Can't Decide Between Accounting and Finance Major...Help!
Pretty much the title, I have to decide between accounting and finance soon but can't decide what to go with. I think I like finance more, but I'm worried that since I don't go to a target, a finance degree might be seen as worthless compared to accounting. My goal is to eventually become a financial executive of a company and I also have an interest in corporate development/i-banking, so which is more relevant?
I don't really enjoy my accounting classes (I am taking intermediate right now...) but do I need to bite the bullet and take accounting because I'm not from a target? I might have a higher GPA in finance and will be able to take some classes outside of business if I major in it, but I'm just worried about how I will be perceived if I just major in finance from a non-target university
To be honest, focus on the subject you're better at. You have to spend a lot of time on the course and if you do something simply for the degree at the end, it'll be worthless if you get a low GPA.
do both. if you're at a non-target, it shouldn't be too hard to pick up that double major.
Beat me to it.
As long as you're allowed to do it you might as well. Double majoring can't be a bad thing in this situation. Also, don't get overly concerned with which one will let you into a specific career path as that mood will most likely change over time. I'm assuming if you're just declaring now that you're maybe a sophomore? Doesn't matter, give it time and do as much as you can.
does not matter. you can be an art history major if you want. just learn basic accounting and show it off in interviews
How are your school's engineering, math, physics, and actuarial science programs? Are any of them top ten or top twenty?
Finance is always strongest when paired with a quantitative major. Accy is all right and there's a lot of efficiencies between Finance and Accy classes, but there's a lot more synergies with, say, Math or Stats.
Double majoring in both isn't allowed at my school, and my school's math/physics/etc are all just typical state school level. Nothing horrendous but nothing great either.
Finance will obviously position you better for the positions you seek, however as you said it is a bit riskier coming from a non-target.
Take what you enjoy and what will be more relevant (finance) and maybe an accounting concentration. Then network your butt off!
I'm in the same situation. I feel like you go to my school lol
I'm doing both: Accounting Honours & Finance
Finance drop my GPA but bit but the knowledge is worth. Especially Corporate Finance.
Accounting or Finance Major? (Originally Posted: 03/06/2007)
I'm currently a student at UT-Austin. I am debating between majoring in Finance or Accounting. PPA Program is #1, while Finance is just top 10. If I am wanting to pursue a career in IB, which major would be better? I've seen on our career center job boards that banks do recruit the ppa people for summer analysts, FT, etc. I was leaning towards finance, but because the accounting program is ranked #1, I thought that might be come into play. Any opinions or suggestions?
forgot to mention that ppa program is a 5 year program... u get ur undergrad and mpa degree together. i know i can major in finance and minor in accounting, but im not sure if i have enough time to do the ppa program and get a finance minor
can you do a double major. stay an extra year (even if the whole thing takes 5.5 years)
Forget about Accounting. It does not matter if they are #1, Accounting is gay and is for people who are not smart enough to work in finance.
If you want to do M&A, people will respect the accounting background. Either way, you're going to take a liberal courseload from the other discipline anyway, so I wouldn't worry too much about "rankings" for each major.
You will be able to take more accounting than you actually need by majoring in finance.
I had the same issue a few years ago. But then I realized that PPA is not worth it. If you want, you can test it out for a semester, and if things go bad, you can drop PPA and use the credits towards a minor in acc instead. If you want to do ibanking, don't shoot for PPA as a route to get into it, I don't believe that's the strongest way to go.
UT Austin has a financial analyst program that some banks come to recruit especially from. It looks much better to banks on your resume, plus its hella lot less work.
Finance at UT may not be #1, but its still top 10 and the FAP will help make you even more competitive in that position. Anyway.. accounting sucks and will fuck over your gpa esp in the PPA program, trust me. You'll need to try to keep your gpa in the 3.85-4.0 range to be competitive against other kids anywhere other than Houston.
I've heard that both is ideal, but if you have to choose just one I would go with finance.
I'm in the exact same position as you carboi. I'm pretty set on finance, but because of all my credits I may be able to do ppa in 4 years instead of 5. I'm also trying out for bhp too, so that may influence my decision.
i agree with orbithal. do both, if not, go with finance.
do both if possible...otherwise look into econ to supplement finance, but above all else, at least do finance
will look much better than PPA or regular finance. Some companies (Greenhill, Blackstone, Lazard) only recruit BHP students.
Noooo way, for what, human resources?
Major in finance or accounting? (Originally Posted: 04/03/2013)
Okay so I need some advise as I'm going to be a college freshman next year. What combination will open up more job opportunities and also pays better on average? (Either way I'm going to get my CPA as well) So should I major in Finance with a minor in accounting or major in Accounting with a minor in finance?
Deja vu...?
you could considering majoring/minoring in a combination not so cut-and-dry. like maybe major in finance, minor in fuckin astrophysics or something. or double minor. if you're at a target or semi-target, just the fact that you have OCR will mean that you'll be exposed to tons of opportunities and all sorts of finance jobs (probably). if you're already concerned with setting yourself up for success, try differentiating (a little bit). because if you take a normal ugrad business school path and have finance and accounting on your resume, your GPA better be pretty standout or else the other 350 kids with the same major and minor who applied for the job will look every bit as good as you. this isn't anything against finance or accounting majors. it's just that after reviewing the 100th finance/accounting major resume, they start looking pretty much the same. the only thing that sticks out are cool minors, great GPAs, or extracurricular i also happen to like.
Does Finance&Accounting with English minor stand out?
I would suggest go for course that has solid quantitative elements.
Finance Major vs Account (Yes, I know what the search function is) (Originally Posted: 01/12/2011)
Alright, so I have searched an ample number of threads on this sight amongst many other resources about an accounting major vs a finance major. I go to a non-target school in Florida and I do not necessarily work in NY. I just want a lot of opportunities open to me.
I keep seeing how accounting is extremely useful and would be better than finance because finance is picked up in accounting anyway, but on the other hand it's more rigorous. I'm not saying I couldn't handle it, but my concern is the GPA. At my school, the accounting major is very respected (hence the rigor) and the finance major is so-so. I cannot double major. Also, this is not taking graduate degrees into account.
How useful is accounting over finance from a non-target? Would it be wiser to go for an accounting major with a slightly lower GPA or a finance major? This is for any and all great jobs on and off of Wall Street.
There's a common answer of "If you like finance, major in it." I understand this concept, but in complete and utter truth, what do you really think? From your experience, would an accounting major at all be better than a finance major? Obviously there's overlap, but differences between the two make it questionable as to which on average would have a better quality of life.
Is it really true that an accounting major can do a finance job?
Well, there's my question. Thanks.
I would say you are more pigeon holed with accounting whereas Finance is broader in terms of opportunities after graduating.
Finance from a nontarget, unless combined with math/stats is seen as a weak major IMO
Accounting major relevancy for High Finance (Originally Posted: 04/06/2013)
I've heard that Intermediate 1 and 2 are useful classes for finance, especially for IB, ER, PE, HF. How useful (if AT ALL) are these classes? Tax Cost accounting Auditing Business Law Info Systems Advanced Financial Accounting
I've been told Finance and Accounting major is ideal because you learn a lot of necessary skills in accounting, but it seems like the classes other than the intermediate series are waste of time.
Thanks!
The only useful ones on that list are Biz Law, possibly Cost Accounting, and maaaaaaybe Tax, depending on what exactly it covers. If it covers shit like how to do your personal income taxes, or corporate tax planning / structuring, then you can probably skip that shit, too.
Advanced financial accounting is definitely the best one on that list. It is so helpful when you can understand the deferred tax assets, capital vs. operating leases, derivative accounting, etc. It may not be the case at your school but at mine advanced financial accounting covers all of the accounting for business consolidations and dispostions. Business law is also a must. Cost accounting can be nice for invesent decisions if you can get ahold of the information required for some of the analyses. (Usually not public) Audit could be helpful for due diligence activities but not as much for sell side.
Interesting. Thanks guys! I didn't know that some of those classes are actually useful for a career in Finance. Now I feel MUCH better about pursuing a double major in Finance and Accounting.
Accounting vs Finance Major for F500 Corporate Finance Jobs? (Originally Posted: 10/23/2010)
Hi,
I was wondering if it is really necessary to major in accounting if you want to work in finance at a F500? I know that at the entry level especially, there is a lot of accounting work, which is why I'm taking a course in intermediate financial and intermediate cost accounting, but is a MAJOR in it really required? I really don't want to take shit like "auditing" and I absolutely HATE tax classes, plus I'll never use them, so is an accounting major worth it, or will taking a few extra classes like I'm doing be good enough? I can probably self-study the rest of intermediate because my teacher gave me a textbook, so if I do that, will that be good enough? Plus, if I ever need a CPA, I can always major in finance and go to a masters in accounting for non-accounting majors, so there is still a chance to learn more if need be, but I'm not sure I want to do a full major at the UG level and then learn the same shit all over again just to get 150 credits and be able to sit for the CPA through a masters program.
Also, if I want to go more into the corp development/strategy/treasury side, which positions should I look for? I don't mind doing accounting initially, but I don't want to be a controller whose sole job is to just prepare financials/adjust entries all day either.
Thanks!
interested. do you know the answer now?
I'd wager its accounting. After majoring in finance, I honestly feel like its mostly useful for trading/asset management really.
If you're an accounting major, chances are you'll be an account. Take account courses and major in finance/econ.
Accounting or Finance? Also, semi-target schools? (Originally Posted: 01/06/2014)
I'm going to be applying to colleges within the year and I'm jumping back and forth between Accounting and Finance. Which would be better when going into IB?
Also, I plan on applying to Michigan State University, Syracuse University, University of Michigan, Wake Forest University, College of the Holy Cross, and Bates College. Would you consider any of these at least semi-target schools for IB? I know most bulge brackets just look at Ivies but for smaller banks?
Also any recommendations on schools that put more emphasis on grades than an ACT score would be much appreciated.
Thanks!
Michigan is solid, as is Wake Forest and Syracuse is quite respectable.
Good luck. I'd go with Finance though.
I'm assuming you are familiar with front office, middle office, back office. Accounting is back office, and if you are looking for FO banking, you won't need a lot of the advanced accounting classes. Finance would probably be better, considering accounting is included in the major (Financial Accounting is a core class).
I think most schools would claim to have a well-rounded admissions process, and it depends on how astronomically bad your ACT is. Either your GPA or ACT won't make or break you in the admissions process. I go to a target and my GPA was subpar in high school (3.8 weighted) but it didn't adversely affect me.
UMich is highly regarded in the financial world, I don't know about the rest of them. But it all comes down to networking and knowing your shit. That's it.
Could you actually explain to me what Front office, middle office, and back office are? I'm not completely educated on finances yet since I'm only a Junior in HS
I went to Syracuse and I would not even call it a semi-target for front-office. There are people that went the IB route but they either had connections/networked their way in or were in the Orange Value Fund (student-run fund at Whitman, only top students selected). The only OCR banks do there is for middle/back office work.
Go with finance if that's what your interested in.
Accounting vs Finance in the long run (Originally Posted: 08/07/2012)
Just been doing some research lately on different career paths. Would you guys on WSO say that an accounting career (lets say CPA) opens more doors than a general career in finance? Can I do much more with a background in accounting than a background in finance? In other words, is it easier to take on a financial job (I-banking, analyst, consultant) after taking on some accounting as compared to going from finance to accounting? I ask this, because I go to a non target school that doesnt do well in placing students in financial careers, but on the other hand, 3 of the big 4 recruits heavily.
By "financial careers" I mean jobs at BB's
Let's be clear about what we're comparing. If we're talking about Big 4 audit vs. IB/PE/HF, a career in IB/PE/HF is almost always going to result in much greater leaps in career progression (though there will be a huge cost in terms of health, relationships, etc.) However, I think most people will agree that a Big 4 position would be better than most other finance positions.
If career progression is your only concern, network your way into a boutique. That being said, Big 4 is an excellent career path, and it is the one I chose in order to be able to balance my health and my relationships with my career. Though most people on this site will disagree with me, I believe spending a few years in the Big 4 is superior to any BB in terms of soft skills training. However, the technical skills you will develop at an IB are more valuable than the technical skills you'll develop at Big 4.
Though the answers to your questions will be very different depending on a million factors (how long you stay in IB, what clients you get at Big 4, what your ultimate goals are, etc.), one thing that is fairly certain is that it is not that easy to switch between finance and accounting, but it is much easier to switch from finance to accounting than vice versa.
Finance vs Accounting (Originally Posted: 01/09/2012)
Deleted
Finance and Accounting. Do both.
The business college does not allow double majoring
Ya, maybe try to transfer to more of a target school for banks (maybe UMich?). From my personal experience, I know that being both a finance and accounting major allowed me to interview with a lot of firms/banks, and they always pointed out/commended on it. I think being a Finance over Accounting major would be your second best option.
Finance
Even if our school has a stronger accounting program, finance would still be the better option? Yah i could always try U of M not sure if I would get into there bus. school though.
bump
Finance...accounting is a lot harder major (at least in my school) to complete and requires a lot of memorization. Do finance and try to maintain a near 4.0 GPA.
Finance or Accounting Concentration? (Originally Posted: 01/07/2013)
Does it matter if I concentrate in finance or acct for IBD? Almost everyone at my school does finance and enters IBD...and normally I'd just do both. However, I'm also cramming in the med school prereqs and dont have time to do both. Honestly, I enjoy the accounting more and think the classes are much more difficult than finance and you can still use things like corp valuation to count toward the acct concentration.
Agreed. I did both. You might be able to get in with just one, but ultimately you'll need a deep understanding of both to even set up a basic model.
Well, if you can't do both, I'd pick the one you enjoy the most (as this will show in your GPA). IF you pick finance, make sure you take a few acct courses, and vice-versa.
accounting vs finance (Originally Posted: 07/20/2011)
Hey just wanted advice on what major i should stick with. I was a finance major and I'm much more interested in finance but I go to a pretty shitty state school imo and my gpa isn't amazing (currently 3.12 but haven't been focusing on school that past year even though I plan to change that). I couldn't find a solid finance internship (only an insurance internship for this summer through northwestern mutual where you basically sell insurance to family which is lame imo + I don't have the best networking/social skills). I just switched my major back to accounting because I believe job prospects + finding an internship will be much easier. I go to SUNY Oswego in NY which again is not really a good school. The biggest problem is if i stay with finance, I'll receive my degree in 1 year (already have went to school for 4 years) but accounting will require 2 years and possibly 1 year for grad school to get my cpa. Another question: Do I need my cpa? The advisor I talked to told me I need it and I wouldn't find a solid paying job if I didn't get it (even though I do want to get it.... I wouldn't mind taking classes while working when i finally do have an accounting degree). Thanks for any advice.
"already have went to school for 4 years"
Maybe you should go back and get an english degree.
I went to Florida State for finance, and if I knew then what I know now, I would've definitely doubled up w/ accounting. I interviewed with NWM also(it being one of the only internships who actually called me back for an interview) and people who I asked about it who had done it told me it was a giant scam to overwork college kids for shit pay and call it great experience. There are much better ways to get great experience.
After graduating, I worked for a one man recruiting firm who promised me the goods...after I started getting some clients in. After 3 months of not seeing a dime I took a more steady job in Team sports sales, all the meanwhile applying at places like merril lynch, jp morgan, lockheed martin, and every company on business weeks top 50 firms to get an entry level job.(http://www.businessweek.com/interactive_reports/career_launch_2009.html)
After 2 years of selling sports uniforms and footballs, I decided I was gonna go back for accounting. I am at FIU right now, getting my Certificate in Foundations of Accounting and Auditing, so that I can start my masters program, instead of getting my bachelors while i was still in undergrad.
Since I started, I've had at least 3 companies offer me a job, and I finally left my sales job to go work in the accounting department of a fairly large manufacturing company and I am getting great experience and getting paid much more than my sales job.
Even if you want to stick to finance, you can get any job a finance major can get, and probably have a better chance than they do.
As far as having a CPA. If you want to do anything other than bookkeeping its pretty much a necessary. Most accounting firms even if they hire you out of your undergrad, will require you to get your CPA.
If you dont mind putting in the time I think its worth sticking with accounting.
^^^
Props to you, pencilpusher.
Drop out. Move toBrazil. Buy farm land.
^^^ Great strategy if you have cash.
OP needs to take the conservative route, study accounting, get that GPA up to a 3.5, and land at Crowe Chizek.
We can talk in a few years when he's ready to apply for an MBA. He is probably not getting into banking or trading with a 3.1 GPA, though if he really wants to do this, he might have a shot at some of the Chicago prop shops.
thanks for the advice. Again 3.12 is pretty terrible and I realize this. I knew someone would rip me on that. Also I feel like I-banking is out of the question because I feel you need to go to a prestigious school and also have an amazing gpa. Also what kind of gpa do I need to get a solid job (not big 4.... not going to lie: don't expect myself to get my gpa high enough to get into a big 4 firm). I feel like 3.25-3.4 is achievable if i work really hard but 3.5 and above seems almost impossible because I'm moving into 300 and 400 level accounting classes. And finally is their anyway I could work at a chicago prop shop with an accounting degree? I'm way more interested in finance when compared to accounting but I feel like the job market for accounting is extremely safe when compared to finance. And again thanks for the advice... I realize there are many bright people on this forum and I value your advice.
Current student, Prior service USMC, Accounting or Finance? (Originally Posted: 05/27/2007)
Hi all, I am a current student at the Broad College of Business at Michigan State. I am a transfer student, so my GPA is 0, but I expect to get above a 3.7. I am 25 years old and have an honorable discharge from the Marine Corps. I have been interested and involved in personal investing for about 5 years now and my ultimate goal is to find work for a financial institution. Currently I am an accounting major which is the school's best program, but I am considering changing to finance. I hope to take the CFA level 1 during my senior year then work and take the rest of the exams over the next 4-5 years.
My question(s) is, what would I need to do, or do I have the qualifications to interview for an entry level analyst position if I can pull a 3.7 or higher? Also, can I do this with an accounting degree or should I change to finance? And finally, will I be able to do well on the CFA with an accounting degree?
Side note, Broad college is a CFA partner school, so (supposedly) 70% or more of the finance/acc curriculum follows the CFA curriculum.
If you could try and earn both a finance and accounting degree. Yet check to see if your school offers the dual major.
Semper Fi
Hi, I did dual CPA Accounting/Finance major in college and am now pursuing the CFA level 3. I haven't taken the CPA yet.
Since you are strapped for cash, you should know that the CPA accounting track is huge.CPA track at my school was huge, nearly 10 courses while the Finance track was only five.
In most states (but not all) sitting for the CPA exam requires 150 credit hours and the equilvalent master's of accountancy. Check the CPA website for accounting regulations in your area. I'm in the nyc area, which was one of the few relaxed places that only required bachelor's degree.
It's beneficial to do both, as the CPA/CFA dual credential is viewed as very favorable and rather impressive. But you can do the CFA without a major in finance while the CPA requires CPA accountancy full major in order to sit in for the exam.
The material that is covered by the CFA level 1 strongely mirrors that taught by undergraduate level finance and if you can't do both, I would do CPA accountancy in your situation. But that's just me.
Note: You can't sit for the CPA exam if you major in general accountancy, which is the CPA-half major without the business law and auditing components. It's a bastardized accounting degree, basically.
what benefits are there to having both the CPA and CFA?
At MSU I do not believe you can dual major within the college of business. Many people choose finance or accounting and then take as many of the other classes as they can with their elective credits. I was in the same situation you are in, at the beginning of last year. I also want to pursue a career in finance but was an accounting major because I knew the degree was better from MSU. Ultimately I was sitting in my intermediate accounting class at the beginning of last year and couldn't take it anymore. The material was just too dry for me, and knowing that I didn't want to be a CPA made it that much more difficult to stand. I switched my major from Accounting to Finance and am very happy I did. I really have enjoyed the upper level finance courses that I have taken and look forward to next fall. I will be a senior next year and am planning on taking the CFA Level 1 in June 2008. I don't know what your status will be when you come into the Broad School school but you may want to look into joining the Financial Markets Institute. It's a great program for finance majors to set themselves apart from the crowd, it will give you a better shot at landing a job with top BBs or consulting firms. Feel free to PM me if you have any questions about what courses and what not to take.
Lastly, make sure you have a good time while you're in EL. Its a good school, but a great place to meet all kinds of people and have some fun too.
Cheers, Aakash
Go Green Go White!
Hi, SB, it'll take you definitely longer. Make sure you can clear at least 300 hours on your schedule so you can pass it one try.
I'm considering the same things as you are regarding CFA and CPA. I live in Canada, so I would be pursuing the CA (Chartered Accountant) designation instead of the CPA. Currently I am majoring in Accounting, as my university does not formally allow students to double major; however, they award admittance into classes of a different major based on academic averages. Therefor, at my university, as long as you keep high marks, which are pretty much necessary for IBanking anyway, it is possible to do it. I chose the Acc major instead of Finance, because as was previously mentioned, the Acc major requirements are much more intensive than for Finance.
What I haven't quite figured out yet is how I will achieve the CFA designation at the same time as the CA designation, or if not at the same time, in as short of a time frame as possible?
I would disagree with the pigeonholing effect. Knowledge of finance and accounting go hand in hand. For example, I know there are CA specialist designations regarding business valuation. Almost all the finance classes required to major in Finance at my University are recommended as prerequisites to the Master of Professional Accounting program which leads to the CA designation.
Some folks have truly unbelieveable credentials.
Business card:
John Whatever, PhD, JD, MBA, CFA, CPA, CMA, CFM, PRM, FRM, CAIA, CFP, blah blah blah..
The finance and accounting superman....
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