Accounting and Finance Careers

For business-minded people who enjoy working with numbers, a career in finance or accounting is ideal. Both fields are expected to experience significant growth over the next decade, and graduates of finance and accounting programs are some of the best-paid across all disciplines. Accounting and finance degrees are also exceptionally versatile. Graduates of such programs can choose to work for major corporations, government entities, or private firms. We've summarized the most important facts about accounting and finance jobs below.

About the Fields

Although finance and accounting jobs have significant overlap, finance jobs focus more on providing information to decision makers external to the organization (e.g., stockholders, suppliers, banks, and government entities). Financial professionals apply mathematical formulas and algorithms in order to predict the outcome of investments and other ventures. Financial analysts and planners sometimes work one-on-one with clients to develop customized investment portfolios.

Accounting positions, on the other hand, supply economic information to the organization's internal decision makers, such as the board of directors, management, etc. Accountants deal with some simple mathematics, although the basic "bean-counting" functions of the field are largely handled by computerized technology. As a result, accounting professionals deal mostly with financial decision making, analysis, and/or tax preparation.

Career Possibilities

The potential career choices for graduates of accounting programs are virtually limitless. Popular accounting careers include public accounting, government accounting, consulting, management accounting, and auditing. Most accountants work for a private firm, government agency, or a corporation. Self-employed accountants and those working for private firms usually handle tax preparation and estate planning, while other accountants focus on financial analysis.

Finance professionals also have an array of careers from which to choose. Common finance career paths include financial management, consulting, commercial banking, corporate finance, investment banking, money management, and financial analysis. Some finance professionals choose to go into business for themselves as personal financial advisers, stockbrokers, etc., while others work for banks and large corporations.

Education and Credentialing

Although some accounting jobs are open to candidates with professional certifications and/or associate's degrees, candidates usually must have at least a bachelor's degree. Typical undergraduate accounting programs are five years long and sometimes offer a combined bachelor's/master's program. Qualified candidates will also have a CPA (Certified Public Accountant) certification. Requirements to obtain this credential vary by state, but they typically involve five years of college-level education, a passing score on the CPA exam, and adequate work experience (typically two years' worth). The highest-paid accounting professionals tend to have an MBA degree and a CPA certification.

The minimum education for most finance jobs is a bachelor's degree. To be most competitive as a job candidate, however, you will need a master's degree and the requisite certification. For finance positions, a CFA (Chartered Financial Analyst) or CFP (Certified Financial Planner) certification is recommended. These certifications commonly involve standardized exams, work experience requirements, and academic credit requirements. The highest-paid financial consultants and managers typically have an MBA in finance with a concentration in corporate finance, investment management, security analysis, or other subspecialties.

Additional Info

If finance and accounting jobs don't seem like a good fit for your talents and interests, remember that the educational and professional possibilities available to you are endless. Accounting and finance are only two of many opportunities for people who are interested in business and/or are good with numbers. Read through our other career field descriptions for more positions that might better suit you.

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