Finance vs. accounting: what should you study?

Both finance and accounting play vital roles in the global economy and studying these subjects will allow you to learn about a wide range of concepts that can help you make informed business decisions.

While a finance degree can help you gain control of business strategies by using data to analyse expenditure and project future growth, an accounting degree focuses on teaching students about the professional responsibilities and principles required to manage business reports and records.

Today’s complex tax and regulatory environment, our growing economy and globalisation are expected to generate strong demand for accounting and finance professionals, with the relevant occupations projected to grow 8% by 2030.

The study published in the occupational outlook handbook of The United States Bureau of labour statistics included a salary projection for finance and accountancy graduates with an average annual wage of about $76,570.

If you are confused about which pathway to study and looking to obtain a quick overview of the difference between finance and accounting courses, then read through this detailed guide which explains what an accounting and finance diploma can entail.

What do accounting degrees cover?

An accounting degree focuses on generating an actual reflection of financial information and associated activities to report to internal and external stakeholders.

As an accounting candidate in Singapore, you will learn about cash flow analysis, business planning and budgeting.

1. Accounting specialisations – along with understanding the accounting processes, you will get the opportunity to immerse yourself in real-life case studies and all specialisations in risk management, tax assessment and internal accounting.
2. What can you do with an accounting degree? Having an accounting degree will make you an expert at presenting reports on the latest happenings associated with regulations, laws and business standards.

You will become proficient in financial reporting, forensic accounting, auditing and assurance, management accounting and microeconomics.

What do finance degrees cover?

Earning a finance qualification will equip you with the skills needed to conduct fiscal performance forecasts, allocation and management of assets and liabilities, future group planning strategies and long-term financial projections.

1. Finance specialisations – Studying finance in Singapore can help you opt for a specialisation in the capital markets, quantitative finance, financial regulation, investment management, behavioural finance, derivatives and corporate finance, to name a few.
2. What can you do with a finance degree? Besides gaining an in-depth understanding of the stock markets, investments and financial analysis mark, you will become an expert at forecasting the future performance of a brand and analysing global financial markets.

Finance courses taught in Singapore are curated to help you apply the principles of venture capital, ethics, corporate government and law, portfolio management and private equity to real-life business situations.

Is it possible to combine an accounting and finance degree?

Finance and accounting are two disciplines where the academic curriculum and learning outcomes include critical aspects of both the industrial sectors, exposing you to a holistic view of the international business platform.

Undergoing a diploma that combines the key elements of both finance and accounting can help you become a pro at managing information systems and analysing organisational behaviour to solve real-time problems.

Accounting and Finance degree entry requirements

To apply for an accounting and finance combination degree, you must have a basic undergraduate or Polytechnic Diploma that is equivalent to other universal degrees.

You must showcase a good level of English language proficiency with an IELTS score of 5.5 and 550 in TOEFL or have passed the English language as a subject in your high school qualification or equivalent.

Why should I study accounting and finance at the graduate level?

Studying accounting and finance at the graduate level can help you keep up with the latest trends, new processes, emerging technologies, continuous developments and changing markets.

This can also ensure you are qualified to make informed business decisions at the management level and become better prepared to adapt to the changing business environment.

Accounting and finance careers

Earning a diploma in accounting can help you choose a career path from a diverse array of industries, from public accounting and tax planning to auditing.

Specialisation choices which are ideal for finance majors include working in financial planning or becoming a financial advisor in multinational corporations.

How to decide on an accounting and finance degree

The starting salary and day-to-day work responsibilities of both accounting and finance candidates are quite similar.

Therefore, enrolling on a diploma programme that combines the curriculum of both finance and accounting degrees can help you fit the job profiles of the two sectors and switch from one career path to another.

This can not only increase your earning potential but also help you climb the corporate ladder quickly.

To become more confident about taking up a leadership position within a business firm, apply for the Advanced Diploma in Accounting and Finance offered by the London School of Business and Finance Singapore (LSBF SG).

Acquire the skills commonly observed among aspiring entrepreneurs and establish a solid understanding of business by qualifying with an Advanced Diploma in Accounting and Finance, to ultimately turn your dreams into reality!

FAQs

What is financial accounting?

Financial accounting refers to the field of accounting that deals with the collection, analysis and reporting of financial transactions related to a business, as well as the preparation of financial statements for clients and stakeholders.

What is the difference between accounting and accountancy?

Accountancy is the study of principles that involve the utilisation and creation of financial records, whereas accounting is the process of maintaining balance sheets and financial statements on behalf of a business.