Accounting and finance jobs are two related fields that offer many career opportunities for people who are good with numbers, data and money. In this article, we will explore the differences between accounting and finance, salary ranges and expectations for various jobs, and some tips on how to choose the right major and career path for you.
What is the Salary for Accounting or Finance Jobs?
One of the main factors that attract people to accounting or finance jobs is the potential for earning a high salary. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for accountants and auditors was $73,560 in 2020, while the median annual wage for financial analysts was $83,660. However, the salary range for both fields can vary widely depending on the industry, location, experience, education, and certification.
Accounting or Finance Jobs for Freshers
If you are a recent graduate or a fresher looking for an entry-level job in accounting or finance, you may wonder what kind of skills and qualifications you need to land your first job. Generally speaking, you will need at least a bachelor’s degree in accounting, finance, or a related field to be eligible for most accounting or finance jobs.
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However, some employers may prefer candidates who have a master’s degree, a professional certification, or relevant work experience. Some of the common certifications for accounting and finance professionals include:
- Certified Public Accountant (CPA): This is the most widely recognized credential for accountants and auditors. It requires passing a four-part exam and meeting the education and experience requirements of your state board of accountancy.
- Certified Management Accountant (CMA): This is a credential for accountants and financial professionals who work in management accounting, which involves planning, analysis, and decision making for organizations. It requires passing a two-part exam and meeting the education and experience requirements of the Institute of Management Accountants (IMA).
- Chartered Financial Analyst (CFA): This is a credential for financial analysts and investment professionals who work in portfolio management, research, and advisory services. It requires passing a three-level exam and meeting the education and work experience requirements of the CFA Institute.
To gain an edge over the competition, you should also demonstrate strong analytical, communication, problem-solving, and computer skills. You should be familiar with accounting and financial software, such as QuickBooks, Excel, and SAP. You should also be able to work well in a team, meet deadlines, and adhere to ethical standards.
Accounting vs Finance: Which is Harder?
Accounting and finance are difficult subjects that need a great deal of focus and hard work. However, the level of difficulty in each sector may vary depending on your personal tastes, strengths, and aspirations. Finance is more concerned with predicting, evaluating, and managing financial performance and risk, whereas accounting is more concerned with documenting, reporting, and verifying financial transactions and information.
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Accounting vs Finance: Which is Better?
There is no definitive answer to which field is better, as both accounting and finance have their own advantages and disadvantages. The best choice for you may depend on your personal interests, skills, values, and goals. Here are some factors to consider when comparing accounting and finance:
1 - Job Stability
Accounting jobs tend to be more stable and secure, as they are essential for any business or organization, regardless of the economic conditions. Finance jobs tend to be more volatile and competitive, as they are influenced by the market fluctuations and trends.
2 - Job Diversity
Finance jobs tend to be more diverse and dynamic, as they involve working with different clients, projects, and financial products. Accounting jobs tend to be more routine and standardized, as they follow the same principles and procedures.
3 - Job Satisfaction
Finance jobs tend to be more satisfying and rewarding, as they involve more creativity, innovation, and impact. Accounting jobs tend to be more stressful and tedious, as they involve more compliance, accuracy, and deadlines.
Finance vs Accounting Salary
As mentioned earlier, the salary range for accounting and finance jobs can vary widely depending on various factors. However, in general, finance jobs tend to pay more than accounting jobs, especially at the higher levels of the career ladder. This is because finance jobs usually involve more responsibility, risk, and decision making, and require more specialized skills and knowledge.
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Accounting or Finance Jobs Near Me
If you are looking for accounting or finance jobs near you, you can use various online platforms and resources to find and apply for them. Some of the popular websites for accounting and finance job seekers include:
1 - LinkedIn
This is the world’s largest professional network, where you can connect with other accounting and finance professionals, follow industry news and trends, and discover accounting and finance jobs that match your profile and preferences. On your LinkedIn profile, you can also highlight your talents, accomplishments, and recommendations.
2 - Glassdoor
This is a website that provides insights into various companies, such as their culture, values, benefits, and reviews from current and former employees. You can also find accounting and finance jobs, salaries, and interview questions on Glassdoor.
3 - Accounting.com
This is a website that provides information and guidance for accounting students and professionals, such as career paths, education options, certification requirements, and job outlook. You can also find accounting jobs, scholarships, and resources on Accounting.com.
4 - FinanceJobs.net
This is a website that specializes in finance jobs, such as financial analysts, financial managers, financial advisors, and investment bankers. You can also find finance news, career advice, and resume tips on FinanceJobs.net.
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10 Careers in Accounting
Accounting is a broad and diverse field that offers many career options for different levels of education, experience, and interest. Here are 10 examples of careers in accounting:
1 - Bookkeeper
Bookkeepers are responsible for recording and maintaining the financial transactions and records of a business or organization. They may also prepare invoices, bank deposits, and financial reports. Bookkeepers usually need a high school diploma or equivalent and some accounting courses or training.
2 - Auditor
Auditors are responsible for examining and verifying the financial statements and records of a business or organization. They may also assess the internal controls, compliance, and risk management of the entity. Auditors usually need a bachelor’s degree in accounting or a related field and a CPA license.
3 - Tax Accountant
Tax accountants are responsible for preparing and filing the tax returns and documents of a business or organization. They may also advise the entity on tax planning, strategies, and regulations. Tax accountants usually need a bachelor’s degree in accounting or a related field and a CPA or CMA license.
4 - Forensic Accountant
Forensic accountants are responsible for investigating and analyzing the financial data and records of a business or organization for fraud, embezzlement, or other illegal activities. They may also provide expert testimony and evidence in legal cases. Forensic accountants usually need a bachelor’s degree in accounting or a related field and a CPA or CFE (Certified Fraud Examiner) license.
5 - Cost Accountant
Cost accountants are responsible for tracking and analyzing the costs and expenses of a business or organization. They may also help the entity improve its efficiency, profitability, and budgeting. Cost accountants usually need a bachelor’s degree in accounting or a related field and a CMA or CGMA (Chartered Global Management Accountant) license.
6 - Management Accountant
Management accountants are responsible for providing financial information and analysis to the managers and executives of a business or organization. They may also help the entity with strategic planning, decision making, and performance evaluation. Management accountants usually need a bachelor’s degree in accounting or a related field and a CMA or CGMA license.
7 - Financial Accountant
Financial accountants are responsible for preparing and reporting the financial statements and records of a business or organization to external parties, such as investors, creditors, regulators, and tax authorities. They may also ensure the entity’s compliance with accounting standards and regulations.
8 - Public Accountant
Public accountants are responsible for providing accounting and auditing services to various clients, such as individuals, businesses, or organizations. They may also offer tax, consulting, and advisory services. Public accountants usually need a bachelor’s degree in accounting or a related field and a CPA license.
9 - Government Accountant
Government accountants are responsible for maintaining and reviewing the financial records and reports of government agencies and organizations. They can also ensure the appropriateness and accountability of public funds and programs. Government accountants usually need a bachelor's degree in accounting or a related field and a CPA or CGFM (Certified Government Financial Manager) license.
10 - Nonprofit Accountant
Non-profit accountants are responsible for managing and reporting on the financial activities and transactions of non-profit organizations such as charities, foundations or associations. They may also assist the organization with budgeting, fundraising and grant writing. Nonprofit accountants usually need a bachelor's degree in accounting or a related field and a CPA or CNAP (Certified Nonprofit Accounting Professional) license.