If you're torn between finance and accounting, we've got you covered. Learn the unique elements of these two fascinating fields.
 

Not sure whether you want to pursue a degree in accounting or finance? Don’t worry, you’re not alone. Many aspiring business professionals have found themselves at the same crossroad: weighing which of these two fields might be the best fit for their unique skills and interests.

Overall, what’s the difference between finance and accounting?

While accounting and finance degrees both focus on business and personal finance and overlap in coursework and skill development, they do have significant differences that can shape your potential career pathway.

“Finance emphasizes analyzing financial data to make critical business decisions, while accounting focuses on recording and interpreting financial transactions,” explains Dr. Carla Henryhand, assistant vice provost and accounting program dean at Strayer University.

“Making a decision between the two fields will require an understanding of one’s own personal career goals and interests to determine the most optimal path for achieving long-term opportunities,” she says.

Still not sure which degree may be the best fit for you? Let’s delve deeper into the similarities and differences of accounting and finance degrees to help you decide between the two.

What type of coursework can you expect from each program?

There may be overlap in the required and elective courses for finance and accounting degrees since the two fields share some of the same foundational knowledge. You might find subjects like business law and principles of finance, accounting, economics and communication on course lists for both degrees.

If you’re working toward a degree in finance, once you’ve completed the courses mentioned above you may be required to take courses focused on investing, risk management and financial markets and institutions. Elective courses allow you to explore your individual interests further. If you’re pursuing a finance degree, you may enjoy the complex business strategy and take a course in mergers and acquisitions. Interested in international finance and how different countries’ economies can impact each other? Then try opting for coursework in foreign exchange. Hands-on projects may involve evaluating investment opportunities or assessing the financial impact of companies’ strategic decisions.

On the other hand, if you choose to pursue a degree in accounting, you’ll likely go in depth about individual and corporate tax law, plus classes on auditing and accounting information systems. If you’re interested in social or environmental causes, you might use an elective to take a government and nonprofit accounting class. Or, if your passion is working alongside people from different countries and cultures, you might consider an international accounting course. Assignments and coursework may look like preparing financial statements, simulating an audit process or creating budgets.

Learning what subjects interest you most can be a helpful way to determine what field might be right for you, so review course catalogs for programs you’re considering and pay attention to what course descriptions spark your interest! 

What skills will you develop?

Both programs prepare you to develop financial literacy, analytical skills to review and interpret financial information, and communication skills for delivering reports and presentations.

Finance degrees place more emphasis on managing investments, financial planning and corporate decision-making. You’ll aim to develop skills in financial analysis, investment management, financial management, risk assessment and more. You’ll probably also learn your way around helpful tools like Excel.

Accounting degrees focus on compliance with accounting principles and regulations and recording, reporting and analyzing financial transactions. You’ll work toward skill mastery for preparing and analyzing financial statements, auditing financial records, understanding tax laws and regulations and more. You’ll likely practice using software like Excel and QuickBooks.

What types of work experiences are common to people with finance or accounting degrees?

Both finance and accounting professionals can work in government agencies, nonprofits, and any number of private businesses, but their roles within those organizations tend to be quite different.

Professionals with a finance degree often have a broader strategic focus, making investment decisions and driving financial planning and analysis to support the organization’s goals. Some fields finance graduates may work in include investment banking, financial analysis and portfolio management.

Accounting professionals, on the other hand, may focus on more operational and compliance-oriented roles, ensuring accurate financial reporting and adhering to accounting standards. Additionally, accounting graduates may find careers in fields like tax accounting and bookkeeping.

After completing a degree in finance or accounting, you may want to consider pursuing additional certifications to enhance your skills and demonstrate your expertise in your chosen field.

“The choice of pursuing a degree in either accounting or finance largely depends on the personal goals and interests of the individual,” Dr. Henryhand notes. Those who prefer working directly with numerical data, problem-solving and completing detailed financial analysis may prefer an accounting career path. Alternatively, those who enjoy assisting with risk management, valuations and investment decisions may find finance a more suitable path.

“Regardless of the decision, it should be based on personal preference, individual skills and strengths and overall career objectives," Dr. Henryhand says.

 

Learn more about Strayer University’s online degree programs.