It’s all about FAME. And no, we are not talking about the 1980s American music film, we are talking about the popularity of FAME courses among university students… obviously.
The popularity of FAME courses (finance, savings, management, and economics) stems from their important role in the business world, especially those first two letters of summary: accounting and finance.
The main difference between accounting and finance is that accounting is less focused, while the financials are broader, including the expertise in business, economics, and banking.
A total of 36 countries boast at least one university among the top 200 accounting and finance schools listed in the QS World University Rankings for Title 2018, indicating that they are not the only developed countries in need of accountants.
But, should you study finance or accounting? Continue reading to gain in-depth comparisons of both subjects, to help you make a decision.
Accounting vs finance
At the undergraduate level, you may have to take joint accounting and finance qualifications, to gain additional knowledge of both accounting and financial studies. However, those who continue to study will usually work exclusively for one or the other, in order to acquire the most advanced knowledge in a particular field.
While accounting focuses on the day-to-day management of financial reports and records throughout the business world, finance uses this information to determine the future growth and cost analysis to formulate corporate financial strategies. Undergraduate students will therefore be more interested in financial strategy and control while accounting graduates will focus more on professional principles and procedures, which are used to manage numbers rather than influence them.
What do accounting degrees include?
Qualifications in accounting will provide the basis for specialized accounting jobs, as well as many other related activities. Accounting activities usually involve analyzing and applying financial information to assess the business’s financial position. This can include anything from basic bookkeeping to handling balance sheets and income statements. Accounting activities tend to focus more on past records and current reports, which include the creation and analysis of these records, and now more often and more, including organizing, managing, decision-making, management, accountability, and more.
While it is easy to pursue accounting careers with a bachelor’s degree, postgraduate study is a way for those looking for specialized knowledge in a particular field. To become a chartered accountant, you will need to obtain some technical qualifications that apply to the country in which you wish to work. Depending on the rental business, however, these professional qualifications can sometimes be obtained on the job, usually with the support of your employer.
Those who study accounting often specialize in such topics as auditing, taxation, risk assessments, international accounting, and accounting management. Forensic accounting is another possible approach, which allows students to focus on real subjects to provide a complete understanding of how accountancy processes are applied in legal processes, such as fraud-related cases, electronic crime, insurance claims, and bankruptcy. and business ethics. Like finance degrees, those who wish to study accounting further and do independent research can do another postgraduate degree at MRes or Ph.D. level.