Finance and accounting are two separate but closely related subjects that have a lot in common. Financial accounting is the area of accounting usually concerned with the financial reporting and analysis of specific financial transactions relating to a business. This involves the development of financial statements suitable for use by a company’s management and other investors. The main objective of the accountant is to provide information to decision makers about the performance of a company. They do this by preparing reports for decision makers.
Those who seek a position as an accountant or a finance manager must first obtain their bachelor of science in finance and accounting management program. Once obtained, individuals can begin to specialize in one of several areas of expertise. Areas of specialization include taxation, insurance, pensions, investment banking, mergers and acquisitions, property tax and business ownership and management.
Typically, individuals interested in entering into positions as financial managers will need to attain both a bachelor’s degree and a master’s degree. The salary range for positions in finance and accounting can vary widely. Those working in the upper salary bracket can expect to make between forty thousand and seventy thousand dollars annually, while salaries in the lower pay band can be in the thirty five to forty-five thousand dollar range. A large number of people hold senior finance and accounting positions, though there are also positions available at the level of assistant manager.
One of the most common questions that finance and accounting job seekers ask is what is the difference between accounting and finance jobs? The major difference is that while an accountant prepares reports and estimates for a company, a finance manager makes the decisions about those reports and estimates. The responsibility of the finance manager is to make sure that the plans put forth in accounting are properly executed. Finance and accounting careers usually require that an individual be extremely organized; this requires the ability to follow spreadsheet instructions and to perform simple mathematical calculations. Many accountants find their greatest success in specializing either in finance or accounting.
A finance and accounting career can take many forms, but there are some similarities. Both fields require an ability to manage financial resources well. In addition to budgets, both fields also require the creation and interpretation of balance sheets, which provide information regarding the assets, liabilities, and debts of a company. While some may assume that finance and accounting careers are quite similar, there are actually some important differences between the two. A finance and accounting position in particular needs to be equipped with the skills to manage complex transactions and complicated accounting procedures.
For those interested in entering a management position, finance and accounting degrees are excellent choices. With these credentials, a graduate student can be eligible for positions such as vice president for finance and accounting, controller, or manager of a major corporation. Finance and accounting degrees can be completed in two years or less, depending on the school. Some courses take longer than others, and graduate students should consider whether they have the time necessary to complete their courses as fast as possible. Those who want to advance from associate’s degree to bachelor’s degree programs will typically need more classes and more time to complete them, while those opting for higher education can complete the courses at their own pace.