Differences between Accounting and Finance Majors/Careers?

[chris82790]

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

 

[chris82790]

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

 

[wr]

accounting is more on the lines of counting and balancing ledgers. Kinda like keeping track of where and what money goes.

finance is more about the time value of money, equations, cash flows and funky math.
hope that helps. there should be some finance and accounting majors who can chime in better than i can tho. I got tired and quit 

 

[wr]

accounting is more on the lines of counting and balancing ledgers. Kinda like keeping track of where and what money goes.

finance is more about the time value of money, equations, cash flows and funky math.
hope that helps. there should be some finance and accounting majors who can chime in better than i can tho. I got tired and quit 

 

[moderate gatsby]

accounting deals with the past and finance deals with the future. accounting consists of things such as balance sheets, cash flow statements, etc. while finance is about investment management and such.

there's more money to be had in the finance side.

 

[toy collector123]

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

 

[moderate gatsby]

accounting deals with the past and finance deals with the future. accounting consists of things such as balance sheets, cash flow statements, etc. while finance is about investment management and such.

there's more money to be had in the finance side.

 

[toy collector123]

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

 

[moderate gatsby]

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing at the same exact time. mind = blown.

 

[moderate gatsby]

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing at the same exact time. mind = blown.

 

[wr]

Originally Posted by Moderate Gatsby

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing as the same exact time. mind = blown.

 

[wr]

Originally Posted by Moderate Gatsby

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing as the same exact time. mind = blown.

 

[toy collector123]

Originally Posted by Moderate Gatsby

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing at the same exact time. mind = blown.

 mind=def=blown

 

[toy collector123]

Originally Posted by Moderate Gatsby

Originally Posted by Toy Collector123

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

simply put: 
accounting deals with the past

finance deals with the future

think about those two sentences and realize if you wanna work with the past or future. 

ive taken all types of accounting/financing classes. my friends who majored in finance ended up well, working for an insurance firm or some type of financial services firm trying to study for srs 7 exam.

friends who majored in accounting ended up in a big 4 sitting for their CPA exam eyeing partner ship

we just said the same exact thing at the same exact time. mind = blown.

 mind=def=blown

 

[smallball5]

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

 

[smallball5]

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

 

[youmadyoubad]

Regardless of which you choose, be prepared to work your butt off to get anywhere ahead in those fields. .

 

[youmadyoubad]

Regardless of which you choose, be prepared to work your butt off to get anywhere ahead in those fields. .

 

[chris82790]

Originally Posted by smallBALL5

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

SJSU

 

[chris82790]

Originally Posted by smallBALL5

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

SJSU

 

[smallball5]

Originally Posted by chris82790

Originally Posted by smallBALL5

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

SJSU

thought so. im a finance major at sjsu right now. if youre like me and like math and enjoy solving mathematical equations finance would suit you well. finance deals with a lot of theory and formulas like TVM (time value of money), present value, future value, present value/future value of equities, bonds, perpetuities, annuities, calculating risk in a portfolio etc. Accounting to me involves math but doesnt really involve the critical thinking, logic, creativity, and problem solving finance does. Accountants basically record all the financial information of the firm and the finance people interpret and make decisions based off that info.

But I have to warn you the consensus is sjsu's finance major doesnt adequately prepare you for jobs in finance and most people end up doing sales (selling bank accounts/insurance/investments) rather than real finance (corporate finance/financial analyst). This is due to sjsu's finance concentration lack of emphasis in accounting. Accounting is the foundation of finance.Almost all fields of finance (investments/corporate finance) require that you know how to read and interpret a balance sheet. If you look at the classes required for finance degree youll find a finance major doesnt take anymore accounting courses than an HR major (financial accounting and managerial accounting). Ive had a lot of friends with degrees in finance get denied from financial analyst type positions because they didnt have enough accounting courses.

If you like math and are good with numbers I'd recommend doing accounting or corporate finance. There is always demand for accountants coming out of school. I think for you the corporate finance major would be the best way to go. Corporate finance is  basically a double major in accounting and finance. You take courses in accounting and finance. This gives you the flexibility to pursue a job in accounting or finance. Also in the south bay area there's few finance/investment banking type jobs. Unless you live in SF or NY. In the south bay most of the opportunities are in corporate finance, for example, working at a tech company like cisco in their finance department doing financial modeling.

Also look into AIS, accounting information systems, which is basically a major that emphasizes in accounting and information systems. When you get into the work force all the accounting is done with computers and software. People that know about accounting and computers are highly coveted in silicon valley.

hope this helps. let me know if you have any other questions.

 

[smallball5]

Originally Posted by chris82790

Originally Posted by smallBALL5

Originally Posted by chris82790

Right now I'm looking into both majors and would like to know what are the main/general differences between Accounting and Finance cause honestly I'm stuck between choosing one. I've always liked dealing with numbers, good at math during high school, but want to know more information about each to have a better understanding.

assuming your from the bay, what school you going to?

SJSU

thought so. im a finance major at sjsu right now. if youre like me and like math and enjoy solving mathematical equations finance would suit you well. finance deals with a lot of theory and formulas like TVM (time value of money), present value, future value, present value/future value of equities, bonds, perpetuities, annuities, calculating risk in a portfolio etc. Accounting to me involves math but doesnt really involve the critical thinking, logic, creativity, and problem solving finance does. Accountants basically record all the financial information of the firm and the finance people interpret and make decisions based off that info.

But I have to warn you the consensus is sjsu's finance major doesnt adequately prepare you for jobs in finance and most people end up doing sales (selling bank accounts/insurance/investments) rather than real finance (corporate finance/financial analyst). This is due to sjsu's finance concentration lack of emphasis in accounting. Accounting is the foundation of finance.Almost all fields of finance (investments/corporate finance) require that you know how to read and interpret a balance sheet. If you look at the classes required for finance degree youll find a finance major doesnt take anymore accounting courses than an HR major (financial accounting and managerial accounting). Ive had a lot of friends with degrees in finance get denied from financial analyst type positions because they didnt have enough accounting courses.

If you like math and are good with numbers I'd recommend doing accounting or corporate finance. There is always demand for accountants coming out of school. I think for you the corporate finance major would be the best way to go. Corporate finance is  basically a double major in accounting and finance. You take courses in accounting and finance. This gives you the flexibility to pursue a job in accounting or finance. Also in the south bay area there's few finance/investment banking type jobs. Unless you live in SF or NY. In the south bay most of the opportunities are in corporate finance, for example, working at a tech company like cisco in their finance department doing financial modeling.

Also look into AIS, accounting information systems, which is basically a major that emphasizes in accounting and information systems. When you get into the work force all the accounting is done with computers and software. People that know about accounting and computers are highly coveted in silicon valley.

hope this helps. let me know if you have any other questions.

 

[iallan]

Everyone basically said it all. I'm a BSAD Accounting major at UCR. Both have their fair share of math, but not math that you are used to. The first accounting or finance class you take will be the hardest (at least for me it was) because you have to look at numbers in ways that you hadn't before.

If you decide to go the accounting route, there are two types of accounting: financial accounting and managerial accounting. Financial accounting is what everybody is talking about (and what you are probably interested in) with the T-accounts, debits and credits, and preparing financial statements for external use. In financial accounting, there are four main fields people get into, but most people flock to Tax Accounting or Auditing. Managerial accounting is involved with planning budgets and analyzing accounting information to improve productivity/profit/efficiency/effectiveness/etc for internal use.

In a nutshell, with financial accounting, you will mainly be dealing with recording and reporting transactions while, with finance, you will be dealing with initiating transactions, taking into account time and risk (that's where all the funky math comes in).
Either way, finance and accounting go hand in hand and you will need knowledge and skill in both to get you anywhere in the these fields.

 

[iallan]

Everyone basically said it all. I'm a BSAD Accounting major at UCR. Both have their fair share of math, but not math that you are used to. The first accounting or finance class you take will be the hardest (at least for me it was) because you have to look at numbers in ways that you hadn't before.

If you decide to go the accounting route, there are two types of accounting: financial accounting and managerial accounting. Financial accounting is what everybody is talking about (and what you are probably interested in) with the T-accounts, debits and credits, and preparing financial statements for external use. In financial accounting, there are four main fields people get into, but most people flock to Tax Accounting or Auditing. Managerial accounting is involved with planning budgets and analyzing accounting information to improve productivity/profit/efficiency/effectiveness/etc for internal use.

In a nutshell, with financial accounting, you will mainly be dealing with recording and reporting transactions while, with finance, you will be dealing with initiating transactions, taking into account time and risk (that's where all the funky math comes in).
Either way, finance and accounting go hand in hand and you will need knowledge and skill in both to get you anywhere in the these fields.

 

[sneakerfr]

who is more likely to make more money? Accounting major or finance major?