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Navigating Your Future: Finance vs. Accounting Degrees

Revised: May 30, 2025

Finance and accounting are closely related; both fields pertain to tracking and managing money. However, the terms are not interchangeable. Anyone interested in launching a career in one of these fields will need to understand the difference between finance and accounting, as this will allow them to choose a degree program that suits their strengths, individual passions, and long-term career goals.

Finance vs. Accounting: Key Differences

If you are looking at an accounting vs. finance degree, it's important to understand the key differences between these two fields. 

What Is Finance?

Finance is the study and management of money, investments, and financial systems. It focuses on how individuals, businesses, and governments allocate resources over time and under conditions of uncertainty. Students in a finance program typically explore financial markets, risk management strategies, and the management of money at various levels, from personal finance to corporate investments. A strong foundation in quantitative analysis, forecasting, and budgeting is essential for success in this field.

What is Accounting?

Accounting involves the systematic recording, analysis, and reporting of financial transactions. Often referred to as the language of business, accounting ensures that financial information is accurately maintained and communicated. This discipline includes financial accounting, auditing, taxation, and the use of information systems to manage financial records. Accounting majors learn how to prepare financial documents like balance sheets, maintain the general ledger, and comply with standards such as GAAP (Generally Accepted Accounting Principles).

Essential Skills for Accounting and Finance

Although finance and accounting careers require many of the same skills, it's still important to choose a degree program that aligns with the specific goals of your chosen field.

Accountant

According to Forbes, the most essential skills for an aspiring accountant include:

  • Detail-oriented
  • Organized
  • Capacity for critical thought

Accountants must also complete a degree program that helps them become well-versed in basic accounting principles. They also should acquire professional experience that allows them to effectively and efficiently review financial statements, prepare financial reports, and perform auditing tasks.

Finance Professional

According to Indeed, the most essential skills for a finance professional include:

  • Detail-oriented
  • Organized
  • Analytical
  • Problem-solving

Those who want to work as a financial advisor or financial analyst also need to be able to budget effectively, perform risk analysis and valuation, and manage cash flow.

Role in Decision-Making

As professionals who spend more time tracking and managing cash flow, accountants play a less active role in the financial decision-making at any organization. Instead, they monitor the accounts and review that all accounting guidelines are being followed. Individuals who are more interested in providing real-time feedback and playing a role in making those crucial financial decisions may be well-suited to a career in finance, where you would have more opportunities to work with clients and provide actionable insight to help them accomplish their short-term and long-term financial goals.

Long-Term vs. Short-Term View

In the finance sector, professionals often look into the future to create dynamic strategies for their clients. Whether you work in the financial planning industry and deal primarily with individuals or specialize in corporate finance, you often look months and years ahead to create an effective investment strategy that allows your clients to accomplish their financial goals.

Accounting, on the other hand, is much more focused on the short-term. A CPA, for instance, will work to create accurate financial reports and prepare tax documents for the current fiscal year rather than trying to help their clients develop a financial management strategy for the future.

Choosing the Right Career and Degree

Knowing your interests and identifying your professional goals within this sector will help you choose the right career path and degree program.

Educational Pathways

There are two distinct educational pathways for those interested in pursuing a career in finance or accounting. Suppose you want to work as an auditor or in public accounting. If so, your best option is to pursue an accounting degree. Whether you opt for an associate or a bachelor's degree in accounting, you will receive the foundational knowledge and skills-based training necessary to launch a career in this field.

Suppose you are more interested in financial planning or hope to work as a financial analyst. In that case, a finance degree program is a better choice. This degree program will focus on long-term financial strategy development, investments, and risk analysis.

Career Trajectories

When comparing an accounting vs. finance degree, you will see that both programs offer varied career trajectories. Personalizing your career path to accommodate your strengths, professional interests, and long-term goals is easy.

Earning an accounting degree will give you the skills and experience necessary to begin working as an accountant. From there, you may find that you are interested in working as an auditor or specialize in your career by focusing on public accounting.

The career trajectory for those in finance can be more varied. An entry-level finance professional may begin working as a financial planner. However, they may go on to earn positions as a senior financial analyst or budget management specialist.

Careers in Finance

  • Financial analyst: Financial analysts evaluate economic and business trends to help companies make informed investment decisions. They study financial information, conduct quantitative analysis, and prepare reports that influence budgeting and forecasting strategies.
  • Financial advisor: Financial advisors guide clients on personal finance decisions, including investments, retirement planning, and estate management. They must stay current with financial markets and help clients achieve financial goals while managing risk.
  • Financial manager or planner: Financial managers are responsible for overseeing a company’s financial health. They direct budgeting processes, manage financial reporting, and ensure the organization's financial transactions align with strategic goals. According to the U.S. Bureau of Labor Statistics (BLS), financial managers earn a high median salary and are in strong demand across industries.
  • Financial broker: Financial brokers act as intermediaries between buyers and sellers in financial markets. They facilitate the trading of stocks, bonds, and other financial instruments, often working for brokerage firms or investment companies.
  • Investment banker: Investment bankers help companies raise capital by issuing securities and facilitating mergers or acquisitions. This high-stakes role requires deep knowledge of financial markets, risk analysis, and complex financial documents.
  • Finance operations director: Finance operations directors lead teams in charge of a company’s financial systems and processes. They focus on operational efficiency, compliance, and strategic financial planning. Their expertise often spans information systems, risk management, and long-term financial forecasting.

Careers in Accounting

  • Tax accountant: Tax accountants specialize in preparing and filing tax returns for individuals and businesses. They stay updated on tax codes and help clients minimize liabilities while complying with regulations related to taxation.
  • Financial reporting accountant: These professionals prepare and analyze financial reports to ensure accuracy and compliance with GAAP. They are instrumental in delivering timely financial information for both internal and external stakeholders.
  • Certified public accountant: CPAs are licensed professionals authorized to perform audits, review financial records, and provide tax and consulting services. Becoming a certified public accountant requires passing the CPA exam and meeting state licensing requirements.
  • Cost accounting manager: Cost accounting managers analyze production and operational costs to help companies improve profitability. They maintain detailed financial records and work closely with budgeting and forecasting teams.
  • Accounts receivable clerk: Accounts receivable clerks manage incoming payments and maintain records of financial transactions. Their work is crucial for tracking outstanding invoices and maintaining accurate financial documents.
  • Accounts payable clerk: These professionals are responsible for processing outgoing payments and maintaining vendor records. They help ensure accurate financial reporting and manage the general ledger for accounts payable.
  • Technical accounting manager: Technical accounting managers provide guidance on complex accounting issues, including revenue recognition, lease accounting, and regulatory changes. They play a key role in ensuring compliance with financial accounting standards and internal audit protocols.

Industry Demands

Both the financial and accounting industries are dynamic industries that are constantly changing. The current economic conditions often influence them, and professionals in these sectors must be ready to ebb and flow along with the times. Most professionals in the finance and accounting fields work full-time, with accountants often working longer hours during the busy tax season each year.

Salary Expectations

The finance and accounting fields are known for their lucrative career opportunities. According to the Bureau of Labor Statistics, financial professionals can expect to earn an average annual salary between $80,000 and $100,000. The Bureau of Labor Statistics notes that the median annual salary for accountants in 2022 was about $78,000.

Educational Options

There are several educational options to consider when you are interested in a career in finance or accounting, allowing you to choose a degree program that suits your current lifestyle.

Online vs. In-Person Study

The first significant decision you must make regarding your degree program is whether you pursue your degree online or in person. Previously, online degree programs were considered an alternative to traditional, in-person programs. However, in recent years, they have become the preferred option among students. An online degree program provides the same high-quality educational experience yet allows students to complete their coursework in a time and manner that is convenient for them. Online degree programs are ideal for students currently working or with other personal responsibilities that may make it difficult to attend class in person.

Benefits of an Associate Degree

An associate degree program is ideal for students looking to begin working in accounting as soon as possible. An associate degree takes about two years when completed at the standard pace. It is more affordable than a bachelor's degree program. At Champlain College Online, our associate degree in accounting is the ideal stepping stone to a financial career. It provides the foundational knowledge needed to work as an accountant while allowing you to develop your interest or niche in this field. Once you have earned an associate degree, you can continue to accrue professional experience and determine which career trajectory is best for you.

Transition to a Bachelor's Degree

When you opt to pursue an associate degree in accounting, you can easily transition to a bachelor's degree program in finance or accounting. This ability to transition to an advanced degree allows you to feel confident in your initial investment in your education, knowing that you can expand your career possibilities in the future if you so choose.

Start Your Journey Today

The finance and accounting fields are dynamic industries with plenty of potential. If you want to begin your career as soon as possible, consider Champlain College Online. You will find that Champlain offers a variety of degree programs that can help you get started. The associate degree in accounting offered at CCO is a flexible and affordable program that will provide you with the core competencies you need to work as an accountant. From there, you can continue to customize your career and personalize your path. Request more information about Champlain degree programs today.

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