Many students mistakenly think that accounting and finance are similar and that they are only the heads and tails of a coin. It's true that both disciplines deal with numbers, but the skills and job scopes required for each of them are completely different. This week, for those who want to know the difference between finance and accounting, For those who want to know for sure which line they are more interested in, I am sharing knowledge to help them decide.
1. Difference in workload
An accountant remembers the transactions of the business. In summary, I have to report to the relevant parties. Financial matters for the period ended are reported. The employees have to record and calculate in detail so that not one kyat is lost.
The finance officer has to plan the assets and financial resources of the business. I have to manage. We have to plan for the future and think of ways to get more profits from the business.
If it is easy to remember, Finance and Accounting are like the head of the family and the housewife of a house. One has to find money, The other is that the money must be kept and recorded so that there is no wastage.
2. Financial statements
Another major difference between finance and accounting professionals is the responsibility each type of professional has on financial statements. Accountants draw these statements and finance professionals analyse the statement in detail.
3. Subjects you will learn
The subjects you study are also different according to each science. An accountant must follow Accounting standards (accounting standards); Accounting ethics Tax Law You have to learn accounting theory, and finance professionals have to learn financial markets, economics, private equity, and risk management.
4. Degrees and certifications
Accredited Degrees and Certificates Institutions for Accounting - Bachelor of Accounting, Master of Accounting, CA (Chief Accountant), CPA (Certified public accountant), ACCA, CIMA, CMA (Certified Management Accountant), LCCI (Quantitative), AAT, AIA (Association of International (Accountants)
Accredited Degrees and Certificates in Finance - Bachelor of Finance, Bachelor of economics, MBA, CFA (Chartered Financial Analyst), FRM (Financial Risk Manager), PRM (Professional Risk Manager), CFP (Certified Financial Planner), CFS (Certified Financial Specialist)
In Myanmar, the subject of finance has recently become more interesting and there are more courses than before. Accounting has been popular for a long time, so there are more schools to choose from.
5. Job opportunities
Businesses that specialize in finance are banks, insurance company market research Investment companies and other businesses.
Businesses that specialize in accounting are accounting business, auditing industry; Tax preparation and other business activities.
6. Which categories and which subjects?
After knowing the differences, the question that will appear is "So which science do I prefer?" If my brother and sister send an invoice, Collecting large amounts of data such as receipts and other financial records; If you are interested in organizing and reorganizing things, then accounting will suit you.
If you look at the information and verify the state of the business, Or if you are interested in thinking about how to do things better than this, you will be compatible with finance.
One thing I want to say is that there is no better science. Both are useful in their place. What's important is that I encourage you to study whatever you are interested in. If there are people working in accounting and finance among the readers, please tell me why you chose it. And if there is anyone who would like to know the difference between these two sciences, please share further.