<p>So I am new to the business world, don't know a whole lot about the different majors, but I have become interested in stocks, investing.. ect. With this in mind I figured i should go into the finance field, but as of late i have been looking deeply into accounting. I read the "every thing you need to know about accounting" thread and it meets the things i am looking for. From what i have seen accounting seems like a much more stable career than finance, is this true?</p>
<p>My true passion is sports, which is why sports marketing caught my eye. Now i have no clue what this involves and I am not the most socially talented guy, I can get along with just about anyone and present myself well, but I don't know how well I can do if I have to actually get out on the market and sell what a business has to offer. I realize a big part of business involves this, which is why I am taking classes such as Public Speeking and such to improve my social skills formally. Now I am not big on writing a whole lot, but i do work very well with numbers which is why I am interested in finance and accounting. </p>
<p>I live in Colorado and am most likely going to attend the University of Colorado - Boulder. Now i am not sure how strong the business program is here, but i did attend a few informative sessions and it seems like a should have a very good chances of getting a job out of this as they said many companies do recruit from here. Anyways if i do go into accounting they have a 5 year MBA in accounting program which allows you to get enough hours for the CPA exam (although i believe Colorado requires less than most other states, i may be mistaken though). Is a MBA a good thing to go for or should i go for a double major in finance in accounting which i have been told is possible?</p>
<p>Now money is a factor also, i would like to start making atleast 40k+ a year out of school if that is possible, and i probably won't have hardly any school loans to pay off. Which career path is the best in terms of money and stability?</p>
<p>With the credentials I have given which major or career path do thing is best for me? </p>
<p>Sorry about the length, i didn't expect it to be this long, but any help is much appreciated.</p>
<p>Finance and accounting are very closely related, but accounting lets you sit for the CPA exam. I heard (from a finance major) that accounting basically opens every door finance does, plus a few more.</p>
<p>So if i went the account route, would going 5 years and getting a MBA the best thing, what would a double major do for me(finance and accounting)?</p>
<p>Duke you and I sound almost identical except for the fact that I am a very good writer.</p>
<p>I am having the same dilemma as you as far as what major. I have got it down to Economics, Accounting, or Finance. My gut and brain are telling me finance so that is most likely what I am going to do.</p>
<p>Public speaking is something I don’t really prefer, I don’t know what I would do without sports, and one thing it seems that I have going for me is that I like and want to write.</p>
<p>As far as money goes you really can’t go wrong with either. For the most part it is pretty safe to say by the time your graduate (I don’t know what age you are but I am assuming a freshman) that you should be looking at no less than $45,000 start (more with any relevant experience). And with you and I in the same boat as far as having little or no loans to pay off that money is going to feel like $60,000.</p>
<p>Also, it should be noted that look at what careers sound best. If you want to do something specific (financial analyst= finance degree, accountant= accounting) then you will probably need a certain degree.</p>
<p>Take some classes first and see what interests you. I know for Ohio State we take 60 hours (quarter) in general business and then another 20 hours in whatever specialization we want (Finance, Accounting etc.) so it is very easy to double major in something by just taking another 20 hours in a different specialization.</p>
<p>Meh, I would stay away from finance just because of the number of unemployed people in that industry. Work experience, industry contacts, and an ivy league education are always going to beat out a fresh college graduate from a public university. Besides, if things pick up again and you still want to get into investing, sales and trading guys tend to be college jocks… and it’s not like they screen out applicants who have degrees in math and accounting to begin with. </p>
<p>Making 40K shouldn’t be a big deal. Granted, we’re in a recession, but once things start to pick up again the jobs should return. A business degree along with a good resume will always put you above a fine arts major, all else being equal. </p>
<p>I’d go with the 5 year MBA program. Better starting salary and less course work in the long run.</p>
<p>You definitely should not be pursuing a 5 year MBA. </p>
<p>As for the major, I’m sure you don’t have to make a definitive selection yet. You will be taking some accounting courses and that should give you a good idea of whether you want to make a career out of it. However, if your interests are investing/stocks etc then I would strongly encourage you to go with finance.</p>
<p>Also, keep in mind that today people in finance are being laid off (as are some in accounting) but that doesn’t mean that will be the case in 4 yrs. In fact, it’s possible the opposite may happen where students move away from finance due to the lack of opportunities and then when opportunities arise there aren’t enough students to fill them…that is what happened with MIS a few years ago.</p>
<p>I think too many people in this forum think of what degree will be best to have tomorrow and not in the near distant future (two to three years from now).</p>
<p>There are far to many of us that are either just starting college or have a little college (myself included) completed and won’t actually be getting into the job market for another two, three, or four years. The economy will be back before then for sure.</p>
<p>Vector brought up a good point. Everybody’s mind set right now is that Finance is not a very good degree which is why everybody and their brother are changing their minds to go get an accounting degree. By the time the economy gets rolling (late 2010-early 2011 IMO) I think it might be better if you have a finance degree. If someone is getting ready to graduate right now I think there is no doubt accounting would be best as far as getting a job but for the lucky ones that are just starting college now I think in the long run a finance degree will be better</p>
<p>Well even if the economy does get better, aren’t there still more accounting jobs out there to be had then finance, and if what openskittles said is correct the accounting major seems like it is very versitile. Now I believe i have to take an introduction to business class my first year (may even have to take 2 semesters of it). Apparently this is suppose to explore the different areas of business and give me a good idea about each one, so hopefully this can help me decide a little bit. Thanks for all the help so far, this is helping me.</p>
<p>Dukefan, what they are trying to tell you is that if you genuinely like accounting then major in it. </p>
<p>If you prefer investments, stocks, etc. go with finance.</p>
<p>Don’t do one thing just because it sounds stable, etc.</p>
<p>What if you can’t get a finance job with that accounting degree? Do you want to be accountant?</p>
<p>Think about that.</p>
<p>It seems like you have time before you have to reach a decision about your major so take your business core classes and then decide where your main interests lie.</p>
<p>Finance and accounting are definitely not easy majors.</p>
<p>Yea i definitely don’t have to make a decision anytime soon, and if i did there would probably be a way to change. Im just going take a few starter freshman business classes to get an idea and my whole thinking could and probably will change on both finance and accounting since i do not know a whole lot about it. So it would almost be ridiculous to make a decision now, as my mind set will most likely change… but i do still like the replies, its good to go into college with a plan.</p>
<p>No, what I am saying is if you type in most needed careers for the next 10 years in google you are going to see a lot more finance related careers (financial analyst, financial advisor, financial management) than career that are accounting related.</p>
<p>Maybe I am wrong, but I am sure the ratio for an accounting to finance major nowadays is ridiculously favoring accounting. So that inevitably means that when the finance jobs open up (within two to three years) that they would rather hire a finance degree (uncommon) compared to an accounting degree (much more common). It is just going to be easier to find a job.</p>
<p>And sp, I couldn’t disagree with you more. Why would you go into a field that was not considered stable. Some people takes risks, but I am not going to put all the money on the line for something that may or may not result in a job. It is not as much as what you really want to do as much as it is what do you think you could tolerate for 20, 30, or 40 years and could you make a livable wage.</p>
<p>Agreed that both majors are hard. But Duke also do some reading on the internet about jobs that may interest you and for the most part what degree you need to get.</p>
<p>You would be wrong, there are and will be more accounting jobs in the next 10 years than strictly finance jobs. Job titles can be a tricky thing. Jobs that are listed as financial analyst positions or finance managers are many times accounting positions, or hybrid finance/accounting roles, and many times are really almost strictly accounting roles. </p>
<p>As to the OP, CU Boulder has a good business program but I would not go into the MBA right after your bachelor’s. MBAs are far more valuable after a few years of work experience. In Colorado, you must either get 150 hours and a master’s degree or 120 hours and one year of experience under a CPA to gain your CPA license. At least, that’s what it was last time I checked. If you do decide to get a master’s right after your BS, I would recommend an MS in accounting instead of an MBA.</p>
<p>I have actually done quite a bit of research on the different majors, which is a why i have decided to go into the business field, and for the most part i have found that accounting would probably open more options for me, and seems like ti would be a bit more stable, since in hard times the finance people usually are some of the first to go, while you will always still need accountants. Now the fact that i do like finance a bit more and seem to be a bit more intrested, does make me lean towards that, but im guessing ill take a few finance classes either way. Correct me if im wrong but i heard that there are actually a good number of classes that overlap between both finance and accounting. </p>
<p>Tbradford, you said that MBAs are far more valuable after a few years of work, could you possibly elaborate on this a bit more, do employers not like to see a masters without any actually work experience in the field? Also what does an MS in accounting open up for me that an MBA wouldn’t exactly, sorry im not to familiar with an MS in accounting.</p>
<p>VectorWega - any reason why you recommend against the 5 year MBA? I think he would be an absolute fool to pass up the opportunity to come out of college with a MBA making $15-20k more than he would with only an undergraduate degree. Even if he takes a hit against graduates with a couple years of work under his belt, it gives him a big advantage over graduating undergraduate students, and it pads his resume. Not to mention that once he does get a couple of years in, he doesn’t have to go back to college and give up an additional two years of prime salary in order to get his masters. </p>
<p>For all of the accounting wonks - stop being sheep. You all sound like the finance kids a couple of years ago who were all planning on graduating into a bulge bracket IB or consulting firm making prime dough. Guess how that turned out?</p>
<p>What about double majoring? Like I said for me it would take another 4 classes to have a degree in both Accounting and Finance. You should try and see what you would have to do so you could have the best of both worlds.</p>
<p>Finance and accounting classes do overlap to a certain extent in the beginning. You need to know how to construct and analyze the major financial statements to do anything in business, which in a good program will be covered over a range of classes (instead of just in a single class). Outside of that, the two concentrations tend to diverge. There’s nothing wrong with taking either path if you are interested in it, but don’t get into a field just because everyone else is.</p>
<p>Either way, your best bet is to work your *** off, get sophomore and junior internships, and do everything you can to legitimately build your resume.</p>
<p>I mention on waiting on the MBA because you will really get more value out of the classes after a few years of working than you would right out of college. MBA classes are generally designed to be an expansion of the knowledge you gain while working, rather than something purely academic and theoretical. Also, while an MBA can raise your pay if you do it later on, it generally won’t have a large influence on what you are offered right out of school with just your CPA.</p>
<p>I mentioned the MS in accounting because it would give you the additional credits to get your CPA without the additional year of work experience required in Colorado. It would also make you more prepared for the CPA exam because the classes are accounting focused.</p>
<p>In regards to the MBA right out of undergrad, that has been discussed to death on this forum and the MBA forum (pretty much every week). I’m not certain that an MBA would necessarily make students worth $15k to $20k per year more. You have to understand that the MBA students without experience are going to make the least amount of money in the class. Even if it does give students an increase of $10k to $15k (similiar to an MS in finance for instance) most of the value of the MBA is lost by going straight out of undergrad (no abillity to switch careers, no access to top jobs, etc).</p>