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It really really really depends on the company you work for, area, and specialty.
The accountants I went to school with who took roles with firms make about 45k. The CPA is expected of them and they will only get a slight bump in pay.
I went the corporate accounting route and work for a Fortune 100 who doesnt care about getting your CPA. I make 55k and have my bachelors in accounting. If you work at THIS company they view Finance and Accounting as a blend at lower levels, we do both functions. IF I get my CPA I can move up through the Controllership role and make ok money. IF I move up through the Finance side I will make far more than the accounting side. Easily 200k.
But.....IF you are an accountant and have your CPA you do have the ABILITY to hang a sign out front and be your own boss. Thats harder to do with a Finance degree, even a CFP. I know a CPA that landed some large accounts and easily makes 700k a year.
Its hard to say which degree is better, its all about how you USE it.
It really really really depends on the company you work for, area, and specialty.
The accountants I went to school with who took roles with firms make about 45k. The CPA is expected of them and they will only get a slight bump in pay.
I went the corporate accounting route and work for a Fortune 100 who doesnt care about getting your CPA. I make 55k and have my bachelors in accounting. If you work at THIS company they view Finance and Accounting as a blend at lower levels, we do both functions. IF I get my CPA I can move up through the Controllership role and make ok money. IF I move up through the Finance side I will make far more than the accounting side. Easily 200k.
But.....IF you are an accountant and have your CPA you do have the ABILITY to hang a sign out front and be your own boss. Thats harder to do with a Finance degree, even a CFP. I know a CPA that landed some large accounts and easily makes 700k a year.
Its hard to say which degree is better, its all about how you USE it.
You made some good points.
The accountants that only earn $45K working at an accounting firm sounds kind of low though. Is that because they work for smaller regional firms and/or live in a low cost of living area?
Accountants that get a job with a big four here in Chicago typically start off between $50k to $60k.
The earlier posts are fairly accurate with respect to accounting have a root objective of accurately recording past events and finance being more about projecting future scenarios. However, I'm finding that more individuals with accounting backgrounds after passing the CPA exam are moving into corporate finance departments rather than remain in public accounting. And corporations highly value these additions to their finance teams. To find out if your interests and aptitude are suitable for at least starting as an accountant, check out the free sample CPA exam questions at http://fastforwardacademy.com/index-...rial_embed.htm.
The accountants that only earn $45K working at an accounting firm sounds kind of low though. Is that because they work for smaller regional firms and/or live in a low cost of living area?
Accountants that get a job with a big four here in Chicago typically start off between $50k to $60k.
Most likely regional. I would expect Chicago to pay more than Jax due simply to Cost of living.
The earlier posts are fairly accurate with respect to accounting have a root objective of accurately recording past events and finance being more about projecting future scenarios. However, I'm finding that more individuals with accounting backgrounds after passing the CPA exam are moving into corporate finance departments rather than remain in public accounting. And corporations highly value these additions to their finance teams. To find out if your interests and aptitude are suitable for at least starting as an accountant, check out the free sample CPA exam questions at http://fastforwardacademy.com/index-...rial_embed.htm.
Good point. I don't think an accounting degree necessarily locks you into an accounting career for life. I too know lots of finance folks with accounting backgrounds.
Graduated with my Finance degree. Myself and others with a Finance degree did not like Accounting. Too boring for me and I knew it'd limit me on my creativity.
Accounting is a VERY stable degree to have though. If you're good at your profession you're set for life as far as job security goes. Just don't expect massive pay raises.
Finance degree holders have a much more insecure job market (I would know), but there really isn't a limit as far as salary and career path that there is with Accounting.
Just doing your own taxes doesn't mean you'll like being an accountant. You'll know what you prefer once you get through some intermediate level accounting and financing classes. You will need both though so in this situation they do go hand in hand. Come the final year or 2 of your pursuit of a Bachelor's degree, you'll be able to distinguish if you're seeking an Accounting or Finance degree.
The cold hard truth about Finance is that there are hardly any jobs that actually require a Finance degree.
Most entry level finance or finance-related jobs will hire anyone with a Finance, Economics, Math or Accounting Degree. Many will hire anyone with that took statistical math and mid level math at least through calculus. Others may even hire anyone that they think is smart, even English majors from Ivy League schools get offers from investment banks.
A Finance degree is a very flexible degree and only typically requires you taking 4 or 5 finance classes and much of that can be taught quickly on the job to the extent it is relevant.
I actually preferred Finance in college, but competition for those finance jobs were brutal and very few finance students receive jobs like being a financial analyst at a corporation or into investment banking. You were more likely end up in sales type jobs in financial companies (i.e. broker or insurance sales), be an underwriter for an insurance company or being a credit analyst or loan officer at a bank. Honestly, I felt that a job as an accountant were better than those.
But the issue is as a Finance major, it is very difficult to get accounting jobs. Not impossible, but very difficult. So as an accounting major, you have a great chance at a very good accounting job and pretty much the same shot at a finance job as any Finance major.
That's why if you are on the fence between Accounting and Finance, the safer bet is on Accounting. But if you know you don't want to do accounting, then Finance is a perfectly fine degree if you choose your electives wisely.
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