I have a question, I have an accounting background and bookkeeping certification. However, i want keep going would I be better off getting a Masters in Finance or an MBA concentrated in Finance. Thanks in advance sir.
Thank you for including the term "introvert" in your description of the distinctions. I'm an introvert who loves finance, so I'm combining the two and studying for the CFA and CPA exams.
@@feliciafel1973getting a CPA and CFA is not worth it practicality wise, however if you’re doing it for the personal education and name then it is. CFA will teach you how to invest and analyze risk. CPA will strengthen everything accounting. I don’t think having both provides any advantage in the workforce.
@@feliciafel1973 I'm doing both as well. I would just suggest that you switch the orders of them. The CPA exam process can be completed in 12-18 months if you're already educated, but the CFA exams tend to take several years to complete. Also, they're changing the CPA exams in 2024, so if you're already educated in accounting you probably aren't prepared for the new CPA exams.
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise. I got a bachelor degree in accounting and debating which MS program to go for. It looks like CPA route is reasonable since I have most of the credits. I just want to hear other’s opinions!
@@abcdefg12369 There is so many different categories of F&A and it's going to vary based on the company. For example I work in private accounting instead of public so my hours are pretty good. Those straight out of college in public make about the same as me but their chances of being promoted to a higher paying job is likely higher if they can survive the burnout. If you are introverted I think accounting is more your alley. When I worked in Finance it was a lot of meetings and presentations. My companies bonus is once a year and it pays very well, around 10%-20% of your salary depending on well you/the company did. You can make a lot of money in accounting as well. We also get raises once a year but seems like switching jobs to get pay raises is becoming the new norm.
@@citizenoftheyearCC Thank you. In your accounting job, how many hours did you work per week (busy vs downtime season)? Did you have to work a lot outside of your work hours, such as OT? How much vocation time did you have and were PTOs easy to approve? What kind of meetings/presentations did you have and how often? Do you think you have closer relationships with your finance coworkers vs accounting since you interact with finance more or vice versa or same. Tell me about coworker relationships as well.
i'm an introvert but i'm more into finance, i'll make my weakness as my strengths. thank you for the clarification between these two. it helped me a lot! you're so great!
You really helped choose which career to go for, I’m about to go to college this year and I had chosen an art degree and it wasn’t sitting well for my future goals money wise. Thank you very much 🙏
definitely finance as its forward looking compared to Accounting which only looks at the past and companies see Accounting as a cost rather than bottom line contributing factor.
thank you so much for the help! right now i’m an accounting major, but i recently took a finance class and liked it as well. i definitely think accounting is more for me given that i’m more introverted and like having a set schedule! also, the thought of predicting and advising others based on assumptions terrifies me
This is one of the best videos I have found on the difference between finance and accounting. Really appreciate discussing the reasons one might choose one path over the other, and the introvert factor.
Something they don’t tell you is that an accounting degree allows you to do anything finance can do, but finance people cannot do what accountants can do. Finance people could have to compete with accountants for jobs. Plus most CFOs and other prominent business positions have accounting degrees.
@@Rohitoh You have to have an accounting degree and a certain number of credit hours and or work experience depending on the state as well. One you cannot be an accountant without a bachelor's in accounting and then on top of it, you need in some states a master's in accounting to be a CPA. That's because in the process of learning Accounting you learn how to do forecasting, investing, etc. which are things in Finance, but Finance does not teach you about Accounting at all. There's a reason why almost every CFO and CEO is an accountant because it's the language of business and gives you the best understanding of a business more than any other area.
@@Rohitoh yes you can. You will need to go for a masters in accounting at a university that allows non accounting majors to enter their program. Many exist.
I agree with you 100% thanks for the video . I was always curious about working in Finance , but now by watching this video I have confirmed that accounting is my thing ! And I love it ! Thanks
This video is what led me to your channel. I was struggling to find an accessible way to explain my change of career alignment from Accounting to FP&A to friend who isn't from our world and doesn't understand that us CPAs can do so many different things! This was spot on. I liked the part where you explain how your personality interacts better with Accounting because I'm the reverse in every way. When I was an accountant, period ends grew stale after a while and my favorite part became working with the finance team to give them some guidance on how to forecast/budget accounting adjustment accounts. I was the only person in Accountings who wanted to touch that, and the finance team hated to forecast anything accounting based (which shows how much these two things don't intersect too well) so I ended up de facto owner of many accounts during the forecast process. Interacting with the finance team led way for a career revelation and an opportunity that I'm extremely happy to have gotten. It was like a gravitational field pulling me in that direction!
Thanks! Yeah, forecasting is not a natural skill for accountants, but certainly can be nurtured through experience. Great insight again here, thanks for adding!
I'm late to the party, but great video detailing the differences. I do a fantastic job (I think) pretending that I enjoy talking to people; I've had many, many years of customer service experience prior to becoming an Accountant. I actually prefer accounting because history is static. I can't make a "failed prediction" about history, but I can definitely fail at forecasting accurately with this broken crystal ball of mine 😉
I forwarded a link to this video to my grandson who is about to begin studies at a business school. He is interested in accounting and finance, but doesn't have a clear understanding of how a career in one of those disciplines would differ from a career in the other. This video is a perfect introduction to gaining a better understanding of the differences.
I am great full you mentioned about introvert and extrovert. Never heard it before. I am new subscriber. I have done masters in accounting and finance and I love this profession and really want to pursue it further. I am here to refresh my knowledge. Thank you 🙏
Nicholas you can shine in either track. Finance is sexier and you can make more money, so press on the gas and just pay your dues and great things will happen
Thank you for mentioning the introvert side as more preferable for accounting. Your reasons for choosing accounting aligns with mine especially #1 and #2. I always thought accountants are busy ensuring accuracy of numbers, which I considered to be stressful. With your explanation, I can imagine how more stressful the work of a FA can be. Thank you!
Totally different careers: Accounting is a narrower field that focuses on professional processes to manage numbers and accounts, while finance uses the same information to analyze potential growth patterns in order to strategize company finances.
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise. I got a bachelor degree in accounting and debating which MS program to go for. It looks like CPA route is reasonable since I have most of the credits. I just want to hear other’s opinions!
Many thanks for making this video. I was so indecisive with my career choice and this just cemented everything I needed to know about the life of an accoutant and financial analyst.
I’m deciding on what i should major in college and accounting was one of my top options. Im interested but im worried that accountants work very long hours and have no life execpt for work. I would love 40 or even 50 hours a week but nothing like 70 or 80 hours. I dont mind making less money with less hours but i dont want to risk having no life by working 80 hours a week.
Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!
I majored in criminal justice, when I sold my house and I got to shared the profits with the government I said hell no!! I switched to accounting I have an entry level accounting job with a better pay than when I worked for the Law enforcement I just started college again and I’m looking forward to learn the ropes of accounting and finance thank you for sharing
That was so helpful. I am about to start my career in accounting and researching a lot. I think that suits me better than finance. Fist step is to get a career as a staff accountant taken off before venturing into finance though i have a finance degree. They always ask for experience as accountants before giving role of financial analyst.
I agree, financial analysts who have an accounting background tend to know how to read financial statements, retrieve financial data, and know accounting rules. All great attributes. Go for it and best of luck! Tune back in for more videos ;)
I majored in accounting and a major introvert. Totally agree w/ you. Took a job in finance right out of college.. worst mistake yet. Trying so hard to find an actual accounting job. Is accounts payable a good place to start? What about taking jobs that don’t require a degree, is that a waste?
Accounting can be automated. The people who say accounting can’t be automated are talking about managerial accounting, where the judgement is. Managerial accounting is closer to finance than accounting, therefore accounting at the end of the day will be automated. I dropped my accounting major because of accounting automation.
HI, what do you think would be the reason to choose finance over accounting? I liked that you have just mentioned why you have chosen accounting over finance.
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise.
I wish I would’ve watched this video before I switched my majors from Accounting to Finance last week. I relate to the introvert section so much, but the finance courses have been easier for me to understand than accounting, which makes me feel lost often. My question for you would be if you think it it’s ever too late to go into Accounting and become successful in obtaining an CPA, I probably won’t get my Bachelor’s until I’m 34 and would have to be “too old” to be starting a career in Accounting
The age aspect is a thing of the past. Hiring managers look for decent grades and someone who can articulate their knowledge during an interview. Go full speed brother
Great video! I am currently a financial analyst and will receive my bachelor's in May with a Major in Business Management and a minor in accounting. I am thinking of switching over to an accountant.
Your video touch to the point. I am finance manager for one NGO in Cambodia. The org just adopt of IFRS for SME for organisation. What of my concern is mistatement of information complying to the standard.
Non-CPA Controller here with a word of advice. Which I believe echoes The Financial Controller's advice. If you are going into accounting, GET YOUR CPA. I didn't and had to fight tooth and nail to get to where I am. Always feeling like I have to prove myself. Feeling like people look at you like a glorified bookkeeper. Doesn't matter if I can provide the same results as a CPA in a private company, pass all of my audits and reduce their cost, fix their cash flows, or ammend their poorly prepared 941's, when I look at job postings, I see "CPA Preferred". Don't become salty like me, put in the 2 years and hey, you might be my boss some day :-) Best of luck in your careers everyone, salud!🥂
Omar I am very impressed with your candid advice. You have my utmost respect sir and you certainly not a glorified bookkeeper judging by the clarity of your comment!!
@@TheFinancialController from your lips to the recruiters ears...lol. Thank you for the kind words. And thank you for the videos you make. I have found them very informative. Here's to the sharing of knowledge and experience, cheers!
Yes, it is all about perception. I'm in the same boat. Did my accounting degree and then the CMA. Over the past 15+ years I have been mentoring CPA students and correcting unbelievable errors in financial reporting and journal entries done by CPAs, however without this designation you're fighting to get ahead. Years ago I was screened out of a position as I didn't have a CPA and once they hired one, they asked me to mentor and train the person. Unbelievable. I still think it comes down to the massive influence of the association. So yes, get your cpa
Good one sir, its very helpful for people like me .....expecting more from you , thankyou !( adding a small note : now a days accountant job also having high stress level !!)
Great video!! But I have few questions:- 1. How far we can go in our careers being an accountant without CPA designation? 2. Can we get finance jobs(financial analyst) after majoring in accounting or working in any public industry?
It's hard to reach an Accounting Manager role without CPA. I've seen very few folks who did that, and mainly because they were good with financial systems and automation. Yes, I am a big believer in going into Accounting as means to becoming an financial analyst. Watch my video on Exit from Public accounting for more breakdown.
Brilliant video, I really enjoyed it. Very nice presentation, with facts and reasonable opinions. I liked also your tone of the voice and clear, easy to understand English, both very important to me to be able to follow with interest. I am certainly going to see your other videos as well. Thank you indeed.
Nice, just switched majors from music ed MAT to finance BA, but honestly, I only switched cuz I like talking about money. I didn't really think I'd like accounting more than Finance, and I might switch to accounting
I would be more specific about stress levels. I think in Public Accounting stress levels are a-lot higher then in private because there are more deadlines
Stress level in big 4 audit will have you losing hair, literally. Long hours, multiple engagements at once, poor retention which usually puts the pressure on those who stay and the kicker less pay. It's also client facing so not the best for an introvert. The longer you stay i audit the more you get pigeon holed.
"Which career choice is better?" Take it from someone who retired from accounting and worked for a CPA firm, worked as a controller for a small company and was an internal auditor for a large company. My answer is neither is better. It depends what you want to spend most of your life doing. If you like finance then pursue that. If you like auditing, then pursue that. It depends on what you would like to do and what you would be good at.
I am currently an accounting major with the goal of become a cpa but I often struggle with the idea of if accounting will be the right career path for me. If in the future I want to switch from being a cpa to go into finance, would that be possible? Or would I have to go back to school to get a degree in finance? I ask this because from my accounting and finance classes that I’ve taken so far, the material has been pretty similar. I see myself as an extrovert but I feel that the material in accounting goes more into depth in learning concepts and is more helpful than finance. Thank you for this helpful video!
Prior to watching this video I was worried about my career options as I major in accounting. I really enjoy the schooling so far and been able to do well but I have my worries in case I realize in the future that the traditional path most accounting majors pursue isn't for me (a lot of them go through PA which sounds scary to me). From what you've said it looks like majoring in accounting would be more beneficial in terms of flexibility? I've heard this said before - in terms of jobs/career do you agree that an accounting major has more flexibility in that they can do jobs that finance majors can do but finance majors would have to learn more if they wanted an accounting role? I hope my question makes sense hahah.
Great question. Yes, when hiring, I find accounting majors most versatile. When you are an accountant who does financial analysis, your knowledge of technical accounting, rules, mechanics of general ledger, etc are extremely handy and helpful in finance careers. So do your best in accounting and you can nail both.
Thank you for clearing my thoughts, it was very informative and clear. However, which professional course would you recommend to grow a career as Financial Analyst?
I have seen both accounting and finance majors do well as financial analyst. Real life work experience is what counts after the 4 year degree in either major. Find a company where you can learn their busy really well and a manager/mentor who will guide you.
Impressive distinction between Accounting and Finance, and what informed your preference . Employers often seem to prefer Financial Analyst role more as it relates with predicting and forecasting the future though. Could you share your views on what inherent factors and learning requirements to make a good Financial Analyst for one that wish to transit from Accounting?
thank you very much sir. i have now a very much clear understanding about that as today i have an interview about the research and choose a domain in which i want to work and the options for me are these two accounting and finance. before watching i am so confused about that what to choose but now i have much clear about the pros and cons of that. i am a bachelor student and i am so much extrovert, and the thing is that i have a psychological fear in my mind about the rules and regulation that i can't work under the restrictions, but yes i am so much conscious about the stress level. but maximum things are with the finance. and i have an interest as well in the risk management and the work of stock markets etc. but above all thank yew very much for this video and specially sharing your experience with us. God bless you.
@@TheFinancialController Thank yew sir for motivated me and asking about this.... Sir i have selected research in finance and the idea on which i starts working is to analyze the "financial attitudes of investors during covid 19 particularly related with the stock markets"
Can you make a video on professionals switch career midway like working as an engineer transitioning to accounting. How it is perceived inside the accounting field professionals
Finance is a way more better degree than accounting! Finance involves creativity, problem solving, critical thinking, and analysis which none of this can be automated! Accounting, bookkeeping, and auditing are about following rules and checking for accuracy which are super easy to automate! The only type of accounting that can’t be automated is managerial accounting, where the judgement and analysis is. Managerial accounting is closer to finance than accounting, which means accounting is dead! Do yourselves a favor and save yourselves by majoring in finance instead of accounting!
Is Financial Analyst/FP&A true finance though? It seems more like management accounting to me. When I think of 'Finance', I think of investment and corporate bankers, private equity and hedge fund analysts, credit rating analysts or those that work in M&A/corporate development.
Wonderful video, your profile seems like mine. One point that was important for my decision is the social part, that only 25% in average to time spend with colleagues it's enough . Thank yoou
Hey Bill, I wanted to ask your advice on something. I am a high school graduate and want to do ACCA but, with ACCA I want to pursue another complimenting bachelor degree while doing ACCA. So, I have to decide what degree to choose. I don't want to choose accounting because I will be doing it in the ACCA. Now, I can either do Finance or Business administration or Economics. Please tell me what you think and you can mention a degree that is not mentioned above.
Thank you so much for the video,I am final year majoring in Finance and Accounting,I want to be Financial Manager or even a CFO in the near future.I have two options for next year,is either I go to work,preferably Finance realted while finishing my Honours in Accounting part time(two years).There after join the big four firm or any audit firm doing my three years training contract while finishing my Finance honours(two years part time).With that beings said,I will qualify as a CPA with Finance honours(with two years experiance).Option two is to do my one year full time Finance honours ,then after go to work,finance related ofcourse,then do my Accounting honours,part time,two years while getting the two years finance work experiance,then shift to to my CPA trading contract(3 years),I am confused which route to take to reach my goals(Financial Manager or CFO),thank you🙏.
@@TheFinancialController sorry for lossing you.I am doing Bcom majoring in Finance and Accounting in my final year.Next year I have two options,it's either I take a job and do my Honours in Accounting for two years part time.This job I would prefer it to be Finance related to get Finance experiance,after the two years after finishing these two(a Jobs and Honours studies)simultaneously,according to SAICA,South African Institute of Charted Accountants,accounting body,similar to CPA in the U.S requires that one do three years learniship after passing board one Exam after finishing Accounting honours.So I am planning that during those three years trading to finish my Finance honours part time.The second option is that I finish my Finance honours full time next year,one year,thereafter look for Finance job and follow the "CPA" as explained,with the goal of being a financial manager and CFO,so in short I want to hold Honours Finance and Accounting Honours,but I don't know which is the staring point to reach my goal,CFO.
NJABULO HLONGWANE I see. Both are valid options but the key is to be committed to achieving them. I did something similar in my last year of college, took a job to get experience and did part time school, that worked out well.
@@TheFinancialController Thank you so much,I will work hard to achieve them,thank you,once again thank you,finally I am in the position to make a decision.
Thank you this video was very helpful. I did emphasis in finance and later I decided if I should do accounting or not and decided I wanna do accounting. I have a question. If I have already taken managerial accounting and financial accounting, how many more units do I need to complete the required accounting units that I need.
well explained sir,, i have recently joined a company in the UAE as a junior accountant. hope to see you with more fruitful content in the field of accounting
That’s more difficult but doable. You would need to find a company that’s willing for you to learn on the job. Another option is going back to school for additional courses.
Eva Sutherland CPA is more of a secure route to comfortable income. CFA can be more valuable but requires you to put yourself consistently outside of your comfort zone
Fantastic video, helped clear up so many questions I had as well as looking through the comments below. Quick question. For someone that has a math degree and is looking to get into accounting, what would be a good first step? Would really value your input. Thank you in advance sir!
Hi. Accounting is not similar to math. So this is a change of career for you. I recommend working a few days/weeks first in accounting before committing because you will need a 4-year degree which is a lot of work
@@TheFinancialController Thanks for the response! Good to know. And yes, I've actually been in sales for a little over 5 years, and am looking for a big change, hopefully to something that will take full advantage my skillset and personality better. Sales has been exhausting since day one. And I really enjoy making sense of numbers, what they mean, and where they come from, so I've been looking to transition into something related to finance and accounting but havnt made permanent plans yet. Thank you so much for taking the time to reply. Sincerely appreciated 🙏
Hi Financial controller which is the most difficult and challenging major courses in business skills wise List are Marketing HRM Supply Chain management Economics Accounting Finance Kindly rank them from hardest to easiest thanks it will be of great help.
As someone who’s currently in billing and a pro at taking care of money, I’d say Accounting would be the best fit, but the clout and money hungry part inside me says finance 🙃
Level up your Accounting Career by enrolling in our 6-weeks program here controller-academy.com/courses/controller-academy
oh and happy learning :)
you got one subscriber sir thank you for given such important information regarding account finance
I had done bcom in Pakistan as a bachelor degree what should i do next
I have a question, I have an accounting background and bookkeeping certification. However, i want keep going would I be better off getting a Masters in Finance or an MBA concentrated in Finance. Thanks in advance sir.
I’m getting an A.A in Accounting and then when i transfer to university i’m getting a B.A in Finance🥰
Thank you for mentioning introvert vs extrovert, no one does. Definitely rather work a job good for introverts
Thanks Jorge. Go introverts:)
Thank you for including the term "introvert" in your description of the distinctions. I'm an introvert who loves finance, so I'm combining the two and studying for the CFA and CPA exams.
That’s great. Best of luck
Yes me too, I am an introvert as well. Gonna study for the CFA first then tackle the CPA
@@feliciafel1973getting a CPA and CFA is not worth it practicality wise, however if you’re doing it for the personal education and name then it is. CFA will teach you how to invest and analyze risk. CPA will strengthen everything accounting. I don’t think having both provides any advantage in the workforce.
@@feliciafel1973 I'm doing both as well. I would just suggest that you switch the orders of them. The CPA exam process can be completed in 12-18 months if you're already educated, but the CFA exams tend to take several years to complete. Also, they're changing the CPA exams in 2024, so if you're already educated in accounting you probably aren't prepared for the new CPA exams.
Bro an introvert seriously he is an extrovert he makes yt videos showing himself
I have nearly 3 years of experience in F&A and can say this video is very accurate.
I am happy someone from the financial analysis side confirms my analysis!
i’m 15 and want to be a financing accountant when i’m older, is this a good career goal?
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise. I got a bachelor degree in accounting and debating which MS program to go for. It looks like CPA route is reasonable since I have most of the credits. I just want to hear other’s opinions!
@@abcdefg12369 There is so many different categories of F&A and it's going to vary based on the company. For example I work in private accounting instead of public so my hours are pretty good. Those straight out of college in public make about the same as me but their chances of being promoted to a higher paying job is likely higher if they can survive the burnout. If you are introverted I think accounting is more your alley. When I worked in Finance it was a lot of meetings and presentations. My companies bonus is once a year and it pays very well, around 10%-20% of your salary depending on well you/the company did. You can make a lot of money in accounting as well. We also get raises once a year but seems like switching jobs to get pay raises is becoming the new norm.
@@citizenoftheyearCC Thank you. In your accounting job, how many hours did you work per week (busy vs downtime season)? Did you have to work a lot outside of your work hours, such as OT? How much vocation time did you have and were PTOs easy to approve? What kind of meetings/presentations did you have and how often? Do you think you have closer relationships with your finance coworkers vs accounting since you interact with finance more or vice versa or same. Tell me about coworker relationships as well.
i'm an introvert but i'm more into finance, i'll make my weakness as my strengths. thank you for the clarification between these two. it helped me a lot! you're so great!
Haha makes sense thanks for watching
Yes this is true to me also. I’m a bit scared of public speaking but I love the idea of working as an analyst.
I love the way u made ur decision; despite being able to generate more money u focused on ur life balance and happiness with respect to ur capacity
You really helped choose which career to go for, I’m about to go to college this year and I had chosen an art degree and it wasn’t sitting well for my future goals money wise. Thank you very much 🙏
Thanks and best of luck!
what's ur major now?
definitely finance as its forward looking compared to Accounting which only looks at the past and companies see Accounting as a cost rather than bottom line contributing factor.
Agreeed
thank you so much for the help! right now i’m an accounting major, but i recently took a finance class and liked it as well. i definitely think accounting is more for me given that i’m more introverted and like having a set schedule! also, the thought of predicting and advising others based on assumptions terrifies me
Alex you are not alone. Many finance professional dislike the forcasting/responsibility aspect as it is stressful.
@@TheFinancialController If I become a CPA, how can I open my own business? I mean doing what?
@@tpb1006you can open an accounting firm or partner with someone providing accounting services for small businesses
This is one of the best videos I have found on the difference between finance and accounting. Really appreciate discussing the reasons one might choose one path over the other, and the introvert factor.
Something they don’t tell you is that an accounting degree allows you to do anything finance can do, but finance people cannot do what accountants can do. Finance people could have to compete with accountants for jobs. Plus most CFOs and other prominent business positions have accounting degrees.
True!
Wait so I can't have a finance degree and take cpa and get into accounting?
@@Rohitoh You have to have an accounting degree and a certain number of credit hours and or work experience depending on the state as well. One you cannot be an accountant without a bachelor's in accounting and then on top of it, you need in some states a master's in accounting to be a CPA.
That's because in the process of learning Accounting you learn how to do forecasting, investing, etc. which are things in Finance, but Finance does not teach you about Accounting at all. There's a reason why almost every CFO and CEO is an accountant because it's the language of business and gives you the best understanding of a business more than any other area.
@@Hartsinck1 thank you for the detailed response, much appreciated 👍
@@Rohitoh yes you can. You will need to go for a masters in accounting at a university that allows non accounting majors to enter their program. Many exist.
It’s been so hard finding a resource that outlined the differences in a clear and finite way. Excellent video, thank you
I agree with you 100% thanks for the video . I was always curious about working in Finance , but now by watching this video I have confirmed that accounting is my thing ! And I love it ! Thanks
This video is what led me to your channel. I was struggling to find an accessible way to explain my change of career alignment from Accounting to FP&A to friend who isn't from our world and doesn't understand that us CPAs can do so many different things! This was spot on.
I liked the part where you explain how your personality interacts better with Accounting because I'm the reverse in every way. When I was an accountant, period ends grew stale after a while and my favorite part became working with the finance team to give them some guidance on how to forecast/budget accounting adjustment accounts. I was the only person in Accountings who wanted to touch that, and the finance team hated to forecast anything accounting based (which shows how much these two things don't intersect too well) so I ended up de facto owner of many accounts during the forecast process. Interacting with the finance team led way for a career revelation and an opportunity that I'm extremely happy to have gotten. It was like a gravitational field pulling me in that direction!
Thanks! Yeah, forecasting is not a natural skill for accountants, but certainly can be nurtured through experience. Great insight again here, thanks for adding!
I'm late to the party, but great video detailing the differences. I do a fantastic job (I think) pretending that I enjoy talking to people; I've had many, many years of customer service experience prior to becoming an Accountant. I actually prefer accounting because history is static. I can't make a "failed prediction" about history, but I can definitely fail at forecasting accurately with this broken crystal ball of mine 😉
Adding my comment to make them total half a thousand on this video 💪.
Best video I’ve seen explaining the difference between these two. Thanks
I forwarded a link to this video to my grandson who is about to begin studies at a business school. He is interested in accounting and finance, but doesn't have a clear understanding of how a career in one of those disciplines would differ from a career in the other. This video is a perfect introduction to gaining a better understanding of the differences.
Thanks! Best of luck
I am great full you mentioned about introvert and extrovert. Never heard it before. I am new subscriber. I have done masters in accounting and finance and I love this profession and really want to pursue it further. I am here to refresh my knowledge. Thank you 🙏
Welcome aboard!
Can you guide me how to choose correct part parth in accounting and finance current I am doing bachelor in accounting and finance
Not going to even lie as a finance major, wish I just did the accounting field. Picking it up as a second major though
Nicholas you can shine in either track. Finance is sexier and you can make more money, so press on the gas and just pay your dues and great things will happen
Thank you for mentioning the introvert side as more preferable for accounting. Your reasons for choosing accounting aligns with mine especially #1 and #2. I always thought accountants are busy ensuring accuracy of numbers, which I considered to be stressful. With your explanation, I can imagine how more stressful the work of a FA can be. Thank you!
Thanks Lucia, yeah it’s hard to admit but I am a big introvert:)
20 videos later and TFC was the first to actually answer the question - much appreciated for making a video with substance and not fluff.
Haha thanks!
Totally different careers: Accounting is a narrower field that focuses on professional processes to manage numbers and accounts, while finance uses the same information to analyze potential growth patterns in order to strategize company finances.
Great video. Thanks. As an auditor in big4 I'm currently hesitating accounting and finance. Your video helped me to see things clearer !
Awesome 👏
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise. I got a bachelor degree in accounting and debating which MS program to go for. It looks like CPA route is reasonable since I have most of the credits. I just want to hear other’s opinions!
@@abcdefg12369what ms program did you go for can we talk
Hey bro did you become a CPA?
Tbh acct is for introverts I’m glad I went to finance thank God
Many thanks for making this video. I was so indecisive with my career choice and this just cemented everything I needed to know about the life of an accoutant and financial analyst.
Good luck Robert!
I’ve been struggling on what to pick as a major for college, the video helps a lot thank you!
Glad you found it helpful:)
I’m deciding on what i should major in college and accounting was one of my top options. Im interested but im worried that accountants work very long hours and have no life execpt for work. I would love 40 or even 50 hours a week but nothing like 70 or 80 hours. I dont mind making less money with less hours but i dont want to risk having no life by working 80 hours a week.
Accounting can be 40-50 hour week if you avoid public accounting.
Will you please consider making a video on the career path you would recommend for those students who want to gain practical education and work experience to ultimately prepare themselves for starting and growing their own firm? I would really appreciate this kind of video since most accounting videos focus on becoming the best employee wo discussing a strategy for developing an end goal of preparing oneself to become self employed. Thankyou!
I majored in criminal justice, when I sold my house and I got to shared the profits with the government I said hell no!! I switched to accounting I have an entry level accounting job with a better pay than when I worked for the Law enforcement I just started college again and I’m looking forward to learn the ropes of accounting and finance thank you for sharing
Stella good for you switching career. Best of luck :)
Hello, how is the switch going so far?
You clarified a lot of things for people considering a career in accounts or finance. Thanks!
Great job explaining both! My only comment would be to major in both. You’ll never know which one you like more until you study them.
You are not wrong!
@@TheFinancialController your channel is awesome. It’s helped me so much with my MBA program so far. Thanks for replying!
such a crucial video for anyone to understand and select a career to pursue .....
Love you sir, day by day you are making my accounting life easy.👍
I am glad it’s helpful:)
That was so helpful. I am about to start my career in accounting and researching a lot. I think that suits me better than finance. Fist step is to get a career as a staff accountant taken off before venturing into finance though i have a finance degree. They always ask for experience as accountants before giving role of financial analyst.
I agree, financial analysts who have an accounting background tend to know how to read financial statements, retrieve financial data, and know accounting rules. All great attributes. Go for it and best of luck! Tune back in for more videos ;)
I majored in accounting and a major introvert. Totally agree w/ you. Took a job in finance right out of college.. worst mistake yet. Trying so hard to find an actual accounting job. Is accounts payable a good place to start? What about taking jobs that don’t require a degree, is that a waste?
Yes a waste of no degree required. AP is a good place to nail down the nuts and bolts, then try to get some fin reporting experience
I just started an accounting class and it's hard as hell
This is normal. It will start to make sense by accounting 201 level courses, I promise ;)
@@TheFinancialController yea im taking 200 and its like learning a new language. Plus its online so its difficult to self learn.
It’s hard bc it’s worth it :)
Accounting classes are harder than working in accountingz. Sap makes it like that.
@@mrLWC so your telling me the daily work is not as complex as the school work?
Accounting can be automated. The people who say accounting can’t be automated are talking about managerial accounting, where the judgement is. Managerial accounting is closer to finance than accounting, therefore accounting at the end of the day will be automated. I dropped my accounting major because of accounting automation.
did you get what
Definitely the move to be a financial analyst
HI, what do you think would be the reason to choose finance over accounting? I liked that you have just mentioned why you have chosen accounting over finance.
If accounting and finance were the only two jobs left in the world, Do you think it’s worthy to have 20% less salary being an accountant than fiance in order to have more stable, more comfortable tasks at work and you can have time for personal life? Or is it worthy to step out of the comfort zone to get that extra 20% $ by doing fiance, but end up not having a life outside of work, and stress at your work? I’m an introvert too! Material wise, which one is harder? Please also talk about bonus. In what categories do they evaluate you and the amount $. Is bonus quarterly and annually.. and salary raise.
I personally take the 20% haircut and enjoy a personal life, family etc
I wish I would’ve watched this video before I switched my majors from Accounting to Finance last week. I relate to the introvert section so much, but the finance courses have been easier for me to understand than accounting, which makes me feel lost often.
My question for you would be if you think it it’s ever too late to go into Accounting and become successful in obtaining an CPA, I probably won’t get my Bachelor’s until I’m 34 and would have to be “too old” to be starting a career in Accounting
The age aspect is a thing of the past. Hiring managers look for decent grades and someone who can articulate their knowledge during an interview. Go full speed brother
Great video! I am currently a financial analyst and will receive my bachelor's in May with a Major in Business Management and a minor in accounting. I am thinking of switching over to an accountant.
What school are you attending if you don’t mind me asking?
What made you want to switch over to accountant?
Your video touch to the point. I am finance manager for one NGO in Cambodia. The org just adopt of IFRS for SME for organisation. What of my concern is mistatement of information complying to the standard.
wow i think this helps a lot in terms of deciding what i want to do when im older
i think im leaning more towards finance
Great!
Non-CPA Controller here with a word of advice. Which I believe echoes The Financial Controller's advice. If you are going into accounting, GET YOUR CPA. I didn't and had to fight tooth and nail to get to where I am. Always feeling like I have to prove myself. Feeling like people look at you like a glorified bookkeeper. Doesn't matter if I can provide the same results as a CPA in a private company, pass all of my audits and reduce their cost, fix their cash flows, or ammend their poorly prepared 941's, when I look at job postings, I see "CPA Preferred". Don't become salty like me, put in the 2 years and hey, you might be my boss some day :-) Best of luck in your careers everyone, salud!🥂
Omar I am very impressed with your candid advice. You have my utmost respect sir and you certainly not a glorified bookkeeper judging by the clarity of your comment!!
@@TheFinancialController from your lips to the recruiters ears...lol. Thank you for the kind words. And thank you for the videos you make. I have found them very informative. Here's to the sharing of knowledge and experience, cheers!
Yes, it is all about perception. I'm in the same boat. Did my accounting degree and then the CMA. Over the past 15+ years I have been mentoring CPA students and correcting unbelievable errors in financial reporting and journal entries done by CPAs, however without this designation you're fighting to get ahead. Years ago I was screened out of a position as I didn't have a CPA and once they hired one, they asked me to mentor and train the person. Unbelievable. I still think it comes down to the massive influence of the association. So yes, get your cpa
Indian CA builds in both , so i am in both . btw love the video
this was so helpful, i’m so torn between which path to take & this has definitely answered a lot of the questions i have. thank you so much!
Best of luck JJ!
Accountant also go further to analyse , summerise and report business transactions etc...
Good one sir, its very helpful for people like me .....expecting more from you , thankyou !( adding a small note : now a days accountant job also having high stress level !!)
Great video!! But I have few questions:-
1. How far we can go in our careers being an accountant without CPA designation?
2. Can we get finance jobs(financial analyst) after majoring in accounting or working in any public industry?
It's hard to reach an Accounting Manager role without CPA. I've seen very few folks who did that, and mainly because they were good with financial systems and automation. Yes, I am a big believer in going into Accounting as means to becoming an financial analyst. Watch my video on Exit from Public accounting for more breakdown.
@@TheFinancialController is it possible to drift into finance after acquiring a degree in accounting..If so what will be the career path
Brilliant video, I really enjoyed it. Very nice presentation, with facts and reasonable opinions. I liked also your tone of the voice and clear, easy to understand English, both very important to me to be able to follow with interest. I am certainly going to see your other videos as well. Thank you indeed.
Thank you Lazarina!
Nice, just switched majors from music ed MAT to finance BA, but honestly, I only switched cuz I like talking about money. I didn't really think I'd like accounting more than Finance, and I might switch to accounting
I would be more specific about stress levels. I think in Public Accounting stress levels are a-lot higher then in private because there are more deadlines
I did Roger CPA review too, it was a good course.
Stress level in big 4 audit will have you losing hair, literally. Long hours, multiple engagements at once, poor retention which usually puts the pressure on those who stay and the kicker less pay. It's also client facing so not the best for an introvert. The longer you stay i audit the more you get pigeon holed.
I don’t miss those days. The grass IS greener on the other side...
@@TheFinancialController 😂 it truly is. I don't miss it either. Thanks for your videos!
@@Kodak718 do you think finance or accounting is more stressful?
Thank you! Best review so far. I am a nurse going back to school for career change!
Glad it was helpful!
"Which career choice is better?" Take it from someone who retired from accounting and worked for a CPA firm, worked as a controller for a small company and was an internal auditor for a large company. My answer is neither is better. It depends what you want to spend most of your life doing. If you like finance then pursue that. If you like auditing, then pursue that. It depends on what you would like to do and what you would be good at.
Thanks for the wise perspective!
I'm an Accounting and Finance student
This is an underated channel!
I agree ;)
I am currently an accounting major with the goal of become a cpa but I often struggle with the idea of if accounting will be the right career path for me. If in the future I want to switch from being a cpa to go into finance, would that be possible? Or would I have to go back to school to get a degree in finance? I ask this because from my accounting and finance classes that I’ve taken so far, the material has been pretty similar. I see myself as an extrovert but I feel that the material in accounting goes more into depth in learning concepts and is more helpful than finance. Thank you for this helpful video!
Hi. I’ve seen many of my friends switch to financial analysis without any extra schooling
ACCA + CMA + CFA 💜
and that, exactly why I chose accounting.
Haha ok
Prior to watching this video I was worried about my career options as I major in accounting. I really enjoy the schooling so far and been able to do well but I have my worries in case I realize in the future that the traditional path most accounting majors pursue isn't for me (a lot of them go through PA which sounds scary to me).
From what you've said it looks like majoring in accounting would be more beneficial in terms of flexibility? I've heard this said before - in terms of jobs/career do you agree that an accounting major has more flexibility in that they can do jobs that finance majors can do but finance majors would have to learn more if they wanted an accounting role? I hope my question makes sense hahah.
Great question. Yes, when hiring, I find accounting majors most versatile. When you are an accountant who does financial analysis, your knowledge of technical accounting, rules, mechanics of general ledger, etc are extremely handy and helpful in finance careers. So do your best in accounting and you can nail both.
Im studying chemistry pre-pharmacy but my two majors of choice for pharmacy is accounting or finance
Accounting: You'll always have a job. Finance: Higher pay potential.
Can someone in accounting transfer into finance later in life and can a financial analyst with a degree in finance transfer to acciuntinh?
Accountants can transfer to finance but the reverse is hard
Thanks brother, today I fully understand what exactly finance person job and accountant.
I prefer black and white lol. Accounting for me, thanks
Thank you for clearing my thoughts, it was very informative and clear.
However, which professional course would you recommend to grow a career as Financial Analyst?
I have seen both accounting and finance majors do well as financial analyst. Real life work experience is what counts after the 4 year degree in either major. Find a company where you can learn their busy really well and a manager/mentor who will guide you.
Impressive distinction between Accounting and Finance, and what informed your preference . Employers often seem to prefer Financial Analyst role more as it relates with predicting and forecasting the future though. Could you share your views on what inherent factors and learning requirements to make a good Financial Analyst for one that wish to transit from Accounting?
Thanks. My video “5 career tips to make a move from accounting to finance” covers this question
Helpful video..love it when you mention but being introvert now I know this is common for Accountants like me.
Haha glad it helps
Excellent breakdown, addressed everything i wanted to know
Glad you enjoyed it!
Thank you sir! I'm now gonna choose accounting than finance, less stress
Nice of you to explain how to become a financial accountant, but not do the same for analyst 😞
Thanks Master for helping me to study accounting im motivated thanks alot
First view and subscribed. Well done &' keep the good stuff comin
Thanks man
thank you very much sir. i have now a very much clear understanding about that as today i have an interview about the research and choose a domain in which i want to work and the options for me are these two accounting and finance. before watching i am so confused about that what to choose but now i have much clear about the pros and cons of that. i am a bachelor student and i am so much extrovert, and the thing is that i have a psychological fear in my mind about the rules and regulation that i can't work under the restrictions, but yes i am so much conscious about the stress level. but maximum things are with the finance. and i have an interest as well in the risk management and the work of stock markets etc. but above all thank yew very much for this video and specially sharing your experience with us. God bless you.
Thanks Kainat. Let me know your progress after you figure out the best path for you :)
@@TheFinancialController Thank yew sir for motivated me and asking about this....
Sir i have selected research in finance and the idea on which i starts working is to analyze the "financial attitudes of investors during covid 19 particularly related with the stock markets"
@@TheFinancialController can i get your mail.... For any other question that i wana ask or if i need any help from you in my research project??
Can you make a video on professionals switch career midway like working as an engineer transitioning to accounting. How it is perceived inside the accounting field professionals
Finance is a way more better degree than accounting! Finance involves creativity, problem solving, critical thinking, and analysis which none of this can be automated! Accounting, bookkeeping, and auditing are about following rules and checking for accuracy which are super easy to automate! The only type of accounting that can’t be automated is managerial accounting, where the judgement and analysis is. Managerial accounting is closer to finance than accounting, which means accounting is dead! Do yourselves a favor and save yourselves by majoring in finance instead of accounting!
are you sure, im switching
Hey you didn't mention the certification for the financial analyst...only thr accountant...but I suppose it will be the CFA or FRM
I'm double majoring in accounting/finance and I'm so lost on what I want to do! Can I work in finance with a CPA?
Yes!
It's clear and understandable. Thanks for your video.
Thanks Phong!
Is Financial Analyst/FP&A true finance though? It seems more like management accounting to me. When I think of 'Finance', I think of investment and corporate bankers, private equity and hedge fund analysts, credit rating analysts or those that work in M&A/corporate development.
Managerial accounting and finance are basically the same.
Wonderful video, your profile seems like mine. One point that was important for my decision is the social part, that only 25% in average to time spend with colleagues it's enough . Thank yoou
Haha great thanks for sharing!
Thanks a million! This helps me a lot for making a big decision.
Hey Bill, I wanted to ask your advice on something. I am a high school graduate and want to do ACCA but, with ACCA I want to pursue another complimenting bachelor degree while doing ACCA. So, I have to decide what degree to choose. I don't want to choose accounting because I will be doing it in the ACCA. Now, I can either do Finance or Business administration or Economics. Please tell me what you think and you can mention a degree that is not mentioned above.
I'm an IT majornand I'm seriously considering a career switch to finance.
Wow thanks very much I now know where to major
Thank you so much for the video,I am final year majoring in Finance and Accounting,I want to be Financial Manager or even a CFO in the near future.I have two options for next year,is either I go to work,preferably Finance realted while finishing my Honours in Accounting part time(two years).There after join the big four firm or any audit firm doing my three years training contract while finishing my Finance honours(two years part time).With that beings said,I will qualify as a CPA with Finance honours(with two years experiance).Option two is to do my one year full time Finance honours ,then after go to work,finance related ofcourse,then do my Accounting honours,part time,two years while getting the two years finance work experiance,then shift to to my CPA trading contract(3 years),I am confused which route to take to reach my goals(Financial Manager or CFO),thank you🙏.
Hi, I am lost....can you simplify the question?
@@TheFinancialController sorry for lossing you.I am doing Bcom majoring in Finance and Accounting in my final year.Next year I have two options,it's either I take a job and do my Honours in Accounting for two years part time.This job I would prefer it to be Finance related to get Finance experiance,after the two years after finishing these two(a Jobs and Honours studies)simultaneously,according to SAICA,South African Institute of Charted Accountants,accounting body,similar to CPA in the U.S requires that one do three years learniship after passing board one Exam after finishing Accounting honours.So I am planning that during those three years trading to finish my Finance honours part time.The second option is that I finish my Finance honours full time next year,one year,thereafter look for Finance job and follow the "CPA" as explained,with the goal of being a financial manager and CFO,so in short I want to hold Honours Finance and Accounting Honours,but I don't know which is the staring point to reach my goal,CFO.
NJABULO HLONGWANE I see. Both are valid options but the key is to be committed to achieving them. I did something similar in my last year of college, took a job to get experience and did part time school, that worked out well.
@@TheFinancialController Thank you so much,I will work hard to achieve them,thank you,once again thank you,finally I am in the position to make a decision.
NJABULO HLONGWANE go get’em
Thank you this video was very helpful. I did emphasis in finance and later I decided if I should do accounting or not and decided I wanna do accounting. I have a question. If I have already taken managerial accounting and financial accounting, how many more units do I need to complete the required accounting units that I need.
well explained sir,, i have recently joined a company in the UAE as a junior accountant. hope to see you with more fruitful content in the field of accounting
What is you qualifications ? ...
Is it possible switch my career from Finance to Accounting?
That’s more difficult but doable. You would need to find a company that’s willing for you to learn on the job. Another option is going back to school for additional courses.
MSc. Accounting Vs Finance: Which Should You Study?
Hey Eva. I believe a solid foundation in accounting makes a finance professional more marketable. I would lean toward msc accounting!
@@TheFinancialController Thanks for your advice !!
@@TheFinancialController CPA vs CFA, which is more valuable in your experience?
Eva Sutherland CPA is more of a secure route to comfortable income. CFA can be more valuable but requires you to put yourself consistently outside of your comfort zone
@@TheFinancialController Thanks for your advice, I do appreciate it!!
Thank you so much for your great video.it’s very understandable and useful information
Fantastic video, helped clear up so many questions I had as well as looking through the comments below. Quick question. For someone that has a math degree and is looking to get into accounting, what would be a good first step? Would really value your input. Thank you in advance sir!
Hi. Accounting is not similar to math. So this is a change of career for you. I recommend working a few days/weeks first in accounting before committing because you will need a 4-year degree which is a lot of work
@@TheFinancialController Thanks for the response! Good to know. And yes, I've actually been in sales for a little over 5 years, and am looking for a big change, hopefully to something that will take full advantage my skillset and personality better. Sales has been exhausting since day one. And I really enjoy making sense of numbers, what they mean, and where they come from, so I've been looking to transition into something related to finance and accounting but havnt made permanent plans yet. Thank you so much for taking the time to reply. Sincerely appreciated 🙏
Subscribed. I see that this video is three years old…looking forward to catching up on newer content.
Which career for trading stocks or cryptocurrencys would be good for an introvert ?
Hi Financial controller which is the most difficult and challenging major courses in business skills wise
List are
Marketing
HRM
Supply Chain management
Economics
Accounting
Finance
Kindly rank them from hardest to easiest thanks it will be of great help.
it depends on the person. For me Supply chain management is most challenging
Nice comparison...mainly to the point...all best for your future endeavour.
Thank you!
As someone who’s currently in billing and a pro at taking care of money, I’d say Accounting would be the best fit, but the clout and money hungry part inside me says finance 🙃