There are many degrees that you can choose to prepare for a career in finance. Two popular degrees that prepare professionals for finance careers are accounting and business administration. Learn more about the differences between these degrees to help you decide which career path is right for you. This article will explain the differences between an accounting and business administration degree, as well as how they compare.
What is an accounting degree?
An accounting degree prepares students to work in finance, accounting or business. It is argued that it is one of the most difficult degrees ever with students asking for help and someone to “do my homework accounting”. To earn an accounting degree, students can choose to take either an associate, bachelor’s, or master’s degree program. A bachelor’s degree takes four years, while an associate degree takes two years. Professionals can choose to pursue a master’s degree, which is two years after completing a bachelor’s.
Students studying an accounting degree program will study a range of business and mathematical courses:
- Law for busines
- Financial accounting
- Accounting principle
- Managerial accounting
- Income tax
- Analyse of statements
What is a degree in business administration?
Business administration degrees are education degrees that prepare students for careers in financial management or business. There are three levels of this degrees. They are similar to accounting degrees. An associate degree in business administration takes two years, while a bachelor’s degree takes at most four. After a professional has completed their bachelor’s degree, a master’s in business administration (MBA), takes two additional years.
Students in a business program focus on management and business courses. They can vary depending upon the school and program, but some courses are common:
- Financial management
- Operational Management
- Statistics for business
- Law and business ethics
- Strategie and business policy
- Planning and consulting
- Management of human resources
There are differences between an accounting degree, and a business administration diploma
Although these two degrees share a lot in common in terms of coursework, it is important to understand the differences between them when choosing a major and degree focus. These are the key differences between these degrees:
- Focus areas
Although they share many of the same courses, their focus areas differ. Accounting degrees are primarily focused on accounting topics. Although there are some courses in business administration, the majority of accounting coursework is focused on accounting theories, principles, and practices.
Business administration programs focus on operations and business management. While students may be required to take some accounting classes and take economics courses, the majority of their education focuses on business management and business strategies.
- Opportunities for employment
These degrees are useful for those who want to become a finance professional. Although the accounting degree is primarily designed to prepare students for an auditor or accountant career, some students also use it to obtain other business roles. Business administration prepares students for a career in finance management.
These are some of the most common jobs for accounting graduates with a degree:
- Tax accountant
- Financial accountant
- Personal accountant
Business administration graduates may have a variety of job titles depending on their interests and whereabouts. These are some of the most common titles:
- Manager Operations
- Sales manager
- Project manager
- Marketing Manager
- Analyst in market research
- Financial analyst
These job opportunities can overlap. An accounting major could become a financial analyst while a business administration major could go on to be an accountant. Each degree type has specialized training that is required for specific roles. A business administration graduate may need additional coursework or training to start a career in accounting.
These programs teach students a range of skills that will help them in their future career. Accounting classes teach students technical and mathematical skills that are focused on accounting practices. A business administration class can teach both technical and soft skills that are related to management practices.
Students may learn the following skills during an accounting degree program:
- Mathematical reasoning
- Account reconciliation
- Financial recording
- Maintaining a ledger
- Conducting an audit
- Specialized software can be used to develop technical accounting skills
These skills could be a key to success for business administration students:
- Data analysis
- Customer service
- Presentation skills
- Communication verbal and nonverbal
- Management of projects
- Software for business administration
What are the benefits of an accounting degree?
Earning an accounting degree can bring many benefits. Some of the most common benefits are:
- Specialized skills: Students who complete an accounting degree program learn specialized mathematical skills. This will help them to be qualified for finance roles, such as accounting.
- There are many job opportunities for accountants: They work in many industries and can find employment with many companies. Accounting graduates may have more job opportunities after graduation.
- A degree in accounting can increase your earning potential.
- There are many career options. While most students choose to study accounting in order to start their careers in auditing or accounting, there are also other options available. Accounting graduates may go on to become financial analysts, budget analysts, or other finance positions.
What are the advantages of a business administration degree program?
- Flexibility in career options: Business administration graduates can pursue a career as a business administrator in many different roles. They may be able to focus on sales, marketing, or project management. Business administration degrees cover a range of topics that can be used to prepare finance professionals for various positions.
- A variety of skills: Business administration graduates learn a range of soft and hard skills that they can use in multiple positions. These skills include leadership training and mathematical skills.
- Higher earning potential: Professionals with this degree may be able to qualify for more advanced positions and have a higher earning potential.
- Business administration degrees prepare students for leadership roles. This degree can lead to leadership or management positions.