Why Should You Choose Between Accounting And Finance Degree In 2021?

Choosing between an accounting and finance degree is one of the latest norms of the education world! With an ever-green and expanding business sprawl, companies prefer professionals who can master their financial problems and translate the perimeters of their choice into incoming success. This means, national and multinational firms have started to carefully formulate a system under which they prioritize qualifications from a well-reputed institute along with an equally adroit practical understanding.

Sensing the opportunity, universities and colleges also have showcased a special focus on the two degrees and continue luring students. Ultimately, global aspirants often make up their mind to do either but have a hard time choosing one. Therefore, answering the million-dollar question, this blog will put you in an advanced position to opt for one of the two.

Accounting Bachelor’s Degree versus Finance Bachelor’s Degree

If answers could go well with randomness, we could easily have said that accounting is a portion of finance, and that’s it. However, that’s not how important discussions are made, especially ones with the potential to shape up your life.

The difference between an accounting and finance degree is the fact that accounts primarily entail dealing with complex financial records with modifications, management, and storage. For instance, an accountant will mostly find his place in a firm, organization, or state agency, creating transactional records.

Whereas finance covers a broader spectrum. It entails everything related to money, from investment management to financial systems. A finance person will most likely be occupied with the brainwork of cash, hands-on with financial consultancy and control.

Another area of cleavage between an accounting and finance degree is how a finance expert is always deemed more of an all-rounder, with a broader grasp of events and knowledge. In contrast, an accounting degree will seem constrained to a single niche; accounts!

Accounting and Finance Careers

Before every academic decision, you should always consider the different career paths that it may lead to. In the case of an accounting and finance degree, while both can bring sound opportunities, a financial expert always is possessed by diverse workflows. This is because of the way such a program has equipped his mind with distinct and varying understandings. However, this is not to say that an accountant is limited to a desk and figures only. Everything comes down to how masterful you are in the field!

Typically, an accountant does the following jobs:

• Periodically updating the balance sheet.
• Adhering to the global accounting rules
• Finalizing transactions upon an assurance

On the other hand, a financial expert is involved in the following tasks:

• Predicting and managing the firm’s latest investment goals
• Ensuring the company has the financial support to take off from its previous landings.
• Supervise the way funds are distributed

What do accounting and finance degrees cover?

In either of the two programs, you will be put in a grind you haven’t felt ever before! There are a ton of classes, assignments, and projects to manage while also keeping a check on your social goals. However, this isn’t to discourage you from cruising to this side of life. Everything you’ll be put through will ultimately hone your skills and let your best version outlive!

Some of the accounting classes encapsulate:

• Financial Reporting
• Company Law
• Management Reports
• Forensic Accounting
• Advanced Taxation
• Latest Accounting Research
• Assurance and auditing services

Whereas some of the finance classes integrate:

• Asset pricing
• Modern finance
• Corporate finance
• Quantitative and statistical analysis
• Ethics of global business
• Financial derivatives
• Investment appraisal

Besides, if you’re taking it to the next level and want to pursue a specialization, there are some very niche fields too. Specialization always tops one’s chances of success and fruitful employment in a company of his choice.

For Finance, you can specialize in Financial Management, Banking, Investment Management, and Sustainable Finance. Whereas, for Accounts, you can place your bid on Taxation, Auditing, Forensic Accounting, and Public Accounting.

Accounting and finance degree entry requirements

Before you can interact with thousands of figures and numerical values, you need to ensure that you meet the requirements to get enrolled in a university.

In Singapore, the entry requirements for different levels of accounting and finance education are as follows:

Foundation

• IELTS - 5.5 (writing sub-band shouldn’t be lower than 5)
• TOEFL iBT - 69-79
• TOEFL (Paper Based) - 525-555
• O’levels English - C6
• Person Test for English - 46
• Equivalent English language qualification

Diploma

• TOEFL - 5.5 (writing sub-band shouldn’t be lower than 5)
• TOEFL iBT - 69-79
• TOEFL (Paper Based) - 525-550
• O’levels English - C6
• Person Test for English - 46
• Equivalent English language qualification

Bachelor’s

• EL119 - C6
• IELTS - 6 (component lower than six is not allowed)
• MUET - 200
• TOEFL iBT - 79-93
• TOEFL (paper-based) - 580
• Minimum of 12 years education with respectable performance
• Equivalent English Language degree

Why study accounting or finance at Graduate Level?

Accounting and finance degrees equip one with a range of practical and groundbreaking skills. Such skills are required at national and international levels, making one an immediate choice in the global market.

Studying either of the two can go a long way in carving a bright and prosperous future. In the world today, transactional means are the determiners of a firm’s growth. Effective and timely strategies govern what the future has in store for them. Resultantly, such a study can always adhere one to a reputable and lucrative job.

Secondly, financial education hones one’s own life. It makes him answerable for every financial decision he makes and puts him in an advanced role when managing expenses and assets.

Further Professional Qualifications

With an accounting degree Singapore students always tend towards furthering their studies. This is in line with their hopes to transform themselves into financial gurus. For instance, one may go for Master of Accounting, Master of Professional Accounting, or Master of Science in Accounting. This means, for just about anyone looking for a different level accounting degree Singapore has something in its sleeves for him.

On the other hand, furthering Finance education, Master of Science in Finance, Master of Finance, and Master of Financial Economics are some of the most viable options.

Salary Expectations

According to a study in the US, the mean starting salary for an Accountant is US$57,511, and the average salary for a financial expert comes to be around US$58,464.