Accounting major vs Finance major - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Sheva #7 · 11-10-2006, 01:01 AM

Hey guys

I am a 3rd year student at UofC and can't decide which major to pick accounting or finance. I am just wondering if someone could give me some insight into which one is better? possiblly pays more money, nature of job etc...maybe someone here has finished one of those and can give me some advise that would be great...

HelloHockeyFans · 11-10-2006, 01:09 AM

I'll have to dig up a link but I clearly remember reading last year that Accountants are the number 1 job in demand in North America. Tons of jobs out there right now for Accountants... and according to my friend, it's becoming a lot easier to get a gig with one of the Top 4 companies after graduation.

HelloHockeyFans · 11-10-2006, 01:19 AM

A little outdated... but I don't imagine things have changed a whole lot since then (article is two years old):

http://money.cnn.com/2004/11/12/pf/c.../degrees_jobs/

Top 10 degrees in demand at this time in 2004:

1. Accounting
2. Electrical Engineering
3. Mechanical Engineering
4. Business Administration/Management
5. Economics/Finance
6. Computer Science
7. Computer Engineering
8. Marketing/Marketing Management
9. Chemical Engineering
10. Information sciences and systems

Shazam · 11-10-2006, 01:23 AM

I had a lot of friends go into accounting. I also had a lot of those friends desperately trying to change their career once entering the workforce. It's a high demand job, but if you don't like accounting (it's very, very dry) you're not going to like it.

HelloHockeyFans · 11-10-2006, 01:36 AM

Quote:

Originally Posted by Shazam

I had a lot of friends go into accounting. I also had a lot of those friends desperately trying to change their career once entering the workforce. It's a high demand job, but if you don't like accounting (it's very, very dry) you're not going to like it.

Yeah that's a very good point actually... easily working 70 hour work weeks... you end up making a lot of money but it definitely takes its toll and isn't for everybody.

Shazam · 11-10-2006, 01:41 AM

Quote:

Originally Posted by HelloHockeyFans

Yeah that's a very good point actually... easily working 70 hour work weeks... you end up making a lot of money but it definitely takes its toll and isn't for everybody.

I certainly wouldn't say that accountants make a lot of money, unless they're self-employed. They make decent money working for someone, and most accountants are very far from being partner material at one of the big accounting firms.

Flames0910 · 11-10-2006, 01:50 AM

I'm a second year business student and my accounting class is dry as hell. I'm half drunk right now and am fairly mad, but I think I'd go with Finance because it covers a broader area.

FYI: I used to be a combined degree but decided I couldn't stand 5 years of comp sci much less the rest of my life and I'm doing quite well in my 300 level courses so far. (A's to B's)

Shazam · 11-10-2006, 01:53 AM

Quote:

Originally Posted by HelloHockeyFans

A little outdated... but I don't imagine things have changed a whole lot since then (article is two years old):

http://money.cnn.com/2004/11/12/pf/c.../degrees_jobs/

Top 10 degrees in demand at this time in 2004:

1. Accounting
2. Electrical Engineering
3. Mechanical Engineering
4. Business Administration/Management
5. Economics/Finance
6. Computer Science
7. Computer Engineering
8. Marketing/Marketing Management
9. Chemical Engineering
10. Information sciences and systems

What do all these things have in common? They're hard. That's why they're in demand. People would much rather work in retail than do something that requires commitment and a semblance of sacrifice.

Dion · 11-10-2006, 02:00 AM

Don't choose a major strictly based on money. Take the one you will enjoy working in. Nothing worse than being in a job you don't like just because the money's good.

Mr.Coffee · 11-10-2006, 02:00 AM

To me, there's two types of people. There's the people whose brains are made for finance, and there's the people whose brains are geared for accounting.

But also, a lot of people go into business school, talk to people, look at those old statistics and decide they want Accounting or Finance because the perception is that they pay the most. So they select a career in one of them and then switch because they hate it and the decision was one dimensional. Accounting students generally start out pretty low, but then their salaries increase a LOT after they acheive their CA or CGA or CMA designations (my point is that those stats can be very skewed).

Now don't get me wrong, choosing a career should involved the consideration of salary. And also, accounting and finance can provide great careers, and great salaries. But don't make that your only decision.

What do you like to do? What is it about business that interests you? Whatever you LIKE to do, usually means you'll be GOOD at it. When your GOOD at it you become excellent at it over time and generally make just as much if not more then what you'd make in those other core business areas. For example, I've heard many students claim that marketing is regarded as a lower paying core business function. But it isn't necessarily true, because if your good at marketing- there's money to be made.

You know what you like, you know what your good at, your clearly an intelligent person. Make the right decision based on what you want to do, and let your drive increase your pay and not some arbitrary decision based off of average salaries of last year's graduates from some statistical graph or chart.

U of C offers many majors, I'd check them out if i were you. There's much more to business then accounting or finance. If you like those, great. But don't make the mistake of choosing something that you know will blow, just because the starting salary on average is like 5-10 grand higher.

Mr.Coffee · 11-10-2006, 02:03 AM

Yeah and I should add, that if you don't like to work extremely hard, I'd stay away from finance.

Seriously. Those dudes are workaholics.

Clarkey · 11-10-2006, 02:24 AM

Would you want to be a bean counter when you are done? It's not for everyone but you are guaranteed a job.

Have you taken intro finance and accounting courses, if so which ones did you like better?

I'm partial to finance myself but that doesn't really matter because it's up to you and what you like best. They are both useful degrees to get.

I think Finance courses aren't so bad once you get past the first one.

Mr.Coffee · 11-10-2006, 02:26 AM

Go into land, it kicks ass. Nothing beats negotiating.

O_M_A · 11-10-2006, 02:26 AM

I'm pretty much in the same boat as you right now (only im out at UBC) but still trying to decide between majors.

Seems like all the advice you've gotten so far is right on point. Demand for both of these degrees is always going to be relatively high and if you are good at what you do you'll make cash too. I've heard that accountants seem to start off with better pay after grad, but that the long-term potential is high for both of these streams.

That said, I've strayed away from Accounting. Only a 'special' person can love accounting

. Trying to decide between Finance and Marketing myself. Obviously finance is the 'prestige' degree but i'm leaning towards marketing just because I find it more interesting.

But yeah.. pretty much go with what you enjoy more. Two good degrees that'll take you places if you work hard.

Shazam · 11-10-2006, 02:41 AM

Never, ever decide upon a career based on starting salary. Always look at future potential.

Clarkey · 11-10-2006, 02:53 AM

I heard haskayne will be offering some new energy concentration (other than plm).

firebug · 11-10-2006, 09:04 AM

I am a Haskayne finance grad 2005.

What is your personality and temperment like?
The finance students i graduated with were definitely more agressive and assertive than the ACCT students I knew.

Do you like to work hard?
Articling ACCT students and FNCE grads both tend to work long hours. However in I-banking, 80hrs a week is not unusual. I have talked to friends working in I-banking shops (other than mine) that work 40 days straight without any time off.

Are you going to be one of the best?
If you don't think you will be, ACCT may be a better choice. The farther you are from the top of the FNCE class, the more like Accounting your job will be.

Want to make real money?
Get involved in a club. The CPMT club (as annoying as they are) are all making big bucks (>$85K to start - plus bonus), also the big banks will draft out of Business Day, ICBC, and others. If you can't be in one of those your likely starting salary will drop by $20 - $40K.

best regards,

~bug

Cheese · 11-10-2006, 09:15 AM

LOL...Long hours for newbies is mandatory in ANY field. In Electrical Engineering I still work a MINIMUM 50 hours a week after 30 years in the biz...most young people are at 60-70 with no problem at all.

North East Goon · 11-10-2006, 09:26 AM

I am in finance, if I could do it all over again, I would choose something more interesting to myself. Like something in the science field, medical and/or political.

Winsor_Pilates · 11-10-2006, 09:42 AM

I'm thinking about doind a second major in bcomm now. Accounting sucks from the little I've experieced and I've heard great things about finance jobs. However they both are for a certain type of person from what I've heard.

If I decide to do the bcomm, it'll likely be in marketing since I'm a social science guy who is more into creativity and people skills then numbers.

I think you can take some of the 317 courses before you declare your concentration anyway. I'd recommend trying different stuff out and sticking with what you enjoy.

Do any of you bcomm grads remember when you had to declare your concentration by? I don't think there's an official date, just when you need the prereqs, right?