Finance vs Accounting | Are they both same

Introduction

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Hello world, today in this article I am going to discuss is finance and accounting are same or different so for that must read the full article to get ride of this confusion.

Let's begin this

Today we have a topic which is finance versus accounting I mean what is exactly the better option we'll try and understand this difference you don't need to worry you know we will be discussing many topics here so that you know you may have a clear idea regarding what exactly is good see many students think that you know Finance and Accounting.

Steam are a system from the same domain from the same domain of expertise but you know if you ask an accountant or a finance guy who has been working as a in a corporate for a long time they would tell you how different they are in terms of the nature scope work or the area of explain this tutorial will look at both of this domain and investigate how different they are in yes they are related but they are not the same and to be good in the finance.

Abc here ok

You need to know the basic accounting but that does not mean that both are the same thing we will discussed in depth will make an in-depth analysis of this and what we will do is we will prepare our table over here we will see the comparison part you finance over here and the accounting part here will start with the difference the first you know I want you to understand what exactly it this is all about see finance is basically a science of say of planning it's a science of planning the distribution of the assets within the company and if you see for accounting accounting on the other hand is basically what we call as the art of summarizing.

Things summarizing the reports recording of the financial later transactions and so on and so forth second what are the career option finance you have investment banking you have corporate finance then you have equity research your private equity risk management probably quantitative analysis project finance and so called the technical analysis in accounting you have the career options like you know forensic accounting you have management accounting then you have sort of what is called as public accounting then financial accounting then you have auditing.

In this auditing of both and also government accounting so all of this career option in both both of the scenario the third is point of difference is what sort of education you need to obtain in case of finance bachelors in finance will be suitable for you or you know accountancy will also be fine in this in terms of bachelors economics bachelor's in economics will also go and good MBA is a masters option you know CFA is their frm or PRM is their CFP certified financial planner and so on and so forth are there over here this will remain the same the bachelor's in accounting instead of a cut economics.

You have a chartered accountancy CA you have CPA ACCA Seema you have Seema here you have CMA so all this are the education drivers that that will help you to reach there now which are the top forms that will hire you in this kind of scenario companies like Blackstone Goldman Sachs you have Morgan Stanley we have Bank of America Merrill Lynch credit Swiss city bank HSBC UBS bank JP Morgan is there and so on and so forth it goes the list is just too long over here in accountancy you have PWC KPMG these are the 4 big firms Deloitte then you have E & Y that's the Ernst & Young Grant 

Thornton then you have video of usa baker Tilly and so on and so forth now how exactly the work life will go in this the fourth the fifth point is the work life well it depends on the sub domain in the finance you are working for like you know let's say in investment banking if you're working it's brutal equity research IB I'll say this is really brutal if you are in equity research the analysts have a balance work life depending on the area you may have to work for let's say 10 to 18 hours a day in accounting you can say there is a balanced life there is a much better than the Financial Analysts work is not urgent all the time of the year now the sixth part that is the travel part that is involved so mostly they are not required to travel much you can safely assume that you know 90% of the time 

you spent in the office over here also no not much travel is involved now what are the key words that that they use in in this particular field so financial modelling is one thing that they use valuations mergers and acquisitions NPV IRR and so on and so forth over here journal ledger balance sheet CFS cash flow statement income statement and so on and so forth now what are the exit opportunities after this well like for example in investment banking moving into from IV to PE the private equity or on or a research sell side analysts moving into sells I to by side analysts profile over here you can move to as a CFO or a managerial position or maybe corporate finance now what are the networking opportunities 

what are the networking opportunities well financial management professional earns closely around $84,000 per annum on an average the median annual salary of an accountant in u.s. is $65940 dollars per annum now what are the pros and cons the pros if you see your option in the field are much more than any other profession and you need to know your career goals and you can pursue any financial career accordingly the success in the finance domain you know mainly depends on the what is called as the technical skills and much lesser on the personality traits but over here as an accountant you can move to any different careers you can work as an auditor you can work as a tax consultant or choose to go for management accounting.

the best part of accounting is the work/life balance 11 what are the cons well the compensation the compensation in most of the finance profession does not reach six-figure marks few do if you want to get compensated well above the average you need to work in yourself work-life balance is dependent on you know the domain of the work but the work pressure always prevents now this domain is very narrow and rarely do you do you have any opportunity to specialize in something really very broader so will this were all the differences I hope you have got real idea regarding what is finance in accounting.

So first you know let's understand well this is the difference between the finance and accounting as of now all this points are pretty much self-explanatory in itself and probably you should take a decision based on your career goals what exactly you want to go for in your life and then accordingly choose you can take this point of comparisons to decide exactly what is good and what is bad for you so that's it for this particular career option session thank you very much joining the session.

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