finance or accounting?

with this sub prime credit crunch KMPG is looking for more auditors than ever before.

accounting sucks though, finance is for my interesting/intriguing. i'd way rather be an analyst than work in accounting.

Thats a difficult question to answer. The course plan for both majors should be pretty similar your first couple of years in college. I'm at a top ranked accy school now, and I would recommend starting in accounting. At my college, it was easier to switch from accy to finance than finance to accy.

Try and get an internship at one of the Big4 accy firms in the summer after your junior year. If you hate it, it prolly wont be too late to switch to finance, if you plan properly...and Big 4 work experience is very valuable.

Although, probably very bias, and lacking real meaning, read this:

http://www.businessweek.com/careers/bplc/2007/1.htm?chan=careers_special+report+--+best+places+to+launch+a+career_best+places+to+launch+a+career

Hope that helps. Also, most firms looking to hire finance majors will also hire accy majors too.

I recommend starting with Accounting and making a switch later on into Finance.

Unless you enjoy boredom a long term career in accounting is a dull prospect, but the business knowledge you pick up by doing it is invaluable.

If you're going to grad school (only about 12 classes), then definitely major in Accounting, and get the Masters in Finance. This isn't "my" advice, but 2 CFO's have told me this. I've been told that accounting is a necessity for a top business professional, but that finance is what can really launch you. Plus most find finance more interesting.

Marathon Debut wrote:

I recommend starting with Accounting and making a switch later on into Finance.

Unless you enjoy boredom a long term career in accounting is a dull prospect, but the business knowledge you pick up by doing it is invaluable.

I should've read your post, before posting myself.

I agree, get your bachelor's in accounting and masters in finance. I work in accounting/financial reporting and these jobs are high in demand right now. Most executives in my company have an MBA in finance.

not entirely... it depends how high up the ladder you go and what areas of finance interest you...i have my phd in financemy ms and undergrad are in mathematicsi took one accounting course in my whole life and i haven't really used it... humbly, i have done well in the corporate worldfinance cares about one accounting identity... the definition of free cash flowif you are interested in quantitative and empirical methods... accounting won't help you at allhowever the lack of a math or physics background (which you won't get in accounting major) will hurt youthere is a ton of money to be bad as a quant/finance guy who knows his stuff on both the buy and sell sideif you want to do more mba type, corporate planning stuff... accounting can help you marginallygood luck

ttc wrote:

If you're going to grad school (only about 12 classes), then definitely major in Accounting, and get the Masters in Finance. This isn't "my" advice, but 2 CFO's have told me this. I've been told that accounting is a necessity for a top business professional, but that finance is what can really launch you. Plus most find finance more interesting.

thechamelion wrote:

I'm not sure which one I want to major or in, and eventually pursue a masters in.

You're not sure what you want to do but have already decided you want specialized degree?

Odd logic.

If you wanted to apply for law school, would you get your cpa?

Hey Suess wrote:

thechamelion wrote:

I'm not sure which one I want to major or in, and eventually pursue a masters in.

You're not sure what you want to do but have already decided you want specialized degree?

Odd logic.

The idea of getting a masters is for better income possibilities and better job security from outsourcing.

anEconomist wrote:

not entirely... it depends how high up the ladder you go and what areas of finance interest you...

i have my phd in finance

my ms and undergrad are in mathematics

i took one accounting course in my whole life and i haven't really used it... humbly, i have done well in the corporate world

finance cares about one accounting identity... the definition of free cash flow

if you are interested in quantitative and empirical methods... accounting won't help you at all

however the lack of a math or physics background (which you won't get in accounting major) will hurt you

there is a ton of money to be bad as a quant/finance guy who knows his stuff on both the buy and sell side

if you want to do more mba type, corporate planning stuff... accounting can help you marginally

good luck

[/quote]

Hey anEconomist,

I'm doing an MSc in applied math and I'm wondering whether I should do a masters in financial engineering program or a phd in finance or economics. Do you have any suggestions? I'm thinking of applying to be a research assistant at the Fed for a year after I'm done with this program.

I could see myself teaching finance at the small university in my hometown but I wonder if I could just do it with a masters. I'm 24 y.o.

When I say teach at university, I mean in semi-retirement mode when I'm older.

Brick Dodger wrote:

I agree, get your bachelor's in accounting and masters in finance. I work in accounting/financial reporting and these jobs are high in demand right now. Most executives in my company have an MBA in finance.

Agree. On a daily basis you will use a small % of what you learn. Occasionally you will go deeper and recall more arcane things from accounting (tax treatment of depreciation recapture?).

Master in Financial Engineering always good - much more useful than a Phd in anything. You'd get a job tomorrow.

Another good credential after you start working is a CFA.

But nothing beats EXPERIENCE. Get your ass in a seat - whatever it takes.

I honestly can't think of anything more mundane than accounting. There are already way too many accountants anyway. And they're all paper shuffling service sector parasites.

Actually there is a high need to accountants right now. Accounting is boring but shit it's a job. What do you have against accountants anyway?

but, don't you need someone to help you launder all that illicit green you have been making from your hydroponics grow-op?

marijuologist wrote:

I honestly can't think of anything more mundane than accounting. There are already way too many accountants anyway. And they're all paper shuffling service sector parasites.

I'm just kidding, I have nothing against accountants.

It depends what you end up liking better. If you already have it narrowed down to those two, you're well on your way. Here's my take on it:

Accounting - I would go this route if you're interested in industry/corporate finance and/or someday becoming a controller, VP of finance, or CFO

To do this, attend a good accounting program, get an internship at one of the big4 public accounting firms (Deloitte & Touche, KPMG, Ernst & Young, or PwC) which will most certainly result in full-time offer, and you can leave when you're a manager and be making 150k+....Also, CPAs are always in demand and you can easily get into finance roles anyway

Having big4 experience catapults you into high level positions in industry.

Finance - If you're interested in this route there are countless options, and to be honest no one I cant even begin to list them all here. If you become an expert here, try investment banking, investment management, financial planning, real estate, insurance, actuarial, etc.

My take on the finance major is that it's a good major for some, particularly CFA/i-banker/actuary types, but for many others who take the not as prestigious jobs it is too much of an overly broad major, particularly for just undergrad. If you're going to go this route, you've got to have math skills and understanding of econ, markets, a lot of technical knowledge and be on top of your game. There are lots of good jobs out there in finance but also a lot of not so good/prestigious/joke ones. Make sure you're the type to hustle your way into the competitive jobs and you should be good.

I decided to go the big four accounting route and will be sitting for CPA this summer.

Also, let me add that I haven't even scratched the surface with options in accounting - big 4 external (CPA)/internal audit (CIA), CFO, tax, law school, VP Finance, corporate finance, open up your own CPA shop, forensic accounting CFE, white collar crime, IRS/FBI agent...not to mention that it provides a great base for anything business-related and doesn't limit you in any way

one thing's for sure, id say dont major undergrad in something vague like management or business administration.....major in something that is at least somewhat specialized - economics, finance, or accounting and gain some REAL knowledge/expertise in the form of certification

you can always do your MBA later at a big name top 20 school, management touchy/feely stuff you dont do until you're at least ready for a managerial role (late twenties or older)....hell maybe you'll compete for their xc/track team too haha