Accounting Vs Finance-Which Has Better Career Prospects?

Accounting and finance are two aspects of a coin. But still, there are some key differences that one should always keep into account when it comes to selecting either of them. There are many webinars courses and online training for accounting and finance that are hosted to make its basics and career options crystal clear.

Let’s get started with the basics.

Accounting Vs Finance-The Basics

Accounting refers to flow of money. Simply put, whatever comes in and goes out of a company, it is accounting. On the flip side, finance is a broader concept. It is all about managing assets and liabilities. In addition, it involves strategy-making for growth in the future.  

In essence, those who want to get a stronghold in the niche of company’s strategy making, finance could be a great option. But if you are interested in journals, transactions and company’s books, opt in for accounting.

Accounting can be understood as to look into company’s previous financial performance. It drills in the reports that state what has happened corresponding to laws and standards. On the other hand, finance gives you a vision to plan for the future acquisition of assets. You look forward, making a flexible and viable strategy to scale up and mitigate losses.

From the perspective of study, accounting involves deep understanding & expertise in related practices, accounting ethics, business law, tax law and its theory. The courses of finance provide conceptual knowledge of macroeconomics, international finance, financial engineering and corporate finance.

Career Options

However, it is important to learn about both subjects if you want sustainability and consistent growth in a corporate sector. But, the professional approach can be developed when you have clarity on what makes them different from each other.

·         Accounting

Opting in accounting can open doors that lead to many reputed profiles like Controller, Tax Manager, Fund Accountant, Valuation Analyst or Financial Reporting Accountant or Tax Accountant. You can also think about becoming a professional Bookkeeper, Treasurer or Auditor for a limited, non-profit or government-based enterprises.  

As far as outlining the job responsibilities of accounting professionals, they encompass from tracking and reporting flows of money to ensuring compliance with the best practices. Your familiarity with Generally Accepted Accounting Principles (GAAP) and tax code or general rules & methods for accounting can push your career to a great height.

·         Finance

This niche offers you a range of career options. You can become a financial analyst, investment banker, financial examiner, personal financial advisor, or money manager. Consulting and underwriting in the corporate or banking & insurance sector can give you opportunities to grow up. Even if you want to start up as an enterprise, the training in finance can help you a lot.  

Income

Initially, the graduates of accounting can expect salaries up to £30,000, as per a website. Gradually, it can raise upto £60,000 on an average. If you have become a chartered account, you can expect whopping £84,500, with an average yearly bonus of £17,300.

However, this is just an estimate on the basis of the current pay scale. It may vary according to time, place and position.

Another reputed website states that the average salary for an expert in Finance sector is £37,922 in London, UK. Again, this pay scale may go up or scroll down according to your qualification, job role and experience and responsibilities.

In the nutshell, your role in accounting sector will cover recording and reporting of financial deals and transactions. This is all to support finance team of your company. Likewise, the expert in finance supervises about the standard and accurate work of accounting. Despite being different, both fields require high qualification, proper training and the vision of an expert analyst. As far as the salary is concerned, the more you take challenge and initiative, the more perks and incentives you get.