Students looking to get into finances of any sort are often faced with the dilemma of getting a finance degree of an accounting degree. Each one comes with it’s own unique difficulties and job opportunities. Educating yourself on the difference will give you the knowledge to make a decision that makes sense for you.
Typically, finance degrees yield a higher payout. Wealth managers statistically receive higher salaries because they receive commission off of the portfolios they manage. Accountants on the other hand charge a flat fee for the service they provide. If money is your main motivator – finance may be the better major for you.
In order to take the CPA exam for accounting, there tends to be a requirement of credit hours that succeed a bachelor’s degree, but fall just short of a masters. If you go this route, it may make sense to continue on your education for a master’s degree for a better understanding. Finance majors on the other hand can get away with a bachelor’s, but will have better job opportunities with a masters. Either way, accounting or finance, a master’s degree seems like the way to go.
Both degrees provide graduates with a multitude of job opportunities, but they fall into two separate categories. Those with finance degrees will find themselves with jobs managing wealth and investments. Accountants handle more of the tracking financial data. Again, this comes down to a personal choice of which avenue you will have more of an interest in.
Who is more stressed – those with degrees in finance or accounting? When it comes to stress, each field has its opportunities to provide stressful work environments, but it all depends on the job you pick. Accountants who tackle tax season may work longer, more stressful hours during tax season but see a significant break for the rest of your year. Those finance majors with wealth management jobs carry their own unpredictable amount of stress depending on the clients and the investments.
Overall, when it comes to picking a major, it all depends on what side of the fence you fall on. Do you want to help people manage and grow their money or track and analyze financial data to create budgets and maintain retirement accounts? Depending on what you choose will be the deciding factor of what degree you will pursue.