Account v finance
Introduction
The distinction between finance and accounting is that accounting focuses on the day-to-day flow of money in and out of a company or institution, whereas finance is a broader term for asset and liability management as well as future growth planning
Career Options
.For some of us, the distinction between finance and accounting is merely a matter of idle curiosity, but it is critical when deciding on a college major or a career. You probably want to make sure you're on the right track if you're going to take out student loans.
If you choose accounting, you will most likely report to the company's Chief Financial Officer if you work for a large corporation. Your job title could be Controller, Tax Manager, Fund Accountant, Valuation Analyst, or Financial Reporting Accountant. You could also work as a Tax Accountant, Bookkeeper, Treasurer, or Auditor for yourself, a business, a non-profit, or the government.
Salaries
In both finance and accounting, there is a wide range of pay. According to the Bureau of Labor Statistics, both fields are expected to grow rapidly between now and 2024. (BLS). Let's look at some salary and advancement opportunities.
According to the BLS, the average annual salary for a Financial Analyst in 2014 was $78,620, or $37.80 per hour. The number of Financial Analyst jobs is expected to grow at a faster-than-average rate of 12% between 2014 and 2024.
Accountants and auditors earn a median annual salary of $65,940, or $31.70 per hour. The number of jobs is expected to grow by 11% between 2014 and 2024, which is an above-average rate of growth.
If you work in accounting, your financial transaction recording and reporting will help the finance team. Similarly, if you work in finance, you rely on the clear and accurate work of accountants. Both fields necessitate a high level of expertise, education, and familiarity with quantitative analysis. And both have the potential to provide challenging work that is well compensated (with luck and hard work on your side)
Counclusion
If neither finance nor accounting are your cup of tea, you might consider hiring a financial advisor to assist you with all of your financial concerns. It does not have to be difficult to find a financial advisor. In five minutes, SmartAsset's free tool will connect you with financial advisors in your area. Get started now if you're ready to be matched with local advisors.
Making a budget is one simple aspect of finance that you can do on your own. Make a start on your budget with SmartAsset's budget calculator!