Finance Vs Accounting

[molan]

I  have an entire set of questions about my upcoming decision for college. Im 17 turning 18 soon and im going to be enrolling in the fall semester at most likely Manhattan College. I was at first going to major in some sort of engineering coming from either Computer or Chemical, but i changed my mind due to all the math and physics, and i dont think i will have any interest in this field. So i just recently changed my mind towards some sort of business field such as Finance or Accounting. My initial field of choice in business world was Finance. From doing research some people say Accounting, and some say Finance. Ive heard that Finance is a much more riskier job, and with an accounting degree you are able to get finance jobs, unlike with a finance degree you cant always get as many accounting jobs. It seems that Accounting is the safer field, as the world in this economy as more businesses grow, you will always need accountants.

My main question was:
At Manhattan College, you can go for a 5 Year program in which you earn a BS in the business field of your choice and your MBA.

The accounting program is a 153 Credit hour program, and you earn your MBA, and it well prepares you for your CPA exam. I dont know the great things about the CPA, all i know is that it earns you more money and you are certified. On the other hand, the finance program is also 5 years, as you earn your BS in Finance, and your MBA. Which would you prefer and why? Accounting and Finance? Are they similar? Any suggestions? Thank you

[nelson22]

Well, first of all--looks like you're on a great fresh start as you are still young that you're considering both pretty good majors for your degree.  It may seem like finance and accounting are similar since they're both business majors, but they are very quite different yet both work together to tell the numbers of a business.

Accounting deals with the reporting and recording of financial transactions of a business with the prepping of statements dealing with assets and liabilities where finance is managing of the assets and liabilities in a way that is efficient to the company.  This website: http://www.differencebetween.net/business/difference-between-accounting-and-finance/ gives a good explanation of the the differences between the two. 

You are right that accounting jobs are definitley more in demand and probably will always be--but do know, it is pretty tough major.  Finance is also more involved in investments as well.  I think since you haven't really gained much knowledge of either, I would declare your major as a business (which will allow you do take courses in each business field) and from there, you can see whether you're more interested in finance or accounting (or neither). 

On the other hand, CPA's are very important in accounting and would put you higher on the accounting ladder, but there is a difference between an accountant with a CPA and one without.  This article explains it in pretty basic terms: http://www.oscpa.com/?886  There's a pretty HUGE difference between the two, so it's a good read.  If you decide on getting your degree online http://www.onlineaccountingdegree.net/ you might want to rethink twice before going through with it as will be a VERY tough college career.

Good luck and pursue what your heart is and not where the money is.

[zona]

Hi

I don't agree at all. Accounting, based on everything that I have seen on MSN and other places notes that accounting is a very in demand major. Not only is it in demand for accounting jobs but it also provides entre to many other occupations. I also think that it would be better for IBanking as well.

thanks

[david1]

Finance describes the act of providing money, capital or other financial resources to assist in facilitating a loan or a sale. This term is commonly used within the financial industry, which includes areas such as banking and accounting.Accounting is the backbone of business.The size of an accounting staff varies, depending on the company.

[michealborow1]

Hello,

Here is a detailed definition that helps you to know everything about accounting and finance. Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business. Personal finance is a management of assets and liabilities in an efficient way. In a way, they are related to each other and yet they also have differences between each other.

Thanks,
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