# Accounting vs. Finance as a degree?



## agro (31 January 2008)

my son in law is considering on doing a post-graduate degree in either accounting on finance, yet is having difficulty deciding which to do.

I think the job demand for accountants is greater yet finance related offer higher salaries but less demand (shorter supply, more people need accountants)?

he already holds a degree in science, so it is a 2 year postgraduate degree if that means anything

can someone offer insight. thanks.


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## wayneL (31 January 2008)

*Re: Accounting vs Finance as a Degree*



agro said:


> my son in law is considering on doing a post-graduate degree in either accounting on finance, yet is having difficulty deciding which to do.
> 
> I think the job demand for accountants is greater yet finance related offer higher salaries but less demand (shorter supply, more people need accountants)?
> 
> ...



There *may* be a contraction in the demand for finance jobs. FWIW 

Just a thought, but please DYOR.


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## agro (31 January 2008)

*Re: Accounting vs Finance as a Degree*



wayneL said:


> There *may* be a contraction in the demand for finance jobs. FWIW
> 
> Just a thought, but please DYOR.




i didn't understand that? 
more people require accountants than stock brokers


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## Sean K (31 January 2008)

*Re: Accounting vs Finance as a Degree*



wayneL said:


> There *may* be a contraction in the demand for finance jobs. FWIW
> 
> Just a thought, but please DYOR.



But don't do a taxi driving degree because there's going to be a massive oversupply shortly. 



I think it may depend on what you son-in law wants to do after, or what their personality/skill set is. 

Perhaps accountants and financiers could list the personality traits of either to see where he sits.


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## agro (31 January 2008)

*Re: Accounting vs Finance as a Degree*



kennas said:


> But don't do a taxi driving degree because there's going to be a massive oversupply shortly.
> 
> 
> 
> ...




true
he is keen on both but needs to know the employment outlook
no point getting a piece of paper that means nothing

*edit - * is it also true most people who hole finance jobs have are CPAs


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## nizar (31 January 2008)

*Re: Accounting vs Finance as a Degree*



kennas said:


> But don't do a taxi driving degree because there's going to be a massive oversupply shortly.




LOL, i tend to agree!


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## Sean K (31 January 2008)

*Re: Accounting vs Finance as a Degree*



agro said:


> true
> he is keen on both but needs to know the employment outlook
> no point getting a piece of paper that means nothing



But still depends on what he's suited to. If you want a career in something you're crap at, or don't like, then what's the point? You'll end up failing anyway.

You can make money out of anything if you have passion and are good at it.


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## Prospector (31 January 2008)

*Re: Accounting vs Finance as a Degree*

My son is about to do a concurrent degree in Accounting and Finance, (undergrad) and then specialise in Business Finance. 

I assume your SIL has an Accounting Undergrad degree?  No, I see he has a Science degree.  OK, then I think he would need to do Accounting first - because the Science degree wouldn't really count in Financial circles, and finance without the Accounting context doesnt seem to me to have all the necessary components.


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## agro (31 January 2008)

*Re: Accounting vs Finance as a Degree*



Prospector said:


> My son is about to do a concurrent degree in Accounting and Finance, (undergrad) and then specialise in Business Finance.
> 
> I assume your SIL has an Accounting Undergrad degree?  No, I see he has a Science degree.  OK, then I think he would need to do Accounting first - because the Science degree wouldn't really count in Financial circles, and finance without the Accounting context doesnt seem to me to have all the necessary components.




no need to do another 3 years bachelor i was told,

2 year postgraduate masters is sufficient ?


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## TheRage (31 January 2008)

*Re: Accounting vs Finance as a Degree*



Prospector said:


> My son is about to do a concurrent degree in Accounting and Finance, (undergrad) and then specialise in Business Finance.
> 
> I assume your SIL has an Accounting Undergrad degree?  No, I see he has a Science degree.  OK, then I think he would need to do Accounting first - because the Science degree wouldn't really count in Financial circles, and finance without the Accounting context doesnt seem to me to have all the necessary components.




Actually Post grad in Finance with Science background can offer opportunities. For instance working as a Analyst who's portfolio is biotechnology related.


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## doctorj (31 January 2008)

*Re: Accounting vs Finance as a Degree*



agro said:


> my son in law is considering on doing a post-graduate degree in either accounting on finance, yet is having difficulty deciding which to do.



There is always going to be more need for accountants than finance folk. My first advice would be to do some research and pick what ever he finds more interesting.

That said, the combination of a science (with a lot of mathematics presumably?) degree and science may give him a competitive advantage. The finance world is just about all quantitative these days and a common path 'in' is often through maths, engineering or physics.  Straight finance guys may find it difficult to get jobs with banks these days.

Or, if he really thinks we're nearing the financial apocolypse, could always do the accounting and become a toecutter.


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## agro (31 January 2008)

*Re: Accounting vs Finance as a Degree*



doctorj said:


> There is always going to be more need for accountants than finance folk. My first advice would be to do some research and pick what ever he finds more interesting.
> 
> That said, the combination of a science (with a lot of mathematics presumably?) degree and science may give him a competitive advantage. The finance world is just about all quantitative these days and a common path 'in' is often through maths, engineering or physics.  Straight finance guys may find it difficult to get jobs with banks these days.
> 
> Or, if he really thinks we're nearing the financial apocolypse, could always do the accounting and become a toecutter.




not to mention specialties other than what the employer is looking for


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## ASK (31 January 2008)

*Re: Accounting vs Finance as a degree?*

Or, if your son-in law is really that unsure maybe he sould take another under grad degree. Im looking at a double degree in accounting/ banking ans finance at monash. Maybe you should have a look at that??

heres the link http://www.monash.edu.au/study/coursefinder/course/1333/


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## wayneL (31 January 2008)

*Re: Accounting vs Finance as a Degree*



agro said:


> i didn't understand that?
> more people require accountants than stock brokers



I'm saying finance jobs might be hard to get for a while.

Just an opinion with no basis in research.


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## 2BAD4U (31 January 2008)

*Re: Accounting vs Finance as a degree?*

I'm currently doing a postgrad finance degree and my reasons were simply:
1. It was relevant to my current line of work
2. It was relevant to what I do outside of work (investing in shares and property)

But for me the key thing is I am not looking to change career (at this stage ) however if I was looking for a career change I would definitely do the accounting degree as there are better job prospects. That's my 

Also I think alot of the units are common to both so perhaps he could change course if he prefers one to the other.  There was a guy in my course who did that because he preferred the accounting side.


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## Robb (31 January 2008)

*Re: Accounting vs Finance as a degree?*

He could also consider doing an economics degree, and major in a finance stream?

I am not sure what other universities are like, but I study at ANU, doing a double degree of Becon and Bcom. I am going to change it to a double of Becon and Bfinance this year though, since I am majoring in finance with my commerce degree, and only need a few more stats classes to do a finance degree instead.
At the ANU, you can do a Bacherlor of Commerce and do a double major, one in finance and one in Accounting. You will complete all necessary courses for CPA/CA entry, and do the core finance courses (minus a few of the stats) this would give you a pretty rounded education in both areas.
I am choosing to drop the accounting side and just do a straight finance degree, as i find it a bit dry and boring, and prefer the economics and finance side of commerce. It really will depend on his preference though.

Another problem I have is how to transfer from doing my degree onto getting a job at a bank, through an internship, summer school etc. My grades arent fantastic, but i have been working full time in IT during my study. It just seems very competitive, as expected. I think with an accounting degree you are more likely to be able to get a job?


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## doctorj (31 January 2008)

*Re: Accounting vs Finance as a degree?*



Robb said:


> Another problem I have is how to transfer from doing my degree onto getting a job at a bank, through an internship, summer school etc. My grades arent fantastic, but i have been working full time in IT during my study. It just seems very competitive, as expected. I think with an accounting degree you are more likely to be able to get a job?



Yup, accounting jobs are almost a dime a dozen.

Entry into banks is very competitive.  Based on what you're studying, you have a choice of two mainpaths, either through an internship program or post qualification at any of the big 4 .

If you take the big-4 path, transaction advisory, particularly valuations, or audit are the best accounting-related areas for those hoping to transition to a bank.  

These days, non-accounting graduates will be taken in by the big 4 and you will be able to sit the CA, but you may need to do a bridging course.


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## Broadside (31 January 2008)

*Re: Accounting vs Finance as a degree?*

he should do what interests him most and let the cards fall where they may.  Too hard to predict future job market but yes there are more opportunities in accounting generally.  If his background is science and he is strong in maths then some of the tougher finance subjects he should take in his stride, accounting doesn't take much mathematical ability.  I majored in both but I  dislike accounting.


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## AngusM (31 January 2008)

*Re: Accounting vs Finance as a degree?*

Depends on his personality and risk profile... Accounting if he is more conservative, likes security. Finance has a much bigger upside but less job security and higher burnout rate.


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## reece55 (31 January 2008)

*Re: Accounting vs Finance as a Degree*



Prospector said:


> My son is about to do a concurrent degree in Accounting and Finance, (undergrad) and then specialise in Business Finance.
> 
> I assume your SIL has an Accounting Undergrad degree?  No, I see he has a Science degree.  OK, then I think he would need to do Accounting first - because the Science degree wouldn't really count in Financial circles, and finance without the Accounting context doesnt seem to me to have all the necessary components.




Well, it is actually possible to qualify for the CA/CPA and still major in finance, last time I checked..........

I would always say keep your doors open... I think of accounting as my bread and butter and finance as the cream..... I consult to listed entities in an accounting capacity for my regular income, but I also perform business valuations and structure/financial advice in between. At the end of it, the fundamental string is the debits and credits (for the accounting minded out there)....... learn accounting and the rest is an extension with a bit more math, just my opinion though.....

One thing I would say as a final note is that finance grads are a dime a dozen... lots to say, but there not keen on getting dirty... I think Wayne is right, it will be tighter going forward for those with just a finance background.

Cheers


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## Duckman#72 (31 January 2008)

*Re: Accounting vs Finance as a degree?*



doctorj said:


> Yup, accounting jobs are almost a dime a dozen.
> 
> Entry into banks is very competitive.  Based on what you're studying, you have a choice of two mainpaths, either through an internship program or post qualification at any of the big 4 .
> 
> ...




Totally agree. 

There is so much scope within "Accounting". Graduates are just not coming through. The accounting profession is an aging one. In 5-10 years time qualified, experienced accountants will be in high demand. As Doc pointed out "Accounting jobs are a dime a dozen". So to are the overseas studied, unqualified job applicants that apply for each one. Accountants are a scare resource that will demand higher charge out rates over the next 10 years.

Duckman


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## doctorj (1 February 2008)

*Re: Accounting vs Finance as a degree?*



Duckman#72 said:


> There is so much scope within "Accounting".



It's just a shame the job is so boring!


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## Duckman#72 (1 February 2008)

*Re: Accounting vs Finance as a degree?*



doctorj said:


> It's just a shame the job is so boring!




Ha!! Too right!!


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## Wealth Wizard (1 February 2008)

*Re: Accounting vs Finance as a degree?*

This was a big question for me aswell before I began uni, started out majoring in accounting, then economics Im now doing B Bus(Finance/Banking) with honours year. I think it depends on what you want to get out of it, for me I want to work in trading or risk management in the banking industry, and although accounting is a great degree to have I was just far more interested in financial markets, plus I am always learning of ways to build wealth through the content of my degree, so perhaps I wont need to work for too long!  I would say go with what is interesting otherwise whats the point? as others have said you can always make money, I just find Finance faster paced, more creative and a higher possible return on investment (of course this implies a higher risk that the expected outcome will not be realised )


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## doctorj (1 February 2008)

*Re: Accounting vs Finance as a degree?*



Duckman#72 said:


> Ha!! Too right!!



Be all right if it wasn't for the clients and the staff


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## agro (8 February 2008)

*Re: Accounting vs Finance as a degree?*



Wealth Wizard said:


> This was a big question for me aswell before I began uni, started out majoring in accounting, then economics Im now doing B Bus(Finance/Banking) with honours year. I think it depends on what you want to get out of it, for me I want to work in trading or risk management in the banking industry, and although accounting is a great degree to have I was just far more interested in financial markets, plus I am always learning of ways to build wealth through the content of my degree, so perhaps I wont need to work for too long!  I would say *go with what is interesting otherwise whats the point?* as others have said you can always make money, I just find Finance faster paced, more creative and a higher possible return on investment (of course this implies a higher risk that the expected outcome will not be realised )




the whole idea of uni is to come out with a job isn't it? i've known people to study subjects they like and come out with nothing but a certificate

hence my point, with accounting better chance of getting a career regardless of how boring it is compared with finance..

thanks for everyone's inputs, would appreciate if more would put forth


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## prawn_86 (8 February 2008)

*Re: Accounting vs Finance as a degree?*

I study a double degree in Finance and Marketing.

I was going to have Commere(Accounting) as a major instead of Finance, but after doing a couple subjects it isnt really what interests me.

I think P said there isnt much point doing Finance without accounting, however i have to disagree.

I feel that Finance offers a broader scope, and (my opinion only) accounting is essentially just applying rules to whatever area it is you specialise in.

I wanted to be in the Finance industry, but not as a CA or CPA. Plus picking up a few accounting courses helps gain that understanding.


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## doctorj (8 February 2008)

*Re: Accounting vs Finance as a degree?*



prawn_86 said:


> I feel that Finance offers a broader scope, and (my opinion only) accounting is essentially just applying rules to whatever area it is you specialise in.



That's a good point  - accounting is only useful to finance types (in my very humble opinion) in so far as it helps them understand what goes in to generating numbers they analyse.  There are some standards that are immensely important to some industries such as 136/138 for R&D type companies or 6 for our beloved explorers.

Also, in some circumstances there will be changes that really effect the industry.  For example the next wave of IFRS will see a STACK of M&A activity leading up to implementation.

That said, you'll pick them up as you go along and begin to specialise in an industry.  For me, the mathematics and the way of thinking you get taught in finance is far more important than the arbitary rules of the accounting world.


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## xoa (9 February 2008)

*Re: Accounting vs Finance as a Degree*

I'd do accounting. You don't need a finance degree to work with Goldman Sachs, but you do need an accounting degree to work as an professional accountant.


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## surfingman (9 February 2008)

*Re: Accounting vs Finance as a degree?*

I completed Finance Degree last year, and have noticed there are reducing numbers of jobs due to the market at present.

I quote from a reply to a position vacant in a stockbroker's firm, I cant name the source though.

"At this stage with the volatility of the market, progression of this role has been halted, I will contact you in the future if we decide to readvertise this role.

Thank you for your application, I apologise for the inconvenience."

I am now looking for other degree related work until the markets shows some strength.


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## shogun (9 February 2008)

*Re: Accounting vs Finance as a degree?*

Economics first.  Finance is just applied economics so that would be second.  Accounting is a distant 3rd.  For forward looking investment analysis most accountants I meet fall well short.  The grounding in what matters is much stronger in a finance degree.

Having said that we need accountants - always will.  So it is a good job security option.


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