Pursuing Accounting with a Finance Degree

If you’re interested in finance and considering the next steps in your career or educational journey, then accounting might be the perfect fit. Because finance and accounting pathways share many similarities in coursework, job responsibilities, and skill set, a finance degree has the versatility to open the door to either a new role in accounting or a master’s degree that leads to a more prominent position with a higher salary.   

Accounting vs. Finance 

Accounting is the process of recording the financial transactions of an individual, business, or organization. The accounting process includes performing tasks such as summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. Accountants collect financial information and put together reports or financial statements that provide an accurate summary of transactions over an accounting period and outline a company’s operations, financial posture, and cash flows. Some of the common accounting job titles include accountant, auditor, bookkeeper, and accounts payable clerk.

Finance, on the other hand, is a wider professional field involving ways an individual or organization generates and uses capital. The term also applies to matters involving the management, creation, and study of money and investments. A role in finance involves using credit and debt, securities, and investment to finance current projects with future income flows. These jobs include titles like investment banker, financial analyst, and financial manager. 

The main difference between the two fields of finance and accounting is that finance professionals typically focus on planning and directing financial transactions for an individual or organization, whereas accountants focus on the recording and reporting of those transactions. In simpler terms, finance looks forward, strategizing for future growth, while accounting looks backward, ensuring that every penny is accounted for and reported accurately.

Accounting Careers to Pursue with a Finance Degree 

If you’re interested in learning about accounting careers that you can pursue with a finance bachelor’s degree, take a look at some examples of the varied job titles to consider:  

• Tax preparer 
• Bookkeeper 
• Assistant director of finance 
• Personal accountant 
• City treasurer 
• Accounting coordinator 

Professionals in some of these positions will need to be a certified public accountant (CPA), have accounting experience, or hold a master’s degree in accounting to satisfy the education requirements. Finance professionals seeking higher-paying management-level roles will often want to pursue their master's in accounting to stand out in the job market. 

Skills and Knowledge Required for Accounting

Transitioning to accounting will require you to develop a specific set of skills and knowledge. Here’s a closer look at what's essential:

• Understanding of accounting principles: Familiarity with fundamental accounting principles and standards, such as generally accepted accounting principles (GAAP), is essential. These serve as the foundation for all accounting practices and help ensure consistency and reliability in financial reporting.
• Proficiency with accounting software: Experience in accounting software like QuickBooks, Xero, or Oracle is indispensable. These tools streamline processes and help manage finances efficiently, allowing accountants to focus on more strategic tasks.
• Analytical skills: Strong analytical skills enable accountants to interpret financial data effectively, identify trends, and make informed decisions. This skill is crucial for problem-solving and providing valuable insights to clients or employers.
• Attention to detail: The ability to notice and correct errors is critical in accounting, where a single mistake can lead to significant consequences. Developing meticulous attention to detail will help you maintain accuracy in financial records and reports.
• Time management and organization: Accountants often juggle multiple tasks with tight deadlines. Being able to prioritize work, manage time efficiently, and stay organized ensures that all tasks are completed accurately and on schedule.
• Communication skills: Accountants must communicate complex financial information clearly to non-accountants, whether reporting to senior management or guiding clients. Strong verbal and written communication skills are essential for explaining financial concepts and recommendations.
• Ethical judgment and professionalism: Ethical conduct and professionalism are vital in maintaining trust and integrity in accounting. Understanding ethical standards and adhering to them will help you make sound decisions and uphold your organization's reputation.

How to Become an Accountant with a Finance Degree

There are several paths you can take to transition from finance to accounting, depending on your career goals:

Complete a Certification Program

One of the most effective ways to bridge the gap is by obtaining a certification such as CPA or Chartered Accountant (CA). These credentials will not only enhance your knowledge but also increase your marketability in the accounting field.

Gain Work Experience in Accounting

Seek entry-level positions in accounting to gain hands-on experience. Working under the guidance of seasoned professionals will provide practical insights that can't be learned in a classroom setting.

Earn a Master’s Degree

If you are considering further studies, pursuing a master’s degree can provide an in-depth understanding of accounting principles and practices, positioning you for advanced roles.

Deciding Between an Accounting and Finance Master’s Degree 

Suppose you’re curious about transitioning into an accounting role with a potentially higher salary. In that case, it is important to consider your short- and long-term goals, your strengths and skill set, and how a master’s in accounting could shape your career.

An accounting degree offers students a more linear path toward becoming an accountant as they learn ways to help organizations meet standards, follow laws, and develop some of the soft skills needed to succeed, including communication, analytical and problem-solving, and organizational skills. Accounting tends to be more process-oriented and may be a stronger fit for individuals focused on a company’s current financial operations rather than where the financial markets go.   

For individuals looking for opportunities to change careers in the future, a finance degree can provide greater flexibility. Once you have your degree, a master’s-level finance degree often includes more evaluative and analytical courses than accounting courses. Finance is a dynamic and fast-paced field, and students and professionals explore jobs that are in demand and offer high earning potential. This type of degree is a great choice for students interested in math, economics, investment, and entrepreneurship.  

Choosing between a finance degree and an accounting degree is about personal preference and priority. Both programs, however, give students and professionals great opportunities to develop strong skills needed to succeed.  

Starting Your Accounting Career with WGU  

A finance degree and the Master of Accounting degree from WGU offer a solid foundation for growth in the dynamic financial industry. Students working toward their accounting degree will learn the tools and skills to stand out from the competition. WGU’s Master of Accounting (MAcc) degree program is designed to prepare you for the Certified Public Accountant (CPA) exam, meeting the required hours needed to sit for the CPA exam in most states. Additionally, focused on the application of skills and knowledge in traditional finance practice as well as on emerging trends and technologies, WGU’s finance degree program and its flexible course style prepare you to become an in-demand professional. Get started today!