Finance and accounting both revolve around money, but each has a different role. Finance involves planning how to invest money strategically to grow wealth. Accounting tracks and reports past and present financial activity. Both career fields are in strong demand, offer rewarding careers, and are being shaped by technology like FinTech and accounting analytics.
Understanding the differences between finance and accounting can help people decide which career field is right for them, along with considering what college degrees to pursue and planning for how finance and accounting will change in the future.
Some students even choose to study both finance and accounting, gaining versatile skills that apply to jobs ranging from auditing to portfolio management. While finance uses data to forecast and grow resources, accounting ensures accuracy, compliance, and clarity on that data. Combining both fields offers a strong foundation in financial decision-making.
What Makes Finance Different from Accounting?
Finance vs accounting can be boiled down to planning versus tracking.
Finance: Forward-looking, Strategic, Analytical
Finance professionals collect, interpret, and maintain financial information and use tools like Excel, modeling software, Bloomberg Terminal, and other financial planning platforms to make decisions for their firms, clients, and other investors.
Finance focuses on planning investments, managing risks, and advising on financial decisions.
Examples of careers in finance include becoming a financial advisor, working in banking, credit analysis, wealth management, insurance, personal finance, investment planning, and portfolio or risk management.
Accounting: Recording, Reporting, Compliance
Accounting includes reviews of what’s already happened financially, including processes and procedures such as audits, tax filings, financial statements, and cost controls. Tools include QuickBooks, ERP systems, tax software, and financial dashboards.
Examples of careers in accounting include becoming an auditor, as well as roles in cost management, business and asset valuation, financial analysis, tax preparation, forensic accounting, and sitting for the CPA exam in order to become a Certified Public Accountant.
Tools accounting professionals use include QuickBooks, ERP systems, tax software, and financial dashboards
What Is Finance?
Finance involves making decisions about where and how money should be used or invested.
Types of Finance
- Personal Finance: budgeting, retirement plans, loans
- Corporate Finance: capital forecasting, mergers and acquisitions, budgeting
- Public Finance: government spending, public budgeting, taxation
Typical Finance Careers
These roles rely on financial decision-making tools and concepts.
- Financial advisor
- Banker
- Credit analyst
- Insurance underwriter
- Investment analyst
- Wealth manager
- Risk manager
- Personal finance planner
What Is Financial Technology (FinTech)?
FinTech, shorthand for financial technology, means using advanced, innovative technologies to improve financial services. It includes innovations like robo-advisors, blockchain, digital payments, peer-to-peer lending, crowdfunding, and algorithmic trading. It combines finance, computer science, economics, MIS (management information systems), and math.
What Is Accounting?
Accounting is the system for recording, organizing, and reporting financial data.
Types of Accounting
- Financial Accounting: for investors and external stakeholders
- Managerial Accounting: internal reports for business decisions
- Tax Accounting: preparing taxes and following laws
- Auditing: verifying financial statements are accurate and compliant
Typical Accounting Careers
Those planning to sit for the CPA exam often combine accounting studies with CPA prep.
- Auditor
- Tax accountant
- Cost accountant
- Valuation specialist
- Forensic accountant
- Financial reporting analyst
- Accounting data analyst
What Is Accounting Analytics?
Accounting analytics merges traditional accounting with data science. It helps spot trends, detect fraud, predict costs, and support strategic decisions using tools like Power BI, Tableau, SQL, and Excel macros.
Accounting Data Analytics courses include statistical programming, databases, scenario analysis, and visualization.
Why Finance and Accounting?
Pursuing both finance and accounting can create powerful career flexibility.
Benefits:
- Enhanced understanding of financial data from both strategic and compliance angles
- Broader career options, enterprise-ready skills in both planning and reporting
- Proficiency in technological tools used in both fields, including FinTech, ERP (Enterprise Resource Planning) systems, and analytics platforms, is now essential
Insight from Students
Students who decided to pursue majors in both Accounting and Finance had this to say about their career path:
"My decision to study Accounting and Finance was one of the easiest I have ever made. The career prospects, education quality… support me in building a solid foundation for success… future career.
and
"I chose to pursue a BS in Accounting and Finance because of the career development opportunities."
The roles that majors take in finance include financial planning and wealth management, while accounting roles include working as an auditor or an accountant in fields ranging tax specialties to forensic accounting. The main differences are:
- Finance roles tend to involve advising, modeling, and strategic analysis.
- Accounting roles are rooted in compliance, accuracy, auditing, and financial reporting.
- Both fields require analytics, programming, and technology skills.
Earning a degree—especially paired with a minor, or a data analytics concentration—can position students for competitive starting salaries and steady career paths.
Future of Finance and Accounting
Technological change is reshaping both fields:
- FinTech is transforming traditional finance with tools like blockchain, crypto, robo-advisors, and digital payment systems, with more innovations to come.
- Accounting analytics is changing how financial data is reviewed, predicted, and used for decision-making. Tools like business intelligence software and predictive analytics are becoming standard.
Graduates with knowledge in both finance and accounting—especially those skilled in analytics and FinTech—are well-suited for new hybrid roles in financial consulting, risk management, regulatory technology, and beyond.
Finance vs Accounting Education
Typical Coursework:
- Finance programs teach financial decision-making methods, investment analysis, and use tools like Bloomberg Terminal. Finance majors must be proficient in financial concepts and tools and often take a FinTech minor.
- Accounting programs include core accounting courses, plus optional data analytics concentrations (MIS, programming, databases, visualization).
Choosing Between Them:
- Consider your interest in analysis and strategic planning (lean finance) versus your interest in detail, reporting, and compliance (lean accounting).
- Dual study will give you broader knowledge, especially when you supplement it with internships, faculty mentorship, and involvement in student organizations like portfolio management or other investing projects tailored to help students learn by doing.
Career Tips for Finance and Accounting Students
- Get Hands-On Early
- Join business clubs, investment competitions, or accounting organizations, like Michigan Tech's Applied Portfolio Management Program (APMP). APMP offers real-world investing experience managing $3 million.
- Earn Certifications
- Finance: Consider CFA (Chartered Financial Analyst) or CFP (Certified Financial Planner).
- Accounting: Work toward your CPA. Internships can count toward required hours.
- Embrace Technology
- Learn Excel, Power BI, and financial modeling.
- For accounting: get comfortable with QuickBooks, SAP, and AI-powered audit tools.
- For finance: explore FinTech tools, Python for data analysis, or Bloomberg terminals.
- Learn Excel, Power BI, and financial modeling.
- Network Strategically
- Attend campus events, alumni panels, and career fairs.
- Connect with faculty—they can help open doors to internships and jobs.
- Explore Internships Early and Often
- Whether you intern at a bank, accounting firm, or fintech company, early experience will shape your direction.
- Double Major or Add a Minor
- Accounting + Finance is a powerful combination.
- Consider a FinTech or MIS minor to boost your tech skills.
- Stay Curious
- Read the Wall Street Journal, follow financial podcasts, and take part in trading simulations.
Tips for High School Students
Our academic advisor offers some key things to think about if you’re considering studying accounting and/or finance. Ask yourself if:
- Your performance is strong performance in math, statistics, economics, and computer science.
- You enjoy these subjects—that’s a good indicator of your readiness for a finance or accounting pathway.
- You have explored degree overviews in finance, accounting, FinTech, and analytics to understand course structure and career outcomes.
Tips for College Students
When you’re embarking on your college studies, there are some tactics you can use to ensure you choose and stay on the right path for the accounting or finance degree you’ve chosen:
- Work with academic advisors to choose majors or concentrations in finance, accounting, FinTech, or accounting analytics
- Seek real-world experience via internships, student portfolio labs, collegiate organizations like your campus DECA chapter, or competitions like student stock-picking contests.
- Network with faculty and industry professionals at campus events and career fairs.
Choosing a College/University
Deciding on a school can be easier when you take these evaluation tips into consideration:
- Look for accredited programs in finance and/or accounting. Employers want to see that you earned your degree from an accredited institution.
- Check for technological integration like FinTech, analytics, artificial intelligence (AI), and data science concentrations. Having this knowledge is essential for the jobs of today and tomorrow.
- Contact current students and alumni to assess support, culture, and career development opportunities. Excellent colleges will be happy to refer you to people who are excited to share their experiences.
- Visit your top college candidates. Ask about job placement rates, CPA exam success, and hands-on learning opportunities.