Difference Between Finance and Accounting
Careers in finance and accounting do differ slightly. Accounting is the process of keeping financial accounts like taxes, budgets, and audits. Accountants manage the day-to-day cash flow within a business. Finance goes a little deeper. It is the use of financial data and information to manage and analyze financial trends in regard to opportunities and investments. Common accounting jobs include accountant, auditor, payroll administrator, risk assessment, and tax adviser. Whereas common finance jobs include commercial banking, financial consultant, financial trader, hedge fund manager, and investment banker.
What can you expect in terms of salary? Here are some averages according to the U.S. Bureau of Labor Statistics for jobs in Accounting and Finance:
- Financial Analyst – $84,300
- Budget Analyst – $75,240
- Personal Finance Advisor – $90,640
- Accountant/Auditor – $69,350
- Management Analyst – $82,450
- Tax Examiner – $53,130
Acquire the Necessary Education
According to an analysis completed by Burning-Glass.com, 97% of accounting jobs and 99% of finance jobs required a Bachelor’s degree. There is a difference in the course work between a finance degree and an accounting degree so you need to decide what career path you want to take before you declare a major.
Invest Time and Money in Yourself
There are so many people interested in beginning careers in accounting and finance. How can you stand out from the crowd? You may want to become a part of student or professional accounting or finance organizations. This will show potential employers that you are committed to the field, and it could present some valuable networking opportunities. Another thing you can do is volunteer for non-profit organizations. This shows potential employers that you are hard working and dedicated.
Allot Time for Your Job Hunt Every Day
It can get tiring applying to job after job, but be persistent. Spend a certain amount of time on your job hunt every day. Make sure your resume is the best it can possibly be before you submit it to any potential employers.
Work With a Recruiter
It can be a challenge to find your first accounting or finance job opportunity. With the help of a recruiter or staffing agency that specializes in accounting and finance, you will always be aware of the hottest job leads. A recruiter will be able to match your skills and experience with the right opportunity, and they have cultivated relationships with employers that will be beneficial as well.
If you are interested in pursuing an accounting or finance career, do not hesitate to reach out to us. Let us help you begin your exciting career.