Many people are often faced with the challenge of identifying the ideal area of specialization between accounting and finance. They go to the extent of doing a gamble, which is not good for anyone intending to have a successful career. If you are about to choose between the two areas of specialization, here is what should guide you.
When it comes to salaries, accountants generally earn less than finance and investment professionals. It is estimated that accountants earn 10 % less than the salary of finance professionals. The job titles for individuals who specialize in finance include Financial Analysts, market analysts, Business Analysts and Investment Analysts.Globally, there titles come with hefty perks.
Titles for individuals who specialize in accounting include accountants and auditors. These professionals earn less than financial analysts.
Accountants handle money, and sometimes they can be tempted to steal. This is why their work is riskier than financial analysts and investment analysts.
More than 60 % of Chief Finance Officers are individuals who either specialized in strategic management or finance, it’s rare to find an accountant rising to that level unless he does management courses.
It’s easier for investment analyst to rise to the level of CFO than an accountant. Accountants perform technical work while financial analysts and investment analysts perform more of policy work. As you know, in any company if someone is directly involved in influencing the policy of a company, then that person is next to management.
Financial analysts enjoy their work more than accountants-it’s a fact.
Now the worst thing about finance is that it tends to be simple, which makes almost every weak student to throng to that area of specialization, leading to oversupply of graduates to the job market. For you to stand out, you have to pursue CFA or ACCA, which are tough.