Finance vs Accounting

Accounting:

Accounting is the practice of preparing accounting records, including measuring, preparation, analyzing, and the interpretation of financial statements. These records are used to develop and provide data measuring the performance of the firm, assessing its financial position, and paying taxes.

Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business.

Finance:

Finance is the study of money and capital markets which deals with many of the topics covered in macroeconomics. It is the management and control of assets and investments, which focuses on the decisions of individual, financial and other institutions as they choose securities for their investments portfolios. Also, managerial finance involves the actual management of the firm, as well as profiling and managing project risks.

Finance is the efficient and productive management of assets and liabilities based on existing information.

	Accounting	Finance
Typical course content	Auditing	Advanced derivatives
	Budget analysis	Asset markets
	Business strategy	Behavioural finance
	Financial accounting	Corporate finance
	Financial reporting	Economics/econometrics
	Forensic accounting	Financial mathematics
	Information systems	Financial management
	International accounting	Financial markets
	Macro/microeconomics	Financial planning
	Management accounting	Financial engineering
	Professional standards and ethics	Financial accounting
	Quantitative analysis	Financial reporting
	Risk management	International finance
	Tax accounting	Private equity
		Risk management
		Venture capital
Career potential	Accountant (trainee, public, professional and certified)	Commercial banker
	Actuary	Financial consultant
	Auditor	Financial manager
	Bookkeeper	Financial trader
	Budget analyst	Hedge fund manager
	Credit controller	Insurance officer
	Financial consultant	Investment banker
	Financial examiner	Quant specialist
	Forensic accountant
	Payroll administrator
	Risk assessor
	Tax advisor
	Treasurer
Key skills gained	Quantitative skill	Understanding of industry practices and principles
	Specialized knowledge of varied accounting topics and techniques	Strong theoretical knowledge
	Awareness of GAAP (generally accepted accounting principles)	Research skills
	Knowledge of accounting regulation issues	Communication skills
	Strong understanding of business industry	Knowledge of stock market, trade and investment
		Analytical skills
		Ability to understand and interpret numerical and statistical data
		Up-to-date knowledge of correct business practices
Types of qualification	Undergraduate level:	Undergraduate level:
	Bachelor of Accountancy (BAcc, BAcy or BAccty); Bachelor of Arts in Accounting (BA/ACC); Bachelor of Science in Accounting (BSc/ACC)	Bachelor of Arts in Finance (BA/F); Bachelor of Science in Finance (BSc/F)
	Graduate level:	Graduate level:
	Master of Accounting (MAcc or Mac); Master of Professional Accounting (MPA, MPAc, MPAcc or MPAcy); Master of Science in Accounting (MSA)	Master of Science in Finance (MSF); Master of Finance (M.Fin); Master of Financial Economics (MFE); Master of Applied Finance (MAF)
Professional accreditations	CPA (Certified Public Accountant - US)	CFA (Chartered Financial Analyst);CTP (Certified Treasury Professional); CPRM (Certified Professional Risk Manager); CF(Corporate Finance Qualification);CVA (Certified Valuation Analyst);CQF (Certificate in Quantitative Finance)
	ACA/CA (Chartered Accountant – UK and Commonwealth)
	ACCA (Chartered Certified   Accountant – UK)
Salary potential	Average postgraduate starting salary in the US: US$62,374	Average postgraduate starting salary in the US: US$71,527

                                                                                                                                                                                                                                                                                                                                                                                                            

Skills needed to succeed
In-demand finance skills	In-demand accounting skills
Financial analysis	Accounting
Accounting	Account reconciliation
Forecasting	Financial statements
Financial reporting	General ledger
Economics	Financial reporting
Financial planning & analysis	Generally accepted accounting principles (GAAP)
SAP	Accounts payable & receivable
Financial statements	Balance sheet
Financial modeling	Public accounting
Variance analysis	Accounting management
Finance majors’ top job titles
Financial Analyst	Financial Analyst
Applications Developer	Staff Accountant
Quantitative Analyst	Accounting Manager
Credit Manager	Tax Manager