Accounting or Finance

<p>I am a freshman at the University of Florida majoring in accounting. Upon coming to college my first interest was in completing a 3/2 program in accounting and sit for the CPA exam immediately following graduation. I am interested in finance and investments but I did not want to major in finance because every average student in the school major's in finance. I saw accounting as a more challenging and rewarding major. However, after doing some research I found a Masters of Science in Finance combined degree program at UF which has a fantastic placement record. Graduates compete with top 10 business school graduates for IB jobs at such top firms as Merrill Lynch, UBS, Morgan Stanley, Bear Stearns, Citigroup, JPMorgan, Wachovia Securities, Goldman, and Raymond James. I know eventually that I want to get into IB and this program seems like a great way to get started. My question is though, if I am able to become a CFA as well as a CPA would I have better job opportunities than if I got an MSF?</p>

<p>Here is the placement website:
MS</a> Finance - Finance, Insurance & Real Estate - Warrington College of Business Administration</p>

<p>Why do you want to do IB? If there is no particular reason I'd say getting your CPA is an awesome idea since accounting majors are in heavy demand and you'll have so many job offers when graduating.</p>

<p>Not to hijack the thread, but why are accounting majors in high demand? I mean, is there a high demand for accountants, or people who major in accounting? Is the job market good (compared to finance majors) for accounting majors who don't want to be accountants? Like how do employers in the fields of ibanking, consulting (and in the future, after you get some work experience, PE, HF, and VC) view accounting majors, relative to finance ones?</p>

<p>I've been considering transferring into business, and I'm a little unclear about which major ot take.</p>

<p>I want to do what will make me the most money. I know that there is a lot of money in both IB and accounting, but it seems as though there is more to be made in IB. Knowing that UF isn't usually considered a target school for IB recruiters I thought it would be foolish to try to pursue a finance degree because I could get my bs/m.acc and become a CPA and make great money. However, seeing that the MSF program has produced such great results I am strongly considering trying to get my MSF and work at an investment firm. A friend of mine recently graduated from the program and took a job offer at Wachovia Securities for 80K/year which is good starting money for a graduate. After working for 2-3 years his pay should increase dramatically. I know there is good money in accounting but probably not the same as in IB. I plan to intern at both an accounting firm and an investment firm in order to get a better grasp of both professions and decide which I like better.</p>

<p>Hi G8erbait, I am an accounting student at UF. I just want to share some of my opinions with you. I don't know whether you like accounting and finance, but I would recommend you to get the Bachelor degree in accounting first. Here is my suggestion:
1. After taking Financial Accounting in your sophomore year, think about whether you want to pursue an accounting degree.
2. If you can get through BP1 and BP2 during your junior year, you should take the GMAT for the 3/2 program or the MS in Finance. If you cannot get through BP1 and BP2, then you have to think about whether to retake the courses or change your major.
3. You should take some finance courses such as FIN 4243 or FIN 4504 (after taking FIN 3403) to see whether you are really interested in finance.
4. I'm not sure about the GMAT requirement for the MS in Finance program, but from the website it says, "the average MBA student GMAT score is about 670. MSF student scores need to be comparable as they share classes with MBA students." I assume that you have to get 670 for the MS in Finance. If you can meet this requirement and you like finance more than accounting, then it may be better for you to apply for the MS in Finance. If your GMAT score is below 670 but higher than 500, you can still apply for the 3/2 program.</p>

<p>
[quote]
Not to hijack the thread, but why are accounting majors in high demand? I mean, is there a high demand for accountants, or people who major in accounting? Is the job market good (compared to finance majors) for accounting majors who don't want to be accountants? Like how do employers in the fields of ibanking, consulting (and in the future, after you get some work experience, PE, HF, and VC) view accounting majors, relative to finance ones?

[/quote]
</p>

<p>One huge misconception that people have about accounting major is that you only get to become an accountant after getting a degree in it. </p>

<p>The reality is, accounting major can be an excellent "launcher" degree that can launch you into various business field, including Finance. Let's be real here: what is Accounting? It is basically collecting data and info about the financial activities and situations of a company and organizing it into financial statements. Finance is using those statements to analyze and predict the company's future and making decisions on allocation of resources, which includes investment and m&a decisions, based on the analysis. Just because you major in accounting doesn't mean you can't do any of the thing that finance majors can, vice versa. If you don't know accounting, you will have very hard time with "finance" jobs such as banking and consulting. Think about it, if you don't know how to read and understand what income statement or balance sheet means, how would you be able to analyze a company's situation?</p>

<p>The point I'm trying to make here is, the two majors can get the same kind of job. Just because you major in accounting doesnt mean you'll have to be an accountant for the rest of your life. As a matter of fact, most people get CPA and end up becoming bankers and consultants. That's why accountants are categorized as "financial experts" because they have to be able to understand all aspects of the company's financial condition and be able to provide advises on making both managerial and financial decisions.</p>

<p>So back to your question: why are accounting majors so high in demand? Because as long as corporate America keeps its capitalist system, firms will always exist and will continue to grow, and they will always need people with strong accounting knowledge to assist them with business decisions.</p>

<p>From what dhl3 says, it sounds like I could become a CPA and after working for a few years decide that I would rather work in finance instead of accounting and the transition would be smooth. It appears as though being a CPA offers great versatility that perhaps the finance degree doesn't offer. Suppose I get my CPA certification upon graduating college, work for a few years, and also begin to study for the CFA exam which would take a couple of years to complete, would earning the CFA designation prepare me as well for a potential career in finance as would a MSF?</p>

<p>I have decided to get a bachelor's degree in accounting and a Masters of Science in Finance degree. This of course all hinges on my grades and test scores; the program is pretty competitive. I have to have at least a 3.7 and a B+ in Business Finance and Intro to Financial Accounting and 650 on the GMAT. The job potential/money is too great for me to pass up, even if working in finance means working long hours. If I find that I don't like it, I will only need to take at most a semester's worth of credits to sit for the CPA exam.</p>

<p>Once you have worked a few years, you will have flexibility regardless of your undergraduate major. It's called going back for your MBA.</p>

<p>g8erbait, you can't become a CPA right out of college. most states require work experience and 150 semester hours beyond passing the exam. and passing the CFA exam will definitely help you more than a degree you get from school. my finance professor was an engineering major but he took the CFA exam to get into the finance ph. d. program and worked for a ibank for a few years. so in my honest opinion, degree does not matter if you can pass the exam and get certified. of course, you have to be careful with the requirements they have for each exam so you won't be taking the wrong courses.</p>

<p>and finance generally makes more than accounting. but there is a cost for that: the hours are pretty crazy. i have met people who interned in iBanks and decided to go for accounting instead b/c they pretty much lived in their firms during their internships working 18 hours a day. so, just be ready if that's the route you would like to take.</p>

<p>
[QUOTE]
Graduates compete with top 10 business school graduates for IB jobs at such top firms as Merrill Lynch, UBS, Morgan Stanley, Bear Stearns, Citigroup, JPMorgan, Wachovia Securities, Goldman, and Raymond James. I know eventually that I want to get into IB and this program seems like a great way to get started.

[/QUOTE]
</p>

<p>Accounting = Big 4
Finance = Bulge Bracket IB's</p>

<p>Of course there are exceptions, but this is the norm. If you want to get into I-banking the most common major is Finance.</p>

<p>
[quote]
I did not want to major in finance because every average student in the school major's in finance

[/quote]
</p>

<p>Why are you picking your major based on what everyone else is doing? This is retarded. If you can major in finance and get a good GPA with it, why would what everyone else is doing having any effect on your career path?</p>

<p>
[quote]
I want to do what will make me the most money. I know that there is a lot of money in both IB and accounting, but it seems as though there is more to be made in IB.

[/quote]
</p>

<p>Well yeah there is a lot of money in both but there is probably more to be made in ibanking. I've read that the average annual bonus at Goldman Sachs is $500,000. But you have to take into account that this figure is schewed based on individuals with bonuses in the millions.</p>

<p>The problem with ibanking is that it's such a cutthroat industry. Yeah, there is lots of money to be made, but you have to be good. You have to be better than the next guy. Not at all saying that you can't do it but in deciding between accounting and ibanking you need to consider your needs, your wants, and what you are willing to for the difference in $. Ibanking is very competitive and you'll have to be ready work very hard (not that you wont have to work hard in accounting). Also be prepared to go back for your MBA if you want a future in ibanking.</p>

<p>I don't know of any stats for accountants but ibankers are known to work grueling hours. Maybe 75 a week? I'm not sure exactly but expect to be in the office all day. </p>

<p>I'm not trying to discourage you or anything, but I just think that you shouldn't pick between these two careers based on money. You should pick which one is a better fit for you. </p>

<p>What do you want to do with your life?</p>

<p>just curious, what do you do for 75 hours a week as an investement banker? Calculate investments?</p>

<p>I think 75 hours would be a light week. An investment banker told me about his schedule:</p>

<p>He gets in the office at 9:30am and leaves at 2:30am on a normal night. However, he only has to work every other weekend. However, on the weekends that he's not working, he still works a half day on Saturday (ie 9:30 to 4pm or something like that..but apparently that doesn't count as working the weekend).</p>

<p>It doesn't seem like that schedule gives you much time to sleep, shower, dress in a suit, and commute...much less have a life.</p>

<p>As for the content of the job, someone else could answer that better than I.</p>

<p>I dont get all these threads about people wanting to go into IB post graduation. All it is is money hunger. And in reality, if you take what the normal average IB person will make a year and divide it by the hours put in, you are not even making that much. </p>

<p>An RN, working 80 hours a week in a hospital with all the overtime and double shifts, will make over 150k. Thats with an associates degree. </p>

<p>If anyone wants to work 80 hours a week, you might as well do what you love and get paid OT. I think most of the people posting about wanting to do IB want it not b/c they love it but because they want $ and i dont understand that. Why torture yourself?</p>

<p>@Malishka31</p>

<p>9/10ths of people who say they want to work in IB either don't know what it is (they think it's the equivalent of being a financial planner or something, rather than a multi-tiered industry) or think it's more glamorous and easier to advance than it is. Out of the 1/10ths that do know what it's like and actually end up trying to make it in the front-office, 9/10ths of them will burn out.</p>