financial institutions and markets, and the financial aspects of investing, portfolio management, and risk management.
A Bachelor’s Degree In Accounting
The objective of the Accounting concentration is to provide conceptual and practical knowledge to college students who will practice accounting or use accounting in business or other organizations. Students in Accounting have the opportunity to take courses of study in preparation for careers in public accountancy, private industry, and government.
Concentration in Accounting prepares college students for careers in the fields of business, finance, insurance, banking, government agencies, tax authorities, and other profit and nonprofit organizations.
Some of these career opportunities may lead to professional certifications such as Certified Public Accountant (CPA), Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Governmental Financial Manager (CGFM).
What Types Of Careers You Can Peruse
A graduate beginning their career in Finance might pursue a career in one of the following areas:
- Investment Banker
- Insurance Officer
- Personal Financial Advisor
- Loan Officer
*Some of the higher-paying finance jobs require a graduate degree. Typically, a Master’s of Business Administration (MBA) or a Master’s of Finance (MF).
- Commercial Banker
- Chief Financial Officer (CFO)
- Financial Manager
- Hedge Fund Manager
A graduate beginning their career in Accounting might pursue a career in one of the following areas:
- Auditor (External or Internal)
- Certified Public Accountant (CPA)
- Budget Analyst
- Credit Controller
- Tax Advisor
Which Major Is Easier
I don’t like to say whether one major is harder than the other because that depends on each student’s strengths and weaknesses. Having said that, an Accounting degree is considered more difficult than a Finance degree. This is mainly because Finance is broad, it covers many areas in the business world so the classes are varied. Accounting is narrowly focused on professional principles and processes.
Which Degree Pays More
While both majors have good salaries, according to the US Bureau of Labor Statistics, those in Finance careers typically make more.
FAME (Finance, Accounting, Management, and Economics) Majors
FAME majors include a variety of business and corporate studies that focus on building a solid business foundation, analytical skills, and specialized disciplines according to the concentration chosen. Finance and Accounting are both FAME majors. However, there are other majors that are considered FAME majors that offer great careers across many industries.
Other FAME majors include Business Sociology, Corporate Law, Entrepreneurship, Hospitality and Tourism Management, Human Resources Management or Organizational Behavior, International Business, Project Management, Real Estate, Risk Management, Strategic Management, and Supply Chain Management.
If Finance and Accounting don’t seem like a good fit for you, there are other FAME opportunities that might interest you. The career opportunities for FAME majors are varied due to the broad range of business degrees and specialized concentrations.
Some of the many career opportunities include accountant, arbitrator, auditor, bank officer, economist, financial analysis, human resource officer, management consultant, marketer, project manager, public relations manager, real estate agent, research and analysis, sales manager, supply chain logistics manager, and many more. With so many industries, there are several other careers that college graduates may also pursue.
STEM (Science, Technology, Engineering, and Math) Majors
Another great field of study is STEM. Like FAME majors, STEM majors will stand the test of time. They have strong employment growth in all fields. With technology changing at such a fast rate it’s smart to pursue a degree that’s in a field of cutting-edge innovation. Two great majors you may want to consider in the STEM field are Computer Science and Computer Engineering.